北京时间9月20日，杜兰特尚未与火箭达成续约，但球场外他已经大赚一笔。据CNBC报道，杜兰特已重新登录上自己尘封许久的Coinbase账户。此前，他因 登录信息遗失而备受困扰，如今不仅解决了这一问题，更重新获得了对近十年前购入比特币的控制权。 Coinbase首席执行官阿姆斯特朗在社媒上证实，杜兰特在Coinbase支持工具的帮助下成功重置了账户。 2016年，杜兰特与经纪人里奇-克莱曼参加了风险投资家本-霍洛维茨举办的生日派对，此后便首次购入了比特币。克莱曼本周在洛杉矶举行的 CNBC"GamePlan"会议上回忆了这段经历。 多年来，杜兰特与Coinbase的联系一直十分紧密。2017年，他与克莱曼通过二人旗下的风投公司"Thirty Five Ventures"对Coinbase进行了投资；自2021年起， 杜兰特还成为了该交易所的品牌合作伙伴。 美媒报道称，杜兰特首次买入比特币时，其单价约为600美元；如今，比特币价格已徘徊在11.7万美元附近，涨幅接近200倍。 由于多年无法登录账户，这些比特币资产一直处于"未动状态"，也正因如此，它们完整经历了金融史上最为波澜壮阔的一轮牛市。 账户问题的根源是登录 ...

Group 1: Federal Reserve and Interest Rates - The Federal Reserve has lowered the federal funds rate ceiling by 25 basis points to 4.25%, aligning with market expectations, down from 4.50% [1] - Most officials anticipate at least three more rate cuts by the end of the year, with only one member advocating for a 50 basis point cut [1] Group 2: Virtual Currency and Legal Developments - Shanghai court successfully disposed of over 90,000 FIL coins in a criminal case, marking the first successful handling of virtual currency in a criminal asset execution case [1] - The disposal process involved a "domestic entrustment, overseas disposal, closed-loop return" model, ensuring compliance with foreign exchange management procedures [1] Group 3: Digital Assets and Regulatory Frameworks - Hong Kong's 2025 Policy Address includes initiatives to promote tokenized deposits and asset trading, as well as the establishment of a regulatory framework for stablecoin issuers [2] - The UK and US are enhancing cooperation on crypto asset regulation, focusing on stablecoins and digital securities sandboxes to facilitate market access for UK firms [4] - The UK's FCA plans to exempt certain traditional financial rules for crypto companies to better regulate the industry, adapting to the high volatility of crypto assets [5] Group 4: Blockchain and AI Initiatives - The UNDP is launching a "Government Blockchain Academy" in collaboration with Exponential Science Foundation to provide education on blockchain and AI for government departments [3] - Ethereum founder Vitalik Buterin announced a roadmap focusing on increasing Ethereum's mainnet gas limits and enhancing privacy features for various applications [6][7] Group 5: Industry Challenges and Market Dynamics - Standard Chartered warns of a market collapse in digital asset treasury (DAT) companies, with many facing valuation crises and smaller firms potentially entering a "death spiral" [9] - Larger, low-cost DAT companies are expected to gain an advantage, with potential acquisitions of struggling peers to maintain expansion [9] Group 6: Funding Events - Brera is rebranding to Solmate and has completed a $300 million PIPE financing with support from the Solana Foundation [10] - GRVT has raised $19 million in Series A funding led by ZKsync and Further Ventures [10] - Kredete has announced a $22 million Series A funding round [10]

Macro and Industry Commentary - The global stock markets showed mixed performance, with the Hang Seng Index down by 1.35% and the Shanghai Composite Index down by 1.15%, while the US markets saw slight gains, particularly the Nasdaq which rose by 0.94% [1][3] - In the Chinese market, sectors such as energy, materials, and information technology faced declines, while healthcare and online education performed well. Southbound capital saw a net inflow of HKD 6.288 billion [3] - The Japanese economy is expected to support a rate hike by the Bank of Japan in October, despite political uncertainties surrounding potential leadership changes [3] - The Bank of England maintained its interest rates, showing caution towards further cuts due to rising inflation concerns [3] - The US Federal Reserve cut rates by 25 basis points to a range of 4.0%-4.25%, indicating a more dovish stance and acknowledging rising risks in the labor market [5] Industry Insights - The technology sector is witnessing innovation driven by Meta's recent product launches, including new smart glasses that integrate advanced display technology and gesture controls. This is expected to boost demand for AI glasses in the coming years [6] - The semiconductor industry is highlighted with companies like Intel and Nvidia collaborating on chip development, indicating a strong market for semiconductor stocks [3][6] - The consumer discretionary sector is showing potential with companies like Luckin Coffee and various food brands receiving buy ratings, reflecting optimism in consumer spending [7] Company Focus - Geely Automobile is rated as a buy with a target price of HKD 25.00, indicating a potential upside of 33% from its current price of HKD 18.81 [7] - Luckin Coffee is also rated as a buy with a target price of USD 44.95, suggesting a 16% upside from its current price of USD 38.83 [7] - Tencent and Alibaba are both rated as buys, with target prices of HKD 705.00 and USD 158.80 respectively, reflecting confidence in their growth potential [7]

Group 1 - The SEC has approved three exchanges to expedite the listing process for exchange-traded products (ETPs) that hold physical commodities like Bitcoin and gold, aiming to enhance investor choice and promote innovation [1][2] - The U.S. Congress is advancing a Bitcoin Strategic Reserve bill, proposing the purchase of 1 million Bitcoins over the next five years, positioning Bitcoin alongside gold as a national strategic reserve asset [1][2] - The SEC has approved a universal listing standard for commodity-based trust shares, which includes digital assets, allowing eligible products to be listed without individual rule change applications [2][5] Group 2 - The New York State Department of Financial Services (NYDFS) has issued guidance requiring banks to adopt blockchain analysis tools to combat illegal activities such as money laundering and terrorist financing [4][5] - The UK's Financial Conduct Authority (FCA) plans to include crypto asset companies in a comprehensive regulatory framework while exempting some traditional financial rules to better suit the crypto industry's characteristics [3] - Standard Chartered Bank, Qatar National Bank, and DMZ Finance have launched a regulated tokenized money market fund in the Dubai International Financial Centre [3] Group 3 - The supply of Bitcoin on centralized exchanges has reached a seven-year low, indicating significant institutional investment in Bitcoin [4] - Gemini's stock has fallen below its IPO price of $28, with a current market capitalization of $2.9 billion, following a significant drop in share price shortly after its market debut [4] - Bitfinex analysts report that Bitcoin has formed a new resistance level around $116,000, with potential catalysts needed for a price increase [5] Group 4 - The total open interest in BNB contracts has approached $2 billion, marking a new historical high, with Binance leading in contract volume [6]

刚刚登陆纽交所的加密货币交易所Bullish，在交出一份扭亏为盈的财报同时，获批了一张关键的美国监 管牌照为它打开了全球最大市场的大门，其打造"加密货币领域MSCI"的雄心也浮出水面。 9月17日，由前纽交所总裁Tom Farley领导的加密货币交易所Bullish，交出了作为上市公司的首份成绩 单。截至6月30日的第二季度，公司实现净利润1.083亿美元，与去年同期1.164亿美元的净亏损形成鲜明 对比。这标志着公司在上市后出现的一个重要转折。 尽管实现了净利润层面的大幅逆转，但财报细节也揭示了复杂的一面。若剔除一次性项目，公司该季度 的调整后亏损为600万美元，而去年同期为调整后利润480万美元。调整后营收为5700万美元，同比去年 的6070万美元有所下滑。这可能引发市场对其核心业务持续增长能力的关注。 尽管调整后数据承压，但Bullish管理层仍对未来表达了乐观预期。公司首席执行官Tom Farley表示，第 二季度的工作正为当前第三季度带来强劲动力。Bullish预计，第三季度调整后收益将在1200万美元至 1700万美元之间，调整后收入将在6900万美元至7600万美元之间，预示着增长有望恢复。 ...

Core Viewpoint - The Hong Kong government, led by Chief Executive John Lee, has introduced the "2025 Policy Address," which has received strong support from various regulatory bodies and institutions in Hong Kong, emphasizing measures to strengthen Hong Kong's position as a leading international financial center [2]. Group 1: Hong Kong Securities and Futures Commission (SFC) - The SFC welcomes measures in the Policy Address aimed at reinforcing Hong Kong's status as a global preferred listing venue and enhancing the stock market and listing system [4]. - Suggestions to include RMB counters and real estate investment trusts in the Stock Connect are expected to deepen ties between Hong Kong and mainland markets [4]. - The SFC highlights the importance of promoting bond issuance and establishing a commercial repurchase market to further develop the fixed income and currency markets, enhancing Hong Kong's attractiveness to global investors [4][5]. Group 2: Hong Kong Exchanges and Clearing (HKEX) - HKEX leadership expresses support for the Policy Address, noting that initiatives covering both primary and secondary markets will help sustain Hong Kong's development as an international financial center [6][7]. - The HKEX aims to enhance the diversity of financial products available in the market, including securities, fixed income, currency, commodities, and carbon markets [7]. Group 3: Hong Kong Insurance Authority - The Insurance Authority supports measures in the Policy Address that aim to enhance Hong Kong's status as an international financial center, particularly in specialized insurance and reinsurance [8][9]. - The establishment of a shipping risk pool is seen as a way to create new opportunities and improve resilience against emergencies [9]. Group 4: Hong Kong Chinese Fund Industry Association - The Association praises the Policy Address for its focus on strengthening the stock market and developing a leading bond market, which will attract global capital to Hong Kong [10]. - Proposals to shorten the stock settlement cycle to "T+1" and facilitate the return of Chinese concept stocks are expected to broaden investment channels for Chinese funds [11]. Group 5: Hong Kong Cyberport - Cyberport welcomes the Policy Address's emphasis on advancing artificial intelligence (AI) and data industries, aiming to position Hong Kong as an international hub for these sectors [12][13]. - Cyberport plans to support the development of an AI ecosystem and attract innovative enterprises to enhance Hong Kong's status as a technology center [13]. Group 6: Hong Kong Financial Development Council - The Financial Development Council supports the Policy Address's initiatives aimed at enhancing the competitiveness of Hong Kong's financial markets, including the promotion of reinsurance and the inclusion of real estate investment trusts in the connectivity mechanism [14]. Group 7: Hong Kong University of Science and Technology - The University expresses encouragement regarding the Policy Address's focus on AI development and plans to establish an AI research institute by 2026 [15][16]. - The University aims to collaborate with the government to enhance AI education and contribute to the development of the AI ecosystem [16].

【导读】香港证监会、香港交易所、香港保监局等机构纷纷发文力挺李家超《施政报告》 9月17日，香港特区政府行政长官李家超发表《2025年施政报告》（以下简称《施政报告》）后，香港 证监会、香港交易所、香港保监局等机构纷纷发文力挺，表示将在各自专注的领域全力支持《施政报 告》的实施。 香港证监会： 欢迎巩固香港顶尖金融中心地位措施 香港证券及期货事务监察委员会（以下简称香港证监会）欢迎《施政报告》中提出的措施，以支持香港 作为领先国际金融中心的持续发展。 香港证监会表示，《施政报告》就强化股票市场和优化上市制度的建议措施，将巩固香港作为全球首选 上市地的地位。与此同时，将人民币柜台及房地产投资信托基金纳入沪深港通的建议，有助于深化香港 与内地市场的联系。在创新方面，有关扩展向专业投资者提供的数字资产产品和服务类型的建议，有望 促进香港数字资产生态系统的发展。这些措施与香港证监会的策略重点高度一致。 香港证监会同时指出，《施政报告》中的一项重点，是透过促进债券发行、推动建立商业回购市场、推 出国债期货和提升金融基建等措施，进一步发展固定收益及货币市场。这些措施将为香港市场的多元化 发展注入强心针，并提升其对环球投资 ...

Core Insights - Bullish reported better-than-expected Q2 earnings and revenue, with EPS at $0.93 compared to a loss of $1.03 a year ago, exceeding the market expectation of -$0.05 [1] - The company’s revenue for Q2 was $57 million, slightly below last year's $60.7 million but above the market forecast of $55.8 million [1] - Digital asset sales reached $58.6 billion, significantly up from $49.6 billion in Q2 2024, with trading volume soaring to $179.6 billion from $133 billion year-over-year [1] Financial Performance - Adjusted operating expenses for the quarter were $48.9 million, up from $46 million a year ago [1] - Adjusted EBITDA was $8.1 million, down from $14.7 million in the same quarter last year [1] - The company expects Q3 2025 adjusted revenue to be between $69 million and $76 million, significantly higher than the analyst consensus of $57.1 million [2] Market Position and Growth - Bullish's digital asset index provider, CoinDesk Indices, reported an AUM of $41 billion, increasing by over $9 billion from Q1 [2] - The company recently obtained a BitLicense from the New York State Department of Financial Services, facilitating its expansion in the U.S. market [3] - Cathie Wood's ARK Invest has increased its stake in Bullish, purchasing over 160,000 shares valued at approximately $8.3 million, continuing to hold a total of over $129 million in Bullish stock across multiple ARK funds [3]

Group 1: Federal Reserve and Market Impact - QCP Capital indicates that the Federal Reserve is expected to initiate a rate cut cycle tonight, with the first cut of 25 basis points to a range of 4.00–4.25% [1] - Despite market expectations of six rate cuts by 2026, investor focus remains on the dot plot and Powell's press conference [1] - The crypto market has underperformed compared to traditional risk assets, and the Fed's statements tonight may influence this disparity [1] Group 2: Hong Kong's Digital Asset Initiatives - The Hong Kong Chief Executive's 2025 Policy Address outlines the Monetary Authority's continued promotion of the Ensemble project, including tokenized deposits and asset trading [2] - The government aims to regularize tokenized bond issuance and enhance risk management through a regulatory sandbox [2] - The Securities and Futures Commission is developing legislative proposals for licensing digital asset trading and custody services while expanding product offerings for professional investors [2] Group 3: Ethereum Development Updates - Vitalik Buterin announced a new roadmap for Ethereum at a developer conference in Japan, focusing on increasing the mainnet gas limit for scalability while maintaining decentralization [3] - The mid-term goals include trustless asset transfers and rapid settlements between Layer 2 solutions, emphasizing the importance of on-chain privacy [3] - Long-term objectives aim to create a secure, simplified, quantum-resistant version of Ethereum with formal verification [3] Group 4: UK FCA Regulatory Changes - The UK's Financial Conduct Authority (FCA) plans to exempt certain traditional financial rules when regulating crypto companies starting in 2026, adapting to the high volatility of crypto assets [3] - The FCA will enhance cybersecurity regulations to ensure they align with actual risks [3] Group 5: Coinbase Data Breach - Details of the Coinbase data breach reveal that an employee from TaskUs stole sensitive customer information, including social security numbers and bank accounts, and sold it to hackers [3] - The breach affected over 69,000 customers, with potential losses for Coinbase estimated at up to $400 million [3]

Group 1 - The core viewpoint of the article highlights that the Hong Kong government is actively promoting the normalization of tokenized bonds through the Hong Kong Monetary Authority's continued advancement of the Ensemble project [1] - The gradual normalization of tokenized bonds is expected to lead to further exploration of application scenarios in a regulatory sandbox, including trade financing and fund distribution, positioning Hong Kong as a demonstration market in the global RWA tokenization wave [1] - The government is balancing innovation with robust risk management by promoting a licensing system for digital asset trading and custody services, alongside the introduction of automated data monitoring tools [1]