Group 1 - Major UK banks are planning to launch tokenized versions of customer deposits next year, following a call from the Bank of England Governor Andrew Bailey to prioritize deposit tokenization technology over stablecoins [1][2] - Tokenization refers to converting assets like deposits, stocks, and bonds into digital forms stored on a blockchain, which proponents argue can enhance transaction speed, reduce costs, and improve security [1] - Banks including HSBC, NatWest, and Lloyds have initiated pilot projects to utilize tokenized deposits for payments in online markets [1] Group 2 - Bailey has expressed skepticism towards stablecoins, questioning their necessity while advocating for the higher value creation potential of tokenization technology [2] - Despite the popularity of stablecoins, Bailey warns that they could withdraw funds from the banking system and threaten financial stability, advising banks against issuing their own stablecoins [2] - The UK's Financial Conduct Authority (FCA) is not expected to finalize stablecoin regulations until the end of 2026, but the Bank of England has allowed banks to explore deposit tokenization within the existing regulatory framework [2] Group 3 - HSBC's Global Payments Solutions Head, Manish Kohli, noted that previous attempts at deposit tokenization failed due to a lack of interoperability between financial institutions, which the new pilot aims to address [3] - The pilot, which includes participation from Barclays, Nationwide, and Santander, will focus on domestic applications but has significant potential for cross-border transactions [3] - The pilot will also test the use of tokenized deposits in mortgage processes and digital asset settlements, balancing innovation with regulatory compliance [3]

Group 1 - The Hong Kong Monetary Authority (HKMA) is exploring the use of tokenization technology to improve the issuance, trading, and cancellation processes of carbon credits, aiming to enhance market liquidity and depth [1] - The integration of financial expertise and technological innovation in green fintech can help address climate change by expanding climate risk analysis, improving accountability in carbon markets, designing sustainable financial products, and raising necessary investments for the green economy [1] - A survey by PwC indicates that 83% of 4,000 sampled companies have invested in the development of low-carbon products and services [1] Group 2 - In 2024, the scale of green and sustainable financing in Hong Kong exceeded $80 billion, representing a year-on-year growth of approximately 60% [2] - Transition finance currently accounts for about 10% of sustainable financing in Hong Kong, highlighting the urgent need for a robust ecosystem to meet the diverse economic structures in Asia over the next 5-10 years [2] - The Asian Infrastructure Investment Bank (AIIB) emphasizes that investment strategies must consider "risk, return, and impact" as an integrated whole, with a focus on financial sustainability, economic returns, and positive environmental impacts [2] - AIIB has mobilized approximately $9.4 billion into global green projects through a blended financing model, which combines public and commercial capital to attract more social capital [2]

Group 1 - Binance and Franklin Templeton announced a collaboration to create digital asset programs and solutions for various investors [1] - Sandy Kaul, EVP of Franklin Templeton's Innovation Business, stated that the partnership will leverage tokenization technology to provide institutional-grade solutions to a broader range of investors, bridging traditional and decentralized finance [1] - Catherine Chen, head of Binance VIP and institutional business, emphasized that the strategic partnership aims to develop new products and plans, further solidifying Binance's commitment to connecting crypto assets with traditional capital markets and expanding new opportunities [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The economy shows mixed trends with some indicators improving and others weakening. Gold prices reach new highs, while oil prices decline due to potential supply increases. The bond market has complex dynamics, and the stock market is segmented. [1][4][9] - The paper industry's prices are rising due to raw material cost increases, and the coal - coking - steel - mining market is expected to have a positive trend in September. [2][7] 3. Summary by Relevant Catalogs Macro Data - GDP in Q2 2025 had a year - on - year growth of 5.2%, slightly lower than the previous quarter's 5.4% but higher than the same period last year's 4.7%. [1] - In August 2025, the manufacturing PMI was 49.4%, up from 49.3% in the previous month and 49.1% last year. The non - manufacturing PMI was 50.3%, up from 50.1% in the previous month and the same as last year. [1] - In July 2025, social financing scale increment was 11320 billion yuan, down from 42251 billion yuan in the previous month but higher than 7707 billion yuan last year. [1] - In July 2025, M0, M1, and M2 year - on - year growth rates were 11.8%, 5.6%, and 8.8% respectively. M1 and M2 growth accelerated compared to the previous month and last year, while M0 growth slowed slightly. [1] - In July 2025, CPI year - on - year was 0.0%, down from 0.1% in the previous month and 0.5% last year. PPI year - on - year was - 3.6%, the same as the previous month but lower than - 0.8% last year. [1] - In July 2025, fixed - asset investment (excluding rural households) cumulative year - on - year growth was 1.6%, down from 2.8% in the previous month and 3.6% last year. Social consumer goods retail cumulative year - on - year growth was 4.8%, down from 5.0% in the previous month but higher than 3.5% last year. [1] - In July 2025, export and import year - on - year growth were 7.2% and 4.1% respectively, both showing an upward trend compared to the previous month. [1] Commodity Investment Comprehensive - From September 5, 2025, the Shanghai Gold Exchange will adjust the margin levels and price limit ranges for multiple gold and silver contracts. [2] - The London Metal Exchange postponed its Asian opening on a Wednesday by 90 minutes without stating a reason. [2] - Major paper mills announced price increases in early September due to rising raw material costs, and the industry's supply - demand situation is expected to improve in the second half of the year. [2] - China imposed anti - dumping duties on certain optical fibers imported from the US, with different tax rates for different companies. [3] - China's August S&P Global services PMI was 53, and the composite PMI was 51.9, both higher than the previous month. [3] Metals - Gold prices reached new highs on September 3, 2025, with London Gold Spot and COMEX Gold hitting record levels, and domestic gold prices also rising. [4] - The World Gold Council is seeking to introduce digital gold, which may transform the London gold market. [5] - Nickel and tin inventories increased on September 2, 2025, while lead and zinc inventories decreased. [6] - Citi adjusted its price forecasts for silver, aluminum, and copper, expressing optimism about copper prices. [6] Coal - Coking - Steel - Mining - Since July 2025, steel prices have recovered, and upstream coking coal and coke prices have risen significantly. The steel market in September may see an upward trend. [7] - Shaanxi has made achievements in mineral exploration during the "14th Five - Year Plan" period, exceeding the national targets. [8] - The EU is working on new steel and aluminum safeguard measures after 2026. [8] Energy and Chemicals - On September 3, 2025, international oil prices declined due to potential OPEC+ production increases, an unexpected increase in US API crude inventories, and reduced geopolitical concerns. [9] - OPEC's August oil production increased by 400,000 barrels per day. [10] - Russia's September oil exports from western ports are expected to decline by 6% compared to August. [10] - Colombia's July oil production decreased by 4.8% year - on - year. [10] - Citi slightly lowered its 2026 Brent crude oil price forecast. [10] Agricultural Products - India's August soybean oil imports decreased by 28% month - on - month, while palm oil imports increased by 16%. [11] - Argentina's August agricultural product export revenue decreased by 25% year - on - year. [11] - Malaysia's August palm oil exports increased by 10.22% month - on - month. [12] Financial News Open Market - On September 3, 2025, the central bank conducted 229.1 billion yuan of 7 - day reverse repurchase operations, resulting in a net withdrawal of 150.8 billion yuan. [13] Key News - The joint working group of the Ministry of Finance and the central bank discussed issues related to the bond market and aims to promote its stable development. [14] - Since the implementation of the "science and technology board" policy in the bond market, the issuance of science and technology innovation bonds has accelerated, with a total issuance scale exceeding 1.02 trillion yuan since May. [14] - Tianjin's first private technology enterprise science and technology innovation bond was successfully issued. [14] - The China - SCO Digital Economy Cooperation Platform was inaugurated in Tianjin. [15] - 12 provinces have raised their minimum wage standards this year, and all 31 provinces' highest - grade monthly minimum wage standards exceed 2000 yuan. [16] - Shanghai's "Six Measures" for the property market have had a positive initial impact, and the market is expected to recover. [16] - In 2024, the total issuance of green and sustainable debt in Hong Kong reached 84.4 billion US dollars, and the HKMA is researching the application of tokenization technology in sustainable finance. [17] - The global long - term treasury bond sell - off intensifies, with yields rising in many countries. [17] - There were corporate events such as leadership changes, name changes, and bond redemptions in the corporate bond market. [18] - Some companies' credit ratings were confirmed or adjusted by international rating agencies. [18] Bond Market Review - The bond market was positive on September 3, 2025, with yields of major interest - rate bonds in the inter - bank market falling, and treasury bond futures rising. [19] - The currency market interest rates showed mixed trends, and some short - term Shibor rates reached new lows. [20] - The winning bid yields and multiples of some financial bonds and treasury bonds were announced. [21] - Repurchase fixed - rate and inter - bank repurchase fixed - rate showed different trends, and European and US bond yields generally declined. [22] Foreign Exchange Market - The on - shore RMB against the US dollar rose on September 3, 2025, while the RMB central parity rate was depreciated. The US dollar index declined, and most non - US currencies rose. [23] Research Report Highlights - Xingzheng Fixed Income believes that the yields and credit spreads of bank secondary and perpetual bonds are at relatively high levels since 2021, and the long - end US bond yields may rise. [24] - Huatai Fixed Income reports that "fixed income +" products have experienced large - scale redemptions, affecting the stock - bond relationship. [25] - Xingzheng Fixed Income also points out that the PMI in August shows some improvements, but the bond market may be affected by the equity market. [25] Stock Market - The A - share market was segmented on September 3, 2025, with the ChiNext Index rising, and the Shanghai Composite Index and Shenzhen Component Index falling. The market turnover decreased. [27] - The Hong Kong stock market declined, with financial and consumer sectors falling and pharmaceutical stocks rising. Southbound funds had a large - scale net inflow, and Alibaba was significantly added. [28] - Southbound funds' net inflow to the Hong Kong stock market reached a record high this year, and most Hong Kong - Stock Connect stocks' shareholdings increased. [28] - 41 brokerages have completed their September golden stock recommendations, and they are generally optimistic about the A - share market. [28] - Since August, institutions have actively investigated North Exchange listed companies. [29]

Group 1: Market Overview - The Hong Kong stock market continues to experience fluctuations, with the Hang Seng Index closing at 25,343.43, down 153 points or 0.6%, after a day of volatility [3] - The trading volume decreased to below 30 billion HKD, indicating reduced market activity [3] Group 2: Macro & Industry Dynamics - The sustainable debt market in Hong Kong is projected to grow steadily, with an estimated issuance of 34.3 billion USD in the first half of 2025, representing a 15% year-on-year increase [6] - The total issuance of green and sustainable debt in Hong Kong is expected to reach 84.4 billion USD in 2024, a significant 61% increase from the previous year [6] - Goldman Sachs forecasts a substantial increase in global merger and acquisition (M&A) activity, predicting a total deal volume of approximately 3.1 trillion USD in 2025, rising to 3.9 trillion USD in 2026 [8] Group 3: Company News - WuXi AppTec plans to raise 2.731 billion HKD through a share placement at a price of 58.85 HKD per share, with approximately 90% of the proceeds allocated to expanding service capacity and production capabilities [10] - Zijin Mining International is expected to raise at least 3 billion USD (approximately 23.4 billion HKD) in its Hong Kong listing, which is 50% higher than the initial estimate [11] - Henderson Land Development's CFO indicated that residential property prices in Hong Kong are nearing a bottom, with expectations of increased demand due to immigration [12]

Group 1 - The core viewpoint emphasizes that tokenization technology can enhance efficiency, reduce costs, increase transparency, and promote investor participation in the bond market [1] - The Hong Kong Monetary Authority is actively researching the application of tokenization technology in sustainable finance sectors, such as the carbon credit market, to improve cross-border transaction efficiency and internationalize the local carbon credit market [1] - The sustainable finance sector in Asia is projected to require at least $1.1 trillion annually to address climate change, with an actual funding gap of $800 billion [1] Group 2 - The sustainable debt market in Asia is experiencing strong growth, with Hong Kong's green and sustainable debt issuance estimated to reach $34.3 billion in the first half of the year, a 15% year-on-year increase [1] - There is significant potential for deepening and broadening the sustainable investment market in the Asia region, with public sectors encouraged to lead by example through their investments [2] - The upcoming "Hong Kong Green Week 2025" will feature over 40 events organized by more than 60 public and private institutions, aiming to attract global stakeholders in sustainable development [2]

Group 1 - The company has entered into a partnership agreement with EF HongKong and EF Commodities to promote and sell digital gold-backed instruments and security tokens in Hong Kong, marking a strategic move to diversify its business operations and revenue sources [1] - The partnership is expected to position the company as a pioneer in the institutional-grade digital asset distribution sector, leveraging the growing interest in security tokens among global institutional investors [1] - The agreement is initially set for one year but can be extended upon mutual consent between the parties involved [1] Group 2 - A memorandum of understanding has been signed with EF HongKong to explore potential equity investment in Esperanza, aimed at strengthening the strategic partnership and allowing the company to participate in Esperanza's growing digital asset platform [2] - The proposed investment aligns with the company's strategy to establish a deeper foothold in Hong Kong's rapidly developing digital asset ecosystem, providing access to innovative tokenization technology and exclusive product offerings [2] - The memorandum is non-binding, allowing flexibility in negotiating terms that align with the interests of the company and its shareholders [2] Group 3 - EF HongKong specializes in providing security token issuance solutions, utilizing its affiliate's regulatory framework to tokenize investment opportunities under Hong Kong's securities regulations [3] - EF Commodities issues digital gold-backed instruments, allowing holders to redeem certificates for physical gold stored in a managed vault, facilitating transactions through its platform [3] - Esperanza operates on a proprietary platform that combines institutional-grade compliance with blockchain technology, supported by a team with extensive expertise in financial regulation [3]

Core Insights - The report by the Bank for International Settlements (BIS) raises significant doubts about the future of stablecoins, highlighting their shortcomings against core assessment criteria of a monetary system [1] - The findings have a substantial impact on the current booming stablecoin market and provide important references for global regulatory policy-making [1] Group 1: Performance Deficiencies of Stablecoins - The BIS establishes three core standards for evaluating monetary systems: singularity, elasticity, and integrity [3] - Singularity requires that currencies from different issuers be universally accepted, which stablecoins fail to achieve due to their lack of central bank backing and the tendency for different stablecoins to trade at varying exchange rates [3] - Elasticity demands that the monetary system can flexibly supply large payment needs, but stablecoins are constrained by a "prepaid cash" mechanism that limits their ability to meet liquidity demands in complex economic activities [3] Group 2: Integrity Concerns - Integrity focuses on the monetary system's ability to resist financial crimes and illegal activities, with stablecoins' anonymity posing risks for money laundering and terrorist financing [4] - The absence of "Know Your Customer" standards in stablecoins raises concerns about their use in illicit activities, despite blockchain analysis companies' efforts to track certain transactions [4] Group 3: Advantages of Traditional Monetary Systems - The BIS asserts that the current two-tier monetary system, centered around central banks, remains superior in ensuring currency applicability compared to other models [5] - Central banks provide the highest form of currency, ensuring finality in settlements and stability in pricing, while commercial banks support economic activities with effective payment methods [5] - The traditional system's resilience is demonstrated through modern real-time gross settlement systems, which allow central banks to provide reserves and liquidity as needed, ensuring efficient payment operations [5] Group 4: Future Directions for Tokenization - While tokenization technology holds transformative potential, the BIS suggests that its development should focus on improving the existing system rather than completely replacing it [5] - A tokenization platform centered around central bank reserves, commercial bank currency, and government bonds could lay the foundation for the next generation of monetary financial systems [5] - This approach aims to integrate information transfer, reconciliation, and asset transfer into a seamless operation, maintaining the core advantages of the current monetary system while leveraging technological innovation [5]

Core Viewpoint - Deutsche Bank and Ant Group have established a strategic partnership to provide comprehensive cross-border payment solutions for global merchants, marking a new phase in their collaboration since 2019 [1][3]. Group 1: Strategic Partnership - The Memorandum of Understanding (MoU) aims to leverage both parties' strengths, utilizing Ant Group's unique tokenization technology and AI-based foreign exchange technology to offer more comprehensive payment solutions for businesses of various sizes in Europe and Asia [3][4]. - Deutsche Bank will collaborate with Ant Group's financial services division to launch innovative solutions in global treasury management and cross-border payments, including tokenized deposits and stablecoins [5]. Group 2: Technological Integration - Deutsche Bank will become the first German bank to access Ant Group's real-time treasury management platform based on blockchain technology, enhancing the efficiency and transparency of global treasury management [5]. - The partnership will explore innovations in cross-border payments, including the application of stablecoins and the Falcon TST foreign exchange model to help reduce foreign exchange-related costs and risks for Ant Group and its clients [5]. Group 3: Market Expansion - Deutsche Bank will deepen its collaboration with Ant Group's merchant payment and digital service provider, Antom, to expand acquiring solutions in Europe, the Middle East, and Africa, facilitating seamless access to diverse payment options for merchants [6]. - The bank will support Ant Group's cross-border trade payment and account service brand, Wanlihui, providing comprehensive cross-border payment solutions for small and medium-sized enterprises in e-commerce and foreign trade [6]. Group 4: Future Outlook - The executives from both companies expressed optimism about the partnership, highlighting the potential to reshape the future of treasury management and enhance the payment experience for global enterprises and consumers [8].