Core Viewpoint - Guotai Junan International has received approval from the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license to provide virtual asset trading services, making it the first Chinese broker in Hong Kong to offer comprehensive virtual asset-related trading services [1][6]. Company Summary - Following the license upgrade, clients will be able to trade cryptocurrencies (such as Bitcoin and Ethereum) and stablecoins (like Tether) directly on Guotai Junan International's platform [1]. - The stock price of Guotai Junan International surged over 80% after the announcement, closing up 198.39% on June 25, but saw a decline of 4.32% the following day [1]. - The company has been preparing for virtual asset trading since 2024, planning to launch a virtual asset spot ETF-based structured product and obtaining permission to act as an agent for virtual asset trading platforms [3]. Industry Summary - The approval of the VASP license for Guotai Junan International is expected to have significant implications for the brokerage ecosystem and the restructuring of sector value [6]. - The move is seen as a catalyst for other major Chinese brokers to accelerate their entry into virtual asset trading services, enhancing market ecology [6][7]. - The virtual asset compliance wave is anticipated to reshape the entire non-bank financial industry chain, creating a collaborative ecosystem around digital asset issuance, circulation, management, and application [8].

1、行情 连读大涨之后，今日市场迎来了小幅回落。 题材方面，固态电池冲高回落，诺德股份盘中8连板（尾盘炸），天际股份3连板，沧州明珠2连板，佛塑科技、中仑新材（20CM）、东方锆 业、华锋股份、上海洗霸先后涨停； 军工板块早盘也是持续发力，北方导航、国瑞科技、万里马（20CM）等集体2连板，海洋王、亚星锚链、中光防雷（20CM）、合众思壮先后涨 停；兵装集团旗下长城军工7天6板，湖南天雁4天3板，建设工业、中光学2连板； 数字货币、跨境支付、区块链盘中发力，吉大正元4连板，京北方2连板，科创信息（20CM）、楚天龙、恒生电子（炸）、海南华铁（炸）涨 停，恒宝股份、长亮科技、东方国信、拉卡拉、飞天诚信、雄帝科技、优博讯、华峰超纤等盘中均有大涨表现； 旅游板块午后一度局部异动，天目湖、南京商旅、曲江文旅、黄山旅游（炸）先后涨停，奥雅股份、君亭酒店、长白山等均集体大涨； 此外，算力、海洋经济、银行、量子科技等均有一定强势表现，稀土、无人驾驶、创新药等跌幅居前。 截至收盘，沪指、深成指、创业板指分别收跌0.22%、0.48%、0.66%，市场超3600股下跌，1600余股上涨。 话说昨天全网吹"牛"，我还以为今天又要 ...

从上述监管基本原则看，稳定币在实质上都将成为其所挂钩的 法定货币的"影子货币"。 作者：周迪伦 封图：图虫创意 6月25日，港股上市券商国泰君安国际（01788.HK）发布了一则自愿披露的业务更新公告，宣布 其全资附属公司国泰君安证券（香港）有限公司已正式获香港证监会批准，"将现有第1类（证券 交易）受规管活动的牌照升级为透过在证监会持牌平台上开立综合账户的安排下，提供虚拟资产交 易服务"。 市场普遍认为，这意味着在牌照升级之后，国泰君安国际成为首家可提供全方位虚拟资产相关交易 服务的香港中资券商，服务覆盖提供虚拟资产交易服务、在虚拟资产交易服务过程中提供意见，以 及发行、分销包括场外衍生品在内的虚拟资产相关产品。其客户也将可在国泰君安国际平台直接交 易加密货币、稳定币等虚拟资产。 受该消息催动，6月25日当天，国泰君安国际以1.42港元/每股的价格开盘后一路暴涨，并最终以 3.7港元/每股的价格报收，当日成交额高达163.9亿港元，单日涨幅高达198.39%，总市值单日暴涨 235亿港元，收盘总市值达352.6亿港元，一举成为近日沪深港三市最牛股票。 此前的6月17日，京东集团董事局主席刘强东在一场分享会上 ...

5月以来，稳定币热度快速提升，此轮关注度飙升源于香港及美国立法进程加速、蚂蚁集团等巨头积极 布局、以及"稳定币第一股"Circle上市股价飙升等关键催化。此外，国泰君安国际日前宣布获香港证监 会批准其升级虚拟资产交易牌照，成为首家可提供全方位虚拟资产服务的中资券商。据报道，多家香港 本地券商（如胜利证券、艾德证券等）已完成第1号牌升级，国泰君安国际并非唯一一家申请牌照的中 资券商，未来或有更多机构入局。 智通财经APP获悉，港股未能延续昨日涨势，三大指数今日集体走软，恒指午后一度跌近1%，并止步 四连涨。截止收盘，恒生指数跌0.61%或149.27点，报24325.4点，全日成交额为2617.29亿港元；恒生国 企指数跌0.63%，报8803.83点；恒生科技指数跌0.26%，报5345.16点。 兴业证券张忆东表示，港股2025年下半年将震荡向上并有望在秋季持续创年内新高。第一阶段，警惕三 季度初期港股行情的潜在战术性调整，但是，届时恰恰是趁震荡继续买入，为下半年布局的良机。第二 阶段，伴随中美贸易谈判取得更大进展、美联储降息以及抗战胜利80周年纪念活动陆续展开，港股行情 有望迎来基本面和风险偏好双改善，从 ...

港股收评：恒指止步四连阳收跌0.61% 国泰君安国际冲高回落日内振幅超100% 金十数据6月26日讯，昨日刷新三月以来新高后，恒指今日震荡回调，盘中一度跌逾200点，收盘止步四 连阳。截至收盘，恒指收跌0.61%，报24325.4点，科指收跌0.26%，报5345.16点，恒指大市成交额达 2617.29亿港元（上一交易日为2678.01亿港元）。盘面上，有色金属、军工板块表现强势，旅游股、油 气股午后拉升，券商、保险等大金融板块回调，创新药、汽车股全天疲软。个股方面，国泰君安国际 (01788.HK)冲高回落日内巨幅震荡，振幅超100%，收跌4.32%；山东墨龙(00568.HK)午后异动拉升一度 涨逾100%，收涨19.68%；荣昌生物(09995.HK)收跌11.71%；比亚迪股份(01211.HK)收跌3.23%。 ...

港股收盘：恒生指数跌0.61%，恒生科技指数跌0.26%。港股油气股走高，山东墨龙收涨19.68%，国泰 君安国际收跌4.32%。 ...

在经历了此前一天高达仅200%的涨幅后，国泰君安国际(01788.HK)在6月26日再度出现刺激行情。该股 当日盘初再度大涨近90%，但随后出现跳水行情，截至发稿抹去当天全部涨幅。 近期，稳定币成为国际金融市场的焦点，美国Circle公司近期在纽交所上市后股价大幅上涨，美国参议 院也通过了稳定币相关法案，沃尔玛、亚马逊等跨国巨头也在探索发行稳定币的可能性。 与此同时，香港正打造全球虚拟资产核心枢纽，稳定币成为焦点，传统金融机构积极切入虚拟资产领 域。此前，香港特别行政区政府于6月6日宣布，《稳定币条例》将于2025年8月1日生效，要求在香港发 行法币稳定币或锚定港元价值的稳定币需申领牌照。 分析人士认为，香港作为港币与离岸人民币的结算中心，率先建立稳定币准入机制意义重大，有助于服 务"一带一路"等多边经济带的支付基础设施建设。 分析人士认为，国泰君安国际的牌照将为投资者开辟直接参与加密货币交易的渠道，可能带动相关金融 科技企业业务增长。受此消息影响，数字货币概念股集体走强，吉大正元实现4连板，格尔软件涨停， 京北方和恒生电子涨超7%。 据香港证监会披露，目前获批可通过综合账户提供虚拟资产交易服务的机构共计40 ...

Group 1: Market Overview - The Hang Seng Index fell by 0.48%, down 117 points, closing at 24,357 points, while the Hang Seng Tech Index remained unchanged [1] - The early trading volume in the Hong Kong stock market reached HKD 142.1 billion [1] Group 2: Digital Currency and Stablecoins - Citic Securities highlighted the need to focus on opportunities related to stablecoins in response to the rising international dominance of digital dollars [1] - Stocks related to stablecoins saw significant gains, with Victory Securities (08540) doubling in price, China Everbright Holdings (00165) rising nearly 28%, and Yikang (09923) and Huaxing Capital Holdings (01911) both increasing by approximately 11% [1] Group 3: Sector Performance - Hong Kong Travel (00308) surged over 60% as the tourism industry continues to show positive trends, with the company increasing its tourism investments [3] - Defense and military stocks rose against the market trend, with China Shipbuilding Defense (00317) up 8.5% and AVIC (02357) increasing by 2.88%, as institutions expect a revaluation of defense assets [3] - China Molybdenum (03993) rose by 5.92% due to a new round of cobalt export bans from the Democratic Republic of Congo, which may exceed market expectations, providing strong support for cobalt prices [3] - Ocean Park (02255) increased by over 19% as Xiangyuan Holdings is set to become the new controlling shareholder, potentially leading to complementary advantages [3] Group 4: Company-Specific News - Sinopharm (01801) fell by 3.94% after announcing a 4.9% discount on a share placement, raising HKD 4.265 billion [4] - Kingkey Financial International (01468) dropped over 6% following a profit warning, expecting an annual net loss of no more than HKD 1.25 billion [5]

FICC日报 | 2025-06-26 金融科技板块活跃，指数继续走高 市场分析 金融促消费政策出台。国内方面，国务院副总理何立峰在河北调研时指出，要加快构建全国统一大市场，积极扩 大内需提振消费，加快构建房地产发展新模式。持续推动高端装备制造、智能光伏、清洁能源、新材料等企业创 新发展，并综合整治内卷式竞争。海外方面，第二场听证会上，鲍威尔重申，美联储并不急于行动，高关税带来 很大的不确定性，因此需要观望，同时提到了可能推动降息的一些因素。 指数继续走高。现货市场，A股三大指数延续反弹，上证指数涨1.04%收于3455.97点，创业板指涨3.11%。行业方 面，板块指数涨多跌少，非银金融、国防军工、计算机、电力设备行业涨幅居前，仅煤炭、石油石化、交通运输 行业收跌。当日沪深两市成交金额继续上升至1.6万亿元。国泰君安国际获香港证监会批准，将现有证券交易牌照 升级为可提供虚拟资产交易服务并提供意见，带动金融科技板块上涨。海外市场，美国三大股指收盘涨跌不一， 道指跌0.25%，标普500指数持平，纳指涨0.31%，录得三连涨。 期指增仓。期货市场，基差方面，期指基差快速修复，尤其是IC、IM收窄幅度较大。成交持 ...

Core Viewpoint - The stablecoin sector experienced a strong rebound following significant policy news, with key stocks like Hengsheng Electronics hitting their daily limit up, indicating positive market sentiment towards the virtual asset industry [1][2]. Group 1: Market Reaction - The stablecoin concept stocks collectively surged, reflecting optimistic expectations for the development of the virtual asset sector [1]. - Hengsheng Electronics emerged as a leader in the sector, benefiting from its strong technical capabilities and market position in financial technology [1]. Group 2: Regulatory Developments - Guotai Junan International received formal approval from the Hong Kong Securities and Futures Commission to upgrade its existing securities license to a comprehensive virtual asset trading service license, becoming the first Chinese broker in Hong Kong to obtain such qualifications [1]. - The license upgrade allows the firm to offer a wide range of services, including direct trading of cryptocurrencies like Bitcoin and Ethereum, as well as stablecoin products [1]. Group 3: Industry Outlook - The positive regulatory environment in Hong Kong is expected to create favorable conditions for the development of virtual asset-related enterprises, promoting the standardization of the industry [2]. - Other companies in the sector, such as Jida Zhengyuan and Geer Software, are also positioned to benefit from favorable policies and market expectations due to their technological developments in digital currency [2].