国泰君安国际获批提供虚拟资产交易服务点评：中资券商试水虚拟资产交易业务，看好券商板块成长性

Investment Rating - The report maintains an "Overweight" rating for the brokerage sector, indicating a positive outlook for growth in this industry [2]. Core Insights - Guotai Junan International has received approval from the Hong Kong Securities and Futures Commission (SFC) to upgrade its existing securities trading license to provide virtual asset trading services, marking a significant step for Chinese brokerages in international markets [2][3]. - The upgrade allows clients to trade cryptocurrencies and stablecoins directly on the Guotai Junan platform, introducing a new revenue stream for the brokerage [2]. - The report anticipates that the approval of the stablecoin regulation in 2025 will further enhance Hong Kong's position as a "virtual asset hub," potentially leading to substantial growth for Guotai Junan International [2]. - Currently, 40 brokerages have been approved to conduct virtual asset trading, with expectations that more Chinese brokerages will enter this market [2][4]. - The report highlights three investment themes: 1) Stronger institutions benefiting from improved competitive dynamics, recommending stocks like GF Securities and CITIC Securities; 2) Brokerages with high earnings elasticity, recommending East Money and China Merchants Securities; 3) Firms with strong international business capabilities, recommending China Galaxy and CICC [2]. Summary by Sections Virtual Asset Trading Services - Guotai Junan International's upgrade to provide virtual asset trading services is a pivotal development, allowing for direct trading of cryptocurrencies and stablecoins [2]. - The SFC has been progressively establishing a regulatory framework for virtual assets since 2018, adapting existing financial licenses to include virtual asset-related businesses [2]. Market Dynamics - The report notes that the Hong Kong virtual asset market is evolving, with a roadmap set by the SFC to simplify market entry and introduce innovative investment products [2]. - The anticipated growth in the stablecoin market is expected to provide significant incremental business for Guotai Junan International [2]. Investment Recommendations - The report recommends focusing on three main investment lines within the brokerage sector, highlighting the potential for growth and profitability as the market for virtual assets expands [2].