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]

Investment Rating - The report maintains an optimistic outlook on the Hong Kong stock market and virtual assets, indicating a positive investment rating for these sectors [3][10]. Core Insights - The report highlights the gradual improvement of legal frameworks for virtual assets, suggesting an upward trend in this sector. It emphasizes the strong performance of the Hong Kong stock market, driven by the long-term undervaluation of assets and the influx of quality mainland assets through IPOs [3][10]. - The report also notes the increasing interest from traditional internet and financial institutions in virtual assets and stablecoins, indicating a broader acceptance and potential for growth in this area [3][10]. Industry Summaries 1. Education - The Chinese education index fell by 2.66% from June 16 to June 20, underperforming compared to major indices. Notable performances included 51talk, which rose by 8.06% [12][22]. - Companies like TAL Education and others are launching AI-driven educational products, indicating a shift towards technology in education [21][25]. 2. Luxury Goods - The luxury goods market is experiencing a slowdown, with a projected decline of 1-3% in Q1 2025. The core markets of the US and China are stagnating, while emerging markets show potential growth [22][26]. - Notable stock performances included Samsonite, which fell by 2.41%, while Prada rose by 1.71% during the same period [22][26]. 3. Coffee and Tea - The coffee sector remains robust, with net increases in store numbers and positive same-store growth for leading brands. However, the tea segment is facing challenges, with a decline in same-store growth and a net decrease in store numbers [27][30]. - Luckin Coffee continues to expand, with significant new store openings and international growth plans [30]. 4. E-commerce - The e-commerce sector is under pressure, with a slight decline in the Hang Seng Internet Technology Index. However, platforms like Tmall and JD.com reported strong sales during the 618 shopping festival, with Tmall's GMV growing by 10% [31][35]. - JD.com is also expanding into the travel sector, offering zero-commission hotel bookings [35][36]. 5. Streaming Platforms - The streaming sector is showing resilience, with the Hang Seng Media Index outperforming other indices. Key players like Netflix and Tencent Music have shown positive growth [38][40]. - The report highlights the success of specific content on platforms like iQIYI, indicating strong viewer engagement [38]. 6. Virtual Assets and Trading Platforms - The global cryptocurrency market capitalization decreased by 7.2%, with Bitcoin and Ethereum prices also declining. However, the report remains optimistic about the long-term potential of virtual assets [39][42]. - Regulatory developments, such as the passage of the Genius Act in the US, are expected to enhance the framework for stablecoins and virtual assets [3][10]. 7. Automotive Services - The automotive aftermarket is facing challenges, with various companies adjusting strategies to attract customers. Notable price adjustments in the tire industry are also highlighted [30][48].

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].

Group 1 - TikTok is accelerating its global growth and commercialization efforts, particularly in the U.S. and Latin America [2] - The Chinese express delivery company is reshaping the logistics industry in Latin America [3] - "Raytheon Technology" has completed a C round financing of hundreds of millions, with plans to increase R&D investment and expand overseas [4] Group 2 - Trump has extended the deadline for the "sell or ban" TikTok order by 90 days [5] - Baidu's autonomous taxi subsidiary, "Luo Bo Kuaipao," plans to enter the Southeast Asian market by the end of 2025 [5] - SoftBank's $20 billion investment in OpenAI may be at risk due to restructuring issues with Microsoft [5] Group 3 - SoftBank's Masayoshi Son seeks to collaborate with TSMC to build a $1 trillion AI center in Arizona [6] - Alibaba's AliExpress and Pop Mart topped the Australian download charts during the overseas 618 shopping festival [6] - The EU is investigating the corporate structure of Elon Musk's X company [6] Group 4 - Amazon's Zoox has opened its first mass production factory for autonomous taxis in California [7] - Li Xiaojia's "Drip Investment" has submitted a listing application to the Hong Kong Stock Exchange [7] - EHang and ANRA Technologies signed a MoU to collaborate on urban air mobility solutions [7] Group 5 - Jin Jing New Energy and Yiwei Lithium Energy have launched a global lithium battery recycling network platform [8] - China's Minister of Commerce discussed trade issues with the EU, including electric vehicle anti-subsidy cases [8] - China and Colombia signed a memorandum to enhance cooperation in AI and quantum technology [8] Group 6 - The Shanghai Stock Exchange held a training session on investment cooperation with Qatar [9] - CITIC Securities recommends that Hong Kong embrace the trend of integrating cryptocurrencies into the financial ecosystem [9] - Lazada and Momentum Ventures report that AI could bring a $131 billion market increment to Southeast Asian e-commerce by 2030 [9] Group 7 - The micro-short drama market in China is projected to reach 50.5 billion yuan in 2024, surpassing annual box office revenue for the first time [11] - The U.S. has made a final ruling on anti-dumping duties for low-speed passenger vehicles imported from China [11] - The Jia Yu Ningbo cross-border e-commerce fund has been established to support local enterprises in going global [11] Group 8 - Exports from Yuyao, Zhejiang to Central Asia increased by 72.5% in the first five months of the year, with water purification equipment in high demand [11]

Core Insights - DBS Bank is expanding its wealth management services in Hong Kong, planning to hire 100 wealth advisors and establish a flagship wealth center by June 2025, despite a backdrop of layoffs in international investment banks and concerns about talent and capital flight from Hong Kong [2][3] - The bank's strategy is based on the belief that the demand for cross-border asset allocation from China's new affluent class will drive the next growth phase in Asia's wealth management market [3][4] - DBS is also applying for a cryptocurrency service license in Hong Kong, aiming to provide digital asset allocation channels to local clients, highlighting the city's clear and forward-looking regulatory framework for virtual assets [2][5] Market Trends - Hong Kong's private wealth management sector saw a net inflow of HKD 341 billion in 2023, nearly doubling year-on-year, indicating a strong recovery in the asset platform's functionality [3][4] - The "New Capital Investor Entry Scheme" (CIES) has attracted over 1,200 applications in just one year, expected to bring in HKD 37 billion in direct investment, reflecting renewed interest in Hong Kong as an asset hub [3][4] - The proportion of cross-border clients in DBS's Hong Kong wealth management business has increased from 20% five years ago to nearly 40%, with expectations to exceed 50% in the next two to three years [3][4] Wealth Management Dynamics - Over one-third of new client assets in Hong Kong are sourced from mainland China, with a significant increase in cryptocurrency trading value, which grew by 85.6% in 2023, the highest in East Asia [4][8] - The demand for alternative assets is rising, with high-net-worth clients increasingly interested in integrating digital assets into their portfolios, moving away from traditional investment strategies [8][9] - The shift in client demographics is notable, with the fastest growth among "next-high-net-worth" individuals, defined as those with assets between USD 5 million and USD 10 million, indicating a broader market opportunity for wealth management firms [6][7] Strategic Positioning - DBS's internal strategy includes expanding its wealth management network in Hong Kong and enhancing its service offerings, such as real-time foreign exchange trading capabilities [4][6] - The bank's recent approval to become a member of the China Foreign Exchange Trading System allows it to participate directly in foreign currency borrowing and repurchase transactions, enhancing its role in the internationalization of the RMB [4][6] - The bank's cautious approach to cryptocurrency services aims to meet high-net-worth clients' needs for digital asset allocation while managing risk exposure [5][9] Future Outlook - The integration of stablecoins, asset tokenization, and ETFs in Hong Kong's financial infrastructure is seen as a critical development for wealth management, providing a compliant channel for digital asset allocation [9][10] - The evolving landscape suggests a shift in asset allocation strategies, with a move towards a more diversified approach that includes alternative assets alongside traditional investments [10][11] - Hong Kong's unique position as a bridge between the RMB and global markets is expected to attract more affluent clients seeking transparent and flexible asset management solutions [12][13]

此外，许正宇还正式对外表示，将于6月底正式发布第二份发展虚拟资产政策宣言。他表示，关于数字人民币 和数码港元，以前一直用"虚拟"两个字来形容类似资产，但后来发现名不正言不顺，觉得"虚拟"给人一种很 假、好像不是很实质存在的感觉。六月底香港政府将会发布第二份发展虚拟资产政策宣言，将从让数字资产 和实体经济的融合的角度出发，推出一系列措施。 6月18日，香港财经事务及库务局局长许正宇在陆家嘴金融论坛上表示，将于六月底发表第二份 发展虚拟资产政策宣言。他同时表示，稳定币的发展方向，是必须在兼顾反洗钱的同时兼顾到保 护投资者。 在发言中，许正宇表示，稳定币的发行是并非单纯追求科技的应用，也并非仅仅为了实现互通互联，而是想 回归金融的本质，要切实解决经济活动中的痛点问题。 许正宇表示，许多发展中国家面临一些困境，一方面是对本币汇率存在顾虑，另一方面是当地金融机构存在 诸多问题和挑战。在这种情况下，如果使用本币在当地金融机构进行支付，对于收款人或投资方来说可能会 存在担忧。而稳定币恰好可以提供一个有效的解决方案，作为一种支付工具，使得这些国家和地区涉及的交 易交付能够通过稳定币顺利进行。 许正宇强调，稳定币发行人并非一家 ...