Group 1 - The core point of the article is that Yili Holdings (00076.HK) has signed a cooperation agreement with Goldpay for the issuance of a practical blockchain voucher (code 76 or V76) primarily used by its subsidiary, Yili Graphite Limited [1] - The V76 will be issued on the Ethereum blockchain with a maximum supply of 1 billion tokens [2] - The board acknowledges the trend of integrating artificial intelligence with cryptocurrency usage, but the future contribution of this project to the group remains uncertain [3]

Core Viewpoint - Yili Holdings (00076) has announced a collaboration agreement between its wholly-owned subsidiary Yili Graphite Limited and Goldpay Limited, focusing on the issuance of a practical blockchain voucher primarily for the subsidiary's applications [1] Group 1: Agreement Details - The agreement was signed on October 10, 2025, and involves Goldpay issuing a blockchain voucher named V76, which will be listed on cryptocurrency exchanges for trading against major stablecoins within 24 hours [1] - V76 can be redeemed on the subsidiary's "JinKu 76 Platform" for commodities such as graphite, oil, and mineral products, as well as related services from current and future partners of the platform, thereby expanding its application scenarios [1]

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，概不對因本公佈全部 或任何部份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。 ELATE HOLDINGS LIMITED 誼礫控股有限公司 （ 於香港註冊成立之有限公司） （ 股份代號： 076） 自願公告 業務發展最新情況 誼礫控股有限公司董事會欣然知會市場有關本集團之最新業務發展。 此乃由誼礫控股有限公司（「本公司」）作出之自願性公告，使其股東及潛在投 資者知悉本公司及其附屬公司（合稱「本集團」）之最新業務發展。 V76 可以在主要應用方子公司的《金酷 76 平台》上兌換諸如石墨、石油、礦產品等 大宗商品或相關的服務，這些商品或服務皆來自現在和將來與《金酷 76 平台》合作 的公司，V76 的應用場景從而得以擴大。 V76 進一步介紹請參考 V76 白皮書：www.goldpay76.com 1 董事會認為，雖然結合人工智能的業務和加密貨幣使用已是大勢所趨，然而此項 目未來對本集團的貢獻尚未能確定。 本公司股東及潛在投資者於買賣本公司股份時務請審慎行事。 承董事會命 誼礫控 ...

Group 1 - Kazakhstan's Almaty city is adopting cryptocurrency for various transactions, including daily purchases and real estate, indicating a growing acceptance of digital currencies [1] - President Tokayev announced that cryptocurrencies will be included in the national strategic reserves, aiming to establish Almaty as a digital financial hub in Central Asia, which is seen as a positive development for the cryptocurrency market [1] Group 2 - The recent U.S. government shutdown led to the delay of CPI data release, causing panic in the cryptocurrency market, with Bitcoin dropping to a low of $119,651, briefly falling below the $120,000 mark [3] - Bitcoin's support levels are identified at $120,000 and $118,000, while resistance levels are at $122,000 and $125,000; Ethereum also faced a decline, dropping below $4,300 to a low of $4,265, with support at $4,250 [3] Group 3 - The cryptocurrency market is experiencing selective growth, with established coins like Bitcoin and Ethereum reaching new highs, while many altcoins are underperforming compared to last year [5] - The market is seeing a trend where new coins are gaining traction, while older coins are struggling, suggesting a shift in investor focus towards newer digital assets [6]

Core Insights - HashKey Group, the largest licensed cryptocurrency exchange operator in Hong Kong, has secretly submitted an initial public offering (IPO) application in Hong Kong [1] - The company aims to raise up to $500 million through this IPO, with the earliest potential listing expected within this year [1] - The review process is ongoing, and details regarding valuation and timing may change [1] Industry Context - Hong Kong introduced a regulatory framework for virtual assets last year to solidify its position as a digital asset hub [1] - HashKey's IPO will test the Asian market's interest in cryptocurrency-related assets [1] - In the U.S., stablecoin issuer Circle raised nearly $1.1 billion in a June issuance, with its stock price subsequently increasing by 385% [1]

Core Insights - Global systemically important banks (G-SIBs) are undergoing a critical transformation, driven by industrialization and middle-class expansion in emerging markets, which present new opportunities in retail, corporate, and cross-border businesses. Financial technology is enhancing digital risk control and customer acquisition. However, challenges such as stagflation risks, geopolitical conflicts, and interest rate differentiation are intensifying pressure on interest margins and asset quality. The application of artificial intelligence also brings challenges related to model interpretability and compliance. Capturing the emerging market dividend and completing digital upgrades will be key to determining the future competitive advantage of G-SIBs [1]. Background - The 2008 global financial crisis highlighted the "too big to fail" issue of large international financial institutions. In 2011, the Financial Stability Board (FSB) released regulatory measures for G-SIBs, publishing the first list of G-SIBs, which included most global systemically important banks. According to the FSB's 2024 G-SIBs list, there are 29 banks globally [2][3]. Current Operations - In the current interest rate cut cycle, financial services have become the main revenue driver for banks. Since the Federal Reserve began lowering rates, traditional lending has faced pressure, leading to significant revenue growth in investment banking, financial markets, and wealth management. In Q1 2025, revenues from financial services for JPMorgan, Citigroup, and Bank of America grew by 12.0%, 10.0%, and 7.1%, respectively, with contributions exceeding 50% of total revenues, an increase of 3-6 percentage points from pre-rate cut levels [5]. - Investment banking has cooled down, with uncertainty in the market due to aggressive policy changes under the Trump administration. In Q1 2025, the growth rate of investment banking revenues for the four major U.S. banks dropped from an average of around 40% to less than 10%. Bank of America saw a year-on-year decline of -0.35% in investment banking revenue, while JPMorgan's growth slowed to 2.4% [5]. - Trading business has emerged as a new revenue driver, with significant increases in trading revenues for major U.S. banks in Q1 2025, attributed to heightened market volatility and geopolitical tensions. Trading revenues for JPMorgan, Citigroup, and Bank of America grew by 21%, 12%, and 11%, respectively, with stock trading revenues increasing by 48%, 23%, and 17% [6]. - Payment and settlement services have shown weak performance, with revenues for JPMorgan, Citigroup, Bank of America, and Wells Fargo growing by only 2.2%, 3.6%, 0.5%, and -10.9%, respectively, contrasting sharply with the growth in investment banking and trading revenues [6]. Opportunities - Expansion in emerging markets presents significant opportunities, particularly in retail banking, as the growing middle class demands diverse financial services. G-SIBs can meet these needs by offering various savings products and consumer loans. Additionally, the rising high-net-worth population increases demand for wealth management services [7]. - The demand for cross-border financial services is increasing, driven by globalization. G-SIBs can provide efficient cross-border payment solutions, financing, and risk management services to support businesses in their international activities [7]. - Regulatory changes may create potential opportunities, as the new U.S. administration's policies could support the cryptocurrency and digital asset markets, allowing G-SIBs to explore new business areas [8]. - Financial technology is enabling digital transformation, allowing G-SIBs to innovate in cross-border services and enhance customer experiences through personalized financial products [8]. Challenges - The uncertain macroeconomic environment in 2025 poses risks, with geopolitical tensions and trade protectionism affecting global economic activity. The U.S. government's tariff policies may lead to a new round of global trade disputes, increasing external risks for G-SIBs [9]. - The potential return of laissez-faire financial policies under the Trump administration could elevate systemic financial risks, as regulatory changes may reduce banks' liquidity requirements, impacting their ability to absorb potential losses [10]. - The application of AI in banking faces challenges, including the reliability and accuracy of AI outputs, which may conflict with the low tolerance for error in banking services [11]. Strategies and Recommendations - To address the challenges posed by low interest rates and regulatory costs, G-SIBs should build a multi-layered governance framework. This includes meeting total loss-absorbing capacity (TLAC) requirements and optimizing capital structures through asset securitization and diversifying capital tools [15][16]. - Business transformation and revenue diversification are crucial for balancing regulatory costs and profitability. G-SIBs should focus on expanding light-capital businesses and enhancing non-interest income through wealth management and advisory services [16]. - Governance and technology should work in tandem to improve risk management and operational resilience, including the implementation of real-time monitoring platforms for cross-border risks [16][17].

Group 1 - Jamie Dimon, CEO of JPMorgan Chase, warns of a significant risk of a major correction in the U.S. stock market within the next 6 months to 2 years, citing increased uncertainty due to geopolitical tensions, fiscal spending policies, and global militarization trends [1] - Dimon emphasizes that the current level of uncertainty should be significantly higher than normal, particularly highlighting the overheating risk in the U.S. stock market [1] - While Dimon is optimistic about the potential of artificial intelligence (AI) as a genuine technological innovation, he cautions against the excessive hype and blind investment in the sector, suggesting that some of the funds flowing into AI may ultimately be wasted [1] Group 2 - Dimon refutes the notion that rising cryptocurrency and gold prices indicate a loss of confidence in the U.S. dollar and American economic leadership, stating that investors have merely increased their doubts, but the dollar remains the best global currency [2] - He advises investors to consider reducing their exposure to dollar-denominated assets, as their current portfolio may be overly concentrated in this area [2] - Dimon previously expressed cautious views on the U.S. economic outlook, highlighting the long-term impacts of tariff policies, immigration issues, geopolitical situations, and tax and spending policies under Trump, which remain uncertain [2]

Market Overview - The U.S. stock market experienced a decline with all three major indices closing lower, following a pullback in gold and silver prices [1] - The Nikkei 225 index reached a new historical high, driven by a significant 11% surge in SoftBank Group [1] Commodity Market - Silver prices briefly surpassed $50 per ounce for the first time since 1980 but retreated during U.S. trading hours due to profit-taking and the impact of the Gaza ceasefire agreement [2] - International oil prices and Bitcoin also saw collective adjustments [2][3] Economic Developments - The U.S. Treasury announced a $20 billion aid package for Argentina, including direct purchases of the Argentine peso to stabilize its financial market [5] - The U.S. Labor Statistics Bureau is preparing to release the September Consumer Price Index (CPI) report by the end of the month, which is crucial for determining next year's Social Security payments [6] Technology Sector - NVIDIA reportedly received approval from the U.S. Department of Commerce to export AI chips worth billions to the UAE [7] - Intel showcased its new 18A process technology chip, claiming a 50% performance increase at the same power consumption compared to its previous generation [8]

RT 凉粉小刀 (@liangfenxiaodao)“修仙”在中文文化中，是一个充满象征意义的概念，既包含了哲学、宗教，也代表了一种精神追求。我们可以从两个层面理解它——传统文化意义与现代隐喻意义。1. 起源与核心思想“修仙”源于中国古代的道家思想与民间传说。所谓“修”，是修炼身心、追求大道；“仙”，是指脱离凡俗、长生不死或获得超凡境界的存在。修仙者通过修身养性、炼丹、悟道等方式，追求“得道成仙”，即突破人类的局限，达到自由与永恒。2. 象征的精神内核修仙并不只是逃离现实，而是一种对极致成长与自由的追求：•修心：克服欲望与恐惧，提升心智。•修身：持之以恒地提升自身能力与能量。•悟道：洞悉事物本质，与天地自然合一。这是一条孤独且漫长的自我蜕变之路，充满试炼与诱惑。正因如此，“修仙”也象征着超越凡俗、反人性的毅力与智慧。二、修仙在加密货币语境下的延伸在加密货币与区块链领域，“修仙”逐渐成为一种隐喻性的用语，用以描述一种修行者式的成长与投机哲学。这种用法主要有以下几个层面：1. 心法修炼：市场如道场币圈波动剧烈，贪婪与恐惧交织，宛如修仙者渡劫。许多资深交易者常说——“炒币如修仙，心态不稳则走火入魔。”修仙者讲究心境 ...

加密货币真能帮美债？ 前段时间俄罗斯开东方经济论坛，普京的高级经济顾问安东・科比亚科夫说的一番话，把全球都给惊着 了：他说美国正琢磨用加密货币和稳定币，把37万亿美元的国债给"贬没了"，还想把债务搁进"加密货 币云"里重置，最后让所有持有美元的国家和个人买单。 巧的是，美国那边也有个大人物说过差不多的话，就是微策略的CEO迈克尔・塞勒，这哥们还是个亿万 富翁，他建议特朗普把美国所有黄金都卖了，全买比特币，这样就能让美国债务归零。 关于美国这37万亿债务咋解决，现在有两种完全不一样的说法，一边是俄罗斯的警示，一边是美国企业 家的激进想法，两边都有自己的道理，但也都藏着各自的心思。 科比亚科夫可不是普通人，他跟着普京做了10多年高级经济顾问，在东方经济论坛上说话肯定有分量， 他说美国现在就想靠稳定币搞个"加密货币云"，把全世界的人都拉进来。 等不少美债都进了这个"云"，就利用稳定币和美元1:1兑换、还靠美债背书的特点，让美元贬值，最后 所有持有稳定币的国家和个人，都得跟着承担债务缩水的亏。 37万亿美元的美国国债，相当于全球第三大经济体日本全年GDP的6倍多，就在各国还在琢磨怎么应对 这颗"定时炸弹"时，两条截然 ...