Core Viewpoint - The Shanghai Municipal Committee has released recommendations for the 15th Five-Year Plan, emphasizing the establishment of Shanghai as a global center for RMB asset allocation and risk management [1] Financial Development - Accelerate the construction of a global RMB asset allocation center and risk management center [1] - Expand cross-border and offshore financial service functions, enhancing cross-border investment and financing facilitation [1] - Enrich currency hedging tools and optimize the offshore account system [1] Offshore Financial Services - Promote the development of offshore credit and free trade offshore bonds, while improving regulatory frameworks and business rules [1] - Create offshore financial (economic) functional zones [1] Market Connectivity - Deepen the interconnection between domestic and foreign financial markets [1] - Actively promote the establishment of an international financial asset trading platform in Shanghai [1] - Explore pilot programs for RMB foreign exchange futures trading [1] Global Financial Network - Support financial institutions in expanding their global service networks [1] - Diversify RMB-denominated financial product offerings to advance RMB internationalization [1] Risk Management - Enhance international reinsurance underwriting capabilities and service levels [1] - Strengthen financial regulation and accelerate the construction of a financial risk monitoring and early warning system [1] - Utilize technologies such as blockchain and large models to improve financial risk identification and management [1] Financial Stability - Improve the resilience of financial infrastructure and ensure the reliability of both hardware and software [1] - Strengthen responses to financial risks to ensure stable financial operations [1] Collaborative Development - Deepen the collaborative development of the Shanghai-Hong Kong international financial center [1] - Continue to successfully host the Lujiazui Forum [1]

Core Insights - The global e-commerce landscape is rapidly evolving, with cross-border e-commerce significantly altering international trade dynamics, presenting both challenges and opportunities for businesses and consumers [1] Group 1: Policy Environment - The policy environment is a crucial external factor affecting cross-border e-commerce, with varying regulations across countries creating both challenges and opportunities for enterprises [3] - In Southeast Asia, particularly Vietnam, 63% of consumers prefer purchasing New Year goods through e-commerce platforms, highlighting the market's growth potential [4] - Amazon has upgraded compliance requirements, increasing the on-time delivery compliance rate to 95%, which raises expectations for supplier efficiency [5][6] Group 2: Market Trends - The U.S. has become the largest online market for Korean cosmetics, holding a 51% global share, indicating a significant opportunity for cross-border e-commerce businesses to enhance procurement and marketing strategies [7] - eBay UK has adjusted customer service channels, which may impact consumer communication with the platform, while also launching a climate transition plan aiming for net-zero emissions by 2045 [7] Group 3: Logistics Challenges - Logistics remains a critical aspect of cross-border e-commerce, with long distances and multiple stages leading to high costs and delays, particularly during special circumstances like the pandemic [15] - Companies are exploring new logistics models, such as overseas warehouses, to improve delivery times and customer satisfaction [15] Group 4: Technological Innovation - Technological advancements, including AI, big data, and blockchain, are transforming cross-border e-commerce operations, enhancing customer service and operational efficiency [17][19] - AI technologies are increasingly used for smart customer service and personalized shopping experiences, while big data helps businesses understand consumer needs and market trends [17][19]

Group 1 - The core trend of the 21st century is that "the internet has become real life," impacting various aspects from communication to digital finance and health tracking [2][5][10] - The digital transformation is expected to permeate government processes, public health monitoring, and even brain-computer interfaces in the next two decades, with significant implications for power dynamics both within and between nations [2][11] - The civilizations that benefit the most from new technology waves are those that produce technology rather than merely consume it, emphasizing the need for equitable access to technology [3][12] Group 2 - The COVID-19 pandemic highlighted the consequences of unequal access to technology, particularly in vaccine production, where wealthier nations received vaccines earlier than poorer ones [5][8] - Transparency issues in vaccine science and distribution strategies have led to increased public distrust, which can undermine the effectiveness of health initiatives [8][12] - Solutions like open-source vaccine development can reduce inequality in access and enhance the ability to analyze and verify safety and efficacy [8][12] Group 3 - The importance of openness and verifiability in health and biotechnology is underscored, as proprietary systems can lead to monopolistic practices and data security risks [12][18] - The need for real-time data collection and communication in health monitoring is emphasized, which can significantly improve responses to public health threats [11][12] - The potential risks associated with proprietary health data systems include exploitation by hackers and the monopolization of critical health information by a few large companies [12][18] Group 4 - The article discusses the necessity of open-source and verifiable technologies across various sectors, including personal health tracking, governance, and public safety [23][24] - The vision for a future with open and verifiable systems includes secure personal devices, encrypted communications, and transparent governance mechanisms [23][24] - The call for a shift towards open-source technologies is framed as essential for ensuring security, freedom, and equitable access in the digital age [28][30]

在区块链与金融科技不断演进的背景下，预测市场正在从边缘实验，逐步走向更具制度性与长期价值的阶段。 过去几年，市场已经证明：在高度不确定的事件中，群体预测往往能够比单一模型或专家判断更早形成有效共 识。但与此同时，隐私、可持续激励与机构级参与条件，仍然是预测市场长期发展的关键挑战。 正是在这一背景下，**维纳斯预测（Venus Prediction）**逐步浮出水面。 起点：从"短期交易"到"长期系统"的反思 根据公开资料，维纳斯预测由 新加坡 VENUS 基金会发起，核心团队成员来自多个传统金融与前沿科技背景，包 括： 前华尔街 AQR 量化团队、前 TikTok 产品与技术团队、前 Coinbase 与 Binance 投融资部门，以及来自清华体系的 零知识证明（ZK）算法研究人员。 这一跨界背景，直接影响了平台的设计理念。 与早期预测市场更多关注短期流动性和交易热度不同，维纳斯预测在最初阶段就将目标锚定在三个关键词之上： 长期分红、生态增长、真实价值。 在团队公开的设计逻辑中，预测市场不应只是"押对或押错"的博弈，而应成为一个能够持续产生数据价值与现金 流的系统。 现在：一个全链上预测平台的制度化尝试 在 ...

Core Viewpoint - The article highlights the exploitation of retail investors by the You family, who used their control over Hongbo Co. to extract 3.1 billion yuan before relocating to the United States, leaving 170,000 shareholders in financial distress [1]. Group 1: Background of the You Family - The You family began their business in the 1990s, initially accumulating capital through foreign trade before shifting focus to the niche market of ticket printing [3]. - They gained significant recognition during the 2000 national census, which required high-precision printed materials, allowing them to secure government and bank contracts [5][7]. - By 2008, the family successfully listed Hongbo Co. on the Shenzhen Stock Exchange, controlling over 70% of the shares [9][11]. Group 2: Business Decline and Exit Strategy - Following the rise of digital alternatives, the demand for paper tickets declined, leading to a drop in profits for Hongbo Co. [13][14]. - Instead of pivoting to new business models, the You family began a systematic cash-out strategy, starting with small share reductions under the guise of personal financial needs [16][18]. - Over the years, they executed a series of incremental share sales, which went largely unnoticed by the market, allowing them to accumulate significant cash reserves [20][22]. Group 3: Major Cash-Out Events - In 2018, the You family executed a major share transfer, selling 14% of Hongbo Co. for 700 million yuan, which was framed as bringing in strategic investors [28]. - By 2020, they repeated this strategy, transferring another 8% of shares for 400 million yuan, totaling 1.1 billion yuan extracted from the company [30]. - Ultimately, by 2021, the You family completely divested their holdings, amassing a total of 3.1 billion yuan over a decade [34]. Group 4: Aftermath for Shareholders - After the You family's exit, Hongbo Co. fell into disarray, with the new management failing to stabilize the company, leading to significant financial losses [38]. - The stock price, which had been artificially inflated by speculative trends, collapsed after a disappointing earnings forecast, resulting in an 80% drop in value [42][45]. - The company became effectively ungoverned, with no responsible parties left to address the grievances of the 170,000 shareholders who suffered substantial losses [48][50].

证券研究报告 连连数字 (2598 HK) 快速增长的独立跨境支付服务商 2026 年 1 月 16 日│中国香港 其他多元金融 | 华泰研究 | | 首次覆盖 | 投资评级(首评): | 买入 | | --- | --- | --- | --- | --- | | 2026 年 | 1 月 16 日│中国香港 | 其他多元金融 | 目标价(港币): | 10.20 | | | | SAC No. S0570521010001 SFC No. AWF297 lijian@htsc.com +(852) 3658 6112 陈宇轩* 研究员 SAC No. S0570524070010 chenyuxuan020827@htsc.com +(86) 21 2897 2228 基本数据 | 收盘价 (港币 截至 1 月 15 日) | 6.99 | | --- | --- | | 市值 (港币百万) | 7,845 | | 6 个月平均日成交额 (港币百万) | 58.65 | | 52 周价格范围 (港币) | 5.50-18.00 | 股价走势图 (39) (9) 22 53 83 Jan-25 May-25 ...

(ii)自营交易平台筹备：计划于短期内启动合规数字资产交易所的推出及钱包公链技术开发工作，打造 符合国际监管标准的一站式平台，提供数字资产交易、清算及托管等服务，满足全球投资者多元资产配 置需求。 本集团认为，Web3.0业务、数字货币、区块链技术及相关应用正在深刻改变全球金融格局，全球数字 资产市场展现出强劲的增长潜力。作为国际金融中心，香港健全的监管框架以及相关政策制度的出台和 建立，将为本集团探索Web3.0区块链平台提供良好的起点。 盈证国际(08379)发布公告，为把握全球Web3.0及区块链行业日趋合规化与专业化的发展机遇，并推动 业务多元化与全球化布局，董事会决议在稳固现有的提供生物识别解决方案及软件开发业务的同时，本 集团拟正式战略涉足Web3.0区块链领域。 基于现有优势，本集团拟开展以下业务规划： (i)专业技术服务：依托现有的自身软件技术开发经验，为区块链行业交易所项目方提供全链条专业软件 开发服务，涵盖交易系统搭建、合规风控模组研发、数据安全防护体系构建、跨境交易场景适配等; 作为金融科技行业成熟的市场参与者，本集团旨在利用其在技术和资源等方面的优势，通过战略业务规 划和多元化发展，探 ...

Core Viewpoint - The company, 盈证国际 (08379.HK), is strategically entering the Web3.0 and blockchain sector to capitalize on the growing compliance and professionalism in the industry while diversifying and globalizing its business operations [1][2]. Group 1: Business Planning - The company plans to leverage its existing software development expertise to provide comprehensive software development services for blockchain exchanges, including transaction system setup, compliance risk control module development, data security protection systems, and cross-border transaction scenario adaptation [2]. - The company intends to initiate the launch of a compliant digital asset exchange and wallet public chain technology development in the short term, aiming to create a one-stop platform that meets international regulatory standards, offering digital asset trading, clearing, and custody services to fulfill the diverse asset allocation needs of global investors [2]. Group 2: Market Potential and Strategic Positioning - The company recognizes that Web3.0, digital currencies, blockchain technology, and related applications are significantly transforming the global financial landscape, with the global digital asset market showing strong growth potential [2]. - As an international financial center, Hong Kong's robust regulatory framework and the establishment of relevant policies provide a favorable starting point for the company to explore the Web3.0 blockchain platform [2]. - The company aims to utilize its advantages in technology and resources through strategic business planning and diversified development to explore innovative business models, accelerate business growth, and enhance overall competitiveness [2].

Core Viewpoint - The company, 盈证国际, is strategically entering the Web3.0 blockchain sector to capitalize on the growing compliance and professionalism in the global blockchain industry while diversifying and globalizing its business operations [1][2]. Group 1: Business Plans - The company plans to offer professional technical services, leveraging its existing software development experience to provide comprehensive software development services for blockchain exchanges, including trading system setup, compliance risk control module development, data security protection systems, and cross-border transaction scenario adaptation [2]. - The company intends to prepare for the launch of a compliant digital asset exchange and wallet public chain technology development in the short term, aiming to create a one-stop platform that meets international regulatory standards, offering digital asset trading, clearing, and custody services to satisfy global investors' diverse asset allocation needs [2]. Group 2: Market Potential and Strategic Positioning - The company recognizes that Web3.0 business, digital currencies, blockchain technology, and related applications are significantly transforming the global financial landscape, with the global digital asset market showing strong growth potential [2]. - As a participant in the mature fintech industry, the company aims to utilize its advantages in technology and resources to explore innovative business models through strategic business planning and diversification, accelerating business growth and enhancing overall competitiveness [2]. - The board believes that the strategic layout for the Web3.0 blockchain platform aligns with the overall interests of the company and its shareholders [2].

盈 證 國 際 控 股 有 限 公 司 自願性公告 Web3.0區塊鏈平台搭建的戰略性佈局 盈 證 國 際 控 股 有 限 公 司（「 本 公 司 」， 連 同 其 所 附 屬 公 司 ，「 本 集 團 」）自 願 發 佈 公 告，向公司股東和潛在投資者提供本集團最新業務佈局的更新。 公司董事會（「董事會」）欣然宣佈，為把握全球Web3.0及區塊鏈行業日趨合規化與 專業化的發展機遇，並推動業務多元化與全球化佈局，董事會決議在穩固現有的 提供生物識別解決方案及軟件開發業務的同時，本集團擬正式戰略涉足Web3.0區 塊鏈領域。 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 佈 之 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不會就因本公佈全部 或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 PRIME INTELLIGENCE SOLUTIONS GROUP LIMITED （於開曼群島註冊成立之有限公司） （股份代號：08379） （前稱懶豬科技集團有限公司） Prime Intelligence So ...