Group 1 - The financial sector is experiencing a strong performance, with significant gains in fintech stocks and a notable increase in trading volumes for financial technology ETFs [1][2] - Major fintech stocks such as Jinbeifang and Zhaori Technology have seen substantial price increases, with some stocks hitting the daily limit up [1] - The approval of Guotai Junan International's license upgrade by the Hong Kong Securities and Futures Commission allows for direct trading of cryptocurrencies and stablecoins, enhancing the fintech landscape [1] Group 2 - The central bank is set to develop a new financial technology development plan, aiming to promote digital transformation in finance through policy documents [2] - The recent legislative changes in Hong Kong and the central bank's financial opening measures are creating a favorable policy environment for fintech innovation [2] - The financial technology sector is expected to benefit from improved liquidity and active market trading, with internet brokerages and financial IT services showing strong growth potential [2][3] Group 3 - The fintech ETF (159851) and its associated funds are recommended for investment, covering a wide range of themes including internet brokerages and AI applications [3] - As of June 18, the fintech ETF has a scale exceeding 4.8 billion, with an average daily trading volume of over 500 million in the past six months, highlighting its liquidity advantages [3]

A股稳定币概念日内探底回升，京北方直线拉升涨停，此前吉大正元封板，新国都涨超10%，兆日科 技、御银股份、翠微股份、拉卡拉等跟涨。 ...

智通财经6月25日电，稳定币概念日内探底回升，京北方直线拉升涨停，此前吉大正元3连板，新国都涨 超10%，兆日科技、御银股份、翠微股份、拉卡拉等跟涨。消息面上，国泰海通集团下属公司国泰君安 国际控股有限公司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、稳定币等虚拟资产。 稳定币概念探底回升 京北方直线涨停 ...

Group 1: Market Trends and Performance - The popularity of stablecoins is rising, with recent regulatory developments in the US and Hong Kong attracting market attention [1] - The Wan De Stablecoin Index saw significant increases, rising by 8.39% and 1.38% on June 23 and 24, respectively, reaching new highs [1] - Individual stock performance varied, with Hai Lian Jin Hui hitting the daily limit for two consecutive days, while other companies like Cui Wei Co., Heng Bao Co., and Jing Bei Fang saw gains over 5%, and companies like La Ka La and Si Fang Jing Chuang experienced declines over 4% [1] Group 2: Company Initiatives and Strategies - Jing Bei Fang has welcomed 103 institutional research visits since June, focusing on exploring potential business opportunities in the stablecoin sector, leveraging its technical expertise and service capabilities [1] - Zhong Ke Jin Cai plans to collaborate with banks to explore stablecoin business opportunities while ensuring compliance, utilizing global assets and business scenarios [2] - Chu Tian Long is actively developing technologies and solutions related to digital currency bridges, smart contract design, and cross-border settlement optimization, maintaining a focus on stablecoin-related technologies and industry trends [2] Group 3: Investor Interest and Engagement - Stablecoins have become a frequently asked topic among investors on interactive platforms [3] - Si Fang Jing Chuang's FINNOSafe platform supports various virtual asset operations, aiming to enhance communication with licensed institutions involved in stablecoin business [3] - Hai Lian Jin Hui has accumulated technical capabilities to serve the digital currency and stablecoin payment industry, although it currently does not have direct revenue from these areas [3]

Core Viewpoint - The recent surge in stablecoin-related stocks is driven by favorable regulatory developments, particularly Hong Kong's introduction of comprehensive stablecoin regulations, positioning it as a global leader in this space [2]. Group 1: Market Performance - From May 21 to June 23, stocks like ZhongAn Online and Yika saw cumulative increases of 70%, while Lianlian Digital and Lianyi Rong Technology experienced over 60% growth [1]. - Despite Ant Group's reduction of its stake in ZhongAn Online by 33.75 million shares, bringing its ownership to 7.63%, the company's stock price remained resilient, reflecting market confidence in its long-term prospects [2]. Group 2: Company Strategy and Ecosystem - ZhongAn Online's unique positioning in the "insurance technology + banking + stablecoin" ecosystem is a key factor for its competitive advantage [3]. - The company has been proactive in integrating advanced technologies like AI and blockchain into its operations, enhancing its cost efficiency and creating new growth opportunities [5]. - ZhongAn Online's 43.43% stake in ZhongAn Bank, which provides reserve banking services for stablecoin issuers, gives it a significant advantage in the stablecoin market [7]. Group 3: Financial Performance and Growth Potential - The core insurance business of ZhongAn Online has shown steady performance, with a 12.3% year-on-year increase in premium income and a net profit rise of 6.6 billion yuan to 5.7 billion yuan in the first quarter [11]. - The company is expected to maintain over 10% growth in premiums for the year, with projected net profits of approximately 9 billion yuan in 2025 [11]. - The ongoing activity in the stablecoin market is anticipated to enhance ZhongAn Online's compliance advantages and lead to new business growth opportunities [13]. Group 4: Technological Innovation - ZhongAn Online's continuous investment in technology has created a "technology moat," providing a competitive edge and supporting long-term growth [15]. - The company has successfully integrated AI into its core business operations, with over 70 active robots deployed, enhancing efficiency and reducing costs [15]. - The technology segment is becoming a significant growth driver, with projected revenue from technology services reaching 956 million yuan in 2024, a 15.3% increase year-on-year [15]. Group 5: Long-term Outlook - The synergistic effects of the "insurance technology + banking + stablecoin" model are expected to drive continuous growth and innovation in ZhongAn Online's service offerings [18]. - The company's strategic positioning in the emerging financial infrastructure landscape suggests substantial long-term value potential [18].

Report Industry Investment Rating - Not provided Core Viewpoints - On June 23, all four major stock index futures contracts for the current month rose. IF increased by 0.54%, IH by 0.74%, IC by 0.64%, and IM by 1.01% [1] - On the trading day, the total trading volume of stock index futures decreased, indicating a decline in investors' trading enthusiasm. Specifically, the total trading volume of IF decreased by 410 lots, IH increased by 132 lots, IC decreased by 19,140 lots, and IM decreased by 28,800 lots. In terms of positions, the total positions of IF increased by 18,334 lots, IH by 12,339 lots, IC by 6,879 lots, and IM by 12,238 lots [2] - The trend strength of IF and IH is 1, and that of IC and IM is also 1. The trend strength ranges from -2 to 2, with -2 being the most bearish and 2 being the most bullish [6] Summary by Relevant Catalogs 1. Stock Index Futures Data Tracking - **CSI 300 and Related Futures Contracts**: The closing price of CSI 300 was 3,857.9, up 0.29%. Among its futures contracts, IF2507 closed at 3,823.4, up 0.54% with a basis of -34.5; IF2508 at 3,808.4, up 0.14% with a basis of -49.5; IF2509 at 3,797.4, up 0.68% with a basis of -60.5; IF2512 at 3,769.8, up 0.68% with a basis of -88.1 [1] - **SSE 50 and Related Futures Contracts**: The closing price of SSE 50 was 2,684.78, up 0.41%. Among its futures contracts, IH2507 closed at 2,654, up 0.74% with a basis of -30.78; IH2508 at 2,653.6, up 0.72% with a basis of -31.18; IH2509 at 2,652.8, up 0.74% with a basis of -31.98; IH2512 at 2,652.4, up 0.79% with a basis of -32.38 [1] - **CSI 500 and Related Futures Contracts**: The closing price of CSI 500 was 5,674.17, up 0.61%. Among its futures contracts, IC2507 closed at 5,625.8, up 0.64% with a basis of -48.37; IC2508 at 5,572.8, down 0.31% with a basis of -101.37; IC2509 at 5,524, up 0.70% with a basis of -150.17; IC2512 at 5,407.4, up 0.71% with a basis of -266.77 [1] - **CSI 1000 and Related Futures Contracts**: The closing price of CSI 1000 was 6,078.22, up 1.31%. Among its futures contracts, IM2507 closed at 6,001.4, up 1.01% with a basis of -76.82; IM2508 at 5,929.6, down 0.20% with a basis of -148.62; IM2509 at 5,851.2, up 1.01% with a basis of -227.02; IM2512 at 5,676, up 0.89% with a basis of -402.22 [1] 2. Positions of the Top 20 Members in Stock Index Futures - **IF Contracts**: For IF2507, the long - position increase was 4,133 (net change not disclosed), and the short - position increase was 4,906 (net change not disclosed). For IF2509, the long - position increase was 7,163, and the short - position increase was 8,591. For IF2512, the long - position increase was 1,398, and the short - position increase was 1,455 [5] - **IH Contracts**: For IH2507, the long - position increase was 2,980, and the short - position increase was 2,931. For IH2509, the long - position increase was 5,186, and the short - position increase was 6,487 [5] - **IC Contracts**: For IC2507, the long - position increase was 315, and the short - position increase was 407. For IC2509, the long - position increase was 4,021 (net change 4,258), and the short - position increase was 4,326 (net change 4,716). For IC2512, the long - position increase was -78, and the short - position increase was -17 [5] - **IM Contracts**: For IM2507, the long - position increase was 2,056, and the short - position increase was 1,398. For IM2509, the long - position increase was 6,529 (net change 8,585), and the short - position increase was 6,046 (net change 7,444) [5] 3. Important Drives - Premier Li Qiang will attend the 16th Summer Davos Forum in Tianjin from June 24 to 25 and deliver a special speech at the opening ceremony [6] - The All - China Federation of Industry and Commerce Auto Dealers Chamber of Commerce issued an initiative to optimize the rebate policy and shorten the rebate settlement period for automobile manufacturers [6] - The eurozone's June services PMI hit a new low this year, and the manufacturing PMI remained in contraction. The eurozone's composite PMI dropped from 52.2 in May to 50.8, a five - month low. Germany's composite PMI fell to 49.8, and France's economy unexpectedly contracted to 45.7 [6] - The Shanghai Composite Index closed up 0.65% at 3,381.58 points, the Shenzhen Component Index rose 0.43%, the ChiNext Index rose 0.39%, the Beijing Stock Exchange 50 rose 1.54%, the STAR 50 rose 0.38%, the Wind All - A rose 0.85%, the Wind A500 rose 0.35%, and the CSI A500 rose 0.39%. A - share trading volume was 1.15 trillion yuan, up from 1.09 trillion yuan the previous day. Sectors such as stablecoin concepts, cross - border payment concepts, oil and gas, port shipping, semiconductors, and military industries led the gains, while the large - consumption sector, especially the liquor sector, performed poorly [6]

昨日A股 6月23日，市场全天震荡反弹，沪指领涨。截至收盘，沪指涨0.65%，深成指涨0.43%，创业板指涨 0.39%。沪深两市全天成交额1.12万亿，较上个交易日放量549亿。 盘面上，市场热点快速轮动，个股涨多跌少，全市场超4400只个股上涨。从板块来看，稳定币概念股再 度大涨，优博讯等涨停。港口航运股维持强势，宁波海运等涨停。固态电池概念股震荡走高，金龙羽等 涨停。板块方面，跨境支付、港口航运、军事工业信息化、油气等板块涨幅居前，白酒等少数板块下 跌。 | 名称 | 最新点位 | 、 涨跌幅 | | --- | --- | --- | | 上证指数 | 3381.58 | +21.68(0.65%) | | 深证指数 | 10048.39 | +43.36(0.43%) | | 创业板指 | 2017.63 | +7.74(0.39%) | | | 日期:6月23日 制图:21投资通 | | 隔夜外盘 纽约股市三大股指6月23日上涨。截至当天收盘，道琼斯工业平均指数比前一交易日上涨374.96点，收 于42581.78点，涨幅为0.89%；标准普尔500种股票指数上涨57.33点，收于6025.17点 ...

随着中国香港《稳定币条例》以及美国《GENIUS法案》推进等多项利好政策刺激，稳定币相关概念热度持续飙升。6月23日，万得稳定币概念指数报收 1728.62点，大涨8.4%。同日，海联金汇、四方精创涨停，还有多只概念股也收涨。其中，四方精创的年内涨幅已逼近200%。上述背景下，多家券商也密集 发布研报分析稳定币，仅5月中旬至今，已有百余篇研报聚焦稳定币的风险和投资机遇。有观点指出，在币值稳定的前提下，稳定币依托区块链有望使跨境 支付更快速、更廉价、更便捷。但也有业内人士提醒，需要注意可能存在的技术迭代不及预期、经济下行超预期、行业竞争加剧等风险。 同时，国盛证券研报《全球稳定币竞争加速》也提醒道，需要注意技术迭代不及预期、经济下行超预期、行业竞争加剧三方面风险。若技术迭代不及预期， 则对产业链相关公司造成一定不利影响。若宏观经济景气度下行，固定资产投资额放缓，影响企业再投资意愿，从而影响消费者消费意愿和产业链生产意 愿，对整个行业将会造成不利影响。若相关企业加快技术迭代和应用布局，整体行业竞争程度加剧，将会对目前行业内企业的增长产生威胁。 此外，华西证券研究所所长助理、计算机行业首席分析师刘泽晶则提到，对全球 ...

Core Viewpoint - The article discusses the recent surge in interest and investment in stablecoins within the A-share market, driven by regulatory developments and the performance of major stablecoin companies like Circle, which has seen its stock price increase by over 675% since its NYSE listing [2][10]. Group 1: Stablecoin Market Overview - Stablecoins have surpassed Bitcoin and Ethereum in trading volume, with USD stablecoins reaching a trading volume of $100.7 billion as of June 1, 2025 [10][12]. - The stablecoin market has evolved significantly since the launch of Tether (USDT) in 2014, with over 160 types of stablecoins in circulation by 2024, supported by clearer regulations such as the EU's MiCA framework [3][4][18]. Group 2: Types of Stablecoins - Stablecoins can be categorized into four types: fiat-collateralized, crypto-collateralized, algorithmic, and commodity-collateralized, with fiat-collateralized being the most prevalent [5][6]. - The collateralization rates vary, with fiat-collateralized stablecoins requiring 100% collateral, while algorithmic stablecoins rely on market mechanisms to maintain stability [6][5]. Group 3: Functions and Adoption of Stablecoins - Stablecoins serve three main functions: value storage, transaction tools, and payment methods, with increasing adoption in value storage indicating a preference for stable assets [7][9]. - The use of stablecoins in cross-border payments is growing, particularly in regions with economic instability, as they offer a fast and low-cost alternative to traditional banking systems [9][10]. Group 4: Regulatory Developments - Regulatory frameworks for stablecoins are being established globally, with significant developments in the US and Hong Kong, including the passage of the GENIUS Act and the introduction of a licensing system for stablecoin issuers in Hong Kong [15][16][18]. - These regulations aim to enhance the legitimacy and compliance of stablecoins, potentially driving further market growth [17][18]. Group 5: Companies Involved in Stablecoin Business - Several A-share companies are actively involved in the stablecoin sector, including Sifang Jingchuang, which provides IT services for virtual asset projects, and Hengfu Co., which is engaged in digital currency solutions [24][22]. - The article lists various companies and their respective stablecoin-related activities, highlighting significant stock price increases in this sector [24][22].

今日，恒生指数涨0.67%，国企指数、恒生科技指数涨0.82%及1.05%。 此外，今日三只新股上市，药捷安康-B大涨78.7%，佰泽医疗涨超42%，三花智控低开高走微幅收跌。 具体来看： 半导体板块涨幅居前，宏光半导体涨超7%，华虹半导体、中芯国际、脑洞科技涨超4%，晶门半导体涨超3%，上海复旦涨超1%。 | 代码 | 名称 | | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 800000 | 恒生指数 | 0 | 23689.13 | +158.65 | 0.67% | | 800100 | 国正指数 | | 8597.36 | +70.29 | 0.82% | | 800700 | 恒生科技指数 | | 5187.01 | +53.87 | 1.05% | 盘面上，大型科技股多数由跌转涨，美团、快手涨超2%，小米涨1.48%，百度、网易飘红，腾讯、京东、阿里巴巴小幅下跌。 美拟取消芯片设备豁免，半导体芯片股全天表现强势，宏光半导体涨近8%，龙头中芯国际涨4.56%。 生物医药股午后拉升明显，君实生物大涨8%，荣昌生物、百济神州涨超6 ...