每经AI快讯，港股比特币概念股集体反弹，截至发稿，欧科云链(01499.HK)涨5.24%，报0.201港元；博 雅互动(00434.HK)涨4.66%，报3.82港元；耀才证券金融(01428.HK)涨4.64%，报7.22港元；云锋金融 (00376.HK)涨4.39%，报3.57港元。 ...

高盛指出，经济增长担忧可能被过度放大，流动性状况有望改善，AI生产力主题在客户对话中获得更 多关注。许多客户将比特币等高贝塔资产视为风险偏好指标，认为如果比特币走势改善，年底美股反弹 行情可能重启。 消息面上，近期，加密货币市场波动较大。在经历数周大幅下跌后，比特币于周一强势反弹突破8.7万 美元。但与10月份的峰值12.6万美元相比，当前价格比仍下跌超30%。此外，纽约联储主席威廉姆斯暗 示12月进一步降息，市场降息预期扭转，目前市场认为美联储12月有七成概率降息。 智通财经APP获悉，比特币概念股集体反弹，截至发稿，欧科云链(01499)涨5.24%，报0.201港元；博雅 互动(00434)涨4.66%，报3.82港元；耀才证券金融(01428)涨4.64%，报7.22港元；云锋金融(00376)涨 4.39%，报3.57港元。 ...

[Table_Title] 研究报告 Research Report 20 Nov 2025 云锋金融 Yunfeng Financial (376 HK) Web2+Web3 双轮驱动 Web2+Web3 Dual Engines Ling Tan ling.ml.tan@htisec.com [Table_yemei1] 热点速评 Flash Analysis [(Please see APPENDIX 1 for English summary) Table_summary] 事件 2025 年 11 月 14 日，云锋金融（376 HK）出席海通国际举办的小组会，核心围绕股东结构、Web 2 客户基础、Web 3 业务战略及未来盈利路径等关键议题展开交流。 点评 "Web 2 + Web 3" 双循环生态系统：云锋金融集团（0376.HK）是一家创新型金融科技企业，集团主营业务涵盖保 险、证券经纪、资产管理及金融科技四大核心领域。 核心股东包括云锋金融控股有限公司和美国万通人寿保险公司（全美五大寿险公司之一）。1) 虞锋先生，云锋基 金创办人兼集团董事长，持股云锋金融 45.02%；2) 美国万通（M ...

Group 1 - The Hong Kong stock market saw a significant decline in cryptocurrency-related stocks, with notable drops including Boyaa Interactive down nearly 10% and OK Blockchain falling over 5% [1] - Bitcoin (BTC) fell below $91,000 to $90,250, marking its lowest level since late April and erasing over 30% of its gains for the year [1] Group 2 - Boyaa Interactive's stock price decreased by 9.74% to $3.890, with a total market capitalization of 29.99 billion and a year-to-date decline of 8.98% [2] - OK Blockchain's stock fell by 5.91% to $0.207, with a market cap of 11.12 billion and a year-to-date increase of 24.70% [2] - New Fire Technology Holdings dropped 4.35% to $3.520, with a market cap of 26.48 billion and a year-to-date increase of 86.24% [2] - Other notable declines included King Yuan Investment down 4.23%, Blueport Interactive down 3.57%, and Yunfeng Financial down 3.46% [2]

Group 1 - Cryptocurrency concept stocks have risen significantly, with notable increases in share prices for several companies [1] - Huajian Medical (01931.HK) saw a rise of 13.59%, reaching HKD 7.69 [1] - Blueport Interactive (08267.HK) increased by 8.89%, trading at HKD 0.49 [1] - OK Blockchain (01499.HK) experienced an 8.7% rise, with shares priced at HKD 0.25 [1] - Yunfeng Financial (00376.HK) also rose by 8.7%, with a share price of HKD 4.25 [1] - Boya Interactive (00434.HK) increased by 4.13%, reaching HKD 5.04 [1]

Group 1 - Cryptocurrency concept stocks have risen significantly, with notable increases in shares such as Huajian Medical (up 13.59% to HKD 7.69), Blueport Interactive (up 8.89% to HKD 0.49), and OK Blockchain (up 8.7% to HKD 0.25) [1] - The cryptocurrency market experienced a substantial surge on November 10, with Bitcoin returning to the USD 106,000 mark, increasing over 4% within 24 hours, while Ethereum rose above USD 3,600, gaining over 6% in the same timeframe [1] - The U.S. Senate has reached an agreement to end the federal government shutdown, which has been ongoing for 40 days, as indicated by President Trump, suggesting a resolution is near [1]

Core Viewpoint - The cryptocurrency concept stocks in Hong Kong experienced a rebound on November 10, with notable increases in share prices for several companies [1] Group 1: Company Performance - Okex Cloud Chain (01499.HK) saw a rise of over 5% [1] - Yunfeng Financial (00376.HK) increased by more than 4% [1] - Other stocks such as Boya Interactive (00434.HK) and Huajian Medical (01931.HK) also followed the upward trend [1]

Core Insights - The cryptocurrency concept stocks in Hong Kong experienced significant declines, with notable drops in companies such as Huajian Medical down nearly 12% and Boya Interactive down over 8% [1][2] - The overall market sentiment is bearish, driven by multiple negative factors affecting cryptocurrencies, including ETF fund outflows and concerns over high valuations in tech stocks [1] Market Performance - Huajian Medical: Latest price at 5.260, down 11.89% [2] - Boya Interactive: Latest price at 4.650, down 8.10% [2] - Guofu Quantum: Latest price at 1.570, down 6.55% [2] - Guotai Junan International: Latest price at 3.010, down 5.94% [2] - Blueport Interactive: Latest price at 0.455, down 5.21% [2] - OSL Group: Latest price at 15.910, down 4.67% [2] - OK Blockchain: Latest price at 0.233, down 4.12% [2] - Yunfeng Financial: Latest price at 3.780, down 3.82% [2] - New Fire Technology Holdings: Latest price at 4.180, down 3.91% [2] - Huaxing Capital Holdings: Latest price at 5.410, down 2.52% [2] Cryptocurrency Market Trends - Ethereum saw a significant drop of 15%, trading at $3,061 per coin, while Bitcoin fell over 7%, dropping below $99,000 [1] - The market is facing heightened risk aversion, with a total liquidation of $2.029 billion in the past 24 hours, affecting 473,095 traders [1]

Group 1 - The Hong Kong stock market saw a significant decline in Bitcoin-related stocks on November 5, with all major companies in this sector experiencing losses [1] - Guotai Junan International (01788.HK) fell by 6.25%, trading at 3 HKD [1] - Yunfeng Financial (00376.HK) decreased by 5.34%, with a price of 3.72 HKD [1] - Mistrategy (02440.HK) dropped by 4.93%, now priced at 2.12 HKD [1] - OKLink (01499.HK) saw a decline of 4.12%, trading at 0.233 HKD [1]

Group 1 - Bitcoin-related stocks experienced significant declines, with Guotai Junan International down 6.25% to HKD 3, Yunfeng Financial down 5.34% to HKD 3.72, Mistrategy down 4.93% to HKD 2.12, and OKC Cloud Chain down 4.12% to HKD 0.233 [1] - Bitcoin price fell sharply, breaking the USD 100,000 mark for the first time since June, reaching approximately USD 99,932, marking the second-largest single-day drop of the year. Ethereum also saw a decline of up to 15% [1] - Over the past 24 hours, more than 470,000 traders faced forced liquidations, totaling nearly USD 1.8 billion, setting a record for single-day liquidations since August, with over 90% of positions being long [1] Group 2 - Analysts suggest that comments from Federal Reserve Chairman Jerome Powell regarding the uncertainty of a rate cut in December have contributed to a rebound in the US dollar index to a three-month high [1] - Warnings from CEOs of Goldman Sachs and Morgan Stanley about overvaluation in the US stock market, predicting a potential 10%-20% correction in the short term, have led to a spillover of risk sentiment into the cryptocurrency market [1]