国泰海通：更多香港券商或将布局虚拟资产业务

Group 1 - The core viewpoint of the report is that more Hong Kong brokerage firms are expected to enter the virtual asset business in the future [1] - The brokerage sector's profitability is anticipated to exceed expectations as the market gradually enters the earnings window period [1] - There is a recommendation to continue focusing on undervalued and underweighted blue-chip stocks, particularly in the context of recent policies encouraging red-chip and H-shares to return to A-shares [1] Group 2 - The shift in non-bank blue-chip stocks' focus is moving from a marginal thinking of fundamentals to a total risk-reward perspective [1] - Non-bank blue-chip stocks are expected to benefit more from the current market conditions [1]