Changjiang Securities·2025-06-30 09:14Investment Rating - The report maintains a "Positive" investment rating for the industry [7] Core Insights - Guotai Junan International has become the first Hong Kong-based Chinese brokerage to offer comprehensive virtual asset trading services, following the Hong Kong government's release of the "Hong Kong Digital Asset Development Policy Declaration 2.0," which enhances the regulatory framework for digital assets and accelerates the deployment of stablecoins, thereby boosting market confidence and suggesting a focus on non-bank sector A+H shares and related concept stocks [2][4] - The report recommends focusing on companies with stable earnings and dividends, including Jiangsu Jinzu, China Ping An, and China Pacific Insurance, while also highlighting the potential of Xinhua Insurance, China Life, Hong Kong Exchanges and Clearing, CITIC Securities, Dongfang Wealth, Tonghuashun, and Jiufang Zhitu Holdings based on performance elasticity and valuation levels [4][2] Market Performance - The non-bank financial index increased by 6.7% this week, outperforming the CSI 300 by 4.7%, while year-to-date, the non-bank financial index has risen by 1.0%, lagging behind the CSI 300 by 1.3% [5] - The average daily trading volume in the two markets reached 14,866.74 billion yuan, a 22.36% increase week-on-week, with a daily turnover rate of 1.83%, up by 29.30 basis points [5][36] - The stock index rose while the bond index fell, with the Wind All A Index increasing by 3.56% and the total price index of the China bond market decreasing by 0.1% [5] Industry News & Company Announcements - The Hong Kong government published the "Hong Kong Digital Asset Development Policy Declaration 2.0," which aims to establish a comprehensive regulatory framework for digital asset service providers [6][56] - Guotai Junan International has begun offering virtual asset trading services, marking a significant development in the industry [6][55]