Group 1: Bitcoin and Cryptocurrency Market - Global spot Bitcoin ETFs currently hold 7% of the Bitcoin supply, approximately 1.5 million BTC [1] - Bitcoin's average decline in September is about 6%, with potential ETF fund outflows or stock market sell-offs possibly pushing BTC to around $100,000 [2] - Bitcoin's market capitalization has fallen below silver, ranking it as the 8th major asset globally, with a market cap of $2.183 trillion [6] Group 2: Regulatory Developments - The Hong Kong Monetary Authority has received 77 expressions of interest for stablecoin licenses, with only a few expected to be granted in the initial phase [1] - The European Securities and Markets Authority warns that tokenized stocks may mislead retail investors regarding ownership rights [2] - South Korea plans to share cryptocurrency transaction information with 47 countries to enhance tax transparency and prevent cross-border tax evasion [7] Group 3: Company Initiatives - RAK Properties in the UAE will start accepting cryptocurrencies like Bitcoin and Ethereum for international real estate transactions [3][5] - Zhong An Smart Life is collaborating with a licensed virtual asset operating platform in Hong Kong to explore cryptocurrency asset custody and configuration [7]

Group 1 - The most profitable investment in the first half of the year was the Russian Ruble, which appreciated by 41% against the US dollar by June 30 [3][4] - The US market experienced a significant capital outflow, with a 70% reduction in procedural capital inflow, contributing to the decline of the US dollar index [4] - The South Korean stock market saw substantial gains, attributed to its low average price-to-earnings ratio of around 10 times, indicating a value opportunity [4][5] Group 2 - The Hong Kong Hang Seng Index increased by 20% in the first half of the year, influenced by major companies like Meituan, JD.com, and Alibaba, which have significant weight in the index [4][5] - Chinese companies listed in Hong Kong are considered attractive investments due to their appealing valuations after a period of decline from 2020 to 2023 [5] - The A-share market has shown signs of recovery, with the Shanghai Composite Index surpassing 3500 points, historically indicating potential bullish trends [6][7] Group 3 - Investors in the A-share market are increasingly favoring low price-to-earnings ratio stocks with high dividends, while technology companies are achieving high valuations [7][8] - The outlook for commercial bank stocks is positive, as they are seen as a value play amidst global liquidity easing expectations [8] - The Chinese real estate market is projected to bottom out between 2025 and 2026, based on historical data analysis [8] Group 4 - Gold prices rose by 26% in the first half of the year, with expectations that the upward trend may continue [9] - Gold is viewed as a "faith investment," with its value tied to investor confidence in its ability to hedge against inflation [9][10] - Caution is advised for individual investors regarding leveraged investments in gold, as it poses significant risks [10]

Core Viewpoint - The most profitable investment in the first half of the year was the Russian Ruble, which appreciated by 41% against the US dollar by June 30, 2023, largely due to a high base interest rate of 20% in Russia [5][6]. Group 1: Investment Trends - The capital that left the US market primarily followed three paths: returning to its origin, filling value gaps, and flowing into speculative markets [6]. - The South Korean stock market ranked second in performance, attributed to its low average price-to-earnings ratio of around 10 times, making it an attractive investment despite political instability [7]. - The Hong Kong Hang Seng Index grew by 20% in the first half of the year, influenced by major companies like Meituan, JD.com, and Alibaba, which have significant weight in the index [8]. Group 2: Market Analysis - The Hong Kong market is seen as a better investment alternative compared to South Korea, Spain, and Germany, especially after a decline from 2020 to 2023, leading to attractive valuation levels [8]. - Some Hong Kong companies maintain high cost-performance ratios, while others, particularly the so-called "four little dragons" of consumption, have inflated valuations [9]. - The A-share market has shown signs of recovery, with the Shanghai Composite Index surpassing 3,500 points, indicating potential for a bull market [10]. Group 3: Investment Strategies - A conservative investment strategy favors low price-to-earnings ratio stocks, particularly large commercial banks, as global liquidity is expected to ease [11]. - The real estate sector remains a critical issue, with predictions that it may bottom out between 2025 and 2026 based on historical data [12]. - Gold prices increased by 26% in the first half of the year, and while there is potential for further gains, caution is advised against leveraging investments in gold due to its speculative nature [13][14].

Market Performance - The Hang Seng Index closed at 25,617, up 2.15% for the day and up 27.70% year-to-date [1] - The Hang Seng Tech Index rose 2.20% to 5,798, with a year-to-date increase of 29.79% [1] - The Shanghai Composite Index increased by 0.46% to 3,875, with a year-to-date rise of 15.63% [1] Currency and Commodity Overview - The Renminbi Index stood at 96.570, showing a 0.90% increase over the last month but a 3.33% decline over six months [2] - Brent crude oil price was $68.170 per barrel, down 0.86% over the last month and down 2.68% over six months [2] - Gold prices increased by 3.26% over the last month, reaching $3,473.27 per ounce, and rose 20.07% over six months [2] Company News - Alibaba's stock surged by 18.50% to HKD 137.10 after several major banks raised their target prices following the company's earnings report [5][21] - The pharmaceutical sector saw significant gains, with CSPC Pharmaceutical rising 9.14% and WuXi Biologics increasing by 8.37% [5][21] - Hengrui Medicine's HRS9531 injection received acceptance for market approval from the National Medical Products Administration, targeting long-term weight management for adults with obesity-related conditions [12] Economic Indicators - China's August Manufacturing PMI rose to 50.5, surpassing market expectations of 49.5, indicating a recovery in manufacturing activity driven by increased new orders [13][14] - Hong Kong's retail sales value for July increased by 1.8% year-on-year, falling short of the expected 2.5% growth [10][11] IPO and Market Trends - Recent IPOs have shown strong performance, with Jiaxin International Resources listing at a price of HKD 33.82, reflecting a first-day gain of 177.84% [28] - The upcoming IPO of Daxing Technology is set for September 9, 2025, with a proposed offer price of HKD 49.5 [28] Sector Performance - The biotechnology sector led gains with a 3.58% increase, while the automotive sector saw a decline of 2.00% [24] - The pharmaceutical sector also performed well, contributing to the overall positive market sentiment [24]

Market Overview - The A-share market showed mixed performance on September 2, with the Shanghai Composite Index down 0.45% to 3858.13 points, the ChiNext Index down 2.85% to 2872.22 points, and the Shenzhen Component Index down 2.14% to 12553.84 points [3][4] - A total of 1257 stocks rose while 4055 stocks fell across the exchanges, with a total trading volume of 28,750 billion yuan, an increase of 1,251 billion yuan from the previous trading day [4][5] Sector Performance - Banking stocks performed well, with several banks like Chongqing Rural Commercial Bank and China Merchants Bank rising over 3% [6] - Public utilities also saw gains, with stocks like Beijing Yuntong and Shanghai Electric hitting the daily limit [6] - In contrast, technology stocks faced significant declines, particularly in the communication, electronics, and computer sectors, with some stocks dropping over 10% [6][7] Investment Sentiment - Analysts predict a phase of market consolidation, with active trading and supportive liquidity conditions expected to sustain the market [8][9] - The market is anticipated to maintain an upward trend, driven by industry policies and ample liquidity, despite recent high valuations in some technology stocks [9][10] - The potential for further gains in indices like the Shanghai Composite and CSI 300 is noted, with a focus on sector rotation and strategic positioning in the market [10]

2025年8月1日，香港《稳定币条例》正式生效，在香港设立法定稳定币发行人的发牌制度。 此前，国内多家知名企业如京东、蚂蚁集团等高调宣布入局稳定币，追逐跨境支付的新风口。稳定币究竟是加密世界的"定海神针"还是"风暴之眼"？在该 条例落地一个月、舆论热度降温之际，是时候从理性的视角聊聊"稳定币"这个在大众认知中相对新鲜的金融概念。 在中欧国际工商学院教授区块链技术、数字资产与金融服务等课程的金融学助理教授朱海坤，透过稳定币的本质，从稳定币发展的前世今生做出了行业预 判，并对企业布局稳定币的机遇和风险分享了专业的思考。 近年，稳定币的应用和影响力呈爆炸式增长。据统计，截至2025年初，全球流通的稳定币总市值已从2019年的不足20亿美元飙升至超过2500亿美元，年均 复合增长率超过100%。其交易规模亦水涨船高，2024年全球稳定币年交易额已达数十万亿美元量级，甚至当年稳定币链上交易量一度超过Visa和万事达 卡两大卡组织的总和。① 01 什么是"稳定币"？ 稳定币的概念，顾名思义，指一种币值稳定的数字货币。主流稳定币通常跟美元、欧元等法定货币（简称法币）保持1:1的固定兑换比例。比特币、以太 币等加密货币由于价 ...

Core Viewpoint - The launch of the governance token WLFI by World Liberty Financial, backed by the Trump family, represents a significant event in the cryptocurrency space and serves as a test of Trump's influence in fintech [3][7]. Group 1: WLFI Token Launch and Valuation - WLFI's total diluted valuation has exceeded $40 billion, placing it among the top 45 cryptocurrencies by market capitalization [4][10]. - Early investors can unlock and sell 20% of their holdings, which constitutes about 5% of the total supply [3][4]. - The token's price has experienced volatility, with a drop of over 30% from its initial trading price [4][6]. Group 2: Project Background and Team - WLFI is a decentralized finance project with a total supply of 100 billion tokens, co-founded by real estate mogul Steve Witkoff and his son, with significant involvement from the Trump family [8][9]. - Trump's personal stake in WLFI is estimated to be worth over $6 billion, indicating the token's potential importance in his wealth structure [5][10]. Group 3: Unique Design Features - WLFI's valuation is supported by a robust financial foundation, with its stablecoin USD1 backed 100% by high-credit real-world assets [11]. - The project has a unique market strategy, including a commitment from Nasdaq-listed ALT5 Sigma to purchase up to $750 million in WLFI tokens [11]. - WLFI is positioned as a model of "American compliant innovation" in the context of increasing regulatory focus on cryptocurrencies [11]. Group 4: Token Release Strategy - Only 20% of the tokens are being released to early investors, a strategy seen as a way to manage liquidity and stabilize prices [12]. - Some traders believe that a lower circulating supply could lead to price increases, creating a speculative environment [13]. Group 5: Major Investors - The investor base for WLFI includes influential figures such as Sun Yuchen, who is one of the largest independent investors, and the Aqua1 Fund, which recently acquired $100 million worth of WLFI [14][15]. - DWF Labs also invested $25 million in WLFI, highlighting the interest from various market players [16].

Group 1 - Strategic cooperation agreement between Yunfeng Financial and Ant Group to build institutional-level RWA financial infrastructure [1] - Sier Te received a notice from the China Securities Regulatory Commission for suspected information disclosure violations [1] Group 2 - Gold prices increased by over 0.8%, approaching historical highs, while silver surpassed the $40 mark for the first time since 2011 [2] - TSMC is considering a price increase of 5% to 10% for high-end process technology next year [2] - Longi Green Energy reportedly plans to enter the energy storage sector [2] - BYD's total sales of new energy vehicles reached 373,600 units in August [2]

Core Viewpoint - The performance of listed payment institutions in the first half of 2025 shows significant divergence, with some companies experiencing revenue and profit growth while others face declines, reflecting the intense competition and evolving market dynamics in the domestic payment industry [1][4][5]. Group 1: Performance Overview - Eight payment institutions reported a cumulative revenue of approximately 9.268 billion yuan in the first half of 2025, with three companies achieving both revenue and net profit growth, while five companies experienced varying degrees of revenue decline [1][3]. - Among the companies, Yika achieved a revenue of 1.642 billion yuan, a year-on-year increase of 4%, and a net profit of 41.37 million yuan, up 27% [3]. - Lakala, despite maintaining its leading position, reported a revenue of 2.65 billion yuan and a net profit of 230 million yuan, representing declines of 11.1% and 45.3% respectively [3][4]. Group 2: Market Dynamics - The payment industry is facing saturation in the domestic market, leading to intensified competition and price wars, which have compressed profit margins for many institutions [5][6]. - The overall decline in transaction volumes has been a significant factor affecting revenue performance, with Lakala's payment transaction amount decreasing by 9.2% to 19.6 trillion yuan [6]. - Companies are increasingly focusing on technology investments and innovative solutions to enhance competitiveness, with many exploring "payment + SaaS" and "payment + AI" strategies [7][8]. Group 3: Cross-Border Business Growth - In contrast to the domestic market, cross-border payment businesses are experiencing robust growth, with Lakala serving over 160,000 clients and achieving a transaction amount of 37.1 billion yuan, a year-on-year increase of 73.5% [9][10]. - Companies like Lianlian Digital reported a total payment transaction volume of 198.5 billion yuan in global payments, reflecting a 94% year-on-year growth [10]. - The potential for profitability in cross-border payments is significantly higher than in domestic transactions, driven by increasing digital payment demands in emerging markets [10][11].

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的內容概不 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的任何損失承擔任何 責任。 DL HOLDINGS GROUP LIMITED 德林控股集團有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：1709） 補充公告 Asseto已於穩定幣領域建立強大的戰略產業夥伴網絡，其中包括兩家正 籌備申請香港穩定幣牌照的實體。該等夥伴皆屬香港金融管理局穩定幣 「沙盒」計劃的早期參與者。其中一家積極與香港虛擬銀行合作開展跨境 試點項目，致力推動可編程支付與結算解決方案；另一家則為中國領先 電商集團的金融科技分支，在於香港開發穩定幣解決方案中扮演關鍵角 色，其核心原則為重視透明度、強健託管機制及儲備金披露。透過該等合 作關係，Asseto得以取得關鍵穩定幣基礎設施與監管專長，支持其參與香 港日益擴大的代幣化金融市場中受監管穩定幣及合規數字資產解決方案 的開發及未來供應。 認購價概覽及基準 (1)認購ASSETO HOLDINGS LIMITED股權；及 (2) ...