Market Overview - Silver opened at $40.843 on September 3, reached a high of $41.461, a low of $40.622, and closed at $41.1260. On September 4, silver opened at $41.270, peaked at $41.382, dipped to $40.957, and closed at $41.010 [1]. Key Economic Data - U.S. July JOLTs job openings were reported at 718.1 thousand, lower than the expected 737.8 thousand and previous 743.7 thousand [2]. - U.S. July factory orders decreased by 1.3%, slightly better than the expected decline of 1.4% and a previous drop of 4.8% [2]. - U.S. August ISM Manufacturing PMI was 48.7, below the expected 49 and previous 48 [2]. - U.S. August Consumer Confidence Index was reported at 97.4, exceeding the expected 96.2 and revised previous value of 98.7 [2]. - U.S. July Core PCE Price Index year-on-year was 2.9%, matching expectations and slightly above the previous 2.8% [2]. Federal Reserve Policies and Events - Federal Reserve officials expressed differing views on interest rate cuts, with some suggesting potential cuts depending on economic data [2]. - The Federal Reserve will hold a payment innovation meeting on October 21 to discuss stablecoins, AI, and tokenization [2]. Precious Metals Market Dynamics - The largest gold ETF, SPDR Gold Trust, saw a decrease in holdings by 6.3 tons, bringing the total to 984.26 tons [2]. - The largest silver ETF, iShares Silver Trust, reported a reduction of 85.08 tons in holdings, now totaling 15,281.4 tons [2]. Technical Analysis - The silver price is currently in an upward trend, with potential targets set at $41.03, $42.00, and $43.56 based on recent price movements [5]. - The analysis indicates that as long as silver does not fall below the 60-minute moving average, there is an expectation for continued upward movement [5]. Trading Strategies - Aggressive traders are advised to short between $40.90 and $41.30, while conservative traders may consider shorting between $42.80 and $43.16, with a stop loss of $0.35 [6]. - For long positions, aggressive traders may enter between $40.15 and $39.70, with strict stop losses, while conservative traders may look to enter between $39.70 and $39.50 [7].

Group 1 - The Ministry of Commerce has decided to apply the current anti-dumping tax rates on imports of non-dispersion single-mode optical fibers from the U.S. to related cutoff wavelength single-mode optical fibers starting September 4, 2025. The anti-dumping tax rates are as follows: Corning Inc. at 37.9%, OFS-Fitel LLC at 33.3%, and Draka Communications USA at 78.2%, with other U.S. companies also at 78.2% [1] - The Ministry of Finance and the People's Bank of China held a meeting to emphasize the collaboration between fiscal and monetary policies, aiming to ensure the smooth development of the bond market and the effective implementation of these policies [2] - FTSE Russell announced changes to the FTSE China 50 Index, effective after the market close on September 19, which includes the addition of companies such as BeiGene, Neway, WuXi AppTec, and Zhongji Xuchuang, while removing China National Nuclear Power, China Unicom, Guodian NARI, and Wanhua Chemical [3] Group 2 - Several paper manufacturers, including Nine Dragons Paper, Shanying International, Lee & Man Paper, and Wuzhou Special Paper, have implemented a dual strategy of price increases and production halts as the traditional peak season approaches [4] - Wenzhou has officially established an artificial intelligence bureau, marking the first such bureau in Zhejiang Province [5] - Zhongcheng Co. plans to issue shares to acquire 100% of Jiangsu Qingneng and raise matching funds, while Botek announced a contract for approximately €9.465 million for fully automated silicon photonic packaging equipment [6] Group 3 - Tianpu Co. has been suspended for review due to multiple instances of unusual stock trading since August 22, while Yuanjie Technology warned that its sales revenue in the data center market may be significantly impacted if market development does not meet expectations [7] - Dongxin Co. reported that Lishuan Technology has begun sample deliveries to some clients and is continuously optimizing its products [8] - A subsidiary of Aishida, Qianjiang Robotics, has secured an order for 1,888 intelligent welding robots from Honglu Steel Structure [9] Group 4 - U.S. stock indices closed mixed, with the Dow Jones down 0.05%, the S&P 500 up 0.51%, and the Nasdaq Composite up 1.02%. The Nasdaq Golden Dragon China Index fell 0.19% [10] - The Federal Reserve will hold a "Payment Innovation" conference on October 21 to discuss stablecoins, artificial intelligence, and tokenization [11] - A Goldman Sachs executive noted that investor sentiment has significantly improved, indicating further upside potential for the Chinese stock market [12] Group 5 - Apple is reportedly set to launch an AI search feature in Siri next year to compete with OpenAI, and has reached an agreement with Google to evaluate the GEMINI model for the new version of Siri [13] - OpenAI is said to have increased the scale of its second stock sale to $10.3 billion, raising over $4 billion, with a valuation reaching $500 billion [14] Group 6 - Reports indicate that OPEC+ is considering a new round of production increases, leading to a decline in international oil prices, with WTI crude oil futures for October closing at $63.97 per barrel, down 2.47%, and Brent crude for November at $67.60 per barrel, down 2.23% [15] - International gold prices continue to reach historical highs, with spot gold fluctuating around $3,560 per ounce [16]

Core Viewpoint - The European Securities and Markets Authority (ESMA) warns that tokenized stocks based on blockchain technology may mislead investors into believing they are investing in actual company shares, while they are merely investing in virtual assets linked to stock prices [1] Group 1: Regulatory Concerns - ESMA's Executive Director Natasha Cazenave highlighted that tokenized stocks are virtual assets tied to the price of listed company shares, not actual company stocks [1] - Cazenave emphasized that several fintech companies have developed tokenized stock products that can be fragmented and traded 24/7, but these do not confer shareholder rights [1] Group 2: Investor Rights - Investors in tokenized stocks typically do not become shareholders of the underlying companies and lack traditional shareholder rights such as voting and dividend rights [1] - The promotion of tokenized "stocks" may lead to specific risks of misunderstanding among investors, necessitating clear communication and certain trading safeguards from regulators and the industry [1] Group 3: Market Activity - U.S. brokerage Robinhood has issued tokenized stocks in the EU, while cryptocurrency exchange Coinbase is also exploring this market [1]

Central Bank Perspective - The issuance of stablecoins may lead to uncontrolled issuance and high leverage due to a lack of understanding of monetary policy and macroeconomic regulation [6][7] - Concerns from central banks include "excessive issuance" without real 100% reserves and the potential for high leverage effects in the operation of stablecoins [7] - The need for reliable custodians for reserves and effective measurement of the leverage effects in stablecoin operations is emphasized [7][8] Financial Services Model Perspective - Stablecoins could play a significant role in a decentralized financial ecosystem, but the actual demand for decentralization and tokenization needs careful evaluation [9][10] - Current payment systems in China and several Asian countries have successfully developed based on account systems, indicating that a full transition to tokenization lacks sufficient justification [9][10] Payment System Perspective - Payment efficiency and compliance are two major concerns in the evolution of payment systems, with stablecoins seen as a potential solution [11] - Current advancements in payment systems are primarily based on IT and internet technologies, rather than blockchain, highlighting the importance of security and compliance [11][12] Market Trading Perspective - Market manipulation, particularly price manipulation, is a significant concern, necessitating transparency and effective regulation [12][13] - The use of mixed currencies in transactions raises regulatory challenges and potential for market manipulation [12][13] Micro Behavior Perspective - The motivations of various participants in the stablecoin ecosystem, including issuers and users, need to be analyzed to understand the implications for the payment system [14][15] - The existing retail payment systems in China are already efficient and low-cost, limiting the potential for new entrants to reduce costs significantly [14][15] Circulation Path Perspective - The circulation of stablecoins involves a complex process from issuance to market flow, which is not guaranteed without sufficient demand [17][18] - The role of stablecoins as temporary payment mediums or value storage tools will influence their market presence and circulation [17][18]

Core Viewpoint - 华检医疗's stock price increased by over 16%, reaching 9.64 HKD, with a trading volume of 29.15 million HKD, following the announcement of a board meeting scheduled for August 29, 2025, to discuss mid-term performance and potential dividend payments [1] Group 1 - The company has launched several key strategic initiatives since late July, including the introduction of the "NewCo+RWA" exchange strategy and the issuance of IVDD stablecoins [1] - The company is pushing its U.S. subsidiary to apply for a stablecoin license and has partnered with BGI's subsidiary to establish the world's first "Innovative Drug Intellectual Property Tokenization Fund" [1] - On August 8, the company announced the launch of a "Global Enhanced Ethereum (ETH) Treasury" strategy and completed the compliant purchase of 149 million HKD in ETH in collaboration with licensed exchange HashKey [1] Group 2 - The company is seeking shareholder approval for a 3 billion HKD ETH purchase authorization to provide value anchoring and revenue feedback mechanisms for the medical innovative drug RWA trading platform ecosystem [1]

Core Viewpoint - The establishment of the Hong Kong Virtual Asset Listed Companies Association (HKVALA) marks a new phase in Hong Kong's digital asset sector, emphasizing a "regulatory-led, self-regulatory-driven" development approach [1][2]. Group 1: HKVALA Formation and Purpose - HKVALA was officially launched on August 27, 2025, symbolizing the integration of traditional finance and innovative technology in Hong Kong [1]. - The association aims to connect government regulators, listed companies, industry participants, and global investors, enhancing collaboration and consensus within the industry [2][10]. - The Hong Kong government is supportive of Web3 and tokenization, having issued official NFTs and green bonds, and is promoting the listing of the first virtual asset spot ETFs in the Asia-Pacific region [4]. Group 2: Industry Growth and Membership - As of September last year, Hong Kong had over 1,100 fintech companies, with an annual growth rate of 15%, including 11 licensed virtual asset trading platforms [2]. - HKVALA's founding members include leading listed companies from various sectors, with a total market capitalization of approximately $20 billion [6][7]. - The association's members represent a diverse range of entities, including digital asset treasury companies, licensed trading platforms, and traditional financial firms venturing into compliant digital assets [4][6]. Group 3: Strategic Initiatives and Future Directions - HKVALA plans to promote collaboration among members, enhance communication with traditional financial institutions, and support regulatory improvements to foster a healthy market environment [11]. - The association will focus on professional talent development and engage with educational institutions to prepare the workforce for the evolving digital asset landscape [11]. - The collaboration with Zhitong Finance will provide essential support in regulatory interpretation, compliance case analysis, and market feedback, establishing a comprehensive ecosystem for HKVALA members [10].

Core Viewpoint - Paradata announced the tokenization of the Assuncion Innovation Valley in Asunción, Paraguay, through the Better Use Blockchain platform on the Moonbeam Rollup platform within the Polkadot ecosystem [1] Group 1 - The project will issue 130,000 equity tokens, anchored to a land valuation of $6 million [1] - The tokens comply with local regulatory requirements, granting holders profit-sharing and voting rights [1]

Core Insights - The establishment of the "Hong Kong Digital Asset Listed Companies Association" marks a significant step in promoting digital assets in Hong Kong, with participation from over 80 listed companies and financial institutions [1][2] - The Hong Kong government is committed to fostering innovation in financial technology, with over 1,100 fintech companies operating in the region and a 15% annual growth rate [1][2] Group 1: Government Initiatives - The Hong Kong government plans to regularize the issuance of green bonds and explore tokenization applications in various sectors, including renewable energy [2] - A funding program has been launched to support projects with commercial potential, offering up to HKD 500,000 for tokenization certification and commercialization [2] Group 2: Participating Companies - A list of participating companies includes notable H-shares such as Guofu Quantum, China New Economy Investment, and Huya Capital, among others [3] - A-share participants include Zhaoxin Co. and Jingbeifang, while US-listed companies include Galaxy Digital and Amber [4]

Group 1 - Billionaire investor Peter Thiel is betting on Ethereum becoming the preferred platform for Real World Assets (RWA) on Wall Street, with his investment firm significantly investing in Ethereum-related assets [1] - Ethereum's price surged 15% recently, reaching a four-year high, and has increased over 250% since its low in April [1][2] - Thiel's investment logic is based on the potential for Ethereum to serve as an alternative channel for settling traditional financial assets, which could lead to increased network activity and benefits for its native token [1][2] Group 2 - Unlike Bitcoin, Ethereum has no hard supply cap and is increasingly used for transactions on its platform, which is an open-source platform for developers to build and operate applications [2] - The market for RWAs, which could reach $16 trillion by 2030, is being transformed by blockchain technology, linking traditional financial assets with real-world assets [2] - Ethereum's transaction activity has exceeded $1.2 trillion this year, a significant increase from $960 billion in the same period last year, primarily involving stablecoins like Tether and USDC [2] Group 3 - Major asset management firms like BlackRock and Franklin Templeton have launched tokenized money market funds on the Ethereum network, indicating institutional interest [4] - Apollo Global Management has also issued a diversified credit securitization fund through Ethereum, further showcasing the platform's growing adoption in traditional finance [4] Group 4 - There are concerns regarding the sustainability of Ethereum's adoption in the financial industry, as traditional financial giants are developing their own private blockchain platforms [3] - Some transaction activities on Ethereum may not stem from genuine financial demand, raising questions about the authenticity of network data [3] - The recent price surge of Ethereum may reflect speculative behavior rather than a true endorsement of its future potential [5]

Group 1 - The core viewpoint of the news is that Shankao Holdings has successfully issued Hong Kong's first corporate note tokenization product, marking a significant step towards the digitalization of the Hong Kong bond market [2] - The total amount of the tokenized corporate note issued by Shankao Holdings is $40 million, deployed on the HashKey Chain platform [2] - Tokenization is highlighted as a key focus in financial innovation, involving the mapping of real-world assets (RWA) such as government bonds, loans, and real estate into programmable digital assets on the blockchain [2] Group 2 - Following the enactment of the Stablecoin Regulation on August 1, Hong Kong has become the first jurisdiction globally to establish a comprehensive regulatory framework for stablecoins [2] - A week after the regulation, the world's first RWA registration platform was launched, aimed at facilitating the entire process of data, asset, and financialization for RWA tokenization [2] - Shankao Holdings aims to leverage this regulatory environment to push more of its quality assets onto the blockchain, viewing the $40 million issuance as a strategic move rather than just a financing effort [3] Group 3 - Shankao Holdings has developed a dual-circulation strategy combining "computing integration" with an AI ecosystem, focusing on AI computing power and green energy as core assets [3] - The company holds a strategic stake in Century Internet, with an operational capacity of 573 MW in IDC and over 50,000 city-based cabinets [3] - Shankao Holdings manages a total installed capacity of 4.7 GW in green energy, generating over 6.5 billion kWh annually, and possesses numerous green power certificates with on-chain trading value [3] Group 4 - The company is accelerating its layout towards a digital economy ecosystem that integrates "AI computing power, data assets, and application scenarios" [4] - Shankao Holdings aims to provide the foundational support of green electricity and computing power while unlocking the potential value of data assets and empowering upper-layer application scenarios [4]