香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 KAISA CAPITAL INVESTMENT HOLDINGS LIMITED 佳兆業資本投資集團有限公司 （ 於開曼群島註冊成立之有限公司 ） （股份代號：936） 自願性公告 關於戰略轉型及開展現實世界資產(RWA)代幣化業務佈局 本公告由佳兆業資本投資集團有限公司（「本公司」，連同其附屬公司統稱「本集團」） 自願作出，以知會其股東及潛在投資者有關本集團之最新業務發展。 本公司董事會（「董事會」）欣然宣佈，本集團正式啟動戰略轉型，依託股東資源、 自身產業與區域優勢，以及與合作夥伴在Web3.0領域的技術積累，以香港為起點， 探索在合規監管環境下的數字金融創新。 基於上述資源與技術優勢，本集團已於2025年9月17日與獲香港證監會發牌的虛擬 資產交易平台達成合作，共同推進香港合規框架下的現實世界資產(RWA)代幣化 發展。 於本公告日期，董事會成員包括執行董事郭英成先生、于蕙銘先生及李健萍女士； ...

Core Viewpoint - The article emphasizes the growing importance of stablecoins in the digital finance landscape, highlighting their advantages over traditional cryptocurrencies due to their price stability and regulatory compliance, which makes them increasingly integrated into the mainstream financial system [3][4][5]. Summary by Sections Current Status and Characteristics of Stablecoins - Stablecoins are digital assets based on blockchain technology that maintain price stability through a "anchoring mechanism" to fiat currencies. They have evolved from being used primarily in cryptocurrency exchanges to being integral in decentralized finance (DeFi) activities such as lending and staking, as well as in cross-border payments and trade settlements due to their fast settlement speeds and low transaction costs [5][6]. Development History of Stablecoins - The development of stablecoins has transitioned from exploration to regulation. The launch of USDT in 2014 marked the introduction of fiat-collateralized stablecoins, which quickly gained traction. The introduction of DAI in 2017 pioneered decentralized stablecoins. The demand for stablecoins surged during the DeFi boom in 2020, but the collapse of algorithmic stablecoin UST in 2022 raised regulatory concerns. Recent regulations, such as the U.S. GENIUS Act and Hong Kong's Stablecoin Regulation, have laid a foundation for compliant development [6][7]. Market Characteristics - The stablecoin market is characterized by concentration, with the total market cap exceeding $280 billion as of August 2025, where USDT holds about 60% market share. The majority of stablecoin transactions occur on major public blockchains like Ethereum, Tron, and Solana, with Ethereum alone accounting for over $137 billion in stablecoin market cap [7]. Technical Principles of Stablecoins - The stability and security of stablecoins rely on blockchain and smart contract technologies. They can be categorized into three types based on their anchoring mechanisms: fiat-collateralized, crypto-collateralized, and algorithmic stablecoins. Each type has distinct technical implementations, with fiat-collateralized stablecoins like USDT and USDC relying on off-chain reserves, while crypto-collateralized stablecoins like DAI use over-collateralization and automated liquidation mechanisms [10][11]. Trust Logic of Stablecoins - The core competitive advantage of stablecoins lies in trust, which is built on reliable anchoring and reserve mechanisms, verifiable technology, and regulatory frameworks. The trust in fiat-collateralized stablecoins is derived from the transparency and liquidity of their reserves, while crypto-collateralized stablecoins depend on over-collateralization and automated liquidation for stability. Algorithmic stablecoins face structural challenges due to their reliance on supply-demand algorithms without actual asset backing [15][16]. Challenges and Future Outlook - Stablecoins face challenges in regulatory technology, price stability, and governance. The lack of a global regulatory framework for stablecoins and blockchain transactions complicates compliance. Additionally, past incidents of reserve opacity have led to market instability. However, the future of stablecoins looks promising, with potential growth in cross-border payments and tokenization of real-world assets, supported by evolving regulatory environments and technological innovations [17][18][19].

Group 1 - The core theme of the "Beijing Public Fund High-Quality Development Series Activities" is "New Era, New Fund, New Value," focusing on investor education, service to the real economy, and industry structural transformation [1] - The public fund industry in Beijing is a key player in China's capital market, with a concentration of financial institutions that support high-quality development [1] - The China Securities Regulatory Commission (CSRC) released an action plan in May 2025 to promote high-quality development of public funds, emphasizing investor interests and enhancing research and service capabilities [1] Group 2 - Harvest Fund, one of the earliest fund companies in China, emphasizes fundamental investment driven by in-depth research and has made significant contributions in key areas related to the "Five Major Articles" [2] - As of June 30, 2025, Harvest Fund has distributed over 112.8 billion yuan in dividends to its investors and has actively reduced management fees for several products [2] - The essence of asset management is service, with public funds evolving from mere product sellers to comprehensive wealth solution providers [2] Group 3 - Harvest Fund has systematically developed its ETF product line in response to industrial upgrades, covering the entire chain in the digital economy and creating a complete ecosystem in the new energy sector [3] - Public funds are now seen as important financial intermediaries that connect the real economy with capital resources and facilitate the implementation of national strategies [3] - Harvest Fund aims to continue serving the real economy and deepen its research system reform while enhancing responsible investment awareness [3]

Core Viewpoint - The Chinese financial industry in 2018 is characterized by a focus on regulatory strengthening, risk prevention, and high-quality development, with the implementation of the "Asset Management New Regulations" driving a shift from scale-oriented growth to quality-oriented growth [1] Group 1: Development of WISE Platform - The WISE platform was developed from scratch by Western Li De Fund, marking a significant shift in the public fund industry towards self-built investment research systems [1] - Over six years, the WISE platform has evolved from focusing on process standardization to data visualization and analysis, and now towards intelligent capabilities [1] - WISE has become a distinctive feature of Western Li De Fund, aiding investment decision-making and gaining recognition from peers and regulators [1] Group 2: Cultural Foundations - The establishment of a "transparent" investment research culture is a cornerstone of Western Li De Fund's development, emphasizing strategy transparency, decision transparency, and evaluation transparency [5][6] - The transparent culture has attracted talented individuals who are passionate about investment research, fostering a cohesive team environment [7] - The integration of investment and research teams is facilitated by a matrix structure, enhancing collaboration and resource sharing [7] Group 3: Challenges and Achievements - The development of the WISE system faced significant external financial pressures and internal personnel challenges, requiring deep involvement from business staff [9][10] - By 2021, the framework of the WISE system was largely established, improving cross-departmental collaboration and creating a systematic approach to investment research [11] - The WISE system is designed to support investment decisions based on the investment manager's knowledge and experience, while also providing a robust framework for decision-making [11] Group 4: Future Aspirations - The goal of the WISE system is to transform effective investment philosophies into replicable algorithms, ensuring long-term value creation for investors [12][13] - The vision includes building a "century-old store" in the asset management industry, with the WISE system serving as a foundational tool for achieving this ambition [13]

Core Points - The Gansu Provincial Government awarded the Provincial Governor's Financial Award for 2023-2024 to units that made significant contributions to the economic and social development of Gansu Province, with the Industrial and Commercial Bank of China (ICBC) Gansu Branch receiving the award for the eighth consecutive year [1] - ICBC Gansu Branch has actively integrated into Gansu's "Four Strong" action development layout, contributing positively to the province's economic and social development [1] Financial Performance - In 2024, ICBC Gansu Branch is implementing the "Five Major Articles" strategy, focusing on technological finance to support the transformation of traditional industries and the development of innovative industries [1] - The bank reported net increases in specialized, refined, and new technology loans of 1.39 billion, 2.53 billion, and 5.76 billion respectively compared to the beginning of the year [1] - Green finance initiatives led to a net increase of 3.63 billion in green finance loans [1] Customer Service and Outreach - The bank has expanded its outreach in inclusive finance, adding 2,818 new inclusive customers year-on-year [1] - In the area of pension finance, the bank strengthened its mechanism, with pension custody scale increasing by 2.73 billion compared to the beginning of the year, maintaining the leading position in the Gansu market for legal custody and account management [1] Digital Transformation - ICBC Gansu Branch is advancing its digital finance initiatives by enhancing data empowerment and integrating internal and external data systems, as well as building a network security protection system [1]

科技金融方面，嘉实基金持续加强专业投研能力建设，尤其聚焦以新质生产力为代表的新生产力与生产 关系的研究，紧抓新一轮科技革命带来的历史机遇，发挥在科技投资方面的积淀和优势，为客户在值得 聚焦的方向上前瞻布局，力争创造长期可持续回报。 绿色金融方面，嘉实基金坚持积极探索实践，除了在投资研究中重点关注绿色低碳相关股债资产，还致 力于立足绿色金融体系持续发展，将战略规划、制度建设、风险治理、长期收益考量等纳入系统性研究 和投资实践。 普惠金融方面，嘉实基金始终坚持以投资者为本，着力打造"客需解构—策略形成—产品供给—投研匹 配—品质管理"互为一体的客需驱动体系，从客户需求和风险收益特征出发，不断优化产品供给和客户 需求的针对性、策略化与工具性匹配。围绕投资者获得感提升，嘉实还构建了专业化、精准化、敏捷化 的服务体系。 中证报中证网讯（记者 张凌之）近日，在北京证监局指导下，北京证券业协会携手北京公募基金管理 人、基金销售机构、基金评价机构及多家主流媒体，共同启动"新时代·新基金·新价值——北京公募基金 高质量发展在行动"活动。据了解，北京地区各基金公司积极参与，纷纷通过线上、线下各类主题活 动，汇聚合力，助力行业高质 ...

Core Viewpoint - Huajian Medical (01931) has announced a strategic partnership with Renhe Pharmaceutical (000650.SZ) to establish the world's first vertical RWA exchange focused on the OTC sector in the United States, marking a significant step in the implementation of its "ETHK blockchain financial ecosystem strategy" [1][2] Group 1: Strategic Collaboration - The collaboration with Renhe Pharmaceutical signifies a new phase in the large-scale implementation and value realization of the "ETHK" blockchain financial ecosystem strategy [1] - This partnership serves as a benchmark case for the innovative "ETHK global RWA exchange" business model, aiming to create a replicable model that validates the feasibility and potential of this innovation [1] Group 2: Vision and Mission - The company believes that the ultimate mission of financial technology is to serve the real economy and create inclusive value, which this collaboration exemplifies [2] - The goal is to empower classic national brands like Renhe Pharmaceutical to achieve digital transformation and promote successful ecological models across various industries, contributing to national industrial upgrades and the development of the digital economy [2] Group 3: Future Outlook - The board is confident that this strong alliance will generate significant synergies, positively impacting the strategic transformation and value reassessment of both companies [2] - The company aims to ensure the successful launch and stable operation of the world's first OTC RWA exchange through close collaboration with Renhe Pharmaceutical, leveraging both parties' resources [2]

Core Viewpoint - The strategic partnership between Huajian Medical and Renhe Pharmaceutical aims to establish the world's first vertical RWA exchange focused on the OTC sector in the United States, marking a significant step in Huajian's ETHK blockchain financial ecosystem strategy [1][2] Group 1: Strategic Collaboration - The collaboration with Renhe Pharmaceutical represents a key milestone in the implementation of Huajian's ETHK blockchain financial ecosystem strategy and the innovative "ETHK global RWA exchange" business model [1] - This partnership is intended to create a replicable model that validates the feasibility and potential of the innovative approach [1] Group 2: Commitment to Economic Development - Huajian Medical emphasizes that the ultimate mission of financial technology is to serve the real economy and create inclusive value, which this collaboration exemplifies [2] - The company aims to leverage technology to assist classic national brands like Renhe Pharmaceutical in their digital transformation, promoting successful ecological models across various industries [2] Group 3: Future Growth and Synergy - The board believes that this collaboration will generate significant synergies, positively impacting the strategic transformation and value reassessment of both companies [2] - Huajian Medical plans to work closely with Renhe Pharmaceutical to ensure the successful launch and stable operation of the world's first OTC RWA exchange, aiming for high standards and quality [2]

Group 1 - The Hang Seng Index rose by 0.07%, gaining 19 points to close at 26,465 points, while the Hang Seng Tech Index increased by 0.39% [1] - The early trading volume in Hong Kong stocks reached 160.2 billion HKD [1] Group 2 - New pharmaceutical stocks in the Hong Kong Stock Connect saw significant gains, with ZhiJie AnKang-B (02617) surging over 49%, reaching a market capitalization of over 240 billion HKD; BaiZe Medical (02609) rose over 76%; and TongYuanKang Pharmaceutical-B (02410) increased by over 36% [1] - Fosen Pharmaceutical (01652) experienced a dramatic rise of over 410%, closing at 1.35 HKD, up 297%, following the approval of Metformin and Ertugliflozin tablets [2] - Shanghai Fudan (01385) increased by 5.87%, with the company well-prepared for supply chain disruptions, and Morgan Stanley noted limited impact on demand [2] - SF Express (09699) rose over 6% as its "SoFast" service officially launched in Macau, with Daiwa optimistic about the company's revenue growth prospects [2] - Valiant Bio-B (09887) increased by over 13%, with its core product LBL-024 for melanoma completing its first patient dosing in trials [2] - Bilibili-W (09626) rose by 2.78%, accumulating a total increase of about 25% over the past six days, with the new game "Three Kingdoms: Hundred Generals" set for testing in October [2] - LionTeng Holdings (02562) surged over 7% as it plans to acquire leading companies in artificial intelligence and blockchain to expand its digital finance layout [2] - GCL-Poly Energy (03800) rose by 3.97%, planning a discounted placement to raise approximately 5.392 billion HKD for structural adjustments in polysilicon capacity [2] - China General Nuclear Power Corporation Mining (01164) increased by 6.7%, as the U.S. seeks to expand its strategic uranium reserves, with institutions expecting a recovery in uranium prices [2] - Yunfeng Financial (00376) fell over 16% after announcing a discounted placement to raise about 1.15 billion HKD [2]

Market Overview - The Hang Seng Index rose by 0.07%, gaining 19 points to close at 26,465 points, while the Hang Seng Tech Index increased by 0.39% [1] - Early trading volume in Hong Kong stocks reached HKD 160.2 billion [1] Notable Stock Movements - New pharmaceutical stocks in the Hong Kong Stock Connect surged, with Yaojie Ankang-B (02617) rising over 49%, reaching a market capitalization of over HKD 240 billion [1] - Baize Medical (02609) saw an increase of over 76% [1] - Tongyuan Kang Pharmaceutical-B (02410) rose by over 36% [1] Specific Company Highlights - Fosen Pharmaceutical (01652) experienced a dramatic rise of over 410%, closing at HKD 1.35, up 297%, following the approval of Metformin and Ertugliflozin tablets [2] - Shanghai Fudan (01385) increased by 5.87%, with the company prepared for supply chain disruptions, and Morgan Stanley noted limited impact on demand [2] - SF Express (09699) rose by over 6% as its "SoFast" service launched in Macau, with positive revenue growth prospects according to Daiwa [2] - Valiant Pharmaceuticals-B (09887) increased by over 13%, completing the first medication trial for its core product LBL-024 for melanoma [2] - Bilibili-W (09626) rose by 2.78%, accumulating a 25% increase over six days, with the new game "Three Kingdoms: Hundred Generals" set for testing in October [2] - Liontech Holdings (02562) surged over 7% as it plans to acquire a leading AI and blockchain company to expand its digital finance footprint [2] - GCL-Poly Energy (03800) rose by 3.97%, planning a discounted share placement to raise approximately HKD 5.392 billion for structural adjustments in polysilicon capacity [2] - CGN Mining (01164) increased by 6.7% amid expectations of rising uranium prices as the U.S. seeks to expand its strategic uranium reserves [2] - Yunfeng Financial (00376) fell over 16% after announcing a discounted share placement to raise about HKD 1.15 billion [2]