（原标题：刚刚，直线拉升！20cm涨停） 【导读】航天军工股表现活跃，大金融股集体走弱 中国基金报记者 李智 新的一周开始了，一起来看下最新的市场情况及资讯。 6月30日早间，A股市场震荡拉升。截至发稿，沪指涨0.16%，深成指涨0.50%，创业板指涨0.76%。 板块方面，航天军工股表现活跃，半导体、软件、工业机械等板块涨幅居前，银行、券商、保险等大金融股早盘集体走弱。 港股方面，三大指数涨跌不一，中芯国际、华虹半导体、腾讯音乐等涨超2%。 军工股表现活跃 军工股早盘表现活跃，恒宇信通、晨曦航空实现20cm涨停，长城军工直线拉涨停，国睿科技、航天南湖、内蒙一机等跟涨。 国金证券指出，当前全球处于百年未有之大变局，中国武器装备在印巴空战中大放异彩，实战胜果有望推动中械装备在军贸市场份额提升。 大金融股集体走弱 银行、券商、保险等大金融股早盘集体走弱，国盛金控跌超5%，湘财股份、天风证券、国海证券均跌超2%。 此外，爱建集团、建元信托、苏农银行、瑞丰银行等均跌超2%。 校对：王玥 制作：舰长 审核：许闻 版权声明 《中国基金报》对本平台所刊载的原创内容享有著作权，未经授权禁止转载，否则将追究法律责任。 授权转载 ...

Summary of Key Points from the Conference Call Industry and Company Involved - The conference call discusses the **Hong Kong Digital Asset Development Policy Declaration 2.0** and its implications for the **stablecoin** market and related financial services. - Companies mentioned include **Yuxin Technology** and **Minsheng Securities**, both of which are actively engaging in the digital asset space. Core Points and Arguments 1. **Regulatory Framework**: The declaration establishes the **Securities and Futures Commission (SFC)** as the main regulatory body for digital trading service providers, responsible for licensing and standard-setting, while the **Monetary Authority** oversees banks' digital asset trading activities [1][2][3]. 2. **Expansion of Stablecoin Applications**: The declaration broadens the application of stablecoins to include tokenized assets, with the government planning to issue tokenized government bonds and promote the financial tokenization of real-world assets (RWA) such as precious metals and renewable energy [1][3][4]. 3. **Support for Industry Innovation**: The Hong Kong government is implementing measures such as tax exemptions on tokenized funds and ETFs, promoting collaboration between regulators and technology providers, and attracting talent in the Web 3.0 space to foster a competitive virtual asset ecosystem [1][5]. 4. **Yuxin Technology's Strategy**: Yuxin Technology is positioning itself for overseas expansion and plans to apply for a listing in Hong Kong, focusing on stablecoin-related businesses and exploring cross-border payment applications in collaboration with financial institutions in mainland China and the Greater Bay Area [1][6]. 5. **Minsheng Securities' Role**: Minsheng Securities is establishing itself as a key player in the banking sector for crypto asset trading, offering services such as fund custody and digital asset services, and aims to be a critical node in the integration of banking and digital assets [1][13]. 6. **Impact of the Declaration on Stablecoin Development**: The declaration provides a clear timeline for stablecoin implementation, set for **August 1, 2025**, which enhances market confidence and clarifies the regulatory landscape for market participants [2][3]. 7. **Tokenized Bonds**: The government has already issued **6.7 billion** in green bonds, utilizing a blockchain platform, indicating a strong commitment to tokenized financial instruments [3][14]. 8. **Banking Sector's Involvement**: Banks are recognized as essential participants in crypto asset trading, leveraging existing payment and clearing systems to facilitate new product designs and operations [10][13]. 9. **Web 3.0 Retail Payment Systems**: Research is being conducted on Web 3.0 retail payment systems, focusing on transaction efficiency and cost-effectiveness, with collaboration from academic resources to enhance regulatory frameworks [11][12]. 10. **Challenges in Financial Regulation**: Minsheng Securities is leveraging its regulatory experience from mainland China and international markets to navigate the evolving regulatory landscape in Hong Kong [14]. Other Important but Possibly Overlooked Content 1. **Infrastructure Development**: The construction of the **Hengqin Data Center** is expected to significantly enhance infrastructure in Macau, addressing data barriers and providing robust technical support for digital asset initiatives [7][8]. 2. **Global Expansion and Technology Recognition**: Yuxin Technology has made significant strides in overseas markets, particularly in Southeast Asia, where its technological capabilities are highly regarded, positioning the company for future growth [18]. 3. **Digital Currency Pilot in Macau**: The company is actively involved in Macau's pilot program for digital RMB, indicating a proactive approach to digital currency projects in the region [17]. 4. **Collaboration with Financial Institutions**: The company is engaging with various banks in Hong Kong to explore new opportunities for collaboration in the wake of the 2.0 policy declaration [16].

Group 1 - The State Council, led by Premier Li Qiang, emphasizes the need for high-level technological self-reliance and innovation, aiming to strengthen key core technologies and maintain development initiative [1] - The Ministry of Commerce confirms ongoing communication between China and the US regarding the London framework, with China approving certain export applications and the US lifting some restrictions [2] - The Shanghai and Shenzhen Stock Exchanges propose to adjust the price fluctuation limit for risk-warning stocks from 5% to 10% [4] Group 2 - The People's Bank of China suggests increasing the intensity of monetary policy adjustments to maintain ample liquidity and encourage financial institutions to boost credit [5] - The General Administration of Customs announces the conditional resumption of seafood imports from certain regions in Japan [6] - The China Securities Regulatory Commission (CSRC) is taking action against Nanjing Yuebo Power System Co., Ltd. for information disclosure violations [9] Group 3 - Hong Kong's Financial Secretary announces that regulations for stablecoins will take effect on August 1, aiming to create a favorable market environment for their application [10] - A-share companies are actively engaging in stablecoin-related activities, with companies like Tianfeng Securities and Yuxin Technology making significant moves in the virtual asset space [13][14] - Several companies, including Huahai Qingke and Yiwei Lithium Energy, are planning substantial investments in new projects, indicating a focus on growth and expansion [15][16]

Group 1: Virtual Asset Trading in Hong Kong - Tianfeng International Securities has upgraded its securities trading license to provide virtual asset trading services, marking a significant step for traditional financial institutions in the virtual asset sector [1] - The Hong Kong Securities and Futures Commission regulates virtual asset activities, while the Hong Kong Monetary Authority oversees currency payment areas such as stablecoins and digital currencies [1] - The recent developments in the stablecoin market, driven by regulatory frameworks, suggest a focus on cross-border payment and digital currency businesses, highlighting investment opportunities in companies with blockchain technology [1] Group 2: Water Conservancy Investment - The Chinese government has issued opinions to enhance flood control infrastructure, including the construction of flood control reservoirs and the improvement of existing ones [2] - Water conservancy investment is expected to maintain a high growth trend, with projected national investment reaching 1,352.9 billion yuan in 2024, a 12.8% increase year-on-year [2] - The "14th Five-Year" water transport development plan aims to add 2,500 kilometers of high-grade inland waterways, indicating a strong policy and funding support for major engineering projects [2] Group 3: Xiaomi's YU7 Vehicle Launch - Xiaomi's YU7 vehicle received over 289,000 pre-orders within the first hour of its launch, exceeding market expectations [3][4] - The YU7 is expected to attract tech-savvy consumers due to its advanced technology configurations, particularly in smart driving and battery performance [4] - The launch of YU7 is anticipated to drive collaborative development across the supply chain, benefiting key sectors such as lidar suppliers, smart driving system developers, and high-performance battery manufacturers [4] Group 4: IPO of Vision Technology - Vision Technology's IPO application has been accepted by the Shanghai Stock Exchange, aiming to raise 2.015 billion yuan [5] - The company has completed seven rounds of financing, with its latest round in February 2023, and is recognized as a unicorn with a valuation exceeding 10 billion yuan [5] - The core product, silicon-based OLED microdisplay technology, is positioned as a critical hardware component for XR devices, aligning with the explosive growth of the AI industry and the demand for advanced human-computer interaction [5]

Group 1 - The General Administration of Customs of China announced the conditional resumption of imports of aquatic products from certain regions of Japan, excluding ten prefectures including Fukushima and Tokyo, based on safety assurances from the Japanese government and monitoring results [1][2] - Japanese exporters must comply with China's food safety regulations, including reapplying for registration to export aquatic products to China, and must provide health certificates and radiation testing results upon import declaration [1][2] - Strict supervision will be implemented on Japanese aquatic products imported to China, with immediate control measures to be taken if any non-compliance with Chinese laws or safety standards is detected [2] Group 2 - The State Administration for Market Regulation conducted a special inspection of food additives across various platforms and locations, revealing issues with the misuse of food additives in certain categories, while ensuring compliance in others [10] - The China Logistics and Purchasing Federation reported a total social logistics volume of 138.7 trillion yuan from January to May 2025, reflecting a year-on-year growth of 5.3%, with significant growth in consumer logistics demand [12] - The National Bureau of Statistics indicated a 1.1% decline in profits for industrial enterprises above designated size from January to May 2025, with state-owned enterprises experiencing a 7.4% drop in profit [13]

Industry News - The China Securities Regulatory Commission (CSRC) has announced administrative penalties against Nanjing Yuebo Power System Co., Ltd. for information disclosure violations, holding both the company and individuals involved accountable [5] - The Shanghai and Shenzhen Stock Exchanges are seeking public opinion on adjusting the price fluctuation limit for risk-warning stocks on the main board from 5% to 10%, aligning it with other stocks on the main board [5] - The Hong Kong Financial Secretary stated that regulations for stablecoins will take effect on August 1, aiming to create a favorable market environment and promote the application of stablecoins in various scenarios [5] - The market for computing power leasing is currently experiencing a downturn, with prices for graphics card rentals halved compared to the peak earlier this year, indicating a challenging market environment [6] - The State Administration for Market Regulation has conducted a special inspection of food additives, revealing violations in the use of food additives in various food categories [6][7] - The global supply of vitamin D3 raw materials is constrained, leading to a continuous price increase, with domestic market prices reaching 660 yuan per kilogram, a new high for the year [7] Company News - DaPu Micro's initial public offering application has been accepted by the Shenzhen Stock Exchange, marking it as the first unprofitable company to be accepted on the Growth Enterprise Market [8] - China Rare Earth Group has clarified that recent personnel changes among its directors and executives are based on operational needs and have not affected ongoing work [9] - Hikvision has been ordered by the Canadian government to cease operations in Canada under the pretext of national security, to which Hikvision has expressed strong opposition [9] - China Eastern Airlines Group's former chairman is under investigation for serious violations of discipline and law [9] - EVE Energy announced plans for its wholly-owned subsidiary in Malaysia to invest up to 8.654 billion yuan in a new energy storage battery project [10] - Sifang Jingchuang reported that a board member has completed a share reduction plan, reducing holdings by 276,300 shares, accounting for 0.05% of the total share capital [10] - Hengbao Co., Ltd. announced that its actual controller has completed a share reduction plan, with a reduction ratio of 1.37% [11] - The People's Bank of China has updated the major changes in the licensing information of non-bank payment institutions, indicating a decrease in the shareholding ratio of a major shareholder in Lakala Payment [11] - Bona Film Group announced plans for significant share reductions by its shareholders, with one shareholder planning to reduce holdings by up to 40.9764 million shares, accounting for 3% of total share capital [11]

Group 1 - The core viewpoint is that more Hong Kong brokerages are expected to enter the virtual asset business, driven by recent policy support and market conditions [1][2] - The Hong Kong government has released the "Digital Asset Policy Declaration 2.0," aiming to establish the region as a global innovation center for digital assets, with strategies to optimize laws and regulations, expand tokenized product categories, and promote application scenarios [2] - The brokerage sector is entering an earnings window, with expectations that profitability may exceed forecasts due to favorable market conditions [1][2] Group 2 - Recent fluctuations in the ten-year government bond yield, which has been between 1.6% and 1.7%, are anticipated to influence the life insurance sector, potentially leading to a reduction in the preset interest rate for life insurance [2]

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]

Investment Rating - The report maintains a positive outlook on the virtual asset sector and trading platforms, indicating a sustained focus on these areas [1][8]. Core Insights - The report highlights the ongoing trend of virtual assets, with increasing regulatory frameworks and institutional involvement, suggesting a favorable long-term outlook for the sector [1][8]. - The Hong Kong government has released a new digital asset development policy, reinforcing its commitment to becoming a global innovation center for digital assets [48]. - The report emphasizes the importance of quality assets in the Hong Kong stock market, particularly in light of the influx of mainland Chinese companies going public [8]. Industry Summary Education - The K12 education sector remains robust, with leading institutions like New Oriental showing positive enrollment feedback for summer programs [3][18]. - The education index rose by 7.41% during the week, outperforming major indices [9][11]. Luxury Goods - The luxury goods sector is experiencing slight pressure due to macroeconomic factors, but brands with strong innovation capabilities are still seeing growth [3][22]. - Notable stock movements include a 6.10% increase for Samsonite and a slight decline for Prada [22][29]. Coffee and Tea - The coffee sector continues to thrive, with net increases in store numbers and positive same-store sales growth for leading brands [3][31]. - The tea beverage sector faces increased competition due to supply growth driven by delivery platform subsidies [3]. E-commerce - The e-commerce sector is under pressure, with a slowdown in overall growth and intense competition, particularly in instant retail [3][30]. - Key players like JD.com and Pinduoduo have shown positive stock performance during the week [30]. Streaming Platforms - Music streaming platforms are highlighted as quality internet assets driven by domestic demand, with continued profitability growth [3][37]. - The report notes a 4.5% decline in the media index, with Spotify and Netflix showing significant gains [37]. Virtual Assets & Trading Platforms - The report emphasizes the positive trend in virtual assets, supported by regulatory developments and institutional interest [1][8]. - The global cryptocurrency market capitalization reached $337.24 billion, with Bitcoin and Ethereum prices increasing [41][48]. Automotive Services - The automotive maintenance sector is monitored, with key players identified and ongoing changes in the aftermarket ecosystem [3][50]. - The report notes a 3.10% increase in the automotive services index, with mixed performances among key companies [50].

Core Insights - The Hong Kong Securities and Futures Commission (SFC) has approved 40 financial institutions to upgrade their existing Type 1 securities trading licenses to provide virtual asset trading services, indicating a growing regulatory framework that attracts traditional financial players [1][2] - Guotai Junan International has become the first Chinese broker in Hong Kong to obtain a comprehensive license for virtual asset trading services, following Tianfeng International's earlier approval [1][3] - Major Chinese securities firms, including CITIC Securities, Huatai Securities, and招商证券, are actively pursuing license upgrades to engage in virtual asset trading [2][4] Group 1: License Upgrades and Participants - As of June 24, 40 financial institutions have successfully upgraded their Type 1 securities trading licenses to offer virtual asset trading services, including 38 brokers, 1 bank, and 1 internet company [1] - Guotai Junan International is the first Chinese broker to receive approval for a comprehensive virtual asset trading license, enhancing its service capabilities [1][3] - Other participants in the license upgrade process include Tianfeng International, Hafu Securities, Futu Securities, and others [3] Group 2: Business Model Transformation - The acquisition of virtual asset trading licenses is fundamentally changing the valuation logic, income structure, and business models of brokers, opening up significant growth opportunities [5][7] - Brokers can now tap into high-value revenue sources through virtual asset trading commissions, cross-border stablecoin clearing, and structured derivative products [7][8] - The virtual asset trading business model allows brokers to engage in various activities, including brokerage services, asset management, investment banking, and equity investments in key companies within the virtual asset ecosystem [7][8] Group 3: Regulatory Framework and Unique Ecosystem - The SFC regulates virtual asset activities, while the Hong Kong Monetary Authority (HKMA) oversees areas involving currency payments, such as stablecoins [4] - The SFC follows a "same business, same risk, same regulation" principle, adding virtual asset business conditions and technical specifications to traditional financial licenses [4] - Key license types include the upgraded Type 4 license for virtual asset investment advisory, Type 7 for automated trading services, and Type 9 for managing funds with over 10% in virtual assets [4]