6月26日，胜利证券（08540.HK）盘中一度暴涨超160%，随后震荡调整，收盘仍涨44.89%，目前公司 报5.39港元/股，市值冲上11.29亿港元,单日成交金额达1.48亿港元，上亿港元资金涌入。 近日港股券商站上风口，整体表现很引人瞩目。 就在昨天6月25日，国泰君安国际（01788.HK）放量大涨198.4%，单日市值即增加上百亿港元，今日该 公司早盘继续冲高接近90%，虽然收盘公司小幅下跌，但公司的人气火爆可见一斑。 券商股集体"嗨翻天"，背后的重要原因是国泰君安国际近日正式获得香港证监会批准，将现有证券交易 牌照升级为可提供虚拟资产交易服务及相关咨询意见。牌照升级后，客户可直接在该平台交易加密货币 （比特币、以太币等）、稳定币（泰达币等）虚拟资产。 业内人士指出，作为首家获批虚拟资产牌照的中资券商，国泰君安国际具备标杆效应，或将引发同行的 快速跟进，其他在港中资及外资机构可能加速申请同类牌照，形成服务集群效应，助力香港巩固全球加 密金融中心地位。 东吴证券亦指出，作为首家获此牌照的中资券商，国泰君安国际一举打通了虚拟资产"交易、托管、咨 询、发行及衍生品"的全链条服务能力，实现了从传统证券服务 ...

Core Viewpoint - The Hang Seng Index (HSI) experienced a low opening but rebounded during the morning session, indicating market stabilization after a four-day rise [1] Market Performance - The HSI opened lower, dropping over 200 points at one point, but later recovered, closing down 0.48% at 24,357.56 points [1] - The technology index (KCI) remained close to flat, closing at 5,358.88 points [1] - Total market turnover reached 142.09 billion HKD [1] Sector Performance - Defense stocks led the market gains, while the securities sector showed mixed performance [1] - Stablecoin-related concepts strengthened during the session [1] - Chinese brokerage stocks generally declined, with innovative drugs and coal sectors experiencing the largest drops [1] Individual Stock Movements - Guotai Junan International (01788.HK) rose by 12.97%, with an intraday peak increase of over 90% [1] - Victory Securities (08540.HK) surged by 127.15% [1] - Hongye Futures (03678.HK) fell by 4.34% [1] - Chow Tai Fook (06168.HK) saw a 15% increase on its first day of trading [1] - Rongchang Biopharmaceutical (09995.HK) dropped by 16.93% [1]

智通财经APP获悉，港股恒生指数跌0.48%，跌117点，报24357点；恒生科技指数无涨跌。港股早盘成 交1421亿港元。 中信证券近日研报指出，应对数字美元的国际主导地位提升，战略布局数字世界的金融媒介，仍需充分 重视稳定币相关机遇。稳定币概念股多数爆发，胜利证券(08540)股价翻倍，中国光大控股(00165)大涨 近28%；移卡(09923)涨11%；华兴资本控股(01911)涨11.84%。 军工股逆市走高，机构称国防军工资产有望价值重估。中船防务(00317)盘中涨8.5%，中航科工(02357) 涨2.88%。 洛阳钼业(03993)涨5.92%，刚果(金)新一轮钴出口禁令或超市场预期，钴价长期中枢有较强支撑。 海昌海洋公园(02255)涨超19%，祥源控股将成新控股股东，双方有望实现优势互补。 信达生物(01801)跌3.94%，拟折让4.9%配股，净筹42.65亿港元。 京基金融国际(01468)跌超6%，公司近日发盈警，预计年度净亏损不多于1.25亿港元。 国泰君安国际(01788)涨超14%，振幅高达104%，公司成为首家可提供全方位虚拟资产服务的中资券 商。 胜利证券(08540)飙升 ...

Group 1 - Xianruida Medical - B (06669) surged over 18% after receiving registration approval from the National Medical Products Administration for its Armoni-HP® balloon dilation catheter [1] - Meili Tianyuan Medical Health (02373) rose nearly 3% as it announced plans to further acquire a 20% stake in Guangzhou Nairier [1] - Kingdee International (00268) increased over 3% due to adjustments in service fees expected to drive subscription ARR growth by 3% to 5% next year [1] - Sasa International (00178) fell over 5%, with its stock price dropping nearly 20% since its earnings report, as all mainland stores are set to close by the end of June [1] - Jingji Financial International (01468) dropped over 7% after issuing a profit warning, expecting a net loss of no more than HKD 125 million [1] - Kuaishou - W (01024) rose over 3%, with its AI subsidiary achieving an annualized revenue run rate exceeding USD 100 million [1] - Hengyue Holdings (01723) fell over 6% after a profit warning, anticipating a 90% decrease in annual profit attributable to shareholders [1] Group 2 - Military stocks rose against the market trend, with China Shipbuilding Defense (00317) up 7.27%, Aerospace Holdings (00031) up 2.44%, and AVIC (02357) up 1.68% [2] - Victory Securities (08540) soared over 61% as it actively expands into the virtual asset business [2] - Luoyang Molybdenum (03993) increased over 4% amid expectations that a new round of cobalt export bans from the Democratic Republic of Congo may exceed market expectations [2] - China Financial Leasing (02312) surged 229% yesterday and rose another 43% today after a premium acquisition of approximately 35% equity by Meitu's founder [2] - Guotai Junan International (01788) rose over 11% with a trading range of 104%, becoming the first Chinese broker to offer comprehensive virtual asset services [2] - Ganfeng Lithium (01772) increased over 3% as its new battery research institute and Pack integration project is set to begin trial production [2] Group 3 - Innovent Biologics (01801) fell over 4% after announcing a placement of 55 million shares at HKD 78.36 each, a discount of about 4.9% from the closing price on June 25, aiming to raise approximately HKD 4.265 billion [3] - Zhouliufu (06168) opened 11.25% higher on its debut, ranking fifth among jewelry brands in China by store count [3] - Rongchang Biologics (09995) opened nearly 15% lower after licensing its Taitasip to US Vor Bio for an upfront payment of USD 45 million [3] - Western Cement (02233) opened over 5% higher as it plans to sell its Xinjiang company and assets to release operational cash flow for expansion projects [3] - Yingtong Holdings (06883) opened 10.42% lower on its debut, being the largest non-branded perfume group in China [3] Group 4 - BP (BP.US) rose nearly 2% as Shell entered preliminary talks to acquire the company [4] - General Mills (GIS.US) saw its stock price drop over 5.1%, reaching a five-year low [4] - Brain Regen Technologies (RGC.US) fell over 5%, with a market cap shrinking to USD 10.7 billion [4] - Blackberry (BB.US) increased over 12% [4] - Google (GOOGL.US) rose over 2% after launching its first device robot model, Gemini Robotics On-Device [4] - Nvidia (NVDA.US) increased over 4% ahead of its online shareholder meeting, with Loop Capital noting that the AI trend driving Nvidia's stock price remains strong [4] - Chip stocks generally rose, with Supermicro (SMCI.US) up over 8%, Nvidia (NVDA.US) up over 4%, and AMD (AMD.US) up over 3% [4] - Novo Nordisk (NVO.US) fell over 4% as Spain's health ministry investigates whether it violated advertising laws for prescription drugs [4] Group 5 - Therapeutics (NKTR.US) surged nearly 30% after positive results from clinical trials for its eczema treatment [5] - Tesla (TSLA.US) dropped over 5.3% as new car registrations in the EU fell 40.5% year-on-year in May, marking the fifth consecutive month of significant decline [5] Group 6 - US cryptocurrency stocks collectively surged, with Sharplink Gaming (SBET.US) up nearly 6%, Coinbase (COIN.US) up over 3%, and Robinhood (HOOD.US) up over 0.9% [6] - Circle (CRCL.US), a stablecoin giant, continued its downward trend, falling over 10% [6] - Tiger Brokers (TIGR.US) surged nearly 22% as traditional financial institutions explore virtual assets, igniting market enthusiasm [6]

消息面上，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。 中信证券近日研报指出，尽管稳定币的发展仍然存在诸多不确定性和问题，但在中美博弈的背景下、 AIGC科技浪潮下，如何把握新一轮加密货币的机遇，应对数字美元的国际主导地位提升，战略布局数 字世界的金融媒介，仍需充分重视稳定币相关机遇。从投资逻辑上，关注如下类型的公司：1）积极在 港申请参与稳定币发行、交易、RWA资产上链等业务的公司；2）跨境支付类公司，有成为未来相关业 务提供方；3）有望参与未来技术服务的金融IT类公司。 智通财经APP获悉，稳定币概念股多数爆发，截至发稿，胜利证券(08540)涨113.17%，报7.93港元；中 国光大控股(00165)涨33.92%，报9.08港元；移卡(0992 ...

智通财经6月26日电，港股胜利证券涨超150%，此前媒体报道称，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。 ...

港股胜利证券(08540.HK)短线拉升涨超100%，消息面上媒体报道包括胜利证券在内多家香港本地券商 已完成第1号牌升级。 ...

港股胜利证券短线拉升涨超130%，报8.7港元。 ...

港股券商股持续走强 胜利证券涨超50% 智通财经6月26日电，截至发稿，胜利证券(08540.HK)涨55.38%、国泰君安国际(01788.HK)涨25.14%、 德林控股(01709.HK)涨13.79%。 ...

Revenue Growth - The virtual asset business recorded a significant revenue growth of approximately 1,289%, contributing about 19% to the total revenue of the company[10]. - Traditional securities business revenue increased by approximately 42% compared to 2023, despite high interest rates and liquidity issues in Hong Kong[10]. - The group's revenue for the year ended December 31, 2024, was approximately HKD 74.96 million, an increase of about 36.4% compared to HKD 54.97 million for the year ended December 31, 2023[14]. - The group reported a loss of approximately HKD 2.32 million for the year ended December 31, 2024, a significant reduction of about 90.7% from a loss of HKD 25.08 million in the previous year[15]. - Revenue from virtual asset trading and related services reached approximately HKD 14.31 million, a significant increase of 1,289.0% from HKD 1.03 million in the previous year, marking it as a new business segment[41]. - The brokerage service revenue was approximately HKD 13.37 million, up 1.4% from HKD 13.18 million, driven by a 21.1% increase in total trading volume in the Hong Kong stock market[37]. - The placement and underwriting service revenue increased by 169.3% to approximately HKD 4.26 million from HKD 1.58 million, attributed to the group's efforts in capital market opportunities[38]. - Asset management service revenue rose by 10.3% to approximately HKD 8.23 million, compared to HKD 7.46 million, due to increased revenue from new clients[42]. - Financing service revenue decreased by 12.4% to approximately HKD 17.40 million from HKD 19.86 million, primarily due to a cautious market environment[41]. - The financial advisory service revenue increased by 214.6% to approximately HKD 0.65 million from HKD 0.21 million, with potential opportunities dependent on China's economic recovery[43]. Business Expansion and Diversification - The company has diversified its operations across multiple regions, including Hong Kong, Qianhai, Shenzhen, Singapore, and Japan, to mitigate regional operational risks[10]. - The company aims to expand its virtual asset-related business into Southeast Asia and other regions to capitalize on new market opportunities[10]. - The company has obtained a license from the Securities and Futures Commission to trade or underwrite structured products related to virtual assets[8]. - The company has become the first and only licensed entity in Hong Kong to provide virtual asset trading, consulting, and asset management services[33]. - The asset management division has received licenses in Japan, Singapore, and China, indicating significant expansion potential[30]. - The company is focusing on expanding its asset management services through the establishment of private equity funds in China, Singapore, and Japan[25]. - The company has launched the "VictoryX" app, allowing simultaneous trading of securities and virtual assets, marking a significant technological advancement[33]. - The group expects its virtual asset business to be a major growth driver in the coming year, with a complete product line providing a unique advantage over competitors[11]. Financial Performance and Management - The group plans to enhance its business model and product lines in 2025 to address increasing competition and customer expectations[12]. - The group has invested heavily in system integration and infrastructure, including trading applications and backend systems, to support 24/7 trading of securities and virtual asset products[11]. - The group has seen an increase in revenue from virtual asset trading and related services, contributing to the overall revenue growth[15]. - The company raised approximately HKD 17.70 million from the subscription of 7,200,000 new shares, with a net price of about HKD 2.46 per share[60]. - As of December 31, 2024, the net proceeds from the subscription have been fully utilized, with approximately HKD 6.20 million allocated to enhance IT infrastructure and HKD 11.50 million for general working capital[61]. - The total employee cost for the year ending December 31, 2024, was approximately HKD 39.03 million, an increase from HKD 32.15 million for the previous year[65]. - The company had a total of 65 full-time employees as of December 31, 2024, compared to 50 employees as of December 31, 2023[65]. Corporate Governance and Board Structure - The company’s board of directors includes experienced individuals with over 34 years and 50 years of experience in the securities industry, respectively[67][70]. - The board consists of 7 members, including 3 executive directors, 1 non-executive director, and 3 independent non-executive directors[87]. - The company has fully complied with the corporate governance code as per GEM listing rules for the year ending December 31, 2024[85]. - The independent non-executive directors represent over one-third of the board, ensuring adherence to financial reporting standards[91]. - The company has established three permanent committees: Audit Committee, Remuneration Committee, and Nomination Committee[90]. - The board is responsible for leading and monitoring the company, with delegated powers for daily operations to executive directors and senior management[90]. - The company ensures that all board meeting records are properly maintained by the company secretary[94]. - The company has established a clear division of responsibilities between the Chairman and the CEO to maintain a balance of power[99]. Risk Management and Compliance - The company has established a strong risk management and internal control system to protect shareholder interests and manage operational risks[121]. - The risk management committee was established in 2017 and is currently chaired by Mr. Zhao Ziliang, with other members including the Chief Financial Officer and the Operations Director[138]. - The financial department continuously monitors compliance with financial resource return regulations, ensuring timely reporting to management and the regulatory authority[144]. - The company has implemented a multi-tiered risk management framework to identify, assess, and monitor financial and operational risks[136]. - The operations department ensures customer funds are managed according to regulatory requirements, mitigating legal and regulatory risks[140]. - The compliance department establishes internal control standards and regularly reviews compliance with legal and regulatory developments[141]. - The risk management framework aims to provide reasonable assurance against significant misstatements or losses, rather than absolute guarantees[135]. Environmental, Social, and Governance (ESG) Initiatives - The environmental, social, and governance (ESG) report covers significant ESG issues related to the company's main business operations, which include securities, futures, and asset management services, for the period from January 1, 2024, to December 31, 2024[155]. - The board of directors is responsible for overseeing the company's ESG initiatives and has developed a tailored action plan to implement established policies and goals[154]. - The company emphasizes stakeholder engagement as a key factor in its decision-making and strategic planning processes, utilizing various communication channels to assess stakeholder concerns[156]. - The company is committed to sustainable development through robust governance and risk management measures related to ESG issues[161]. - The company has implemented a comprehensive environmental, social, and governance (ESG) risk management framework, demonstrating a strong commitment to ESG requirements[164]. - The company has not identified any significant ESG risks based on its business nature, but continues to adhere to monitoring procedures to manage potential issues[164]. - The company has implemented comprehensive environmental measures to reduce emissions and promote sustainable business practices[176]. - The company encourages employee participation in environmental policy planning and implementation to promote stakeholder engagement in environmental initiatives[177]. Employee Engagement and Diversity - Employee satisfaction and well-being are considered fundamental drivers of the company's success, with a focus on diversity and inclusion in the workplace[189]. - The total number of employees as of December 31, 2024, is 69, an increase from 52 in 2023[192]. - The employee demographic breakdown shows 65% are aged 31 to 50, 22% are aged 18 to 30, and 6% are aged 50 and above[192]. - The gender distribution of employees is 64% male and 36% female[194]. - The company adheres to all applicable labor laws and regulations, including the Employment Ordinance and the Minimum Wage Ordinance[200]. - The company has implemented competitive compensation and a favorable work environment to retain talent[197]. - The employee retention strategy includes systematic exit interviews to gather constructive feedback[197]. - The company has established strict guidelines to prevent the hiring of child or forced labor[197].