Core Viewpoint - Tokenized money market funds (TMFs) represent a digital form of traditional money market funds, leveraging blockchain technology for enhanced traceability, transparency, and potential efficiency improvements. The market for TMFs in Hong Kong is expected to accelerate with the anticipated opening of secondary market trading [3][5][26]. Group 1: Understanding Tokenized Money Market Funds - TMFs are digital representations of traditional money market funds, where each token represents a share in the fund, maintaining similar underlying assets such as bonds and short-term deposits [7][8]. - The current TMFs in Hong Kong are primarily non-listed and only allow subscription and redemption in the primary market, with secondary market trading expected to be permitted within the year [8][10]. - The issuance of TMFs provides a dual distribution model, allowing participation through traditional brokers and digital asset platforms [7][8]. Group 2: Mechanism and Market Landscape - The operational mechanism of TMFs involves key participants such as tokenization service providers, custodians, and qualified distributors, ensuring compliance and security in managing tokenized assets [11][12]. - The TMF market in Hong Kong is rapidly developing, with various funds launched, including those by Bosera and Huaxia, covering multiple currencies [17][18][19]. Group 3: Comparison with Traditional Money Market Funds - The primary differences between TMFs and traditional money market funds include ownership recording methods, transparency levels, management fees, and transaction efficiency [20][21]. - TMFs utilize decentralized record-keeping via blockchain, enhancing transparency and reducing fraud risks compared to centralized systems of traditional funds [22]. - While TMFs currently have similar initial investment thresholds as traditional funds, future secondary market trading may lower these barriers [24][25]. Group 4: Future Prospects and Market Potential - The future of TMFs appears promising, driven by market demand, technological innovation, and regulatory clarity, with significant growth potential anticipated [26][27]. - The successful issuance of TMFs is expected to facilitate the connection between crypto assets and traditional financial assets, serving as a foundation for further tokenization in asset management [26][27]. - The market for TMFs is projected to grow significantly, with estimates suggesting that tokenized products could reach $400 billion by 2030, with TMFs being a key driver [28][32].

Core Viewpoint - The implementation of the Stablecoin Regulation marks a significant step for Hong Kong in the development and regulation of virtual assets, reinforcing its status as an international financial center [1] Group 1: Regulatory Impact - The regulation enhances the certainty and compliance foundation of the virtual asset ecosystem, allowing the Hong Kong government to proactively promote its legal framework to global stablecoin issuers and potential investors [1] - The regulatory framework provides clear guidelines for licensees, requiring adherence to asset management and risk control regulations, which helps improve market transparency and boosts investor and consumer confidence in stablecoins [1] Group 2: Economic Opportunities - The regulation supports the government's initiative to develop a Web 3.0 and digital asset innovation hub, promoting the potential of stablecoins in cross-border payments, capital flow, and transaction settlement [1] - The framework aims to advance the tokenization process, establishing a leading advantage for Hong Kong in the digital finance sector [1]

8月1日，香港《稳定币条例》正式生效，香港金管局设置6个月过渡期，并预计将于明年年初发出首个 稳定币发行人牌照。条例为稳定币在香港的落地与推广建立了法律基石和监管框架，香港数字资产行业 将迎来更清晰、可预期的发展环境。华兴资本自营投资负责人史梓渊认为，通过数字资产宣言2.0、 《稳定币条例》和发牌指引，香港不断为数字资产行业的健康发展注入信心与活力。稳定币的合法合规 化，有助于吸引更多主流机构、优质资本和创新企业入场，推动香港数字资产行业金融生态的建设发展 与成熟壮大。 此前，华兴资本成功投资了Circle Internet Group，并为众多数字资产头部企业完成了上市及多轮融资相 关服务。2025年6月，华兴资本控股公布，经董事会决议，在稳固华兴资本现有业务的同时，正式进军 Web3.0和数字资产领域，并批准总额为1亿美元的预算。该项决议标志着华兴资本Web3.0和数字资产领 域的第一步，旨在回应香港政府近年来推出的一系列支持Web3.0及数字资产产业发展的积极政策，以 引领创新科技领域的发展。华兴资本认为，Web3.0及数字资产具有巨大的未来发展潜力，符合全球金 融和商业发展的趋势。 ...

Core Viewpoint - Stablecoins are transitioning from decentralized experiments to institutionalized frameworks, with a focus on compliance, custody, and asset tokenization, particularly in regions like Hong Kong where regulatory frameworks are being established [1] Group 1: Stablecoin Industry Chain Overview - The stablecoin ecosystem is complex, involving various key participants such as custodians, issuers, distributors, payment and IT providers, and RWA participants [2][3][4][5] - Custodians are responsible for safeguarding the reserve assets backing stablecoins, such as USD and short-term government bonds [2] - Issuers must obtain licenses to legally issue stablecoins, with over 50 companies expressing interest in applying for licenses in Hong Kong [3] - Distributors facilitate the circulation of stablecoins, with 11 virtual asset trading platforms already licensed in Hong Kong [4] - RWA participants provide real-world asset backing for stablecoins, expanding their value beyond just USD [5] Group 2: Stablecoin Issuance Mechanism - The stablecoin issuance process involves five key steps: user requests for exchange, funds entering a custody account, reserve management, stablecoin minting, and user receipt and usage [7][8][9] Group 3: Global Stablecoin Trends - Regulatory frameworks are being established globally, with major economies implementing licensing requirements for stablecoin issuance [12] - Traditional financial institutions are increasingly adopting stablecoins as settlement tools, enhancing their role in mainstream financial infrastructure [13] - Non-USD stablecoin options are emerging, promoting a multi-polar ecosystem with local currency stablecoins in regions like Southeast Asia and Latin America [14] Group 4: RWA as a Key Application Scenario - RWA (Real World Assets) is gaining attention as a potential new underpinning for stablecoins, moving the focus from merely USD backing to more robust asset support [15] - RWA involves mapping real-life assets onto the blockchain, providing legal certainty and regulatory compliance [16] - The RWA market is projected to grow significantly, with estimates suggesting it could reach $16 trillion by 2030, becoming a foundational element of the stablecoin ecosystem [19]

Core Insights - The U.S. government has released a significant policy document aimed at establishing leadership in the digital financial technology sector, particularly focusing on digital assets [1][2] - The report compares cryptocurrencies to transformative inventions like railroads and the internet, advocating for a supportive innovation mindset towards digital assets [2] Policy Framework - The report outlines five key policy pillars addressing market structure, banking participation, payment systems, anti-illegal finance, and tax regulations [3] - It recommends a unified, technology-neutral regulatory framework for digital assets, granting the Commodity Futures Trading Commission (CFTC) oversight of non-securities digital asset markets [3] Banking and Payment Systems - The report opposes previous policies that restricted banking services to cryptocurrency firms, advocating for fair treatment of these businesses [4] - It emphasizes the promotion of U.S. dollar-denominated stablecoins as a tool for maintaining dollar dominance in the digital age [4] Technological Innovation - The report encourages ongoing innovation in open blockchain networks and developer communities, while opposing the issuance of central bank digital currencies (CBDCs) due to potential privacy and market intervention concerns [4] Market Dynamics - U.S. venture capital investment in blockchain and crypto startups reached $4.8 billion in Q1 2025, a 70% increase year-over-year, indicating strong market confidence [5] - The report highlights the intention to support the global expansion of U.S. dollar stablecoins, aiming to enhance the U.S. financial system's role in international monetary affairs [5] Global Context - The rise of dollar-pegged stablecoins has raised concerns in Europe about potential "dollarization" and its impact on the European Central Bank's monetary policy [6] - The International Bank for Settlements has criticized stablecoins for their lack of central bank backing and insufficient measures against illegal use [6]

7月30日，美国白宫发布《加强美国在数字金融技术领域的领导地位》，这是一份事关数字资产领域的 重磅政策文件。 这份长达166页的报告系统性地提出了美国数字资产的国家战略目标，并明确了政策调整方向，旨在通 过推动区块链、稳定币、数字资产交易及金融科技基础设施的发展，使美国在相关领域占据全球领先地 位。 这标志着美国政府在涉加密货币领域的政策出现重大转变，引发国际社会高度关注。 报告将加密货币与铁路、互联网等具有划时代意义的发明相提并论，强调美国应当树立支持创新的思维 模式来对待数字资产，并确保加密货币成为美国新黄金时代的一个显著标志。 五大政策支柱 这份报告是根据今年1月23日美国总统特朗普签署的第14178号行政命令起草完成的，由美国总统数字资 产市场工作组（President's Working Group on Digital Asset Markets）发布，旨在明确美国在数字金融技 术领域的全球竞争力战略方向。报告提出了五大政策支柱，涵盖市场结构、银行参与、支付体系、反非 法金融与税收规则等多个方面。 在监管架构方面，报告建议建立一套统一、技术中立的数字资产分类与监管体系，明确赋予美国商品期 货交易委 ...

Group 1 - The core viewpoint of the announcement is that SenseTime-W (00020.HK) has successfully completed the subscription and placement agreements as of July 31, 2025, with all conditions met [1] - The company has subscribed for a total of 1,666,667,000 shares at a subscription price of HKD 1.50 per share, representing approximately 4.58% of the issued B shares and 4.50% of the total issued shares prior to completion [1] - After the issuance of the subscribed shares, the proportion of issued B shares will be approximately 4.38% and the total issued shares will be approximately 4.31% [1] Group 2 - The net proceeds from the subscription amount to approximately HKD 2,498 million, which the company plans to use primarily to support its core business development [2] - The funds will be allocated to building an industry-leading AI cloud, expanding the scale and scenario coverage of SenseTime's AI infrastructure, and supporting the research and development of generative AI [2] - The company aims to commercialize applications in vertical scenarios, explore technology integration in innovative vertical fields, and enhance risk control and settlement applications in digital finance using AI large models [2]

Core Viewpoint - 瑞和数智科技控股有限公司预计2025年上半年将实现盈利约4300万至4400万元人民币，主要得益于前瞻性投资布局、管理效率提升和降本增效措施 [1] Investment Performance - 2025年上半年盈利增长主要源于公司在投资领域的卓越表现，特别是参与联合要约收购东京中央拍卖控股有限公司，带来超过6000万港元的持有收益 [1] Financial Technology Focus - 公司在金融科技领域持续深耕，服务能力得到广泛认可，成功将服务模式从金融机构扩展到其他行业，开辟新的增长空间 [3] - 瑞和数智积极探索金融行业的细分市场，联合香港金融科技企业开发虚拟加密资产交易系统，抢占数字金融基建升级的先机 [3] Diversification Strategy - 公司推进多元化发展战略，计划斥资8000万港元布局加密货币资产与Web3.0赛道，响应香港政府推动虚拟资产产业发展的政策 [4] - 与上海源庐加佳信息科技有限公司合作，打造软硬件一体化解决方案，拓宽业务边界 [4] Investment Empowerment Model - 瑞和数智高管团队将持续探索更多价值投资的可能性，通过投后深度赋能企业发展，实现协同创新与价值提升 [5] Future Outlook - 2025年中期业绩盈利预喜是公司"科技深耕+战略投资"双轮驱动模式成效的初步显现，未来将把握数字经济与智能时代的广阔机遇 [6]

"数字化不是简单的工具叠加，而是'重构产业生态'的核心引擎。"7月29日，由中国经营报社在上海举 办的"2025中国数字产业生态大会"上，光明乳业股份有限公司党委副书记、总裁贲敏总结道。 在数字浪潮席卷实体经济的当下，传统产业正经历着深刻的变革。在此次大会上，贲敏带来了主题分 享：数字重塑乳业生态——牧场到餐桌全链路智能革命。作为一家扎根上海、与城市同频共振的百年乳 企，光明乳业正以"数字光明"为愿景，在数字化转型的道路上，为传统乳业的数字化转型提供了"光明 方案"。 战略引领："三步走"筑牢数字根基 在产业认可方面，光明乳业凭借数字化实践屡获殊荣：2022年荣获"全国供应链创新与应用示范企业"称 号，2025年4月又获"全国工业和信息化系统先进集体"，彰显了其在数字化全产业链领域的领先地位。 创新突围：数字资产开辟乳业新赛道 光明乳业的数字化转型并非一蹴而就，而是经过了26年的持续投入与深耕。自1999年启动数字化转型以 来，企业构建了"三步走"战略，搭建起全链路数字化框架。 "在这20多年的建设当中，我们在几个方面进行了持续的投入，覆盖ERP、CRM、数字仓库、物流、工 厂等关键模块的体系完善。这就相当于 ...

Financial Performance Highlights - The company's Q2'25 operating income increased by 14% year-over-year to $5509 million[5] - Non-Net Interest Income (Non-NII) saw a significant increase of 31% year-over-year in Q2'25, reaching $2806 million[5] - The underlying earnings per share (EPS) for H1'25 increased by 41% year-over-year to 139.2 cents[6, 42] - The tangible net asset value (TNAV) per share increased by 16% year-over-year to 1680 cents[8, 42] Capital Allocation and Shareholder Returns - A new share buyback program of $1300 million was announced[3, 39, 83] - The company is on track to return at least $8 billion to shareholders between 2024 and 2026[3, 57, 83] - Distributions of $6500 million to shareholders have been announced since FY'23 results, including $5300 million in share buybacks and $1200 million in ordinary dividends[40, 42] Business Segment Performance - Global Markets within CIB experienced substantial growth, with income up 47% year-over-year in Q2'25[43, 46] - Wealth Solutions in WRB continued its growth momentum, with income up 20% year-over-year in Q2'25[47] - Ventures segment profit before tax was $130 million in Q2'25, supported by a $238 million gain on the Solv India transaction with Jumbotail[51, 55] Strategic Outlook and Guidance - The company upgraded its 2025 income growth guidance to around the bottom of the 5-7% range at constant currency, excluding notable items[16, 57, 83] - The company expects low single-digit percentage growth in underlying loans and advances to customers for FY'25[34] - The company aims for operating expenses to be less than $12300 million in 2026[22, 57]