Core Viewpoint - The Hong Kong government aims to establish the region as a global innovation hub for digital assets through the release of the "Hong Kong Digital Asset Development Policy Declaration 2.0" [1] Group 1: Legal and Regulatory Framework - The government is constructing a unified and comprehensive regulatory framework for digital asset service providers, including trading platforms and custodians, with the Securities and Futures Commission as the main regulatory body [1] - A comprehensive review of legislation will be led by the Financial Services and the Treasury Bureau and the Hong Kong Monetary Authority to facilitate the tokenization of real-world assets and financial instruments [1] Group 2: Tokenization of Products - The government plans to regularize the issuance of tokenized government bonds and provide incentives for the tokenization of real-world assets, aiming to enhance liquidity and accessibility [1] - There is an intention to promote a wider range of asset and financial instrument tokenization, showcasing the technology's diverse applications across sectors such as precious metals and renewable energy [1] Group 3: Use Cases and Collaboration - A licensing mechanism for stablecoin issuers will be implemented on August 1, which will help advance practical application scenarios [1] - The government is committed to enhancing collaboration among regulatory bodies, law enforcement, and technology providers to develop digital asset infrastructure [1] Group 4: Talent and Partnership Development - The government aims to collaborate with industry and academia to foster talent development, positioning Hong Kong as a center for digital asset knowledge sharing and international cooperation [1] - Initiatives will include cultivating a new generation of entrepreneurs, researchers, and technical experts to build a sustainable talent pool [1]

（来源：大湾区之声） 财政司司长陈茂波表示，《政策宣言2.0》展现特区政府对数字资产发展的愿景，并通过实践 展示代币化的实质应用，推进应用场景的多元化。通过结合稳慎的规管和鼓励巿场创新，构建 更蓬勃、与实体经济和社会生活相结合的数字资产生态圈，为经济和社会带来效益，同时巩固 香港作为国际金融中心的领先地位。 香港特区政府今日（26日）发表 《香港数字资产发展政策宣言2.0》 ，重申特区政府致力将香 港打造成数字资产领域中的全球创新中心。新一份政策宣言建基于2022年10月的首份政策宣言 所提出的举措。 ...

香港特区政府今日(26日)发表《香港数字资产发展政策宣言2.0》，重申特区政府致力将香港打造成数字 资产领域中的全球创新中心。新一份政策宣言建基于2022年10月的首份政策宣言所提出的举措。财政司 司长陈茂波表示，《政策宣言2.0》展现特区政府对数字资产发展的愿景，并通过实践展示代币化的实 质应用，推进应用场景的多元化。通过结合稳慎的规管和鼓励巿场创新，构建更蓬勃、与实体经济和社 会生活相结合的数字资产生态圈，为经济和社会带来效益，同时巩固香港作为国际金融中心的领先地 位。(大湾区之声) ...

Core Viewpoint - The recent issuance of the first virtual asset license to Guotai Junan International marks a significant development in the Hong Kong market, allowing the brokerage to offer comprehensive virtual asset trading services, including cryptocurrencies and stablecoins [1] Group 1: License and Regulatory Framework - The license obtained by Guotai Junan International is of a "distribution" nature, meaning the brokerage cannot operate its own cryptocurrency exchange but can facilitate trading through existing platforms [1][3] - Several local Hong Kong brokerages have completed the upgrade to the first license, indicating a trend where more institutions may enter the market [1][2] - The regulatory framework in Hong Kong for virtual assets is characterized by a dual oversight system, with the Securities and Futures Commission (SFC) regulating virtual asset activities and the Hong Kong Monetary Authority (HKMA) overseeing payment-related aspects [2] Group 2: Advantages of Compliance - The primary advantages of the licensed brokerages include enhanced security and compliance, as they connect clients to SFC-licensed exchanges that adhere to strict regulatory standards [3] - Client assets are professionally custodied and insured, minimizing the risk of misappropriation, and only vetted cryptocurrencies are offered for trading [3] - The compliance measures include rigorous anti-money laundering (AML) and know-your-customer (KYC) processes, ensuring that all transactions are legally compliant [3] Group 3: Market Limitations - Despite the advantages, the market depth and liquidity in Hong Kong are limited, with fewer available cryptocurrencies compared to overseas platforms, which may affect user engagement [5] - Local exchanges face profitability challenges due to strict regulations and a limited range of tradable assets, unlike more profitable platforms like Coinbase and Binance that offer a wider variety of tokens [5] Group 4: Future of Stablecoins - The interaction between the first license and stablecoins will be crucial for their future success in Hong Kong, with distribution channels being a key factor [6] - Licensed financial institutions and exchanges will serve as important distribution channels for compliant stablecoins, which will also facilitate various trading applications [6] - The experience of established stablecoins like USDC highlights the importance of distribution networks in driving growth and market acceptance [6]

Group 1 - The People's Bank of China Jiangsu Branch announced a special loan credit limit of 300 billion yuan for the technology sector by 2025 [1] - The Jiangsu Institute of Digital and Technological Finance Research was established to promote financial innovation and integration with the real economy, focusing on areas like quantum security and digital assets [1] - The Jiangsu Technology Finance (Innovation Bond) Service and Promotion Center will provide comprehensive financial services to bond issuers, enhancing the issuance of technology innovation bonds in Jiangsu [1] Group 2 - Financial support policies for technological innovation were interpreted by the People's Bank of China Jiangsu Branch and other regulatory bodies, including the "Patent Industrialization + Equity Subscription" work plan [2] - As of the end of Q1 this year, the balance of technology loans in Jiangsu reached 4.9 trillion yuan, with a year-on-year growth of 13.8%, leading the nation [2] - Loans to high-tech enterprises and technology-based SMEs grew by 24.7% and 23% year-on-year, significantly outpacing the growth of other loan categories [2]

Core Insights - The FHFA has issued a directive allowing GSEs Fannie Mae and Freddie Mac to incorporate cryptocurrencies into single-family mortgage risk assessment frameworks, marking a significant shift in the U.S. housing finance system [1][2] - The new regulation permits borrowers to use cryptocurrencies as proof of assets for mortgage applications without converting them to USD beforehand, challenging traditional financial systems' rejection of cryptocurrencies [1][2] Regulatory Developments - The FHFA recognizes cryptocurrencies as an emerging asset class that could provide families with alternative wealth accumulation channels beyond stocks and bonds [2] - The policy stipulates that only cryptocurrencies stored in U.S. regulated centralized exchanges with complete audit proof will be accepted, and internal risk control mechanisms must be established by the GSEs [2] Market Reactions - Following the announcement, Bitcoin's price surged to over $108,000, reaching a historical high, while Ethereum and Solana experienced slight declines [3] - The Federal Reserve's acknowledgment of the stablecoin industry's integration into mainstream finance further boosted market confidence [3] Legislative Actions - The Senate is advancing a cryptocurrency regulatory bill, with Senator Cynthia Lummis emphasizing the need for the U.S. to take a leading role in digital asset regulation [4] - Traditional financial institutions are rapidly entering the cryptocurrency space, as evidenced by Digital Asset's $135 million funding round backed by major Wall Street firms [4] Historical Context and Industry Impact - The FHFA director's background in a major homebuilding company may enhance the policy's industry synergy [5] - The integration of cryptocurrencies into the mortgage system could reshape household asset allocation and potentially transition the dollar-dominated global financial system towards a multi-asset era [5]

对此，有专家提醒，要理性看待稳定币，避免跟风炒作。"虽然稳定币在跨境支付等特定领域展现出一 定优势，但这并不意味着稳定币能够替代现有支付体系，稳定币更像是在现有支付体系庞大版图中的一 个补充。"博通咨询金融行业首席分析师王蓬博说。 6月23日，香港金融管理局总裁余伟文在官网发布专栏文章《稳定币的稳妥和可持续发展》，其中也表 示："作为稳定币监管制度的执行者，我们固然乐见公众对稳定币产生兴趣，但出于监管者的职责所 在，我也想降降温，让大家能较客观冷静地看待稳定币。" "稳定币并不是投资或投机的工具，本身并没有升值空间。" 随着香港稳定币立法，不仅引发了市场对于稳定币、数字资产乃至Web3.0的讨论和畅想，同时，也催 生了一波强势行情，6月以来，稳定币概念股持续上涨，多家上市公司下场回应在稳定币领域的布局。 "稳定币并不是投资或投机的工具，而是运用区块链技术的支付工具之一，本身并没有升值空间。"余伟 文说。 稳定币概念股又又又掀涨停潮 稳定币棋局，专家建议"北守南攻" 稳定币，从现实世界通往数字资产世界的"通行证"，如今，这张"通行证"正在逐渐纳入监管体系。 6月25日，稳定币概念股继续发力，截至收盘，京北方（0 ...

Core Viewpoint - China Financial Leasing's stock surged upon resuming trading, reflecting investor interest following a significant equity transfer and strategic plans for future investments in technology and digital assets [2] Group 1: Company Overview - China Financial Leasing resumed trading on June 25, opening with a 646% increase, reaching a high of 2.50 HKD per share before stabilizing at 1.16 HKD [2] - The company announced the transfer of 34.96% equity, involving 121 million shares for approximately 46.08 million HKD [2] - The acquirer, Longling Capital Ltd, is required to make a conditional cash offer at 0.38 HKD per share, a 13.43% premium over the last closing price of 0.335 HKD [2] Group 2: Strategic Intentions - Longling Capital aims to maintain the listing of shares on the Hong Kong Stock Exchange and establish an asset management platform focused on investing in technology incubation companies in Hong Kong [2] - The investment strategy will emphasize sectors such as artificial intelligence, Web3, and digital asset financial products, with the goal of creating a world-class investment holding group [2] Group 3: Key Individual - Cai Wensheng, founder of Meitu and the largest shareholder, is the chairman of Longling Capital and has a notable history in internet entrepreneurship and investment [3][4] - Cai has been involved in various successful investments and is recognized for his rapid decision-making in investment opportunities [4] Group 4: Previous Investment Performance - Meitu's investments in cryptocurrencies faced challenges, leading to significant impairment losses in 2022 and 2023, with reported losses of approximately 86.6 million RMB and 198.2 million RMB for Ethereum and Bitcoin, respectively [5] - Following a recovery in cryptocurrency prices, Meitu sold its holdings in late 2024, realizing a profit of approximately 79.63 million USD, which will be partially distributed as special dividends [6]

Core Insights - BitGo Inc. has experienced a significant increase in its assets under custody, growing from $60 billion to $100 billion by the first half of 2025, driven by clearer global regulatory frameworks and the rising popularity of cryptocurrencies [1][2] - Approximately half of the assets under custody involve staking activities, where investors collateralize their cryptocurrency assets to participate in blockchain transaction validation and earn additional token rewards [1] - BitGo, established in 2013, has become one of the largest cryptocurrency custody institutions in the U.S., offering not only custody services but also digital asset trading and lending services [1] - Following a $100 million funding round in 2023, BitGo's valuation reached $1.75 billion, with notable early investors including Goldman Sachs, DRW Holdings, Redpoint Ventures, and Valor Equity Partners [1] - The company is considering an initial public offering (IPO) as early as the second half of this year, potentially becoming another digital asset firm entering the capital markets after former President Trump’s renewed support for the cryptocurrency industry [1] - Trump's administration has appointed pro-cryptocurrency regulatory officials and has pushed for stablecoin legislation, further influencing the market [1] Global Expansion - Over the past year, BitGo has accelerated its global expansion, securing strategic investments from South Korea's Hana Financial Group and SK Telecom in September 2024, and successfully entering the Dubai market in early 2025 [2] - The operations of the South Korean joint venture are reported to be progressing smoothly [2]

Group 1 - The core viewpoint is that Circle, a leading financial technology company, has seen its stock price surge significantly, reflecting strong market interest in stablecoins [1][4] - Circle's primary business involves issuing and managing compliant stablecoins USDC and EURC, which are widely used in cross-border payments and DeFi ecosystems [4] - The company reported impressive financial performance, with Q1 revenue reaching $578 million, a 58.5% year-over-year increase, and net profit of $64.8 million, up 33.2% from the previous year [4] Group 2 - The stablecoin market is accelerating its integration into mainstream financial systems, with significant regulatory developments in both Hong Kong and the United States [6][5] - The passage of the GENIUS Act in the U.S. Senate is seen as a milestone for the stablecoin and digital asset industry, marking a new era for digital assets [6] - Analysts predict that stablecoins will play a crucial role in bridging centralized and decentralized financial systems, with a projected market size increase from $20 billion in 2020 to $246 billion by 2025 [6][7] Group 3 - The stablecoin market is expected to create substantial new demand for U.S. Treasury markets, with estimates suggesting an increase of up to $2 trillion [6] - The trading volume of stablecoins is projected to surpass that of major credit card companies by 2024, indicating a significant shift in payment dynamics [6] - Investment recommendations focus on sectors such as blockchain and fintech, renewable energy, and cross-border payments, highlighting specific companies to watch [7]