自願公告 比特幣購買計劃 本公告由新火科技控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）自願 作出，旨在向本公司股東及潛在投資者更新本集團的最新發展。 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 之 內 容 概 不 負 責，對其準確性或完備性亦不發表任何聲明，且表明不會就因本公告全部或任何 部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 SINOHOPE TECHNOLOGY HOLDINGS LIMITED 新 火 科 技 控 股 有 限 公 司 （ 於英屬處女群島註冊成立的有限公司） （股份代號：1611） 本公司將遵從上市規則第十四章有關須予公布的交易的規定，在有需要時候作出 進一步披露。 承董事會命 新火科技控股有限公司 執行董事 翁曉奇 香港，二零二五年十一月二十五日 本公司董事會（「董事會」）經過全面分析市場環境、行業趨勢、本集團業務及發展 戰略，認為近期全球加密貨幣市場經過階段性調整，比特幣作為行業標杆資產， 具備較強的長期投資價值。因此，董事會謹此宣佈，本集團計劃於公開市場上之 加密貨幣交易平台進行總金 ...

Core Insights - The dollar has been viewed as a "stable anchor" in global markets, but recent shifts in global capital flows and investment preferences suggest a subtle change in the foundations supporting the dollar [1][3] - Over the past two decades, significant capital has flowed into the U.S. market, particularly in equities, which has elevated asset prices and strengthened the dollar's performance in the forex market [3] - Current market conditions indicate that high asset valuation levels may lead investors to increase risk awareness and diversify their portfolios [3][4] Market Dynamics - The adjustment of global trade and supply chain dynamics may result in a more regionalized or multipolar development of capital flows [3] - The availability of diverse hedging tools means market participants are no longer reliant on a limited number of currencies or assets for risk mitigation [4] - It is essential to understand that global capital movements influence currency and asset prices, with market trends often changing slowly [5] Investment Strategy - Maintaining diversification and balanced approaches in asset allocation, reserve strategies, and long-term planning is generally more prudent than relying on a single directional judgment [6] - The market is continuously evolving, and rather than attempting to predict turning points, it is advisable to maintain structural flexibility amid changes [7]

Core Insights - The "Southbound ETF Connect" has announced an expansion, increasing the number of ETFs from 17 to 23, effective from November 10, 2025 [1] Group 1: Expansion Details - The latest expansion includes the addition of 6 new ETFs [1] - The asset categories under the Southbound ETF Connect will become more diverse, including ETFs that contain non-Hong Kong assets for the first time [1] Group 2: Product Offerings - New ETFs include the Southern Eastern FTSE East-West Stock Selection ETF and the Southern Eastern Hang Seng Hong Kong-US Technology ETF, enhancing product choices for investors [1] - This expansion allows investors to diversify their assets in Hong Kong more efficiently [1]

Core Viewpoint - Successful investment is not about chasing short-term fluctuations of a single asset, but about achieving long-term returns through diversified allocation. The rise of the Chinese stock market does not imply a decrease in gold investment demand; rather, gold's role in Chinese investors' asset portfolios may become more significant than ever due to the upgrading of wealth management concepts and increasing global economic cycle volatility [1][7]. Group 1: Gold Market Dynamics - During the National Day holiday, the international gold market attracted global investors, with gold prices briefly surpassing $4000 per ounce, reaching a historical high due to geopolitical uncertainties, expectations of a shift in Federal Reserve monetary policy, and continuous accumulation of gold by global central banks [4]. - The strong rise in gold prices reflects long-term macroeconomic changes rather than short-term speculative trading. The global economy has entered a "new normal" characterized by low growth, high inflation, and frequent geopolitical risks since 2024 [5]. - Central banks worldwide have been increasing their gold reserves, with emerging market countries accounting for nearly 70% of net gold purchases in 2024, indicating a shift towards diversifying reserve assets amid declining trust in the dollar system [5]. Group 2: Investment Logic and Asset Allocation - Gold, as a non-debt asset, does not rely on any sovereign credit, making it a preferred asset for hedging systemic risks during economic cycles' turning points and heightened financial market volatility [6]. - The traditional view of an inverse relationship between gold and stock markets is weakening, as global investors are increasingly adopting diversified asset allocation strategies that include stocks, bonds, and gold to balance returns and risks [6]. - The changing structure of Chinese investors, with a growing emphasis on wealth management, has led to a more stable demand for gold. There is a noticeable trend towards diversifying asset allocation, with gold becoming an essential component of stable asset allocation rather than merely a safe haven [7].

Group 1: Gold Market - Gold prices have reached new highs, nearing $4000 per ounce as of October 6, 2025, significantly ahead of Goldman Sachs' forecast of reaching this price by 2026 [3][5] - The surge in gold prices is attributed to global instability and a shift in investment strategies, with central banks increasingly purchasing gold instead of U.S. Treasury bonds [5][7] - Gold is recommended as a stable asset in investment portfolios, with a suggested allocation of 40% to mitigate risks, emphasizing a long-term investment approach rather than chasing short-term gains [7][9] Group 2: Growth Assets - Metal sectors, including copper and rare metals, have shown strong performance this year, benefiting from the global industrial recovery and the expansion of the renewable energy sector [9] - The technology sector is experiencing overcrowding, making it difficult for further growth in the short term, suggesting a potential reallocation of investments from tech to metal sectors where valuations remain reasonable [9][11] Group 3: U.S. Stock Market and Cryptocurrency - The U.S. stock market, particularly the S&P index, is showing signs of bubble formation after surpassing 6800 points, indicating a need for caution among investors [11] - The cryptocurrency market has seen significant activity, with Bitcoin reaching historical highs, but it remains highly volatile, necessitating careful risk management and diversification in investment strategies [13]

Core Viewpoint - Goldman Sachs believes that the Hong Kong Stock Exchange (HKEX) stock price is significantly undervalued due to the structural boost from southbound capital, despite underperforming major indices in the past month [1][2]. Group 1: Southbound Capital Impact - Southbound capital is driving unprecedented growth in the average daily trading volume of cash stocks, which is a key profit driver for HKEX [2][3]. - The average daily trading volume has reached 318 billion HKD in September, surpassing 279 billion HKD in August and 254 billion HKD year-to-date [3]. - Southbound capital contributes approximately 30% to 40% of the year-on-year growth in total trading volume, accounting for about 25% of the total trading volume in the Hong Kong market [3]. Group 2: Earnings Forecast Adjustments - Goldman Sachs has raised its earnings per share (EPS) forecasts for HKEX for the years 2025-2027 by 3% to 4% [4][5]. - The updated EPS forecasts are as follows: 2025 from 12.63 HKD to 12.97 HKD, 2026 from 13.05 HKD to 13.61 HKD, and 2027 from 13.96 HKD to 14.45 HKD [5]. Group 3: Valuation and Price Target - The target price for HKEX has been increased from 524 HKD to 544 HKD, reflecting a 4% upward adjustment based on the revised earnings forecasts [2][4]. - Historical valuation comparisons indicate that the current stock price is slightly below the median level of historical cycles, while the earnings growth outlook remains strong [6][7]. - A 20-year regression model suggests that the theoretical stock price should be around 590 HKD based on current trading activity levels, indicating significant potential for price correction [7].

Core Viewpoint - The market widely anticipates that the Federal Reserve will lower interest rates this week, but if this action is perceived as politically motivated and inconsistent with the central bank's economic forecasts, it could increase risks for stocks, bonds, and the dollar [1] Group 1 - David Kelly, Chief Global Strategist at Morgan Asset Management, highlights that Wall Street investors have recently celebrated the expectation of the Fed restarting rate cuts after a nine-month pause [1] - Following the recent market rally, investors are advised to adopt a cautious stance and seek diversified allocations [1]

Group 1 - The Hong Kong government is focusing on enhancing its asset and wealth management sector, with plans to expand the "Cross-Border Wealth Management Connect" program to increase the range of products and participants [1][3] - Global investors are increasingly recognizing the need for diversified asset allocation, particularly in the Chinese market, leading to a surge in investment activities in Hong Kong [1][2] - The Hong Kong stock market has shown significant growth, with the Hang Seng Index rising 18% last year and nearly 30% this year, alongside substantial increases in IPO fundraising and bank deposits [1][2] Group 2 - The total assets managed in Hong Kong increased by 13% year-on-year to over 35 trillion HKD, with net inflows reaching 705 billion HKD, reflecting a strong growth in asset management business [2] - The Greater Bay Area, with a population exceeding 87 million and a GDP over 14.5 trillion RMB, is expected to be a key growth driver for wealth management services [2] - The Hong Kong government is implementing various measures, including tax incentives, to attract family offices and enhance its position as an international hub for wealth management [3] Group 3 - The private equity and venture capital ecosystem in Hong Kong is robust, managing nearly 230 billion USD, making it the second-largest in Asia after mainland China [4] - Hong Kong is cautiously promoting the opening of more private funds to retail investors, which will diversify their investment options and support industry development [4]

Core Viewpoint - The foreign exchange situation in China has shown resilience amidst complex external challenges, with positive trends in foreign investment and a stable currency exchange rate [1][2][3]. Group 1: Foreign Investment Trends - From January to May, net inflows of foreign direct investment (FDI) in equity reached $31.1 billion, a year-on-year increase of 16% [1][3]. - Net inflows of foreign securities investment were approximately $33 billion, reversing the net outflow trend observed in the second half of the previous year [1][3]. - In the first half of the year, foreign investors increased their holdings of domestic stocks and funds by $10.1 billion, marking a turnaround from the net reduction seen over the past two years [4]. Group 2: Currency Exchange Rate Stability - The RMB appreciated by 1.9% against the USD in the first half of the year, with the exchange rate fluctuating between 7.15 and 7.35 [2]. - Market expectations for the RMB remain stable, with no significant unilateral appreciation or depreciation anticipated [2][6]. Group 3: International Balance of Payments - The current account surplus has shown steady growth, maintaining a reasonable balance, while the non-reserve financial account has recorded a deficit roughly equivalent to the current account surplus [3][6]. - In the first half of the year, net inflows of cross-border funds from non-bank sectors reached $127.3 billion, continuing the net inflow trend from the second half of the previous year [3]. Group 4: Foreign Asset Allocation - Foreign investment in RMB-denominated bonds has increased, with holdings exceeding $600 billion, reflecting a historically high level [4]. - The proportion of foreign investors holding domestic bonds and stocks is currently between 3% and 4%, indicating potential for stable and sustainable growth in foreign asset allocation [4]. Group 5: Policy Environment and Market Resilience - The financial market's high-quality development has created a favorable policy environment for foreign investment in China [5]. - The Chinese economy's robust fundamentals and ongoing high-level opening-up policies are expected to support the stable operation of the foreign exchange market [6][7]. - The RMB's market-oriented formation mechanism has improved, enhancing its ability to respond to external pressures and maintain supply-demand balance [7].

Core Viewpoint - Foreign institutions have reduced their holdings of RMB bonds for two consecutive months due to the narrowing basis of the one-year USD against the onshore RMB, which has compressed the overall yield of interbank certificates of deposit [1] Group 1: Market Trends - In May and June, foreign institutions decreased their investments in RMB bonds primarily because of the reduced yield from interbank certificates of deposit [1] - The upcoming maturity peak of interbank certificates of deposit, which were invested in by foreign institutions last year, has also contributed to this trend [1] Group 2: Future Outlook - Looking ahead, the "anti-involution" policy direction in July has reignited inflation expectations, leading to a shock in the interest rate bond market [1] - There may be investment opportunities in long-term bonds once the sentiment in the stock and commercial markets stabilizes [1] Group 3: Long-term Investment Logic - The ongoing process of RMB internationalization and the trend of "de-dollarization" are expected to drive foreign institutions' long-term demand for diversified asset allocation, leading to continued increases in RMB bond holdings over the long term [1] Group 4: Currency Stability - Despite fluctuations in foreign capital flows in the bond market, the increase in foreign investments in the equity market, stable expectations from China-US trade negotiations, and the central bank's balanced exchange rate policy suggest that the RMB exchange rate is likely to maintain resilience in the short term [1]