非银金融周报：国泰君安国际获批虚拟资产交易资格，险资长期股票投资试点加速推进-20250629

Investment Rating - The industry rating is "Recommended" [5] Core Insights - The non-bank financial sector index increased by 6.66%, outperforming the CSI 300 index by 4.70 percentage points, ranking third among all primary industries [2][16] - The average daily trading volume of A-shares reached 14,867 billion yuan, a week-on-week increase of 22.4% and a year-on-year increase of 122.8% [22] - The approval of Guotai Junan International for virtual asset trading is expected to create new business opportunities for domestic brokers, particularly in tokenized securities [3][4][17] Summary by Sections 1. Non-Bank Financial Weekly Insights - The securities sector rose by 7.62%, while the insurance sector increased by 3.88% [2][16] - Notable stock performances included Hongye Futures (+52.15%) and Aijian Group (+39.24%) [2][16] 2. Securities: Guotai Junan International Approved for Virtual Asset Trading - Guotai Junan International's subsidiary received approval to upgrade its license, allowing it to provide virtual asset trading services [3][17] - The stock surged by 198.39% following the announcement, indicating market recognition of the scarce license [3][17] - The upgrade allows direct trading of cryptocurrencies and stablecoins on their platform, with a focus on transaction fees and derivative product design [4][18] 3. Insurance: Accelerated Long-term Stock Investment Pilot for Insurance Funds - The establishment of Taibao Zhiyuan marks the entry of China Pacific Insurance into the long-term stock investment pilot [8][19] - The first investment transaction by Taikang Asset's private fund management company was completed, with an expected scale of 120 billion yuan [19][20] - The pilot aims to enhance the stability of insurance companies' profits and promote long-term investments in the capital market [21]