Core Viewpoint - Hong Kong has upgraded its digital asset policy framework to 2.0, aiming to establish itself as a global innovation center in the digital asset field [1][3]. Group 1: Policy Framework Overview - The new framework is summarized by the acronym "LEAP," which stands for Legal optimization, Expend tokenized product categories, Advance application scenarios and cross-industry collaboration, and People development [1][4]. - The policy emphasizes stablecoins and Real World Asset (RWA) tokenization as key application areas [1][5]. Group 2: Transition from 1.0 to 2.0 - The previous 1.0 phase focused on introducing innovative products like digital asset ETFs and expanding investor channels through retail participation [3]. - The transition to 2.0 reflects the need for a new framework to adapt to compliance requirements and balance investor interests with competitiveness [3][4]. Group 3: Key Innovations in 2.0 - The regulatory framework will see the Hong Kong Securities and Futures Commission as the main regulator for digital asset service providers and custodians [4]. - The government plans to regularize the issuance of tokenized government bonds and incentivize RWA tokenization to enhance liquidity and accessibility [4][5]. - A clear timeline for stablecoin regulation is established, with implementation starting on August 1 [5][7]. Group 4: Market Implications - The policy aims to attract international capital by offering tax exemptions for tokenized ETFs and digital asset funds, aligning them with traditional ETFs [7]. - Companies like Lakala and major internet firms are exploring opportunities in stablecoin issuance and digital currency applications in cross-border scenarios [7].

据香港证监会介绍，在香港特区政府就数字资产发展的最新政策宣言的引导下草拟的监管制 度，将延展香港在建立一个安全、稳健及具有全球竞争力的虚拟资产生态系统方面的努力。 制度亦将吸引合资格的参与者赴港，增加投资者的选择，同时将香港与全球的虚拟资产流动 性结合起来，以推进香港证监会 "ASPIRe" 路线图的进展。 此次草拟的制度将赋权香港证监会向虚拟资产交易服务提供商及托管服务提供商发牌并进行 监督，并执行相关规例。香港证监会亦将负责为这两类重要服务提供商制定合规标准，根据 " 相同业务、相同风险、相同规则 " 的原则，确保稳健的投资者保障措施和维持市场诚信。这 【导读】香港财库局与香港证监会就规管虚拟资产交易服务及托管服务提供商的制度草案进 行咨询 中国基金报记者 郭玟君 《香港数字资产发展政策宣言 2.0 》发布次日，香港特区政府及监管机构便着手落实相关政 策。 6 月 27 日，香港特区政府财经事务及库务局（以下简称香港财库局）和香港证券及期货事务 监察委员会（以下简称香港证监会）宣布，展开联合咨询，以引入针对虚拟资产交易服务和 托管服务提供商的监管制度。 制作：舰长 审核：木鱼 版权声明 《中国基金报》对本 ...

属于刑法意义上的财产 多位币圈投资者对第一财经表示，他们投资虚拟资产，最初就是从比特币开始的。 2017年之前，比特币曾被当成大宗商品的一种，投资比特币热极一时，尤其是2016年，比特币涨幅超过 了黄金，这轮所谓的比特币"牛市"吸引了一批投资者加入其中。据当时媒体报道，根据核算，中国的交 易量大约占全球比特币市场的30%～40%。 "牛市"之下，比特币暴涨暴跌的特性被忽视。同时，由于比特币基于区块链的去中心化技术，游离于各 国金融监管之外，于是被不法分子应用在灰色地带，诸如滋生赌博、非法集资、诈骗、传销、洗钱等违 法犯罪活动。 虚拟货币相关业务活动属于非法金融活动，参与虚拟货币投资交易活动存在法律风险。 稳定币立法、发表《香港数字资产发展政策宣言2.0》、提出"LEAP"框架……近段时间，香港数字资产 监管架构及生态正在加速完善，香港对全球Web3人才、资金及项目的吸引力有望大幅提升。 不过，内地投资者并不在上述数字货币交易服务范围内。早在2017年、2021年，央行等多部门先后发 文，叫停各类代币发行融资活动，明确虚拟货币和相关业务活动本质属性，并加强虚拟货币交易炒作风 险监测预警。 但第一财经发现，目前仍 ...

Group 1 - Tianfeng Securities' subsidiary Tianfeng International Securities has upgraded its trading license to provide virtual asset trading services, following the Hong Kong government's announcement of a licensing framework for digital asset services [1] - The A-share market has seen a surge in IPO applications, with over 100 companies applying in the first half of the year, and June alone witnessing a fourfold increase in new applications compared to May [1] - The total market capitalization of A-shares has reached a historic high of 105 trillion yuan, driven by increased trading activity and contributions from major financial sectors [1][4] Group 2 - The banking sector has shown a cumulative increase of over 40% since September 24, contributing significantly to the overall market capitalization growth [4][5] - Public fund assets have reached a new high of 33.74 trillion yuan, with significant inflows into money and bond funds, indicating a robust investment environment [7] - Foreign institutions have expressed optimism about the Chinese stock market, with several raising their growth forecasts for China's economy and predicting a potential breakthrough for the Shanghai Composite Index [7][8] Group 3 - Insurance funds are increasingly shifting towards the Hong Kong market, with 63% of surveyed institutions planning to increase their investments in Hong Kong stocks, primarily through the Stock Connect program [8][9] - The trend of insurance companies acquiring stakes in banks and Hong Kong stocks has continued, reflecting a strategic shift in asset allocation [8][9] - Large private equity firms are also increasing their investments in Hong Kong, indicating a growing confidence in the valuation of Chinese companies listed there [9][10]

1. Report Industry Investment Rating No relevant content in the provided documents. 2. Report's Core Viewpoint On June 26, 2025, equity index futures declined, while 30 - year CGB rose; metal futures trended strongly, and agricultural product futures fell. The top three gainers were coking coal, poly - silicon, and silicon metal, and the top three decliners were rapeseed meal, soybean meal, and No.2 Soybean [10][11][12]. 3. Summary According to Related Catalogs 3.1 China Futures 3.1.1 Overview On June 26, equity index futures declined, 30 - year CGB rose, metal futures were strong, and agricultural product futures fell. Coking coal, poly - silicon, and silicon metal were the top gainers, with coking coal rising 3.6% and positions increasing 7.7% month - on - month, poly - silicon rising 3.5% and positions decreasing 3.7% month - on - month, and silicon metal rising 2.7% and positions increasing 4.8% month - on - month. Rapeseed meal, soybean meal, and No.2 Soybean were the top decliners, with rapeseed meal falling 2.7% and positions increasing 8.9% month - on - month, soybean meal falling 2.4% and positions decreasing 0.8% month - on - month, and No.2 Soybean falling 1.6% and positions decreasing 12.0% month - on - month [10][11][12]. 3.1.2 Daily Rise - **Silicon Metal**: On June 26, it increased by 2.7% to 7720 yuan/ton. There was news of a furnace shutdown at an enterprise, but the supply - demand contradiction remained unrelieved, keeping silicon prices under pressure. On the supply side, northern large - scale manufacturers resumed production, and southwest China entered the wet season with reduced electricity prices and new capacity launches. On the demand side, downstream demand was weak, with polysilicon producers cutting output. Social inventories continued to accumulate, but futures prices made the market more cost - effective, and warehouse receipt inventory was liquidated faster, supporting near - month contracts [16][17][18]. - **TSR20**: On June 26, it increased by 2.6% to 12145 yuan/ton, and natural rubber increased by 2.1% to 14040 yuan/ton. External shocks subsided, and prices may follow overall commodity volatility. The trading focus may return to fundamentals, but rubber's fundamentals had limited short - term variables. Supply was affected by the rainy season, and demand was relatively stable in the short - term but weak in expectation. In the third quarter, de - stocking trades may prevent a deep decline [23][24][25]. 3.1.3 Daily Drop - **Rapeseed Meal**: On June 26, it decreased by 2.7% to 2550 yuan/ton, and soybean meal decreased by 2.4% to 2936 yuan/ton. Domestically, soybean meal had both supply and demand growth, while rapeseed meal faced weakening in both. In the short - to - medium term, soybean arrivals were expected to increase, oil mill operating rates would remain high, and soybean meal inventories were rising seasonally. In the long term, breeding sow inventory growth indicated stable and increasing rigid demand for soybean meal, and there were expected supply gaps in the fourth quarter [31][32][33]. 3.2 China News 3.2.1 Macro News The Ministry of Commerce has approved a certain number of compliant applications for rare earth exports to the EU and will strengthen approval work. The NDRC will allocate the third batch of funds for consumer goods trade - in program in July and will launch and intensify the implementation of the equipment renewal loan interest discount policy [38]. 3.2.2 Industry News The Hong Kong Special Administrative Region Government issued the "Hong Kong Policy Declaration on Digital Asset Development 2.0". The Shanghai Futures Exchange plans to list offset printing paper futures and options [39][40].

今天上午市场依旧活跃，全市场超3600只个股上涨 。 沪深两市半日成交额9913亿 ， 较上个交易日放量138亿 。截至午间收盘 ， 沪指跌0.21% ， 深成指涨0.85% ， 创业板指涨1.16% 。 板块方面，券商股盘中拉升，有色金属大涨；银行 、 保险 、 港口等板块跌幅居前 。 个股上面，今天市场最热的要数小米了，新车订单量爆棚，股价盘中创历史新高。 01 今早港股开盘后，小米股价一度大涨超6%，最高涨至61.45港元，创历史新高，截至发稿有所回落，涨3.43%，总市值超1.5万亿港元。 此外，小米汽车概念股开盘大涨，电工合金20 cm 涨停，模塑科技直线拉涨停，海泰科、凯众股份、德迈仕等跟涨。 | 用工合命 | | | | | | --- | --- | --- | --- | --- | | 300697 休盘中06-27 11:44:12 北京 | | | | | | 13.87 +2.31 +19.98% | | | 1.20万人加自选 图 > > | CN L1 | | 高 13.87 开 12.41 | | 量 44.05万手 | 总市值 60.01亿 | | | 低 12.30 | 换 ...

订阅A股涨停捉妖队 +订阅 A股证券板块持续走强，天风证券涨停，华西证券涨近6%，湘财股份、太平洋等跟涨。消息面上，香 港特区政府发表《香港数字资产发展政策宣言2.0》明确，未来的数字资产交易、托管等服务，将进行 牌照化管理。 ...

Core Viewpoint - The article discusses the measures proposed to support the construction of the Beijing Future Digital Space Innovation Pilot Zone, aiming to enhance the digital industry infrastructure and promote technological advancements in various sectors [1] Group 1: Digital Infrastructure Development - The proposal emphasizes the need for proactive layout of digital industry infrastructure to support the pilot zone [1] - It includes support for a municipal public computing power trading platform to cater to the resource needs of the pilot zone [1] - Special services such as free computing power for startups and creative teams are suggested to meet industry demands [1] Group 2: Digital Asset Services - The establishment of a credible digital asset service platform is supported, focusing on digital assets in gaming, film, cultural tourism, and cultural heritage [1] - The measures aim to facilitate the circulation, rights confirmation, and protection of digital assets [1] Group 3: Cultural and Technological Integration - The proposal includes the construction of cultural public facilities such as interactive experience spaces and digital exhibitions [1] - It advocates for the introduction of national and municipal key laboratories to enhance technological support for priority industries [1] Group 4: Technology Platform Development - The initiative promotes the development of common technology platforms in digital fields, including audiovisual, rendering engines, virtual reality, and interactive devices [1] - It also suggests the establishment of a training base for large models in film and gaming, focusing on AI-assisted creative tools [1]

Core Viewpoint - The article emphasizes that Huaxing Capital is strategically transitioning into the WEB 3.0 and digital asset sectors, aiming to become a core player in global WEB 3.0 investments while leveraging its existing strengths in traditional finance [1][5]. Personnel Changes - Huaxing Capital appointed Frank Fu Kan and Chen Jiali as independent non-executive directors, both bringing extensive industry experience, particularly in blockchain technology and digital currencies [2]. Business Strategy - The company has approved a budget of $100 million to develop its WEB 3.0 business and invest in digital currency assets over the next two years, focusing on stablecoins, RWA (real-world assets), and the entire digital asset ecosystem [1][5]. - The board's strategic move is part of Huaxing's "2.0 era" initiative, which aims to solidify its existing business while expanding into new technology-driven sectors [3][5]. Performance and Achievements - Huaxing Capital has shown a strong recovery in its overall business, particularly in artificial intelligence and mergers and acquisitions, with significant IPO successes, including the notable performance of Circle Internet Group [3][4]. - The company has a history of successful investments in the blockchain sector, including leading roles in the IPOs of various tech firms [4]. Future Outlook - The strategic focus on artificial intelligence, mergers and acquisitions, and blockchain technology positions Huaxing Capital as a bridge between Web 2.0 and Web 3.0, enhancing its industry leadership and shareholder value [5].

Group 1 - The Hong Kong SAR government released the "Hong Kong Digital Asset Development Policy Declaration 2.0," aiming to establish Hong Kong as a global innovation center in the digital asset field [1] - The new policy declaration builds on the first declaration from October 2022, emphasizing the government's vision for digital asset development and the practical application of tokenization [1] - The declaration aims to create a robust digital asset ecosystem that integrates with the real economy and social life, reinforcing Hong Kong's position as an international financial center [1] Group 2 - The National Financial Regulatory Administration and the People's Bank of China jointly issued the "Implementation Plan for High-Quality Development of Inclusive Finance," targeting the establishment of a high-quality inclusive financial system within five years [2] - The plan focuses on optimizing the inclusive financial service system, enhancing the inclusive credit system, and strengthening the inclusive insurance system to support private enterprises [2] Group 3 - China Mobile is seeking nationwide partners for the "RWA Ecological Cooperation" initiative to promote the digitalization and capitalization of real-world assets (RWA) [3] - The initiative will select 20 units to form the "RWA Joint Laboratory," focusing on data resource integration, technology research and development, and funding support [3] Group 4 - The Ministry of Commerce announced plans to implement an integrated action for domestic and foreign trade, aiming to cultivate leading enterprises in this area [4] - The ministry will host over 330 events for foreign trade promotion and enhance policy support for enterprises facing difficulties [4] Group 5 - The National Development and Reform Commission plans to implement a loan interest subsidy policy for equipment updates to reduce financing costs for businesses [5] - The sales of related products for the "old-for-new" policy have exceeded 1.4 trillion yuan this year [5] Group 6 - The National Medical Insurance Administration has included a commercial health insurance innovation drug directory in the 2025 adjustment plan, highlighting the growing role of commercial health insurance in the multi-tiered medical security system [6] Group 7 - A new generation of domestically developed CPU, the Longxin 3C6000, was released, which does not rely on any foreign supply chains and meets various computing needs [7][8] Group 8 - The Central and State Offices issued opinions to advance flood control reservoir construction and improve the flood control engineering system [9] Group 9 - The National Development and Reform Commission announced additional central budget investments to support local implementation of labor substitution projects, aiming to address employment and income issues for key groups [10] Group 10 - Shanghai is focusing on industries such as cell and gene therapy, quantum technology, and 6G, aiming to enhance its technological innovation and research capabilities [11]