中信证券固收分析师李晗表示，随着法律障碍的清除、香港政府持续的政策激励和市场接受度的提高， 预计在2-3年内，香港的原生数字债券将从试点项目转变为主权和优质企业发行人融资的标准选项之 一，明年发行金额或进一步增加。香港的劣势在于法律监管体系相对滞后、面对的竞争相对激烈等。一 方面，香港现有金融法律体系是基于传统债券设计的，代币化债券作为"质押品" 的法律效力、破产情 景下的处置、以及跨司法管辖区的法律承认等问题，仍需通过系统的法律修订来明确；另一方面，新加 坡与迪拜在数字资产领域同样布局深远，易与香港形成激烈的竞争。 据悉，数字债券可通过分布式账本技术(DLT)平台发行，也可在以太坊等公链上发行，公链可能提供更 高的灵活性。与传统债券相比，数字债券不仅可能结算时间更短和费用更低，还能够利用基于区块链的 证券日益成长的吸引力提速扩容。 香港金管局总裁余伟文此前在香港金融科技周期间表示，香港金管局会带头为资产代币化作示范，如将 代币化政府债券的发行恒常化，并同时探讨外汇基金票据及债券代币化的可行性。这些资产在区块链上 的结算将透过新型数码货币实现，包括数码港元、代币化存款及受监管的稳定币。 智通财经APP获悉，香 ...

Core Viewpoint - Boyaa Interactive (00434) experienced a significant stock price increase of over 5%, with a current price of 5.1 HKD and a trading volume of 249,900 HKD. The company anticipates a year-on-year profit increase of approximately 105% to 115% for the first nine months of 2025, primarily due to the growth in the fair value of digital assets compared to the same period in 2024 [1][1][1]. Financial Performance - The expected profit attributable to the company's owners for the first nine months of 2025 is projected to increase by about 105% to 115% year-on-year, driven by the rise in the fair value of digital assets [1]. - Excluding the impact of fair value changes in financial assets such as digital assets and equity investment partnerships, the profit is expected to decrease by approximately 30% to 35% year-on-year. This decline is attributed to reduced bank deposit interest income due to cryptocurrency purchases and an increase in expected income tax expenses [1][1]. Market Context - On November 10, the cryptocurrency market saw a significant surge, with Bitcoin surpassing 106,000 USD. This market movement may positively influence the performance of companies involved in digital assets [1]. - Additionally, U.S. Senate Majority Leader John Thune indicated that a potential agreement to end the government "shutdown" is gradually being reached, although he cautioned that this does not guarantee a resolution and that senators need time to review the proposal [1].

Core Viewpoint - Boyaa Interactive (0434.HK) has announced a positive earnings forecast, expecting a significant increase in profit for the first three quarters of the year, primarily driven by the growth in the fair value of digital assets [1] Financial Performance - The company anticipates a year-on-year increase in net profit of 105% to 115% for the nine months ending September [1] - Excluding non-operating one-time factors such as changes in the fair value of financial assets, the expected net profit is projected to decrease by approximately 30% to 35% [1] Factors Influencing Profit - The increase in profit is mainly attributed to the rise in the fair value of digital assets [1] - The decrease in net profit, when excluding one-time factors, is linked to the reduction in bank deposits due to cryptocurrency purchases, which has led to lower interest income and increased tax expenses [1]

Core Viewpoint - Boyaa Interactive (00434) shares opened over 5% higher, currently up 5.37% at HKD 5.1, with a trading volume of HKD 249,900 [1] Financial Performance - The company expects a year-on-year profit increase of approximately 105% to 115% for the first nine months of 2025, primarily due to an increase in the fair value of digital assets compared to the same period in 2024 [1] - Excluding the impact of fair value changes in financial assets such as digital assets and equity investment partnerships, the expected profit for the same period is projected to decrease by about 30% to 35%, attributed to reduced bank deposit interest income from cryptocurrency purchases and increased expected income tax expenses [1] Market Context - On November 10, the cryptocurrency market experienced a significant surge, with Bitcoin surpassing USD 106,000 [1] - U.S. Senate Majority Leader John Thune indicated that a potential agreement to end the government "shutdown" is gradually being reached, although he noted that this agreement is not guaranteed and will require time for senators to review the proposal [1]

论坛上邀请七家获资助的企业代表分享经验，当中包括数码港培育企业Cobo、DigiFT、Moon Lab等。 其中，DigiFT于今年8月完成最新一轮逾千万美元的融资，并与瑞银资产管理及Chainlink在香港启 动"RWA流程自动化开放架构"试点计划。 香港财经事务及库务局副局长陈浩濂在论坛上表示，香港特区政府于今年6月发表《香港数字资产发展 政策宣言2.0》，重申将致力于将香港打造成数字资产领域中的全球创新中心。《政策宣言2.0》勾划清 晰路线图，旨在构建一个值得信赖的数字资产生态圈，当中包括优化法律与监管、支持新兴技术，以及 提供政策诱因吸引全球人才及资本。数码港推出"区块链及数字资产试点资助计划"，除提供资金外，亦 会为相关企业提供协助，并与各持份者协调，以支持试点项目有效推行。计划鼓励科技公司与来自不同 行业的合资格项目赞助方合作，并在完善的监管制度下进行实地测试及验证，以确保符合对投资者及消 费者保护的最高标准。这些试点项目正加速在代币化资产、支付、监管科技及创作者经济等范畴的实质 应用。这些成果与香港特区政府在数字资产方面的努力完美契合。"Web3.0创新博览"将成为驱动下一波 区块链创新及数字资 ...

Core Insights - The cryptocurrency market has erased nearly all of its market value gains for the year within just over a month, with a total market cap peaking at nearly $4.4 trillion on October 6, followed by a 20% decline, leaving an annual increase of only 2.5% [1] - The market downturn was triggered by the liquidation of approximately $19 billion in leveraged positions shortly after reaching historical highs, which shattered market confidence [1] - Despite increased acceptance of digital assets by regulators, global banks, and institutional investors, the current performance of the market is unexpected [1] Group 1 - Bitcoin has experienced an 8% decline this week, marking its worst weekly performance since March, and has fallen below the critical 200-day moving average, trading at approximately $100,500 [1] - Altcoins, which are smaller and more volatile tokens, have seen the most significant declines this year, lagging behind in performance [1] Group 2 - The cryptocurrency market, excluding Bitcoin and Ethereum, has been largely weak in recent months, with minimal new capital inflow into altcoins or decentralized finance (DeFi) projects [2] - Concerns over the overvaluation of AI stocks have contributed to the recent downturn in digital assets, with warnings that if tech stocks face a sell-off, Bitcoin could drop below the $100,000 mark, and altcoins may experience even larger declines [2] - Despite the overall market gloom, there are signs of stabilization, as U.S. spot Bitcoin and Ethereum ETFs saw an inflow of $253 million after six consecutive days of net outflows [2]

Group 1 - Cathie Wood has lowered her long-term price prediction for Bitcoin by approximately $300,000, now expecting a peak price of $1.2 million by 2030, due to the rapid rise of stablecoins in emerging markets [1] - Stablecoins are increasingly taking on the role that Bitcoin was expected to fulfill in emerging markets, acting as a store of value [1] - Despite the lowered price expectations, Wood remains optimistic about Bitcoin's overall prospects, viewing it as a global monetary system akin to gold, while distinguishing it from stablecoins [1] Group 2 - The appeal of stablecoins is particularly strong in economies suffering from hyperinflation, sanctions, or currency controls, with Standard Chartered predicting that stablecoins pegged to the dollar could siphon over $1 trillion from traditional banking systems in emerging markets by 2028 [2] - In countries like Venezuela and Argentina, residents are increasingly using stablecoins to preserve purchasing power, as strict currency controls make them a more reliable option than holding physical dollars [2] - Data from DefiLlama indicates that the total market capitalization of stablecoins is expected to exceed $300 billion by 2025, reflecting their rapid adoption in emerging markets [2] Group 3 - Wood's adjustment in perspective indicates a broader market reassessment of the roles of different digital assets within the future global financial system, with Bitcoin's payment and short-term storage functions facing strong competition from stablecoins [3] - Other market players, such as Galaxy, are also adjusting their Bitcoin price targets, with Galaxy lowering its 2025 target to $120,000, citing changing market dynamics [3]

Core Insights - The Hong Kong IPO market has seen significant activity, leading the world in fundraising for the first ten months of the year, with a total of over 210 billion HKD raised [1][9] - There is a notable increase in the number of companies listed, particularly from regions like Shanghai, Guangdong, Jiangsu, and Zhejiang, with a year-on-year growth of 50% in listed companies [2][4] - The biotechnology sector is particularly prominent, with a new biotech company leading in fundraising within its sector, highlighting the trend of allowing unprofitable companies to list under the Hong Kong Stock Exchange's Chapter 18A [1][4] Industry Trends - The fundraising amounts in industrial engineering and software services are also significant, with 779.2 billion HKD and 120.32 billion HKD reported respectively, indicating a shift in industry structure and increasing competition [5][9] - The Hong Kong government is actively promoting the city as a hub for digital assets and financial technology, with officials emphasizing the importance of this sector in public speeches [7][9] - There is a growing interest in green finance, as evidenced by the presence of a major green finance market in Hong Kong, which is supported by various industry reports [7][9] Market Dynamics - The market is experiencing a dual push from capital choices and structural changes, as reflected in the growth rates of fundraising and the number of listed companies [9] - Investor sentiment is mixed, with some viewing the current fundraising boom as a sign of renewed confidence in the market, while others express concerns about valuation bubbles and regulatory pressures [4][9] - The ongoing discussions about market access and capital flow rules are critical for investors, especially those from mainland China, as they navigate the complexities of the Hong Kong market [4][7]

Group 1 - The "2025 Digital Port Venture Capital Forum" was held in Hong Kong, focusing on the new landscape of global venture capital driven by AI and other frontier technologies [1] - Hong Kong has risen three places to rank fourth in the latest "2025 World Digital Competitiveness Ranking," showcasing its commitment to becoming an international innovation and technology hub [1] - The Digital Port has attracted around 470 companies, with a 1:9 investment ratio from the "Digital Port Investment Entrepreneurship Fund," connecting entrepreneurs with market funding [1] Group 2 - Digital Port companies raised nearly HKD 3.4 billion from October 2024 to September 2025, with a cumulative total of HKD 46 billion [2] - Notable recent funding successes include companies like Klook, Bowtie Life, KPay, and Hashkey Group, reflecting strong market interest in AI, blockchain, and digital assets [2] - The Digital Port welcomed 10 new listed companies this year, including Minglue Technology and Cloudwalk Technology, and two unicorns valued at USD 1.3 billion and USD 2.5 billion, respectively [2] Group 3 - Minglue Technology, which went public on November 3, leverages AI core technology to provide data intelligence products and solutions to 135 Fortune 500 companies globally [3] - The Digital Port Investor Network has tripled its performance over the past year, acting as a key bridge for startups to secure significant funding [3] - The establishment of the "AI Investment Circle" aims to match AI companies with sustained growth potential to global investment opportunities [3]

Core Insights - MSCI has included Lianyi Rong (09959.HK) in its China Index for the first time, indicating strong recognition of the company's value and growth potential in the international capital market [1] - The inclusion of Lianyi Rong among 26 new stocks in the MSCI China Index highlights its representative position in the supply chain finance technology sector [1] - DBS Bank has released a report expressing optimism about Lianyi Rong's growth potential, particularly in the digital asset space, which is seen as a significant growth catalyst [2] Company Overview - Lianyi Rong has focused on supply chain financial technology since its establishment in 2016, utilizing advanced technologies such as AI, blockchain, and cloud computing to create a cloud-native supply chain financial solution [2] - The company was listed on the Hong Kong Stock Exchange in April 2021, becoming the first publicly traded company in China's supply chain financial technology SaaS industry [2] - As of mid-2025, Lianyi Rong has served supply chain assets exceeding 17 trillion RMB, collaborating with over 2,900 core enterprises and financial institutions, and has empowered more than 380,000 SMEs globally [3] Market Position and Future Outlook - Lianyi Rong's investment value is gaining attention from global markets due to positive expectations from international institutions and its recent index inclusion [3] - The company aims to continue leveraging technological innovation to enhance its service offerings for SMEs and contribute to the high-quality development of China's supply chain finance industry [3]