Core Viewpoint - Investment expert Duan Yongping raises an interesting question about which asset class will be the most or least valuable in five years, using seven asset types currently valued at 5 million each as a basis for discussion [1][2]. Group 1: Asset Analysis - Moutai stock is considered a stable investment, likely to appreciate over the next five years due to its status as a benchmark in the A-share market [1][3]. - Bitcoin is seen as highly volatile, with potential for significant price increases, but concerns exist regarding the emergence of new cryptocurrencies [2][9]. - Gold is expected to rise in value due to monetary easing policies in both China and the U.S., making it a favorable hedge against inflation [2][12]. - Nvidia stock is viewed with skepticism, as the rise of Chinese semiconductor companies could pose a threat to its market position [2][18]. - Berkshire Hathaway stock faces uncertainty due to the potential retirement of Warren Buffett, which could impact its future performance [2][19]. - Real estate in core areas of Beijing or Shanghai is anticipated to stabilize, with rental yields around 2.5%, but long-term price appreciation remains uncertain [2][14]. - Luxury goods, specifically classic LV bags, are predicted to depreciate significantly due to lack of cash flow and changing consumer preferences [2][8]. Group 2: Investment Strategies - A diversified investment strategy is suggested, allocating 50% to gold, 15% to Berkshire Hathaway, 15% to Bitcoin, 10% to Nvidia, and 10% to Moutai, emphasizing a balanced approach rather than a single asset bet [5][6]. - The importance of understanding the underlying value of assets is highlighted, with a preference for investments that generate cash flow, such as stocks, over those reliant on market consensus [9][10]. - The potential for significant negative returns in luxury goods and cryptocurrencies is acknowledged, with a focus on more stable investments like Moutai and Berkshire Hathaway [16][19].

Core Insights - Futu Holdings (Nasdaq: FUTU) reported total revenue of HKD 5.311 billion for the second quarter ending June 30, 2025, representing a year-on-year growth of 69.7% [1] - The non-GAAP net profit for the same period was HKD 2.66 billion, reflecting a year-on-year increase of 105.2% [1] Revenue Breakdown - Commission and fee income for the second quarter reached HKD 2.579 billion, up 87.4% year-on-year [1] - Interest income amounted to HKD 2.288 billion, showing a year-on-year increase of 43.8% [1] - Other income, which includes wealth management and corporate services, was HKD 444 million, marking a significant year-on-year growth of 175.8% [1] User and Asset Growth - As of the end of the quarter, the number of registered users for Futu's apps, Futu NiuNiu and moomoo, reached 27.12 million, a 17% year-on-year increase [1] - The total number of accounts grew by 30% year-on-year to 5.24 million [1] - The number of asset clients increased by 41% year-on-year to 2.88 million [1] - Platform client assets reached HKD 973.9 billion, representing a year-on-year growth of 68% [1] Crypto Business Expansion - During the quarter, Futu expanded its cryptocurrency business globally, launching crypto trading services in the U.S. market after Hong Kong and Singapore [1] - The platform's crypto asset scale grew by 43% quarter-on-quarter [1]

Core Viewpoint - Nasdaq-listed mining company Bitdeer (BTDR) plans to initiate domestic mining equipment manufacturing in the U.S. to address procurement pressures from the Trump administration's tariff policies [1] Group 1: Company Strategy - Bitdeer aims to manufacture mining equipment locally for U.S. customers, responding to the challenges posed by trade policies [1] - CFO Jeff LaBerge expressed confidence in achieving a Bitcoin-friendly solution despite the complexities of trade policies [1] Group 2: Industry Context - The overall trade policy is perceived to still "support crypto and energy," indicating a favorable environment for the cryptocurrency sector [1]

华见早安之声 市场概述 科技股探底反弹， 标普仍四连跌， 道指惊险收涨，纳指盘中跌近2%，标普盘中跌超1%，收盘抹平多数跌幅。Palantir盘中跌超1%后收跌逾1%，六连跌，创 16个月最长连跌。塔吉特公布财报并官宣CEO换帅后跌超6%。财报后百度跌超2%。 美联储会议纪要偏鹰， 两年期美债收益率抹平降幅。美元指数创一周新高后转跌，特朗普呼吁美联储理事Cook辞职后，跌幅扩大。 黄金、原油、加密货币齐反弹。黄金再创逾两周新低后转涨，一度涨逾1%。美国EIA原油库存超预期下降，原油一度涨近2%，美油脱离逾两月低位。比特 币盘中跌破11.3万美元创逾两周新低，后一度反弹超2000美元；以太坊一度反弹超7%。 亚洲时段，A股和港股午后反攻，沪指继续创十年新高，芯片半导体爆发，恒指结束四连跌，老铺黄金、泡泡玛特大涨，商品、国债下跌。 要闻 中国8月LPR报价维持不变：5年期以上LPR为3.5%，1年期LPR为3%。 港交所陈翊庭：港交所 将研究24小时交易机制。 美联储7月会议纪要： 多数人认为通胀比就业风险高、释放鹰派信号，多人认为关税影响或需时间全面显现， 担心美债市场脆弱， 关注稳定币 影响。 特朗普对美联储 ...

Market Overview - The S&P 500 index experienced a mid-session rebound but still recorded a four-day decline, while gold, oil, and cryptocurrencies saw a rebound [1] - The Federal Reserve's July meeting minutes indicated that most members view inflation risks as higher than employment risks, signaling a hawkish stance [1] - Concerns were raised about the fragility of the U.S. bond market and the impact of stablecoins [1] Federal Reserve Insights - Trump continues to pressure the Federal Reserve, calling for the resignation of board member Lisa Cook, who is implicated in mortgage fraud allegations; Cook responded that she will not be coerced into resigning [1] - Fed Chair candidate Waller stated that there is nothing to fear from cryptocurrency technology and emphasized the need for the Fed to collaborate with the industry on payment innovations [1] Economic Indicators - China's LPR (Loan Prime Rate) remained unchanged in August, with the 5-year LPR at 3.5% and the 1-year LPR at 3% [1] Industry Developments - Hong Kong Exchanges and Clearing (HKEX) is exploring a 24-hour trading mechanism [1] - Baidu reported a 4% year-over-year decline in Q2 revenue, but core net profit increased by 35%, with AI-related business revenue exceeding 10 billion yuan for the first time [1] - Futu Holdings saw a 69.7% year-over-year increase in Q2 revenue, with net profit soaring by 112.7%, driven by strong performance in U.S. and Hong Kong stock trading [1] - OpenAI publicly discussed the possibility of an IPO for the first time, with July marking its first month of revenue exceeding $1 billion [1] - Google held its annual hardware event, introducing four Pixel 10 models integrated with Gemini AI, starting at $799, along with upgraded smartwatches and earbuds [1]

Core Insights - Ethereum reached a price of $4,300 per coin, experiencing a daily increase of 5.53% [1] Group 1 - Ethereum's price surge indicates a strong upward trend in the cryptocurrency market [1]

Group 1 - The cryptocurrency ecosystem stocks continued their downward trend, with Bitcoin-related stocks such as Bit Digital (BTBT.US) falling by 2.8% and Hut 8 Mining (HUT.US) dropping over 4% [1] - Ethereum-related stocks like Bitmine Immersion Technologies (BMNR.US) decreased by more than 1.8%, while Bit Digital (BTBT.US) saw a decline of over 3% [1] - Cryptocurrency exchange stocks, including Coinbase (COIN.US), fell by more than 2%, and Robinhood (HOOD.US) experienced a drop of over 5.9% [1] Group 2 - Stablecoin leader Circle (CRCL.US) saw a decline of over 3.5% [1]

Group 1 - The core viewpoint of the article highlights that Bitcoin Mining Company (BTCM) experienced a stock price increase of 4.53%, reaching $3.00 per share, with a total market capitalization of $53.52 million as of August 20 [1] - Financial data indicates that as of June 30, 2025, BTCM's total revenue was $11.01 million, representing a year-over-year decrease of 43.11%, while the net profit attributable to shareholders was -$13.89 million, a significant decline of 173.35% year-over-year [1] - BTCM is recognized as one of the world's leading publicly traded cryptocurrency mining companies, with operations that include crypto mining, mining pools, and data center operations [1] Group 2 - The company possesses a theoretical hash rate of 1,425.3 PH/s and operates the entire mining pool business under BTC.com, which includes the domain BTC.com and its cryptocurrency wallet [1] - As part of its growth strategy, BTCM plans to prioritize the development of low-carbon energy while expanding its data centers and hash computing capabilities globally to solidify its industry-leading position [1]

Core Insights - The global cryptocurrency market is regaining investor attention despite a slight pullback in Bitcoin, indicating strong buying power as funds continue to flow in [1][4] - The recent U.S. economic data, particularly inflation concerns and interest rate expectations, adds uncertainty to the perpetual contract market [1][3] - Ethereum has shown strong performance with a weekly increase of 5.22%, indicating a shift in capital flow from Bitcoin to the Ethereum ecosystem [1][4] Market Performance - Bitcoin opened at $119,309.37 and closed at $117,488.60, reflecting a decline of 1.53% with a volatility of 6.43% and increased trading volume [1] - The total capital inflow into the cryptocurrency market reached $19.8 billion over the week, with stablecoins contributing $6.145 billion and Ethereum spot ETFs also seeing inflows of $2.394 billion [4] Economic Indicators - The U.S. July CPI rose by 2.7% year-on-year, aligning with expectations, while PPI data exceeded expectations with a monthly increase of 0.9% and a yearly increase of 3.3%, raising concerns about persistent inflation [3] - Market expectations for a 50 basis point rate cut in September have been largely dismissed, with a 90% probability still favoring a 25 basis point cut [3] Perpetual Contracts Market - The perpetual contracts market is experiencing significant trading volume increases, with traders using these contracts to hedge against spot market volatility [4][5] - The unique design of perpetual contracts on decentralized platforms like XBIT is providing good liquidity depth amid market fluctuations [4][7] Investor Behavior - Professional traders are adjusting their risk exposure through cryptocurrency perpetual contracts, reflecting a cautious yet optimistic market sentiment [5][9] - The participation of institutional investors in the perpetual contracts market has recently increased, indicating growing confidence in these financial instruments [7] Future Considerations - Key factors to monitor include the Federal Reserve's decisions in the upcoming September meeting, subsequent inflation data, and the flow of funds into the cryptocurrency market, particularly from institutional investors [8][9] - The importance of selecting a reliable trading platform is emphasized, with XBIT providing features that enhance user control over assets and risk management [8][11]

Financial Data and Key Metrics Changes - Total funded accounts reached approximately 2,900,000, representing a 41% increase year over year and an 8% rise quarter over quarter [5] - Total client assets hit a record HKD 974 billion, up 68% year over year and 17% quarter over quarter [9] - Total revenue was HKD 5.3 billion, up 70% from HKD 3.1 billion in the previous year [13] - Net income increased by 113% year over year and 20% quarter over quarter to HKD 2.6 billion, with a net income margin expanding to 48.4% [21] Business Line Data and Key Metrics Changes - Brokerage commission and handling charge income was HKD 2.6 billion, an increase of 87% year over year and 12% quarter over quarter [13] - Interest income was HKD 2.3 billion, up 44% year over year and 11% quarter over quarter [14] - Wealth management client assets were HKD 163.2 billion, up 104% year over year and 17% quarter over quarter [11] Market Data and Key Metrics Changes - The US business showed robust growth, with significant increases in trading volume and client engagement [6][10] - In Japan, total trading volume increased by over 50% quarter over quarter, indicating strong market engagement [39] - The Hong Kong IPO market gained momentum, with the company acting as joint book runners for multiple listings, attracting a record number of subscribers [12] Company Strategy and Development Direction - The company aims to become an influential global financial services platform, with over 50% of funded accounts from clients outside of Hong Kong [5] - Plans to enhance brand acquisition through physical store rollouts and new product offerings in wealth management and crypto trading [26] - The company is focusing on integrating AI capabilities into its services to improve client engagement and investment efficiency [32][40] Management's Comments on Operating Environment and Future Outlook - Management noted strong asset inflows due to favorable market conditions and enriched product offerings [24] - The company expects steady growth in client acquisitions and trading volume in the third quarter, driven by positive market sentiment [46] - Management expressed optimism about growth prospects in the US market, supported by strategic partnerships and product innovations [50] Other Important Information - The company launched cryptocurrency trading in most US states and plans to introduce new functionalities for crypto trading [26] - The average client assets in Singapore rose 1926% quarter over quarter, reflecting strong market performance [9] Q&A Session Summary Question: What is the reasoning behind the strong net asset inflow and how will the company maintain momentum? - Management attributed strong asset inflow to favorable market performance and enriched product offerings, with plans for more physical stores and new products in the second half [24][26] Question: Can you provide details on the crypto trading performance and future plans? - Management reported strong momentum in crypto trading, with significant increases in asset value and trading volume, and plans for new product offerings [26][27] Question: What are the strategic views on the crypto business and potential for monetization? - Management outlined a four-part strategy (RACE) focusing on real-world assets, advanced technologies, conversions between traditional finance and crypto, and exchange licensing [31][34] Question: What is the competitive landscape in Japan and how is the company addressing it? - Management acknowledged strong competition from incumbents but emphasized the unique value proposition for self-directed investors and ongoing branding efforts [37][40] Question: Can you provide insights on the third quarter expectations for client acquisitions and trading volume? - Management expects steady growth in client acquisitions and trading volume, supported by positive market sentiment and ongoing product development [46][48]