来源：市场资讯 吴说获悉，Bullish 公布 2025 年第三季度业绩，调整后营收为 7,650 万美元，调整后 EBITDA 为 2,860 万美元，并推出加密期权产品，交易量已突破 10 亿美元。公司同时在获得纽约州金融服务署批准后上 线美国现货交易，并在指数与流动性服务方面扩大合作。季度数字资产销售额为 416 亿美元，净利润 1,850 万美元；调整后净利润 1,380 万美元。 （来源：吴说） ...

Core Insights - The Hong Kong Special Administrative Region (HKSAR) government is enhancing its role as a "super connector" and "super value creator" to assist mainland enterprises in expanding globally [1][3] - The government is providing top-notch resources for fintech companies to develop various products and services [1] - The establishment of a one-stop support platform for mainland enterprises aiming to utilize Hong Kong as a launchpad for international expansion is emphasized [3] Group 1: Government Initiatives - The HKSAR government has introduced new policies to strengthen its dual role in facilitating global business for mainland companies [1] - The government aims to provide a collaborative environment for businesses to thrive in Hong Kong and beyond [1][3] Group 2: Company Developments - Lianlian Digital has announced the establishment of its overseas headquarters in Hong Kong, citing the region as a natural bridge between China and the world [3] - The company plans to focus on three strategic directions: leveraging blockchain and AI for cross-border payments, enhancing regulatory compliance, and fostering global collaboration with top tech firms [4] Group 3: Investment Activities - Alibaba Group and Ant Group have jointly invested $925 million (approximately 6.6 billion RMB) to acquire a commercial building in Hong Kong, establishing their headquarters to further international business development [4]

全球最大加密货币交易所之一Kraken从华尔街顶级做市商Citadel证券获得2亿美元战略投资，估值达到 200亿美元，这是传统金融巨头加速拥抱数字资产的最新信号。 据媒体周三报道，Kraken发言人证实了这笔融资。此前，该交易所于去年9月完成6亿美元融资，彼时估 值为150亿美元，投资方包括Jane Street、DRW、红杉中国、Oppenheimer、Tribe Capital以及Kraken联席 CEO Arjun Sethi的家族办公室。 此次融资距离该公司上一轮融资仅数月之隔。两轮融资总计8亿美元，将为Kraken明年的IPO计划奠定 更坚实的资本基础。 Citadel证券总裁Jim Esposito在声明中表示，"我们很高兴支持Kraken的持续增长，帮助塑造市场数字创 新的下一篇章。"根据新闻稿，该做市商将与Kraken在风险管理和市场结构分析等领域展开合作。 Citadel证券加速布局数字资产 Citadel证券对Kraken的投资是这家美国最大做市商之一转向数字资产的最明确信号。 由Ken Griffin创立的Citadel证券历来避免在加密货币交易所进行做市或投资数字资产，主要原因是美国 ...

Group 1 - The core view of the report is positive regarding the financial industry's outlook in Hong Kong, with improved visibility in revenue growth driven by stable deposit increases and a stable HIBOR, leading to net interest income growth [1] - Wealth management business is performing strongly and is a major driver of non-interest income growth [1] - The report indicates a slight decrease in commercial real estate risk due to improved sentiment in the residential market, although different banks have varying views on risks associated with retail and office commercial real estate [1] Group 2 - The report highlights that Hong Kong banks have diverse strategies regarding digital assets, with Standard Chartered (02888) having the most comprehensive layout in the stablecoin and cryptocurrency ecosystem [1] - Overall, the report maintains an optimistic outlook for Hong Kong banks, with Standard Chartered being the preferred stock in the industry [1] - For non-bank financial institutions, the report anticipates that Hong Kong Exchanges and Clearing (00388) will benefit from stable market sentiment and IPOs, driving earnings per share growth, although new derivative measures are unlikely to be significant revenue drivers in the short to medium term [1]

Group 1 - Morgan Stanley has a positive outlook on the financial industry in Hong Kong, citing improved revenue growth visibility driven by stable deposit increases and a stable HIBOR, which boosts net interest income [1] - The wealth management sector is performing strongly and is a major driver of non-interest income growth [1] - The sentiment in the residential market is improving, leading to a slight decrease in commercial real estate risks, although banks have varying views on risks associated with retail and office properties [1] Group 2 - Morgan Stanley notes that Hong Kong banks have diverse strategies regarding digital assets, with Standard Chartered Group having the most comprehensive positioning in the stablecoin and cryptocurrency ecosystem [1] - Overall, the firm maintains an optimistic stance on Hong Kong banks, with Standard Chartered being the preferred stock in the industry [1] - For non-bank financial institutions, the Hong Kong Stock Exchange is expected to benefit from stable market sentiment and IPOs, driving earnings per share growth, although new derivative measures are unlikely to be significant revenue drivers in the short to medium term [1]

摩根大通发表研究报告指，对香港金融行业前景看法正面，行业的收入增长可见度有改善，受惠于存款 稳健上升和稳定的HIBOR，带动净利息收入增长，而财富管理业务表现强劲，亦成为非利息收入增长 的主要推动力。风险方面，摩通相信，由于香港宅市场情绪回暖，商业房地产风险略为下降，然而，不 同银行对涉及零售和写字楼的商业房地产风险存在不同看法。 该行提到，港银在数字资产方面的战略各异，其中渣打在稳定币和加密货币生态中具有最全面的布局。 整体而言，该行对港银持乐观态度，渣打为行业首选股。至于非银行金融机构方面，摩通预期港交所可 受惠于稳健的市场情绪和IPO，以推动每股盈利增长，但新的衍生品措施于短期至中期内成为收入驱动 因素的机会不高，且现时尚未有将REITs纳入互联互通的时间表。 ...

Group 1 - Lumexa Imaging submitted an IPO filing to the SEC on November 17, seeking to list on NASDAQ under the ticker symbol LMRI, with a secret application filed on June 12, 2025 [1] - Lumexa Imaging provides medical imaging services through outpatient centers, offering radiology exams and diagnostic imaging services, including MRI, CT, PET scans, X-rays, and ultrasound, with 184 outpatient centers across the U.S. [4] - For the nine months ending September 30, 2025, Lumexa Imaging reported revenues of $566 million, up from $534 million in the same period last year, with net losses of $18.41 million compared to $69.04 million [4] Group 2 - York Space Systems filed an IPO with the SEC on the same day, aiming to list on the NYSE under the ticker symbol YSS, with a secret application submitted on September 29, 2025 [1] - York Space Systems specializes in the design, manufacturing, and mission execution of small to medium-sized satellites for space and defense projects, producing satellite and critical mission systems [6] - The company reported revenues of $357 million for the twelve months ending September 30, 2025 [6] Group 3 - Four SPACs, Aperture AC, ITHAX Acquisition III, Praetorian Acquisition, and Breeze Acquisition II, also submitted IPO filings, all seeking to list on NASDAQ [1] - Aperture AC focuses on digital assets, targeting the mid-to-low end market, including tokenized asset infrastructure and decentralized finance [7] - ITHAX Acquisition III targets sectors such as asset management, hospitality, dining, tourism, and entertainment, while Praetorian Acquisition aims to acquire traditional industries undergoing transformation through automation and AI [7] - Breeze Acquisition II is focused on global healthcare, biotechnology, advanced manufacturing, robotics, and AI, with respective fundraising goals of $90 million, $200 million, $220 million, and $125 million [7]

5、 上海海关透露，今年前10个月，上海市实现进出口3.71万亿元，同比增长5.2%， 增速高于全国整体水平1.6个百分点。其中，出口增长10.5%，进口增 长1.3%，且已连续7个月进口、出口双双增长。 1、 A股弱势震荡，锂矿概念股逆势爆发，福建本地股掀涨停潮，军工股火力全开；医药概念集体下挫，光伏板块调整。 截至收盘，上证指数跌0.46%报 3972.03点，深证成指跌0.11%，创业板指跌0.2%。A股全天成交1.93万亿元。 2、 香港恒生指数收盘跌0.71%报26384.28点；恒生科技指数下跌0.96%，恒生中国企业指数下跌0.74%。 电气设备、医药生物、有色金属、化工、银行板 块跌幅居前。南向资金净买入84.48亿港元，阿里巴巴获净买入近21亿港元。 1、 外交部发言人毛宁在例行记者会上强调，针对日本首相高市早苗涉台错误言论，中方已经并将继续向日方提出严正交涉和强烈抗议，严肃要求日方立 即反思纠错，收回错误言论，停止在涉华问题上制造事端。 另外，在二十国集团领导人峰会期间，李强总理没有会见日方领导人的安排。 1、 国务院副总理何立峰与德国副总理兼财政部长克林拜尔共同主持第四次中德高级别财金对 ...

Core Viewpoint - The Singapore Exchange (SGX) is launching perpetual futures contracts for Bitcoin and Ethereum to capitalize on the growing interest in digital assets [1] Group 1: Product Launch - Institutional investors will be able to trade Bitcoin and Ethereum perpetual futures contracts on SGX starting November 24 [1] - The contracts will utilize a continuous contract structure, differing from traditional futures which have expiration dates [1] Group 2: Market Context - The new cryptocurrency perpetual contracts will be benchmarked against the iEdge CoinDesk cryptocurrency index, which provides real-time pricing and reference rates for Bitcoin and Ethereum [1] - Perpetual futures allow traders to maintain leveraged positions indefinitely, enabling continuous speculation on cryptocurrency price movements [1]

Core Viewpoint - Boyaa Interactive (00434) reported a revenue of HKD 351 million for the nine months ending September 30, 2025, reflecting a year-on-year increase of 0.3% and a profit attributable to shareholders of HKD 487 million, which represents a significant year-on-year increase of 108.3% [1] Financial Performance - The company achieved a revenue of HKD 351 million for the first three quarters of 2025, showing a slight increase of 0.3% compared to the previous year [1] - Profit attributable to shareholders reached HKD 487 million, marking a substantial increase of 108.3% year-on-year [1] Digital Asset Holdings - As of September 30, 2025, the company held approximately 4,091 Bitcoins with an average cost of USD 68,114 per Bitcoin [1] - The company also held around 300 Ether, with an average cost of USD 1,661 per Ether, primarily for Web3 game development [1] Digital Asset Gains - The company reported a cumulative fair value gain from digital assets of approximately HKD 1.42 billion [1] - For the first three quarters of 2025, the fair value gain from digital assets was about HKD 430 million [1] - Additionally, the company recorded a digital asset appreciation gain of approximately HKD 19.8 million during the same period [1]