1月27日，高盈量化在香港隆重举行职场乔迁仪式，标志着其国际化发展进入新里程。新职场坐落于香 港核心商务区，坐拥维港景致与完善商务配套，将成为公司深化业务协同、拓展全球市场的重要战略支 点。 活动当天，高盈量化董事长吴超，清华大学五道口金融学院特聘教授、中国人民银行货币政策委员会委 员黄海洲，清华大学五道口金融学院院长助理、清华校友总会五道口金融学院分会副会长张伟，清华五 道口金融EMBA香港同学会会长、伟仕佳杰控股董事局主席李佳林，清华大学五道口金融学院特聘教 授、凯丰投资(香港)创始人、CEO兼联席CIO高滨，旭辉控股董事局主席林中，德商控股副总裁王美 荣，德商奇点科技CEO常帅，德商奇点科技COO Lily，德商奇点科CMO Joy等学界专家及业界合作伙伴 齐聚现场，共贺乔迁之喜。 剪彩仪式上，高盈量化董事长吴超与特邀嘉宾、合作伙伴代表共同为新职场揭幕。作为高盈量化推进国 际化与专业化战略的关键一步，此次乔迁不仅是办公空间的全面升级，更是公司发展视野与格局的重要 提升。新职场将作为清华五道口金融学院学术交流与科研的重要平台，也是高盈量化与德商产投、威富 吴超董事长在活动致辞中表示，高盈量化作为一家融合了 ...

尽管特朗普承诺将美国打造为世界加密货币之都，但比特币价格已较顶峰跌去50%，至63，000美元左 右。而其他加密货币的表现甚至还要差得多，一项追踪50种小型代币的指标，已从10月的近期高点下跌 了67%。整体上，这个市场过去一周市值至少缩水了7000亿美元。 通过华尔街认可的基金，许多散户投资者涌入了特朗普政府许诺的加密货币天堂，如今却在领教市场的 雷霆之力。 比特币以及后来一系列山寨币的交易所交易基金（ETF）已经崩盘，回吐了唐纳德·特朗普重返白宫前 夕以来的全部涨幅，抹去了曾定义这一时期数字资产热潮的投机溢价。 比特币以及后来一系列山寨币的交易所交易基金（ETF）已经崩盘，回吐了唐纳德·特朗普重返白宫前 夕以来的全部涨幅，抹去了曾定义这一时期数字资产热潮的投机溢价。 尽管特朗普承诺将美国打造为世界加密货币之都，但比特币价格已较顶峰跌去50%，至63，000美元左 右。而其他加密货币的表现甚至还要差得多，一项追踪50种小型代币的指标，已从10月的近期高点下跌 了67%。整体上，这个市场过去一周市值至少缩水了7000亿美元。 这场灾难标志着，这种特朗普曾誓言提升为国家基础设施优先事项的资产命运急转直下。在白宫 ...

Core Viewpoint - Bitcoin has experienced a significant decline of 12%, reaching a 16-month low, driven by a global sell-off of risk assets, leading to a loss of confidence in the market [2] Group 1: Market Dynamics - The current market is undergoing a "crisis of confidence," with the loss of the $70,000 psychological level potentially triggering larger sell-offs [2] - Bitcoin has dropped over 48% since its peak in October last year, currently hovering around the price levels of October 2024, with total market capitalization shrinking from $2.48 trillion to $1.27 trillion [2] - In the past 24 hours, the liquidation of long positions across various tokens reached $1.703 billion, affecting over 400,000 traders [4][5] Group 2: Psychological and Political Factors - The $70,000 price point holds significant political and psychological importance, marking the starting point of the cryptocurrency surge following Trump's victory [6] - Analysts suggest that if Bitcoin fails to maintain the $72,000 level, it could drop to $68,000 or even lower, reflecting extreme market fear [6] Group 3: Institutional Behavior - Following a net inflow of approximately $562 million into ETFs, over $800 million has flowed out in the subsequent two trading days, indicating a shift in institutional sentiment [8] - The recent appointment of a hawkish figure to the Federal Reserve has exacerbated selling pressure, with Bitcoin experiencing its largest single-day drop since January 2018 [9]

Investment Rating - The report assigns a rating of "Buy" for HashKey Holdings [4]. Core Insights - HashKey is positioned as a leading player in the digital asset market in Hong Kong, with a comprehensive licensing framework and a focus on compliance, which is becoming increasingly critical as the digital asset landscape evolves [2][8]. - The company is expected to see significant revenue growth from 2025 to 2027, with projected revenues of HKD 7.82 billion, HKD 12.11 billion, and HKD 23.38 billion, representing year-on-year growth rates of 11%, 55%, and 90% respectively [8]. - HashKey's net profit is projected to improve significantly, moving from a loss of HKD 1.08 billion in 2025 to a profit of HKD 594 million by 2028 [8]. Summary by Sections 1. HashKey: Compliance First, Building a Full Ecosystem - HashKey was established with a "compliance first" strategy, obtaining full licenses from the Hong Kong Securities and Futures Commission, making it a leading licensed virtual asset trading platform in Hong Kong [17][24]. - The company has developed a comprehensive ecosystem that includes trading facilitation, on-chain services, and asset management, catering to both institutional and retail clients [24][29]. 2. Focus on Institutional Trading Business, Gradual Improvement in Profitability - HashKey has shifted its focus towards institutional clients, with institutional trading volume increasing significantly, accounting for 68% of total trading volume in the first half of 2025 [30][34]. - The company has seen its trading volume grow from HKD 4.2 billion in 2022 to HKD 638.4 billion in 2024, driven by the launch of its trading platforms [30][34]. 3. Steady Progress on the Compliance Path, Attracting Institutional Participation - The tightening of global digital asset regulations has created a clear framework that enhances investor protection and promotes sustainable development in the digital asset industry [43]. - HashKey's comprehensive licensing and compliance strategy positions it as a preferred partner for institutions looking to engage in the digital asset space [8][43]. 4. Profit Forecast and Valuation Analysis - The report utilizes a price-to-sales (P/S) valuation method, comparing HashKey to peers like Coinbase and OSL, resulting in a valuation of HKD 28.1 billion and a target price of HKD 10.14 per share [8]. - HashKey's revenue is expected to grow significantly, with total revenues projected to reach HKD 3.415 billion by 2028, reflecting a robust growth trajectory [4][8].

Investment Rating - The report assigns an "Accumulate" rating to HashKey Holdings with a target price of HKD 10.14, corresponding to a valuation of HKD 28.1 billion [4][8]. Core Insights - HashKey is positioned as a leading player in the digital asset market in Hong Kong, benefiting from comprehensive licensing and a closed-loop digital asset ecosystem. The company is expected to see significant revenue growth from 2025 to 2027, with projected revenues of HKD 7.82 billion, HKD 12.11 billion, and HKD 23.38 billion, representing year-on-year growth rates of 11%, 55%, and 90% respectively [2][8]. - The company has established a strong focus on institutional trading, with institutional revenue accounting for 85.52% of total income as of the first half of 2025, reflecting a strategic shift towards institutional clients [30][37]. - HashKey's business model is built around three main segments: trading facilitation, on-chain services, and asset management, which together create a comprehensive digital asset ecosystem [24][29]. Financial Summary - Total revenue is projected to grow from HKD 721 million in 2024 to HKD 3.415 billion by 2028, with a gross profit forecasted to increase from HKD 533 million to HKD 2.615 billion over the same period [4][9]. - The net profit is expected to improve significantly, moving from a loss of HKD 1.189 billion in 2024 to a profit of HKD 594 million by 2028, indicating a turnaround in profitability [4][9]. - The company’s financial ratios, including PE and PB, reflect a transition from negative values to positive as profitability improves, with a PE ratio projected to reach 34.76 by 2028 [4][10]. Business Model and Operations - HashKey operates as a centralized exchange, focusing on digital asset trading, on-chain services, and asset management, with a market share exceeding 75% in Hong Kong [24][27]. - The trading facilitation segment is the primary revenue source, supported by on-chain services and asset management, which together enhance the overall ecosystem [29][30]. - The company has made significant investments in compliance and technology to meet regulatory requirements across multiple jurisdictions, which is expected to enhance customer retention and operational efficiency [41][43].

数据显示，过去24小时内，大约10亿美元的比特币仓位被强制平仓。根据统计，自去年10月初加密货币总市值触顶至43790 亿美元以来，全球加密市场已蒸发大约2万亿美元市值，单是最近一个月就流失大约8000亿美元。 股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 分析人士指出，在金融市场普遍抛售的背景下，杠杆交易者纷纷离场。在人们对数字资产的实际效用日益产生怀疑之际， 此次下跌对长期比特币持有者构成了考验。比特币已被证明主要是一种投机性资产，无法像黄金和其他贵金属（核心股） 那样起到对冲贬值的作用。 2月6日，比特币昨日暴跌14%，今早一度再跌近5%至6万美元，创2024年10月以来新低，较2025年10月创出的历史最高位 (126199.63美元)跌去52.4%，抹去了自特朗普上任并表示支持加密货币行业以来的所有涨幅。 ...

Group 1 - The "Qin Xiaoguo" digital rights product, launched on February 5, is the first digital marketing project for fruit in China, achieving sales of 31.7 million yuan within 28 minutes, setting a record in the fruit digital marketing sector [1] - The project employs an innovative model of "buying Shaanxi fruits, receiving digital assets," where consumers not only receive physical products but also a unique "digital ID" based on blockchain technology, along with exclusive rights such as discounted tickets to the Shanghai Observation Deck [1] - The project aims to empower more industries by transforming traditional agriculture through digital technology, as stated by the chairman of Shaanxi Agricultural Development Fruit Industry Co., Ltd [1] Group 2 - The project represents a significant attempt at the digital upgrade of Shaanxi's fruit industry, extending the value of high-quality agricultural products beyond traditional metrics to include experiential and digital value [2] - The collaboration involves three state-owned enterprises, leveraging technology platforms and compliance systems from Shaanxi Digital Industry Holdings and the mature digital asset issuance platform from Shanghai Tower Business Operations [1]

Core Viewpoint - The company has entered into a framework agreement with ITC Strategic Holding Limited, a wholly-owned subsidiary of DeXiang Group, to establish a long-term strategic partnership focused on integrating resources and technology in the realms of physical asset supply and digital financial security [1][2] Group 1: Strategic Cooperation Areas - The partnership will explore a business model combining "physical asset supply + digital financial security" through resource integration and technological collaboration [1] - The collaboration will leverage the company's expertise in digital risk management and insurtech, alongside DeXiang Group's operational advantages in global real estate, to develop risk hedging, credit enhancement, and compliance risk management mechanisms for digital assets [1] - The aim is to enhance the stability of asset structures and boost investor confidence, thereby supporting the regulated and high-quality development of the Web3 and digital finance sectors [1] Group 2: Cross-Border Asset Distribution and Digital Insurance Solutions - The partnership will also focus on cross-border asset distribution and digital insurance solutions, utilizing the company's strengths in fintech and digital risk management, combined with DeXiang Group's overseas resources and market networks [2] - This collaboration aims to create a compliant model for cross-border asset distribution and digital insurance solutions, ensuring protection for cross-border assets [2] - The board believes that this agreement aligns with the company's long-term strategic goals and represents a significant step in deepening the application of insurtech, expanding digital risk management scenarios, and broadening the "co-creation and win-win" ecosystem [2]

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，概不對因本公告全部 或任何部份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。 Zhongmiao Holdings (Qingdao) Co., Ltd. 眾淼控股（青島）股份有限公司 （於中華人民共和國註冊成立之股份有限公司） （股份代號：1471) 業務更新 與德祥集團的戰略合作 緒 言 眾 淼 控 股（青 島）股 份 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）董 事 會 （「董事會」）欣 然 宣 佈，本 公 司 已 與 德 祥 地 產 集 團 有 限 公 司（「德祥地產」，連 同 其 附 屬 公 司 統 稱「德祥集團」）全 資 附 屬 公 司ITC Strategic Holding Limited訂立一份框 架 協 議（「該協議」），以 建 立 長 期 戰 略 合 作 關 係。 根 據 該 協 議，本 集 團 與 德 祥 集 團 將 通 過 資 源 整 合 與 技 術 協 同，共 同 探 索「實 物 資 產供應+數 字 化 金 融 保 障」 ...

Core Insights - The Consensus conference in Hong Kong aims to define the development path of digital assets for the next decade, emphasizing the integration of innovative energy from the crypto ecosystem into a robust and transparent modern financial system [1][11] - The event highlights Hong Kong's role as an international innovation hub, especially in the context of accelerating global regulatory frameworks and technological integration [1][9] Group 1: Conference Details - The Consensus Hong Kong 2026 will take place from February 10 to 12, 2026, focusing on "Web3 and Blockchain Accelerating the New Era of Applications" [1] - The conference will introduce two new summits: the "AI and Robotics Summit" and the "Asia Macro Summit," aimed at exploring the intersection of AI and blockchain, as well as analyzing the development paths and regulatory dynamics in major Asian markets [5] - The event will also feature collaborations with global investor communities and developer programs to enhance connections between technology development and capital [5][6] Group 2: Regulatory Environment - Hong Kong's regulatory framework aims to balance innovation and risk prevention, following the principle of "same business, same risk, same rules" to provide a stable environment for compliant operations [9] - The Hong Kong Securities and Futures Commission's "ASPIRe" roadmap includes twelve measures to enhance market security and innovation capabilities [9] - Recent initiatives include the pilot of the digital Hong Kong dollar (e-HKD) and the mBridge cross-border central bank digital currency project, showcasing efforts in modernizing financial infrastructure [9] Group 3: Global Context - The global Web3 sector is entering a new phase characterized by the simultaneous establishment of rules and infrastructure, with major economies accelerating the formation of regulatory frameworks [10] - The conference serves as a critical global platform, bringing together regulators, institutional investors, and technology developers to compare regulatory approaches and showcase the latest business practices in areas like DeFi and NFTs [11] - The outcomes and consensus from the conference are expected to provide insights for Hong Kong's differentiated and sustainable development path, potentially guiding the global digital asset industry towards maturity and a more efficient financial infrastructure [11]