Group 1: Market Overview - On June 30, the Hong Kong stock market saw a net inflow of 5.22 billion HKD from Northbound trading, with 2.393 billion HKD from the Shanghai Stock Connect and 2.826 billion HKD from the Shenzhen Stock Connect [1] - The most bought stocks included China Construction Bank (00939), SMIC (00981), and Meituan-W (03690), while the most sold stocks were Alibaba-W (09988), Bank of China (03988), and Tencent (00700) [1] Group 2: Stock Performance - China Construction Bank received a net inflow of 9.57 billion HKD, while Bank of China faced a net outflow of 3.8 billion HKD [6] - SMIC saw a net inflow of 7.14 billion HKD, benefiting from the potential cancellation of semiconductor exemptions by the U.S., which could weaken the competitive edge of foreign manufacturers [6] - Meituan-W had a net inflow of 3.77 billion HKD, as the company focuses on core business areas and expands its delivery services [7] - Kuaishou-W (01024) received a net inflow of 3.14 billion HKD, with significant investments in AI technology [7] - Xinda Biopharmaceuticals (01801) had a net inflow of 3.13 billion HKD, planning to raise funds for R&D and operational expenses [8] Group 3: Notable Sell-offs - Xiaomi Group-W (01810) experienced a net outflow of 1.14 billion HKD, despite positive market expectations for its new vehicle model [9] - Guotai Junan International (01788) faced a net outflow of 516.8 million HKD, as it upgraded its trading license for virtual asset services [9] - Alibaba-W (09988) and Tencent (00700) saw net outflows of 5.51 billion HKD and 3.25 billion HKD, respectively [9]

申万宏源研报指出，中资券商涉足虚拟资产交易，有助于拓展国际业务版图，开辟新的业绩增长点，看 好券商板块未来的成长性。继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中资券商， 其服务范围延伸至提供虚拟资产交易服务以及在交易过程中提供意见等，市场期待后续拥有香港1号牌 照的中资券商能够通过升级牌照，进一步拓展跨境业务范围。 国金证券认为，券商板块上半年业绩同比改善趋势明确，高盈利与低估值的显著错配，凸显出该板块的 配置性价比。建议投资者关注主动基金超低配的权重券商以及估值显著低于平均水平的头部优质券商。 同时，券商并购预期增强，可关注券商并购潜在标的机会。 【环球网财经综合报道】6月30日消息，多家机构发布最新研报，对券商板块未来发展表达了积极看 法，认为中资券商涉足虚拟资产交易、业绩改善以及政策利好等因素，将共同推动券商板块成长。 兴业证券通过长周期复盘发现，券商股的股价走势取决于市场周期和监管周期。当前阶段，市场风险偏 好明显抬升，具有强贝塔属性的券商板块将迎来景气度上行。在监管政策方面，目前更多聚焦于推动行 业的头部效应。在短期难以看到创新业务推动行业ROE系统性提升的背景下，市场交易的主线将聚焦 ...

Core Viewpoint - The stock price of Hongye Futures has surged significantly, with a cumulative increase of 52.15% over five trading days, attracting considerable attention from the capital market [1][3][2]. Stock Performance - Hongye Futures' A-share stock price experienced a continuous rise from June 23 to June 27, achieving a total increase of 52.15% and closing at 14.53 yuan per share [1][3]. - The stock recorded "five consecutive days of increase" and "four limit-up days" during this period [1][3]. - The company's Hong Kong stock also saw a substantial rise, with a cumulative increase of 46.26% from June 23 to June 27, including a single-day surge of 33.25% on June 25 [3]. Financial Performance - In the first quarter of 2025, Hongye Futures reported a revenue of 6.43 billion yuan, marking a year-on-year increase of 259.09%, and achieved a net profit of 1.2032 million yuan, successfully turning a profit [1][8]. - The company has shown a continuous growth trend, with net profits increasing for four consecutive quarters [8][9]. - For the year 2024, the total revenue reached 28.76 billion yuan, a year-on-year growth of 47.99%, with a net profit of 29.8262 million yuan, reflecting a significant increase of 282.8% [8]. Business Expansion and Market Position - Hongye Futures is involved in various business segments, including commodity futures brokerage, financial futures brokerage, asset management, and overseas financial services, enhancing its capability to serve the real economy [6]. - The company's growth has been driven primarily by its commodity trading and risk management business, which generated over 25.6 billion yuan in revenue, accounting for 89.16% of total revenue [8][9]. - The recent launch of cross-border payment services is expected to enhance the company's market competitiveness and visibility [4][5].

Group 1 - The core viewpoint emphasizes that the market for digital currencies is far from reaching its peak, with the next leading companies being those that hold MSO licenses [1] - Companies that successfully obtain virtual asset trading qualifications can provide services for trading Bitcoin, stablecoins, etc., fundamentally altering industry valuation logic and unlocking growth potential [9][6] - The global market capitalization of Bitcoin has reached $2.1 trillion, ranking it as the sixth-largest asset globally, while the trading volume of stablecoins surged to $27.6 trillion last year [9][10] Group 2 - Two leading companies in the MSO sector have been identified for potential investment opportunities, particularly as their stock prices have not yet significantly increased [2] - Tianfeng Securities saw a stock price increase of 32% within five days, while Guotai Junan International experienced a remarkable 200% rise in a single day [2][4] - The scarcity of MSO licenses is highlighted as a symbol of wealth, similar to the historical performance of companies holding rare licenses [11][12] Group 3 - A specific company reported a 169% increase in performance, with its subsidiary holding an MSO license and providing comprehensive services including stablecoin issuance and cross-border payments [14] - Another company, the only one in the domestic market with a full license for cross-border RMB payments, also holds an MSO license and has attracted significant foreign investment interest [14]

宏观经济 | 证券研究报告 — 总量周报 2025 年 6 月 29 日 周度金融市场跟踪 本周以伊停火，风险资产全面上涨；债券市场 小幅震荡（ 6 月 23 日 -6 月 27 日） ◼ 股票方面，本周 A 股放量上涨。全周累计看，沪深 300 上涨 2.0%，中证 1000 上涨 4.6%，中证 2000 上涨 5.6%，小盘股涨幅大于大盘股。恒生指数上涨 3.2%，恒生科 技指数上涨 4.1%。行业方面，本周 31 个一级行业仅石油化工、食品饮料和交通运输 3 个行业下跌，计算机、军工和非银领涨，且涨幅均在 6%以上。周内看，上周末美 国打击了伊朗核设施，以伊局势一度升温，周一早晨（6 月 23 日）以色列总理表示 伊朗核设施已受到重创，以色列对伊朗的行动目标接近完成，市场避险情绪有所下降， 当天 A 股超 4400 家公司上涨。周二凌晨（6 月 24 日），特朗普在其社交媒体上发文 表示，以色列和伊朗已同意全面停火。当天 A 股放量上涨，全天超 4700 家公司上涨， 全 A 成交额超 1.4 万亿元，较前一天上升超 3000 亿元。周二盘后，中国人民银行等 六部门联合印发《关于金融支持提振和扩大消费 ...

【导读】券商股盘中拉升，天风证券涨停 中国基金报记者 李智 一起来看下最新的市场情况及资讯。 6月27日早盘，A股三大指数走强，创业板指涨逾1% 。 截至发稿，沪指涨0.25%，深成指涨0.95%，创业板指涨 超 1.2%。 | 上证指数 | 深证成指 | 北证50 | | --- | --- | --- | | 3457.09 | 10441.74 | 1448.70 | | +8.64 +0.25% | +98.26 +0.95% | +24.14 +1.69% | | 科创50 | 创业板指 | 万得全A | | 996.25 | 2141.28 | 5306.78 | | +6.27 +0.63% | +26.86 +1.27% | +39.07 +0.74% | | | | | 创业板指(399006) | | | | --- | --- | --- | --- | --- | --- | | | | | 06-27 10:16:09 | | | | 2140.93 | | 昨收 | 2114.43 | 成交额 | 1876.99亿 | | 26.50 | 1.25% | 今开 | 2125.85 ...

文字早评 2025/06/27 星期五 宏观金融类 股指 前一交易日沪指-0.22%，创指-0.66%，科创 50-0.57%，北证 50-0.91%，上证 50-0.34%，沪深 300-0.35%， 中证 500-0.41%，中证 1000-0.45%，中证 2000-0.18%，万得微盘+0.15%。两市合计成交 15832 亿，较上 一日-196 亿。 宏观消息面： 1、国家发改委：第三批消费品以旧换新资金将于 7 月下达。 2、小米汽车：6 月 26 日晚 7 点，小米首款 SUV，小米 YU7 正式发布。 3、天风国际证券的证券交易牌照已升级为可提供虚拟资产交易服务。 4、特朗普称美国与伊朗将于下周对话，他表示以色列和伊朗之间的冲突可能很快再次爆发。 资金面：融资额+69.18 亿；隔夜 Shibor 利率-0.10bp 至 1.370%，流动性较为宽松；3 年期企业债 AA- 级别利率+1.01bp 至 2.8747%，十年期国债利率-0.18bp 至 1.6489%，信用利差+1.19bp 至 125bp；美国 10 年期利率+0.82bp 至 4.29%，中美利差+0.82bp 至-264. ...

智通财经6月27日电，大金融板块再度活跃，天风证券冲击涨停，此前弘业期货4连板，爱建集团3连 板，瑞达期货、华西证券、国海证券、太平洋等跟涨。消息面上，据智通财经记者获悉，天风证券子公 司天风国际证券的证券交易牌照已升级为可提供虚拟资产交易服务。 大金融板块再度活跃 天风证券冲击涨停 ...

Market Overview - On June 3, 2025, A-shares experienced a collective adjustment, with the Shanghai Composite Index closing at 3448.45 points, down 0.22%, and the Shenzhen Component Index at 10343.48 points, down 0.48% [1] - The Hong Kong stock market also saw declines, with the Hang Seng Index dropping 0.61% to 24325.4 points, ending a four-day rally [1] - In contrast, U.S. stock markets closed higher, with the Dow Jones up 404.41 points (0.94%) at 43386.84 points, and the Nasdaq rising 194.36 points (0.97%) to 20167.91 points [1] New Stock Offerings - Yitang Co., Ltd. is set to launch an IPO on the Sci-Tech Innovation Board with a price of 8.45 yuan per share and a price-to-earnings ratio of 51.55 times. The company specializes in integrated circuit manufacturing equipment, providing solutions for major global chip manufacturers [3] Financial Sector Developments - The National Financial Regulatory Administration and the People's Bank of China released a plan to establish a high-quality comprehensive inclusive financial system over the next five years, aimed at promoting common prosperity [4][5] - The plan emphasizes the optimization of inclusive financial services, enhancement of credit systems for small and micro enterprises, and support for rural financial services [5] Automotive Industry News - Xiaomi officially launched its first SUV model, the YU7, with prices starting at 253,500 yuan. The model is available in various colors and features [6] Virtual Asset Regulation - Tianfeng International Securities has upgraded its license to provide virtual asset trading services in Hong Kong, reflecting the growing interest in virtual assets under the regulatory framework established by the Hong Kong Securities and Futures Commission [6] Technology Product Launch - Xiaomi introduced the Xiaomi AI glasses, priced from 1,999 yuan, featuring a 12-megapixel camera and support for third-party app video calls and live streaming [7]

21世纪经济报道记者 易妍君 广州报道 大涨之后，券商板块迎来调整。 不过，在此之前，券商板块已连续上涨了3个交易日，投资者对该板块的关注度明显提升。 尤其是6月25日，在"国泰君安国际获批提供虚拟资产交易服务"这一消息的带动下，A股券商板块全线 走高，其中，天风证券、国盛金控涨停；东方财富、国泰海通分别涨逾10%、9%。整体上看，6月25 日，Wind券商指数上涨了5.52%。 拉长时间看，截至6月25日，Wind券商指数自本月初以来上涨了11.41%，在67个Wind中国行业指数中排 名第一。 "近期券商板块表现活跃，主要受到多重利好因素驱动。"排排网财富研究员隋东向21世纪经济报道记者 指出，第一，政策红利持续释放，以国泰君安国际获得虚拟资产交易牌照为代表，行业创新业务边界不 断拓展，显著提振市场对券商未来成长空间的预期。 6月26日，Wind券商指数收跌1.71%；该指数52只成分股中，仅国盛金控、天风证券、湘财股份、国海 证券等6只个股收涨，其余个股呈现不同程度的下跌。 不过，拉长时间看，券商板块的活跃度正在提升。截至6月25日，Wind券商指数自本月初以来上涨了 11.41%，在67个Wind中国 ...