由于多项贸易谈判出现进展，同时中东风险的缓和、美联储降息预期升温，推动美股三大指数集体上涨，纳指与标普再创历史新高。截至收盘，道指涨 0.63%，纳指涨0.47%，标普500指数涨0.52%。 科技股集体上涨，微软、Meta、奈飞均小幅收涨并创盘中历史新高，苹果收涨2%。Robinhood收盘上涨13%，创下4月9日以来的最佳单日表现。 热门中概股涨跌互现，纳斯达克中国金龙指数收跌0.49%。小鹏汽车、京东跌超1%，老虎证券涨超2%，网易涨超1%。 随着7月9日"关税大限"日益临近，特朗普政府因与多数国家仍未达成协议而显得愈发焦躁不安。 不过，加拿大的部分让步，让特朗普又自信了起来。当地时间6月29日，加拿大财政部在一份声明中表示，加拿大已取消数字服务税，以推进与美国的贸 易谈判。加拿大财政部表示，加拿大总理卡尼和美国总统特朗普将恢复贸易谈判，以期在7月21日之前达成协议。 周一，特朗普又将目标瞄向了日本，他威胁将对日本实施新一轮关税，理由是日本拒绝接受美国出口的大米。特朗普在社交媒体上发文称，"他们不接受 我们的大米，而他们自己面临严重的稻米短缺。我们会给他们发一封信，我们希望未来多年继续与他们保持贸易伙伴 ...

Investment Rating - The report maintains a positive outlook on the virtual asset sector and trading platforms, indicating a sustained focus on these areas [1][8]. Core Insights - The report highlights the ongoing trend of virtual assets, with increasing regulatory frameworks and institutional involvement, suggesting a favorable long-term outlook for the sector [1][8]. - The Hong Kong government has released a new digital asset development policy, reinforcing its commitment to becoming a global innovation center for digital assets [48]. - The report emphasizes the importance of quality assets in the Hong Kong stock market, particularly in light of the influx of mainland Chinese companies going public [8]. Industry Summary Education - The K12 education sector remains robust, with leading institutions like New Oriental showing positive enrollment feedback for summer programs [3][18]. - The education index rose by 7.41% during the week, outperforming major indices [9][11]. Luxury Goods - The luxury goods sector is experiencing slight pressure due to macroeconomic factors, but brands with strong innovation capabilities are still seeing growth [3][22]. - Notable stock movements include a 6.10% increase for Samsonite and a slight decline for Prada [22][29]. Coffee and Tea - The coffee sector continues to thrive, with net increases in store numbers and positive same-store sales growth for leading brands [3][31]. - The tea beverage sector faces increased competition due to supply growth driven by delivery platform subsidies [3]. E-commerce - The e-commerce sector is under pressure, with a slowdown in overall growth and intense competition, particularly in instant retail [3][30]. - Key players like JD.com and Pinduoduo have shown positive stock performance during the week [30]. Streaming Platforms - Music streaming platforms are highlighted as quality internet assets driven by domestic demand, with continued profitability growth [3][37]. - The report notes a 4.5% decline in the media index, with Spotify and Netflix showing significant gains [37]. Virtual Assets & Trading Platforms - The report emphasizes the positive trend in virtual assets, supported by regulatory developments and institutional interest [1][8]. - The global cryptocurrency market capitalization reached $337.24 billion, with Bitcoin and Ethereum prices increasing [41][48]. Automotive Services - The automotive maintenance sector is monitored, with key players identified and ongoing changes in the aftermarket ecosystem [3][50]. - The report notes a 3.10% increase in the automotive services index, with mixed performances among key companies [50].

Core Viewpoint - Investors are increasingly seeking growth stocks that demonstrate above-average growth potential, with UP Fintech Holding Limited (TIGR) identified as a promising candidate due to its strong growth metrics and favorable rankings [2][10]. Group 1: Earnings Growth - UP Fintech Holding Limited has a historical EPS growth rate of 28.6%, with projected EPS growth of 38.1% for the current year, significantly outperforming the industry average of 9.1% [4]. Group 2: Cash Flow Growth - The company exhibits a year-over-year cash flow growth of 78.9%, which is substantially higher than the industry average of 14.4% [5]. - Over the past 3-5 years, UP Fintech Holding Limited has maintained an annualized cash flow growth rate of 70.6%, compared to the industry average of 8.9% [6]. Group 3: Earnings Estimate Revisions - The current-year earnings estimates for UP Fintech Holding Limited have been revised upward, with the Zacks Consensus Estimate increasing by 18.4% over the past month [8]. - The positive trend in earnings estimate revisions supports the stock's potential for near-term price movements [7]. Group 4: Overall Assessment - UP Fintech Holding Limited holds a Zacks Rank of 2 (Buy) and a Growth Score of B, indicating its potential as an outperformer and a solid choice for growth investors [10].

Core Viewpoint - UP Fintech Holding Limited (TIGR) is currently viewed as a more attractive investment option compared to Tradeweb Markets (TW) based on valuation metrics and earnings estimate revisions [3][7]. Valuation Metrics - TIGR has a forward P/E ratio of 14.40, significantly lower than TW's forward P/E of 40.80 [5]. - The PEG ratio for TIGR is 0.76, indicating better value relative to its expected earnings growth compared to TW's PEG ratio of 2.31 [5]. - TIGR's P/B ratio stands at 2.21, while TW's P/B ratio is higher at 5.01, suggesting that TIGR is undervalued compared to TW [6]. Analyst Outlook - TIGR holds a Zacks Rank of 2 (Buy), indicating a positive analyst outlook, while TW has a Zacks Rank of 3 (Hold) [3]. - The stronger estimate revision activity for TIGR suggests a more favorable earnings outlook compared to TW [7]. Value Grades - TIGR has been assigned a Value grade of B, reflecting its attractive valuation metrics, whereas TW has received a Value grade of F, indicating it is considered overvalued [6].

Market Capitalization Overview - New Oriental has a market capitalization of 14.065 billion [2] - TAL Education (好未来) has a market capitalization of 8.413 billion [2] - Miniso (名创优品) has a market capitalization of 5.728 billion [2] - JD.com (京东) has a market capitalization of 66.01 billion [2] - iQIYI (爱奇艺) has a market capitalization of 2.439 billion [3] Stock Performance - New Oriental's stock decreased by 0.15 (-0.77%) [2] - TAL Education's stock decreased by 0.21 (-1.20%) [2] - Miniso's stock increased by 1.24 (+2.61%) [2] - iQIYI's stock decreased by 0.05 (-0.48%) [3] - JD.com's stock increased by 0.39 (+3.92%) [3] Company Comparisons - New Oriental's market cap is significantly higher than that of TAL Education, which is about 60% of New Oriental's value [2] - Miniso's market cap is approximately 67% of TAL Education's market cap [2] - iQIYI's market cap is lower than that of Miniso, indicating a weaker market position [3] Industry Insights - The overall market performance shows a mixed trend with some companies experiencing gains while others face declines [2][3] - The education sector, represented by New Oriental and TAL Education, shows volatility with both companies experiencing stock price fluctuations [2] - E-commerce and entertainment sectors, represented by Miniso and iQIYI, also reflect varying market sentiments [2][3]

Core Viewpoint - The article discusses the ongoing illegal activities of cross-border internet broker Tiger Securities in developing new clients in mainland China, despite regulatory actions against such practices [1][3]. Group 1: Company Actions - Tiger Securities is reportedly still developing new clients in mainland China, despite being previously identified as operating illegally by the China Securities Regulatory Commission (CSRC) [1][3]. - The company claims that it is only servicing existing clients who had accounts opened before May 19, 2023, and denies the allegations of illegal activities [1][2]. - Tiger Securities' founder, Wu Tianhua, responded to allegations by stating that the onboarding process is not solely the responsibility of marketing personnel, suggesting that any violations may be company-wide practices [2]. Group 2: Regulatory Environment - The CSRC has mandated that both Tiger Securities and Futu Holdings cease illegal business activities, specifically prohibiting the solicitation of new clients and the opening of new accounts for mainland investors [3][4]. - The CSRC's stance has been consistent since 2021, emphasizing that cross-border securities operations by foreign firms targeting mainland investors violate Chinese laws [3][4]. - Futu Holdings has already stopped allowing account openings for mainland users, only permitting those who can provide proof of living or working abroad [2]. Group 3: Market Implications - The ongoing scrutiny and regulatory actions against Tiger Securities and Futu Holdings highlight the challenges faced by foreign brokers in the Chinese market, particularly regarding compliance with local laws [3][4]. - The situation reflects a broader regulatory effort to manage and mitigate risks associated with illegal cross-border securities activities [4].

Core Viewpoint - Tiger Brokers is under scrutiny for allegedly using fraudulent methods to illegally expand its client base in mainland China, despite being previously identified by the China Securities Regulatory Commission (CSRC) as operating illegally since 2022 [2][9]. Group 1: Allegations and Responses - Reports indicate that Tiger Brokers has been accused of helping ineligible mainland clients open accounts by forging documents [2][9]. - In response to the allegations, Tiger Brokers claimed that the information is severely misleading and constitutes malicious defamation [2]. - Numerous individuals claiming to be channel managers for Tiger Brokers are reportedly offering "account opening strategies" on social media, including the provision of forged documents [3][9]. Group 2: Account Opening Process - A journalist's investigation revealed that the account opening process at Tiger Brokers can be completed in under half an hour, with the use of forged documents [8][9]. - The journalist was able to receive a successful account opening notification after submitting a fabricated proof of account from a foreign broker [8][9]. - Allegedly, the channel manager assured that many mainland clients have successfully opened accounts using similar methods, indicating a potential systemic issue within the company's compliance checks [9][10]. Group 3: Regulatory Context and Market Dynamics - Since December 31, 2022, Tiger Brokers has been prohibited from accepting new account applications from mainland clients, yet loopholes exist allowing some clients to open accounts using forged documents [9][12]. - The surge in Hong Kong's IPO market, with total fundraising exceeding HKD 776 billion, has intensified interest in accessing the market, leading some investors to seek alternative routes through cross-border brokers [12][13]. - Despite the regulatory crackdown, Tiger Brokers reported strong financial performance, with a 77.3% year-on-year revenue increase to USD 1.24 billion in Q4 2024, and a significant rise in new account openings [13][14].

Market Overview - US stock markets experienced a collective decline, with the Dow Jones down 0.25%, Nasdaq down 0.83%, and S&P 500 down 0.53%. Notably, Tesla's stock plummeted 14.26%, resulting in a market value loss exceeding $152.5 billion (approximately ¥1.09 trillion) [2] - International oil prices saw an increase, with WTI crude oil rising 0.64% to $63.25 per barrel and Brent crude oil up 0.66% to $65.29 per barrel [3] - European stock indices showed mixed results, with Germany's DAX up 0.19%, France's CAC40 down 0.18%, and the UK's FTSE 100 up 0.11% [5] Corporate Developments - Circle, a major player in the stablecoin market, saw its stock surge 168.48% on its first day of trading, closing at $83.23, with a market capitalization exceeding $18 billion [15] - Huawei announced the launch of its Pura 80 series smartphones, which have garnered significant consumer interest, with over 40,000 reservations within hours of opening [16][17] - Canada Goose appointed Celine Xie as the new president for its China operations, aiming to enhance its market presence in the region [22][23] Regulatory and Policy Updates - The Chinese Ministry of Commerce criticized the US for raising tariffs on steel and aluminum products from 25% to 50%, labeling it as unilateralism and protectionism [8] - The Chinese government announced plans to conduct the fourth national agricultural census in 2026, as part of its statistical and agricultural development efforts [7] Industry Insights - The Chinese government is establishing ten national data element comprehensive pilot zones to promote the integration of the real economy and digital economy [8] - The National Medical Insurance Administration is revising the credit evaluation system for drug pricing and procurement to combat corruption and improve market integrity [10] Stock Market Movements - Notable stock movements included a significant drop in Tesla's stock price, while several Chinese concept stocks saw gains, with the Nasdaq China Golden Dragon Index up 0.54% [2][29] - The latest data showed that the Chinese yuan's exchange rate against the US dollar was 7.1865, reflecting a decrease of 21 basis points [31]

Core Viewpoint - The recent surge in the Hong Kong stock market has led to increased attention on the ability of mainland investors to open accounts with online brokers like Futu Holdings and Tiger International, with both companies adjusting their policies in response to regulatory changes [1][5][6]. Group 1: Company Policies - Futu Holdings has completely stopped allowing new account openings for mainland users, only permitting those who live or work abroad to open accounts, requiring both a mainland ID and proof of residence or employment abroad [1][3]. - Tiger International still allows existing customers to open accounts if they had previously opened accounts with other overseas brokers before May 19, 2023, but does not accept new mainland investors [2][3]. Group 2: Regulatory Environment - The regulatory scrutiny of online brokers like Futu and Tiger began in October 2021, with the China Securities Regulatory Commission (CSRC) declaring their cross-border securities operations as non-compliant with existing laws [2]. - In December 2022, the CSRC formally classified the cross-border operations of these brokers as "illegal" and mandated them to cease new business activities while allowing existing clients to continue trading [2]. Group 3: Market Conditions - The Hong Kong stock market has shown significant recovery, with the Hang Seng Index rebounding from a drop of over 13% in early April to reach a new closing high since March 2025 by June 5, 2023 [5]. - The interest in Hong Kong stocks has been further fueled by successful IPOs of major mainland companies, such as CATL and Heng Rui Pharmaceutical, which saw substantial first-day gains [6]. Group 4: Investment Channels - Mainland investors can access Hong Kong stocks primarily through two channels: the Stock Connect program and Hong Kong-listed ETFs, with different eligibility criteria [7]. - The Stock Connect requires a minimum average asset of 500,000 RMB in the investor's securities and funds accounts over the previous 20 trading days, while the ETF route has no such financial threshold, making it more accessible for retail investors [7].

Core Viewpoint - Futu Securities has completely stopped allowing mainland users to open accounts using proof of existing holdings, now restricting account openings to those who actually work or live abroad [1] Group 1 - Futu Securities no longer accepts account openings based on existing proof for mainland clients [1] - Only clients who can provide a valid mainland ID and recent proof of work or residence in Hong Kong or Macau are eligible to open accounts [1]