Market Overview
On June 25, markets rallied after a day of fluctuations, with the Shanghai Composite Index hitting a yearly high. Leading sectors included defense, securities, internet finance, and insurance, while oil/gas, agrochemicals, entertainment, and ports lagged. Key indices closed up:
- Shanghai Composite: +1.03%
- Shenzhen Component: +1.72%
- ChiNext Index: +3.11%
The ChinaAMC CSI Financials & Real Estate ETF (159931) gained 2.9%, driven by top holdings like:
- East Money Information (300059.SZ): +10.04%
- GTJA Haitong Securities (601211.SH): +9.09%
- Guosen Securities (002736.SZ): +5.15%
Key Developments
1. Cryptocurrency Trading Approval
On June 24, GTJA International (a subsidiary of Haitong Securities) became the first Chinese-backed brokerage approved by Hong Kong’s SFC to:
- Upgrade its securities license to include virtual asset trading (e.g., Bitcoin, Ethereum).
- Offer advisory services and distribute crypto-linked products (e.g., OTC derivatives).
👉 Explore crypto trading opportunities
Analyst Insights:
- CITIC Securities: Hong Kong’s robust financial infrastructure and regulatory clarity are accelerating crypto adoption.
- Guojin Securities: Traditional giants (e.g., Ant Group, Meta, BlackRock) are expanding into crypto/stablecoins, signaling long-term growth potential.
2. Policy Tailwinds
The People’s Bank of China and five agencies issued 19 measures to boost consumption, including:
- Supporting IPO listings for consumer-sector firms.
- Encouraging consumer-themed ETFs to channel capital into key industries.
Dongwu Securities notes:
- Active markets and relaxed M&A rules may further buoy securities stocks.
- High trading volumes and stabilizing policies could improve broker fundamentals.
FAQs
Q1: Why is GTJA’s approval significant?
A: It marks a milestone for Chinese institutions entering regulated crypto markets, bridging traditional finance and digital assets.
Q2: How do stablecoins fit into this trend?
A: They offer price stability for transactions, with regulators gradually framing guidelines to integrate them into mainstream finance.
Q3: What’s the outlook for financial ETFs?
A: Policies favoring consumption and market reforms may drive inflows, particularly into diversified financial products.
👉 Stay updated on financial innovations