Core Viewpoint - The surge in brokerage stocks is driven by regulatory approvals for virtual asset trading licenses in Hong Kong, indicating a positive outlook for the sector [1][2] Group 1: Market Performance - Brokerage stocks experienced significant gains, with Tianfeng Securities hitting the daily limit, and other firms like Huaxi Securities and Guohai Securities also rising [1] - The securities company index showed a strong performance, with an intraday increase of over 3% [1] - The Securities ETF index fund (516200) also performed well, with a near 5-day increase of 9.86% [1] Group 2: Regulatory Developments - As of June 26, 41 institutions have upgraded their licenses to provide virtual asset trading services, primarily consisting of brokerages [1] - 37 institutions received approval for a new license to offer virtual asset investment consulting, while 40 asset management firms were approved for managing virtual assets [1] - Hong Kong has 11 virtual asset trading platforms that have received formal approval from the Securities and Futures Commission to operate legally [1] Group 3: Analyst Recommendations - Guoxin Securities recommends focusing on three types of brokerages: those with high capital efficiency and comprehensive business lines, those that have successfully integrated through mergers, and internet brokerages with strong online capabilities [2] - Donghai Securities notes that the sustainability of the brokerage sector's performance depends on the pace of policy benefits and market activity [2] - The approval of the first comprehensive virtual asset service license for a Chinese brokerage aligns with the stablecoin theme, suggesting a potential boost for the A-share brokerage sector [2]

Group 1 - The securities sector is experiencing a strong performance, with the CSI Securities Company Index rising over 3% and the Securities ETF Index Fund (516200) increasing by 4.09% as of June 25 [1][2] - Major stocks such as Guosheng Jinkong and Xiangcai Shares hit the 10% daily limit, while Tianfeng Securities and Xinda Securities also saw gains [1] - On June 24, the Securities ETF Index Fund (516200) recorded a net inflow of funds, indicating positive market sentiment [2] Group 2 - Guotai Junan International Holdings, a subsidiary of Guotai Haitong Group, received approval from the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license to provide virtual asset trading services, allowing clients to trade cryptocurrencies directly [2] - Ping An Securities highlighted that the capital market and securities industry reforms are advancing, enhancing market ecology and internal stability, with leading brokerages expected to benefit from high-quality development policies [2] - Donghai Securities noted a divergence between the brokerage and insurance sectors, with reforms in the Sci-Tech Innovation Board aimed at improving listing efficiency and compliance for unprofitable tech companies [3]