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 ...

智通财经APP讯，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 ...

Core Viewpoint - Taiwan's legislature is urging the government to audit its Bitcoin holdings and consider the cryptocurrency for strategic reserves, aiming to diversify away from reliance on the US dollar [1][3][4]. Group 1: Legislative Actions and Concerns - Kuomintang legislator Ju-Chun Ko raised concerns about Taiwan's heavy exposure to the US dollar and the increasing relevance of digital currencies during a Legislative Yuan session [3]. - Over 90% of Taiwan's foreign exchange reserves, totaling $602.94 billion as of September 2025, are in US dollars, which lawmakers argue increases risk from currency fluctuations and policy changes [4]. - Ko warned that over-reliance on the US dollar could lead to currency depreciation risks, threatening the purchasing power of reserves and macroeconomic stability [5]. Group 2: Bitcoin Audit and Strategic Use - Ko called for an immediate inventory of all government-held Bitcoin, including assets seized in legal cases, highlighting the potential value of these digital assets [6][7]. - In 2024, Taiwanese prosecutors confiscated approximately $146 million in cryptocurrency, emphasizing the importance of holding these assets for strategic use rather than liquidating them quickly [6][7]. Group 3: Government Response and Global Context - Premier Cho Jung-tai acknowledged the dominance of the US dollar but expressed openness to evaluating emerging digital assets, with a commitment to provide a balanced report on a Bitcoin reserve strategy by the end of 2025 [8]. - Taiwan's exploration of Bitcoin reserves aligns with a global trend, as seen in the US where President Trump signed an executive order for a Strategic Bitcoin Reserve [9]. - Several US states are also advancing Bitcoin reserve laws, including the BITCOIN Act of 2025, which mandates the US Treasury to purchase up to one million Bitcoin over five years [10].

Group 1 - The Hong Kong Special Administrative Region government has successfully priced approximately HKD 10 billion (equivalent to about USD 1.28 billion) in digital green bonds under its sustainable bond program, which includes currencies such as HKD, RMB, USD, and EUR [1] - This issuance marks the third "native digital" bond in Hong Kong for the year 2023, utilizing blockchain technology to enhance flexibility [1] - The issuance lays the groundwork for future integration of other forms of digital currencies, including tokenized central bank currencies [1] Group 2 - Digital assets are gaining increasing attention in Asia, particularly in the context of cryptocurrency-friendly policies [3] - However, the International Organization of Securities Commissions (IOSCO) has issued a report warning that crypto tokens linked to mainstream financial assets like stocks and bonds may pose significant new risks to investors [3] - There remains a substantial divide within the global financial industry regarding the advantages and disadvantages of "tokenization" [3]

Group 1 - The report indicates that Chinese regulatory authorities maintain a cautious stance towards digital assets, but do not impose a ban. The internationalization of the Renminbi and the development of digital assets are areas that regulators wish to explore further, with various pathways including the central bank digital currency (e-CNY) [1] - DBS believes that banks play a crucial role in the digital asset space, contrasting with some investors' concerns that stablecoins may impact banking operations. Instead, banks are deeply involved in digital assets [1] - The report maintains a positive outlook for Hong Kong banks and fintech companies. Short-term catalysts for related fintech companies include the approval of stablecoin licenses in Hong Kong and the introduction of more favorable cryptocurrency policies in the United States [1] Group 2 - The report favors companies with clear stablecoin and digital asset application scenarios, including OSL Group (00863), LianLian Digital (02598), and Linklogis Technology-W (09959). In the banking sector, Bank of China Hong Kong (02388) is expected to benefit from the long-term opportunities of Renminbi tokenization and internationalization [1] - During the Hong Kong Fintech Week, regulation emerged as a frequently mentioned topic in the digital asset forum. The regulatory framework in the digital asset sector is still evolving compared to traditional finance [2] - DBS reiterated "buy" ratings for Bank of China Hong Kong (02388) and OSL Group (00863), with target prices set at HKD 39.4 and HKD 20, respectively [2]

Group 1 - Circle's Q3 revenue exceeded analyst expectations, reaching $740 million, a 65.9% year-over-year increase, with earnings per share at $0.64, surpassing the expected $0.46 [1] - The company's net profit for Q3 was $214.4 million, compared to $71 million in the same period last year [1] - Circle's stablecoin USDC circulation increased over 100% year-over-year, reflecting growing market enthusiasm for stablecoins [1] Group 2 - Despite a cumulative stock price increase of over 200% since its IPO, Circle's stock has fallen more than 60% from its summer peak [2] - Analysts express concerns that a significant portion of Circle's revenue is derived from U.S. Treasury bonds and other interest-bearing instruments, which may be under pressure following the Federal Reserve's interest rate cuts [2] - Circle is actively diversifying its revenue streams by launching new products, including a blockchain-based payment network and tokenized money market funds [2]

据了解，这项战略性投资建基于香港交易所与迅清结算于2025年3月签订的合作备忘录。而迅清结算是 香港金管局旗下公司，负责营运债务工具中央结算系统（CMU）。 南方财经 21世纪经济报道记者 张伟泽 香港报道 11月12日，香港交易所宣布，与迅清结算有限公司（迅清结算）达成协议，投资最多4.55亿港元购入迅 清结算控股新发行的股份。交易完成后，香港交易所与香港金融管理局（香港金管局）旗下外汇基金将 分别持有迅清结算控股的20%及80%股权。 香港特区政府财政司司长陈茂波指出，香港要通过制度创新开辟新的增长曲线。这次双方合作有三大战 略意义，包括提升投资效率和灵活度；释放流动性，促进产品创新，提升香港风险管理中心的功能以及 助力人民币国际化。 陈茂波表示，过去CMU专注于提供债券相关服务，未来将发展成为多元化的资产交收结算平台。这不 仅会加速其商业化发展，更重要的是打破债券和股票之间的传统壁垒，推动跨产品、跨市场、跨领域的 抵押品互通，并围绕相关增值服务进行创新发展。 港交所CEO陈翊庭表示，发展固定收益及货币业务是交易所重点业务战略之一，有关投资展现交易所致 力构建多元资产类别生态圈，有助于市场长远稳健发展，旨 ...

Core Viewpoint - Regulatory discussions dominated the digital asset forum during Hong Kong FinTech Week, highlighting the evolving regulatory framework in the digital asset sector compared to traditional finance [1] Company Analysis - DBS Bank maintains a "Buy" rating for Bank of China Hong Kong (02388) with a target price of HKD 39.4 and for OSL Group (00863) with a target price of HKD 20 [1] - The report emphasizes that Chinese regulators are cautious but not prohibitive regarding digital assets, with a focus on the internationalization of the Renminbi and the development of digital assets, including the central bank digital currency (e-CNY) [1] - The bank plays a crucial role in the digital asset space, countering concerns that stablecoins might disrupt banking operations, as banks are deeply involved in digital assets [1] Industry Outlook - A positive outlook is maintained for Hong Kong banks and fintech companies, with potential catalysts for fintech stock prices in the short term, such as the approval of stablecoin licenses in Hong Kong and favorable cryptocurrency policies in the U.S. [1] - The bank prefers companies with clear stablecoin and digital asset application scenarios, including OSL Group (00863), LianLian Digital (02598), and Linklogis Technology-W (09959) [1] - Bank of China Hong Kong (02388) is expected to benefit from long-term opportunities related to the tokenization and internationalization of the Renminbi [1]

马莱拉表示，"我们认为稳定币获得了大量关注，但对机构客户而言，基于存款的产品提供了一个引人 注目的替代选择，""这些产品能够产生收益。" 包括纽约梅隆银行和汇丰控股在内的其他银行目前正在探索或已经推出存款代币服务。 智通财经APP获悉，摩根大通(JPM.US)已开始向机构客户推出名为JPM Coin的存款代币。此举标志着金 融机构正在持续扩大其在数字资产领域的布局。 该行区块链部门Kinexys全球联席主管纳文·马莱拉在接受采访时表示，这种代币代表客户在摩根大通 ——这家全球最大银行的美元存款，允许用户通过Coinbase旗下的公共区块链 Base 进行收发款。这将 使支付处理时间从数天缩短至秒级，并实现24/7全天候运作，不再受工作日时间限制。 多家企业在联合声明中称，此次正式推出是基于JPM Coin过去几个月的试运行阶段，参与试点的企业 包括万事达、Coinbase和B2C2等。 马莱拉表示，摩根大通计划在后期阶段向客户方的客户开放该代币的使用权限，并计划在获得监管批准 后扩展至其他货币币种。他补充说，该行还计划拓展到其他区块链。 代号为JPMD的JPM Coin试点计划在今年6月首次公布。马莱拉称，摩 ...

Core Insights - JPMorgan Chase has officially launched its USD deposit token, JPM Coin, aimed at utilizing blockchain technology for real-time payment settlements, marking a significant step for traditional finance in the tokenization space [1] - The launch follows the passage of the Genius Act in the U.S., with major firms like Citigroup and PayPal actively testing digital asset payment solutions, indicating a growing acceptance of compliant digital currencies in the market [2] Group 1: JPM Coin Overview - JPM Coin represents clients' dollar deposits at JPMorgan and is now being offered to institutional clients, allowing for near-instantaneous payments through the Base blockchain associated with Coinbase [1][3] - Unlike stablecoins, deposit tokens are a tokenized version of existing bank deposits and can generate interest for holders, making them attractive for institutions with large balances [3] Group 2: Future Plans and Market Context - JPMorgan plans to expand access to JPM Coin to clients' clients and aims to introduce deposit tokens in other currencies, having already registered a code for a Euro deposit token (JPME) [4] - The bank's Kinexys Digital Payments network processes over $3 billion in transactions daily, but this is a small fraction compared to the $10 trillion processed by its payment department, highlighting the competitive landscape as other banks explore or launch deposit token services [4]