Group 1 - The company reported revenue of approximately HKD 350 million for the nine months ending September 30, 2025, remaining stable compared to the same period in 2024 [1] - The adjusted net profit for the same period was approximately HKD 500 million, a year-on-year increase of about 111.3% from approximately HKD 240 million in 2024, primarily due to an increase in the fair value growth of digital assets [1] - Excluding one-time factors such as fair value changes of financial assets, the adjusted net profit decreased by approximately 22.9% year-on-year, attributed to reduced bank deposit interest income and increased tax expenses [1] Group 2 - The company sold its online gaming operations in mainland China as of June 30, 2025, resulting in a decline in operational data, although traditional gaming revenue showed an increase [2] - The number of paying players decreased by 55.7% from approximately 220,000 in Q2 2025 to about 100,000 in Q3 2025, while daily active users fell by 40.8% to approximately 730,000 [2] - As of September 30, 2025, the company held approximately 4,091 bitcoins at an average cost of USD 68,114 per bitcoin and about 300 ethers at an average cost of USD 1,661 per ether, primarily for Web3 game development [2]

Group 1 - The company reported revenue of approximately HKD 350 million for the nine months ending September 30, 2025, remaining stable compared to the same period in 2024 [1] - The adjusted net profit for the same period was approximately HKD 500 million, a year-on-year increase of about 111.3% from approximately HKD 240 million in 2024, primarily due to an increase in the fair value growth of digital assets [1] - Excluding one-time factors such as fair value changes of financial assets, the adjusted net profit decreased by approximately 22.9% year-on-year, attributed to reduced bank deposit interest income and increased tax expenses [1] Group 2 - The company sold its online gaming operations in mainland China as of June 30, 2025, resulting in a decline in operational data, although traditional gaming revenue showed an increase [2] - The number of paying players decreased by 55.7% from approximately 220,000 in Q2 2025 to about 100,000 in Q3 2025, while daily active users fell by 40.8% to approximately 730,000 [2] - As of September 30, 2025, the company held approximately 4,091 bitcoins at an average cost of USD 68,114 per bitcoin and about 300 ethers at an average cost of USD 1,661 per ether, primarily for Web3 game development [2]

《比特币跌破十万，巨鲸出逃？》 ——当情绪风暴席卷市场，普通投资者如何在波动中保持冷静、看到机会 首先，巨鲸抛售不等同于逃命。大户们的动作常常是资产再平衡、锁定收益，尤其在全球流动性收紧、ETF资金调仓、美联储态度反复的时刻。 就像浴缸里跳舞的大象，动静确实大，但浴缸没坏。真正引发踩踏的，是散户情绪化的"跟风式出逃"。 其次，比特币的故事并没走完。链上数据显示，尽管部分巨鲸减仓，交易所储备却继续下降，说明仍有人在默默吸筹。 全球对数字资产的制度化探索也在推进，中国的区块链底层技术持续突破、数字经济活力十足，为未来生态健康发展提供了稳定支撑。 最关键的是：在不确定中保持信心与理性——这既是市场智慧，也是基督新教强调的坚持之道。比特币跌破十万不是终点，而是一场价值重估的过程。 投资者真正要做的，是别被巨鲸的浪花吓到： the first ack and in 0 allers / r Phone Start the form Electric To te mix the state t a local t are and NAME STE 240 ATHERS THE 1400 你有没有发现，比特币每次大跌，都像 ...

Group 1: Cross-Border Payment - The forum highlighted the importance of efficient, low-cost, and compliant cross-border payment as a key link in connecting the global economy, as stated by the chairman of Youlun Group, Li Peilun [1] - The current payment industry is at a transformative crossroads, facing challenges related to business transformation and compliance across different economies, as noted by Zhou Ye, CEO of Huifu [1][2] - Shanghai Pudong Development Bank is optimizing cross-border payment services by promoting payment facilitation through FT accounts, launching "Cross-Border Instant Remittance" products, and enhancing small-value high-frequency settlement for cross-border e-commerce [2] Group 2: Wealth Management - The digital asset market is undergoing a critical transition from disorderly growth to standardization, with underlying technologies like smart contracts reshaping the wealth management industry, according to Li Peilun [2] - Trends in wealth management include increased personalization, diversification of asset classes, and a focus on digital transformation, with AI playing a crucial role in client behavior analysis and market forecasting [2] Group 3: Alternative Assets - The value potential of alternative assets, such as art, was discussed, highlighting their low correlation with traditional financial assets and their ability to maintain stability during market fluctuations, as mentioned by Huang Wenrui, a professor at Fudan University [3] - High-end art pieces have shown long-term returns that exceed various traditional assets, making them important tools for high-net-worth individuals in risk diversification and wealth management [3] Group 4: Artificial Intelligence - AI is recognized as a major driver of growth for enterprises in the next 10-20 years, with deep integration of AI and industries leading to true digital upgrades and global development [3] - Large language models are transforming finance and industries by processing vast amounts of data and providing personalized investment advice, enhancing financial decision-making [3] Group 5: Industry Collaboration - The establishment of the "Global Cross-Border Digital Payment Ecosystem Alliance" aims to promote the collaborative development of cross-border payment technologies and financial infrastructure, involving 13 initial member organizations [4] - The alliance focuses on diversifying payment networks, exploring compliance and sustainable development in cross-border payments, and building an international cooperation platform [4]

Market Overview - Bitcoin has fallen below $100,000, marking a bearish trend as it has decreased by 20% from its last all-time high in early October [1][3] - The overall crypto market is under strain, with approximately $19 billion in liquidations leading to a loss of over $1 trillion in total market capitalization [1] Adoption and Market Dynamics - Despite the decline in prices, real-world adoption of blockchain technology is increasing, with major institutions like JP Morgan and BlackRock utilizing it to enhance their processes [2] - There is a disconnect between the growing number of crypto instruments and the lack of demand to absorb them, resulting in market oversupply [2] Institutional Perspectives - Institutions are beginning to view Bitcoin as a portfolio diversifier, with predictions that it could surpass gold as a larger asset class by 2035 [2] - The sentiment among institutional investors is cautious, with concerns about liquidity and the Federal Reserve's potential actions affecting market dynamics [3] ETF and Market Sentiment - Recent ETF outflows have been significant, with the largest daily outflows since inception occurring recently, indicating a lack of new marginal buyers in the market [3] - Analysts are monitoring the $93,000 level for Bitcoin, as falling below this could lead to further declines [3] Altcoin Market - The altcoin market, including protocols like Avalanche, is experiencing a disconnect between increasing real-world use cases and declining token prices [2] - There is a belief that the current market has too many altcoins, with only a handful expected to remain relevant in the long term [2] Investment Strategies - Companies are developing more sophisticated investment products to cater to Bitcoin bulls, including options that offer yields and aim to mitigate volatility [5][6] - The performance of companies like MicroStrategy is being compared to Bitcoin, with the latter showing better year-to-date performance despite the volatility [6][7]

Core Perspective - The article emphasizes the importance of digital technology in the preservation and revitalization of cultural heritage, showcasing various initiatives and projects that leverage digital tools to enhance public engagement and protect historical artifacts [1][3][6]. Group 1: Digital Preservation Initiatives - The establishment of the Cultural Heritage Digitalization Professional Committee at the World Internet Conference highlights a growing focus on digital preservation and transmission of cultural heritage [1]. - The collaboration between the Great Bao'en Temple Ruins Museum and UNESCO, along with 17 academic institutions, aims to create a cross-border platform for digital restoration and immersive experiences of historical sites [3]. - The China Cultural Relics Protection Foundation's Silk Road Cave Temples Digital Protection Project has successfully digitized significant sites, including the Yungang Grottoes and the Leshan Giant Buddha, utilizing advanced technologies for preservation [3]. Group 2: Public Engagement and Economic Impact - The "Light and Shadow Danqing" project at the World Internet Conference showcased 40 masterpieces from over 12,000 national treasures, transforming static art into an immersive experience, thus enhancing public appreciation of cultural heritage [4]. - The Hunan Museum's collaboration with Harvard University for the "Life Art" exhibition attracted over 500,000 visitors and generated significant ticket revenue, demonstrating the economic potential of cultural exhibitions [6]. - Tencent's "Digital Cultural Relics Public Protection Action" encourages public participation in the digitization of artifacts, fostering a sense of responsibility and engagement among the community [6]. Group 3: Future of Cultural Heritage - The article posits that digitalization is not merely about preserving the past but also about illuminating the future, suggesting a shift in how cultural heritage is perceived and utilized [5]. - The integration of digital technology in museums is seen as a transformation from being mere guardians of civilization to becoming creators and connectors of culture [6].

Core Insights - The article discusses the innovative business model of Hangzhou Zhongshu Youwei, which integrates consumption and investment through a unique incentive system, attracting 200,000 users and generating billions in revenue within six months [1][4]. Group 1: Business Model and Innovation - Zhongshu Youwei's model is based on a three-tier incentive system comprising physical goods, green points, and electronic stocks (MA), creating a new ecosystem for the digital economy [1][4]. - The model transforms everyday consumption into appreciating digital assets, allowing consumers to earn 20% green points and electronic stocks with each purchase, thus enhancing the value of their transactions [4][19]. - The company has established a comprehensive participant role system that facilitates the transition from traditional consumers to ecosystem co-builders [3][19]. Group 2: Value Logic - The model incorporates three layers of value logic: immediate value anchoring through physical goods, time value leverage via a points release mechanism, and future value expectations linked to the MA stock model [3][12]. - The MA stock system allows users to accumulate stocks that can appreciate significantly, creating a long-term investment perspective for consumers [4][12]. Group 3: User Engagement and Retention - The incentive mechanism includes daily login rewards and referral bonuses, which have resulted in a 67% retention rate for new users, significantly higher than the industry average [12]. - The design encourages long-term user engagement by offering dual benefits of MA appreciation and dividend rights, effectively converting consumers into investors [12][19]. Group 4: Growth Strategy - The company plans to recruit regional service providers and brand incubators to expand its user base and merchant partnerships, aiming for rapid growth [5][19]. - The tiered distribution system, including roles like "Le Push Officer" and "Regional President," facilitates exponential growth through structured user recruitment and resource integration [11][9]. Group 5: Technological and Regulatory Compliance - Zhongshu Youwei leverages blockchain technology for data security and compliance with national policies, ensuring that its green points are recognized as "consumption contribution values" [17][19]. - The company has developed an RDA system that enhances transaction authenticity and supports international payments, laying the groundwork for global expansion [17][19]. Group 6: Market Impact and Transformation - The innovative practices of Zhongshu Youwei serve as a reference for traditional enterprises looking to transform their business models by converting consumption data into digital assets [19]. - The company's approach demonstrates the importance of reconstructing value distribution mechanisms to create a win-win scenario for consumers, merchants, and promoters, establishing a replicable path for industry transformation [19].

Core Insights - Fireblocks is in discussions with investors to raise funds for repurchasing employee shares, with Citigroup handling the transaction, which is still in the early stages [1] - The scale of the buyback and the company's valuation have not yet been clarified [1] Company Overview - Fireblocks provides digital asset infrastructure for large enterprises, with clients including BNY Mellon, Revolut, and WorldPay [1] - The company has raised over $1 billion in total funding [1] - In January 2022, Fireblocks was valued at $8 billion after raising $550 million [1] - Recently, Fireblocks acquired Dynamic Labs to meet the demand for stablecoin and other digital asset services from large consumer enterprises [1]

Core Viewpoint - The incident involving the theft of $13 billion in Bitcoin has escalated into a confrontation between China and the U.S. over digital asset ownership, highlighting the complexities of cybersecurity and international law [1][3]. Group 1: Incident Overview - On November 9, the Chinese National Computer Virus Emergency Response Center accused the U.S. of stealing $13 billion in Bitcoin, originally lost due to a technical vulnerability four years ago [1]. - The U.S. Department of Justice announced the seizure of 127,271 Bitcoins, valued at approximately $15 billion at the time, linked to a theft from a Chinese mining pool [3]. - The stolen Bitcoins had remained dormant for four years without any transfers until the U.S. authorities declared them "legally" confiscated [3][8]. Group 2: Accusations and Legal Framework - China accused the U.S. government of using hacking techniques to steal the assets, labeling it a "state-level hacking operation" [5]. - The U.S. maintained that the seizure was part of a legal investigation into a fraud and money laundering network involving a Cambodian businessman [5]. - There is a significant gap in the timeline regarding how the stolen Bitcoins transitioned from the original attackers to the wallet controlled by the Cambodian businessman, raising questions about the legitimacy of the U.S. actions [7][8]. Group 3: Analysis Framework - Analysts proposed a "three-role analysis" to dissect the incident: the attackers, the intermediary holder (the Cambodian businessman), and the law enforcement agency (U.S. DOJ) that executed the seizure [10]. - This framework helps clarify the complexities of the case, moving beyond the question of "who stole the coins" to understanding the implications of power dynamics in digital asset governance [12]. Group 4: Global Implications - The incident reflects a broader global struggle for digital enforcement rights, with other jurisdictions like Singapore and the EU taking steps to establish their frameworks for digital asset governance [14][16]. - The EU's recent legislation aims to create a multilateral framework for cross-border digital asset enforcement, contrasting with the U.S. approach [16][19]. - The differing responses from various countries indicate a potential reshaping of the power dynamics in the digital asset landscape [19]. Group 5: Future Considerations - The incident underscores the ongoing tension between technological ideals and the realities of power, suggesting that the notion of a decentralized digital asset landscape may be an illusion [21][25]. - Predictions indicate that over 15% of decentralized concept funds may shift towards seeking regulatory protection under compliant digital assets in the next two years [23]. - The need for a balanced digital order amidst power struggles is emphasized as a critical challenge for the future [25].

中国置业投资(00736)发布公告，于2025年11月13日，本公司及军源数字科技(深圳)有限公司(军源数字) 订立合作框架协议(框架协议)，内容有关共同推动真实世界资产(RWA)模式的创新应用。 根据框架协议，双方将合作利用香港的商业优势及区块链技术，为RWA产品建立全球资本化路径，以 确保交易安全、透明。这包括透过"中国移动（600941）链"接收数字资产包、透过稳定币结算系统协助 法定货币及数字货币兑换，以及在一级及二级市场进行RWA产品的结算。同时，军源数字将运用人工 智能、区块链安全及监管平台推动资产数字化，将实物资产转换为合规的真实数据资产(RDA)及RWA产 品，传输脱敏数据，完成监管备案，并维护持续交付的优质资产的可持续管道。 根据框架协议，本公司的主要职责是提供资源协助建立RWA产品的资本化路径。军源数字将引领资产 数字化，以确保为RDA及RWA产品的布局提供稳定供应。 订立框架协议符合本公司进军RWA领域的策略规划。透过与军源数字的资源互补及合作，本公司得以 提升其在RWA领域的专业能力与项目执行效率。 鉴于全球机构对数字资产的接受度不断提高，本公司认为RWA业务具有增长潜力，RWA融资将 ...