Core Viewpoint - Guotai Junan International has upgraded its virtual asset license, becoming the first Chinese broker in Hong Kong to offer comprehensive virtual asset trading services, resulting in a stock price surge of over 100% during trading [2][5]. Company Summary - Guotai Junan International has received approval from the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license to include virtual asset trading services, making it the first Chinese broker in Hong Kong to obtain such a license [4][5]. - The upgraded services will allow clients to trade cryptocurrencies (such as Bitcoin and Ethereum) and stablecoins (like Tether) directly on the Guotai Junan International platform [4]. - The service offerings cover three core areas: execution services for virtual asset trading, advisory services during virtual asset trading, and issuance and distribution of virtual asset-related products, including over-the-counter derivatives [4][5]. Industry Summary - Guotai Junan International began its foray into the Hong Kong virtual asset market in 2024, with various approvals for virtual asset-related products and services obtained throughout the year [4]. - The company plans to continue exploring the integration of financial technology with virtual asset services, aiming to enhance its product and service capabilities and contribute to establishing Hong Kong as a vibrant international virtual asset hub [5].

Group 1 - The core point of the article is that 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, allowing clients to trade cryptocurrencies and stablecoins directly on its platform [4] - Guotai Junan International has become the first Chinese broker in Hong Kong to offer comprehensive virtual asset trading services, including trading, advisory services, and the issuance and distribution of virtual asset-related products [4] - Following the announcement, Guotai Junan International's stock price surged, with an increase of over 80% at one point, and a current increase of over 61% [4] Group 2 - The SFC has released a regulatory roadmap for the development of the virtual asset market, outlining five key pillars: Access, Safeguards, Products, Infrastructure, and Relationships, along with 12 specific measures [6][7][8] - In the Access pillar, the SFC aims to simplify the entry procedures for the virtual asset market, ensuring that only compliant platforms and financial institutions can operate [6] - The Safeguards pillar focuses on enhancing the regulation of virtual asset trading platforms and custodians to protect investors' assets and promote better risk management measures [6] - The Products pillar includes plans to introduce innovative virtual asset investment products, such as ETFs and tokenized assets, to provide investors with diversified investment options [7] - The Infrastructure pillar emphasizes optimizing the market's infrastructure, including regulatory compliance and platform stability, to ensure market stability and efficiency [8] - The Relationships pillar aims to strengthen cooperation with global regulatory bodies to enhance international coordination in the virtual asset industry [8]

6月25日，国泰君安国际（01788.HK）盘初大涨超100%，最高涨至2.50港元/股，创2015年7 月以来新高。截至10:20，涨幅超60%，最新市值190亿港元。 在此带动下，港股券商股集体走强。 作 者丨尹华禄 | 信控国际资本 | 0.181 | 20.67% | | --- | --- | --- | | 0993.HK | | | | 申万宏源香港 | 1.500 | 12.78% | | 0218.HK | | | | 37 77 75 | 4.500 | 8.43% | | 3678.HK | | | | 信达国际控股 | 0.365 | 7.35% | | 0111.HK | | | | 中泰期货 | 0.640 | 4.92% | | 1461.HK | | | | 国联民生 | 4.320 | 4.35% | | 1456.HK | | | | 中州证券 | 1.780 | 3.49% | | 1375.HK | | | | 国泰海通 | 12.680 | 3.43% | | 2611.HK | | | | 中信建投证券 | 10.260 | 2.40% | | 6066.HK | ...

国泰君安国际表示，至此，国泰君安国际成为首家可提供全方位虚拟资产相关交易服务的香港中资券 商，服务覆盖提供虚拟资产交易服务、在虚拟资产交易服务过程中提供意见，以及发行、分销包括场 外衍生品在内的虚拟资产相关产品。 公司表示，展望未来，国泰君安国际将继续探索金融科技与虚拟资产业务的深度融合，不断提升产品 与服务能力，为香港构建充满活力的国际虚拟资产中心贡献力量。 6月25日，港股国泰君安国际盘初一度大涨超80%，截至发稿，该股涨幅收窄至55.65%，报1.93港 元。 消息上，6月24日，国泰海通集团下属公司国泰君安国际正式获香港证监会批准，将现有证券交易牌 照升级为可提供虚拟资产交易服务，以及在提供虚拟资产交易服务的基础上提供意见。此次牌照升级 后，客户将可在国泰君安国际平台直接交易加密货币（如比特币、以太币等）、稳定币（如泰达币 等）等虚拟资产。 ...

Group 1 - The first batch of 26 new floating rate funds has raised over 12.6 billion yuan, with 13 products already established, indicating strong market interest [1] - Credit bond ETFs have seen their total scale exceed 200 billion yuan, marking a significant growth in the ETF market, driven by a shift towards stable income assets [1] - The People's Bank of China is set to conduct a 300 billion yuan MLF operation, ensuring liquidity remains ample in the market [2] Group 2 - Guotai Junan International has become the first Chinese broker to receive approval for virtual asset trading services, expanding its offerings to include cryptocurrencies [2] - The popularity of the "Su Super" event has significantly boosted weekend consumer spending in participating cities, with a notable increase in group purchase orders [3] - A surge in A-share buybacks has been observed, with 666 companies or major shareholders obtaining buyback loans totaling approximately 133.96 billion yuan [3] Group 3 - BlackBerry reported first-quarter revenue of $121.7 million, exceeding market expectations, and provided guidance for the second quarter [5] - Xero has announced a $2.5 billion acquisition of Melio, a payment platform for small businesses, indicating a strategic move in the fintech sector [5] - Ant Group has reduced its stake in ZhongAn Insurance, becoming the fourth largest shareholder after cashing out approximately 654 million HKD [6] Group 4 - Sanhua Intelligent Controls expects a 25%-50% increase in net profit for the first half of 2025, reflecting positive growth prospects [6] - U.S. stock indices have all risen over 1%, with the Nasdaq reaching a four-month high, driven by easing geopolitical tensions and favorable market conditions [7][8] - The easing of Middle Eastern tensions has led to a significant drop in oil prices, benefiting airline stocks, while gold prices have also decreased [8]

【 导读 】 蚂蚁集团减持众安保险，中国平安成最大股东 见习记者 储是 6月24日，港交所公告显示，蚂蚁集团减持众安保险逾3300万股，持股比例 从 10.37%降至7.63%。 蚂蚁减持众安保险 对于本次减持，蚂蚁集团回应称，本次减持是正常的投资决策，为了优化资金配置效率，不会影响蚂蚁集团与众安保险的业务合作，蚂蚁 集团一如既往看好众安保险的长期发展。 众安保险表示，股东结构调整不会影响公司运营，双方合作稳健发展，将继续共同探索保险科技等领域的创新。 众安保险成立于2013年，是中国首家互联网保险公司，由 马明哲、马云、马化腾 三人 共同出资组建，蚂蚁金服曾是最大股东。 这是蚂蚁集团投资众安保险12年来的第二次减持。2022年年初，蚂蚁集团曾减持4653.71 万 股，持股比例从13.54%降至10.37%。 彼 时 ，蚂蚁集团回应 表示 ，不会影响双方的战略合作关系。 数据显示，截至6月24日，今年 以来 众安保险（ 众安在线 ：6060 HK ）股价上涨 超 70%。 尤其是 5 月下旬之后，众安保险股价一路猛进 。 市场 人士 认为，此轮行情或源于提前布局稳定币等虚拟资产业务 。 2024 年 7 月 ...

(2025年6月23日，香港)以金融科技为核心的全方位金融集团艾德金融与香港持牌虚拟资产交易平台 EXIO Limited 宣布达成策略性合作。艾德金融将为 EXIO Limited 各类虚拟资产交易提供流动性支持以 及结算服务，为市场参与者提供更高效、更安全的交易体验。 关于EX.IO EXIO Limited 是一家创新且合规的虚拟资产交易平台(VATP)，于2024年12月获得香港证券及期货事务 监察委员会(SFC)颁发的全面营业许可牌照，成为香港获在《打击洗钱条例》下的牌照发牌照制度下首 批正式持牌的虚拟资产交易平台之一。平台致力于桥接传统金融(Web2)与 Web3 生态系统，并提供合规 的交易、支付及多元化金融服务。EX.IO 采取多维的监管策略，严格遵循香港 SFC 及杜拜 VARA 的规 范来运营并提供金融服务；平台除整合了法币与加密货币转换、资产托管、潜在的 RWA 以及创新的 PayFi(支付+金融)解决方案外，更凭借稳固的银行合作关系及一支融合传统金融与区块链技术专长的专 业团队，来持续确保并提升服务的安全性与前瞻性。 此次合作充分体现了双方的专业实力与市场影响力。艾德金融凭借其在传统金 ...

Group 1: Virtual Assets and Stablecoins - The trend of virtual assets is continuously improving due to the enhancement of regulatory frameworks and increased institutional participation, with expectations of liquidity easing [2][18][25] - The global stablecoin market is projected to grow significantly, from approximately $5 billion in 2020 to around $200 billion by the end of 2024, indicating a clear expansion path for trading scenarios [25][26] - Various regions are implementing stablecoin policies, such as the U.S. passing the "Genius Act" and Hong Kong enacting the "Stablecoin Ordinance," which will take effect on August 1, 2025 [25][29] Group 2: Streaming Platforms - Music streaming platforms are identified as high-quality internet assets driven by domestic demand, with continuous scale effects driving profit leverage [2] - The market for music subscriptions is expected to grow, with major players like Spotify and Tencent Music holding significant market shares [33] Group 3: O2O Service Platforms - The trend of strong players becoming stronger is evident, with major platforms like Beike and Tuhu expected to increase market share amid a shrinking real estate and automotive aftermarket demand [2][39] - The used housing transaction volume in key cities showed a month-on-month decline, indicating a buyer's market, which may benefit established platforms [39] Group 4: Coffee, Tea, and E-commerce Delivery Platforms - The online retail sales of physical goods grew by 6.3% year-on-year from January to May 2025, indicating a competitive landscape where marketing expenses are rising [2][56] - The coffee and tea segment is highlighted as a key beneficiary in the delivery battle, with significant growth in order volumes and city coverage [68][75] Group 5: K12 Education and Training - The K12 education sector is experiencing a resurgence in non-subject training demand, with a significant reduction in subject-based training institutions, leading to a scarcity of quality compliant products [2][86] - Major players in the K12 sector, such as New Oriental and TAL Education, are showing strong performance with revenue growth exceeding 20% year-on-year [91]

风险提示 本周观点 关注海外资产的季报变化： 投资逻辑 法律框架逐步完善，虚拟资产趋势向上。1）港股整体观点：今年港股整体表现突出，各种板块、概念层出不穷， 底层逻辑来自于便宜资产的长期低估，大量内地优质资产在港 IPO，提升了港股的资产质量，吸引了全球流动资 金的关注、加持。另外，去美元化的全球投资策略和美国降息预期对港股的流动性利好。据此我们对港股的未来 趋势持续乐观。短期层面，由于估值、国际环境等问题，港股不排除震荡或者回调的风险，特别是对于前期涨幅 较大&估值较高的个股，短期回调属于健康调整。2）目前我们持续看多虚拟资产（含稳定币）的发展，近期包括 蚂蚁、META、贝莱德在内的传统互联网、金融机构向虚拟资产和稳定币延申的趋势明显。我们认为，稳定币政策 只是虚拟资产大趋势下的一环，未来还会有更多政策制度出台，持续看好。美国、香港的虚拟资产相关法律框架 逐步完善，虚拟资产趋势向上。 后续政策不及预期风险；中美关系变化风险；内容上线及表现不及预期风险；宏观经济运行不及预期风险；AI 技 术迭代和应用不及预期风险；政策监管风险。 敬请参阅最后一页特别声明 1 教育：K12 教培行业高景气维持，非学科产品合规优 ...

Core Viewpoint - The implementation of the Stablecoin Regulation in Hong Kong is expected to drive financial innovation and solidify Hong Kong's position as an international financial center, attracting both local and international capital into the stablecoin market [6][8]. Group 1: Market Developments - Major companies like JD.com and Ant Group are preparing to apply for stablecoin licenses in Hong Kong, indicating a growing interest in the stablecoin sector [1][2]. - The total market capitalization of stablecoins has exceeded $130 billion as of 2023, projected to surpass $250 billion by 2025 [2]. - The Hong Kong government has expressed its commitment to developing a robust regulatory framework for virtual assets, including stablecoins, which began with the passage of the Stablecoin Regulation [2][6]. Group 2: Institutional Interest - A surge in interest from A-share listed companies regarding stablecoins has been noted, with numerous inquiries and discussions occurring in the investment community [4][5]. - Companies like Changliang Technology are positioning themselves to provide technical services for stablecoin issuance and operation, anticipating a significant increase in demand for stablecoin management systems [5]. Group 3: Regulatory Framework - The Stablecoin Regulation includes stringent requirements such as a minimum registered capital of HKD 25 million, 100% quality liquidity reserve assets, and strict anti-money laundering obligations [7]. - The regulation aims to eliminate legal uncertainties and promote compliant issuance of stablecoins, which is expected to enhance Hong Kong's status as a global digital asset hub [7][11]. Group 4: Potential Applications and Challenges - Stablecoins are seen as a solution to improve payment efficiency in complex transaction scenarios, such as supply chain finance and cross-border trade [6][9]. - Despite the growing interest, the commercial models for stablecoins are still in the exploratory phase, facing challenges related to regulatory differences across countries and the need to address existing pain points in cross-border payments [9][10]. Group 5: Future Outlook - Analysts suggest that the stablecoin market will experience accelerated growth in total market capitalization as the regulatory framework matures and technology advances [7][8]. - The success of new entrants in the stablecoin market will depend on their ability to innovate and create diverse application scenarios while adhering to regulatory requirements [11].