Core Viewpoint - Derin Holdings Group Limited (1709.HK) has announced two significant capital operation plans, including a general placement of existing shares and a "old shares first, new shares later" subscription of new shares, aiming to raise approximately HKD 653.3 million to support its strategic layout and business development in the digital finance sector [2][3]. Group 1: Capital Operation Plans - The financing plan involves a "old shares first, new shares later" method, which allows existing shares to be placed at a certain price before subscribing to the same number of newly issued shares, maintaining the stability of the capital structure [2]. - This financing method is not uncommon and has been used by companies like Tencent, Meituan, and Anta for strategic development or optimizing shareholder structure [2]. Group 2: Business Development Strategy - Derin Holdings is advancing a "three-step" plan in the digital finance sector, aiming to build a compliant cross-border digital asset ecosystem, and has established partnerships with leading fintech companies [5]. - The company has completed a multi-million HKD Series A financing for its fintech platform, NeuralFin, and is preparing for a listing in the U.S. [5]. - Derin Holdings has also invested in Pangu, the parent company of MetaCene, to strengthen its strategic position in the digital entertainment and Web3 sectors [5]. Group 3: Market Reactions and Long-term Outlook - Following the announcement of the placement, Derin Holdings experienced a typical short-term decline in stock price due to increased supply and potential discounting of shares [6]. - However, the long-term value of the company is expected to be recognized, as the placement targets institutional and professional investors, which is beneficial for the company's sustainable development [7]. - The net proceeds from the financing will primarily be used for strategic acquisitions, investments, and expanding the reality asset tokenization business, as well as establishing compliant virtual asset OTC networks [7].

张宏：正如前面所说的，厦门国际银行金融科技发展路径的起点是银行系统建设，后来逐渐开始强调战 略规划的引领作用。从2010年起，我们以五年为周期制定发展规划，每个阶段均围绕特定主题或方向推 进数字化进程。 《21世纪》：您在金融科技领域拥有很丰富的从业经验，能否结合实践经验，谈谈商业银行在科技与创 新方面经历了哪些发展阶段？数字金融与之前的阶段有哪些不同？ 张宏：我是从2007年进入厦门国际银行科技部工作，开始投身于银行系统的建设工作。回顾过去的实践 经验，我认为银行在科技创新方面的发展大致经历了以下几个阶段——互联网金融、金融科技、数字化 转型、数字金融。从互联网金融到数字金融，商业银行的探索始终围绕一条主线：以技术重塑金融功 能，最终服务于实体经济与国家战略。这一演进既体现技术革命的必然性，也彰显中国金融从"规模追 赶"到"质量引领"的战略升维。 在更早的阶段，银行对系统的定位更多停留在工具层面，关注的是功能实现。随着互联网金融的兴起， 银行转向以客户为中心，高度强调客户体验，从客户视角优化服务流程，核心是运用互联网技术推动金 融服务革新。金融科技的概念，技术覆盖范围更为广泛，具体可概括为"iABCD"技术 ...

Group 1 - The core viewpoint of the news is that Changshu Bank has demonstrated strong financial performance in the first half of 2025, with significant growth in both revenue and net profit, indicating robust operational resilience [1] - In the first half of 2025, Changshu Bank achieved operating income of 6.062 billion yuan, a year-on-year increase of 10.1%, and a net profit attributable to shareholders of 1.969 billion yuan, up 13.51% [1] - The bank's interim profit distribution plan includes a cash dividend of 0.15 yuan per share, totaling 499 million yuan, which represents 25.27% of the net profit attributable to shareholders [1] Group 2 - Changshu Bank is focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, to enhance financial services for the real economy [2] - The bank has opened new branches in Nanjing Jiangning, Suqian Shucheng, and Yangzhou Baoying, aiming to expand its market presence and coverage in regional development [2] - The bank plans to continue improving the quality of its services to the real economy through steady operational strategies and ongoing reform initiatives [2]

专题：财富启新程 湾区共潮生 2025招商银行财富合作伙伴论坛 8月7日金融一线消息，招商银行在深举办"财富启新程湾区共潮生——2025财富合作伙伴论坛"，头部基金、理财、保险、私募机构齐聚粤港澳大湾区，共商 大财富管理高质量发展新征程。 华夏基金总经理李一梅出席论坛并发表主题演讲，她表示，二季度末，公募基金市场管理规模达到34万亿的历史新高，行业连续6个季度实现盈利，二季度 合计盈利将近40003900亿元。站在高质量发展的新征程起点，财富管理的结构性变革将更为深刻，让行业存在更大发展空间。财富管理行业中，制度 向"源"、产品向"需"、策略向"稳"、服务向"实"、数字向"深"这五个趋势值得关注。 以下为演讲实录： 尊敬的王良行长，王颖副行长，各位领导，各位嘉宾，大家下午好！ 今天非常激动和兴奋在这样一个场合聆听整个行业在财富管理大格局下的各种新思考，另一方面也非常感谢有这个机会向大家汇报一下，先道个歉，我们些 可能还非常不太成熟的想法和实践，也供大家参考和指正。 今年以来，我相信大家也觉得是一个非常令人振奋的市场环境，在宏观经济回升向好，特别是资本市场改革向纵深发展推进，的过程当中，我们一揽子稳定 市场政策 ...

Core Viewpoint - The relationship between Macau and Shanghai is emphasized as a key area for cooperation, with a focus on integrating Macau into the national development framework and enhancing economic opportunities through collaboration [1][3]. Group 1: Cooperation Areas - Macau has been encouraged to establish broad connections with Shanghai, which is seen as a vital step for its economic development, particularly in the past 25 years [3]. - The financial sector is highlighted, with institutions like Haitong Bank and Bank of Communications expanding their cross-border operations in Macau, and initiatives for green finance cooperation being actively pursued [4]. - In the technology sector, the Macau Science and Technology Fund supports joint projects with Shanghai institutions, with funding exceeding 32 million Macau Patacas, focusing on areas like biomedicine and integrated circuits [4]. Group 2: Youth Exchange - There are currently 786 Macau students studying in Shanghai and 757 Shanghai students in Macau, with initiatives like the "Thousand Teachers Elite Training Program" enhancing educational collaboration [7]. - The "Macau Youth Talent Shanghai Learning and Practice Program" aims to help Macau youth learn from Shanghai's advanced practices, fostering a better understanding of national conditions [8][9]. Group 3: Tourism Development - The government aims to promote Macau as a world tourism and leisure center, with plans to develop the old town to attract young backpackers by highlighting its rich cultural heritage [11]. - Macau's social warmth and hospitality are noted as key attractions for tourists, with a focus on maintaining a friendly environment for visitors [12]. Group 4: Future Expectations - Future cooperation is expected to deepen in technology and finance, with plans to establish a "Technology Industry R&D Park" and enhance cross-border financial collaboration [14][15]. - Macau is positioned as a gateway for Shanghai enterprises to access Portuguese-speaking and Spanish-speaking countries, leveraging its unique geographical advantages [15].

创新赋能，锻造企业竞争新优势 在"三高四新"美好蓝图的号召下，湖南建行创新运用"链式赋能"模式，助力区域企业破浪前行。截至 2024年末，湖南建行累计为数字经济核心产业注入信贷支持633亿元；依托网络供应链金融，服务248家 龙头企业及超万家链属企业，投放贷款近295亿元，有力畅通产业血脉。 民生浸润，数字生态融入百姓日常 数字战略的温暖底色，在民生场景中生动彰显，坐落在五一商圈的解放路西支行，成为数字金融应用实 践的最佳注脚。依托"综合金融服务方案"，湖南建行解放西路支行及其所在的长沙铁银支行将金融服务 触角延伸到经营、发展、消费的各个方面，聚圈成链、结链成群，为一方烟火保驾护航。联合网红品 牌"茶颜悦色"推出"1元喝茶"活动，数日吸引超10万人次参与；为"文和友"构建智能资金管理"金融生态 圈"；助力"伴手礼"等商户实现0费率收单，年省万元费用等。 目前，长沙解放西路支行的数字人民币商户超200户，从五一商圈到湘江之滨，从网红奶茶店到街头龙 虾馆，数字人民币已渗透进城市的毛细血管。 长沙晚报掌上长沙8月7日讯（通讯员 建湘轩 胡澜）在数字浪潮奔涌、创新活力迸发的时代洪流中，建 设银行湖南省分行（以下简称湖 ...

Core Viewpoint - The Central Financial Work Conference has outlined the direction for high-quality financial development in the new era, emphasizing five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance [1] Group 1: Technology Finance - Wenzhou has implemented a series of innovative practices in technology finance to support the high-quality development of the private economy, including the introduction of the "Wenzhou Private Enterprise Technology Innovation Promotion Regulations" [2] - The city has developed a technology finance service system that combines policy guidance, financial innovation, and industry collaboration, utilizing products like "Science and Technology Index Loan" to convert R&D investments into financing criteria [2] - A new service model combining "data intellectual property + finance + insurance" has been launched, allowing companies to use data intellectual property as collateral for loans [2] Group 2: Green Finance - Wenzhou has created a green finance system that integrates land and sea, focusing on developing carbon finance and climate finance products to support regional low-carbon transformation [3] - The introduction of the "climate loan" product has encouraged companies to enhance their disaster resilience and carbon efficiency, thereby improving production safety and environmental capabilities [3] - The "Wenzhou Green Heart · Ecological San Yang" project has been recognized as a demonstration project for green finance services in building a beautiful China [3] Group 3: Inclusive Finance - Wenzhou aims to enhance inclusive finance by focusing on urban and rural areas, small and micro enterprises, and agricultural services, thereby supporting common prosperity [4] - The city is improving its credit system to include more small and micro enterprises and low-income groups, ensuring timely responses to loan applications [4] - The "Skill Common Prosperity Loan" project has been developed to provide convenient and favorable financing services to rural revitalization efforts [4] Group 4: Pension Finance - Wenzhou is innovating in pension finance to support the construction of an elderly-friendly society, with government-led insurance coverage for seniors over 70 [5] - High-end medical and nursing communities have been introduced to provide comprehensive care throughout the life cycle [5] - Financial services are being upgraded to cater to elderly clients, including the provision of personalized health services and financial education [5] Group 5: Digital Finance - The city has launched the "Wenzhou Digital Finance Action Plan" to promote the digital transformation of financial institutions and enhance the value of data elements [7] - Examples of successful digital finance initiatives include the use of machine learning models to improve customer retention and the development of a "Digital Bank" by招商银行 [7] - The five areas of finance—technology, green, inclusive, pension, and digital—are interlinked and form the core pillars for empowering high-quality economic and social development [7]

Core Viewpoint - The collaboration between Cao Cao Mobility and Victory Securities marks a significant step in integrating Real World Assets (RWA) with digital financial tools, aiming to enhance the Robotaxi ecosystem and unlock the value of green transportation assets [2][3]. Group 1: Strategic Collaboration - Cao Cao Mobility signed a strategic cooperation memorandum with Victory Securities to explore RWA tokenization, stablecoin payment applications, and compliant digital currency issuance [2]. - This partnership represents the first systematic exploration of RWA and stablecoins in the domestic transportation industry, focusing on financial technology innovation to activate core assets [2][4]. Group 2: Robotaxi Development - Cao Cao Mobility is steadily expanding its Robotaxi fleet, having launched pilot services in Suzhou and Hangzhou, with plans for a custom L4-level Robotaxi model [3]. - The Robotaxi business is characterized by stable, long-term, and predictable operations, making it a promising candidate for RWA [3]. Group 3: Financial and Environmental Impact - The company has processed 598 million ride-hailing orders in 2024, with a 51.8% year-on-year growth in the first quarter of 2025 [3]. - All custom vehicles are electric, contributing to a reduction of over 3.1 million tons of carbon emissions, aligning with global green finance trends [3]. Group 4: Regulatory and Market Opportunities - With Victory Securities' compliance license and experience in asset management, Cao Cao Mobility is positioned to issue RWA funds or asset-backed tokens under Hong Kong's regulatory framework [4]. - This initiative opens innovative financing pathways and enhances transparency for global investors regarding the company's operational foundation and quality green assets [4].

Core Insights - The establishment of the fund flow information platform by the People's Bank of China in Guangdong aims to enhance financial services for small and micro enterprises, facilitating access to credit and supporting high-quality economic development [1][2][3][4][5][6][7][8] Group 1: Financial Support for Small and Micro Enterprises - The fund flow information platform has enabled financial institutions in Guangdong to query 58,000 instances of fund flow credit information and disburse loans totaling 46.81 billion yuan to small and micro enterprises [1] - Innovative financing models such as "fund flow + technology flow + information flow" have been developed to support tech-driven enterprises lacking traditional collateral [2] - The platform has helped banks streamline loan approval processes, reducing the time and documentation required for credit assessments [3] Group 2: Integration of Data and Digital Transformation - The platform serves as a digital infrastructure that integrates fund flow data with various types of information, enhancing the efficiency of credit management and risk monitoring [3] - Financial institutions are leveraging the platform to create a comprehensive credit assessment model based on real-time data, improving risk management capabilities [3] Group 3: Transforming Fund Flows into Credit Assets - The platform aims to convert fragmented operational flows and transaction records into quantifiable credit assets, extending financial services to the grassroots level [4] - Tailored financial products, such as "养殖e贷," have been developed to address the unique financing needs of local aquaculture businesses [4] Group 4: Promoting Green Development - The platform supports green industries by integrating environmental investment data and facilitating financing for projects with long investment cycles and slow returns [5][6] - Innovative financing models have been created for the offshore wind power industry, enabling precise financial services for related enterprises [6] Group 5: Addressing the Needs of the Aging Population - The platform is being utilized to develop tailored financial services for the elderly care sector, addressing the funding challenges faced by institutions [7] - By analyzing operational cash flows and government subsidies, banks can provide rapid credit assessments and loans to support the purchase of smart elderly care equipment [7] Future Directions - The People's Bank of China in Guangdong plans to further enhance the application of the fund flow information platform, extending its use to more scenarios and contributing to the financial service ecosystem [8]

Core Viewpoint - The 2025 Digital Expo is set to showcase a variety of activities, including product displays, in-depth discussions, competitions, and project collaborations, highlighting the vibrant landscape of the digital economy [1]. Exhibition Aspects - Six themed exhibition halls will be established: Smart Navigation, Smart Infrastructure, Smart Services, Smart Applications, Smart Innovation, and Smart Experience, showcasing new technologies, products, solutions, and applications in the digital economy [4]. - A dedicated exhibition area of 60,000 square meters will feature participation from renowned companies such as Huawei, German Data, and Intel, presenting their latest technologies and solutions [14]. Opening Ceremony - The opening ceremony will invite domestic and international political figures, renowned experts, and prominent entrepreneurs to interpret the latest industry policies and engage in deep discussions [5]. Communication Activities - Over 20 communication activities will be organized around five key areas: "Data Elements," "Data Industry," "Digital Economy," "Data Infrastructure," and "International Cooperation," sharing cutting-edge theories and innovative practices in the data industry [9]. Industry Competitions - The event will collaborate with well-known domestic and international companies and professional competition organizations to set topics focusing on the integration of the real economy and digital economy, artificial intelligence, and domestic software, hosting multiple corporate and industry competitions [10]. Special Activities - A series of supply-demand matching, business negotiations, and enterprise-specific activities will be conducted to promote deep integration of exhibitor resources with procurement needs and technology supply with capital investment, facilitating international and regional exchanges in the data field [13]. Smart Services - The official website and app of the expo will be optimized for quick registration, schedule checking, and booth locating, ensuring a seamless experience for attendees [22]. Project Cooperation - The event will feature regular activities such as government-business trade negotiations and industry supply-demand matching, along with a dedicated "International Supply-Demand Matching Cooperation Exhibition Area" for face-to-face business discussions and collaboration opportunities [23]. Overall Significance - The upcoming expo in Guiyang is expected to inject new vitality into the global digital economy, serving as a significant milestone for industry innovation and international cooperation [25].