A股复盘 | 阅兵牛之后是牌照牛？ / 2025.06.25 虽然我昨天预感今天A股要大涨，但是我没预料到今天的C位是大金融！ 今天早上国泰海通国际暴涨，赶紧找消息，原来是获得了虚拟资产交易牌照。 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。 最后人家股价以198.39%涨幅收盘。 | 这真的很难上车，一直到收盘，有的人还是懵逼的状态。 | | --- | 除此之外，央行等五部委联合发布《关于金融支持提振和扩大消费的指导意 见》，文件特别提到要聚焦消费重点领域加大金融支持，结合消费场景和特点创 新金融产品，持续推动消费领域金融服务提质增效，直接利好大金融板块。 再就是群友提供的"命令"！哈哈哈 固态电池主要是美股的消息。固态电池技术公司QuantumScape盘后暴涨。 QuantumScape表示，其成功将Cobra隔膜工艺整合到标准电池生产线中，这项 技术将成为其高效率连续流隔膜生产系统的基础。 我问了问AI，这项技术进步代表什么？ AI回答我，Cobra工 ...

Market Performance - The Shanghai Composite Index closed at 3455.97 points, up 1.03%, with a trading volume of approximately 620.2 billion [2] - The Shenzhen Component Index closed at 10393.72 points, up 1.72%, with a trading volume of approximately 982.6 billion [2] - The ChiNext Index closed at 2128.39 points, up 3.11%, with a trading volume of approximately 518.4 billion [2] - The STAR Market Index closed at 1217.09 points, up 1.58%, with a trading volume of approximately 119.7 billion [2] - The North Securities 50 Index closed at 1437.63 points, up 1.38%, with a trading volume of approximately 37 billion [2] Sector Performance - The military trade concept and diversified financial sectors led the gains, with significant increases in sectors such as securities, software services, digital currency, cross-border payments, military information technology, aviation, MCU chips, AI, shipping, and mixed reality [1] - Conversely, sectors such as oil and gas extraction, port shipping, and lithium mining experienced notable declines [1] Investment Insights - The market's activity has increased following the Shanghai Composite Index surpassing 3400 points, with rapid sector rotation observed [2] - Long-term trends suggest that under policy stimulus, the A-share market is expected to align with economic growth, indicating potential upward turning points [2] - Recommended investment areas include high-growth sectors such as semiconductors, consumer electronics, artificial intelligence, and robotics [2] Industry Developments - The military industry is experiencing a robust order backlog, with companies accelerating production and delivery, indicating sustained high demand in the second half of the year [2] - The military sector is preparing for the "14th Five-Year Plan" completion and the upcoming "15th Five-Year Plan," which is expected to usher in a new development phase for the industry [2] Technology Sector Updates - The DDR4 memory market has seen a price increase of 9%-37% month-on-month in May, with a further increase of 17%-37% in June [3] - Major storage manufacturers are expected to see revenue growth in the second quarter, with a potential profitability turning point for storage module manufacturers [3] - The approval of a license upgrade for Guotai Junan International allows it to provide comprehensive virtual asset trading services, making it the first Chinese broker in Hong Kong to offer such services [3]

Group 1 - The article emphasizes the importance of timely and professional information interpretation in the investment landscape, particularly focusing on the investment value of significant events, analysis of industry chain companies, and key points of major policies [1] - The company involved in digital currency and cross-border payment has participated early in the digital RMB pilot project and has received certifications from UnionPay, VISA, and MasterCard, enabling it to provide cross-border payment services [1] - The company has also laid out plans for mobile payment security and biometric technology, with its security chips being utilized in finance, mobile payments, and automotive sectors [1]

Industry News - Goldman Sachs maintains an overweight recommendation on A-shares and Hong Kong stocks, with a target of 4600 points for the CSI 300 and 84 points for MSCI China, implying about a 10% upside [8] - The Ministry of Commerce announced the organization of the 2025 New Energy Vehicle Consumption Season, aiming to promote the replacement of old vehicles with new ones and enhance the availability of suitable new energy models [8][9] - The National Medical Products Administration held a meeting to strengthen the monitoring and handling of key medical device products sold online, emphasizing a comprehensive approach to law enforcement [9] - The Guangdong Provincial Government issued a plan to promote economic growth, focusing on the replacement of old appliances and vehicles to optimize recycling channels [9] - The China Trust Industry Association is holding a conference to develop guidelines for insurance trust business, aiming to standardize practices and clarify responsibilities [10] Company News - Huayang New Materials announced that Huayang Group is under investigation for misappropriating funds from Yangmei Chemical [11] - Robotech's subsidiary ficonTEC signed a contract worth over 100 million yuan for optoelectronic packaging and testing equipment [12] - Jiahua Food announced a product giveaway to all shareholders [13] - Tailin Microelectronics expects a 267% year-on-year increase in net profit for the first half of the year [14] - Xiangyang Bearing announced that its shareholder, Xiangzhou Group, plans to reduce its stake by up to 3% [15] - Youyan New Materials plans to introduce strategic investors, with the National Integrated Circuit Industry Investment Fund II set to subscribe for 50.8183 million yuan in registered capital [15] - Changchuan Technology plans to raise no more than 3.132 billion yuan through a private placement for semiconductor equipment R&D projects [15] - Shenzhou Information stated its technical capabilities related to RWA and plans to actively enter the stablecoin sector [15] - Haon Automotive stated that its robotics subsidiary's products can be used in service robots and humanoid robot applications [15] - Youngor announced the sale of financial assets including shares in CITIC and CITIC Bank, with a total transaction amount of 4.175 billion yuan [16] - Huatai Securities has been approved to issue up to 10 billion yuan in technology innovation bonds [17] - Wantai Biological clarified that online claims regarding the efficacy data of its 9-valent HPV vaccine are inaccurate [18] - Daikin Heavy Industry plans to issue H-shares and list on the Hong Kong Stock Exchange [19] - Guangda Special Materials expects a year-on-year net profit increase of approximately 368% for the first half of the year [20] - Gaoling Information announced that specific shareholders plan to reduce their stake by up to 5.66% [21]

Core Insights - The launch of the "Cross-Border Payment Link" on June 22 enables efficient and cost-effective cross-border remittance services between Hong Kong and mainland residents [1] - On the first day of operation, the pilot banks processed 318 cross-border transactions, with a total remittance volume of 628,000 yuan, averaging 2,000 yuan per transaction [1] Cross-Border Payment Details - **Northbound (Hong Kong to Mainland)**: - Remitters must hold a Hong Kong identity card - Daily limit of 10,000 HKD and an annual limit of 200,000 HKD [1] - No remittance proof required [1] - Service available 24/7 [1] - Supported by mobile number and bank account number [1] - **Southbound (Mainland to Hong Kong)**: - Remitters must hold a mainland identity card - Current annual foreign exchange purchase limit of 50,000 USD [1] - No remittance proof required [1] - Service available from 7 AM to 11 PM [1] - Supported by mobile number, email address, and bank account number [1] Innovations in Cross-Border Payment - The "Cross-Border Payment Link" connects the mainland online payment interbank clearing system (IBPS) with Hong Kong's Faster Payment System (FPS), facilitating real-time fund transfers without service fees [1] - China Bank is one of the first pilot banks to facilitate tuition payments for Hong Kong residents at Qianhai International School, enhancing access to medical and educational services [2] - Qianhai has been continuously innovating in cross-border payment services, including the introduction of various payment methods and digital currency applications [2] - Future plans include more cross-border payment innovations to provide residents and businesses with more open and efficient financial services [2]

这项创新业务到底有多便利？跨境支付通通过将内地网上支付跨行清算系统（IBPS）与香港"转数快"系 统（FPS）打通，就像在深港之间架起了一条24小时不打烊的"资金高速路"。无论是给孩子交留学学 费、为家人支付医疗费用，还是发放跨境工作薪酬，都能实现"指尖一点，秒到账"。据介绍，个人客户 通过手机银行，进入"跨境惠"－"跨境支付通"界面即可办理"跨境支付通"，资金实时到账，全程暂免手 续费。 试点首日，中国银行、建设银行等全国首批试点银行前海分行落地跨境支付通业务，首日跨境汇款交易 318笔，双向跨境汇款规模62.8万元，平均单笔金额达2000元。有香港居民兴奋地在社交平台分享："香 港银行向深圳银行转账，以前要等1—2个工作日，现在和发红包一样快！" "叮！到账了！"6月22日，家住深圳的李女士通过手机银行，仅用几秒钟就将生活费汇到了在香港读书 的女儿的账户。这一天，内地与香港快速支付系统实现互联对接——跨境支付通正式上线，标志着两地 居民可通过手机银行享受更便宜、更高效、更方便的跨境汇款服务。 据了解，中国银行作为本次跨境支付通的首批试点银行之一，落地了港人向前海国际学校支付学费的有 因汇款业务，实现秒到账 ...

Group 1 - The article highlights the importance of weekly announcements from Sunday to Thursday, which include significant stock market updates such as suspensions, increases or decreases in holdings, investment wins, acquisitions, earnings reports, unlocks, and high transfers, marked in red for easy identification [1] - A company has provided digital RMB services to nearly 15,000 single merchants as of the end of last year, focusing on digital currency, blockchain, domestic chips, cross-border payments, multimodal AI, cloud computing, and Huawei's HarmonyOS [1] - Another company is involved in solid-state batteries, lithium batteries, and drones, with existing orders for solid-state battery and key material businesses [1] - A robotics subsidiary of a company is engaged in humanoid robots, autonomous driving, and chips, with products applicable in service robots and humanoid robot sectors [1]

Industry Overview - Cross-border payments are reshaping international trade and personal consumption at an unprecedented speed, driven by globalization [1] - Innovations in payment methods, from traditional bank wire transfers to emerging blockchain technology, are optimizing efficiency and costs, injecting new vitality into global economic integration [1] Technological Advancements - Emerging payment methods like blockchain technology and digital currencies show significant potential in the cross-border payment sector [3] - Blockchain technology enables direct settlement through distributed ledgers and smart contracts, bypassing traditional multi-tiered banking systems, significantly reducing payment time and costs [3] Recent Developments - The launch of the "Cross-border Payment Pass" on June 22 marks the interconnectivity of the mainland and Hong Kong rapid payment systems [3] - This system allows residents to conveniently conduct real-time cross-border remittances in RMB and HKD using mobile numbers or bank accounts, with most transactions exempt from fees [3] Potential Companies - Lakala is one of the first third-party payment companies in China to obtain cross-border payment licenses, holding full licenses for cross-border RMB payments and Hong Kong MSO, supporting cross-border payments in over 100 countries [6] - New Guodu holds a European payment license and its smart POS terminals support real-time settlement in 36 currencies, with overseas market revenue accounting for 38% [6] - Sifang Jingchuang participates in the mBridge project for multi-central bank digital currency, enabling real-time exchange between digital RMB and Euro, HKD [6] - Changliang Technology provides cross-border payment system development, testing, and operation services for banks, assisting clients in connecting to SWIFT and CIPS systems [7] Unique Investment Opportunity - A specific company possesses both "cross-border foreign currency payment license" and "cross-border RMB payment license," enabling two-way cross-border settlement for imports and exports [8] - This company serves 14 banks across different countries, with cross-border business revenue accounting for 31% [9] - Recent shareholder numbers have sharply decreased, indicating a concentrated shareholding structure, with significant trading volume and bullish technical indicators suggesting a favorable entry point for investment [9]

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) emphasizes the need for a cautious and objective approach towards stablecoins, highlighting the importance of regulatory measures and the high standards for issuing licenses [1][4]. Summary by Sections Definition and Purpose of Stablecoins - Stablecoins are defined as virtual assets aimed at maintaining a relatively stable value against certain assets, typically currencies, such as the HK Dollar stablecoin (HKDR) which is pegged 1:1 to the HKD [3]. - They are not considered investment or speculative tools but rather payment instruments utilizing blockchain technology, lacking appreciation potential [3]. Regulatory Framework and Licensing - The HKMA plans to issue only a limited number of licenses initially, with a focus on applicants having real application scenarios [5][7]. - The first batch of sandbox participants included three issuers, and entry into the sandbox does not guarantee future licensing [6][8]. - The licensing process will be stringent, considering the risks associated with stablecoin issuance and the need for user protection [6][8]. Compliance and Market Considerations - From a compliance perspective, stablecoin issuers must demonstrate capabilities in asset management, price stability mechanisms, and risk control [8]. - Market sustainability for stablecoin issuers is influenced by user scale, application scenarios, and financial resources [8]. - Applicants must provide feasible business plans that address economic and financial pain points while ensuring compliance and operational sustainability [8].

Group 1 - The brokerage sector led a significant rally in the A-share market on June 24, with Guosheng Jin控 reaching the daily limit and other stocks like Xiangcai Co. showing strong performance, driven by multiple factors including overseas market recovery and expectations of interest rate cuts from the Federal Reserve [2][3] - The macroeconomic landscape included the release of the "Internet Platform Enterprises Tax Information Reporting Regulations" and a call from the Ministry of Foreign Affairs to de-escalate the Israel-Iran conflict, contributing to a heightened market risk appetite [2] - Investment opportunities were identified in sectors such as brain-computer interfaces, cross-border payments, and carbon fiber, reflecting a diverse range of interests among investors [2] Group 2 - On June 24, Trump announced a complete ceasefire agreement between Israel and Iran, which led to a significant drop in international oil prices and a rise in U.S. stock markets, as investor sentiment improved regarding the Middle East situation [3][5] - Citic Securities highlighted the increasing global military expenditure driven by geopolitical tensions, suggesting a focus on military metal sectors such as titanium and high-temperature alloys, which are expected to see demand growth [3] - The People's Bank of China and six other departments issued guidelines to support and expand consumption, proposing 19 key measures aimed at enhancing consumer capacity and optimizing the consumption environment [3] Group 3 - Highfields Capital and other investment institutions expressed interest in acquiring Starbucks' China operations, with the transaction estimated at $5 to $6 billion, potentially leading to cost optimization amid local brand competition [4] - A concentration of shares in several stocks was noted, with 22 stocks experiencing a decline in shareholder numbers by over 10%, indicating potential for greater price appreciation as institutional investors show interest [4] - The significant drop in oil prices may open a window for interest rate cuts, with the Federal Reserve's July meeting being closely monitored for potential policy shifts [4][5]