刚刚登陆纽交所的加密货币交易所Bullish，在交出一份扭亏为盈的财报同时，获批了一张关键的美国监 管牌照为它打开了全球最大市场的大门，其打造"加密货币领域MSCI"的雄心也浮出水面。 9月17日，由前纽交所总裁Tom Farley领导的加密货币交易所Bullish，交出了作为上市公司的首份成绩 单。截至6月30日的第二季度，公司实现净利润1.083亿美元，与去年同期1.164亿美元的净亏损形成鲜明 对比。这标志着公司在上市后出现的一个重要转折。 尽管实现了净利润层面的大幅逆转，但财报细节也揭示了复杂的一面。若剔除一次性项目，公司该季度 的调整后亏损为600万美元，而去年同期为调整后利润480万美元。调整后营收为5700万美元，同比去年 的6070万美元有所下滑。这可能引发市场对其核心业务持续增长能力的关注。 尽管调整后数据承压，但Bullish管理层仍对未来表达了乐观预期。公司首席执行官Tom Farley表示，第 二季度的工作正为当前第三季度带来强劲动力。Bullish预计，第三季度调整后收益将在1200万美元至 1700万美元之间，调整后收入将在6900万美元至7600万美元之间，预示着增长有望恢复。 ...

Core Viewpoint - The Hong Kong government, led by Chief Executive John Lee, has introduced the "2025 Policy Address," which has received strong support from various regulatory bodies and institutions in Hong Kong, emphasizing measures to strengthen Hong Kong's position as a leading international financial center [2]. Group 1: Hong Kong Securities and Futures Commission (SFC) - The SFC welcomes measures in the Policy Address aimed at reinforcing Hong Kong's status as a global preferred listing venue and enhancing the stock market and listing system [4]. - Suggestions to include RMB counters and real estate investment trusts in the Stock Connect are expected to deepen ties between Hong Kong and mainland markets [4]. - The SFC highlights the importance of promoting bond issuance and establishing a commercial repurchase market to further develop the fixed income and currency markets, enhancing Hong Kong's attractiveness to global investors [4][5]. Group 2: Hong Kong Exchanges and Clearing (HKEX) - HKEX leadership expresses support for the Policy Address, noting that initiatives covering both primary and secondary markets will help sustain Hong Kong's development as an international financial center [6][7]. - The HKEX aims to enhance the diversity of financial products available in the market, including securities, fixed income, currency, commodities, and carbon markets [7]. Group 3: Hong Kong Insurance Authority - The Insurance Authority supports measures in the Policy Address that aim to enhance Hong Kong's status as an international financial center, particularly in specialized insurance and reinsurance [8][9]. - The establishment of a shipping risk pool is seen as a way to create new opportunities and improve resilience against emergencies [9]. Group 4: Hong Kong Chinese Fund Industry Association - The Association praises the Policy Address for its focus on strengthening the stock market and developing a leading bond market, which will attract global capital to Hong Kong [10]. - Proposals to shorten the stock settlement cycle to "T+1" and facilitate the return of Chinese concept stocks are expected to broaden investment channels for Chinese funds [11]. Group 5: Hong Kong Cyberport - Cyberport welcomes the Policy Address's emphasis on advancing artificial intelligence (AI) and data industries, aiming to position Hong Kong as an international hub for these sectors [12][13]. - Cyberport plans to support the development of an AI ecosystem and attract innovative enterprises to enhance Hong Kong's status as a technology center [13]. Group 6: Hong Kong Financial Development Council - The Financial Development Council supports the Policy Address's initiatives aimed at enhancing the competitiveness of Hong Kong's financial markets, including the promotion of reinsurance and the inclusion of real estate investment trusts in the connectivity mechanism [14]. Group 7: Hong Kong University of Science and Technology - The University expresses encouragement regarding the Policy Address's focus on AI development and plans to establish an AI research institute by 2026 [15][16]. - The University aims to collaborate with the government to enhance AI education and contribute to the development of the AI ecosystem [16].

【导读】香港证监会、香港交易所、香港保监局等机构纷纷发文力挺李家超《施政报告》 9月17日，香港特区政府行政长官李家超发表《2025年施政报告》（以下简称《施政报告》）后，香港 证监会、香港交易所、香港保监局等机构纷纷发文力挺，表示将在各自专注的领域全力支持《施政报 告》的实施。 香港证监会： 欢迎巩固香港顶尖金融中心地位措施 香港证券及期货事务监察委员会（以下简称香港证监会）欢迎《施政报告》中提出的措施，以支持香港 作为领先国际金融中心的持续发展。 香港证监会表示，《施政报告》就强化股票市场和优化上市制度的建议措施，将巩固香港作为全球首选 上市地的地位。与此同时，将人民币柜台及房地产投资信托基金纳入沪深港通的建议，有助于深化香港 与内地市场的联系。在创新方面，有关扩展向专业投资者提供的数字资产产品和服务类型的建议，有望 促进香港数字资产生态系统的发展。这些措施与香港证监会的策略重点高度一致。 香港证监会同时指出，《施政报告》中的一项重点，是透过促进债券发行、推动建立商业回购市场、推 出国债期货和提升金融基建等措施，进一步发展固定收益及货币市场。这些措施将为香港市场的多元化 发展注入强心针，并提升其对环球投资 ...

数据显示，Bullish第二季度每股收益达0.93美元，较去年同期的-1.03美元大幅提升，并远超-0.05美元的 市场预期。营收为5700万美元，虽低于去年同期的6070万美元，但超出市场预期的5580万美元。数字资 产销售额达586亿美元，较2024年第二季度的496亿美元显著增长。当季交易量飙升至1796亿美元，较去 年同期的1330亿美元显著提升。 截至6月30日的三个月内，调整后运营开支为4890万美元，高于去年同期的4600万美元。调整后 EBITDA为810万美元，低于去年同期的1470万美元。 此外，Bullish旗下数字资产指数提供商CoinDesk Indices季度末资产管理规模达410亿美元，较第一季度 增长超90亿美元。今年4月至6月期间加密货币价格大幅攀升，比特币当季涨幅达30%，成为全球表现最 佳的主要资产。追踪整体市场的CoinDesk20指数同期上涨23%。 展望未来，公司预计2025年第三季度调整后营收将达到6900万至7600万美元，远超分析师平均预测的 5710万美元;调整后EBITDA预计为2500万至2800万美元;交易量预计达1330亿至1420亿美元。 Bull ...

Group 1: Federal Reserve and Market Impact - QCP Capital indicates that the Federal Reserve is expected to initiate a rate cut cycle tonight, with the first cut of 25 basis points to a range of 4.00–4.25% [1] - Despite market expectations of six rate cuts by 2026, investor focus remains on the dot plot and Powell's press conference [1] - The crypto market has underperformed compared to traditional risk assets, and the Fed's statements tonight may influence this disparity [1] Group 2: Hong Kong's Digital Asset Initiatives - The Hong Kong Chief Executive's 2025 Policy Address outlines the Monetary Authority's continued promotion of the Ensemble project, including tokenized deposits and asset trading [2] - The government aims to regularize tokenized bond issuance and enhance risk management through a regulatory sandbox [2] - The Securities and Futures Commission is developing legislative proposals for licensing digital asset trading and custody services while expanding product offerings for professional investors [2] Group 3: Ethereum Development Updates - Vitalik Buterin announced a new roadmap for Ethereum at a developer conference in Japan, focusing on increasing the mainnet gas limit for scalability while maintaining decentralization [3] - The mid-term goals include trustless asset transfers and rapid settlements between Layer 2 solutions, emphasizing the importance of on-chain privacy [3] - Long-term objectives aim to create a secure, simplified, quantum-resistant version of Ethereum with formal verification [3] Group 4: UK FCA Regulatory Changes - The UK's Financial Conduct Authority (FCA) plans to exempt certain traditional financial rules when regulating crypto companies starting in 2026, adapting to the high volatility of crypto assets [3] - The FCA will enhance cybersecurity regulations to ensure they align with actual risks [3] Group 5: Coinbase Data Breach - Details of the Coinbase data breach reveal that an employee from TaskUs stole sensitive customer information, including social security numbers and bank accounts, and sold it to hackers [3] - The breach affected over 69,000 customers, with potential losses for Coinbase estimated at up to $400 million [3]

Group 1 - The core viewpoint of the article highlights that the Hong Kong government is actively promoting the normalization of tokenized bonds through the Hong Kong Monetary Authority's continued advancement of the Ensemble project [1] - The gradual normalization of tokenized bonds is expected to lead to further exploration of application scenarios in a regulatory sandbox, including trade financing and fund distribution, positioning Hong Kong as a demonstration market in the global RWA tokenization wave [1] - The government is balancing innovation with robust risk management by promoting a licensing system for digital asset trading and custody services, alongside the introduction of automated data monitoring tools [1]

9月17日，香港特区行政长官李家超在立法会发表2025年《施政报告》，其中不少内容涉及到香港金 融和资本市场，对此，香港证监会以及港交所迅速作出回应。 香港证券及期货事务监察委员会（香港证监会）表示，欢迎《施政报告》中提出的措施，以支持香港作为领 先国际金融中心的持续发展。 香港证监会认为，《施政报告》强化股票市场和优化上市制度的建议措施，将巩固香港作为全球首选上市地 的地位。与此同时，将人民币柜台及房地产投资信托基金纳入沪深港通的建议，有助深化香港与内地市场的 联系。在创新方面，有关扩展向专业投资者提供的数字资产产品和服务类型的建议，有望促进香港数字资产 生态系统的发展。这些措施与香港证监会的策略重点高度一致。 《施政报告》其中一项重点，是透过促进债券发行、推动建立商业回购市场、推出国债期货和提升金融基建 等措施，进一步发展固定收益及货币市场。香港证监会认为，这些措施将为香港市场的多元化发展注入强心 针，并提升其对环球投资者的吸引力。香港证监会与香港金融管理局正紧密合作，制订全面的固定收益及货 币市场路线图，并将于9月25日合办的香港固定收益及货币论坛探讨新机遇。 香港证监会主席黄天祐博士表示："香港证监会 ...

Core Viewpoint - The company leverages a differentiated media channel to attract new individual investors and enhance user engagement through professional investment advisory services and content delivery [1][4] Group 1: Business Model and Performance - The company's business model focuses on monetizing traffic through licensed investment advisory services, distinguishing itself from traditional brokers by utilizing integrated media channels to reach a younger investor demographic [1][2] - The company's revenue is highly correlated with market trading activity, with a significant increase in revenue of 133% year-on-year in H1 2025, driven by a surge in market trading volume [1][4] - As of H1 2025, the company's net profit attributable to shareholders reached 870 million yuan, indicating strong performance amid active market conditions [1][4] Group 2: Market Opportunities and Product Strategy - The online investment decision-making solution market is expanding, driven by a growing number of individual investors and a shift towards younger demographics seeking personalized financial services [2][3] - The company has simplified its product matrix and introduced new product series to cater to different investor needs, with a total of 181,500 paying users as of 2024 [3][4] - The company has established a strong research and operational team to produce high-quality content, enhancing its competitive edge in the market [3][4] Group 3: Competitive Advantages and Expansion - The company has a first-mover advantage in utilizing integrated media channels for customer acquisition, creating a public traffic pool that combines traditional and emerging media [2][4] - The company is expanding its overseas business and digital asset offerings through acquisitions and strategic partnerships, enhancing its market presence in key regions [4][5] - The company is positioned as a leading provider of high-end online investment education services, with a focus on refined traffic operations and quality service content to increase customer loyalty [4][5]

Group 1 - Meituan collaborates with KFC to provide meal subsidies for delivery riders, launching a new "three-piece set" meal package, with a daily average of nearly 10 million meals offered across over 10,000 KFC stores nationwide [1] - SC Ventures, a subsidiary of Standard Chartered Bank, plans to establish a $250 million fund focused on investing in digital assets within the financial services sector, with support from investors in the Middle East, set to launch in 2026 [2] - Tianyi Cloud and Inspur have jointly developed a hybrid cloud intelligent computing integrated machine, which has been recognized as one of the top ten typical cases of high-quality digital transformation by the China Academy of Information and Communications Technology [3] Group 2 - Douyin reports a 67% decrease in the exposure of rumors on its platform over the past quarter, following the launch of the "AI Douyin Truth" feature aimed at providing users with fact-checking and clarification on misleading content [4] - New Stone Technology has received the first license for unmanned delivery vehicles in Abu Dhabi, marking a significant step towards commercializing unmanned delivery services in the Middle East [5] - Lenovo's Monterrey manufacturing base in Mexico has been recognized as the first "Lighthouse Factory" for Chinese enterprises in the Americas by the World Economic Forum and McKinsey [6] Group 3 - Hikvision has won the China Quality Award for its innovative "Smart Quality" management model, marking a breakthrough for Zhejiang manufacturing in national quality awards, with quality management maturity increasing from 82.66% in 2020 to 86.75% in 2024 [7] - Tianyong Intelligent has formed a strategic partnership with PaoNiKe Robotics to promote the large-scale application of humanoid robots in China, marking its entry into the humanoid robot sector [8][9] - Luxshare Technology's subsidiary plans to launch a home-based AI service robot, collaborating with Kepler Robotics and a leading domestic cross-border e-commerce company [10] Group 4 - Zhou Hongyi, founder of 360 Group, stated that the market potential for industrial professional intelligent agents is ten times greater than that of traditional software, emphasizing the efficiency and cost-reduction benefits of these agents [11] - The Ministry of Commerce and nine other departments have released measures to expand service consumption, including a series of promotional activities and support for high-quality consumption resources [11] - Guizhou Province will implement a tax refund policy for overseas travelers starting October 1, 2025, as part of its efforts to enhance the shopping experience for international visitors [11] Group 5 - Guangdong Province has issued an action plan to accelerate the integration of AI and robotics in the toy industry, promoting the development of new AI toy products and applications in various scenarios [12]

Group 1 - The company has been exploring and practicing the use of blockchain and distributed ledger technology to empower licensed financial institutions for many years [1] - The company has a strong technical foundation in blockchain and distributed ledger technology, with rich experience in product development and project implementation in areas such as digital asset issuance, tokenization, trading, payment, and custody [1] - The company's FINNOSafe compliant Web3 platform supports the development of related businesses for stablecoin issuers and market participants [1] Group 2 - The company has noted the opportunities brought by the enactment of the Hong Kong Stablecoin Regulation and will actively seek related business opportunities [1] - Market stock price fluctuations are influenced by multiple factors, and investors are advised to be aware of investment risks [1]