资料显示，Metalpha Technology Holding Limited(曾用名:龙运网络科技有限公司)在中国提供供应链管理 平台服务。该公司还提供加密货币衍生产品服务,包括在加密货币相关产品上做市,并与客户合作创建专 门定制的工具,使经验丰富的投资者能够建立或平仓投资头寸或采取对冲策略。 本文源自：市场资讯 作者：行情君 据交易所数据显示，12月17日，龙运国际(MATH)盘中上涨2.36%，截至22:35，报2.6美元/股，成交 5240.0美元，总市值1.13亿美元。 财务数据显示，截至2025年03月31日，龙运国际收入总额4456.73万美元，同比增长165.86%；归母净利 润1589.48万美元，同比增长531.99%。 大事提醒： 10月29日，龙运国际将披露2025财年一季报（数据来源于纳斯达克官网，预计披露日期为美国当地时 间，实际披露日期以公司公告为准）。 ...

Core Viewpoint - A surge of new cryptocurrency companies has entered the stock market, attracting numerous investors and fostering increased speculative behavior [2][3][4] Group 1: Market Dynamics - Over 250 public companies have begun accumulating cryptocurrencies, with their price volatility resembling that of traditional investments like stocks and bonds [4][25] - The rise of these companies has led to the introduction of various products that lower the barriers for including cryptocurrencies in brokerage accounts and retirement plans [4][25] - The market has seen a significant increase in borrowing, with companies taking on substantial loans to purchase cryptocurrencies, and investors betting over $200 billion on the future prices of these assets, often through leveraged financing [4][25][26] Group 2: Regulatory Environment - The current environment is characterized by unprecedented regulatory leniency, with the SEC previously restricting the cryptocurrency sector but now engaging with companies seeking new regulations and product approvals [5][26][27] - The SEC is focused on ensuring that investors have sufficient information to make informed decisions, amidst concerns about the blurred lines between business and government due to connections with the Trump family [27][28] Group 3: Emerging Trends - The concept of "tokenization" has gained traction, allowing for the representation of real-world assets as tokens, which could streamline stock trading and create a continuous global market [38][39] - Major cryptocurrency exchanges like Kraken have begun offering tokenized asset trading services, while discussions with the SEC are ongoing regarding regulatory frameworks for these products [39][40] Group 4: Risks and Challenges - The rapid growth of digital asset companies has raised alarms at the SEC, with concerns about the potential for significant financial losses and the risks associated with high leverage in the cryptocurrency market [32][41] - The cryptocurrency market experienced a sharp decline in October, attributed to high leverage trading practices, which exacerbated losses and led to forced liquidations of over $19 billion in leveraged trades [15][37]

Core Insights - GreensKeeper Asset Management reported a +4.0% gain for its Value Fund in Q3 2025, with a year-to-date return of +0.2% net of fees and expenses, despite a -3.7% negative impact from the US dollar [1] - The market rally in 2025 was primarily driven by AI, cryptocurrency, and speculative investments [1] Company Analysis: Fiserv, Inc. (NASDAQ:FISV) - Fiserv, Inc. experienced a one-month return of 13.27%, but its shares have lost 66.45% of their value over the past 52 weeks, closing at $67.70 with a market capitalization of $36.801 billion on December 16, 2025 [2] - Fiserv was the largest detractor for GreensKeeper in Q3 2025, declining -25.2% due to negative market reactions to decelerating volume growth in its Clover platform [3] - Despite the recent decline, the company maintains a competitive position and is expected to grow at attractive rates; shares are viewed as significantly undervalued at 13x earnings, prompting the firm to increase its position [3] - Fiserv is actively buying back shares in the open market, indicating management's confidence in the company's future [3] Hedge Fund Interest - Fiserv, Inc. was held by 83 hedge fund portfolios at the end of Q3 2025, a decrease from 94 in the previous quarter, suggesting a decline in popularity among hedge funds [4] - While Fiserv is recognized for its potential, certain AI stocks are considered to offer greater upside potential with less downside risk [4]

作为欧洲金融中心与全球数字资产创新高地，卢森堡凭借前瞻性的监管框架、完善的金融基础设施及明确的数字化国家战略，已成为区块链与加密资产领域 "创新与合规并重" 的标杆 jurisdiction。其法律体系既为数字资产发展提供了稳定预期，也通过国内立法与欧盟规则的协同，构建了覆盖全产业链的监管闭 环，以下结合核心法规与实践应用展开解读。 一、卢森堡数字资产领域的核心定位与生态优势 卢森堡之所以能吸引 Coinbase、XRP 等国际机构落地，以及欧洲投资银行（EIB）、世界银行选择其发行区块链债券，核心源于三大支柱：一是创新友好的 法律环境，通过系列 "区块链法案" 率先将分布式账本技术（DLT）纳入现有金融法律体系；二是强大的金融基础设施，管理着 6000 亿欧元跨境投资基金资 产，持有 8 万亿欧元托管资产，证券交易所是全球最大债务上市平台及 ESG 债券交易场所；三是开放的产业生态，不仅有 The House of Web3 等社群推动 Web3 生态扩张，更聚集了 123 家国际银行、九成美国顶级私募股权机构及七成中国头部银行的欧洲总部，形成了数字资产与传统金融深度融合的产业集 群。 这种生态优势直接转化 ...

来源：市场资讯 （来源：吴说） 据纽约时报，Plume 一直在推动美国监管机构许可，以提供一个在线平台，客户可以在该平台上购买代 表现实世界中资产（例如公司、农场甚至油井）的数字货币。也有美联储的经济学家指出，代币化可能 会将加密货币的金融冲击传递到更广泛的经济领域。文章同时披露，Plume 为美国 SEC 加密工作组提 供建议，并与 World Liberty（特朗普家族加密项目） 达成商业合作。 ...

比特币将遭遇历史上第四次年度下跌，也是首次没有伴随重大丑闻或行业崩溃的年度下跌。最新一轮下 跌发生在周一，在纽约交易时段出现猛烈抛售，这一原始加密货币一度下跌 3.7%。年初至今，比特币 已下跌约 7%。截至发稿，其价格约为 86700 美元。 尽管此次跌幅相较于此前经历的三个下跌年份而言要小得多，但所处的背景已然大不相同。自2022年上 一轮加密市场遭遇大崩盘以来，机构参与的广度不断拓展，监管体系也日益成熟。不仅如此，行业还迎 来了或许最为重要的支持者——美国总统唐纳德·特朗普 。 自10月初比特币强势上扬，一举创下超126,000美元的历史峰值之后，其价格便如断崖般急速下挫，这 一突如其来的变故让多头阵营猝不及防，加密资产市场也因而难以企稳，陷入动荡。 在此期间，市场成交量持续低迷，投资者信心受挫，纷纷选择撤离比特币ETF市场;与此同时，衍生品 市场也呈现出谨慎观望态势，缺乏押注价格反弹的积极意愿。就连比特币领域的头号巨鲸——迈克尔· 塞勒掌舵的Strategy Inc.(MSTR.US)——即便大举买入，也未能成功扭转这不利的市场局面。 利好堆叠，比特币为何"该涨不涨"? 在10月触及顶点之前，比特币的 ...

Compass Point将Coinbase的目标价从266美元下调至230美元，维持"卖出"评级。(格隆汇) ...

Investment Rating - The report indicates a positive outlook for the financial services industry, particularly for regional banks and consumer credit companies, with expectations of loan growth and improved profitability in 2026 [1][4][5]. Core Insights - The banking sector is expected to outperform expectations, with stable credit quality for consumers and businesses, and a continued positive trend in commercial loan growth [1][2]. - Capital markets are optimistic about a resurgence in mergers and acquisitions (M&A) and equity financing, especially in the financial sponsorship sector [1][3][7]. - Consumer credit companies are showing strong performance, with positive spending trends and expectations for continued loan growth into 2026 [5][6]. Summary by Sections Banking Sector - Regional banks are projected to have a strong performance in 2026, with significant increases in corporate and industrial loan pipelines, some banks expecting loan growth of 9%-11% [1][4]. - Many banks are progressing towards mid-term net interest margin targets through asset repricing and funding adjustments, enhancing profitability [4]. - Credit indicators are stable or improving, with several banks announcing new capital repurchase plans, indicating a favorable year for capital returns in 2026 [4]. Consumer Credit Companies - Companies like American Express and Synchrony are reporting better-than-expected consumer spending updates, with a positive outlook for loan growth in 2026 [5]. - Overall loss rates remain above average, but delinquency and charge-off rates have significantly decreased year-over-year [6]. Capital Markets - There is a strong and improving M&A environment, with strategic and large transactions remaining robust, driven by a favorable regulatory environment and strong corporate balance sheets [3][7]. - The IPO market is showing positive trends, with expectations for continued improvement as market conditions stabilize [8]. Asset Management - The asset management industry is expected to see a divergence in management fee income growth, with some firms like Ares and TPG projected to grow faster than others [12]. - Fixed income market sentiment is optimistic, benefiting from lower interest rates and tight credit spreads [12]. Insurance Industry - The insurance sector is generally in good shape but facing a broad slowdown, with investment returns expected to remain in the mid-to-high single digits [13]. - Pricing confidence has decreased, particularly in property insurance, while accident insurance categories are expected to maintain current price increases [13][14]. Innovations in Financial Services - The Genius Act for stablecoin legislation is expected to enhance market structure and efficiency in the cryptocurrency space, with optimism around tokenization of physical assets [15]. - AI adoption across major banks is anticipated to significantly improve productivity and operational efficiency over the next several years [15].

The next tax filing season in the U.S. might not be so bad, after all. In a recent appearance on NBC10 Philadelphia, Treasury Secretary Scott Bessent said American households are going to receive “very large refunds” during the next tax filing season. All thanks to the retroactive policy changes introduced under the One Big Beautiful Bill Act (OBBBA) in July. The anticipated refunds, which could total between $100 billion and $150 billion, are drawing attention not only from consumers but also from mark ...

今年以来，美国基准WTI原油期货累计下跌约22%，创2018年以来最差年度表现；全球基准布伦特累计下跌接近20%，为2020年以来最差年度表现。 | NYMEX WTI原 | | | | --- | --- | --- | | 55.17 | 58.84 | 55.08 | | -1.65 -2.90% -1.72 -2.84% -1.59 -2.81% | | | | INE原油 | | | | 422.5 | 2857 | 3.938 | | -9.7 -2.24% -84 -2.86% -0.074 -1.84% | | | 据中国基金报报道，今年油市承压的一个关键原因是：OPEC+成员在经历多年减产后迅速提高产量。此外，投资者也在为地缘政治风险可能下降定价。 现货黄金一度直线拉升，随后回落，与COMEX黄金一同收跌0.03%。 加密货币经历大跌后几乎全线反弹，比特币涨至8.7万美元上方。截至北京时间17日6:46，近24小时，比特币、SOL等多个品种涨超2%，全市场超10万人 被爆仓。但据智通财经报道，有分析师认为，比特币可能很快再创新低，跌破8万美元。 油气、能源板块跌幅居前，英国石油跌超4%。加密 ...