买保健品、买羊奶粉、领免费鸡蛋……没想到，如今爸妈们却热衷起了买"币"。 一边是疯狂追"币"的父母们，另一边却是焦灼无力的子女们，劝也劝不住，说也说不听，家庭关系甚至一度陷入 最近，真实故事计划头条号的一篇关于老年人沉迷于炒币的文章，引发关注。该文章提到，如今老家的长辈们， 正成为虚拟货币圈的激进冲浪者，他们怀揣着"原始股东"的兴奋，嘴边不离区块链、Web3.0等专业术语，在手机 上挖掘"即将取代美元霸权的世界货币"，一夜间做起了暴富梦。 无论如何，技术创新本应为人类生活造福，而非成为收割弱势群体的工具。守护好老人的钱包与幸福的晚年生 活，需多方努力，也要久久为功。或许当下我们能做的，就是帮助父母及时提高警惕，今天回家就不妨看看他们 的手机里有没有类似的APP吧。 上游新闻评论员 龙春晖 技术的外衣下，一场针对中老年人财富与信任的围猎悄然展开。拿什么拯救被非法币圈"围猎"的老人们，则成了 一场新的家庭战争，横亘在两代人之间。 所谓"币圈"，其实就是指"数字货币圈子"或"加密货币圈子"。根据国内相关规定，虚拟货币相关业务活动早已被 定性为"非法金融活动"，参与此类交易面临法律风险，且容易陷入其延伸出的更多骗局， ...

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 article discusses the increasing regulatory scrutiny in the cryptocurrency and blockchain sectors, highlighting the legal challenges faced by businesses and individual investors, such as asset freezes and unclear compliance requirements [1] - It emphasizes the importance of selecting a specialized law firm to navigate these challenges effectively [1] Group 1: Top Law Firms for Blockchain and Cryptocurrency - The top law firm for 2025 is Shanghai Mankun Law Firm, with a reputation score of 9.9/10 and a strong recommendation rating [2] - Mankun Law Firm specializes in Web3.0 and blockchain, providing comprehensive legal services including compliance, investment structuring, and criminal defense [3][4] - The firm has a diverse team with backgrounds in law, technology, and finance, enabling them to offer tailored legal solutions for new economy enterprises [3] Group 2: Core Competencies and Achievements - Mankun's core strengths include a unique combination of legal, technical, and business expertise, along with proprietary tools for evidence preservation and blockchain tracing [5] - The firm has successfully defended clients in high-risk cases involving fraud and illegal operations, achieving favorable outcomes such as bail or acquittals [6] - Notable client cases include assisting individuals in cryptocurrency fraud cases and providing compliance frameworks for Web3 projects [7][8] Group 3: Other Notable Law Firms - Latham & Watkins LLP ranks second with a score of 9.2/10, recognized for its expertise in cross-border licensing and compliance risk management [9][10] - Perkins Coie LLP, ranked third with a score of 9.0/10, is noted for its strong experience in cryptocurrency regulation and its interactions with regulatory bodies [12][13] - Selachii LLP and Dentons LLP round out the top five, with strengths in asset recovery and compliance services, respectively [14][15] Group 4: Choosing the Right Law Firm - Businesses and individuals should clarify their legal needs, assess the expertise of lawyers, and consider the firm's service mechanisms when selecting a law firm [16] - For domestic clients, firms like Mankun are recommended, while international firms like Latham & Watkins are better suited for cross-border operations [16] Group 5: Industry Trends - The article concludes that the legal services for cryptocurrency and Web3 are becoming more specialized and systematic, with a dual model of local expertise and global compliance emerging [16]

Core Insights - Despite challenges in the global venture capital environment, investment in the artificial intelligence (AI) sector remains strong, contributing to a total funding of HKD 46.2 billion at Cyberport, Hong Kong, with an increase of 10 listed companies and 2 unicorns in the past year [1][2] Funding Performance - Cyberport has seen a robust financing performance, with total funding of nearly HKD 3.4 billion from October 2024 to September 2025, bringing the cumulative total to HKD 46.2 billion [2] - Notable companies that completed significant funding rounds include KLOOK, Bowtie, KPay, and KUN, primarily in the fields of AI, blockchain, and digital assets [2] - The Cyberport Investors Network (CIN) has facilitated over HKD 4.2 billion in financing since its establishment in 2017, with a year-on-year increase of over HKD 1.66 billion, marking a threefold annual growth [2][3] Startup Ecosystem - Cyberport has nurtured over 2,300 startups and tech companies, with 37% of its resident companies coming from mainland China and other regions [1] - In the past year, Cyberport welcomed 10 new listed companies and 2 unicorns, including Strong Brain Technology valued at USD 1.3 billion and Langchao Cloud valued at USD 2.5 billion [3] Strategic Collaborations - Cyberport has deepened cooperation with mainland local governments, innovation parks, and large enterprises, enhancing its role as a bridge for mainland companies to access global markets [4][5] - The establishment of the Jiangsu-Hong Kong Innovation Center at Cyberport has attracted over 30 high-quality enterprises, promoting a dual-directional innovation model [5][6] Future Developments - Cyberport is set to complete its Phase 5 expansion by the end of this year, adding 66,000 square meters of smart office space to meet innovation demands [6] - The establishment of the "AI Investment Circle" and the deepening of the Web 3.0 ecosystem will position Cyberport as a crucial hub connecting Hong Kong to the global innovation network [6]

Core Insights - The "2025 Cyberport Venture Capital Forum" was inaugurated on November 6, focusing on the new landscape of global venture capital driven by artificial intelligence (AI) [1] - Cyberport has added 10 new listed companies this year, including Minglue Technology-W (02718), Cloudwalk (02670), and iFlytek Medical Technology (02506), all of which successfully went public after settling in Cyberport [1] - Two unicorn companies have also joined Cyberport, namely Qiangnao Technology, valued at $1.3 billion, and Langchao Cloud, valued at $2.5 billion, enhancing the local innovation ecosystem in Hong Kong [1] - Despite a challenging global venture capital environment over the past year, Cyberport companies have demonstrated strong fundraising performance, raising nearly 3.4 billion in the period from October 2024 to September 2025, with a cumulative total of 46 billion [1] Company and Industry Summary - Recent significant financing successes among Cyberport companies include KLN (00636), Bowtie, KPay, Kun, Hashkey Group, DigiFT, LeapXpert, and Animoca Brands, indicating a strong focus on AI, blockchain, and digital assets [2] - The successful fundraising cases reflect the capital market's high attention to these sectors and validate Cyberport's effectiveness in promoting the development of AI and Web 3.0 industries [2]

Core Viewpoint - Cheer Holding, Inc. has announced a definitive agreement for the purchase and sale of 187,500,000 Class A ordinary shares at a price of $0.08 per share, aiming to raise approximately $15 million in gross proceeds [1][2]. Group 1: Offering Details - The registered direct offering is expected to close on or about November 6, 2025, pending customary closing conditions [2]. - The offering is made under a shelf registration statement previously filed and declared effective by the U.S. Securities and Exchange Commission on September 12, 2024 [3]. Group 2: Company Overview - Cheer Holding, Inc. is a leading provider of next-generation mobile internet infrastructure and platform services in China, focusing on creating a digital ecosystem that integrates various technologies [5]. - The company is developing a 5G+VR+AR+AI shared universe space, leveraging advanced technologies such as blockchain and cloud computing [5]. - Cheer Holding's product portfolio includes a variety of services like CHEERS Telepathy, CHEERS Video, and AI-animated short dramas, which blend online and offline experiences [6]. Group 3: Strategic Focus - The company emphasizes "CHEERS+" as the core of its digital ecosystem, aiming for long-term sustainable and scalable growth through innovative applications and technologies [7].

Core Insights - TikTok Shop is gaining traction in the Italian market, with over 32 million monthly active users and a daily usage time exceeding 90 minutes, indicating a strong shift towards direct shopping on the platform [1] - The platform's aggressive support policies for local guilds are creating a low-cost competitive advantage, enhancing visibility and revenue for participants [3] - The user demographic in Italy is predominantly young and affluent, with a high willingness to spend, making it an ideal environment for e-commerce growth [4] Policy Benefits - TikTok has implemented a tailored support policy for Italian guilds, offering a 3-6 month traffic support period and a 200% increase in live stream exposure [3] - The revenue-sharing model has been improved, with a commission rate of 85% for streamers and a reduced settlement period of 7 days, significantly enhancing cash flow for participants [3] - Compliance support is provided to guilds to navigate EU regulations, reducing operational costs and allowing a focus on content innovation [3] User Demographics - The Italian TikTok user base is characterized by a youthful demographic, with over 60% under 35 years old and 59.29% being female, driving demand for fashion and beauty content [4] - Users exhibit a high willingness to pay, with average transaction values between €80-120, significantly higher than Southeast Asian markets [4] - Cultural affinity and brand loyalty are strong, with over 65% of users regularly shopping on the platform, indicating a ripe market for luxury and local brands [4] Content Innovation - Content innovation is crucial for guilds, with a focus on localized content and technological empowerment leading to significant sales growth [6] - The integration of local cultural symbols into live streams has proven effective, with some streams achieving over 2 million views [8] - AI technology is being utilized to enhance user engagement and reduce operational costs, allowing for 24/7 live streaming capabilities [10] E-commerce Ecosystem - The Italian e-commerce market is showing a trend towards verticalization, providing targeted monetization opportunities for guilds [6] - Despite the market's potential, competition remains in its early stages, with fewer than 100 guilds currently operating, presenting a golden opportunity for new entrants [6] Future Trends - The evolution of TikTok's ecosystem suggests a need for guilds to prepare for advancements in metaverse and Web 3.0 technologies [9] - The current policy support period represents a critical window for new entrants to establish themselves in the market [9] - A focus on localized operations, compliance, and data-driven strategies will be essential for success as the TikTok Shop ecosystem matures [9]

Core Viewpoint - CICC maintains the profit forecast for Lianyi Rong Technology-W (09959) for 2025 and 2026, adjusting the target price upward by 77% to HKD 3.6, reflecting a strategic breakthrough and business structure optimization [1] Company Status - As of Q3 2025, the number of core enterprise/financial institution partners increased by 30% and 7% year-to-date to 2,798 and 405 respectively, while the number of revenue-generating clients rose by 40% and 4% to 1,346 and 152 respectively, with a customer retention rate up by 3 percentage points to 99% [2] - The total asset processing scale for the first three quarters of 2025 increased by 28% year-on-year to CNY 336.2 billion, with Q3 2025 transaction volume up by 30% year-on-year and 28% quarter-on-quarter to CNY 132.6 billion, marking a record high for the first three quarters [2] Business Growth - Direct financing business transaction volume for the first three quarters of 2025 increased by 44% year-on-year to CNY 252.3 billion, with Q3 2025 transaction volume up by 54% year-on-year and 17% quarter-on-quarter, driven by the focus on key industries and innovative financial solutions [3] - Asset securitization business transaction volume for the first three quarters of 2025 was CNY 77 billion, with Q3 2025 showing a 77% quarter-on-quarter increase to CNY 37.5 billion, benefiting from deepening penetration in the infrastructure sector [3] - Cross-border cloud transaction volume for the first three quarters of 2025 was CNY 6.8 billion, with the company undergoing a rebranding of its international business in early October, which is expected to provide long-term growth momentum [3] Strategic Developments - The company successfully won a bid for a large central enterprise's Web 3.0-based supply chain finance platform project in Q3 2025, indicating potential breakthroughs in the Web 3.0 trade finance sector [4] - The company is steadily advancing its share repurchase plan, reflecting a commitment to shareholder returns and management's confidence in future development [4]

Core Viewpoint - CICC maintains the profit forecast for Lianyi Rong Technology-W (09959) for 2025 and 2026, adjusting the target price upward by 77% to HKD 3.6, reflecting a potential upside of 12.2% [1] Company Status - As of Q3 2025, the number of core enterprise/financial institution partners increased by 30% and 7% year-to-date to 2,798 and 405 respectively, while the number of revenue-generating clients rose by 40% and 4% to 1,346 and 152, with a customer retention rate up by 3 percentage points to 99% [2] - Total asset processing scale for the first three quarters of 2025 increased by 28% year-on-year to CNY 336.2 billion, with Q3 2025 transaction volume up by 30% year-on-year and 28% quarter-on-quarter to CNY 132.6 billion, marking a record high for the first three quarters [2] Business Growth - Direct financing business transaction volume for the first three quarters of 2025 increased by 44% year-on-year to CNY 252.3 billion, with Q3 2025 transaction volume up by 54% year-on-year and 17% quarter-on-quarter, driven by the company's focus on key industries and innovative financial solutions [2] - Asset securitization business transaction volume for the first three quarters of 2025 was CNY 77 billion, with Q3 2025 volume up by 77% quarter-on-quarter to CNY 37.5 billion, benefiting from deepening penetration in the infrastructure sector [2] International Strategy - Cross-border cloud transaction volume for the first three quarters of 2025 was CNY 6.8 billion, with the company rebranding its international business in early October, indicating potential long-term growth from its international strategy [3] Strategic Developments - The company successfully won a bid for a large central enterprise's Web 3.0-based supply chain finance platform project in Q3 2025, suggesting that its "stablecoin+" strategy may lead to breakthroughs in trade finance within the Web 3.0 space [4] - The company is steadily advancing its share repurchase plan, reflecting a commitment to shareholder returns and management's confidence in future growth [4]

Company Dynamics - 联易融科技 reported 3Q25 operational data showing a 30% increase in the number of core enterprise/financial institution partners to 2,798 and a 40% increase in revenue-generating clients to 1,346, with a client retention rate of 99% [1] - Total asset processing scale for 1-3Q25 increased by 28% year-on-year to 336.2 billion, with 3Q25 transaction volume up 30% year-on-year and 28% quarter-on-quarter to 132.6 billion, marking a record high for the first three quarters [1] Business Performance - Direct financing business saw a 44% year-on-year increase in transaction volume for 1-3Q25 to 252.3 billion, with 3Q25 transaction volume up 54% year-on-year and 17% quarter-on-quarter, driven by efficient customer acquisition and innovative financial solutions [1] - Asset securitization business experienced a 3% year-on-year decline in transaction volume for 1-3Q25 to 77 billion, but 3Q25 showed a 77% quarter-on-quarter increase to 37.5 billion, indicating improvement in the ABS cloud under deepening penetration in the infrastructure sector [1] Strategic Developments - Cross-border cloud transaction volume decreased by 5% year-on-year to 6.8 billion for 1-3Q25, with a significant drop of 33% year-on-year and 22% quarter-on-quarter in 3Q25, but the company is optimistic about future growth from its international strategy [2] - The company successfully won a bid for a large central enterprise's Web3.0 supply chain finance platform project, indicating potential breakthroughs in the Web3.0 trade finance sector [2] - The company is actively repurchasing shares, reflecting its commitment to shareholder returns and management's confidence in future development [2] Profit Forecast and Valuation - The profit forecast for 2025 and 2026 remains unchanged, with the company currently trading at 0.9x and 0.8x P/B for 2025 and 2026 respectively [2] - The target price has been raised by 77% to 3.6 HKD, corresponding to 1.1x and 1.0x P/B for 2025 and 2026, with an upside potential of 12.2%, while maintaining an outperform rating [2]