2026年2月25日，香港特区政府公布了2026至2027财政年度财政预算案。在经历了过去数年的财政赤字 后，这份预算案的核心基调转向审慎理财与精准施策。 数据显示，预计香港2025/26年度综合账目将由原来预算约670亿港元赤字，转为录得29亿港元盈余，财 政储备预计为6572亿港元。 香港特区政府预计，香港经济在2026年将实现2.5%至3.5%的实质增长，而在2026至2029年间，香港经 济平均每年实质增长将达2.9%。 面对复杂的外部环境与内部的经济挑战，预算案选择"节流"与"开源"并举，一方面严格控制特区政府开 支增长，另一方面则通过调整税收政策增加收入，力求在2028/29年度恢复综合账目盈余 。 香港立法会议员李惟宏表示，此次财政预算案内容大致符合市场预期。亮点在于政府通过多项开源节流 措施，使公共财政状况得到提前改善，在此基础上，政府得以提高免税额及退税，惠及市民。 李惟宏进一步表示，预算案亦提出多项政策，主动对接国家"十五五"规划，积极推进"金融+"战略，善 用金融手段更好服务实体经济与优势产业，加快推动金融与创科相互赋能。针对创科产业，包括人工智 能、生命健康等领域，提出多项支持与培育措 ...

HashKey Group 宣布推出 RWA 一站式发行解决方案，旨在连接传统金融与 Web3。此前，该公司已与博 时基金、广发证券及信达国际开展合作。该方案面向资产发行方及专业中介机构：企业和金融机构在获 批后可将流动性资产代币化；律所、审计及券商等可基于其基础设施提供相关服务，参与 RWA 生态发 展。 （来源：吴说） ...

Core Insights - Bitcoin and the broader crypto market are preparing for potential volatility due to the delayed US inflation data, with the Consumer Price Index (CPI) report set to be released this week [1][2] - The recent stronger-than-expected jobs report has shifted expectations for Federal Reserve rate cuts, reinforcing a "higher-for-longer" interest-rate outlook [2] - The nomination of Kevin Warsh, a pro-Bitcoin advocate, as the new Federal Reserve Chair could lead to long-term changes in monetary policy affecting Bitcoin's market trajectory [3] Market Reactions - If the upcoming CPI data exceeds 2.5%, Bitcoin may break below the critical psychological support level of $60,000, where institutional buy orders are concentrated [4] - Conversely, a lower-than-expected inflation reading could push Bitcoin back towards the resistance level of $74,400 [4] - Current data indicates a nearly 95% probability that the Federal Reserve will maintain interest rates at 3.50%-3.75% in the near term [5] Economic Context - The ongoing "crypto winter" that began in January 2025 shows signs of recovery, but immediate price movements are closely tied to the forthcoming inflation data [6]

No private keys, no friction. That's what makes ETFs the gateway for institutional and retail adoption alike.@ChinaAMC_HK, @HashKeyGroup, Futu, and EFUND break down how SOL ETFs are expanding from the West into APAC markets. https://t.co/MYb4tqOQ0n ...

Core Viewpoint - The recent fluctuations in the gold market have been dramatic, with significant price drops and increased volatility, prompting banks to issue risk warnings and adjust their precious metal business rules [1][3][5]. Group 1: Market Dynamics - On January 30, 2026, international gold prices fell sharply, with spot gold dropping below $4,700 per ounce, marking a nearly 10% decline, the largest single-day drop in 40 years [1]. - The volatility in gold prices is attributed to multiple factors, including political pressures on Trump, fiscal expansion, a weakening dollar, and a resurgence of liquidity in the market [3]. - The recent surge in gold prices had exceeded normal macro pricing rhythms, leading to concentrated positions and leverage among investors, which triggered a chain of sell-offs when market sentiment shifted [3][5]. Group 2: Geopolitical and Economic Influences - Geopolitical factors have also played a role, with a significant drop in gold prices on October 21, 2025, attributed to easing geopolitical tensions, particularly regarding the Ukraine conflict [5]. - A strengthening dollar has further suppressed gold prices, as the appreciation of the dollar increases the cost of purchasing gold for investors holding other currencies [5]. - The rapid rise in gold prices has led to a desire among investors to take profits, contributing to increased short-term volatility [3][7]. Group 3: Banking Sector Response - Major banks in China, including ICBC, CCB, and ABC, have issued multiple risk warnings and adjusted their gold accumulation business rules in response to market volatility [5][7]. - Banks have raised the minimum investment amounts for gold accumulation and emphasized the need for investors to operate cautiously based on their risk tolerance [7][10]. - Despite the banks' warnings, the demand for physical gold remains high, with many investment gold bars reported as "out of stock" or "sold out" [7][8]. Group 4: Investor Behavior and Market Sentiment - Investor behavior has shown a divide, with some viewing the price drop as a buying opportunity while others remain cautious due to potential further volatility [10][16]. - The market sentiment has shifted rapidly, with some investors feeling the urge to "catch the bottom," which poses operational risks during high volatility periods [16]. - The gold market's performance in 2025 saw prices rise from under $2,700 per ounce at the beginning of the year to over $4,500 per ounce by year-end, driven primarily by investment demand [12].

Market Sentiment - Investor fear in the crypto market has intensified, reaching levels not seen since the collapse of the Terra Luna ecosystem in mid-2022, driven by a macro-led selloff [1] - The Crypto Fear and Greed Index has plummeted to 9, indicating "Extreme Fear" and marking its lowest level in 42 months [1] Bitcoin Performance - Bitcoin's price has fallen to a 15-month low of $60,255, representing a 52.2% decline from its all-time high of $126,080 in October 2025 [1] - Aggregated open interest for Bitcoin futures has dropped to $21.96 billion, a 15-month low, indicating a mass exodus of speculative capital [4] Macroeconomic Factors - The U.S. Dollar Index (DXY) has increased from 95.205 to 97.685, tightening financial conditions and contributing to the downturn in the crypto market [3] - Analysts highlight that Federal Reserve policy uncertainty and geopolitical tensions are exacerbating market stresses, with potential for Bitcoin to decline further [2] Market Dynamics - The correlation between crypto and equities remains strong, with macroeconomic factors playing a significant role in the current downturn [3] - Options markets show a defensive tilt, with traders paying a premium for bearish bets as downside protection, indicated by Bitcoin's 7-day and 30-day 25-delta skew falling below -28 and -24, respectively [4] Sector-Specific Concerns - The primary driver of the current market sentiment is a risk-off wave stemming from fears in the tech and AI sectors, leading to doubts about the sustainability of Big Tech's massive capital expenditures [5]

进入2026年,"淘金热"持续不减，但是近期波动明显加剧，自上周五起黄金白银双双崩盘，国际金价接 近4400美元/盎司关口。 瑞银财富管理投资总监办公室（以下简称瑞银财富管理CIO），将今年前三个季度黄金目标价，从此前 的5000美元/盎司，上调至6200美元/盎司；并预计，在美国中期选举之后，金价将于2026年末回落至 5900美元/盎司。这次调整基于瑞银财富管理CIO认为需求强于此前预期，主要由投资需求驱动，而非央 行买盘。目前，瑞银财富管理CIO预测金价的上行情景目标价为7200美元/盎司，下行情景目标价为4600 美元/盎司。 尽管短期内黄金市场可能因获利了结、宏观预期切换等因素延续高波动，但主流机构对其中长期走势仍 持乐观态度。机构投资者普遍认为，央行购金、地缘政治风险、宏观经济不确定性以及投资需求的结构 性增长，共同构成了黄金的长期支撑逻辑。他们建议投资者在参与市场时，需密切关注上述核心驱动因 素的变化，并做好相应的风险管理和仓位调整。 金价近期大幅波动原因何在？ 黄金、白银价格暴跌，是多重因素叠加作用的结果。 首先，是宏观叙事切换与过度拥挤交易结构的共同作用。HashKey Group高级研究员 ...

Group 1 - Gold reached a new all-time high while Bitcoin fell to its lowest level since November, highlighting a significant divergence between the two assets [1] - Bitcoin was trading at $83,926 after a 7% drop in 24 hours, and it has decreased by 20% over the past year [1] - Bitcoin has been described as digital gold due to its finite supply and has risen over 150% relative to the US dollar in the past five years [3] Group 2 - Bitcoin is generally more volatile than gold, with multiple double-digit drawdowns, and has rarely acted as a safe haven asset [2] - The correlation between Bitcoin and gold is infrequent, with Bitcoin often behaving like other volatile assets, particularly tech stocks [4] - The divergence in performance between gold and Bitcoin is attributed to different investor focuses, with gold traders concerned about long-term macro imbalances and Bitcoin buyers being more liquidity-sensitive [5][6] Group 3 - Bitcoin experienced a significant crash in October, following a peak of $126,080, leading to a $19 billion wave of liquidations that severely impacted its price [7] - Since the crash, Bitcoin has struggled to regain its value, trading mostly below the $100,000 mark [7]

Core Insights - The stability of a major global currency, specifically the Japanese yen, is under threat, which is impacting Bitcoin in the short term [1] - A potential coordinated currency intervention by the Federal Reserve has led to a significant appreciation of the yen, which surged 3.39% against the dollar [2] - The strengthening yen could disrupt the carry trade strategy that has benefited risk assets like Bitcoin, as investors may need to liquidate these assets to cover their positions [5][6] Currency Intervention and Market Impact - The New York Fed's procedural rate check has raised concerns about a coordinated intervention to strengthen the yen, which could involve selling U.S. dollars to buy yen [2][6] - A stronger yen threatens to reverse the carry trade, where investors borrow yen at low interest rates to invest in higher-yielding assets, including Bitcoin [5] - The recent turmoil in Japan, including a spike in government bond yields to 4%, has contributed to the yen's volatility and the subsequent impact on risk assets [3] Bitcoin's Performance and Market Dynamics - Bitcoin has shown minimal growth of only 0.14% year-to-date, contrasting with rising prices in gold and silver, indicating a lack of investor confidence amid changing macroeconomic conditions [4] - The current market dynamics suggest that Bitcoin's price is increasingly influenced by traditional financial flows, with leveraged positions facing heightened costs due to rising volatility premiums [6][7] - The expectation of intervention has led to increased selling pressure on Bitcoin as investors liquidate positions to cover yen loans [6][7]

HashSTACS.HK 荣获毕马威中国"2025金融科技50强" ，数字化基础设施能力获权威认可 【2026年1月12日，香港】 全球领先的数字资产基础设施服务商 HashSTACS.HK 宣布，凭借在金融科 技领域的持续创新与合规实践，公司成功入选"毕马威中国(KPMG)2025金融科技50强"榜单。 HashSTACS.HK 也是本届榜单中 RWA(现实世界资产)流动性基础设施赛道的代表性入选企业。 毕马威"金融科技50强"评选体系涵盖技术度、创新度、市场认可度等多个核心维度，旨在遴选推动金融 行业数字化转型的领军企业。此次与蚂蚁集团、微众银行、HashKey Group、OSL集团等行业头部机构 共同登榜，标志着 HashSTACS.HK 的技术架构与商业模式在金融安全、合规标准及服务能力方面已达 到行业领先水平。 核心技术优势：驱动金融科技深层变革 截至目前，RWALinks 在业务表现上取得了显著进展： 规模效应： 平台上线仅数月，累计交易额已正式突破 20 亿美元。 活跃程度： 日均交易规模保持稳健增长，展示了市场对机构级 RWA 资产的强劲需求。 生态连接： 通过标准化接口，RWALinks ...