金融科技的稳健发展离不开良好的监管环境。如何平衡创新激励与风险防范，成为本次大会的另一大热 点议题。 会中，香港证券及期货事务监察委员会代表介绍了香港通证化产品市场的发展趋势与监管框架，强调在 Web3时代，完善的合规与安全体系是数字资产发展的基石。据介绍，香港特别行政区政府于今年6月发 表了《香港数字资产发展政策宣言2.0》，正通过优化法律与监管框架，致力于打造一个兼顾监管合规 与技术创新的数字资产发展环境。 来自欧洲的嘉宾也分享了其经验，指出有利环境的监管措施是提升欧洲金融科技竞争力的关键，信任已 经成为推动欧洲金融创新和培育国家金融科技生态的关键因素，成为欧洲金融科技发展的"第三条道 路"。其中，消费者保护、数字安全、公平竞争，以及更深层次的经济一体化是监管的重中之重。 黄浦江畔，一场关乎亚洲乃至全球金融科技未来的深度对话刚刚落幕。9月12日，在上海举行的 2025Inclusion·外滩大会迎来首个"全球主题日"。 新加坡金融科技节、香港金融科技周两大亚洲顶级行业盛会的主办方首次齐聚外滩大会舞台，分别举办 专题论坛，共同探讨亚洲及全球金融科技发展路径。多场高级别对话释放明确信号：技术与产业深度融 合、 ...

Core Insights - The 2025 Inclusion Bund Conference held in Shanghai focused on the future of fintech in Asia and globally, emphasizing the integration of technology and industry, compliance-driven innovation, and regional collaboration as key drivers for high-quality fintech development [1][3]. Group 1: Technology and Industry Integration - The conference highlighted the importance of deep integration between emerging technologies and traditional industries, with a shift from conceptual discussions to practical applications that create real value [5]. - In the field of artificial intelligence, discussions centered on the application benefits, showcasing AI's role in enhancing financial service efficiency, risk control, and optimizing business decisions [5]. - Blockchain technology was identified as a crucial component for building a new generation of financial infrastructure, particularly in cross-border payments and asset tokenization [5]. Group 2: Regulatory Environment - A robust regulatory environment is essential for the sustainable development of fintech, with a focus on balancing innovation incentives and risk prevention [6]. - The Hong Kong Securities and Futures Commission discussed the development trends and regulatory frameworks for tokenized products, emphasizing the need for a comprehensive compliance and security system in the Web3 era [6]. - European representatives shared insights on how favorable regulatory measures enhance fintech competitiveness, highlighting consumer protection, digital security, and fair competition as key regulatory priorities [6]. Group 3: Regional Cooperation - Strengthening regional cooperation is seen as a vital pathway for Asian economies to achieve common development, with Asia being a significant driver of global trade growth [8]. - The Global Finance & Technology Network organized discussions on cross-border financial innovation, showcasing successful cases of payment system connectivity through bilateral cooperation among Southeast Asian banks and payment institutions [8]. - The CEO of GFTN summarized four characteristics of Asia's emerging markets: a large and fast-paced market culture open to new technologies, youth-driven innovation, traditional industry leaders seeking digital transformation, and a regulatory focus on inclusivity and consumer protection [9].

Group 1 - The company, Chow Tai Fook (06168.HK), announced a strategic investment through its wholly-owned subsidiary, HONGKONG CHUANG MEI INTERNATIONAL HOLDINGS GROUP CO., LIMITED, acquiring a 15% stake in Going Securities (HK) Limited, which indirectly holds 15% of Gao Ying Securities [1] - Wei Fu Tong Technology Co., Ltd., a wholly-owned subsidiary of Shanghai Huafeng Superfiber Technology Co., Ltd. (A-share listed company), also acquired an 18% stake in Gao Ying Securities through its subsidiary, SwiftPass Hong Kong Limited [1] - Gao Ying Securities is a licensed corporation recognized by the Hong Kong Securities and Futures Commission, holding multiple regulatory licenses, and serves as the vice-chairman unit of the "Hong Kong Web3.0 Standardization Association" [1] Group 2 - This strategic investment serves as a foundation for long-term strategic layout and win-win cooperation among the stakeholders in the digital finance sector [2] - The parties involved will integrate mature resources across cross-border payments, precious metals, and capital markets to expand compliant digital finance-related businesses and explore new growth opportunities in the Hong Kong digital asset market [2]

本次战略投资是各股东方在数字金融领域长期战略布局及合作共赢的基石。后续各方将整合跨境支付、 贵金属、资本市场等领域成熟资源，合规拓展数字金融领域相关业务，探索香港数字资产市场新的增长 机遇。 高盈证券是香港证券及期货事务监察委员会认可持牌法团(中央编号：BPS863)，持有第1类、第2类、第 4类、第5类、第9类受规管活动牌照，同时为"香港Web3.0标准化协会"副理事长单位(协会汇聚 HashKey、网易等行业头部机构)，其合规资质与资源整合优势突出。 格隆汇9月12日丨周六福(06168.HK)公告，公司通过全资子公司HONGKONG CHUANG MEI INTERNATIONAL HOLDINGSGROUP CO., LIMITED以自有资金投资Going Securities (HK) Limited，间 接持有高盈证券有限公司(简称"高盈证券")15%股权；同时，威富通科技有限公司(系A股上市公司上海 华峰超纤科技股份有限公司(股份代号：300180.SZ)全资子公司)通过其全资子公司SwiftPass HongKong Limited同期间接入股高盈证券并占股18%。截至本公告发布日，各方已完成 ...

智通财经APP讯，周六福(06168)发布公告，本公司通过全资子公HONGKONG CHUANG MEI INTERNATIONAL HOLDINGS GROUP CO., LIMITED以自有资金投资Going Securities(HK)Limited，间 接持有高盈证券有限公司(简称"高盈证券")15%股权;同时，威富通科技有限公司(系A股上市公司上海华 峰超纤科技股份有限公司(股份代号：300180.SZ)的全资子公司)通过其全资子公司SwiftPass HongKong Limited同期间接入股高盈证券并占股18%。截至本公告发布日，各方已完成投资协议签署及款项支付， 本次战略投资正式落地。 本次战略投资是各股东方在数字金融领域长期战略布局及合作共赢的基石。 后续各方将整合跨境支付、贵金属、资本市场等领域成熟资源，合规拓展数字金融领域相关业务，探索 香港数字资产市场新的增长机遇。 高盈证券是香港证券及期货事务监察委员会认可持牌法团(中央编号：BPS863)，持有第1类、第2类、第 4类、第5类、第9类受规管活动牌照，同时为"香港Web3.0标准化协会"副理事长单位(协会汇聚 HashKey、网易等 ...

Group 1: Overview of Stablecoin Development in Hong Kong - The integration of traditional finance and digital assets is accelerating in Hong Kong, with stablecoins seen as a bridge between the two worlds [1][2] - The Hong Kong Monetary Authority (HKMA) plans to open applications for the first stablecoin issuer licenses between August 1 and September 30, 2025, with 77 entities expressing interest as of August 31 [1][8] - Regulatory bodies, including the HKMA and the Securities and Futures Commission, have issued warnings about the need for investor caution, indicating that only a few licenses will be granted initially [1][5] Group 2: Regulatory Environment and Market Reactions - The tightening of regulations is viewed as a double-edged sword, potentially increasing innovation costs for early adopters while ensuring market safety [5][6] - KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations are emphasized, requiring stablecoin issuers to retain user identity information for over five years [5][6] - Some market participants believe that stricter regulations could ultimately benefit the industry by protecting participants' rights and attracting more users [7][8] Group 3: Market Opportunities and Use Cases - Stablecoins are expected to play a significant role in cross-border payments, leveraging Hong Kong's position as a trade hub [8][9] - The potential for stablecoins extends beyond payments, with possibilities for tokenizing Real World Assets (RWA), thereby enhancing liquidity and investment opportunities [15][16] - The market for stablecoins is projected to grow significantly, with estimates suggesting a market size of $500 billion to $750 billion in the coming years [10] Group 4: Digital Currency Experiments and Innovations - Hong Kong is exploring various digital currency initiatives, including the m-CBDC Bridge project for central bank digital currencies (CBDCs) and tokenized deposits [11][12] - The interplay between stablecoins and CBDCs is seen as complementary, with stablecoins addressing retail payment needs while CBDCs focus on wholesale transactions [12][14] - HSBC has launched a tokenized deposit service, marking a significant step in the integration of blockchain technology into traditional banking [12][13] Group 5: RWA Tokenization and Future Prospects - The tokenization of RWA in Hong Kong is being pursued through a model that combines mainland assets with blockchain technology, focusing on sectors like renewable energy [17][18] - The development of RWA could facilitate the internationalization of the Renminbi (RMB), with stablecoins potentially pegged to offshore RMB [21][22] - The success of RWA initiatives will depend on the standardization of underlying assets, particularly in the context of China's manufacturing and supply chain strengths [18][22]

Core Viewpoint - The stock price of Zhong An Smart Living Service Co., Ltd. experienced a significant drop after a previous surge, raising concerns about its stock volatility and underlying fundamentals [1][5]. Stock Price Movement - Following a 22.41% increase on September 10, the stock price fell by 23.05% on September 11, closing at HKD 4.54 per share, with a total market capitalization of HKD 23.49 billion [1]. - The stock had previously surged from HKD 1.17 to a peak of HKD 6.23, marking a 404.27% increase since July 14, 2025 [1]. Shareholding Structure - The stock is highly concentrated, with 73.44% held by the controlling shareholder and 23.29% by 14 other shareholders, leaving only 3.27% for other investors [1][2]. - The Hong Kong Securities and Futures Commission (SFC) highlighted the risks associated with such concentrated ownership, warning that even small trades could lead to significant price fluctuations [2]. Market Sentiment and Speculation - The rapid price increase is attributed to a combination of small-cap stock dynamics and speculative trading, with a focus on the company's recent announcements regarding digital asset collaborations [3]. - The company announced a memorandum of understanding with a licensed virtual asset trading platform, which was interpreted as a strategic shift towards digital assets [3]. Financial Performance - Despite the stock price surge, the company's financials show a "revenue growth without profit" scenario, with a 17.76% increase in revenue to RMB 214 million, but a 20.45% decline in net profit to approximately RMB 11.42 million for the first half of 2025 [6]. - The revenue composition indicates a heavy reliance on related companies, with only 26.9% of revenue coming from independent third-party developers [6]. Business Structure - The company's revenue primarily comes from three service categories: property management (84.2%), value-added services for developers (8.9%), and community value-added services (6.9%) [6]. - Only the property management segment showed growth, attributed to an increase in managed area, while the other segments faced declines due to a sluggish real estate market [6]. Cash Flow and Management Changes - Concerns about cash flow are evident, as the company reported a negative net cash flow from operating activities for the first time in 2024, with no disclosure of cash flow status in the mid-2025 report [7]. - Recent management changes, including the departure of key executives, suggest attempts to improve operational efficiency and profitability [7]. Valuation Concerns - Despite the stock's significant price increase, its valuation appears disconnected from fundamentals, with a price-to-earnings ratio exceeding 60, compared to an average of 12 for similar property stocks [7]. - Historical trends indicate that stock price surges detached from fundamental performance often lead to eventual corrections, urging investors to exercise caution [7].

Core Viewpoint - The report from Guosen Securities indicates that the current overall PB valuation of the CSI Securities Index is 1.56 times, slightly above the five-year average, maintaining an "outperform" rating for the industry [1] Group 1: Performance Overview - In the first half of 2025, listed securities firms achieved revenue of 251.87 billion yuan, a year-on-year increase of 11.37%, and a net profit attributable to shareholders of 104.02 billion yuan, a year-on-year increase of 65.08% [1] - The active equity market has led to a steady increase in trading volume and margin financing balance, resulting in high growth in the performance of securities firms [1] - Among 42 listed securities firms, over 70% reported revenue growth, with 30 firms achieving both revenue and net profit growth; 22 firms saw net profit growth exceeding 50%, and 10 firms saw net profit growth exceeding 100% [1] Group 2: Revenue Breakdown - Revenue breakdown shows significant growth in various segments: brokerage at 63.45 billion yuan (up 43.98%), investment banking at 15.53 billion yuan (up 18.11%), asset management at 21.20 billion yuan (down 2.72%), interest income at 19.66 billion yuan (up 30.66%), and investment income at 112.35 billion yuan (up 53.53%) [1] - The proportion of revenue by segment is as follows: brokerage 25.2%, investment banking 6.2%, asset management 8.4%, interest income 7.8%, investment 44.6%, and others 7.8% [1] Group 3: Asset Allocation - As of the first half of 2025, the financial investment assets of listed securities firms reached 6,749.4 billion yuan, an increase of 684.2 billion yuan from the beginning of 2024, accounting for nearly 50% of total assets and about 250% of net assets [2] - The asset allocation shows two main trends: the proportion of OCI equity accounts continues to rise, reaching 571.6 billion yuan (8.5% of financial assets) by June 2025, and both equity and fund allocations have increased, while the proportion of fixed income has slightly decreased [2] Group 4: Business Dynamics - The average daily trading volume of A-shares in the first half of 2025 was 1,231.7 billion yuan, a year-on-year increase of 60%, with stock trading volume reaching 188.78 trillion yuan (single-sided), also up 61% year-on-year [2] - The commission rate for the securities industry in the first half of 2025 was 0.0182%, lower than the same period in 2024, indicating continued intense competition in the brokerage business [2] - The investment banking business showed improvement in domestic equity underwriting, while overseas equity underwriting experienced significant growth [2] Group 5: International Business - Chinese securities firms are accelerating their overseas expansion and enhancing international competitiveness, with leading firms taking a strong position in international business [3] - Innovative businesses such as RWA are providing opportunities for Chinese securities firms, with some actively applying for relevant licenses and expanding traditional businesses into digital and virtual asset fields [3]

Group 1 - The State Council approved a two-year pilot program for market-oriented allocation of factors in ten regions, including Beijing's urban sub-center and key cities in Jiangsu, focusing on traditional factors like land and labor, as well as innovative factors like technology and data [2] - The U.S. Bureau of Labor Statistics reported that the August CPI increased by 2.9% year-on-year, matching expectations, while the core CPI rose by 3.1% year-on-year, also in line with forecasts [2] - A significant shift in global central bank reserve composition is underway, with gold now surpassing U.S. Treasury bonds for the first time since 1996, indicating a growing preference for gold as a reserve asset [2] Group 2 - Mexico plans to increase import tariffs on certain trading partners, with China closely monitoring the situation and preparing to take necessary measures to protect its legitimate rights [3] - The People's Bank of China and Bank Indonesia initiated a bilateral currency settlement framework and QR code interoperability project, aiming to deepen cooperation in payment systems and financial markets [3] - The 25th China International Investment and Trade Fair concluded with 1,154 investment projects signed, totaling planned investments of 644 billion yuan [3] Group 3 - The A-share market saw a significant increase, with over 4,200 stocks rising, particularly in sectors like computing power and semiconductors, while innovative drugs and CRO concepts declined [5] - The Hong Kong Hang Seng Index closed down 0.43%, ending a four-day rally, with notable net buying from southbound funds [5] - The A-share refinancing market has become more active, with total funds raised through various refinancing methods reaching 800.21 billion yuan this year, a 258.7% increase compared to last year's total [7] Group 4 - The automotive industry in China reported production and sales of 2.815 million and 2.857 million vehicles in August, respectively, with year-on-year growth of 13% and 16.4% [10] - The National Health Commission announced that China's basic medical insurance now covers over 1.3 billion residents, maintaining a coverage rate of around 95% [4] - The State Council's plan to phase out the exemption of vehicle purchase tax for new energy vehicles by 2025 will still allow for a 50% tax reduction in 2026 and 2027 [9]

Core Insights - MicroStrategy's Executive Chair Michael Saylor criticized the S&P 500's returns by comparing them to his company's performance since adopting a Bitcoin treasury strategy [1][2] - MicroStrategy achieved an annualized return of 92%, significantly outperforming Bitcoin at 55%, the S&P 500 at 14%, Vanguard Real Estate Index Fund ETF at 2%, and Vanguard Total Bond Market Index Fund ETF at -4% [2] - Despite meeting all criteria, MicroStrategy was not included in the S&P 500, which instead added AppLovin, Emcor Group, and Robinhood [4] Company Performance - MicroStrategy is the largest corporate holder of Bitcoin, with over 638,000 BTC valued at nearly $72 billion [5] - Inclusion in the S&P 500 would have marked a significant milestone for both MicroStrategy and Bitcoin, providing millions of investors indirect exposure to Bitcoin [5] Market Sentiment - Saylor expressed optimism about future inclusion in the S&P 500, noting a digital transformation in the markets and increasing support from various sectors [6] - MicroStrategy would have been the first digital asset treasury firm in the S&P 500, joining other cryptocurrency-linked firms like Coinbase and Block [7]