在虚拟货币那股浪潮当中，财富的创造与消逝，往往就仅在那么一个念头的瞬间，英国工程师詹姆斯·豪威 尔斯（James Howells）的事例，是一个由于疏忽而造成的现代财富悲剧。 11年前，他不经意地把存有8000枚比特币的硬盘，丢弃到垃圾填埋场，现在，他正在和纽波特市政府进行 诉讼，索要近5亿英镑（约合46亿元人民币）。 这场持续十多年的法律长期较量，不光关乎个人命运，还鲜明呈现出数字资产时代中管理漏洞与法律困境 间的激烈冲突。 时间回溯到2009年，比特币还处于没人关注的数字玩具状态，一枚才值几美分。 作为IT技术员的詹姆斯，靠着早期挖矿的热情，在家搭建起一台简单矿机，日夜破解算法，最后挖到了 8000枚比特币， 他把代表所有权的私钥存进一个显眼的红色硬盘，随便锁进抽屉里面，完全没料到这么不经意的行为竟埋 下了大隐患。 转机发生在2013年。 一场激烈的感情纠纷后，詹姆斯与女友分道扬镳，离开公寓的时候，女朋友清理杂物，不小心把装着旧电 子设备的纸箱当作废品扔掉了， 那个存着数字黄金的硬盘，就这么进了垃圾堆，被运到纽波特市的填埋场掩埋掉了。 好几个月之后，比特币价格涨到超出一百美元之时，詹姆斯忽然就发现自己的宝 ...

与此同时，市场结构的变化也为数字资产回升提供了重要动力。比特币虽仍低于早前高点，但已显著脱 离近期低位，而此轮回升背后伴随的是机构端政策框架的深度调整。Vanguard近期放松对加密ETF的限 制，使市场不再面临完全的被动排他性；同时，美国主要金融机构开始允许财富管理顾问为客户配置最 高约4%的数字资产敞口，意味着此前被限制的大规模长期资金重新获得了布局渠道。GTC泽汇资本表 示，机构端政策从抵触到开放的转向，远比短期交易流更具结构性意义，因其代表的是未来数年持续性 的资金增量，而非阶段性的情绪推动。随着更多传统机构将数字资产纳入资产组合模型，市场深度、成 交稳定性和资金来源结构都将发生质的改善。这也解释了为什么近期价格虽波动不强，但市场底部却不 断提高。 总体而言，GTC泽汇资本表示，当前市场正处于从震荡走向恢复的关键节点。流动性改善、宏观预期修 复以及机构增配的合力正在推动市场从11月的疲弱状态中脱离。若政策方向进一步确认、资金持续回 流、机构配置规模继续扩大，数字资产市场有望迈向更具持续性的回升通道。市场已展现出多个具有结 构性意义的积极信号，在多重因素共振的背景下，风险资产中长期的吸引力正在重新建立。 ...

Core Viewpoint - HashKey Group is set to launch its IPO, aiming to raise approximately $200 million, with a focus on expanding its digital asset services and infrastructure in Asia [2][3]. Group 1: Company Overview - HashKey provides a licensed digital asset platform offering trading facilitation, on-chain services, and asset management [3]. - The company has established itself as a leading integrated digital asset company in Asia, with a comprehensive ecosystem catering to retail investors, institutional clients, and other stakeholders in the blockchain value chain [3][4]. - As of September 30, 2025, HashKey's platform supports 80 types of digital asset tokens, including major Layer-1 assets and DeFi tokens [4]. Group 2: Financial Performance - HashKey's revenue sources include trading facilitation, on-chain services, and asset management, with significant growth in trading volumes from HKD 4.2 billion in 2022 to HKD 328 billion in 2023 [11][13]. - The company recorded revenues of HKD 129 million, HKD 208 million, and HKD 721 million for the years 2022, 2023, and 2024, respectively, indicating rapid expansion in trading facilitation services [11]. - As of August 31, 2025, HashKey held HKD 1.657 billion in cash and cash equivalents, along with HKD 592 million in digital assets, with 84% of the digital assets being mainstream tokens [12]. Group 3: Market Position and Services - HashKey is recognized as the largest onshore platform in Asia by trading volume and the largest on-chain service provider by staked assets [3][4]. - The company offers OTC services designed for large-scale or customized digital asset transactions, ensuring compliance and reduced market impact [8]. - HashKey's blockchain investment fund has achieved a return rate exceeding 10 times, significantly outperforming the industry average [10]. Group 4: Future Plans and Use of IPO Proceeds - The proceeds from the IPO will be allocated towards technology and infrastructure upgrades, market expansion, ecosystem partnerships, and general corporate purposes [13].

12月5日至6日，南方财经论坛2025年年会在广州新启用的南方财经大厦隆重举行。本届年会以"共识的 力量"为主题，聚焦"创新涌动与中国资产重估"这一时代议题，设置了"1+5+X"议程，汇聚政府、产 业、学术、研究及金融界的顶尖智慧，旨在通过深度交流凝聚发展共识。 （原标题：韩交所芮兑昊：半导体+AI驱动韩股，中韩资本市场合作空间广阔） 21世纪经济报道记者雷晨 广州报道 面向2026：交易时间延长、数字资产与AI监管成发展重点 在主论坛"全球资本市场对话"环节，来自纽约、伦敦、韩国等全球主要金融中心的交易所代表齐聚一 堂，以全球化视角共同审视中国资产在国际舞台上的机遇与吸引力。 论坛上，韩国交易所北京代表处首席代表芮兑昊系统分享了韩国资本市场在2025年的表现、政策推动、 IPO动态以及未来规划，特别强调了技术创新与国际合作，尤其是与中国资本市场协同发展的重要性。 韩国股市2025年表现强劲：政策、产业与治理协同发力 芮兑昊回顾了2025年韩国资本市场的整体表现。他指出，代表韩国股市的KOSPI指数持续创下历史新 高，截至11月底较年初上涨64%，涨幅位居全球主要股指首位。这一成绩的取得主要得益于三方面因素 ...

Group 1: IPO Developments - Moer Thread officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 5, 2025, under the stock code "688795," becoming the first full-function GPU company to enter the capital market in China [3][7] - Guangzhou Yujian Xiaomian Restaurant Co., Ltd. listed on the Hong Kong Stock Exchange on December 5, 2025, under the stock code "2408," marking it as the first stock of a Chinese noodle restaurant [8][10] - HashKey Holdings Limited passed the hearing for listing on the Hong Kong Stock Exchange, aiming to become a comprehensive digital asset company [11][13] Group 2: Company Highlights - Moer Thread focuses on the independent research and design of full-function GPUs, integrating AI computing acceleration, graphics rendering, physical simulation, and scientific computing into a single chip, which enhances market adaptability and technological extensibility [4][5] - Yujian Xiaomian plans to open approximately 520 to 610 new restaurants over the next three years, aiming to exceed 500 total locations by the end of the current year [8][9] - HashKey is recognized as the largest regional onshore platform in Asia by trading volume and the largest on-chain service provider by staked assets [11][12] Group 3: Financial Performance - Moer Thread achieved a revenue of 702 million yuan in the first half of the year, nearly 1.6 times the projected full-year revenue for 2024, with a compound annual growth rate exceeding 200% from 2022 to 2024 [6] - Yujian Xiaomian's total revenue from 2022 to 2024 was 418 million yuan, 800 million yuan, and 1.154 billion yuan, with a compound annual growth rate of 66.2% [9] - 51WORLD's revenue from 2022 to 2024 was 170 million yuan, 256 million yuan, and 287 million yuan, with a 63.6% increase in the first half of 2024 compared to the same period in 2023 [22][23]

而在北京，中国人民银行（下称"央行"）牵头13个部门刚开完会，再次强调虚拟货币相关业务属于非法 金融活动，特别点名稳定币，提示其在反洗钱、跨境资金转移中的突出风险。 同一枚比特币，不同法域却给出了三种完全不同的"法律身份"界定，这并非简单的"谁更开放、谁更保 守"，而是一场关于数字时代如何重写货币与财产权边界的深层博弈。 同一种加密资产，不同的秩序想象。12月4日，比特币在9.3万美元一线来回震荡。 这一天，如果你站在伦敦，会看到英国刚刚通过一部名为《财产（数字资产等）法案2025》的新法，正 式将加密资产纳入"受法律保护的财产"范畴。在BitcoinPolicyUK首席政策官弗雷迪·纽看来，该法案可 能是"自中世纪以来英国财产法最大的变革"。 如果你转向纽约，华尔街正忙着给Circle、比特币ETF和一揽子"合规加密资产"重新定价，把它们纳入 美元金融体系的延长线；包括长期抗拒加密资产的Vanguard（先锋集团）也开始允许客户交易加密 ETF。这被海外资管圈视为过去48小时内（12月2日至3日）全球金融市场的重磅头条新闻。 伦敦：给加密资产发"房产证" 当地时间2025年12月2日，《财产（数字资产等）法 ...

RT 加密无畏 (@cryptobraveHQ)让每个美国孩子，出生就有股票账户。“18岁就直接变成百万富翁，每个孩子都能成为资本家。”这是这几天，圈外最轰动的事件了。特朗普12月2日宣布，将为未满18岁的美国儿童开设“账户”（Trump Accounts），而在2025-2028年间出生的宝宝还将额外获得美国财政部1000美元的注资。然后，戴尔创始人 Michael Dell 夫妇当天就立马响应政策，向美国财政部捐赠 62.5 亿美元，帮助 2500 万名美国儿童开设投资账户，让金融启蒙从更早的年龄开始。传统金融在为孩子铺路，加密世界也在同步进化。币安 @cz_binance 率先主动扛起了加密启蒙的任务。前几天也刚推出 Binance Junior @binance ，其实就是加密行业里的“儿童投资账户”雏形，面向 5–17 岁 的年轻用户，通过家长主账户监管，孩子可以使用专属的 Binance Junior App，接收父母转入的资金，获取收益，不允许交易、不允许链上提现。核心目的不是投机，而是从小建立“数字资产 + 理财”的正确心智，把加密视为金融基础设施的一部分。希望可以看到更多政策和加密企业加入进 ...

Group 1 - Bank of America will allow wealth advisors to recommend cryptocurrency investments starting January 5, 2024, marking a significant milestone for the digital asset industry [1] - Advisors from Bank of America Private Bank, Merrill, and Merrill Edge will be able to suggest various cryptocurrency exchange-traded products (ETPs) without any asset minimums [1] - The move shifts the role of advisors from merely executing cryptocurrency transactions to providing asset allocation advice [1] Group 2 - The cryptocurrency market faced a significant downturn in November, with Bitcoin's price dropping over $18,000 within a month, leading to record levels of capital withdrawal [2] - Merrill's report indicates a correlation between adoption levels and long-term value, but this relationship is uncertain, especially during speculative bubbles when asset prices may exceed their intrinsic value [2]

Core Viewpoint - A Japanese women's clothing company, ANAP, has transformed into a significant player in the Bitcoin market, holding over $96 million in Bitcoin and becoming the 46th largest institutional holder globally [3][6][8]. Group 1: Company Transformation - ANAP, originally a traditional women's clothing and children's apparel company, has pivoted to become Japan's most aggressive "Bitcoin listed company" [3]. - The company officially changed its name to Anap Holdings Inc. in April and announced its entry into the digital asset business [6]. - ANAP's CEO, Kawai Rintaro, has been a driving force behind the company's Bitcoin strategy, which includes a roadmap to accumulate Bitcoin as a primary reserve asset [6][8]. Group 2: Investment Strategy - From April to November, ANAP has made multiple public announcements regarding its Bitcoin purchases, demonstrating a transparent investment approach [8]. - The company's stock price has surged fivefold within six months, reflecting investor confidence in its Bitcoin strategy [8]. - ANAP's total Bitcoin holdings have surpassed 1,047 BTC, valued at approximately $96 million, with an average purchase cost leading to a book value of around 96-100 billion yen [8]. Group 3: Industry Impact - ANAP has launched the "ANAP Bitcoin Dojo," a platform aimed at assisting other Japanese companies in formulating their Bitcoin strategies, marking a shift from being merely an asset holder to an industry advocate [9][10]. - The Japanese regulatory environment has become more supportive of Bitcoin, with indications that the country may become the most Bitcoin-friendly market in Asia [12][13]. - A new generation of Japanese entrepreneurs, represented by Kawai Rintaro, is increasingly open to digital assets, recognizing their potential in combating inflation and enhancing corporate value [14].

Group 1 - Major U.S. stock index futures show mixed performance, with Dow futures up 0.06%, S&P 500 futures down 0.01%, and Nasdaq futures down 0.06% [1] - Chinese concept stocks mostly rise in pre-market trading, with notable increases from Baidu (up 1.19%), Li Auto (up 1.77%), Bilibili (up 3.01%), NIO (up 3.34%), and Xpeng Motors (up 3.86%) [1] - Coinbase is collaborating with several major U.S. banks to advance pilot projects focused on stablecoins, custody services, and trading, indicating a growing acceptance of digital assets on Wall Street [1] Group 2 - Rio Tinto has raised its copper production target for 2025 to between 860,000 and 875,000 tons, up from a previous forecast of 780,000 to 850,000 tons, and plans to restructure its business to focus on three core areas: iron ore, copper, and aluminum and lithium [2] - The European Commission is planning a new antitrust investigation into Meta regarding the integration of "Meta AI" into WhatsApp [2] Group 3 - President Trump announced a reduction in fuel economy standards for light vehicles, lowering the requirement to approximately 34.5 miles per gallon, significantly below the current standard of 50.4 miles per gallon, aiming to ease consumer costs and protect jobs in the U.S. auto industry [3] - OpenAI's CEO Sam Altman has explored the possibility of acquiring a rocket company to compete with Elon Musk's SpaceX, with potential investments reaching billions of dollars [3] Group 4 - Robotics stocks are gaining strength as the Trump administration plans to accelerate the development of robotics technology, with Nauticus Robotics up 31.41% and Serve Robotics up 3.14% [4] - Salesforce reported Q3 earnings of $3.25 per share, exceeding expectations, with revenue growth of 8.6% to $10.3 billion, and raised its revenue forecast for the fiscal year to between $41.45 billion and $41.55 billion [4]