一场金融力量的大布局！虚拟资产牌照重构券商估值逻辑

Core Insights - The Hong Kong Securities and Futures Commission (SFC) has approved 40 financial institutions to upgrade their existing Type 1 securities trading licenses to provide virtual asset trading services, indicating a growing regulatory framework that attracts traditional financial players [1][2] - Guotai Junan International has become the first Chinese broker in Hong Kong to obtain a comprehensive license for virtual asset trading services, following Tianfeng International's earlier approval [1][3] - Major Chinese securities firms, including CITIC Securities, Huatai Securities, and招商证券, are actively pursuing license upgrades to engage in virtual asset trading [2][4] Group 1: License Upgrades and Participants - As of June 24, 40 financial institutions have successfully upgraded their Type 1 securities trading licenses to offer virtual asset trading services, including 38 brokers, 1 bank, and 1 internet company [1] - Guotai Junan International is the first Chinese broker to receive approval for a comprehensive virtual asset trading license, enhancing its service capabilities [1][3] - Other participants in the license upgrade process include Tianfeng International, Hafu Securities, Futu Securities, and others [3] Group 2: Business Model Transformation - The acquisition of virtual asset trading licenses is fundamentally changing the valuation logic, income structure, and business models of brokers, opening up significant growth opportunities [5][7] - Brokers can now tap into high-value revenue sources through virtual asset trading commissions, cross-border stablecoin clearing, and structured derivative products [7][8] - The virtual asset trading business model allows brokers to engage in various activities, including brokerage services, asset management, investment banking, and equity investments in key companies within the virtual asset ecosystem [7][8] Group 3: Regulatory Framework and Unique Ecosystem - The SFC regulates virtual asset activities, while the Hong Kong Monetary Authority (HKMA) oversees areas involving currency payments, such as stablecoins [4] - The SFC follows a "same business, same risk, same regulation" principle, adding virtual asset business conditions and technical specifications to traditional financial licenses [4] - Key license types include the upgraded Type 4 license for virtual asset investment advisory, Type 7 for automated trading services, and Type 9 for managing funds with over 10% in virtual assets [4]