证券研究报告 非银金融 | 多元金融 港股|首次覆盖报告 hyzqdatemark 2025 年 11 月 20 日 证券分析师 陆韵婷 SAC：S1350525050002 luyunting@huayuanstock.com 沈晨 SAC：S1350525090002 shenchen@huayuanstock.com 市场表现： | 基本数据 | 2025 | 年 | 11 | 月 19 | | 日 | | --- | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | | 15.03 | | | 一年内最高/最低（港 | | | | 20.30/6.84 | | | | 元） | | | | | | | | 总市值（百万港元） | | | | | 11,942.77 | | | 流通市值（百万港元） | | | | | 11,942.77 | | | 资产负债率（%） | | | | | 46.14 | | | 资料来源：聚源数据 | | | | | | | OSL 集团(00863.HK) 投资评级： 买入（首次） ——新业务不断开拓的数字资产 ...

Core Viewpoint - Kenya's first cryptocurrency exchange has received approval from the Capital Markets Authority, marking a significant step in the digital finance and virtual assets sector [1] Group 1 - The platform will implement compliance mechanisms such as customer identity verification and anti-money laundering monitoring [1] - This approval allows Kenyan investors to legally trade digital assets that have been sanctioned by regulatory authorities [1] - The Capital Markets Authority emphasized that this license represents an important advancement in the digital finance and virtual assets field, providing new opportunities for attracting technological investment and financial innovation [1]

Core Viewpoint - Jiufang Zhitu Holdings (09636) has demonstrated a strong commitment to shareholder returns by implementing its first interim cash dividend since its listing, reflecting a positive outlook on its financial health and growth potential [1] Group 1: Financial Performance - As of the report, Jiufang Zhitu Holdings' stock price increased by 5.09%, reaching HKD 60.85, with a trading volume of HKD 129 million [1] - The company announced a total cash dividend of approximately HKD 239 million, equating to HKD 0.51 per share, marking its first semi-annual dividend since going public [1] - Since its listing in 2023, Jiufang Zhitu has distributed a cumulative cash dividend of approximately HKD 719 million over three consecutive years [1] Group 2: Market Trends - According to Huachuang Securities, the market trend in Q3 favored "heavy technology growth," leading to a significant shift in fund allocation [1] - Funds have shown a tendency to reduce holdings in mature "traditional beta" stocks like Dongcai and Hong Kong Stock Exchange, while increasing investments in "emerging beta" stocks such as Jiufang Zhitu, which are associated with financial technology and virtual assets [1]

Group 1 - The core point of the article highlights that Jiufang Zhitu Holdings (09636) has seen a stock price increase of over 5%, reaching HKD 60.85, with a trading volume of HKD 1.29 billion [1] - On November 13, Jiufang Zhitu Holdings completed its mid-term cash dividend for 2025, distributing a total of approximately HKD 239 million, which translates to a dividend of HKD 0.51 per share. This marks the company's first semi-annual dividend since its listing, indicating a commitment to shareholder return policies [1] - Since its listing in 2023, the company has implemented annual dividends for three consecutive years, and with the recent mid-term dividend, it has cumulatively distributed cash dividends totaling approximately HKD 719 million [1] Group 2 - Huachuang Securities' recent research report indicates that in Q3, the market style has shifted towards "heavy technology growth." Despite the positive market conditions benefiting companies like Dongcai, HKEX, and Jiufang Zhitu, there has been a notable divergence in fund allocations. Funds are leaning towards reducing holdings in mature "traditional beta" stocks (Dongcai, HKEX) and increasing positions in "emerging beta" stocks (Jiufang Zhitu) that are associated with financial technology and virtual assets, which have higher growth expectations [1]

Group 1: Core Business Strategy - Citibank hosted its 2025 China Summit and reiterated a "Buy" rating for Fosun International, raising the target price to HKD 6.5, highlighting the company's focus on core business and global expansion [1] - Fosun is committed to optimizing its financial structure, with a strong determination to reduce leverage and dispose of non-core assets, which is expected to enhance financial stability and focus on core operations [1][2] - Multiple domestic and international brokerages maintain a "Buy" or "Increase" rating for Fosun International, with target prices ranging from HKD 6.5 to 7.5, reflecting confidence in the company's business resilience and innovation [1] Group 2: Health Sector Innovations - Fosun's health sector is driven by innovation, with several breakthrough drugs, including the first PD-1 monoclonal antibody approved for first-line treatment of small cell lung cancer, now available in nearly 40 countries [2] - Another innovative drug, HLX43, is undergoing clinical research in various countries and has the potential to become a highly effective and safe broad-spectrum anti-cancer drug [2] Group 3: Tourism and Consumer Sectors - During the 2025 National Day and Mid-Autumn Festival, the Taicang Alps International Resort received over 50,000 visitors, and Club Med resorts saw a nearly 10% increase in average daily room rates [3] - The consumer sector is adjusting strategies, with expectations for growth in the jewelry segment, as indicated by the resilience of Fosun's consumer business [3] Group 4: Asset Management and Fintech Innovations - Fosun is innovating in asset management and fintech, with its subsidiary, Xinglu Technology, becoming a leading fintech company in Hong Kong, focusing on AI-driven wealth technology [4] - Xinglu Technology has launched the FinRWA Platform, providing compliant and efficient Web3 access services, and has been recognized as a key enterprise by the Hong Kong government [4] - Brokerages express optimism about Fosun's core industries and its focus on technological innovation, which is expected to enhance its long-term growth potential [4]

Core Viewpoint - Wutong International (00613.HK) announced the sale of 1.6 billion shares of Haotian International Construction Investment Group Limited, representing approximately 14.75% of the company's total issued share capital, for a total consideration of HKD 239 million, averaging HKD 0.1492 per share [1] Group 1: Company Overview - Haotian International Construction Investment Group Limited is listed on the Hong Kong Stock Exchange under stock code 1341.hk and is accessible to Hong Kong Stock Connect investors [1] - The company primarily engages in the leasing and sales of construction machinery and spare parts, maintenance and transportation services, lending services, asset management, securities brokerage, and property development [1] Group 2: Recent Developments - The company has recently ventured into the AI sector, announcing a joint venture with Jiangsu Litong to operate an AI supercomputing center and provide related AI computing power leasing services [1] - The joint venture's business includes AI computing power leasing, business cooperation for AI data empowerment research and development, and trading of AI computing-related equipment [1] - The company also plans to introduce trading services related to virtual assets [1]

Core Viewpoint - Jieli Trading (08017) reported significant growth in its interim results, with a notable increase in both revenue and net profit, driven by an active Hong Kong stock market and effective strategic execution [1] Financial Performance - The company achieved revenue of HKD 81.06 million, representing a year-on-year increase of 110.35% [1] - Net profit reached HKD 35.66 million, showing a substantial year-on-year growth of 596% [1] Business Structure - The business model is evolving towards a "fintech + licensed business" dual-drive structure [1] - Licensed financial business revenue amounted to HKD 44.91 million, accounting for 55% of total revenue, highlighting its role as a core growth driver [1] Future Outlook - The board indicated plans to steadily advance the GEM to main board transition and explore emerging business areas such as virtual assets [1] - The company aims to continuously enhance its comprehensive competitiveness in the fintech sector [1]

Core Viewpoint - Jieli Trading (08017) reported significant growth in its interim results for the six months ending September 30, 2025, with revenues increasing by 110.35% year-on-year to HKD 81.06 million and net profit soaring by 596% to HKD 35.66 million, driven by an active Hong Kong stock market and effective strategic execution [1] Financial Performance - The company achieved revenues of HKD 81.06 million, marking a year-on-year increase of 110.35% [1] - Net profit reached HKD 35.66 million, reflecting a substantial year-on-year growth of 596% [1] Business Structure and Growth Drivers - The business structure has been optimized, establishing a dual-driven model of "financial technology + licensed business" [1] - Licensed financial business showed strong performance, generating revenues of HKD 44.91 million, which accounted for 55% of total revenues, becoming the core growth driver [1] Future Outlook - The board indicated that the growth in performance is attributed to the increased activity in the Hong Kong stock market and the effective execution of the company's strategy [1] - The company plans to steadily advance its GEM to main board transition and further explore emerging business areas such as virtual assets, while continuously enhancing its comprehensive competitiveness in the financial technology sector [1]

Core Insights - Hong Kong's Securities and Futures Commission (SFC) is set to introduce two significant guidelines aimed at enhancing the virtual asset trading landscape, focusing on connecting licensed platforms to global liquidity and fully opening virtual assets to professional investors [1][5] Group 1: Regulatory Changes - The new regulations will allow local licensed virtual asset trading platforms to share liquidity pools with overseas platforms, addressing previous limitations in global liquidity and trading variety [1][4] - The requirement for virtual assets to have a 12-month trading record before being listed will be waived, although specific compliance measures will still be in place for retail investors [4][6] Group 2: Market Impact - The integration of a global order book will enhance market liquidity, reduce price volatility, and improve trading experiences for investors, making Hong Kong a more attractive hub for international capital [2][3] - The new guidelines are expected to facilitate the issuance and circulation of new products like tokenized securities and stablecoins, thereby strengthening the market foundation for these assets [3][5] Group 3: Strategic Positioning - The SFC's approach aims to balance innovation with regulatory stability, positioning Hong Kong as a competitive player in the global digital asset market while ensuring investor protection and market integrity [6]

Core Points - Hong Kong police have charged 16 individuals in connection with the JPEX virtual asset trading platform fraud case, which has been ongoing for two years [1][3] - The case has seen a total of 80 arrests, with the current charges including conspiracy to commit fraud, money laundering, and obstruction of justice [3][4] - The investigation revealed significant evidence through extensive analysis of transaction records and documents, leading to the prosecution of these individuals [3] Group 1 - The charged individuals include six core members of the group, seven related to over-the-counter cryptocurrency exchanges, and several internet celebrities [3] - The police have issued red notices for three key suspects who are currently at large, indicating the complexity and scale of the fraud [4] - The case involves over 2,700 victims and an estimated amount exceeding 1.6 billion HKD, highlighting the extensive impact of the fraud [4] Group 2 - The police have utilized a new legal framework effective from April 1, 2023, to prosecute certain individuals under the Anti-Money Laundering and Terrorist Financing Ordinance [4] - The JPEX platform was operating without the necessary licenses in Hong Kong, raising significant concerns about its business practices [4] - This prosecution marks the first phase of legal action, with the possibility of further charges as the investigation continues [4]