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《大行》東吳證券:國泰君安香港獲批加密貨幣交易資格 龍頭券商引領變革 非銀金融生態重構
國泰君安國際(01788.HK)公布獲證監會批准提供虛擬資產交易服務,昨(25日)股價抽升1.98倍報3.7元(成交163.85億元)後,今早(26日)高開14.9%後持續抽上,盤中曾高見7.02元一度炒上89.73%,其後升幅收窄,最新報4.37元升18.1%,成交額144.7億元。 東吳證券發表報告表示,昨日國泰君安證券(香港)正式獲香港證監會批准,將現有第1類(證券交易)受規管活動的牌照升級為透過在香港證監會持牌平台上開立綜合賬戶的安排下,提供虛擬資產交易服務。 該行指,於國君自身:從「傳統券商」到「數字資產綜合服務樞紐」,公司估值邏輯迎來質變。作為首家獲此牌照的中資券商,國泰君安國際(01788.HK)一舉打通了虛擬資產「交易、託管、諮詢、發行及衍生品」的全鏈條服務能力,實現了從傳統證券服務商向「數字資產綜合服務樞紐」的戰略 升級。 核心價值在於:1)開辟高附加值收入源。加密貨幣與穩定幣交易佣金(顯著高於傳統股票經紀費率)、跨境穩定幣清算分潤(替代SWIFT系統的效率紅利)、以及結構化衍生品設計與發行收益,構成強勁的增量引擎。2)搶佔戰略制高點。在香港全力打造「國際虛擬資產中心」的 背景下,全牌照賦予其參與穩定幣發行、RWA(真實世界資產)代幣化 等前沿領域的先發優勢。 東吳證券指,於券商行業:龍頭示範效應顯著,競爭範式加速疊代。國君獲批驗證香港戰略落地,倒逼中資龍頭券商加速跟進。核心催化有二:1)驗證路徑可行性。國泰君安香港向市場證明了中資龍頭券商具備承接虛擬資產合規營運的能力,為中信証券(06030.HK)、中金公司(03908.HK)、招商證券國際等擁有雄厚香港子公司的同行鋪平了道路。2)驅動商業模式重構。行業競爭焦點將從低附加值的同質化通道服務,轉向構建「跨境數字金融基礎設施」的核心能力。這包含兩大支柱:「清算樞紐」(依託穩定幣高效處理跨境支付,分食SWIFT蛋糕)和「證券化引擎」(主導現實資產如債券、基金的代幣化發行與管理)。這不僅優化收入結構(提升高費率業務佔比),更通過穩定幣儲備資產的配置需求,為券商打開資產負債表擴張新通道,實現輕資本與重資本業務的協同增長。 於非銀生態:紅利共享與風險共擔的新平衡。虛擬資產的合規化浪潮,將啟動並重塑整個非銀金融產業鏈,圍繞數字資產發行、流通、管理和應用的協同生態網絡正在加速成型。1)金融科技企業:區塊鏈底層設施、智能合約審計、鏈上合規監控等服務需求激增,形成技術支撐層。2)支付機構:其跨境支付網絡將無縫接入穩定幣清算體系,大幅提升效率並分潤手續費(替代傳統SWIFT高昂成本)。3)資管公司:代幣化貨幣市場基金、債券基金乃至REITs等新型可編程資產將湧現,滿足全球投資 者對「鏈上生息」的需求,驅動AUM(資產管理)增長。
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