Core Insights - Robinhood's stock price experienced a significant decline following its 2025 financial report, despite absolute revenue and net profit growth, indicating market disappointment due to unmet expectations. Group 1: Core Growth Engine - The cryptocurrency business has significantly declined, with Q4 trading revenue dropping 38% year-over-year and nominal trading volume halving to $34 billion, suggesting a decrease in retail investor enthusiasm or a shift to more specialized platforms [1] - The acquisition of Bitstamp has not compensated for the lack of internal growth, highlighting a critical weakness in Robinhood's core business [1] Group 2: Cost Control Issues - Total operating expenses surged by 38% year-over-year in Q4, outpacing revenue growth of 27%, which directly erodes profit margins [2] - Management's guidance for 2026 indicates an expected 18% increase in adjusted operating expenses, reaching $2.6 billion to $2.725 billion, raising concerns among investors about aggressive spending in an uncertain macro environment [2] Group 3: Regulatory and Macro Risks - The financial report excluded "significant regulatory costs" from the 2026 outlook, indicating potential for unpredictable large fines that could impact financial stability [3] - Although Q4 net interest income increased, it was negatively affected by the "decline in short-term interest rates," suggesting that the high-interest period for Robinhood may be nearing its end as the Federal Reserve continues its rate cuts [3] Group 4: Valuation Reassessment - The market's previous high valuation of Robinhood was based on its growth potential, but with negative growth in the cryptocurrency sector, rising customer acquisition costs, and regulatory uncertainties in prediction markets, there is a shift in how the market views its valuation [3] - The impressive "record" figures do not mask the underlying weakness in core operations, leading to a sharp correction in stock price expectations amid regulatory unknowns, uncontrolled costs, and declining trading volumes [3]

小米集团：有爆料称，标准版或采用普通版骁龙8 Elite Gen6，甚至沿用上一代骁龙8 Elite Gen5。当前 无官方定价，但参考前代成本，业内推测骁龙8 Elite Gen6 Pro单片售价或超300美元，约合人民币2074 元。同时，DRAM与NAND价格持续上涨，进一步加剧手机厂商成本压力。 2月11日，南下资金今日净买入港股48.16亿港元。 其中，净买入腾讯控股7.35亿、紫金黄金国际1.91亿、美团-W 1.62亿、泡泡玛特1.44亿、中国海洋石油 1.22亿；净卖出阿里巴巴-W 5.2亿、中芯国际3.9亿、中国人寿2.46亿、长飞光纤光缆1.59亿、小米集团- W 1亿。 北水动向 紫金黄金国际：消息面上，金价呈现震荡运行，截至发稿，现货黄金徘徊于5050美元上方。美国2025年 12月零售销售表现低于预期，降息预期略有升温。此外，地缘事件未见降温，美宣称与伊朗的第二轮会 谈将于下周进行，并进行军事威胁"若美伊谈判失败，或向中东再派一支航母打击群"。当前，市场等待 周三将公布的美国1月非农就业报告。 美团-W：美团近日公布，计划斥资约7.17亿美元，收购叮咚集团的中国"叮咚买菜"业务。摩根 ...

Group 1: Company Overview - HTX is a leading global cryptocurrency exchange that has evolved from a virtual asset exchange into a comprehensive ecosystem of blockchain businesses, including digital asset trading, financial derivatives, research, investments, and incubation [3]. - Founded in 2013, HTX aims to provide safe and reliable services to users worldwide, adhering to a growth strategy focused on global expansion, thriving ecosystem, wealth effect, security, and compliance [4]. Group 2: Product Launch - HTX announced the listing of UP (Superform) on February 10, 2026, with UP/USDT spot trading now available to users [1]. - Superform is a user-owned neobank that allows users to save, swap, send, and earn on-chain while maintaining full control of their assets. It features yield products called SuperVaults, enabling users to optimize earnings or build customized portfolios [2]. Group 3: Token Information - The native token of Superform, $UP, has an initial supply of 1 billion tokens. It can be utilized for paying protocol fees or for staking purposes related to security and governance [2].

2月11日，A股市场数字货币概念股走强，其中，御银股份一度触及涨停，国芯科技涨超5%，信息发展涨 超4%，翠微股份涨超3%，恒宝股份、赢时胜涨超2%。 消息面上，香港特区行政长官李家超周三在Consensus香港大会开幕致辞中表示，香港作为全球Web3和加 密货币创新中心的地位日益提升。一项关键举措是去年8月实施了《稳定币条例》，这项新法为在香港发 行挂钩法币的稳定币的发行人设立了牌照制度。香港金融管理局正在积极处理牌照申请，相信首批稳定币 发行机构牌照将于下个月发放。致力于将香港打造成为数字资产全球创新中心。 | | | | | 数字货币板块个股 | | | | --- | --- | --- | --- | --- | --- | --- | | 序号 代码 | | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | 1 | 688262 | 国芯科技 | 1 | 5.65 | 149亿 | 46.13 | | 2 | 300166 | 东方国信 | 1 | 5.85 | 155亿 | 32.88 | | 3 | 300469 | 信息发展 | 1 | 4.47 | 178亿 | 16.10 ...

Group 1 - The core viewpoint of the article highlights the increasing activity in stablecoin concept stocks, with notable price increases for companies such as LianLian Digital (up 7.32% to HKD 7.04), Guotai Junan International (up 5.6% to HKD 2.83), Yunfeng Financial (up 3.54% to HKD 3.22), and Linklogis Technology (up 1.89% to HKD 2.16) [1][1][1] Group 2 - On February 11, Hong Kong's Chief Executive, John Lee, stated that Hong Kong's position as a global center for Web3 and cryptocurrency innovation is on the rise, with a key initiative being the implementation of the Stablecoin Regulation in August last year [1][1][1] - The new law establishes a licensing system for issuers of fiat-backed stablecoins in Hong Kong, with the Hong Kong Monetary Authority actively processing license applications and expecting to issue the first batch of stablecoin issuer licenses next month [1][1][1] - The President of the Hong Kong Monetary Authority, Eddie Yue, mentioned that the authority is evaluating the received stablecoin issuer license applications and has requested additional information from some institutions regarding specific application scenarios, risk management frameworks, and reserve asset categories, aiming to issue the first licenses in March this year, although the number of licenses issued will be limited to ensure prudence [1][1][1]

来源：券商中国 牛市旗手突然异动！ 刚刚，处于绿盘状态的中银证券突然直线拉升，涨幅由-0.5%到上涨超3%。港股稳定币概念股连连数 字、联易融科技亦显著拉升。 | | 分时 1分钟 5分钟 15分钟 30分钟 60分钟 日线 周线 月线 多分时 更多 > | 竞价 最加 国播 统计 画线 标记 +自选 返回 中银证券 601696 R500 | | | | | 证券 | | --- | --- | --- | --- | --- | --- | --- | --- | | 14.39 | 中银证券 分时 成交业 均价 14.15 涨停 15.31 跌停 12.53 宽子(14.54 13.96) 证券 | 010 | 3.38% | | 14.24 0.32 2.30% | | -0.07% | | 14.32 | | | 289% | | | | | | 14.26 | M | | 2.41% | 架 | 模 | 128 | 盟 | | 14,19 | | | 1.939 | 雄石 | 14.29 | 369 | | | 14.12 | | | 1.45% | 发四 | 14.28 | 387 | ਜੋ | ...

Market Movement - China Securities (中银证券) experienced a sudden surge, with its stock price increasing from a decline of -0.5% to over 3% rise, indicating strong market interest [1] - Other stocks related to stablecoins, such as Lianyi Technology and Lianlian Digital, also saw significant increases [1] Stablecoin Developments - Hong Kong's Chief Executive, John Lee, announced that the Hong Kong Monetary Authority (HKMA) is actively processing license applications for stablecoin issuers, with the first licenses expected to be issued next month [3] - The implementation of the Stablecoin Regulation last August established a licensing system for issuers of fiat-backed stablecoins in Hong Kong [3] - HKMA's President, Eddie Yue, emphasized that the number of initial licenses will be limited to ensure a cautious approach [3] Regulatory Landscape - Major technology and financial firms are making significant investments in the stablecoin sector, with Ant Group and JD.com being notable players [4] - Standard Chartered Bank is recognized for its strong financial infrastructure and experience in sandbox testing, positioning it favorably in the market [5] - A joint notice from several Chinese regulatory bodies highlighted that any issuance of stablecoins pegged to the Renminbi outside of China requires approval [5] Challenges of Stablecoins - The Bank for International Settlements (BIS) identified three main shortcomings of stablecoins: lack of central bank backing, insufficient measures against illegal use, and limited flexibility in generating loan funds [6]

港股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 2月11日，香港特区行政长官李家超周三在Consensus香港大会开幕致辞中表示，香港作为全球Web3和 加密货币创新中心的地位日益提升。一项关键举措是去年8月实施了《稳定币条例》，这项新法为在香 港发行挂钩法币的稳定币的发行人设立了牌照制度。香港金融管理局正在积极处理牌照申请，相信首批 稳定币发行机构牌照将于下个月发放。致力于将香港打造成为数字资产全球创新中心。 ...

Core Insights - Crypto venture capital funds are facing an identity crisis due to declining digital asset prices and market consolidations, revealing the industry's fragility in building sustainable businesses [1][2] - Retail traders are moving away from digital art and memecoins, with token prices crashing significantly, prompting crypto VCs to adopt a more traditional startup approach focused on product-market fit and long-term user retention [2][3] Market Performance - Bitcoin's price has dropped nearly 50% from its record high in October, while smaller altcoins have seen declines of up to 70% year over year, indicating a significant downturn in retail demand for cryptocurrencies [3] - Despite a crypto-friendly regulatory environment, the demand that previously fueled venture capital investments in tokens has diminished [3] Investment Shifts - Crypto-native funds are shifting their focus towards more stable areas such as stablecoin infrastructure and on-chain prediction markets, while also exploring adjacent sectors like fintech and AI [4][6] - Prominent crypto investment firms are pivoting towards deep tech investments, including robotics, as the focus moves away from traditional crypto sectors like NFTs and gaming [6] Fundraising Landscape - In 2025, venture firms invested $18.9 billion into crypto startups, a figure that, while substantial, is below the speculative highs of 2021 and 2022, and highlights a concentration of capital in a few major deals [7] - Nearly a third of the total VC investment in 2025 was allocated to just four deals, indicating a trend towards concentrated capital deployment in the crypto sector [7]

Core Insights - AIxCrypto Inc. is focused on integrating AI and blockchain technologies to create a Web3 ecosystem, with a recent update highlighting collaboration with FF EAI-Robotics [1][4] Group 1: Business Strategy - The robotics owned by users will act as gateways into the AIxC ecosystem, contributing to the infrastructure that bridges physical value on-chain [2] - The EAI Brain & Open-Source platform is expected to enhance AIxC's on-chain execution and data availability, attracting developers and users to the ecosystem [3] - AIxC has entered a non-binding letter of intent with FF EAI-Robotics to explore collaboration opportunities in Web3 [4] Group 2: Market Commentary - The company acknowledges recent stock price volatility, attributing it to broader macroeconomic conditions and market sentiment rather than changes in business fundamentals [4] - AIxC remains committed to its long-term strategy, focusing on product development, regulatory compliance, and transparent communication with shareholders [5]