Group 1 - New Fire Technology Holdings (01611) saw its share price increase by 40%, trading at 6.73 HKD with a transaction volume of 153 million HKD [1] - The rise in digital asset markets is attributed to U.S. President Trump's executive order allowing private equity funds, real estate, cryptocurrencies, and other alternative assets to be included in 401(K) retirement accounts [1] - Bitcoin prices are nearing historical highs, and Ethereum's price increased by over 50% in July [1] Group 2 - New Fire Technology Holdings initiated a 276 million HKD private placement in June, focusing on applying for and upgrading compliance licenses for virtual asset-related businesses across multiple jurisdictions [1] - The company acquired over 50% of the shares in the compliant Japanese exchange BitTrade, indicating a strategy for global market expansion [1] - The rebranding from "Huobi Technology" to "New Fire Technology Holdings" in 2022 signifies the company's transition from a single exchange business to a diversified virtual asset service provider [1]

此外，国泰君安国际此前通过升级香港1号牌照为客提供虚拟资产交易服务。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。申万宏 源指出，除1号牌照外，9号牌照也可以升级，将虚拟资产纳入其投资范围，因此期待后续中资券商将在 港虚拟资产业务从代客交易延伸至资管业务领域。 国泰君安国际(01788)尾盘涨超10%，截至发稿，涨7.33%，报5.42港元，成交额19.16亿港元。 消息面上，国泰君安国际上月发布业绩预告，预计2025年上半年录得净利润5.15亿至5.95亿港元，较 2024年同期的净利润约1.97亿港元飙升161%至202%。该预期增长主要由于集团财富管理、企业融资、 资产管理及交易及投资等核心业务收入大幅上升。 本文源自智通财经网 ...

国泰君安国际(01788)尾盘涨超10%，截至发稿，涨7.33%，报5.42港元，成交额19.16亿港元。 此外，国泰君安国际此前通过升级香港1号牌照为客提供虚拟资产交易服务。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。申万宏 源指出，除1号牌照外，9号牌照也可以升级，将虚拟资产纳入其投资范围，因此期待后续中资券商将在 港虚拟资产业务从代客交易延伸至资管业务领域。 消息面上，国泰君安国际上月发布业绩预告，预计2025年上半年录得净利润5.15亿至5.95亿港元，较 2024年同期的净利润约1.97亿港元飙升161%至202%。该预期增长主要由于集团财富管理、企业融资、 资产管理及交易及投资等核心业务收入大幅上升。 ...

Group 1 - The core viewpoint of the article highlights that Guotai Junan International (01788) experienced a significant stock price increase, rising over 10% at the close, with a current price of 5.42 HKD and a trading volume of 1.916 billion HKD [1] - The company has released a profit forecast indicating a projected net profit of 515 million to 595 million HKD for the first half of 2025, representing a substantial increase of 161% to 202% compared to approximately 197 million HKD in the same period of 2024 [1] - The expected growth in net profit is attributed to a significant rise in revenue from core businesses, including wealth management, corporate financing, asset management, and trading and investment [1] Group 2 - Guotai Junan International has upgraded its Hong Kong Type 1 license to offer virtual asset trading services, allowing clients to trade cryptocurrencies (such as Bitcoin and Ethereum) and stablecoins (like Tether) directly on its platform [1] - Additionally, there is potential for the upgrade of the Type 9 license, which could expand the investment scope to include virtual assets, indicating a future trend where Chinese brokerage firms may extend their virtual asset business from client trading to asset management [1]

Core Viewpoint - Fosun International (00656) has seen a significant stock price increase of over 20% following reports that the company has confirmed its application for a stablecoin license in Hong Kong [1] Group 1: Stock Performance - Fosun International's stock rose by 20.6%, reaching HKD 6.44, with a trading volume of HKD 287 million [1] Group 2: Stablecoin License Application - The company has established a complete team for the stablecoin license application in Hong Kong [1] - On August 6, Fosun's team, led by Guo Guangchang, met with Hong Kong's Chief Executive John Lee and Financial Secretary Paul Chan [1] - The Financial Secretary oversees the Hong Kong Monetary Authority, which is responsible for the approval of stablecoin licenses [1] Group 3: Trademark Registrations and Business Expansion - On July 21, Fosun International's subsidiary submitted trademark applications for "Xing Coin" and "Fosun Wealth RWA," indicating an accelerated move into virtual assets and tokenization [1] - Fosun International has obtained an upgraded Type 1 license from the Hong Kong Securities and Futures Commission, allowing it to provide comprehensive account services through a Virtual Asset Trading Platform (VATP) [1] - The company’s subsidiary, Xinglu Technology, held a product launch summit for RWA on July 23, planning to introduce version 1.0 of its virtual asset trading system [1] - CEO Cai Hua has indicated that multiple asset tokenization projects are in progress, and the trademark registrations suggest the establishment of a blockchain-based ecosystem [1]

Core Viewpoint - The company, FTFT, is taking significant steps to expand its financial services by applying for a Virtual Asset Service Provider (VASP) license in Hong Kong, which will allow it to operate in the emerging virtual asset market [1][2][3] Group 1: Company Actions - FTFT's wholly-owned subsidiary, FTFT International Securities Limited, has signed an agreement with a compliance consultant to apply for the VASP license and a 9th asset management license [1] - The application aims to cover both traditional and virtual asset management services, indicating a strategic move to diversify offerings [1][2] - The company has established a dedicated team to prepare the application materials and is collaborating closely with legal and compliance advisors to ensure a smooth application process [2] Group 2: Market Context - The global virtual asset market is rapidly growing, and FTFT recognizes the potential and opportunities within this sector [2] - Hong Kong's status as an international financial center with a robust regulatory framework is conducive to the development of virtual assets [2] - The successful acquisition of the VASP license will enhance FTFT's market competitiveness and industry influence, providing clients with more diverse investment options [2] Group 3: Leadership Perspective - The CEO of FTFT, Li Hu, emphasized that the application for the VASP license is a strategic move for the company's development and reflects Hong Kong's proactive approach to virtual asset regulation [3] - The company aims to leverage its traditional financial strengths to create a unique virtual asset service platform while maintaining a strong focus on risk management and compliance [3] - FTFT is committed to contributing to the healthy development of Hong Kong's virtual asset market through innovation and improved service quality [3]

Investment Rating - The industry rating is "Outperform the Market" [3][25]. Core Viewpoints - The report emphasizes the ongoing effects of the Federal Reserve's interest rate cuts, suggesting that the growth trend in margin financing is likely to continue. The market is currently influenced by various factors including public fund assessment regulations, capacity reduction policies, and U.S. tariff policies, leading to fluctuations in the non-bank financial sector, particularly in brokerage and multi-financial sectors [1][11]. - The insurance sector is experiencing adjustments due to new public fund regulations and is expected to see a shift in product pricing, with major companies like China Life and Ping An Life adjusting their product rates by the end of August [2][13]. - The report recommends focusing on specific stocks within the brokerage sector, such as Xinda Securities and China Galaxy, and highlights companies with strong comprehensive capabilities and those benefiting from ETF developments, like Huatai Securities and CICC [1][12]. Summary by Sections 1. Main Points - The report covers the performance of major indices, with the CSI 300 Index at 4104.97 points (up 1.23%), the insurance index at 1304.49 points (up 0.25%), and the brokerage index at 6869.85 points (up 0.8%) [8]. - The report suggests that the non-bank financial sector may experience a volatile trend, influenced by macroeconomic narratives and overseas economic data [1][11]. 2. Key Investment Portfolio 2.1 Insurance Sector - The insurance sector is viewed as having attractive valuation recovery potential, with recommendations for companies like China Ping An, China Taiping, and New China Life due to their stable operations and strong growth [14]. 2.2 Brokerage Sector - The report highlights mid-sized securities firms benefiting from innovation and market conditions, recommending companies like East Money and Zhejiang Securities. It also suggests focusing on leading firms with diversified revenue structures, such as Huatai Securities and China Galaxy, which have strong earnings outlooks [15][16].

每经编辑｜彭水萍 沪指延续强势，再刷年内新高。"牛市旗手"证券板块直线拉升，证券ETF（512880）涨近2%，成交额超 15亿元。 除此之外，证券板块还有稳定币和并购事件催化。受益于稳定币、虚拟资产的发展，券商或将迎来新的 业务蓝海，支撑业绩及估值提升。2024年以来，证券行业并购案例频发，通过并购重组，同一或相似股 东下的资源整合有望提速，行业内上市公司盈利能力有望加速修复。 当前资金加速流入证券ETF（512880），证券ETF（512880）跟踪中证全指证券公司指数，集齐A股上 市证券公司，当前规模位居同类第一，感兴趣的投资者也可以关注相关布局机会。 风险提示： 而本次反弹之际，证券板块和大盘走势相差不大。以2025年4月7日为本轮行情转折点，截至2025年8月8 日，证券指数涨9.83%，沪深300涨6.31%。A股券商相较于H股券商也呈现明显欠涨现象。或许也正是 因为如此，资金开始博弈A股证券板块补涨空间。 市场成交活跃度方面，2025年7月，A股市场新开户数达196万户，同比增长71%，环比增长19%，2025 年已累计新开1456万户。 风险偏好方面，截至2025年8月7日，市场两融余额达到2 ...

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the rapid development of the tokenization industry in the US stock market, driven by regulatory improvements and increased participation from traditional financial institutions [2][4]. - The virtual asset trading services in Hong Kong are expanding, with over 41 financial institutions upgrading to the 1st license and more than 40 asset management firms upgrading to the 9th license [4][6]. Core Insights and Arguments - **Tokenization Technology Routes**: Three main technology routes for tokenization in the US market are identified: 1. Third-party issuance with exchange access, where crypto exchanges facilitate trading [5]. 2. Licensed brokers building their own chains for self-issuance, suitable for stricter regulatory environments [5]. 3. Contract for difference (CFD) methods allowing users to trade without holding physical stocks [5]. - **Market Potential**: The IT transformation space for virtual asset trading systems in Hong Kong is estimated to be between 30 billion to 180 billion RMB, indicating significant growth potential [6]. - **Beneficiaries of Virtual Assets**: Key beneficiaries of the rapid development of virtual assets include stablecoin issuers, cryptocurrency exchanges, and companies involved in RWA (Real World Asset) services, such as Langxin Group and cross-border payment firms [7]. - **AI Infrastructure Growth**: Companies like NVIDIA are experiencing significant growth in AI infrastructure, with the GB200 series reaching peak production and the GB300 series expected to contribute to revenue growth [9][10]. Additional Important Content - **Liquid Cooling Technology**: The adoption of liquid cooling technology is expected to rise significantly, with projections indicating high penetration rates in both overseas and domestic markets by 2026-2027 [11][12]. - **Impact of US-Vietnam Tariff Agreement**: The US-Vietnam tariff agreement is seen as beneficial for consumer electronics companies like Luxshare Precision, with lower tariffs than expected [13][14]. - **Market Sentiment on Supply Chain Companies**: The market sentiment towards supply chain companies, particularly those linked to Apple, is currently low due to uncertainties in tariffs and shipment expectations [15]. - **Emerging Opportunities in the Gaming Industry**: The gaming industry is experiencing a resurgence, driven by favorable EPS and PE trends, with companies like NetEase and 37 Interactive Entertainment showing strong potential [25][26]. - **Investment Opportunities in Small Cap Companies**: Small cap companies in the Hong Kong market, such as IGG and Youyi Time, are highlighted for their strong cash flow and low valuations, presenting potential investment opportunities [29][30]. - **Future of Liquid Cooling and Power Supply**: The transition from traditional cooling methods to liquid cooling in GPU servers is emphasized, with significant changes expected in power supply requirements as server power consumption increases [34][35][37]. This summary encapsulates the key points discussed in the conference call, providing insights into the evolving landscape of the tokenization industry, virtual asset trading, AI infrastructure, and emerging opportunities across various sectors.

Core Viewpoint - Delin Holdings (01709) has announced a placement of 201 million shares at a price of HKD 2.95 per share, which is approximately 11.94% lower than the closing price on August 6, 2023, indicating a strategic move to raise capital for various investments and operational expansions [1] Group 1: Share Placement Details - The share placement represents about 11.96% of the enlarged share capital, with expected net proceeds of approximately HKD 581 million [1] - Additionally, the company will issue 20 million shares to DA Wolf, a company wholly owned by executive director and controlling shareholder Chen Ningdi, at the same price of HKD 2.95 per share, with expected net proceeds of around HKD 58.57 million [1] Group 2: Use of Proceeds - Approximately 30% of the proceeds will be allocated to support strategic acquisitions and/or investments, as well as to expand the RWA tokenization plan [1] - About 15% will be used for the development of Bitcoin mining operations and establishing Bitcoin reserves [1] - Approximately 7% is earmarked for establishing a licensed virtual asset over-the-counter trading and retail network in Hong Kong, along with applying for and upgrading compliance licenses for virtual asset-related businesses in Hong Kong and other jurisdictions [1] - Around 8% will be directed towards further developing the group's digital assets, cryptocurrency, and stablecoin-related business plans [1] - 10% will be invested in the ONE Carmel premium residential project in the United States [1] - Another 10% will be allocated for information technology facilities and system upgrades [1] - 10% will be used to create exchange-traded funds and develop quantitative investment strategies [1] - The remaining 10% will be reserved for replenishing working capital and supporting daily operations [1]