Core Insights - The strategic partnership between Fourth Paradigm and Jiuyang Technology aims to develop a "Stablecoin Underlying Asset Management Solution" to enhance the stability and compliance of stablecoin investments [1][2] - The collaboration is a response to the growing regulatory framework surrounding stablecoins, particularly following the implementation of Hong Kong's Stablecoin Regulation [2][12] Group 1: Partnership Overview - Fourth Paradigm leverages its AI capabilities and extensive experience in serving top financial institutions to support stablecoin asset management [3][12] - Jiuyang Technology specializes in fixed income portfolio management and risk control, providing a robust foundation for the partnership [3][12] Group 2: Solution Features - The solution includes intelligent risk warning systems that utilize AI to monitor market signals and predict potential risks [3][5] - Dynamic optimization of collateral assets is achieved through AI algorithms, enhancing capital efficiency and risk resilience [3][7] - A compliance and risk monitoring engine is established to improve regulatory transparency and investor trust [5][9] Group 3: Market Context - The stablecoin market is transitioning towards compliance and institutional development, necessitating effective asset management solutions [2][6] - The partnership addresses the critical need for a secure asset management framework that mitigates risks associated with market volatility and fraud [2][6] Group 4: Future Outlook - The collaboration aims to create a closed-loop operational mechanism encompassing asset allocation, risk warning, and compliance verification [5][10] - Short-term goals include launching an integrated SaaS solution for compliance and portfolio management to facilitate regulatory sandbox projects [11] - Long-term aspirations involve building a national-level stablecoin technology infrastructure to support cross-border digital currency interoperability [11][12]

Group 1: Investment Opportunities - Vili Zhibo-B (HK02617) has launched its IPO with a subscription rate of approximately 178.91 times on the first day, indicating strong investor confidence in its prospects [1] - Aux Group has refiled its listing application with the Hong Kong Stock Exchange, aiming to enhance brand influence and expand into international markets [2] - Fourth Paradigm (HK06682) plans to place 25.9 million shares at a subscription price of HKD 50.50 per share, raising approximately HKD 1.306 billion for investment in emerging fields like AI and blockchain [3] - October Rice Field (HK09676) expects an adjusted net profit of at least HKD 283 million for the six months ending June 30, 2025, representing a growth of no less than 90% year-on-year due to product innovation and improved sales channels [4] Group 2: Market Performance - The Hang Seng Index closed at 24,498.95, down 0.08% on July 17 [5] - The Hang Seng Tech Index increased by 0.56% to 5,448.85 [5] - The National Enterprises Index fell by 0.09% to 8,853.10 [5]

Group 1 - The company announced a placement of 25.9 million H-shares to Infini Global Master Fund, raising approximately HKD 1.308 billion, with a subscription price of HKD 50.5 per share, representing an 8.93% discount to the previous closing price [1] - The proceeds will be allocated as follows: 50% for R&D in emerging fields such as embodied intelligence and blockchain, 40% for global business expansion and potential acquisitions, and 10% for general corporate purposes [1] - Infini Global Master Fund is managed by Infini Capital, a hedge fund management company with a network in Asia and the Middle East, and the subscription will not result in the fund becoming a major shareholder [1] Group 2 - The company believes the subscription will enhance its financial position and broaden its shareholder base, contributing to future growth and high-quality development [2] - The company is positioning itself as a stablecoin concept stock, launching a "Stablecoin Intelligent Risk Control & Compliance Solution" ahead of the implementation of Hong Kong's Stablecoin Regulation on August 1 [2] - The new regulation is expected to issue a limited number of licenses, with anti-money laundering requirements being a key criterion for approval [2] Group 3 - The "Stablecoin Intelligent Risk Control & Compliance Solution" is based on an intelligent anti-money laundering system and a transaction anti-fraud solution [3] - The system utilizes algorithms to analyze global regulatory documents and adjust compliance parameters dynamically, while also monitoring cross-border fund flows and on-chain data to preemptively warn against risks [3] - The company has successfully intercepted fraudulent transactions exceeding CNY 10 billion and has nearly 2,000 successful case implementations across various sectors [3]

来源：新浪港股-好仓工作室 2025年7月17日，第四范式（股份代号：6682）公告称，通过一般授权以"配售新H股"方式融资，发行 25,900,000股（约2.6亿股），募集约13.1亿港元，扣除配售代理费用及其他相关开支后净得约13.1亿港 元。本次融资由国泰君安国际担任配售代理。 配售新H股配售价50.50港元，较2025年7月16日（即最后交易日及厘定认购价之日）收市价55.45港元折 让约8.9%，较前五个交易日平均收市价51.01港元折让约1.0%。配售股份占现有已发行股本约5.25%，完 成后占扩大股本约4.98%。 点击查看公告原文>> 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 第四范式是一家领先的人工智能公司，专门开发和提 ...

认购股份数目相当于于本公告日期已发行H股数目约8.78%及已发行股份数目约5.25%;及经配发及发行 认购股份所扩大的已发行H股数目约8.07%及已发行股份数目约4.98%(假设自本公告日期至完成日期本 公司已发行股本无其他变动)。每股认购股份50.50港元的认购价较H股于2025年7月16日在联交所所报的 收市价每股55.45港元折让约8.93%。 第四范式(06682)发布公告，于2025年7月17日(联交所交易时段前)，本公司订立与认购人Infini Global Master Fund之间的认购协议，认购人已有条件同意认购，且本公司有条件同意配发及发行合共2590万 股认购股份，每股认购股份的认购价为50.50港元，总代价约为13.08亿港元。 于2025年7月17日(联交所交易时段前)，本公司就认购事项与配售代理订立配售协议。根据配售协议， 配售代理已同意(其中包括)协助完成认购协议项下拟进行的交易。本公司已同意于认购事项完成后，向 配售代理支付上述服务的费用。 认购事项的所得总款项约为13.08亿港元，而扣除配售代理费及认购事项的其他相关开支后，认购事项 的所得净款项约为13.06亿港元。认购事项 ...

Group 1 - The company, Fourth Paradigm (06682.HK), announced a subscription agreement to issue a total of 25.9 million subscription shares at a price of HKD 50.50 per share, amounting to approximately HKD 1.308 billion [1] - The number of subscription shares represents about 8.78% of the existing H-shares and approximately 5.25% of the total issued shares as of the announcement date [1] - The net proceeds from the subscription are expected to be approximately HKD 1.306 billion, which will be allocated for various purposes including R&D investments in emerging fields and global business expansion [2] Group 2 - The subscription proceeds will be used as follows: 50% for R&D in areas such as embodied intelligence and blockchain, 40% for potential acquisitions in similar fields, and 10% for general corporate purposes [2] - The company believes that the subscription will enhance its financial position and broaden its shareholder base, promoting future growth and high-quality development [2]

Investment Rating - The industry investment rating is "Strongly Outperform the Market," indicating an expected industry index increase of over 5% in the next six months [32]. Core Insights - Oracle announced a $30 billion order and plans to expand data centers in the U.S., with multi-cloud database revenue growing at over 100% [4][7]. - CoreWeave received the first batch of NVIDIA GB300 servers, significantly enhancing AI processing capabilities and efficiency [8]. - Figma is preparing for a major IPO, projecting $749 million in revenue for 2024, with a focus on integrating AI into its design platform [9][13]. - The AI sector is experiencing a new technology cycle driven by increased computational power, model iteration, and accelerated commercialization [4]. - ByteDance's Doubao launched a new "In-Depth Research" feature, enhancing its AI capabilities for complex task processing [22][26]. Summary by Sections Oracle - Oracle's CEO stated a strong start to FY26, with multi-cloud database revenue growing over 100% and a significant contract with OpenAI expected to contribute over $30 billion annually starting FY28 [4][7]. CoreWeave - CoreWeave announced the receipt of NVIDIA's latest GB300 servers, which enhance AI model output efficiency by up to 50 times, marking a significant advancement in AI cloud services [8]. Figma - Figma aims for a $1.5 billion IPO, with 2024 revenue projected at $749 million, reflecting a 48% year-over-year growth. The platform is embedding AI to improve design efficiency [9][13]. AI Dynamics - The AI industry is witnessing a robust cycle characterized by high demand for computational power and rapid advancements in AI applications, with major companies like Oracle and CoreWeave leading the charge [4]. ByteDance - ByteDance's Doubao introduced the "In-Depth Research" feature, which allows users to process complex tasks and generate structured reports, indicating a shift towards deeper AI application capabilities [22][26].

Core Viewpoint - The "Gelonghui Golden Award" ESG Excellence Company selection recognizes companies that excel in environmental, social, and governance dimensions, contributing to China's dual carbon goals and setting benchmarks for long-term value in the capital market [1][2]. Group 1: Award Winners - Twelve companies were awarded the "ESG Sustainable Development Excellence Enterprise" title, including Fourth Paradigm (06682.HK), JinJing New Energy (01783.HK), Kangqiao Yuelife (02205.HK), Ping An Good Doctor (01833.HK), AAC Technologies (02018.HK), Shoucheng Holdings (00697.HK), Tongwei Co., Ltd. (600438.SH), Yaoshi Bang (09885.HK), Zhaojin Mining (01818.HK), China Chunlai (01969.HK), China Reinsurance (01508.HK), and China Nuclear International (02302.HK) [1]. - The ranking of the awarded companies is in alphabetical order and does not indicate any specific order of merit [1]. Group 2: Evaluation Criteria - The selection process involved quantitative data analysis and evaluation by an expert panel to determine the final results [1]. - The award aims to highlight companies that actively promote green transformation and social responsibility through transparent governance [1]. Group 3: Scope of the Selection - The ESG Excellence Company selection covers all listed companies on the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, American Stock Exchange, and NASDAQ [2]. - The initiative is designed to create a reference value ranking of outstanding companies in the ESG field within the investment community [2].

近日，第四范式发布法律行业AI智能体解决方案，通过"AI Agent+法律行业模型"，为律所、企业法务 团队及法律服务机构带来全流程的智能化升级。AI智能体可深入理解用户的业务诉求，智能调用垂直 法律模型，在法律文书处理、案件检索、法规合规、法律问答及律师赋能五大核心场景中发挥关键作 用，帮助法律行业实现更高效、更精准、更普惠的智能服务。 基于"AI Agent+垂直法律大模型"这对黄金搭档，为法律人士量身打造的全流程智能升级利器。 它就像一个聪明绝顶的"法律大脑"，能深度理解您的业务需求，智能调用专业的法律知识库，拯救您走 出"痛苦"时刻，让法律服务更高效、精准、普惠。 例如，某法务团队今天要审50份供应商合同，每份都密密麻麻几十页。要在海量文字里找出"霸王条 款"、"隐藏陷阱"或缺失的关键要素(比如争议解决地、知识产权归属)，简直像大海捞针，眼睛都快看花 了还怕有疏漏。 "超级助手"一出手，合同"扫描仪"+"风险探测器"，前来报到！ 它不仅能快速阅读合同全文，更能结合具体业务场景(比如这是一份软件采购合同还是房屋租赁合同？) 和合同结构，精准定位潜在风险点。 不知疲倦、精通法律、效率超高的"超级助手"，2 ...

智通财经APP获悉，近日，第四范式(06682)高级副总裁俞晖，出席备受全球科技界瞩目的华为开发者大会2025(HDC 2025)，并发表「基 于OpenHarmony+海思芯片打造AI智能硬件的实践分享」，重点阐述了在Agent加速发展的2025年，第四范式对端侧模型的探索，以及其 对于鸿蒙生态的贡献。 端侧革命：开发模式的重构与第四范式新生态 俞晖首先分享了传统云端模型与第四范式专注的端侧模型之间的区别。传统云端模型依赖网络传输数据至云端处理，存在「延迟高、隐 私风险大、离线不可用」三大痛点。而端侧模型通过本地化部署模型，在响应速度、隐私保护、降低成本方面都有着不俗的表现。 与此同时，第四范式在十多年的端侧模式开发中，打造了一个开放平台。相比传统开发模式的固定化、指定性(某1-2人做某个模型)，今 天是"你想做就可以参与"，"像一个榜单、一个擂台、一个竞技场"。这样的好处是每个人都有机会，模型效果的上限也不再取决于某1-2 人的水平，而是所有参与到其中的人员的上限。 "把复杂留给操作系统，把简单留给开发者。" 俞晖对HDC主论坛上的这样一句话印象深刻、高度赞同，他表示上述的开发平台、端侧模型能力并不会封闭 ...