Core Viewpoint - The joint announcement by seven associations in China emphasizes the risks associated with virtual currencies and related activities, urging the public and financial institutions to remain vigilant against illegal activities and scams [1][2]. Group 1: Nature of Virtual Currencies - Virtual currencies are not issued by monetary authorities and do not hold the same legal status as fiat currencies, making them unsuitable for circulation within China [2]. - Certain virtual currencies, such as π coin, lack substantial technological innovation and clear commercial applications, leading to significant fraud and market manipulation risks [2]. - Stablecoins currently do not meet customer identification and anti-money laundering requirements, posing risks of being used for money laundering and fraudulent fundraising [2]. - The tokenization of real-world assets carries multiple risks, including false asset risks and speculative trading risks, with no approval from Chinese financial authorities for such activities [2]. Group 2: Prohibitions on Financial Institutions - Financial institutions are prohibited from engaging in activities related to the issuance and trading of virtual currencies and real-world asset tokens within China [4]. - Banks and payment institutions must not provide any form of financial services or credit support to virtual currency mining projects [4]. - Securities, fund, and futures institutions are also barred from offering services related to virtual currencies and real-world asset tokens [4]. - Internet platform companies must refrain from marketing or providing technical services for virtual currency-related activities and should ensure compliance in information dissemination [4]. Group 3: Public Awareness and Caution - The public is urged to be highly alert to various forms of virtual currency and real-world asset token activities, which are often associated with speculation and fraud [5]. - Individuals should enhance their risk awareness and avoid participating in virtual currency-related activities, including illegal fundraising under the guise of mining [5]. - It is advised to report any suspicious activities related to virtual currencies to regulatory authorities and law enforcement [5].

作者 | 周智宇 编辑 | 张晓玲 一周前，佳兆业集团主席郭英成罕见地出现在了一场地产项目的发布会上。自2024年为解决佳兆业债务 问题回深圳后，这位常年在香港的地产大佬鲜有公开现身，少数的几次露面也都是文体、科技类活动 上。 作为佳兆业曾经的核心资产储备，东角头地块如今以"中信·信悦湾"的案名入市，被郭英成视为"钻石宝 地"。如今宝地上市，郭英成出席上市活动，也向外传递出佳兆业正走向正轨的信号。 就在一周后，12月2日，佳兆业发布公告，提议按每股0.5港元的价格发行新股，用以支付2025年12月至 2026年12月期间的六笔美元票据利息，涉及金额约1.2亿美元。 从财务逻辑来看，这是一项旨在保全现金流的举措。若该方案获批，佳兆业将以股本扩张的方式替代现 金支出，预计减少约9.33亿港元的现金流出。 在化解债务的同时，佳兆业的经营重心回归到了项目交付与资产盘活上。 数据显示，2021年至今，佳兆业累计交付了约12万套房源，体现了其在"保交付"层面的执行力。但在销 售端，如何加速去化以实现现金流回正，仍是企业面临的主要挑战。 目前，佳兆业在核心项目的盘活上采取了务实的合作模式。以此次发布的"中信·信悦湾"为例， ...

U.S. private payrolls unexpectedly declined in November, but new industry data shows crypto hiring soaring. This raises fresh questions about whether clearer regulation could keep more high-skill digital-asset jobs inside the country rather than overseas. Related: Treasury Secretary Bessent reveals plan to tackle soaring $38T debt Labor market softens under tariffs, AI and shrinking private hiring According to the Labor Department’s Bureau of Labor Statistics, U.S. private payrolls fell by 32,000 in Nov ...

Core Insights - The article discusses the significance of Real World Asset Tokenization (RWA) in enhancing the efficiency, transparency, and accessibility of asset circulation in the digital economy, facilitated by blockchain technology [1]. Group 1: Definition and Mechanism - Real World Assets (RWA) are defined as physical assets with clear economic value, typically held or managed by legal entities, including real estate, company equity, bonds, and intellectual property [3]. - Tokenization refers to the process of representing ownership or rights to these assets in the form of digital tokens using blockchain technology, which operates on public or consortium blockchains through smart contracts [3]. Group 2: Blockchain's Core Capabilities in RWA - **Asset Digitization and Verification**: Blockchain enables the recording of asset-related information on an immutable distributed ledger, ensuring ownership verification and transparency [6]. - **Increased Liquidity and Trading Efficiency**: Tokenization allows assets to be divided into smaller units, enhancing liquidity and enabling broader participation in investments [8][9]. - **Reduced Transaction Costs and Intermediary Dependence**: Blockchain minimizes reliance on intermediaries by automating transactions through smart contracts, thus lowering costs and streamlining processes [10][11]. - **Global Accessibility and 24/7 Market**: Tokenized assets can be traded globally without time constraints, expanding the audience and trading hours for traditional assets [12]. - **Transparency and Traceability**: All token transactions are recorded on the blockchain, allowing for verification of asset history and enhancing trust [13]. Group 3: Typical Applications of RWA Tokenization - **Real Estate Tokenization**: Commercial properties can be tokenized into multiple shares for global investors, allowing for rental income participation [15]. - **Bonds and Fixed Income Products**: Tokenization can improve issuance efficiency and reduce financing costs for traditional bonds [15]. - **Supply Chain Finance and Receivables**: Companies can tokenize receivables for quicker financing and improved cash flow [15]. - **Art and Collectibles**: High-value artworks can be tokenized as NFTs, facilitating ownership division and liquidity [15]. - **Infrastructure and Public Assets**: Tokenization can attract social capital for public assets like toll roads and utility revenue rights [15]. Group 4: Future Outlook - The growth of RWA is attributed to the maturation of blockchain technology, the demand from traditional finance, and the development of regulatory frameworks [17]. - Challenges remain in technology (e.g., oracle security, cross-chain liquidity), regulation (e.g., varying global standards), and market integrity (e.g., preventing fraudulent RWA projects) [17].

Report Industry Investment Rating The provided content does not mention the report industry investment rating. Core View As blockchain technology integrates deeply with the traditional financial system, tokenization of Real-World Assets (RWA) has become a key path to connect "on-chain value" and "offline entities." RWA bonds, with "real - asset credit anchoring" and "blockchain technology empowerment," are reshaping the operation logic of the traditional debt - financing market. The report comprehensively analyzes RWA bonds, including their definition, operation mechanism, comparison with traditional bonds and ABS, global policy and regulatory frameworks, typical cases, and investor participation paths [12]. Summary by Related Catalogs RWA Bond Core Definition - Concept: RWA bonds tokenize the creditor's rights of real - world assets with stable cash flows into standardized debt - financing tools using blockchain technology. They have "dual - anchoring" features, anchoring both the underlying asset's cash flow and the smart - contract - defined distribution rules, and are classified as "security tokens" subject to securities regulations [13][14]. - Underlying Asset Types: They include financial assets (e.g., accounts receivable, corporate loans, and national debts), physical assets (e.g., real estate, infrastructure, charging piles, and photovoltaic power stations), and equity assets (e.g., carbon emission rights, intellectual property rights, and art revenue rights) [15][16]. RWA Bond Operation Mechanism - Asset Confirmation and Pooling: Non - standardized assets use a consortium chain for multi - node verification to generate "on - chain ownership certificates" and then package them into an asset pool. Standardized financial assets are confirmed through a licensed custodian and directly mapped on - chain [19][21]. - Chain Mapping and Token Generation: Non - standardized assets need to disassemble and map rights and interests, and then issue tokens according to a special standard. Standardized financial assets are directly mapped and use a general - purpose token standard [22][25]. - Trading, Circulation, and Settlement: Non - standardized assets can be traded on compliant centralized or decentralized exchanges, and the settlement is completed through smart contracts. Standardized financial assets are traded on high - frequency platforms, and the settlement is also fast, with a T + 0 arrival [26][30]. - Income Distribution and Asset Monitoring: For non - standardized assets, IoT and oracles are used to collect data and distribute income automatically. For standardized financial assets, the income distribution is more simplified, and the asset monitoring focuses on price and ownership risks [31][34]. Comparison with Traditional Bonds and ABS - Compared with ABS: RWA bonds are more efficient and intelligent, with an automated operation mode, 7×24 - hour second - level settlement, full - chain real - time transparency, and a lower investment threshold [2][38]. - Asset Feature Comparison: RWA bonds have a wider range of underlying assets, a more advanced technological foundation, and higher information transparency than traditional bonds and ABS. However, traditional bonds have a more mature regulatory system, and ABS has a more established approval process [44][45]. Global RWA Bond Policy and Regulatory Framework - US: It has evolved from technology exploration to institutional dominance. The CLARITY Act provides a dynamic regulatory framework, and technological upgrades and institutional capital inflows have driven market growth [48][50]. - Europe: It has moved from infrastructure pilots to a unified MiCA framework. MiCA clarifies the legal attributes of RWA tokens and provides a unified license, while technological improvements meet institutional requirements [51][54]. - China: It features a dual - track approach of cautious pilot projects in regions excluding Hong Kong, Macao, and Taiwan, and international linkage in Hong Kong. Through rule recognition, asset interconnection, and technological interconnection, a unique RWA ecosystem is being built [55][59]. RWA Typical Cases - Shenzhen Futian RWA Digital Bond: Issued in 2025 with a scale of 500 million yuan and a coupon rate of 2.62%, it is the world's first public - offering RWA bond, listed on both the Macau Exchange and the Shenzhen Stock Exchange, with underlying assets of charging piles and office building revenue rights [3][60]. - Langxin Group Charging Pile RWA: In 2024, it was a Hong Kong sandbox project with a scale of 100 million yuan, anchoring the revenue rights of over 9000 charging piles, and was the first domestic new - energy RWA [3][63]. - GCL New Energy Photovoltaic Power Station RWA: In 2024, it issued 200 million digital tokens corresponding to the revenue rights of an 82MW photovoltaic power station, bundling carbon - reduction benefits, and using a "two - chain and one - bridge" architecture [3][64]. RWA Bond Investor Participation Path and Threshold - Primary Market Subscription: Institutions in regions excluding Hong Kong, Macao, and Taiwan can directly connect with overseas licensed underwriters or indirectly subscribe through domestic QDII products [68]. - Secondary Market Trading: They can trade through the Hong Kong MOX, the Shenzhen Stock Exchange Cross - border Connect, or licensed digital exchanges, with different risk - level bond trading requirements [69][70].

Core Viewpoint - Kaisa Capital (00936) has officially initiated a strategic transformation, leveraging shareholder resources, its own industry and regional advantages, and technological accumulation in the Web3.0 field to explore digital financial innovation within a compliant regulatory environment starting from Hong Kong [1] Group 1: Strategic Transformation - The company aims to explore digital financial innovation by utilizing its resources and technological advantages in the Web3.0 sector [1] - A partnership has been established with a licensed virtual asset trading platform approved by the Hong Kong Securities and Futures Commission to promote the tokenization of real-world assets (RWA) under Hong Kong's compliance framework [1] Group 2: Future Directions - The company will continue to drive innovation and resource integration in the fields of fintech, digital finance, and Web3.0, creating long-term value that aligns with the trends of the new era [1]

Core Viewpoint - Yunfeng Financial (00376) has seen its stock price increase by over 12%, achieving a doubling in value within the month, with a current price of 6.79 HKD and a trading volume of 217 million HKD [1] Group 1: Company Developments - On September 9, Yunfeng Financial announced that its wholly-owned subsidiary, Yunfeng Securities, received approval from the Hong Kong Securities and Futures Commission on September 8 to upgrade its existing Type 1 (Securities Trading) regulated activity license [1] - Following the upgrade, Yunfeng Securities will be able to provide virtual asset trading services for both retail and professional investors, allowing clients to trade digital assets directly on Yunfeng Financial's trading platform [1] Group 2: Strategic Partnerships and Investments - In early September, Yunfeng Financial announced a strategic partnership with Ant Digital Technology to jointly explore tokenization of real-world assets (RWA) and Web3 through the next-generation Layer 1 blockchain platform, Pharos [1] - The company’s board has approved the purchase of ETH in the open market as a reserve asset, with a total acquisition of 10,000 ETH at an investment amount of 44 million USD, fully funded by the company's internal cash reserves [1]

Core Viewpoint - Yunfeng Financial (00376) has seen its stock price double within the month, with a recent increase of over 12% [1] Group 1: Stock Performance - As of the latest update, Yunfeng Financial's stock price is reported at 6.79 HKD, with a trading volume of 217 million HKD [1] - The stock has experienced a 10.77% increase at the time of reporting [1] Group 2: Regulatory Approval - On September 9, Yunfeng Financial announced that its wholly-owned subsidiary, Yunfeng Securities, received approval from the Hong Kong Securities and Futures Commission on September 8 [1] - The approval allows Yunfeng Securities to upgrade its existing license for regulated activities in securities trading, enabling it to offer virtual asset trading services to retail and professional investors [1] Group 3: Strategic Partnerships and Investments - In early September, Yunfeng Financial announced a strategic partnership with Ant Digital Technology to explore tokenization of real-world assets (RWA) and Web3 through the new Layer1 blockchain platform, Pharos [1] - The company’s board has approved the purchase of ETH as a reserve asset, with a total acquisition of 10,000 ETH at an investment amount of 44 million USD, funded entirely from internal cash reserves [1]

Core Viewpoint - The company has approved the purchase of ETH as a reserve asset, reflecting its strategic positioning in the Web3 sector and enhancing its financial and technological integration with clients [1] Group 1: Investment Details - The company has cumulatively purchased 10,000 ETH in the open market, with a total investment cost of 44 million USD, including fees and expenses [1] - The funding for this purchase comes from the company's internal cash reserves, and the acquired ETH will be classified as investment assets in the financial statements [1] Group 2: Strategic Implications - The board believes that incorporating ETH into the company's strategic reserve aligns with its initiatives in cutting-edge fields like Web3 and supports the tokenization of real-world assets (RWA) [1] - This move is expected to drive technological innovation in the Web3 domain, enhancing customer service experience and financial autonomy [1] Group 3: Future Exploration - The company plans to explore potential applications of ETH within its insurance business and innovative business scenarios compatible with Web3 [1] - By utilizing ETH as a reserve asset, the company aims to optimize its asset structure and reduce reliance on traditional currencies [1]

Core Insights - The company achieved its first overall net profit after years of continuous losses, with a net profit of 2.41 million HKD for the six months ending June 30, 2025, despite a 43.5% decline in revenue to approximately 291 million HKD [1] - The improvement in profitability is attributed to cost control and business optimization, particularly in the digital marketing segment [1] - The company's strategic transformation towards Web4.0 is expected to inject strong growth momentum and provide long-term value for shareholders and investors [1] Financial Performance - For the first half of 2024, the company reported a net loss of approximately 31.66 million HKD, and for the entire year, the net loss was about 85 million HKD; in 2023, the total net loss reached around 120 million HKD [1] - The gross profit margin significantly increased to 21.3% during the reporting period [1] Strategic Transformation - The company is focusing on a Web4.0 transformation strategy, emphasizing the integration of AI digital human technology and the tokenization of real-world assets (RWA) [2] - The transformation will target three key areas: education, gaming, and health, promoting data standardization, asset digital expression, and global value collaboration [2] - The concept of "mirror value" is introduced, where AI-enabled digital humans become dynamic entities with economic output capabilities, marking a fundamental shift in digital asset paradigms [2] Capital Operations - The company raised approximately 12 million HKD through a share subscription in the first half of the year, primarily for the development of digital marketing hardware and software [2] - A new round of share subscription in July is expected to further enhance the company's financial flexibility [2] Industry Developments - The establishment of the "Hong Kong Digital Asset Listed Companies Association" on August 27, which includes representatives from digital asset listed companies and licensed financial institutions, indicates a growing focus on digital assets in the region [3] - The company's chairman, Shi Qi, was appointed as the vice president of the newly formed association [3]