Group 1 - The U.S. government is considering eliminating capital gains tax on home sales, which could significantly impact the real estate market and create more opportunities for alternative investment tools like cryptocurrencies [2][4] - The potential tax policy changes are expected to foster a more favorable environment for digital asset investments, particularly for high-net-worth individuals seeking diversified portfolios [2][4] - JPMorgan is exploring cryptocurrency lending, indicating a fundamental shift in traditional financial institutions' attitudes towards digital assets, which could set a benchmark for the entire cryptocurrency exchange industry [4] Group 2 - The introduction of tokenized stocks by platforms like Robinhood and Gemini in the EU is expected to challenge existing regulatory frameworks for crypto tax reporting, creating pressure on regulatory bodies [6] - The launch of AMBRx, Asia's first on-chain stock, on the Kraken platform signifies the entry of tokenized stocks into the mainstream cryptocurrency trading market, supported by 1:1 stock backing [6] - XBIT decentralized exchange is leveraging its technological advantages to provide a secure trading environment, aligning with the current trend of financial service innovation promoted by the government [8]

Core Insights - Goldman Sachs and BNY Mellon are set to announce a groundbreaking collaboration to create a new channel for professional investors to purchase tokenized money market funds [1] - The initiative aims to leverage blockchain technology to record fund ownership, allowing direct investment in money market funds [1] - The project has attracted top asset management firms including BlackRock, Fidelity, and Invesco, as well as the asset management subsidiaries of Goldman Sachs and BNY Mellon [1] Group 1: Tokenization and Market Impact - The tokenization of money market funds is seen as a significant milestone in the development of digital assets, especially following the recent signing of the GENIUS Act, which establishes a regulatory framework for stablecoins [1] - The tokenized money market funds can generate returns for holders, making them attractive to hedge funds, pension funds, and corporate cash management [1] - Approximately $2.5 trillion has been injected into money market funds since the Federal Reserve began its rate hike cycle in 2022, highlighting the growing interest in this asset class [1] Group 2: Technological Advancements - The collaboration will enable faster settlements, round-the-clock trading, and automation through the creation of digital ownership certificates for money market funds [2] - BNY Mellon will maintain traditional money market records alongside the tokenized assets to ensure a smooth transition [2] - The tokenization allows for direct transfers of digital funds between financial intermediaries without the need to convert to cash, enhancing their utility as collateral and margin for large transactions [2][3] Group 3: Efficiency and Practical Value - The vast scale of the market presents significant opportunities to enhance the efficiency of financial infrastructure [3] - Companies can transfer tokens instead of liquidating funds for transaction margins, thereby freeing up time and capital previously tied up in traditional trading processes [3]

21世纪经济报道记者 吴霜 财富传承是国内和海外高净值人群面临的共同议题。 "此前，市场预估全球有84万亿美元的资产，仅亚太地区就有近6万亿美元资产，将在2023年至2030年期 间从'婴儿潮'一代交到更年轻的世代手中。"一位欧洲资管机构家族财富管理的负责人告诉记者。 胡润研究院在2024年预计，未来10年内，将有20万亿元的财富传承给下一代；未来20年，这一数字将增 至45万亿元；未来30年，财富传承总额有望达到79万亿元。 这一点也可以从家办的数量可以管窥一斑。"近些年，亚洲单一家族办公室的数量激增，这与区域内多 年以来的财富创造、积累有关，更重要的是，生于60年代的一代创业者们纷纷面临财富管理和传承的问 题。"一位家办从业者表示。 新一代高净值人群的涌入也给财富管理市场注入了新的特色。 7月22日，渣打银行发布《个人可持续投资调研报告2025》，其中对八个市场的1600名高净值人群的调 研显示，87%的受访者对致力于减少碳排放的企业感兴趣。并且，三分之二年龄介于25岁至39岁的下一 代高净值人群对转型投资有兴趣，高于年龄较大的受访者54%的占比。 "事实上，高净值人群的财富管理已经进入到一个新的阶段。这 ...

Industry Investment Rating - The industry investment rating is maintained at "Outperform" [1] Core Insights - The report discusses the deep impact of stablecoins on the financial system, including effects on the Federal Reserve's balance sheet, commercial banks, and financial infrastructure [4][6] - It highlights the potential for stablecoins to disrupt traditional banking and payment systems while also presenting new opportunities for financial IT service providers and blockchain companies [6] Summary by Sections 1. Impact of Stablecoins on the Financial System - Stablecoins act as a stable digital representation of value, potentially influencing monetary control systems without directly affecting them [13] - The Federal Reserve may face indirect impacts on its balance sheet due to changes in demand for government bonds and bank deposits caused by stablecoin transactions [14] - Stablecoins can challenge existing monetary policy tools by increasing liquidity fluctuations and affecting short-term interest rates [22][23] 2. Comparison of Stablecoin Development in China and the U.S. - The report contrasts the motivations behind stablecoin development in the U.S. and China, emphasizing the need for regulatory frameworks to adapt to the evolving landscape [10] 3. Investment Recommendations - The report suggests that while stablecoin trading is illegal in mainland China, there are growth opportunities for financial IT service providers and payment solution companies [6] - It recommends focusing on banks and investment banks that are exploring virtual asset trading and innovative business models [6] 4. Effects on Commercial Banks - Stablecoins may lead to a disintermediation effect, impacting the balance sheets of commercial banks by shifting deposits to custodial accounts [36] - The report notes that banks may need to adjust their liquidity and interest rate risk management strategies in response to the rise of stablecoins [40] 5. Impact on Financial Infrastructure - Stablecoins can enhance payment efficiency by enabling real-time transactions and reducing costs, particularly in cross-border payments [42] - The competition from stablecoins may drive traditional payment systems to adopt distributed ledger technology to improve their services [42]

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 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 FUTURE DATA GROUP LIMITED 自願公告 未來數據集團建議與亞洲品牌集團 就推動其現實世界資產品牌數字發展訂立服務協議 本 公 告 乃 由 未 來 數 據 集 團 有 限 公 司（「本公司」或「未來數據集團」，連 同 其 附 屬 公 司 統 稱「本集團」）自 願 作 出，藉 以 知 會 本 公 司 股 東（「股 東」）及 潛 在 投 資 者 有 關 本 集 團 的 最 新 業 務 發 展。 服務協議 本 公 司 董 事（「董 事」）會（「董事會」）欣 然 宣 佈，於 二 零 二 五 年 七 月 二 十 三 日，本 公 司 與 亞 洲 品 牌 集 團 控 股 有 限 公 司（「亞洲品牌集團」）訂 立 服 務 協 議（「該協議」）。 亞 洲 品 牌 集 團 將 向 本 ...

Group 1 - PNC Bank is collaborating with Coinbase to facilitate cryptocurrency trading for its customers, marking a significant move by a regulated U.S. bank towards embracing digital assets [1]

Core Viewpoint - Conflux is a high-performance public blockchain system developed in China, positioned in the top tier of international competition, with the upcoming launch of Conflux 3.0 expected to enhance transaction processing capacity to 15,000 TPS and natively support AI agents on-chain [3][4]. Group 1: Technology and Infrastructure - Conflux 3.0 will significantly improve transaction processing capabilities to 15,000 TPS, enhancing its competitiveness in the blockchain space [3][4]. - The BSIM card technology, developed in collaboration with China Telecom and Conflux, addresses digital identity authentication and user private key management through physical-level security [5][7]. - The BSIM card is based on the new Henghui eSIM physical architecture, which upgrades storage and encryption modules while reusing the existing SM-DP+ system for blockchain configuration [7]. Group 2: Digital Assets and Applications - The subsidiary Star Map Bit has partnered with Conflux to monopolize cultural relics NFT certification, leveraging policy support and scarce IP resources to become a core player in Shanghai's metaverse sector [8]. - The financial application of Conflux includes the issuance of AXCNH offshore RMB stablecoin, with ongoing efforts to secure a license in Hong Kong, benefiting from Shanghai's state-owned background and policy advantages [9][10].

AI播客：换个方式听新闻 下载mp3 不过，像高盛这样的竞争对手目前不接受加密货币作为抵押品。 这项政策将标志着摩根大通首席执行官戴蒙的一大转变，他曾在八年前将比特币斥为"欺诈"，称其"最 终会爆炸"，并且只对毒贩和杀人犯有用。 据知情人士透露，摩根大通可能最早在明年开始直接以比特币和以太坊等加密资产为抵押进行贷款，但 他们警告称，该计划可能会有变动。摩根大通拒绝对此发表评论。 此举将凸显出大型银行乃至更广泛的受监管金融行业，正以何种程度开放与加密货币的更密切互动。据 一位知情人士称，戴蒙早期关于比特币的评论——其中他还表示会解雇任何交易比特币的交易员——曾 疏远了一些潜在客户，这些客户要么是通过加密资产赚钱的，要么是长期相信其潜力的。 随着华盛顿风向的转变，更多银行已开始拥抱加密货币，特朗普第二届政府倾向于比拜登政府更宽松的 监管。摩根士丹利一直在考虑通过其ETrade平台提供加密货币交易。 音频由扣子空间生成 上周，美国众议院通过了监管稳定币的立法，这是国会批准的首个主要加密法律。大型银行对此法案表 示欢迎，认为这是一种能让他们更容易地开展数字资产业务的方式。与比特币等没有基础资产支持的加 密货币不同，稳 ...

Core Viewpoint - JPMorgan Chase is considering accepting cryptocurrencies as collateral for loans, marking a significant shift towards mainstream acceptance of digital assets in the traditional financial system [1] Group 1: JPMorgan's Shift in Policy - JPMorgan Chase may start accepting Bitcoin and Ethereum as loan collateral as early as next year, while competitors like Goldman Sachs have not yet adopted such practices [1] - CEO Jamie Dimon's previous harsh criticism of Bitcoin has alienated potential clients who profit from or believe in the long-term potential of cryptocurrencies [2] - Dimon's recent comments indicate a softening stance, as he now defends the right to purchase Bitcoin, suggesting a more open approach to digital assets [2] Group 2: Industry Trends and Regulatory Environment - The traditional financial sector is accelerating its integration with cryptocurrencies, influenced by a more lenient regulatory environment under the Trump administration compared to the Biden administration [1][3] - The U.S. Congress has passed a stablecoin regulatory bill, marking a significant step in crypto legislation, which large banks welcome as it facilitates digital asset operations [3] Group 3: Challenges Ahead - Despite the positive market sentiment, banks face challenges in implementing crypto loan services, including the need for enhanced anti-money laundering and compliance mechanisms [4] - The technical challenge of liquidating crypto assets in case of client default remains a significant hurdle for banks [4] - JPMorgan does not hold cryptocurrencies on its balance sheet, indicating a potential partnership with third-party custodians for managing clients' crypto assets [4]

Group 1 - Companies are increasingly diversifying their cryptocurrency holdings beyond Bitcoin, with a notable rise in Ethereum and its native token Ether as part of their strategy to engage with decentralized finance and the underlying technology infrastructure [1][2] - Coinbase Global holds over $440 million in Ethereum assets, reflecting a trend where more companies are incorporating cryptocurrency into their balance sheets [1] - Ethereum's price surged 60% in the past month, currently hovering around $3,800, although it remains below its historical high of $4,600 reached in 2021 [1] Group 2 - Ethereum has over 51% market share, becoming the mainstream infrastructure for businesses and consumers to transact directly without banks, with tokenization seen as a "killer app" for Ethereum [2] - Companies like BitMine and SharpLink Gaming are actively raising funds to purchase Ether, mirroring the strategies of firms increasing their Bitcoin holdings [2] - BitMine recently announced it holds over $1 billion in Ether, positioning itself as a pure play on Ethereum, which reflects a strong belief in its long-term value [3] Group 3 - The recent signing of the GENIUS Act by Trump, which regulates stablecoins, has positively impacted companies like Circle, whose stock surged over 600% since its IPO, as it operates on the Ethereum network [3] - Not all companies view Ethereum and Bitcoin equally; some, like Strategy, remain focused solely on Bitcoin, while others see Ethereum as a complementary strategy rather than a replacement [4] - The value of blockchain networks and assets like Ether is expected to rise as more enterprises and institutional investors innovate on the blockchain [4]