2025年12月30日，由全球商报联盟、香港商报、香港经济导报联合主办的2025年度上市公司卓越ESG价值榜颁奖盛典在港举行。来自香港特区政府、行业 协会、上市公司、投资机构等上百位与会嘉宾出席。香港商报董事总经理戴杰、香港特区政府财经事务及库务局副局长陈浩濂等多位领导参会并致辞。 会上公布了2025年度上市公司卓越ESG价值榜获奖公司及企业家名单。国富量子（00290.HK）凭借其在环境、社会及管治领域的卓越实践与长期价值创造 能力，在一众参选公司中脱颖而出，最终斩获"ESG卓越影响力企业"大奖；联席首席执行官张华晨先生获评"ESG卓越领军人物"。 秉持"根植香港、反馈社会"的企业责任理念，为向参与大埔火灾救援的香港消防救援人员致以崇高敬意，今年12月1日，国富量子（00290.HK）联合旗下华 科智能投资（01140.HK）向殉职英雄何伟豪家属及香港消防处福利基金合共捐赠200万港元，以实际行动践行企业社会责任。 荣膺卓越ESG价值榜双项殊荣，展现可持续发展领导力与创新精神 2025年度上市公司卓越ESG价值榜系列活动将"以责任为锚，赴价值蓝海"作为主题，聚焦企业在环境、社会与治理领域的卓越实践，遴选把负 ...

Core Insights - The tourism and cultural industry faced significant challenges in 2025, with over half of A-share listed companies experiencing revenue declines and many iconic tourist projects facing crises or bankruptcy [1] - The industry is under threefold pressure: the decline of the real estate sector affecting the "tourism + real estate" model, local government investment and tourism investment reducing debt bubbles, and insufficient consumer confidence impacting performance [1] Group 1: Industry Challenges - The "tourism + real estate" model is becoming unsustainable due to the downturn in the real estate sector, leading to reduced investment in tourism [1] - Local government and tourism investment are significantly impacting the investment side of the tourism industry, contributing to the overall difficulties faced by many tourism enterprises [1] - The simultaneous decline in both investment and consumer confidence is a primary reason for the current struggles within the tourism sector [1] Group 2: Opportunities for 2026 - Product and experience innovation remains a key principle for the tourism industry, with new formats like micro-performances and NPCs revitalizing visitor experiences [2] - The trend of "non-scenic" tourism is becoming more prominent, with attractions like museums, popular walking streets, and outdoor activities gaining popularity, blurring the lines between tourism and everyday entertainment [2] - The integration of "non-scenic" tourism behaviors into the industry ecosystem presents new growth opportunities for many tourism enterprises [4] Group 3: Urban Renewal and Technology - Urban renewal is emerging as a significant investment opportunity, with projects in cities like Guangzhou totaling approximately 807.7 billion yuan, highlighting the role of tourism in urban revitalization [4] - New technologies, such as AI, are being applied in the tourism sector, enhancing visitor interactions and experiences [5] - The potential impact of blockchain-based cryptocurrencies on the tourism industry remains uncertain, but companies are beginning to explore this new financing method [7] Group 4: Emerging Trends - The government is actively promoting inbound tourism, which could create new opportunities for the industry [5] - Low-altitude tourism is another potential area for growth in 2026, alongside ongoing interest in senior tourism and wellness tourism [5] - The future of VR immersive exhibitions and their impact on the industry will be a key area to watch in 2026 [7]

Core Insights - The article discusses the evolution of venture capital in China, emphasizing the significance of "dollars" in its history and the challenges faced as the industry moves beyond the dollar era [4][36] - It highlights the need for a new approach to talent development in venture capital, as the traditional methods associated with dollar funds are no longer applicable [5][36] - The conversation features insights from prominent venture capitalist Zhu Xiaohu, who reflects on the lessons learned from past investments and the changing landscape of the industry [6][36] Group 1: Historical Context - Venture capital in China has its roots in the dollar economy, with early investments primarily coming from dollar funds, which played a crucial role in shaping the industry [4][35] - The initial wave of venture capital in China was influenced by the experiences and methodologies of American dollar funds, which served as a learning platform for local investors [4][35] - The current investment themes, such as semiconductors and commercial aerospace, are seen as new challenges for dollar funds, lacking established success stories [36] Group 2: Talent Development and Investment Philosophy - Zhu Xiaohu states that cultivating a true partner in venture capital may require an investment of at least $100 million to assess their capabilities, indicating the high cost of developing talent in the industry [5][21] - The article discusses the shift in investment strategies, with a focus on the importance of financial data and profitability over brand recognition in making investment decisions [47][49] - Zhu emphasizes the need for a clear investment philosophy, prioritizing projects that demonstrate strong financial fundamentals and sustainable business models [47][50] Group 3: Lessons from Past Investments - Zhu shares experiences from past investments, such as the challenges faced with companies like LaShou and the importance of timing in entering markets [21][23] - The article highlights the pitfalls of investing in advanced technologies without considering market readiness and the maturity of the technology [25][23] - Zhu reflects on the significant returns from investments in companies like Ele.me and Didi, noting the importance of understanding user acquisition costs and market dynamics [49][50]

Core Viewpoint - The article discusses the evolution of venture capital in China, particularly the influence of dollar funds and the challenges faced in the current investment landscape as the industry transitions away from the dollar-centric model [3][4]. Group 1: Historical Context of Dollar Funds - Dollar funds have been pivotal in the development of China's venture capital industry, serving as both a starting point and a learning resource for local investors [3]. - The initial wave of venture capital in China was heavily influenced by successful dollar funds, which provided essential knowledge and experience to local entrepreneurs and investors [4]. Group 2: Challenges in the Current Investment Landscape - The current investment environment presents difficulties in nurturing new talent, as the high costs associated with training potential partners (estimated at $100 million) deter firms from investing in human capital [4][22]. - There is a growing concern about the lack of successors in the venture capital space, prompting a need to revisit and redefine investment strategies and philosophies [4]. Group 3: Investment Philosophy and Strategies - The investment philosophy emphasizes the importance of clear viewpoints over brand recognition, suggesting that a strong personal brand can lead to better investment opportunities [15][16]. - The article highlights the significance of understanding financial data and the risks associated with different investment cycles, particularly in the context of technology and hardware investments [17][21]. Group 4: Lessons from Past Investments - Historical investment experiences, such as the early decisions regarding companies like 拉手网 (Lashou) and 宁德时代 (CATL), illustrate the importance of timing and market readiness in investment success [23][25]. - The article reflects on the lessons learned from past failures, emphasizing the need for a balance between technological advancement and market maturity [27][28]. Group 5: Future Outlook and Investment Trends - The current trend in venture capital is to avoid highly concentrated investment areas, advocating for a strategy that diverges slightly from mainstream consensus to find better value opportunities [35]. - The discussion includes the potential for high-return investments in emerging technologies, stressing the importance of understanding customer needs and pricing strategies [36].

Core Insights - The Web3 ecosystem in 2025 is transitioning from "proof of concept" to "value realization," with X to Earn and RWA reshaping the digital economy's foundational logic [2] Group 1: X to Earn - The evolution of the X to Earn model is moving from a "Ponzi trap" to a sustainable ecosystem, addressing the flaws of early Play to Earn (P2E) games [3] - X to Earn is expanding its boundaries from entertainment to productivity, creating a more integrated economic model [3] Group 2: RWA (Real World Assets) - RWA's core value lies in using blockchain technology to reshape asset circulation logic, enabling the tokenization of traditional assets [3] - Future Star platform exemplifies the integration of various activities with NFT mining, creating a closed-loop of "creation-consumption-reinvestment" [3] - The introduction of a "staking + yield reinvestment" mechanism encourages long-term participation, with users who staked for six months earning 370% more than short-term speculators [3] - Community governance through DAO allows users to participate in rule-making, significantly increasing project retention rates compared to traditional centralized platforms [3] Group 3: Challenges and Innovations - RWA's large-scale application faces three main hurdles: creating a value closed loop, integrating technology, and ensuring asset authenticity [4][5] - The integration of AI with blockchain is becoming essential for the evolution of X to Earn and RWA, acting as an "intelligent hub" [5] Group 4: Future Outlook - The competition in Web3 by 2026 will focus on "value creation capability" and "ecosystem integration capability," with X to Earn and RWA driving a new economic paradigm [5] - Developers need to evolve from "code artisans" to "economic system designers," while investors should shift from "speculators" to "value discoverers" [5] Group 5: Regulatory and Technical Framework - Hong Kong's stablecoin cross-border payment monitoring platform serves as a compliance model for RWA, utilizing real-time transaction monitoring and encryption [6] - Multi-dimensional verification methods are being adopted to ensure the authenticity of on-chain assets, significantly reducing the time for receivables confirmation [6] - Dynamic pricing models for non-standard assets are being developed, enhancing liquidity by 40% for certain platforms [6]

Core Insights - The cryptocurrency market is experiencing a quieter Christmas compared to previous years, with Bitcoin (BTC) fluctuating between $85,000 and $90,000, and Ethereum (ETH) showing a decline from its previous highs [2][3] - A survey conducted over a month gathered insights from various participants in the crypto community, focusing on their investment experiences and reflections on the past year [3][4] Group 1: Survey Demographics - Over 60% of survey respondents have been in the crypto space for more than three years, indicating a predominance of experienced investors [5] - Newer investors, defined as those with less than three years of experience, make up approximately 38% of the respondents, suggesting a decline in new market entrants [6] Group 2: Investment Performance - More than 57% of respondents reported making a profit, with 17.2% achieving over 50% gains and 39.7% seeing gains between 0-50% [8] - Approximately 27% of participants experienced losses, with 12.1% facing significant losses of over 50% [8] Group 3: Profitability by Sector - Meme coins remain a popular and profitable investment, with about 34% of respondents indicating they earned profits primarily from this sector [10] - Mainstream cryptocurrencies like BTC, ETH, BNB, and SOL accounted for profits for around 26% of investors, reflecting their performance during the year [10] - DeFi projects attracted about 16% of respondents as a source of profit, while 12% reported earnings from airdrop interactions [10] Group 4: Losses by Sector - Approximately 28% of investors reported significant losses in meme coins and altcoins, highlighting their high-risk nature [14][15] - Contract trading resulted in losses for about 26% of participants, which is lower than expected given the volatility of the market [14] - NFT and GameFi projects were also significant sources of losses, with around 22% of respondents indicating they suffered due to these investments [14] Group 5: Reflections on Losses - About one-third of respondents attributed their losses to not cutting losses in time, a common issue among crypto investors [16] - Over 45% of participants cited slow reactions, conservative trading, or following market trends as reasons for their losses [16] Group 6: Future Outlook - The most promising sectors for 2026 include Real World Assets (RWA), AI, and meme coins, with RWA being mentioned by 31% of respondents [22][23] - Many participants advocate for a dollar-cost averaging strategy, particularly in BTC, as a sound investment approach [24]

RT Jay Yu 🐟 (@0xfishylosopher)i read + annotated the entire 300+ page Messari 2026 thesis on a long-haul flight so you didn’t have to…my thoughts + takeaways:> the entire thing took me about 3hrs to cover back to back (better than expected). My 3 fav essays were “crypto money”, “tradfi x crypto”, and “decentralized Internet finance”. Covers 80% of the trends that happened this year. Honorable mentions on the crypto x AI and DePIN pieces. there’s an entire encyclopedia of the top50 chains that you can skim, ...

RT Capital Markets (@capitalmarkets)Institutional-grade RWA growth on Solana is accelerating.The PRIME market on @kamino has surpassed $130M in deposits in less than 3 weeks since launch.PRIME is a yield-bearing token backed by U.S. home equity loans (HELOCs), originated by @Figure. https://t.co/CQy4JSbr9w ...

⚡️ LATEST: Ethereum treasury firm ETHZilla disclosed a 24,291 $ETH sale worth $74.5M, shifting focus from mNAV tracking to RWA-driven growth. https://t.co/Ba3JrZj3Fn ...

We’re going LIVE in 1 hour with @BeatXswap. From Oracle-based IP verification to shared royalty ownership, we’ll break down how IP-Rights RWAs work and why BeatSwap is building a full-stack ecosystem around them. Bring your questions.🕜 9:00 am EST[Brought to you by @BeatXswap] ...