Xin Lang Cai Jing·2025-06-25 06:05Group 1: Financial Technology ETF Performance - The A-share market indices collectively strengthened, with the Financial Technology ETF (516860) rising over 5%, closing at 1.39 yuan, with a trading volume exceeding 200 million yuan [1] - Over the past year, the Financial Technology ETF has accumulated a rise of over 96% as of June 24, 2025 [1] - Most component stocks of the Financial Technology ETF have increased, with notable gains including Guiding Compass up over 18% and New Guodu up over 15%, while several stocks reached their daily limit [1] Group 2: Stablecoin Developments - The central bank governor highlighted the value of stablecoins in significantly shortening cross-border payment chains, leading to increased market discussions [2] - Institutions view stablecoins as "digital cash" or "digital gold," anticipating their growing importance in the global financial system [2] - Guotai Junan International has received approval from the Hong Kong Securities and Futures Commission to upgrade its securities trading license to provide virtual asset trading services, becoming the first Chinese broker in Hong Kong to offer comprehensive virtual asset trading services [2] Group 3: Financial Support for Consumption - On June 24, the central bank and six departments jointly issued guidelines to support and expand consumption, emphasizing the need to strengthen the macroeconomic financial foundation [5] - The guidelines aim to enhance credit support for key service consumption areas and develop diversified financing channels [5] - Xiangcai Securities noted that the market remains resilient amid the US-China tariff buffer period, predicting a slight upward trend in July [5] Group 4: Financial Technology ETF Characteristics - The Financial Technology ETF closely tracks the CSI Financial Technology Theme Index, which includes 57 component stocks across the electronic and non-bank financial sectors [6] - The average R&D investment of component stocks is over 15% for 2024, surpassing the average of the A-share technology sector [6] - As of June 2025, the index's PE (TTM) is 75 times, positioned in the top 75% historical percentile, indicating a safety margin in valuation [7]