券商加速布局虚拟资产交易服务

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [17]. Core Insights - The report highlights the acceleration of brokerage firms in Hong Kong to expand into virtual asset trading services, with Guotai Junan International recently receiving approval to upgrade its securities trading license to include virtual asset trading [1][2]. - The approval process for Guotai Junan International was faster than anticipated, and it is expected that more brokerage firms with international subsidiaries will follow suit, enhancing the market ecosystem for virtual assets [2][3]. - The Hong Kong Securities and Futures Commission has released a roadmap titled "A-S-P-I-Re," which outlines 12 key measures to promote Hong Kong as a global virtual asset hub, focusing on access, safeguards, products, infrastructure, and relationships [2][3]. Summary by Sections Industry Overview - The report emphasizes the ongoing development and improvement of the cryptocurrency and virtual asset trading ecosystem in Hong Kong, driven by supportive policies and a more complete regulatory framework [3]. Regulatory Developments - The Hong Kong Securities and Futures Commission's roadmap aims to maintain an open and orderly approach to virtual asset trading and services, which is expected to attract more participants in the market [2][3].