鉴于近年虚拟资产相关业务在香港政府支持下迅速发展，董事会认为，胜利数码科技经获取有关监管批 核后营运虚拟资产交易平台乃符合本集团策略，为客户提供更为多元的服务，创造机会使本集团各业务 线之间产生协同效应，并会为本集团增值。此外，继胜利数码科技获发牌照后，本集团目前已成为少数 取得证监会引入的全面监管制度下虚拟资产生态系统关键环节的市场参与者。董事会预期，虚拟资产业 务分部将会迎来更多业务机遇，能继续扩张，并为本集团开创新的收入来源。 智通财经APP讯，胜利证券(08540)发布公告，本集团旗下一间联营公司胜利数码科技有限公司(胜利数 码科技)已接获证券及期货事务监察委员会(证监会)有关申请证券及期货条例第116条项下进行第一类(证 券交易)及第七类(提供自动化交易服务)受规管活动的牌照(证券及期货条例牌照);及《打击洗钱及恐怖分 子资金筹集条例》(打击洗钱条例)第53ZRK条项下提供有关营运一个虚拟资产(虚拟资产)交易所的虚拟 资产服务的牌照(打击洗钱条例牌照)的正式通知。证券及期货条例牌照及打击洗钱条例牌照已获证监会 批准，惟须遵守证监会施加的若干条件。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 Victory Securities (Holdings) Company Limited 勝利證券（控股）有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8540） 本 公 告 是 由 勝 利 證 券（控 股）有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」） 根據香港聯合交易所有限公司GEM證 券 上 市 規 則（「GEM上市規則」）第17.10(2) (a)條及香港法例第571章《證 券 及 期 貨 條 例》（「證券及期貨條例」）第XIVA部項下 內 幕 消 息 條 文（定 義 見GEM上 市 規 則）作 出。 主 席 高 鵑 本 公 司 董 事（「董 事」）會（「董事會」）謹 此 知 會 本 公 司 股 東 及 潛 在 投 資 者，本 集 團 旗 下 一 間 聯 營 公 司 勝 利 數 碼 科 技 有 限 公 ...

为响应市场对复合型人才及专业人才日益增长的需求，公会去年6月推出了HKICPA会计与商业证书 (CAB)。课程会以QP框架为基础，涵盖专业会计、商业管理及软技能发展。 另外，公会将于今年首季发布香港财务报告准则S2修订版，以反映国际财务报告准则S2的温室气体排 放披露要求相应变更。 罗卓坚表示，第三部分的虚拟资产会计指引目标最快年底推出。他又提到，公会仍需就此与监管机构及 业界沟通，待取得共识后才会推出指引。 另外，公会的专业资格课程(QP)考试已于去年6月开始逐步计算机化，公会将按计划于2027年底将QP考 试虑全面落实计算机化。 智通财经APP获悉，新任香港会计师公会会长罗卓坚表示，公会正在制定指引，让会计业界及商界知道 如何在会计上处理虚拟资产。他透露，公会已发放虚拟资产处理指引的第一部分，有关指引围绕虚拟货 币及稳定币。至于尚未公布的第二部分则与香港金管局的稳定币审计要求有关，公会正与香港金管局就 此作出商讨，预计有关指引将于6个月内面世。 ...

她提到，香港证监会一直以"相同业务、相同风险、相同规则"的原则规管虚拟资产市场发展，新的孖展 融资标与证券一致，能让持有证券或虚拟资产的人能够进行更多交易，提升市场流动性。 至于第二项，她透露，香港证监会将公布框架，让平台提供永续合约(perpetual contracts)，不过只准面 专业投资者。第三项则与造市商有关，将容许虚拟资产交易平台引入做造市商。 智通财经APP获悉，香港证监会行政总裁梁凤仪预告，周三(2月11日)下午将刊发通函，阐述虚拟资产相 关业务的3项新措举，包括容许券商以虚拟资产为孖展融资的抵押品，基于虚拟资产波动性大，初期暂 只准比特币(BTC)及以太币(ETH)。 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The coffee industry remains highly prosperous with brands actively opening new stores, while the tea beverage sector is experiencing slight pressure due to competition and subsidy reductions [3][14] - E-commerce continues to face challenges, with a projected online retail sales growth of 5.2% by 2025, influenced by the domestic consumption environment [3][13] - Music streaming platforms are identified as high-quality internet assets driven by domestic demand, suggesting continued investment interest in subscription services [3][17] - The virtual asset market is under pressure with limited capital inflow and regulatory scrutiny impacting cryptocurrency prices [3][24] - The automotive service market shows a decline in market entries and production value, indicating a need for ongoing monitoring [3][33] - The AI and cloud sectors are seeing increased capital expenditures, but concerns about investment returns and cash flow persist [3][42] Summary by Sections 1.1 Consumer & Internet - Coffee: The industry maintains high prosperity with brands like Luckin Coffee actively expanding, while price competition is easing [3][14] - E-commerce: The sector is under pressure, with a projected online retail sales figure of 130,923 billion yuan by 2025, representing 26.1% of total retail sales [3][13] 1.2 Platform & Technology - Streaming Platforms: The media index fell by 9.24%, with companies like Netflix and Spotify facing challenges [3][17] - Virtual Assets: The global cryptocurrency market capitalization dropped to 22,339 billion dollars, with Bitcoin and Ethereum prices declining significantly [3][24] - Automotive Services: The market is experiencing a decline in entries and production value, with a year-on-year decrease of 6% in market entries [3][33] - AI & Cloud: Increased capital expenditures are noted, but concerns about returns and cash flow remain [3][42]

币圈上演"惊魂一幕"。 据悉，当天Bithumb因操作失误向用户错发了62万个比特币，引发平台的比特币交易价格暴跌，目前韩国监管层已紧急启动审 查程序。 此次乌龙事件是定于当地时间周五19点开启的"随机宝箱"活动，交易所原本打算向参与者支付每人2000至50000韩元的中奖金 额（相当于人民币9.5元至237元），但系统执行时将数字单位从韩元错误替换为比特币。 在加密货币市场全线暴跌之际，韩国加密货币交易所Bithumb错误发放了价值超过440亿美元（约合人民币3053亿元）的比特 币，导致平台币价一度暴跌超17%。根据交易所披露的最新情况，已追回发放比特币中的618212枚，用户抛售的1788枚比特币 中的93%也已收回。 针对此次乌龙事件，韩国金融服务委员会等监管机构周末紧急召开会议，并表示，这一事件"暴露了虚拟资产的脆弱性和风 险"，将对Bithumb及其他加密货币交易所的内部控制系统、资产持有和运营情况展开审查。 市场方面，周五（2月6日），比特币、以太坊等加密货币全线重挫，比特币日内一度触及6万美元关口，创16个月新低。据 CoinGlass数据统计，当天全球超过58万人被爆仓。截至发稿，比特币价格 ...

Investment Rating - The report indicates a "Neutral" investment rating for the industry, expecting a fluctuation range of -5% to 5% compared to the broader market over the next 3-6 months [50]. Core Insights - The coffee and tea beverage sector remains vibrant, with brands actively opening new stores despite seasonal fluctuations. Price competition is expected to ease following the end of promotional pricing by Kudi and rising coffee bean prices [3][11]. - The e-commerce sector continues to face pressure, with projected online retail sales of physical goods reaching 13,092.3 billion yuan in 2025, reflecting a growth of 5.2% and accounting for 26.1% of total retail sales [3]. - Music streaming platforms are highlighted as quality internet assets driven by domestic demand, with a recommendation to focus on subscription platforms due to their profitability potential [3]. - The virtual asset and trading platform sector is experiencing volatility amid macroeconomic uncertainties, with recent developments in U.S. regulatory frameworks impacting market dynamics [3]. - The automotive service sector is expanding, with JD.com opening its first car modification center, indicating growth in the aftermarket segment [3]. - The AI and cloud sector is witnessing advancements in foundational model capabilities, leading to increased application deployment. The report suggests focusing on tech leaders with strong cash flow, such as Google and Microsoft in the U.S., and Tencent and Alibaba in China [3]. Summary by Sections 1.1 Consumer & Internet - The Hang Seng non-essential consumer index showed a cumulative decline of 0.53%, outperforming the Hang Seng index by 2.92 percentage points [8]. - Notable stock performances include Yum China (+1.57%) and Luckin Coffee (-0.15%), with several other brands experiencing declines [8][10]. 1.2 Platform & Technology 1.2.1 Streaming Platforms - The Hang Seng media index fell by 0.98%, underperforming the Hang Seng index by 3.36 percentage points [19]. - Key stock movements included Tencent Music (+3.07%) and Spotify (-2.51%) [19][20]. 1.2.2 Virtual Assets & Trading Platforms - As of January 30, the global cryptocurrency market cap was $296.04 billion, down 4.72%. Bitcoin and Ethereum prices fell by 5.9% and 8.4%, respectively [25][27]. 1.2.3 Automotive Aftermarket - The Hang Seng composite index rose by 1.78%, with Advance Auto Parts (+2.65%) leading the gains [33]. 1.2.4 O2O - The Hang Seng internet technology index declined by 1.16%, with notable stock performances including Beike-W (+5.48%) and Didi Global (-5.04%) [38]. 1.2.5 AI & Cloud - The Nasdaq internet index decreased by 1.45%, with Meta (+8.77%) and Google A (+3.07%) showing positive movements [44].

Group 1 - The nomination of Kevin Warsh as the next Federal Reserve Chairman by President Trump has sparked hawkish expectations, leading to a significant sell-off in the global precious metals market, with silver dropping over 35% and gold nearly 13% [3][5] - The Federal Reserve's policy framework may see a notable shift if Warsh assumes leadership, as Deutsche Bank suggests a unique combination of "rate cuts and balance sheet reduction" could emerge under his guidance [3] - The U.S. Treasury Department reported a projected decline in national fiscal revenue for 2025, with total revenue expected to be 21.6 trillion yuan, a decrease of 1.7% year-on-year [4] Group 2 - The World Trade Organization ruled that U.S. clean energy subsidy measures violate WTO rules in the dispute initiated by China regarding the Inflation Reduction Act [4] - The China-UK economic relationship is set to deepen with the signing of four economic cooperation documents, focusing on "Export to China" initiatives and service trade agreements [4] - The Panama Supreme Court ruled that the contract for the operation of ports along the Panama Canal held by CK Hutchison is invalid, prompting a response from the Chinese government to protect its legitimate rights [4] Group 3 - The China Securities Regulatory Commission (CSRC) is working to enhance the attractiveness and flexibility of refinancing systems to support the capital market's stable growth [6] - The A-share market experienced a decline, with the Shanghai Composite Index falling by 0.96% and significant sell-offs in gold stocks [6] - The CSRC is revising the registration management measures for listed companies to clarify the types of strategic investors and enforce a minimum holding requirement of 5% [6] Group 4 - The regulatory body has issued new guidelines for fund sales and marketing practices, prohibiting collaborations with unqualified internet influencers and requiring the removal of misleading features from fund platforms [7] - The Hong Kong Securities and Futures Commission is addressing issues related to the surge in IPO applications expected in 2025, highlighting deficiencies in the preparation of listing documents [8] - The Shanghai Stock Exchange is monitoring stocks with abnormal fluctuations and has reported several cases of suspected violations to the CSRC [8]

（来源：吴说） 1.Tether 宣布推出 USA₮ 美元稳定币 4.韩国央行行长李昌镛：或考虑允许国内机构发行虚拟资产 韩国央行行长李昌镛在香港出席亚洲金融论坛时表示，鉴于市场压力，当局已允许韩国居民投资海外发 行的虚拟资产；同时，金融监管部门正考虑设立新的注册制度，以容许韩国国内机构发行虚拟资产。李 昌镛称，韩元计价稳定币预计主要用于跨境交易，代币化存款则更可能用于国内支付，但强调稳定币仍 存在较大争议。他担忧韩元稳定币可能被用于规避资金流动管理措施，尤其在与美元稳定币结合使用时 风险更高，若汇率波动引发市场预期，资金可能快速涌入美元稳定币并导致大量资金转移，且非银行机 构参与发行将加大监管难度。 5.江西萍乡经开区某企业服务器遭黑客入侵，被非法控制用于虚拟货币"挖矿" Ray Dalio 文章指出，美国当前处于大周期后期，财政债务、政治社会及国际秩序同时承压；债务不可 持续，可能通过印钱或通胀弱化货币信用；政治两极化严重、规则共识瓦解、贫富差距及冲突叠加；后 期政府可能实施资本管控、冻结储备、限制跨境交易，使资金成政治工具；传统债券吸引力下降，黄金 等自由转移资产受追捧，投资注重抗冻结及封锁风险。 3. ...

消息面上，达沃斯时间1月20日，香港财政司司长陈茂波在世界经济论坛年会上称，香港作为国际金融 中心，采取积极且稳慎的态度发展数字资产，并以"相同活动、相同风险、相同监管"的原则促进市场负 责任及可持续发展。自2023年起，香港已向11家虚拟资产交易台发牌，并预计于今年稍后发出稳定币牌 照。 此前，根据德林控股规划，旗下全资子公司德林证券(香港)正积极推进与证监会认可持牌虚拟资产交易 平台的系统对接与测试工作，预计将于2026年2月全面启动虚拟资产交易服务。近日，德林证券已获证 监会有条件批准提供虚拟资产咨询服务，但须待德林证券接纳其现有第4类(就证券提供意见)受规管活 动牌照的若干条件方可作实。 智通财经APP获悉，德林控股(01709)涨超7%，截至发稿，涨6.77%，报2.05港元，成交额9225.56万港 元。 ...