这一警告正值英国放宽加密货币监管之际。10月8日，英国解除了对散户投资者接触加密货币交易所交易票据(ETNs)的长期禁令。此前，英国政府 还在周三宣布，投资者将能够在股票和股份ISA账户中持有加密ETN，该账户每年可免税投资高达2万英镑。 英国最大散户投资平台Hargreaves Lansdowne近日对投资者发出警告，称比特币不是一种资产类别，不应被纳入投资组合。该公司表示： "HL投资观点认为，比特币不是一种资产类别，我们认为加密货币不具备应被纳入增长或收益投资组合的特征。" Hargreaves Lansdowne强调加密货币的高风险特性，认为"与其他另类资产类别不同，它没有内在价值"。尽管如此，该公司承认部分交易者希 望"投机加密货币ETN"，因此将从2026年初开始向"合适的客户"提供此类机会。截至发稿，比特币交易价格约为121603美元。 监管松绑引发平台警告 英国政府解除ETN禁令被加密货币公司誉为该行业在英国的重大突破。政府此前宣布此举将支持"英国加密货币行业的增长和竞争力"。新规允许 散户投资者通过受监管交易所接触数字代币，ETN作为与一种或多种特定资产挂钩的债务工具发挥作用。 然而Harg ...

Core Viewpoint - A major UK trading platform has issued a strong warning against including cryptocurrencies in investment portfolios, asserting that they do not qualify as assets [1] Regulatory Changes - On the 8th, the UK lifted a long-standing ban on retail investors participating in cryptocurrency exchange-traded notes (ETNs), which are debt instruments linked to specific assets [1] - The UK government also allowed investors to hold crypto ETNs within stocks and shares individual savings accounts, with a tax-free allowance of up to £20,000 (approximately $26,614) per year [1] Company Position - Hargreaves Lansdown, the largest retail investment platform in the UK, urged retail investors to exercise caution regarding cryptocurrencies [1] - The company maintains that Bitcoin is not an asset class and lacks the characteristics necessary for inclusion in growth or income investment portfolios, emphasizing that it has no intrinsic value [1]

Core Insights - The crypto market experienced a significant liquidation wave, with over $630 million in positions wiped out on October 9, primarily affecting long bets [1][2] - The total crypto market cap saw a decline of nearly $200 billion, reverting valuations to mid-September levels after reaching a record of $4.27 trillion [2] - The selloff is attributed to macroeconomic factors, including Federal Reserve uncertainty, fading liquidity, and profit-taking [3] Market Performance - Bitcoin remains above $120,000, showing an 8% increase for the month, while Ethereum is just under $4,500 as traders take profits [2] - Mid-cap projects like Aptos (APT) and Sui (SUI) experienced declines of 3-6% as leveraged traders exited positions [4] - Despite the pullback, the total value locked (TVL) in DeFi protocols remains around $166 billion, indicating sustained long-term confidence [4] Market Structure - Analysts suggest that the market structure remains broadly bullish despite the recent correction, viewing it as a leverage flush rather than the beginning of a new downtrend [5] - A specific token is showing a strong technical setup, forming a "cup and handle" pattern on its monthly chart, indicating potential for future gains [5]

Core Viewpoint - A major UK trading platform warns that cryptocurrencies should not be included in investment portfolios as they do not qualify as assets [1] Regulatory Changes - On the 8th, the UK lifted a long-standing ban on retail investors participating in cryptocurrency exchange-traded notes (ETNs), which are debt instruments linked to specific assets [1] - The new regulations allow investors to hold crypto ETNs in stocks and shares individual savings accounts, with a tax-free allowance of up to £20,000 (approximately $26,614) per year [1] Company Position - Hargreaves Lansdown, the largest retail investment platform in the UK, issued a warning urging retail investors to exercise caution regarding cryptocurrencies [1] - The company maintains that Bitcoin is not an asset class and lacks the characteristics necessary to be included in growth or income investment portfolios, stating it has no intrinsic value [1]

Group 1 - The core point of the article is that Yili Holdings (00076.HK) has signed a cooperation agreement with Goldpay for the issuance of a practical blockchain voucher (code 76 or V76) primarily used by its subsidiary, Yili Graphite Limited [1] - The V76 will be issued on the Ethereum blockchain with a maximum supply of 1 billion tokens [2] - The board acknowledges the trend of integrating artificial intelligence with cryptocurrency usage, but the future contribution of this project to the group remains uncertain [3]

Core Viewpoint - Yili Holdings (00076) has announced a collaboration agreement between its wholly-owned subsidiary Yili Graphite Limited and Goldpay Limited, focusing on the issuance of a practical blockchain voucher primarily for the subsidiary's applications [1] Group 1: Agreement Details - The agreement was signed on October 10, 2025, and involves Goldpay issuing a blockchain voucher named V76, which will be listed on cryptocurrency exchanges for trading against major stablecoins within 24 hours [1] - V76 can be redeemed on the subsidiary's "JinKu 76 Platform" for commodities such as graphite, oil, and mineral products, as well as related services from current and future partners of the platform, thereby expanding its application scenarios [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部 或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 ELATE HOLDINGS LIMITED 誼礫控股有限公司 （ 於香港註冊成立之有限公司） （ 股份代號： 076） 自願公告 業務發展最新情況 誼礫控股有限公司董事會欣然知會市場有關本集團之最新業務發展。 此乃由誼礫控股有限公司（「本公司」）作出之自願性公告，使其股東及潛在投 資者知悉本公司及其附屬公司（合稱「本集團」）之最新業務發展。 V76 可以在主要應用方子公司的《金酷 76 平台》上兌換諸如石墨、石油、礦產品等 大宗商品或相關的服務，這些商品或服務皆來自現在和將來與《金酷 76 平台》合作 的公司，V76 的應用場景從而得以擴大。 V76 進一步介紹請參考 V76 白皮書：www.goldpay76.com 1 董事會認為，雖然結合人工智能的業務和加密貨幣使用已是大勢所趨，然而此項 目未來對本集團的貢獻尚未能確定。 本公司股東及潛在投資者於買賣本公司股份時務請審慎行事。 承董事會命 誼礫控 ...

Group 1 - Kazakhstan's Almaty city is adopting cryptocurrency for various transactions, including daily purchases and real estate, indicating a growing acceptance of digital currencies [1] - President Tokayev announced that cryptocurrencies will be included in the national strategic reserves, aiming to establish Almaty as a digital financial hub in Central Asia, which is seen as a positive development for the cryptocurrency market [1] Group 2 - The recent U.S. government shutdown led to the delay of CPI data release, causing panic in the cryptocurrency market, with Bitcoin dropping to a low of $119,651, briefly falling below the $120,000 mark [3] - Bitcoin's support levels are identified at $120,000 and $118,000, while resistance levels are at $122,000 and $125,000; Ethereum also faced a decline, dropping below $4,300 to a low of $4,265, with support at $4,250 [3] Group 3 - The cryptocurrency market is experiencing selective growth, with established coins like Bitcoin and Ethereum reaching new highs, while many altcoins are underperforming compared to last year [5] - The market is seeing a trend where new coins are gaining traction, while older coins are struggling, suggesting a shift in investor focus towards newer digital assets [6]

Core Insights - HashKey Group, the largest licensed cryptocurrency exchange operator in Hong Kong, has secretly submitted an initial public offering (IPO) application in Hong Kong [1] - The company aims to raise up to $500 million through this IPO, with the earliest potential listing expected within this year [1] - The review process is ongoing, and details regarding valuation and timing may change [1] Industry Context - Hong Kong introduced a regulatory framework for virtual assets last year to solidify its position as a digital asset hub [1] - HashKey's IPO will test the Asian market's interest in cryptocurrency-related assets [1] - In the U.S., stablecoin issuer Circle raised nearly $1.1 billion in a June issuance, with its stock price subsequently increasing by 385% [1]

Core Insights - Global systemically important banks (G-SIBs) are undergoing a critical transformation, driven by industrialization and middle-class expansion in emerging markets, which present new opportunities in retail, corporate, and cross-border businesses. Financial technology is enhancing digital risk control and customer acquisition. However, challenges such as stagflation risks, geopolitical conflicts, and interest rate differentiation are intensifying pressure on interest margins and asset quality. The application of artificial intelligence also brings challenges related to model interpretability and compliance. Capturing the emerging market dividend and completing digital upgrades will be key to determining the future competitive advantage of G-SIBs [1]. Background - The 2008 global financial crisis highlighted the "too big to fail" issue of large international financial institutions. In 2011, the Financial Stability Board (FSB) released regulatory measures for G-SIBs, publishing the first list of G-SIBs, which included most global systemically important banks. According to the FSB's 2024 G-SIBs list, there are 29 banks globally [2][3]. Current Operations - In the current interest rate cut cycle, financial services have become the main revenue driver for banks. Since the Federal Reserve began lowering rates, traditional lending has faced pressure, leading to significant revenue growth in investment banking, financial markets, and wealth management. In Q1 2025, revenues from financial services for JPMorgan, Citigroup, and Bank of America grew by 12.0%, 10.0%, and 7.1%, respectively, with contributions exceeding 50% of total revenues, an increase of 3-6 percentage points from pre-rate cut levels [5]. - Investment banking has cooled down, with uncertainty in the market due to aggressive policy changes under the Trump administration. In Q1 2025, the growth rate of investment banking revenues for the four major U.S. banks dropped from an average of around 40% to less than 10%. Bank of America saw a year-on-year decline of -0.35% in investment banking revenue, while JPMorgan's growth slowed to 2.4% [5]. - Trading business has emerged as a new revenue driver, with significant increases in trading revenues for major U.S. banks in Q1 2025, attributed to heightened market volatility and geopolitical tensions. Trading revenues for JPMorgan, Citigroup, and Bank of America grew by 21%, 12%, and 11%, respectively, with stock trading revenues increasing by 48%, 23%, and 17% [6]. - Payment and settlement services have shown weak performance, with revenues for JPMorgan, Citigroup, Bank of America, and Wells Fargo growing by only 2.2%, 3.6%, 0.5%, and -10.9%, respectively, contrasting sharply with the growth in investment banking and trading revenues [6]. Opportunities - Expansion in emerging markets presents significant opportunities, particularly in retail banking, as the growing middle class demands diverse financial services. G-SIBs can meet these needs by offering various savings products and consumer loans. Additionally, the rising high-net-worth population increases demand for wealth management services [7]. - The demand for cross-border financial services is increasing, driven by globalization. G-SIBs can provide efficient cross-border payment solutions, financing, and risk management services to support businesses in their international activities [7]. - Regulatory changes may create potential opportunities, as the new U.S. administration's policies could support the cryptocurrency and digital asset markets, allowing G-SIBs to explore new business areas [8]. - Financial technology is enabling digital transformation, allowing G-SIBs to innovate in cross-border services and enhance customer experiences through personalized financial products [8]. Challenges - The uncertain macroeconomic environment in 2025 poses risks, with geopolitical tensions and trade protectionism affecting global economic activity. The U.S. government's tariff policies may lead to a new round of global trade disputes, increasing external risks for G-SIBs [9]. - The potential return of laissez-faire financial policies under the Trump administration could elevate systemic financial risks, as regulatory changes may reduce banks' liquidity requirements, impacting their ability to absorb potential losses [10]. - The application of AI in banking faces challenges, including the reliability and accuracy of AI outputs, which may conflict with the low tolerance for error in banking services [11]. Strategies and Recommendations - To address the challenges posed by low interest rates and regulatory costs, G-SIBs should build a multi-layered governance framework. This includes meeting total loss-absorbing capacity (TLAC) requirements and optimizing capital structures through asset securitization and diversifying capital tools [15][16]. - Business transformation and revenue diversification are crucial for balancing regulatory costs and profitability. G-SIBs should focus on expanding light-capital businesses and enhancing non-interest income through wealth management and advisory services [16]. - Governance and technology should work in tandem to improve risk management and operational resilience, including the implementation of real-time monitoring platforms for cross-border risks [16][17].