战略布局构建新增长极，瑞和数智(3680.HK)锚定数字资产价值机遇

Core Viewpoint - The article highlights the strategic move of 瑞和数智 (Rehui Shuzhi) to invest HKD 80 million in the Web 3.0 and cryptocurrency asset sectors, aligning with Hong Kong's ambition to become a global digital asset hub [1][4]. Group 1: Company Strategy and Positioning - 瑞和数智 aims to establish a presence in compliant digital assets, build blockchain financial infrastructure, and explore hybrid ecosystems that serve real-world entities [4][5]. - The company has a strong foundation in financial technology, having served over 80% of top domestic banks, with a 100% repurchase rate from core clients [5][6]. - The firm possesses a highly skilled team, with 89% of its workforce being technical talent, which is crucial for integrating AI and big data with Web 3.0 technologies [5][6]. Group 2: Market Trends and Opportunities - The global trend of institutional investors increasing their holdings in digital assets is evident, with Hong Kong's Securities and Futures Commission issuing 11 virtual asset trading platform licenses by July 2025 [4][12]. - The shift in digital asset perception from speculation to practical applications and infrastructure development indicates ongoing investment opportunities in the digital asset space [4][12]. - The article notes that the digital asset landscape in Hong Kong is evolving, supported by regulatory frameworks that enhance the market's growth potential [4][12]. Group 3: Valuation and Growth Potential - 瑞和数智's valuation is undergoing a paradigm shift, with its current valuation not reflecting key variables such as strategic elevation and the growing demand for asset management solutions [7][13]. - The company is positioned for significant growth through both organic and external expansion, as evidenced by its recent acquisition of shares in Tokyo Central Auction [8][10]. - The current price-to-sales (PS) ratio of 瑞和数智 is approximately 3.17, which is lower compared to peers in the digital asset sector, indicating potential undervaluation [13]. Group 4: Future Outlook - The company is expected to benefit from the long-term valuation uplift of the Hong Kong tech sector and the global digital asset landscape [12][15]. - As 瑞和数智 advances its strategy in the Web 3.0 and cryptocurrency sectors, it is anticipated to unlock significant value growth in the capital markets [13][15].