6月26日周四，A股小幅低开，三大股指早盘震荡回升，军工股继续强势，固态电池概念活跃，创新药板块调整。 港股低开低走，恒指早盘跌近1%，医药股下跌，新消费三宝走低，国泰君安国际盘初一度涨90%，现涨近30%。 债市方面，国债期货集体上涨。核心市场走势： | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | | 3456.62 | 0.64 | 0.02% | | 399001 | 深证成指 | | 10428.64 | 34.91 | 0.34% | | 399006 | 创业板指 | | 2138.36 | 9.97 | 0.47% | | 000300 | 沪深300 | | 3961.84 | 1.78 | 0.04% | | 000016 | FJESO | | 2745.01 | -2.71 | -0.10% | | 000680 | 科创综指 | | 1219.76 | 2.67 | 0.22% | | 000688 | 科创20 | | 1001.50 | 5.89 | ...

Group 1 - The core viewpoint of the article highlights the strong performance of Hong Kong brokerage stocks, with notable increases in share prices for several companies [1] - Victory Securities (08540.HK) has seen a significant rise of 55.38% [1] - Guotai Junan International (01788.HK) has increased by 25.14% [1] - Derun Holdings (01709.HK) has experienced a growth of 13.79% [1]

国泰君安国际盘初拉升超80%后快速下挫，现跌超10%。 ...

港股国泰君安国际(01788.HK)盘初一度涨超90%，最高报7.02港元，较6月24日收盘价1.24港元涨约 460%。现日内涨幅回落至30%，报4.8港元。 ...

智通财经6月26日电，国泰君安国际盘初一度涨近90%，最高报7.02港元。 ...

Group 1 - Guotai Junan International received approval from the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license to provide virtual asset trading services, leading to a significant market reaction with its stock price surging by 198.4% on June 25 [1] - The approval has sparked interest in the virtual asset trading market, with 40 institutions now authorized to offer such services, including Tianfeng International and Huafu Securities, indicating a growing recognition of virtual asset trading services in the market [1] - The event has created a ripple effect in the brokerage sector, with several Chinese brokerage stocks experiencing price changes, reflecting investor optimism about the expansion of virtual asset trading services [1] Group 2 - CITIC Securities announced plans to issue the first broker-dealer technology innovation bond in the interbank market, with an initial issuance size of 500 million yuan, marking a significant expansion of financing channels for brokerages [2] - The total issuance of technology innovation bonds by brokerages in the exchange market has surpassed 100 billion yuan, with major players like CITIC Securities and Guotai Haitong leading the way [2] - The issuance of these bonds is expected to bolster the capital strength and market confidence of the issuing brokerages, while also reflecting the industry's support for technology innovation [3] Group 3 - In June, the new fund issuance scale exceeded 90 billion yuan, with bond funds becoming particularly popular, indicating a shift in investor preference towards more stable investment strategies amid market volatility [4] - Mixed-asset FOF funds emerged as the top fund-raising category in June, while passive index products saw a decline in issuance, suggesting a cautious market sentiment among investors [4] - The changes in fund flows reflect an adaptive response to the current market conditions, with a trend towards conservative investment approaches [4] Group 4 - The first batch of 15 floating-rate funds has been established, attracting over 150 billion yuan in total subscriptions and more than 180,000 effective subscriptions, indicating strong market acceptance of these products [5] - The establishment of these floating-rate funds is expected to alleviate the decline in active equity fund issuance, thereby boosting investor confidence [5] - The successful launch of these funds may enhance the long-term development prospects for fund companies and increase interest in related sectors such as financial technology and fund distribution [6]

Core Viewpoint - The significant rise in the stock price of Guotai Junan International Holdings Limited (1788.HK) is attributed to the approval of its upgraded securities trading license, allowing it to provide virtual asset trading services, marking a new high since July 2015 [1][4]. Group 1: Company Developments - Guotai Junan International's stock price surged to HKD 3.7 per share, reflecting a 198.39% increase [1]. - The upgrade of the trading license enables clients to trade cryptocurrencies and stablecoins directly on the company's platform, enhancing its business scope [4]. - Guotai Junan International becomes the first Chinese broker in Hong Kong to offer comprehensive virtual asset trading services, including trading, advisory, and issuance of related products [4]. Group 2: Market Analysis - Analysts have positively evaluated the company's early entry into the virtual asset sector, with expectations of further upgrades among brokers with international business subsidiaries [4]. - The approval process for Guotai Junan International exceeded market expectations, indicating a proactive approach in the evolving regulatory landscape [4]. Group 3: Industry Context - Hong Kong's regulatory stance on virtual assets has shifted from cautious to open since 2022, with significant policy developments supporting the industry [5]. - The passage of the Stablecoin Bill in May 2025 reflects Hong Kong's commitment to advancing its virtual asset regulatory framework [5]. - Hong Kong is positioning itself as a global hub for virtual assets, leveraging its financial infrastructure and the advantages of the Guangdong-Hong Kong-Macao Greater Bay Area [5].

Core Viewpoint - The approval of Guotai Junan International by the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license to provide virtual asset trading services has sparked significant market activity, marking it as the first Chinese-funded brokerage in Hong Kong to offer comprehensive virtual asset-related trading services [1][3]. Market Reaction - Following the announcement, Guotai Junan International's stock surged nearly 200% on June 25, contributing to an 11.75% increase in the Hong Kong Chinese brokerage index and a 5.52% rise in the Wind brokerage index [2][4]. - The approval has led to a broader rally in the market, with several other brokerage stocks, including Tianfeng Securities and Dongfang Caifu, also experiencing significant gains [2][5]. Virtual Asset Trading Services - Guotai Junan International can now directly facilitate trading in cryptocurrencies such as Bitcoin and Ethereum, as well as stablecoins like Tether, and provide advisory services related to virtual asset trading [3][5]. - The company has been proactive in the virtual asset space, having launched a virtual asset spot ETF-based structured product in 2024 and obtaining licenses for tokenized securities distribution and digital bond issuance in 2025 [3]. Regulatory Landscape - As of June 24, 2025, a total of 40 institutions have upgraded their licenses to provide virtual asset trading services, including 38 brokerages, one bank, and one internet company [6][8]. - Notably, ZA Bank has become the first licensed bank in Asia to offer cryptocurrency trading services to retail investors, with promotional offers to attract new clients [6]. Future Developments - The Hong Kong Securities and Futures Commission has outlined a regulatory roadmap for the virtual asset market, focusing on ensuring investor asset safety, introducing diverse products like ETFs and tokenized assets, and enhancing infrastructure for trading stability [9]. - Several other Chinese-funded brokerages, including Huatai International and China Merchants Securities International, are actively preparing to enter the virtual asset trading space, indicating a strategic shift in the industry [10].

Core Viewpoint - Guotai Junan International has become the first Chinese brokerage in Hong Kong to provide comprehensive virtual asset trading services after receiving approval from the Hong Kong Securities and Futures Commission, leading to a significant surge in its stock price by nearly 200% [2][3]. Group 1: Company Developments - Guotai Junan International has been proactive in the virtual asset sector, launching a virtual asset spot ETF-based structured product in 2024 and obtaining permission to act as an agent for virtual asset trading platforms [4]. - The company accelerated its business entry in 2025, receiving confirmation to distribute tokenized securities and initiating digital bond issuance [4]. - The recent approval for virtual asset trading services enhances the company's service ecosystem in this emerging market [4]. Group 2: Market Context - The virtual asset trading license framework in Hong Kong is well-established, with various licenses corresponding to specific service areas and regulatory requirements [4]. - Guotai Junan International's early entry into the virtual asset trading service sector positions it ahead of other Chinese brokerages, with expectations that more brokerages with international subsidiaries will follow suit [4][7]. - As of now, there are 11 licensed virtual asset trading platforms in Hong Kong, with several traditional brokerages, including Futu Securities and Tiger Brokers, also entering the virtual asset market [7]. Group 3: Industry Trends - The trend towards virtual asset trading services among brokerages is expected to continue, driven by the growing demand for diverse financial products and services [6][7]. - Traditional financial institutions are encouraged to explore multiple dimensions of the virtual asset industry chain, including brokerage services, equity investments, trading and investment services, and asset management [7]. - Brokerages can leverage partnerships with licensed virtual asset exchanges to provide trading channels and services, integrating traditional securities accounts with virtual asset trading [7].

Group 1 - Guotai Junan International (01788.HK) has been approved to provide virtual asset trading services, leading to a significant stock price increase of 198% on Wednesday, with a trading volume of 6.527 billion shares and a turnover of 16.385 billion HKD [2] - The approval has sparked a collective rise in Chinese brokerage stocks listed in Hong Kong, with notable increases of over 10% for Shenwan Hongyuan (06806.HK), China Merchants Securities (06099.HK), Guolian Minsheng (01456.HK), and CITIC Securities (06030.HK) rising over 9% [2] - Guotai Junan International becomes the first Chinese brokerage to upgrade its existing securities trading license to include virtual asset trading, allowing clients to trade cryptocurrencies like Bitcoin and Ethereum directly on its platform [2] Group 2 - Huachuang Securities indicates that the approval of Guotai Junan International's license upgrade exceeded expectations, predicting that more brokerages with international business subsidiaries will follow suit in offering virtual asset trading services [3] - CITIC Securities reports that Hong Kong's strategic commitment to developing virtual assets is clear, leveraging its mature financial infrastructure and international regulatory framework to rapidly advance the virtual asset industry [3] - Traditional financial institutions are increasingly integrating virtual asset services, seeking seamless integration with traditional securities accounts, and forming strategic alliances with licensed virtual asset exchanges to provide convenient cryptocurrency trading services [3]