Major Events - Zhonghui Biotech-B (02627) received 4007.64 times subscription for its public offering in Hong Kong, with a share price of HKD 12.9 [1] - Boan Biotech (06955) received approval for its Dulatide Injection Bo You Ping® to be marketed in China [1] - Huajian Medical (01931) signed a global strategic cooperation framework agreement with HashKey Group, a leading digital asset financial services group [1] - International Commercial Settlement (00147) plans to establish a joint venture to engage in cryptocurrency-related businesses [1] - Binhai Service (03316) intends to establish a strategic partnership with Yupan Intelligent in AI development and robotics applications [1] - Banan Group (01263) proposed to change its secondary listing status on the Singapore Exchange to a primary listing [1] - Pulin Chengshan (01809) resumed production at its tire manufacturing base in Thailand [1] Financial Performance - Fuzhikang Group (02038) reported a mid-term profit attributable to shareholders of USD 6.165 million, turning from loss to profit [1] - HKT (00215) reported a mid-term profit attributable to shareholders of HKD 6 million, also turning from loss to profit [1] - Reshaping Energy (02570) reported a mid-term loss of HKD 333 million, a decrease of 28.66% year-on-year [1] - China Heart-to-Heart Fertilizer (01866) reported a mid-term profit attributable to the parent company of approximately HKD 599 million, a decrease of 12.77% year-on-year [1] - Tongchen Group (00258) issued a profit warning, expecting a significant increase in mid-term after-tax comprehensive profit by approximately 6 to 7 times [1] - Greentown China (03900) issued a profit warning, expecting a 90% decrease in mid-term profit attributable to shareholders [1] - Shougang Resources (00639) issued a profit warning, expecting a 52% to 50% decrease in comprehensive profit attributable to shareholders for the first half of the year [1] - Maoyan Entertainment (01896) expects a year-on-year revenue increase of approximately 10.6% to 15.2%, reaching HKD 2.4 billion to 2.5 billion [1] - Sunshine Paper (02002) issued a profit warning, expecting a 55% to 65% decrease in mid-term profit attributable to shareholders [1] - Sunny Optical Technology (02382) reported July mobile lens shipments of approximately 98.565 million units, a 3.7% increase month-on-month but a 14.6% decrease year-on-year [1] - Longfor Group (00960) achieved a total contract sales amount of RMB 41.01 billion in the first seven months [1] - New天绿色能源 (00956) completed a power generation volume of approximately 9.0944 million MWh in the first seven months, an increase of 9.57% year-on-year [1] - GAC Group (02238) reported July automobile sales of 119,500 units, a year-on-year decrease of 15.38% [1] - Shimao Group (00813) achieved a total contract sales amount of approximately RMB 15.51 billion in the first seven months [1]

Group 1 - Greentown China (03900.HK) expects a decline of approximately 90% in the interim profit attributable to shareholders for the first half of 2025 compared to RMB 2.045 billion in the same period of 2024 [1] - The decline is primarily due to uneven delivery schedules in 2025, resulting in a year-on-year decrease in recognized area and revenue for the first half of the year [1] - The company continues to actively promote inventory reduction and will recognize related asset impairment losses for the interim period of 2025, further impacting shareholder profit [1] Group 2 - The group has optimized its debt structure, reducing short-term liabilities to below 20%, achieving a historical low [1] - Cash reserves are robust, with a cash-to-short-term debt ratio exceeding 2.5 times, marking a historical high, indicating overall operational safety and stability [1]

Group 1 - The article discusses the evolving landscape of the global cryptocurrency market, influenced by the U.S. government's policy shifts under the Trump administration and the implementation of the EU's MiCA regulation, highlighting the need for a reassessment of the balance between value and security in cryptocurrency regulation [2][3]. - The concept of cryptocurrency has evolved since the release of the Bitcoin white paper in 2008, with a focus on its payment functionality and the emergence of different paths for development, including account-based and token-based systems [4]. - The article defines cryptocurrency in a narrow sense, including four categories: 1) cryptocurrencies like Bitcoin for asset storage, 2) stablecoins like USDT and USDC for payments, 3) cryptocurrencies like Ethereum and Solana for DeFi innovations, and 4) security token offerings (STOs) and real-world asset tokenization [5]. Group 2 - The article outlines the motivations behind the evolution of U.S. cryptocurrency policy, including the economic interests of the Trump family, which have grown significantly with their involvement in various NFT projects and the launch of a stablecoin [8][9]. - The support from the cryptocurrency community for Trump's election campaign is highlighted, with over $245 million raised for pro-cryptocurrency political action committees in the 2024 election cycle, indicating a strategic move to attract younger voters [9]. - The article contrasts the regulatory philosophies of the Republican and Democratic parties, noting that the Republican approach aligns more closely with the decentralized nature of cryptocurrencies, advocating for reduced regulation [9][10]. Group 3 - The dominance of fiat-backed stablecoins, particularly those pegged to the U.S. dollar, is emphasized, with a total supply of stablecoins reaching $234.9 billion as of May 2025, and the processing volume of stablecoin transactions projected to reach $14 trillion in 2024 [10]. - The cryptocurrency industry has become a significant revenue source for the U.S. government, with SEC enforcement fines reaching $4.7 billion in 2024, a dramatic increase from $150.3 million in the previous fiscal year [10]. - The article discusses Trump's vision of making the U.S. a "global cryptocurrency hub," aiming to attract capital and enhance economic vitality while addressing government debt and reinforcing the dollar's status [10].

Group 1 - The market is positively influenced by the expectation of 401K investments in cryptocurrencies, which could reshape the market capitalization of BTC and ETH with a potential 10% allocation from the nearly $9 trillion 401K market [1] - Currently, the proposal is only from Trump, limited to compliant ETFs, but the long-term holding nature of 401K could help cryptocurrencies evolve from high volatility to value storage tools [1] Group 2 - In the past 24 hours, a total of 113,875 individuals were liquidated, with a total liquidation amount of $390 million, including $91.9 million from long positions and $298 million from short positions [5] - BTC has cleared liquidity from the past three days, but a significant amount of short liquidity remains unliquidated, indicating a liquidity vacuum that could lead to either a direct breakthrough or a corrective phase [6] - BTC is currently consolidating around the 116,900 level, with support at 115,000 and 112,000, and a key resistance level at 119,200 [8] Group 3 - ETH is approaching a high liquidation zone, and if it continues to rise, it could trigger a short liquidation event at the $4,000 mark [9] - Current support levels for ETH are at 3,725 and 3,605, with resistance at 4,100, and a key point to watch is 3,892 [10][12] Group 4 - The current strategy for trading is consistent with previous days, with a focus on potential buying opportunities in quality altcoins that have dropped to yearly lows [14] - The altcoin market has shown resilience, returning to high levels driven by ETH, indicating a continued window of opportunity for altcoins [14] - Specific altcoins like $MASK, $TOKABU, and $HOUSE are highlighted for their potential, with varying strategies for trading [14][15]

Group 1 - TRON made its debut on the Nasdaq on July 24, 2025, marking a significant shift in its asset allocation strategy, with TRX becoming a key reserve asset for the company [1] - The partnership with Kripton aims to accelerate the adoption of USDT stablecoin in South America, integrating over 2,000 merchants into the USDT payment network [3] - TRON's DPoS consensus mechanism allows for an average processing speed of 2,500 transactions per day, significantly improving cross-border payment efficiency [3] Group 2 - Argentina's high inflation rate, projected at 27% for 2025, creates a practical application scenario for stablecoins, as traditional financial systems struggle with currency volatility [5] - The USDT, combined with TRON's low transaction fees, offers an innovative solution to mitigate value loss in cross-border transactions [6] - The "Digital Dollar Inclusive Program" is reshaping financial infrastructure in Latin America, providing interest-free microloans to workers for purchasing productive assets [6] Group 3 - TRON's integration with Argentina's public transportation system allows users to recharge their SUBE cards directly with TRC20-USDT, showcasing the transition of crypto assets from financial tools to essential services [7] - The ongoing developments in TRON's ecosystem, from olive oil traceability to microloans and smart contract automation, signify a revolution in financial infrastructure [9]

Core Viewpoint - The Chairman of the U.S. Securities and Exchange Commission (SEC) stated that most crypto assets are not considered securities and has instructed the commission's staff to develop guidelines to determine when crypto assets qualify as securities [1] Group 1 - The SEC is taking steps to clarify the classification of crypto assets, indicating a potential shift in regulatory approach [1] - The development of guidelines aims to provide clearer definitions and criteria for crypto assets, which could impact the market significantly [1]

美国证交会主席：已要求工作人员为被认定为证券的加密资产提议披露要求和豁免规定，同时已要求工 作人员与那些寻求发行代币化证券的公司展开合作。 ...

Core Viewpoint - Oriental Harbor Investment Fund, led by Dan Bin, has revealed its latest adjustments in U.S. stock holdings for Q2, showing a significant increase in total market value and a focus on AI and cryptocurrency sectors [1][2][3]. Group 1: Holdings Overview - As of the end of Q2, Oriental Harbor held 13 U.S. stocks with a total market value of $1.126 billion, up from approximately $868 million at the end of Q1 [2]. - New purchases in Q2 included Tesla, Netflix, and Coinbase, with Tesla being bought at 198,300 shares valued at $63.01 million and Netflix at 42,800 shares valued at $57.23 million [4][5]. - Coinbase, the largest cryptocurrency exchange in the U.S., was newly added to the portfolio with a holding value of approximately $54.7 million [5]. Group 2: Major Holdings and Adjustments - Nvidia remains the largest holding, slightly reduced by 110,000 shares, with a market value of $200 million, while Google has been increased to the second-largest holding with a market value of $163 million [5][6]. - There were reductions in holdings of Apple, Amazon, Microsoft, and Meta [6]. Group 3: Investment Strategy - The investment strategy shows three main characteristics: a focus on the AI industry, the use of leveraged tools to bet on market growth, and a significant allocation to derivative funds [7][10]. - The fund has invested in leveraged ETNs, including $129 million in a three-times leveraged FANG+ index ETN, which carries high risk due to its nature of daily adjustment [10][11]. - Despite a significant recovery in fund performance, the aggressive strategy has raised market skepticism, especially after a notable drawdown earlier in the year [8][13].

Core Insights - The article discusses the potential for internet brokers to expand their services in cryptocurrency trading, leveraging retail customer flow to provide liquidity to exchanges [1][3] - Regulatory frameworks in various countries are evolving, allowing brokers to legally offer cryptocurrency trading services [2] Group 1: Cryptocurrency Trading Landscape - Cryptocurrency trading is primarily led by hedge funds and retail investors, with 69% of Bitcoin held by individuals as of Q2 2025, while institutional investors account for approximately 80% of trading volume [1] - Major centralized exchanges like Binance and MEXC dominate the market, accounting for about 50% of global trading volume [1] Group 2: Regulatory Developments - The EU introduced the MiCA regulation in June 2023, enabling securities firms to register as crypto asset service providers (CASP) [2] - The U.S. House of Representatives passed a cryptocurrency bill in July 2025, allowing brokers to register with the CFTC as digital commodity exchanges (DCE) and engage in various trading activities [2] - Hong Kong's SFC proposed the A-S-P-I-RE roadmap, allowing securities firms to apply for licenses to operate digital asset trading platforms [2] - Singapore's new regulations require digital token service providers (DTSP) to register for conducting digital token services [2] Group 3: Internet Brokers' Business Models - Internet brokers are capitalizing on their retail customer flow to provide liquidity to exchanges, with Robinhood utilizing a Payment for Order Flow (PFOF) model to package and sell customer orders to market makers [3] - This model allows brokers to offer commission-free trading while generating revenue from the spread [3] - The PFOF model also facilitates the retention of customer assets within brokerage accounts, enabling the expansion of business scenarios such as crypto asset staking and self-custody wallets [3]

Core Viewpoint - Zhiyun International Holdings (08521) announced a subscription agreement to issue 63 million shares at a subscription price of HKD 0.760 per share, representing a discount of approximately 16.48% compared to the closing price of HKD 0.91 on the date of the agreement [1] Fund Utilization - The net proceeds of approximately HKD 47.62 million from the subscription will be utilized as follows: (i) up to 10% for supplementing the group's working capital; and (ii) 90% or more for establishing a cryptocurrency inventory, particularly in Bitcoin and Bitcoin-related instruments [1]