据悉，今年4月，蚂蚁集团计划收购耀才证券50.55%的股份。国金证券指出，依托于蚂蚁在web3.0技 术、牌照等方面布局，或将打开耀才虚拟资产业务想象空间。耀才将现有的1号牌升级即可接入虚拟资 产交易，包括稳定币；将现有的4号牌升级即可就虚拟资产提供意见；将现有的9号牌升级即可管理投资 超过10%于虚拟资产的投资组合；不排除耀才向SFC提交虚拟资产交易平台VATP牌照申请的可能性。 本文源自：智通财经网 智通财经获悉，耀才证券金融(01428)再跌超5%，较7月高点17.68港元已跌近四成 。截至发稿，跌 4.53%，报11.16港元，成交额2.44亿港元。 消息面上，耀才证券近日发布澄清公告称，注意到近期有媒体报道，因相关机构对收购事项的监管审查 收紧，收购事项的预期时间表可能出现延迟。"本公司谨此澄清，经向要约人查询后，本公司了解与有 关部门就收购事项的相关流程正按计划推进中。"耀才证券表示，其与要约人将适时就完成条件及要约 最新情况进一步公告。 ...

Group 1 - The core objective of the H-share issuance by the company is to enhance capital strength and overall competitiveness, addressing the significant gap in owner equity compared to leading brokers [2][4] - The company aims to utilize the funds raised from the H-share issuance for capital replenishment and to expand its domestic and international securities business [1][2] - The company’s financial performance in Q1 2025 showed a decline in revenue and net profit, indicating the need for additional capital to alleviate performance pressures [1][2] Group 2 - The trend of A+H listings is becoming more prevalent among Chinese brokers, with 13 firms already having completed this dual listing, indicating a shift towards international market engagement [4][6] - The narrowing premium between A-shares and H-shares is making Hong Kong listings more attractive for companies, enhancing their financing efficiency [5][6] - The company’s H-share plan represents a strategic attempt for smaller brokers to break through in a highly competitive market, balancing local competition with international expansion [7]

Core Viewpoint - The A-share market has successfully crossed the 3500-point mark, driven by the banking sector and other financial institutions, with analysts suggesting that this breakthrough is supported by policy backing, financial strength, and stabilizing economic data [5][18]. Group 1: Market Performance - The A-share indices continued to rise, with the Shanghai Composite Index stabilizing above 3500 points, supported by gains in the banking, real estate, coal, and brokerage sectors [3][5]. - The total trading volume in the two markets reached 1.49 trillion yuan, indicating strong market activity [3]. - Analysts predict that the Shanghai Composite Index may challenge the resistance level of 3674 points in the future [18]. Group 2: Banking Sector Insights - The banking sector has reached new historical highs, with major banks like Industrial and Commercial Bank of China rising by 2.93% [7]. - Over 10 listed banks have announced plans for dividend distributions for the 2024 fiscal year, with total annual dividends expected to reach 632 billion yuan, marking a record high [9]. - Current valuations of A-shares compared to H-shares remain attractive under the PB-ROE framework, suggesting potential investment opportunities in the banking sector [10]. Group 3: Investment Strategy and Market Outlook - The recent breakthrough at 3500 points is characterized by lower trading volume but healthier market conditions compared to previous instances [18][25]. - Key variables to monitor for the sustainability of the current market trend include maintaining trading volumes above 1 trillion yuan, the implementation of policies, and external risks such as U.S. Federal Reserve meetings and foreign capital flows [30][31]. - Suggested investment directions include focusing on policy beneficiaries, technology sectors like robotics, and defensive sectors such as banking and utilities, which provide high dividend yields [32].

Group 1 - The core viewpoint of the article highlights the significant rise in brokerage stocks, driven by the potential of virtual currencies as a catalyst for growth in the sector [1][2] - Brokerage stocks such as Zhongyin Securities and Hongta Securities saw notable increases, with Zhongyin rising over 8% and Hongta over 4% [1][2] - In the Hong Kong market, related stocks like Shenwan Hongyuan Hong Kong surged over 10%, while Futu Securities and Tiger Brokers also experienced substantial gains [1][2] Group 2 - Analysts suggest that the rise in brokerage stocks is closely linked to the trend of virtual assets, with institutions believing that virtual assets are becoming a significant trend [2] - Futu Securities and Tiger Brokers have shown positive trends in trading volume and net inflows, leading to upward adjustments in their projected net profits for the year [2][3] - Both platforms have launched virtual asset trading in Hong Kong and are in the process of obtaining necessary licenses [2] Group 3 - The global expansion of Futu and Tiger Brokers continues, with Futu adding 260,000 net inflow users in Q1, reaching 33% of its annual guidance, and Tiger adding 60,000 users, reaching 41% of its guidance [3] - There are indications that the brokerage sector may be on the verge of a significant breakout, similar to the market conditions seen at the end of 2014 [4] - Recent developments, such as the inclusion of RMB stock trading in the Hong Kong Stock Connect and the upcoming implementation of the Stablecoin Regulation in Hong Kong, are expected to enhance market dynamics [4][5]

Core Viewpoint - The article highlights the significant increase in new A-share accounts in June 2025, driven by a recovering market and supportive policies, indicating a positive outlook for the second half of the year [1][2][5]. Group 1: New Account Trends - In June 2025, A-share new account openings reached 1.65 million, a 5.84% increase from May, and a 53% year-on-year growth compared to June 2024 [1][2]. - The total new accounts for the first half of 2025 reached 12.6 million, marking a 32.79% increase from the same period last year [1][5]. - The new account data for the first half of 2025 shows a steady growth trend, with significant spikes in February (2.84 million) and March (3.07 million) due to market performance and policy support [3][4]. Group 2: Market Performance and Factors Influencing New Accounts - The recovery in new account openings in June was attributed to the A-share market's profitability, with major indices showing substantial gains: Shanghai Composite Index up 2.9%, Shenzhen Component Index up 4.23%, and ChiNext Index up 8.02% [2][4]. - The overall trading activity in June was robust, with total trading volume reaching 26.72 trillion yuan, a 79.57% increase year-on-year [2]. - The article emphasizes that the market's profitability and ongoing policy support are critical factors influencing the new account openings [3][4]. Group 3: Future Outlook - Analysts predict that the A-share market will continue to see upward momentum in the second half of 2025, driven by stable economic demand and supportive policies [5][6]. - The market is expected to experience a structural slow bull phase, with key indices showing a healthy upward trend after breaking the 3400-point mark [6]. - The focus will shift towards growth sectors and themes, particularly in financial stocks and new technology trends, as the market evolves [6].

Group 1 - The company currently has no specific plans to apply for licenses related to virtual asset trading [1]