Core Viewpoint - The S&P 500 is projected to finish 2026 around $7,500, indicating an 11.5% price upside from the current level of $6,728, along with a dividend yield of over 1% [1] Group 1: Investment Philosophy - The investment philosophy focuses on deep fundamentals, impactful narratives, and Austrian economics [1] - Long-horizon research emphasizes digital assets, macroeconomic factors, and general value opportunities, while short-horizon research targets options and volatility for income generation and hedging [1] Group 2: Market Outlook - The analysis presents a global, long-run macro view as the foundation for investment considerations, suggesting a balanced approach to market conditions [1]

资料显示，环联连讯主要业务是从事销售及分销电讯与数据通讯零部件。业务范畴包括电讯基础设施、 数据中心、物联网与网络连接、商用激光、解决方案与技术支持：提供客户设计、系统集成以及技术分 析支持，帮助客户构建定制化通信模块；公司成立于1990年，拥有超过30年的电讯与数据通信行业经 验，公司客户群包括中美龙头企业。 相对一些规模较小的公司，环联连讯早已涉足AI范畴。最近一个年度公司收益约21.28亿港元，较前年 增长53.8%，纯利达3052万港元，业绩得益于人工智能及数据通信零部件市场需求增长，显示公司业务 规模随着AI扩大，AI发展已进入收成期。 截至12月17日收盘，环联连讯报0.375港元；放眼年内，该股累计上涨90%，表现相当出彩。 综合上市公司公告来看，环联连讯的异动离不开与泰国正大集团谢氏家族重要成员谢展之间的"牵连"。 据悉，此前谢展旗下投资公司Mile Green通过配售入股环联连讯，持股比例达9.3%。从背景来看，谢展 可谓是数字资产界的一大玩家，故其投向身为电讯接驳商的环联连讯，从业务层面上可称作协同。 另一方面看，环联连讯与Mile Green还签订谅解备忘录，拓展实物资产代币化领域，还在 ...

美联储向银行业发布了指南，鼓励金融机构参与"某些创新活动"。这是美国监管机构将新型业务合作纳 入传统金融范畴的又一举措。 周三的这一举动伴随着该机构撤回了此前 2023 年的一项政策声明，该声明曾试图限制某些加密资产活 动的使用。美联储理事迈克尔·巴尔——他此前曾担任负责监管的副主席——对该决定表示反对。 今年以来，美联储在数字资产方面已经采取了一些措施，例如考虑为金融科技和加密公司提供所谓 的"简版(skinny)"主账户。此举可能使相关公司在满足特定限制的前提下，获得梦寐以求的支付渠道访 问权。 其他监管机构也在采取行动接纳加密行业。联邦存款保险公司(FDIC)近期提议了一个框架，概述了贷款 机构如何申请发行支付型稳定币;而货币监理署(OCC)则为希望在加密交易中担任中介的银行提供了指 南。 美联储负责监管的副主席米歇尔·鲍曼在声明中表示："通过为负责任且创新的产品和服务创造路径，理 事会正致力于确保银行业在保持现代化、高效且有效的同时，依然能够稳健运行。" ...

前一日晚间，HashKey已披露配股结果，每股定价6.68港元，全球发售项下共发行2.41亿股股份，每手单位400股。本次募资总额约16.07亿港 元，扣除上市费用后净额约14.79亿港元。 在公开发售阶段，HashKey获393.71倍认购。其中香港发售占10%，国际配售占90%。合共接获约8.86万份有效申请，受理申请数目29791份， 申购一手获配发股份占所申请股份总数的概约百分比为10%。 记者丨黄子潇 编辑丨孙超逸 12月17日，HASHKEY HLDGS （3887.HK)（下称：HashKey）正式在港交所主板上市，摩根大通、国泰君安国际为联席保荐人。 上市首日 表现平淡。 从全日行情来看，HashKey以0.3%高开，开盘阶段多空博弈激烈，在上午9点42分触及日内最高价7.12港元，涨幅6.6%；随后上午10点左右跌 至6.12港元，跌幅达8.4%。随后时间震荡下跌，直至尾盘少许拉升。 截至收盘，HashKey股价收于6.67港元，全天下跌0.15%，全日成交额6.66亿港元，换手率3.58%，振幅14.96%，主力净流出2131万港元。 不 过，其总市值暂时定格为184.44亿港元，超越其竞 ...

Core Insights - AlloyX Group (AXG) has officially joined the Canton Network, a collaborative blockchain network for institutional digital assets involving top global financial institutions and capital market infrastructure providers [1][2] - The integration aims to enhance AXG's capabilities in tokenized services and facilitate seamless cross-institutional collaboration in compliance with regulatory standards [2] Group 1: Company Overview - AlloyX Group operates across traditional finance and digital ecosystems, offering services in digital currency payments, asset tokenization, digital brokerage, wealth management, and on-chain financial infrastructure [3] - The company is focused on integrating traditional brokerage services, banking payment systems, and blockchain technology to provide secure, efficient, and auditable digital financial solutions [3] Group 2: Industry Context - The Canton Network is gaining traction among institutions globally, with notable participants including BNP Paribas, Goldman Sachs, HSBC, Tradeweb, and Broadridge, which are advancing their digital asset and capital market projects [1] - The demand in the industry is shifting from whether assets can be tokenized to how tokenized assets can be collaboratively used by multiple institutions under compliance and privacy controls [2] - The Asian market is becoming a hub for regulated digital asset innovation, with AXG positioned at the forefront of this trend [2]

Core Viewpoint - HashKey Holdings Limited (HASHKEY HLDGS) has been listed on the Hong Kong Stock Exchange, closing at HKD 6.67, with a slight decline of 0.15% on its first trading day [1]. Group 1: IPO Details - The total number of shares offered globally by HashKey was 240,570,000, with 24,057,200 shares available for public offering in Hong Kong and 216,512,800 shares for international offering [2]. - The final offer price was set at HKD 6.68, raising a total of HKD 1,607,007,600, from which HKD 127,766,819 was deducted for estimated listing expenses, resulting in a net amount of HKD 1,479,240,781 [3][4]. Group 2: Use of Proceeds - The company plans to allocate approximately 40% of the proceeds for technology and infrastructure upgrades, another 40% for market expansion and ecosystem partnerships, and 10% each for operational and risk management as well as general corporate purposes [4]. Group 3: Financial Performance - HashKey's revenue for the years 2022, 2023, 2024, and the first half of 2025 were HKD 129.1 million, HKD 207.8 million, HKD 720.7 million, and HKD 284.0 million respectively, while the losses recorded during the same periods were HKD 585.2 million, HKD 580.0 million, HKD 1,189.6 million, and HKD 506.7 million [6][8]. - The total losses from 2022 to the first half of 2025 amounted to HKD 2.861 billion [7]. Group 4: Cash Flow - The net cash used in operating activities for the years 2022, 2023, 2024, and the first half of 2025 were HKD 143.5 million, HKD 273.7 million, HKD 183.3 million, and HKD 266.3 million respectively [9].

消息面上，中国置业投资公布，决议公司计划使用自有资金，于公开市场购买并持有BNB(币安币)及其 他合适的数字资产，作为公司的战略储备资产。公司长期看好数字资产行业的发展前景，并对BNB所 依托的运营主体及其技术研发、生态布局与行业竞争力抱有充分信心，认可其在区块链领域的长期发展 潜力与价值成长空间。 智通财经APP获悉，中国置业投资(00736)盘中涨超15%，截至发稿，涨14.08%，报0.81港元，成交额 559.19万港元。 ...

中国置业投资(00736)盘中涨超15%，截至发稿，涨14.08%，报0.81港元，成交额559.19万港元。 消息面上，中国置业投资公布，决议公司计划使用自有资金，于公开市场购买并持有BNB(币安币)及其 他合适的数字资产，作为公司的战略储备资产。公司长期看好数字资产行业的发展前景，并对BNB所 依托的运营主体及其技术研发、生态布局与行业竞争力抱有充分信心，认可其在区块链领域的长期发展 潜力与价值成长空间。 ...

Core Viewpoint - HashKey Holdings has officially listed on the Hong Kong Stock Exchange, becoming the first publicly traded digital asset company in Asia, marking a new development phase for the company and strengthening its global strategy foundation [1] Group 1: Listing Details - HashKey issued approximately 241 million shares at an offering price of HKD 6.68 per share, raising a net amount of approximately HKD 1.479 billion, which will be used for technology upgrades, infrastructure expansion, and ecosystem partnerships [1] - The public offering was highly successful, with a subscription rate of 393.71 times for the Hong Kong portion and 5.46 times for the international offering, attracting nine cornerstone investors including UBS AM Singapore and Fidelity [1] Group 2: Business Strategy and Growth - Since its establishment in 2018, HashKey has adhered to a development strategy focused on compliance and technology, forming three core business areas: trading facilitation, on-chain services, and asset management [2] - HashKey is recognized as a "carrier-level" participant in the Hong Kong digital asset trading platform, supporting 80 types of digital asset tokens by September 30, 2025, and is projected to be the largest regional onshore platform in Asia by trading volume in 2024 [2] - The company has experienced rapid revenue growth, with revenues of HKD 129 million, HKD 208 million, and HKD 721 million projected for 2022, 2023, and 2024 respectively [2] - With Hong Kong's policy framework promoting the tokenization of physical assets and the development of digital financial infrastructure, HashKey aims for steady growth and continuous innovation within a compliant framework [2]

Core Viewpoint - HashKey HLDGS successfully listed on the Hong Kong Stock Exchange, establishing itself as a leading licensed digital asset platform in Asia, providing trading facilitation, on-chain services, and asset management services [1][17]. Group 1: Company Overview - HashKey operates a comprehensive digital asset ecosystem, offering end-to-end financial infrastructure, technology, and investment management globally [4][19]. - According to Frost & Sullivan, HashKey is the largest regional onshore platform in Asia by trading volume projected for 2024, and also the largest on-chain service provider and digital asset management institution by staked assets [1][4][19]. Group 2: Financial Performance - HashKey's revenue for 2022, 2023, and 2024 was HKD 129 million, HKD 208 million, and HKD 721 million respectively, indicating rapid growth in trading facilitation services [11][26]. - The company recorded a gross profit of HKD 126 million, HKD 195 million, and HKD 533 million for the same years, with gross margins of 97.2%, 94.0%, and 73.9% respectively [27]. - As of August 31, 2025, HashKey had HKD 1.657 billion in cash and cash equivalents, and HKD 592 million in digital assets, with 84% of the digital assets being mainstream tokens [12][27]. Group 3: Trading and Services - HashKey's trading volume surged from HKD 4.2 billion in 2022 to HKD 328 billion in 2023, and further to HKD 638.4 billion in 2024, primarily due to the launch of its Hong Kong digital asset trading platform [28]. - The company supports trading for 80 types of digital asset tokens, including major Layer-1 assets and DeFi tokens, and provides licensed market access with institutional-grade security [5][22]. Group 4: Strategic Initiatives - The company plans to allocate approximately 40% of the IPO proceeds for technology and infrastructure upgrades, another 40% for market expansion and ecosystem partnerships, and 10% for operations and risk management [13][28]. - HashKey has become one of the first approved VATPs to serve both professional and retail investors in Hong Kong, marking a regulatory milestone in the virtual asset market [6][22].