Core Viewpoint - Hong Kong must find the best balance between regulation and innovation in the virtual asset sector to ensure policies keep pace with developments while maintaining market order and transparency, avoiding stifling market vitality and participant enthusiasm [2][8]. Regulatory Developments - The Hong Kong government is considering introducing virtual asset derivatives trading for professional investors, along with robust risk management measures to enhance product options while ensuring orderly and transparent trading [3][4]. - A second policy declaration on the development of virtual assets will be published, outlining the government's vision and direction, including the integration of traditional financial services with virtual asset technology [3][5]. Market Growth and Diversification - Hong Kong's financial ecosystem is diversifying, with over 1,100 fintech companies, including eight licensed digital banks, four virtual insurance companies, and ten virtual asset trading platforms [3][4]. - The Hong Kong Securities and Futures Commission (SFC) has approved the first virtual asset futures ETFs for retail investors in December 2022 and plans to recognize the first virtual asset spot ETFs in April 2024 [3][4]. Future Outlook - The upcoming policy declaration is expected to complement the SFC's roadmap, establishing a stable foundation for the orderly development of virtual assets in Hong Kong [5]. - The legal community anticipates that the new policy will address the evolving landscape of virtual assets and digital currencies, potentially incorporating topics like tokenization and artificial intelligence [7][8].

币圈丽盈：6.6比特币最新行情分析 文章发布时间2025.6.6----0点：10分 比特币现价104600，丽盈发现目前盘口趋势较为平稳但方向不明朗，直接从短期来看，市场参与者情绪偏向观望，关键支撑和阻力位之间的争夺或将决定未 来方向，所以丽盈建议在103900支撑位附近尝试轻仓布局，若价格突破105250阻力位，则可考虑加仓或追涨操作。同时需关注成交量能否显著放大及MACD 指标转强信号，以确认趋势方向，技术面出现锤子线、启明星等形态，但未能持续反弹；十字星出现在震荡区间末端，暗示方向选择。所以耐心等方向出现 以后顺势而为 发稿前以太坊现价2590，丽盈发现目前盘口围绕MA7和MA30粘合波动，反映市场短期内方向不明。MACD的空头动能增强，成交量阶段性放量，但价格反 弹力度有限，短期来看空头动能积累已导致空方占据上风。若价格无法突破当前阻力位将进一步下探至支撑区域，有很大概率破前低，所以丽盈建议方向突 破后再采取行动，重点关注价格在支撑或阻力位处的反应以及成交量是否放量，可考虑逢高做空；若价格回落至主要支撑位并伴随明显放量反弹，可轻仓试 多。 短线思路参考： 做多点2500，防守2460，止损30点，目 ...

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $78 million, a 46% decrease from $144 million in Q1 2024 [7][15] - Net loss for the quarter was $17 million, with adjusted EBITDA at negative $11 million, significantly impacted by a $19.4 million unrealized fair value loss on digital assets [7][17] - Average electricity price decreased by 18% compared to Q1 2024, reflecting efforts to optimize cost structure [14] Business Line Data and Key Metrics Changes - Cloud mining revenue accounted for approximately 69% of total revenue, with 86% of self-owned miners' capacity allocated to self-mining operations [16][12] - The company experienced a decline in total mining capacity under management from 28.6 exahash to 20.6 exahash due to expired contracts and supplier relocations [7][8] - By April 30, 2025, total mining capacity under management rebounded to 28.3 exahash, reaching 34.1 exahash by the end of May [9][10] Market Data and Key Metrics Changes - The company expanded its customer base in key growth markets in Africa and Asia, reflecting increasing global demand for integrated mining solutions [12] - New customers typically start with small trial orders, indicating potential for significant future growth [13] Company Strategy and Development Direction - The company aims to scale mining capacity, strengthen infrastructure, broaden supply chains, and deepen customer relationships [25] - A focus on joint venture structures for capital efficiency and leveraging local expertise for post-acquisition integration [15] - Plans to evaluate capital expenditure opportunities in the US, Canada, and other regions, with a deliberate approach to capital deployment [14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of increased network difficulty and the Bitcoin halving event on revenue [6] - Despite market challenges, the company remains focused on disciplined execution and long-term value creation [25] - The strategic plan to invest in mining infrastructure and equipment in the US and other regions remains unchanged [24] Other Important Information - The company holds a total of 1,835 Bitcoins, with a strategy to retain Bitcoin for long-term value while selectively selling portions for working capital [18] - Outstanding loan balance as of March 31, 2025, was $40 million, with plans to repay a portion over the coming year [23] Q&A Session Summary - No Q&A session was conducted during the call, but participants were encouraged to email questions to the investor relations team for responses [4]

Group 1 - The article discusses the unusual behavior of Bitcoin's price surge in the U.S. while influential figures advise against buying, suggesting a deeper understanding of the market dynamics at play [1][3] - It raises the question of whether Bitcoin's rise is due to its own strength or a decline in the value of the U.S. dollar, noting that the two significant price increases in 2024 coincided with U.S. Treasury bond volatility [3][4] - The article highlights that foreign holdings of U.S. debt have dropped below 30%, the lowest in a decade, with Japan and Saudi Arabia leading the sell-off, while China remains stable but not increasing its holdings [4][6] Group 2 - The U.S. Congress passed the "Financial Innovation and Technology Act," which provides a regulatory framework for digital asset exchanges, seemingly to protect investors but effectively legitimizing capital outflows [6][8] - The article points out that while the U.S. is experiencing a surge in Bitcoin interest, China is tightening regulations on cryptocurrency, indicating a lack of participation in the speculative market [6][8] - It notes a significant increase in global central bank gold reserves, suggesting a move towards de-dollarization and a preference for tangible assets over digital currencies [8][10] Group 3 - Financial commentators in the U.S. are advising the public to stockpile essential goods rather than invest in digital assets, indicating a growing concern over economic stability [10][12] - The article suggests that the current Bitcoin market activity reflects a loss of trust in the U.S. dollar, with the U.S. attempting to offload its debt burden onto less informed investors [10][12] - It raises the question of what the next financial "bait" might be, speculating on potential new investment trends such as green energy bonds or real estate securitization [12]

比特币现价105500，丽盈104500入场的思路精准回踩了，目前发稿的空间恭喜大家了，来盘目前盘口依然是震荡状态，MACD+MA指标均表明短期市场存 在一定向上的试探性，但动力较为疲弱，阻力位106000以及支撑位104000是当前需要密切关注的重点关口，所以丽盈短期来看，市场缺乏明确的方向性，整 体呈现震荡格局。在多头动能逐步减弱、量能缺乏持续性放大的背景下，价格横盘的概率较高，丽盈建议观望为主，耐心等待方向确认：短期趋势不够明 朗，且MACD、成交量等指标显示多空仍处于胶着状态，此时不宜盲目进场。建议投资者继续保持观望，重点关注价格是否有效突破106000阻力位或跌破 104000支撑位后再择机操作。 今日点位参考： 币圈丽盈：6.5比特币最新行情分析 文章发布时间2025.6.5----0点：10分 短线思路参考： 做多点2550，防守2500，止损30点，目标2600 做空点2700，防守2750，止损30点，目标2550 以上是丽盈针对当前盘口行情的简要分析，供投资者参考。十年时间丽盈不断探索，体验了数百种形形色色的数字资产。在这个过程中，丽盈历经了市场的 牛市辉煌与熊市黯淡，一路磕磕绊绊，积累下 ...

Investment Rating - The report assigns a "Buy" rating for stocks, indicating an expected relative return of over 20% within the next six months [27] Core Insights - Southbound capital continues to flow into Hong Kong, with a net purchase of 25.8 billion yuan during the week, totaling 610.7 billion yuan year-to-date, which is 82% of the total net purchase for 2024 [1] - The Hong Kong Stablecoin Ordinance was officially enacted, marking a significant step for Hong Kong in the digital asset space [3][7] - The report highlights the potential of the IP economy and consumer recovery, suggesting structural opportunities in the upcoming IPOs and summer consumption peak [2] Summary by Sections Southbound Capital - Southbound funds have shown strong interest in Meituan, with a net purchase of 9.467 billion yuan [22] - The report notes that major indices in Hong Kong are set for significant adjustments, with companies like Bluko and Mijiu Group being added to the Hang Seng Composite Index [3] AI and Technology - The report emphasizes the advancements in AI applications, particularly with the release of Keling 2.1, which shows improved performance and cost-effectiveness [1] - The smart driving sector is expected to see a turning point with the launch of Tesla's robotaxi and new models from Li Auto and Xpeng [2] Company Performance - Meituan reported Q1 2025 revenue of 86.6 billion yuan, up 18.1% year-on-year, with adjusted net profit increasing by 46.2% [8] - Xiaomi's Q1 2025 revenue reached 111.3 billion yuan, a 47.4% increase, driven by strong performance in its electric vehicle and AI sectors [9] - The report highlights the strong fundamentals of Tencent, with a projected PE of 17X for 2025, and the potential of its gaming and AI products [3] Market Trends - The report indicates that the current valuation of internet companies is relatively low, with projected PE ratios for major players like Alibaba at 12 and Tencent at 17 [1][20] - The report suggests that the IP economy sector is experiencing high growth and strong catalysts, recommending attention to companies like Pop Mart and Bilibili [2][3]

Investment Rating - The report maintains an "Increase" rating for the industry [5] Core Insights - The introduction of the Stablecoin Ordinance in Hong Kong marks a significant step towards financial innovation while ensuring stability in the digital asset sector [1][3] - Stablecoins serve as a bridge between traditional finance and the crypto ecosystem, providing stability and liquidity, which are essential for broader adoption [2][12] - The RWA (Real World Asset) market is rapidly expanding, with a total market size reaching approximately $23 billion, and is expected to grow significantly in the coming years [4][8][47] Summary by Sections Stablecoin Overview - Stablecoins are digital assets designed to maintain value stability by pegging their price to fiat currencies like the US dollar, addressing the volatility of traditional cryptocurrencies [2][12] - The main types of stablecoins include fiat-backed, crypto-backed, commodity-backed, algorithmic, and hybrid models, with USDT and USDC being the most prominent [21][22] Hong Kong Stablecoin Legislation - The Hong Kong Monetary Authority (HKMA) initiated public consultations on stablecoin regulation in early 2022, leading to the formal introduction of the Stablecoin Ordinance in May 2025 [3][26][31] - The ordinance requires stablecoin issuers to obtain a license from the HKMA, ensuring that reserve assets are fully backed and regularly audited [3][39] Globalization of Debt and Stablecoins - The RWA market is experiencing rapid growth, with significant projects being launched in various sectors, including energy and agriculture [4][41][42] - Major players like Circle are planning to go public, indicating strong market interest and potential for further expansion in the stablecoin sector [38][40] Beneficiaries in the Industry - Companies involved in stablecoin infrastructure include ZhongAn Online, Sifang Jichuang, and others, while RWA projects are supported by firms like Longxin Group and GCL-Poly Energy [51]

Core Viewpoint - The current market for Bitcoin and Ethereum is characterized by a downward trend, with potential for short-term rebounds but significant downward pressure remains [1][3]. Bitcoin Analysis - Bitcoin is currently priced at 107,500, showing a weak market momentum with K-line below MA7 and a potential for a small rebound indicated by the MACD golden cross [1]. - Short-term traders are advised to remain cautious, considering a light position near the lower boundary of the descending channel at 106,500, with strict stop-loss measures [1]. - The medium to long-term outlook suggests that Bitcoin is in a consolidation phase, with lower support levels yet to be tested, and traders should wait for a breakout above MA7 with increased volume before entering positions [1]. Ethereum Analysis - Ethereum is currently priced at 2,650, with a confirmed downward trend and some adjustment pressure, although the downward momentum appears to be weakening [3]. - The market may experience a short-term rebound near key support levels, and traders are advised to observe before making long positions [3]. - If the price rebounds to MA7 or previous highs and faces resistance, light short positions may be considered [3]. Short-term Trading Strategies - For Bitcoin, suggested long entry at 106,000 with a stop-loss at 105,500 and a target of 109,000; short entry at 108,500 with a stop-loss at 109,000 and a target of 107,000 [3]. - For Ethereum, suggested long entry at 2,550 with a stop-loss at 2,500 and a target of 2,650; short entry at 2,750 with a stop-loss at 2,800 and a target of 2,600 [5]. - The analysis reflects the experience of the trading firm, which has navigated various market conditions over the past decade, emphasizing the importance of sharing insights to assist other traders [5].

每经编辑｜胡玲 5月31日消息，国家互联网信息办公室近日就《网信部门行政处罚裁量权基准适用规定（征求意见稿）》向社会公开征求意见。征求意见稿提出，对当事人 的同一个违法行为，不得给予两次以上罚款的行政处罚。另外，征求意见稿提出，同一个违法行为违反多个法律规范应当给予罚款处罚的，按照罚款数额高 的规定处罚。有两个以上应当给予行政处罚违法行为的，应当分别裁量，合并处罚。（央视新闻） 4 香港《稳定币条例》正式成为法例 香港特别行政区政府于5月30日在宪报刊登《稳定币条例》，这意味着《稳定币条例》正式成为法例。此前，香港立法会已经在5月21日正式通过该条例草 案，用以在香港设立"法币稳定币"（挂钩法定货币的稳定币）发行人的发牌制度。该法例旨在推动金融创新的同时保持金融稳定，并标志着香港在数字资产 领域迈出了重要的一步。（证券时报） 5 药企涉嫌贿赂百名医务人员，四川卫健委通报：违规费用已全部清缴 5月31日，根据健康四川官微消息，近期，四川省卫健委收到"某药企涉嫌向医生输送商业贿赂"举报信，成立调查组会同相关部门开展调查核实工作。举报 信涉及医疗机构人员125人，其中6人信息重复，1人信息不实，核实为118人，分布 ...

Core Insights - The current price of Bitcoin is 104,500, with a suggested short target of 103,000, indicating a potential downward trend in the market [1] - Ethereum is currently priced at 2,535, with a recommendation to wait for a bottom before entering long positions, as the market shows a downward trend after reaching a high of 2,790 [3] Bitcoin Analysis - The market is showing initial signs of a rebound, with bullish patterns such as hammer and bullish engulfing indicating potential reversal signals [1] - The MACD indicator shows a bullish crossover, suggesting increasing bullish momentum, but overall market sentiment remains weak [1] - Short-term trading strategies suggest aggressive traders may consider light positions for short-term rebounds, while conservative traders should wait for a breakout above the MA30 and the red downward trend line before entering [1] Ethereum Analysis - The market is currently below both short-term and medium-term moving averages, indicating a bearish trend [3] - Despite some recent rebound, the strength is weak and has not broken through key moving average resistances [3] - Recommendations for traders include holding short positions while monitoring the MA30 resistance, and waiting for a moving average crossover or a price breakout above 2,600 before considering long positions [3] Short-term Trading Strategies - Suggested long entry point for Bitcoin is at 103,000 with a stop loss of 500 points and a target of 105,500 [2] - Suggested short entry point for Bitcoin is at 105,500 with a stop loss of 500 points and a target of 103,500 [2] - For Ethereum, suggested long entry point is at 2,450 with a stop loss of 30 points and a target of 2,550, while the short entry point is at 2,600 with a stop loss of 30 points and a target of 2,500 [5]