12月22日，随着全球数字资产市场的波动加剧，Moneta Markets外汇持续关注主流金融机构对加密货币 走势的深度研判。近期，华尔街顶级银行发布的最新报告将比特币未来12个月的基准目标价定为143000 美元，这预示着该资产相较于目前约88000美元的价格水平，仍有约62%的潜在上涨空间。Moneta Markets外汇认为，尽管短期内市场经历了部分回调与震荡，但支撑比特币长期上行的底层逻辑依然稳 固，尤其是传统金融资本的持续介入正在重塑其估值体系。 在对市场节奏的把握上，Moneta Markets外汇表示，新年前后比特币的价格波动区间预计将维持在 80000美元至90000美元之间。分析师特别强调了70000美元这一关键支撑水平的重要性，认为这一位置 不仅是前期价格突破后的心理防御线，更是衡量多头信心的核心指标。根据相关机构的联合研究，第二 季度可能出台的数字资产立法将成为行业发展的里程碑，监管的明确性将显著提升机构投资者对数字资 产的采用率，从而为市场注入更具规模的流动性。 对于未来的走势推演，市场给出了三种不同的预期路径。在基准情景下，受现货ETF资金的持续流入以 及全球传统股市走强带来的溢出效 ...

12月19日，香港特区政府财经事务及库务局（以下简称财库局）副局长陈浩濂，在中国基金报主办 的"2025资本市场香港论坛"上致辞时表示，本次论坛以"科技与资管赋能高质量发展"为主题，与香港作 为国际金融中心的发展方向高度契合。他分享了香港作为国际金融中心的独特优势，以及香港推动金融 行业健康发展的各项举措。 2025资本市场香港论坛为紫荆文化集团主办的首届"香港国际AI艺术节"系列活动之一。本届艺术节 以"预见未来：现实与无界"为主题，致力于打造亚洲首个聚焦技术与艺术深度融合的国际盛事，助力香 港建设国际创新科技中心与中外文化艺术交流中心，吸引了众多海内外顶尖科学家、艺术家、企业代表 及学界领袖参与。 香港金融科技及新股集资额 均居全球榜首 陈浩濂表示："在全球瞬息万变的经济格局中，凭借'一国两制'的制度优势，香港在背靠祖国、联通世 界的独特背景下，已发展成为亚洲领先的国际金融中心。首先，香港拥有可方便地进入内地市场的优 势；其次，香港的核心竞争力还包括与海外主要市场接轨的监管体系，以及简单和低税制等。这些优势 使得香港在《全球金融中心指数》中持续位列全球第三、亚洲第一，并在金融科技领域获评全球榜首， 实力备 ...

Group 1 - Fundstrat's digital asset strategy is led by Sean Farrell, who emphasizes active management and risk rebalancing for clients with a high allocation to crypto assets [1] - The team at Fundstrat consists of multiple analysts, each with independent research frameworks and timelines to cater to different client needs [1] - Tom Lee focuses on institutional investors who allocate only 1%-5% of their funds to BTC and ETH, emphasizing long-term macro trends and structural judgments [1]

The US Securities and Exchange Commission (SEC) has quietly, for those who may not be aware, updated its guidance on how broker-dealers handle cryptocurrencies, making it easier for Wall Street giants like Morgan Stanley and Goldman Sachs to act as custodians. This change redefines what it means to have “control” over your digital assets. The new framework enables banks to demonstrate custody through legal arrangements, rather than direct possession of private keys, a move that has sparked debate and conc ...

Core Viewpoint - The company proposes a rights issue of 5.09 million shares at a subscription price of HKD 0.102 per share, aiming to raise approximately HKD 51.93 million, assuming full subscription and no change in the number of shares issued [1] Group 1: Rights Issue Details - The rights issue is based on a ratio of 5 shares for every 2 shares held as of the record date [1] - The net proceeds from the rights issue are expected to be approximately HKD 49.24 million after deducting all related expenses [1] - The net price per rights share, after deducting related expenses, is estimated to be around HKD 0.0967, assuming full subscription and no change in the number of shares issued [1] Group 2: Use of Proceeds - Approximately 70% (around HKD 34.47 million) of the net proceeds is intended for investment in listed and unlisted securities, particularly in sectors such as artificial intelligence, digital assets, and/or renewable energy [1] - The remaining 30% (approximately HKD 14.77 million) will be allocated for general working capital, including employee costs, professional fees, administrative expenses, and other operating costs [1]

Core Viewpoint - The company proposes a rights issue offering 5.09 million shares at a subscription price of HKD 0.102 per share, aiming to raise approximately HKD 51.93 million, assuming full subscription and no change in the number of shares issued [1] Group 1: Rights Issue Details - The rights issue is based on a ratio of 5 shares for every 2 shares held as of the record date [1] - The net proceeds from the rights issue are expected to be approximately HKD 49.24 million after deducting all related expenses [1] - The net price per rights share, after deducting related expenses, is estimated to be around HKD 0.0967, assuming full subscription and no change in the number of shares issued [1] Group 2: Use of Proceeds - Approximately 70% (around HKD 34.47 million) of the net proceeds is intended for investment in listed and unlisted securities, particularly in sectors such as artificial intelligence, digital assets, and/or new energy [1] - The remaining 30% (approximately HKD 14.77 million) will be allocated for general working capital, including employee costs, professional fees, administrative expenses, and other operating costs [1]

Group 1 - The company proposes a rights issue of five (5) shares for every two (2) shares held at a subscription price of HKD 0.102 per share, aiming to raise a maximum of approximately HKD 51.93 million [1] - The net proceeds from the rights issue, after deducting all related expenses, are expected to be around HKD 49.24 million, assuming full subscription and no change in the number of shares issued prior to the record date [1] - The net price per rights share, after deducting related expenses, will be approximately HKD 0.0967, assuming full subscription and no change in the number of shares [1] Group 2 - The company plans to allocate approximately 70% of the net proceeds to investments in listed and unlisted securities, including but not limited to sectors such as artificial intelligence, digital assets, and/or new energy [1] - About 30% of the net proceeds will be used for general operating expenses, including employee costs, professional fees, administrative expenses, and other operational expenditures [1]

Core Viewpoint - The contrasting regulatory environment in China and Hong Kong creates confusion regarding the digital asset sector, but HashKey's upcoming IPO represents a significant opportunity in the Real World Asset (RWA) space, which is expected to grow into a trillion-dollar market [1]. Group 1: HashKey Overview - HashKey is a licensed virtual asset exchange in Hong Kong, holding multiple financial licenses and expanding from professional investors to retail markets, aligning with Hong Kong's regulatory framework [3]. - The platform aims to bridge traditional finance and Web3, with RWA as its core focus [3]. Group 2: RWA Significance - RWA involves tokenizing traditional assets like stocks and real estate on the blockchain, enhancing liquidity and reducing transaction costs, with a global market potential in the trillions [4]. - HashKey has already launched tokenized securities products in collaboration with Guangfa Securities, exemplifying the feasibility of traditional asset tokenization [4]. Group 3: Hong Kong's Strategic Position - Hong Kong's ambition to become an international virtual asset hub is supported by its unique position to connect mainland China with global markets, contrasting with the more open approaches of Singapore and Dubai [6]. - Licensed platforms like HashKey are expected to facilitate the tokenization of mainland assets and the entry of global RWA assets into China, balancing innovation with regulatory oversight [7]. Group 4: Regulatory Dynamics - The regulatory differences between mainland China and Hong Kong serve a complementary purpose, with mainland regulations focused on risk prevention and Hong Kong fostering innovation as an international financial center [8]. - HashKey's IPO signifies a shift in the digital asset industry towards compliance, securitization, and integration with the real economy, with RWA emerging as a key competitive area [8].

尽管如此，新股发行量仍创下四年新高，共有202家公司上市，共筹集资金440亿美元。整体市场活动更 接近历史水平，但交易量再次受到外国微型股的推动，而少数几家规模巨大的公司也推高了融资额。与 近年来相比，规模较大的发行人表现更为强劲，共有71家公司IPO融资额达到或超过1亿美元，但由于 许多大型风投支持的公司继续推迟上市计划，整体规模仍低于历史平均水平。 医疗用品巨头Medline领衔今年的交易，筹集了63亿美元，创下自2021年以来的最大规模IPO纪录。尽管 如此，IPO名单中也包括几家备受瞩目的独角兽企业，以及科技、金融科技和航空航天领域的公司，这 反映了市场对成长型股票的重新需求。需求激增在夏季达到顶峰，催生了有史以来规模最大的十亿美元 IPO（Figma数据），但秋季市场趋于冷静，备受瞩目的Klarna和StubHub等公司的IPO反响较为温和。 规模超过1亿美元的IPO平均回报率为18%，远超全年IPO整体2%的回报率。 SPAC市场在2025年加速复苏，新发行量较2024年增长超过一倍，这在并购活动萎缩的情况下，对SPAC 这一IPO替代方案来说是一个积极的信号。 IPO指数经历了震荡，最终以5%的 ...

Core Viewpoint - The "Web5 Ecosystem" summit held in Hong Kong highlighted the government's active exploration of legal and regulatory frameworks for tokenized bond issuance and trading, aiming to enhance Hong Kong's position as an international financial center [1] Group 1: Government Initiatives - The Hong Kong government is researching the legal and regulatory framework for tokenized bond issuance and trading [1] - The government aims to optimize institutional arrangements to promote the application of tokenization technology in the bond market [1] - The Financial Secretary's office emphasizes that tokenization can improve the efficiency, transparency, and liquidity of financial products [1] Group 2: Financial Innovations - The Hong Kong Monetary Authority is advancing several digital currency and tokenization projects, including encouraging commercial banks to explore tokenized deposits [1] - There is a focus on facilitating the tokenization of real-world assets (RWA) to inject innovation into the financial market [1] Group 3: Market Outlook - Attendees at the summit believe that with a clearer policy environment and maturing technology, tokenized finance and digital assets are expected to become significant growth engines for Hong Kong's financial market [1] - The developments are anticipated to provide global investors with more diversified investment options [1]