近段时间以来，数字货币领域里以"稳定币"为代表的相关概念热度一度飙升，引发市场持续聚焦。 该类机构利用稳定币等新概念进行炒作，编造所谓的"虚拟货币""虚拟资产""数字资产"等投资项目，公开虚假 宣传并吸收公众资金，滋生非法集资、赌博、诈骗、传销、洗钱等违法犯罪活动。 "请广大群众增强理性投资意识，不要盲目相信天花乱坠的承诺，树立正确的货币观念和投资理念，切实提高 风险意识，避免上当受骗。"风险提示称，若发现相关机构以投资稳定币等名义从事非法集资行为，请及时向 市、区处非牵头部门或公安部门举报。 实际上，在深圳市防范和打击非法金融活动专责小组办公室发布风险提示之后，"宁夏防非打非办""重庆打 非"等微信公众平台陆续发布类似的关于警惕以稳定币等名义实施非法集资的风险提示。 苏州：虚拟货币相关业务活动属于非法金融 日前，包括北京、深圳、苏州、重庆、宁夏等在内的多地机构接连发布风险提示，严肃指出这一新兴概念正被 不法分子当作"障眼法"，肆意用于非法集资、诈骗等违法犯罪活动，危害不容小觑。 深圳：增强理性投资意识 进入7月份，最早的一份关于警惕稳定币所涉相关风险的提示出自深圳。 7月7日，深圳市委金融办官网显示，深圳市 ...

Core Viewpoint - Greenland Holdings' Hong Kong subsidiary is involved in virtual asset-related matters, but its revenue contribution for 2024 is less than 1% of the company's total revenue, indicating minimal impact on overall operations [1] Group 1 - Greenland Holdings issued an announcement regarding unusual stock trading fluctuations [1] - Recent media reports highlighted the involvement of the company's Hong Kong subsidiary in virtual asset-related activities [1] - The company conducted a self-examination and confirmed that the subsidiary's revenue for 2024 will account for less than 1% of total revenue [1]

Investment Rating - The report maintains a positive outlook on the brokerage sector, indicating a potential for growth driven by the integration of traditional and cryptocurrency trading services [2][3]. Core Insights - The report highlights the approval of virtual asset trading services for Guotai Junan International, marking it as the only Chinese brokerage firm authorized to provide such services, which is expected to enhance its business model [2]. - The integration of Guotai Junan and Haitong Securities is noted as a significant event, being the largest A+H share merger in China's capital market history, resulting in a nearly doubled market capitalization from 154.5 billion RMB to 318.9 billion RMB [2]. - The report emphasizes the strengthening of brokerage firms' roles as intermediaries in trading due to the evolving regulatory framework for stablecoins and RWA tokenization, which could lead to expanded business opportunities in derivatives and asset management [2]. Summary by Sections Market Development - The report discusses the collaborative development of the Hong Kong and Shanghai international financial centers, which is expected to drive innovation in brokerage business models [2]. - The regulatory framework for stablecoins in Hong Kong is gradually taking shape, which is anticipated to benefit brokerage firms [2]. Company Performance - Guotai Junan's market share in equity financing underwriting reached 122.6 billion RMB in the first half of 2025, holding an 18% market share, indicating strong performance in the industry [2]. - The report projects a significant increase in Guotai Junan's net profit from 130.2 billion RMB in 2024 to 212.8 billion RMB in 2025, reflecting a 63% year-on-year growth [3]. Investment Recommendations - The report recommends three investment lines: 1. Strong brokerage firms benefiting from improved competitive dynamics, including Guotai Junan A+H, GF Securities A+H, and CITIC Securities A+H [2]. 2. Brokerages with significant earnings elasticity, such as Dongfang Securities A+H, East Money, and China Merchants Securities A+H [2]. 3. Firms with strong international business competitiveness, recommending China Galaxy A+H and CICC A+H [2].

过去几年，香港的虚拟资产行业经历了从无到有、从探索到逐 步走向规范的过程。正如HashKey Group首席分析师丁肇飞 在接受经济观察报记者采访时所言，过去几年不仅对虚拟资产 交易平台是重要的发展节点，也是整个行业从探索走向制度化 的重要转折点。 作者： 老盈盈 封图：图虫创意 截至7月10日，香港证券及期货事务监察委员会（下称"香港证监会"）官网显示，通过综合账户安 排提供虚拟资产交易服务的获批机构已达到42家。 7月7日，国金证券（600109.SH）在上证e互动平台表示，公司旗下的国金证券（香港）有限公司 正在筹备申请虚拟资产相关交易牌照，并与国际及香港地区具有丰富经验的相关机构就该事项进行 了多次接触，后续将积极推进具体申请事宜。 6月26日，香港特区政府发布了《香港数字资产发展政策宣言2.0》（下称《宣言2.0》），再次重 申了港府坚定建设香港成为全球领先的数字资产中心的愿景。《宣言》发布后，香港资本市场上一 些虚拟资产的概念股股价出现不同程度的上涨。 过去几年，香港的虚拟资产行业经历了从无到有、从探索到逐步走向规范的过程。正如HashKey Group首席分析师丁肇飞在接受经济观察报记者采访时所 ...

Core Insights - As of July 10, 2023, the Hong Kong Securities and Futures Commission (SFC) has approved 42 institutions to provide virtual asset trading services through comprehensive account arrangements [2] - On July 7, Guojin Securities announced its plans to apply for a virtual asset trading license through its Hong Kong subsidiary, indicating a growing interest in the virtual asset sector [2] - The Hong Kong government released the "Hong Kong Digital Asset Development Policy Declaration 2.0" on June 26, reaffirming its commitment to establishing Hong Kong as a global digital asset hub, which has positively impacted the stock prices of related concept stocks [2] Industry Overview - The virtual asset industry in Hong Kong has evolved from non-existence to a regulated environment over the past few years, marking a significant transition towards institutionalization [2][3] - The SFC categorizes virtual asset-related businesses into five types, with a focus on virtual asset trading platform licenses (VATP) and comprehensive account arrangements [4] - Currently, 11 institutions hold VATP licenses, while 42 financial institutions have been approved to provide virtual asset trading services through comprehensive account arrangements [4] Regulatory Developments - The upgrade of the 1st category license allows licensed brokers to offer virtual asset trading services, but they must connect to licensed virtual asset trading platforms for execution [5] - The recent upgrade has enabled brokers like Futu Securities to provide a one-stop trading experience for various asset classes, including cryptocurrencies [5][8] - The "LEAP" development framework introduced in the Declaration 2.0 outlines strategies for optimizing legal and regulatory frameworks, expanding tokenized product offerings, and promoting cross-sector collaboration [11] Market Dynamics - HashKey Exchange has partnered with traditional financial institutions to integrate virtual assets into the mainstream financial system, focusing on compliance and risk management [7] - The revenue model for virtual asset trading platforms includes transaction fees and a range of services for institutional clients, ensuring stable income streams [9] - Futu Securities has launched features to facilitate cryptocurrency transactions, enhancing the investment options available to clients [8] Future Outlook - The SFC has set a timeline for the implementation of a licensing system for stablecoin activities, with the regulation expected to take effect on August 1, 2025 [12] - HashKey Group is actively engaging with stablecoin issuers to promote compliance and integration within the virtual asset ecosystem [12]

市场消息：加纳要求虚拟资产公司在8月15日前完成注册。 ...

Core Viewpoint - Guotai Junan International expects a significant increase in net profit for the first half of 2025, projecting between HKD 5.15 billion and HKD 5.95 billion, representing a growth of 161% to 202% compared to HKD 1.97 billion in the same period of 2024 [1] Financial Performance - For the year 2024, Guotai Junan International reported a revenue of HKD 44.22 billion, a year-on-year increase of 37%, and a net profit of HKD 3.48 billion, which is a substantial increase of 73% [1] - As of the end of 2024, the company's total assets reached HKD 1,301.73 billion, establishing a solid foundation for providing one-stop financial services [1] Stock Market Reaction - Following the earnings forecast, the market reacted positively, with the stock price of Guotai Junan International rising over 16% at one point on July 10, ultimately closing up 10.24% at HKD 6.35, bringing the total market capitalization to HKD 604.5 billion [1] - The stock had already experienced a significant surge due to developments in the virtual asset business, with a single-day increase of 198.39% on June 25, leading to a cumulative rise of over 400% by July 10 [1] Virtual Asset Business Development - The company's performance and stock price boost are closely linked to its breakthrough in the virtual asset sector, having received approval from the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license to provide virtual asset trading services [2] - This upgrade allows clients to trade cryptocurrencies such as Bitcoin and Ethereum directly on its platform, covering a full range of services including trading execution, investment advice, product issuance, and distribution [2] Strategic Positioning - Guotai Junan International has established a leading position in the Hong Kong virtual asset market through a series of regulatory approvals for various virtual asset-related services since 2024, marking the completion of its full-process capability from brokerage to trading [2] - The company's strategy of integrating traditional financial services with virtual assets not only strengthens its core advantages in wealth management and corporate financing but also positions it favorably for the development of Web 3.0 in Hong Kong [3]

Group 1 - The core viewpoint of the article highlights the significant rise in brokerage stocks, driven by the potential of virtual currencies as a catalyst for growth in the sector [1][2] - Brokerage stocks such as Zhongyin Securities and Hongta Securities saw notable increases, with Zhongyin rising over 8% and Hongta over 4% [1][2] - In the Hong Kong market, related stocks like Shenwan Hongyuan Hong Kong surged over 10%, while Futu Securities and Tiger Brokers also experienced substantial gains [1][2] Group 2 - Analysts suggest that the rise in brokerage stocks is closely linked to the trend of virtual assets, with institutions believing that virtual assets are becoming a significant trend [2] - Futu Securities and Tiger Brokers have shown positive trends in trading volume and net inflows, leading to upward adjustments in their projected net profits for the year [2][3] - Both platforms have launched virtual asset trading in Hong Kong and are in the process of obtaining necessary licenses [2] Group 3 - The global expansion of Futu and Tiger Brokers continues, with Futu adding 260,000 net inflow users in Q1, reaching 33% of its annual guidance, and Tiger adding 60,000 users, reaching 41% of its guidance [3] - There are indications that the brokerage sector may be on the verge of a significant breakout, similar to the market conditions seen at the end of 2014 [4] - Recent developments, such as the inclusion of RMB stock trading in the Hong Kong Stock Connect and the upcoming implementation of the Stablecoin Regulation in Hong Kong, are expected to enhance market dynamics [4][5]

Core Viewpoint - Greenland Holdings has obtained licenses from the Hong Kong Securities and Futures Commission (SFC) to support virtual asset business operations [1] Group 1 - Greenland Holdings' subsidiary, Greenland Jin Chuang, holds the SFC-issued Type 4 and Type 9 licenses [1] - The licenses have been upgraded to support virtual asset (VA) related business [1]

Group 1: Guangdong Quality Products Exhibition - The first Guangdong Quality Products Exhibition will be held from September 12 to 14 in Guangzhou, covering an area of 50,000 square meters with five major themed pavilions: consumer electronics, clothing and cosmetics, toys, food, and home ceramics [1] - The exhibition aims to showcase popular products such as smart home ecosystems and consumer electronics, focusing on "new, unique, special, and excellent" quality goods [1] - This event is expected to enhance domestic consumption, stimulate market vitality, and expand the supply of high-quality products originally aimed at exports [1] Group 2: Shenzhen Warning on Illegal Fundraising - Shenzhen's special task force warns against illegal fundraising activities disguised as stablecoins and other digital assets, highlighting the risks posed by fraudulent organizations [2] - These organizations exploit public ignorance about stablecoins to attract investments through virtual currencies, leading to potential illegal activities such as fraud and money laundering [2] - The warning emphasizes that these virtual currency schemes lack regulatory oversight and risk management mechanisms, making them susceptible to becoming tools for illegal fundraising [2] Group 3: Macao Monetary Supply - Macao's broad money supply showed signs of recovery in May 2025, with currency in circulation and demand deposits increasing by 0.1% and 3.4%, respectively [3] - The narrow money supply (M1) rose by 2.4% compared to the previous month, while quasi-money liabilities increased by 1.1% [3] - The overall broad money supply (M2) increased by 1.2% to 815.7 billion Macao Patacas, indicating improved market liquidity and economic recovery [3][4] Group 4: Hong Kong Investment Promotion - The Hong Kong Investment Promotion Agency reported assisting over 1,300 overseas and mainland companies in establishing or expanding their businesses in Hong Kong from January 2023 to mid-2025 [5] - These companies generated over 160 billion Hong Kong dollars in foreign direct investment and created more than 19,000 new jobs in their first year of operation [5] - The agency plans to focus on four strategic industries: financial services and fintech, innovation and technology, supply chain management and logistics, and sustainable development and green economy [5] Group 5: Shenzhen Stock Market Performance - The Shenzhen Component Index closed at 10,435.51 points, down by 0.70% [6] - Notable gainers included Baocaitie, Zhongchuan Hanguang, and Shankai Intelligent, each rising by 20.02% [7] - Major decliners included *ST Zitian, *ST Huike, and Huaru Technology, with declines of 20.02%, 16.46%, and 11.09%, respectively [7]