Group 1 - The core announcement from Huajian Medical involves the establishment of two joint ventures, ETHK Inc. and ETHK HOLDINGS LIMITED, aimed at enhancing the global blockchain financial ecosystem through the "ETHK" brand [1][4] - The company is undergoing a significant rebranding, changing its English name from "IVD Medical Holding Limited" to "ETHK Labs Inc." and its Chinese name to "华检数字产业集团有限公司" [1][4] - The strategic shift towards blockchain finance is a result of long-term planning, with ETHK Inc. focusing on developing a decentralized financial platform and ETHK HOLDINGS LIMITED serving as a central hub for digital industry investment and mergers [6][9] Group 2 - The "ETHK" brand symbolizes a new digital financial ecosystem based on blockchain, emphasizing openness, transparency, and community governance [9] - Huajian Medical's strategy includes the tokenization of equity assets, particularly targeting high-quality Chinese assets for efficient global circulation and value discovery [9][12] - The company has acquired a 20.31% stake in Guofu Quantum, becoming its largest shareholder, which strengthens its compliance support in the blockchain finance sector [12] Group 3 - The concept of "on-chain stocks" represents a revolutionary trend in global finance, with Huajian Medical's approach being a unique "Chinese solution" that integrates technology, assets, funding, and compliance into a closed-loop blockchain financial ecosystem [10][12] - This approach contrasts with existing U.S. tokenization products, which often lack direct backing from the underlying companies, highlighting the potential for arbitrage opportunities [12] - Huajian Medical's ETHK ecosystem aims to meet the rigorous demands of high-frequency, high-value financial transactions, facilitating the globalization of Chinese assets through compliant and standardized methods [12][14] Group 4 - The strategic upgrade aligns with China's digital economy initiatives, which encourage technological innovation and digital transformation [13][14] - Huajian Medical's efforts are positioned to provide the necessary technological pathways and infrastructure support for the globalization of Chinese assets [14] - The ETHK ecosystem is expected to bridge traditional finance and blockchain finance, promoting the efficient circulation and value discovery of high-quality Chinese assets on a global scale [15]

Core Insights - The article highlights the rise of Huida Community as a significant player in the competitive investment and financial management sector, distinguishing itself through unique operational philosophies and professional team configurations [1][6]. Group 1: Industry Pain Points - Huida Community's breakthrough is rooted in its precise understanding of industry pain points, such as "information asymmetry," "risk management difficulties," and "inaccurate services," which have long troubled investors [3]. - The team aims to make investment and financial management "simpler, safer, and more personalized," addressing core investor pain points as a central development goal [3]. Group 2: Professional Team Structure - Huida Community has established a comprehensive five-department system covering "information collection, investigation analysis, risk assessment, strategy formulation, and execution," with each stage managed by professionals [4]. - The Market Information Department quickly captures the latest project dynamics, while the Market Investigation Department verifies key information about project parties to ensure data reliability [4]. - The Analyst Department includes top talents such as lawyers, certified public accountants, and financial analysts, producing "Risk Level Assessment Reports" to avoid high-risk projects from the outset [4]. Group 3: Risk Management - The company has implemented a strict risk control system and collaborates with well-known banks for fund management, ensuring investor rights are protected [5]. - By participating in blockchain financial pilot projects, Huida Community leverages blockchain's "immutability and traceability" to enhance transaction transparency and further reduce investment risks [5]. Group 4: Practical Achievements - Huida Community has demonstrated strong project operation capabilities in emerging fields like blockchain and trendy toys, with the successful promotion of the "Trendy Toy Universe" project serving as a notable example [5]. - The team utilized extensive industry resources, precise market positioning, and detailed operational guidance to rapidly open up the market and help participants achieve significant returns, with some reaching "financial freedom" [5]. Group 5: Future Outlook - The journey of Huida Community from obscurity to prominence is attributed to its accurate grasp of industry trends, robust professional support, and continuous attention to investor needs [6]. - With an accumulating reputation and steadily improving capabilities, Huida Community is transitioning from an "industry dark horse" to an "industry benchmark," potentially bringing more innovations and breakthroughs to the investment and financial management field [6].

Group 1 - The core viewpoint of the article highlights the strong performance of Fabon Information Technology Co., Ltd. in the financial technology sector, with a significant revenue increase driven by its banking business [1][2] - In the first half of 2025, the company achieved a revenue of 2.315 billion yuan, representing a year-on-year growth of 10.95% [1] - The financial technology segment generated a revenue of 733 million yuan, showing a remarkable growth of 21.36% [1] Group 2 - The banking business revenue growth reached 51.38% in the first half of 2025, with a customer coverage rate of 94% among major state-owned banks and national joint-stock commercial banks [1] - The company has developed a product capability system centered around "FADOs," leveraging data and AI to create systematic products and services tailored to the financial industry [1] - Fabon Information aims to continue focusing on the financial sector and enhancing its digital banking solutions, with plans to expand into blockchain financial applications and innovate in cross-border payment and trade settlement [2]

Investment Rating - The report assigns a "Buy" rating to the company, with a target price based on the expected performance relative to the market [5]. Core Insights - The company is focusing on deepening the integration of blockchain technology with financial services, aiming to leverage its strategic partnership with Guofu Quantum to enhance its capabilities in virtual assets and digital currency [1][15]. - The company has made significant progress in the blockchain and finance integration sector, developing a proprietary blockchain public service platform that supports various financial applications [1][2]. - The financial technology solutions segment has become a core growth driver, with a revenue increase of 15.94% year-on-year in the first half of 2025 [3][14]. - The company is strategically expanding its cross-border treasury management solutions, which are expected to enhance its global operational capabilities [8][9]. Summary by Sections Company Overview - The company specializes in providing IT services and business process outsourcing for financial institutions, utilizing advanced technologies such as AI, big data, and blockchain [13][14]. Financial Performance - In the first half of 2025, the company's financial technology solutions revenue reached 709 million yuan, marking a 15.94% increase year-on-year [3]. - The projected revenues for 2025-2027 are 5.09 billion, 5.69 billion, and 6.46 billion yuan, respectively, with net profits expected to be 364 million, 427 million, and 506 million yuan [9][11]. Market Position and Strategy - The company is leveraging its technological advantages and established client relationships to expand its market share in the financial technology sector [2][9]. - The strategic partnership with Guofu Quantum is aimed at enhancing the company's capabilities in the emerging stablecoin market and facilitating cross-border financial services [1][15]. Growth Projections - The company anticipates continued growth in its financial technology solutions, with expected revenue growth rates of 16% to 18% from 2025 to 2027 [18]. - The AI and big data innovation product line is projected to grow significantly, with expected revenue increases of 75%, 65%, and 55% over the same period [16][20].

Core Viewpoint - The construction of Shanghai's offshore financial center is a strategic initiative aimed at enhancing global resource allocation capabilities, driven by the dual transformation of "dollar hegemony loosening + digital technology reconstruction" in the global financial order [1][2]. Group 1: Offshore Financial Center as a Core Component - Offshore financial centers are essential for international financial centers, as evidenced by New York, London, Hong Kong, and Singapore, which have developed comprehensive offshore ecosystems that balance cross-border capital flow and risk control [2]. - Establishing a matching offshore financial center in Shanghai is crucial for the national financial opening strategy and is necessary for enhancing global resource pricing power and attracting international capital [2]. Group 2: Institutional Innovation for Dynamic Balance - The core competitiveness of offshore financial centers lies in their ability to balance "open efficiency" and "risk prevention" through institutional design [3]. - Shanghai can innovate by establishing a "digital enclosure" regulatory system that integrates existing accounts into a new offshore account model, allowing for flexible management of offshore and onshore funds [4]. Group 3: Tax Policy Neutrality and Precision - Tax policy is a double-edged sword for offshore financial centers; Shanghai should find a balance between attractiveness and compliance by implementing a low tax burden combined with strong regulation [7]. - A proposed 5% capital gains tax on general offshore business could reduce cross-border financing costs for Chinese enterprises by 1.8 percentage points while generating approximately 2 billion yuan in annual tax revenue [7]. Group 4: Technological Empowerment in Offshore Finance - Digital technology is reshaping the underlying logic of offshore finance, with blockchain and digital currency at the core of creating a leading digital financial testing ground in Shanghai [8]. - Blockchain technology can significantly reduce transaction costs and time in cross-border settlements, as demonstrated by successful pilot projects in Shanghai [9]. Group 5: Gradual Capital Account Opening - The proposed "three-step" strategy for capital account opening includes initial, mid-term, and mature phases, focusing on gradually relaxing restrictions on offshore investments and cross-border financing [14]. - By 2030, a faster opening of the capital account could create an additional $1.2 trillion space for global RMB asset allocation [15]. Group 6: International Collaboration and Rule Integration - Shanghai should transition from being a "rule follower" to a "rule co-creator" in the global financial landscape, enhancing its attractiveness to international investors through compatible legal and dispute resolution mechanisms [18][19]. - Collaborative efforts with RCEP member countries and the establishment of a "Shanghai Offshore Financial Rules Alliance" could enhance Shanghai's role in global offshore finance [21]. Group 7: Paradigm Value of Offshore Financial Centers - The development of offshore financial centers is fundamentally about the mutual empowerment of offshore and onshore functions, which can provide significant support for Shanghai's international financial center construction [22][23]. - Shanghai's unique value lies in breaking away from traditional low-tax arbitrage paths by constructing a new paradigm through institutional innovation and technological empowerment [23].

Group 1 - TRON made its debut on the Nasdaq on July 24, 2025, marking a significant shift in its asset allocation strategy, with TRX becoming a key reserve asset for the company [1] - The partnership with Kripton aims to accelerate the adoption of USDT stablecoin in South America, integrating over 2,000 merchants into the USDT payment network [3] - TRON's DPoS consensus mechanism allows for an average processing speed of 2,500 transactions per day, significantly improving cross-border payment efficiency [3] Group 2 - Argentina's high inflation rate, projected at 27% for 2025, creates a practical application scenario for stablecoins, as traditional financial systems struggle with currency volatility [5] - The USDT, combined with TRON's low transaction fees, offers an innovative solution to mitigate value loss in cross-border transactions [6] - The "Digital Dollar Inclusive Program" is reshaping financial infrastructure in Latin America, providing interest-free microloans to workers for purchasing productive assets [6] Group 3 - TRON's integration with Argentina's public transportation system allows users to recharge their SUBE cards directly with TRC20-USDT, showcasing the transition of crypto assets from financial tools to essential services [7] - The ongoing developments in TRON's ecosystem, from olive oil traceability to microloans and smart contract automation, signify a revolution in financial infrastructure [9]

Core Viewpoint - Golden Chain Capital is launching a global third-party custody system to address digital asset security and compliance issues, partnering with top financial institutions like BNY Mellon and Anchorage Digital to create a multi-layered asset safety network, termed the "gold standard" in digital asset custody [1][3]. Group 1: Custody System Features - The custody system operates on the principle of "complete segregation of client funds," ensuring that all investor funds are managed by independent custodial banks, completely separate from the company's operational funds, thus protecting client assets even in extreme company risk scenarios [3]. - The system employs a top-tier security architecture utilizing MPC (Multi-Party Computation) technology and cold wallet isolation, which prevents single points of failure and malicious tampering by distributing private keys across multiple secure environments [3][5]. - All financial operations require multi-signature and multi-node approval, significantly reducing both internal and external risks associated with asset control [3]. Group 2: Compliance and Regulatory Framework - Golden Chain Capital's custody system is fully compliant with multiple regulatory frameworks, including those of the US SEC, OCC, and UK's FCA, and incorporates blockchain compliance tools like Chainalysis for real-time anti-money laundering (AML) and on-chain transaction monitoring [5]. - This multi-national regulatory and compliance audit mechanism provides investors with unified security assurances during cross-border investments, alleviating concerns regarding compliance and asset safety [5]. Group 3: Transparency and Future Outlook - The company offers each investor an independent custody account and real-time asset reports, allowing for full visibility of fund flows, asset status, and profit distribution, thereby enabling investors to maintain transparent control over their assets [6]. - Looking ahead, Golden Chain Capital plans to expand its network of third-party custody partners, incorporating more international custodial banks and financial institutions to build a global multi-node custody system, ensuring consistent security for investors worldwide [6][7].

Core Viewpoint - Recent trends in small-cap stocks in the US market indicate significant investment opportunities, particularly with the rise in short positions and the potential for short squeezes [1][3]. Group 1: Short Positions and Market Dynamics - As of July, short interest in the Russell 2000 index reached $16 billion, marking one of the highest levels since 2021 [1]. - Historical data suggests that high short positions often lead to short squeezes, which can result in substantial price increases for small-cap stocks [3]. - The unique characteristics of small-cap stocks amplify price volatility, allowing for significant price movements with minor capital inflows or outflows [3]. Group 2: Case Study of Mercurity Fintech (MFH) - MFH, a small-cap stock with a total share count of 63.6866 million, experienced notable price fluctuations, including a 57.36% drop followed by a 53.12% rebound within a few days [3][4]. - Current short interest for MFH stands at 181,570 shares, representing 4.43% of its float, with a short interest ratio of 3.11 days, indicating manageable short covering pressure [4][5]. - The recent price movements of MFH are closely linked to short covering dynamics, highlighting the stock's trading elasticity [5]. Group 3: Strategic Business Developments - MFH has announced an $800 million fundraising plan aimed at establishing a long-term Bitcoin reserve and enhancing its asset management framework [6]. - The company has entered a $200 million equity credit agreement with Solana Ventures, positioning itself within the high-throughput, low-fee blockchain ecosystem [6]. - MFH has raised approximately $43.7 million through direct issuance to advance its cryptocurrency financial strategy, including ecosystem staking and tokenized revenue tools [6]. Group 4: Market Position and Future Outlook - The current environment for blockchain finance is favorable due to regulatory easing and technological advancements, providing a conducive landscape for MFH's growth [6]. - The board of MFH has approved a share repurchase plan of up to $10 million over the next 12 months, signaling confidence in the company's long-term value [6]. - MFH's deep engagement in the blockchain finance sector positions it to capitalize on industry growth, making it a potentially valuable long-term investment [7].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - In the week of 2025.07.14 - 2025.07.18, bond yields fluctuated narrowly, with interest - rate bonds showing differentiated performance across maturities and credit bond yields declining. The equity market strengthened, and the bond market was affected by various factors such as central bank policies, tariff effects, and changes in risk preferences [3]. - The issuance of two digital currency funds by Huaxia Fund (Hong Kong) marks a breakthrough in the application of RMB assets in blockchain finance, and the tokenized currency funds have advantages over traditional ones [4]. 3. Summary by Directory 3.1 Weekly Market Observation 3.1.1 Pan - Fixed - Income Market Review and Observation - **Bond Market Review**: Bond yields fluctuated narrowly. The ChinaBond Composite Wealth Index (CBA00201) rose 0.08%, and the ChinaBond Composite Full - Price Index (CBA00203) rose 0.03%. Interest - rate bonds had differentiated performance, with mid - and short - term yields better than long - term ones. Credit bond yields declined, and credit spreads compressed [10]. - **Market Influencing Factors**: The central bank maintained a stable tax - period capital market, with a net open - market injection of 1261.1 billion yuan. The bond market was affected by factors such as stable fundamentals, under - expected incremental policies, and the stock - bond seesaw effect. The long - term US Treasury yields rose due to tariff concerns, and the REITs secondary market was suppressed by the increasing risk preference in the equity market [11][12][13]. - **Outlook and Suggestions**: The bond market's favorable environment is unlikely to reverse in the short term, but caution is advised due to potential volatility. For US Treasuries, short - term investors should wait for adjustment opportunities, and long - term investors should monitor tariff issues. For REITs, investors who have profited should consider taking profits and stay cautious [11][12][13]. 3.1.2 Public Fund Market Dynamics - Huaxia Fund (Hong Kong) issued the Huaxia US Dollar Digital Currency Fund and the Huaxia RMB Digital Currency Fund. The Huaxia RMB Digital Currency Fund is the world's first tokenized money - market fund denominated in RMB, forming a complete currency - tokenized fund series covering HKD, USD, and RMB [4]. - Tokenized currency funds have advantages over traditional ones in terms of trading time, settlement cycle, and trading channels [15]. 3.2 Pan - Fixed - Income Fund Index Performance Tracking 3.2.1 Pure - Bond Index Tracking - **Short - Term Bond Fund Preferred Index**: Aims at liquidity management, selects 5 funds with stable long - term returns, strict risk control, and significant absolute - return capabilities, and has a performance benchmark of 50% * Short - Term Pure - Bond Fund Index + 50% * Ordinary Money - Market Fund Index [17]. - **Medium - and Long - Term Bond Fund Preferred Index**: Invests in medium - and long - term pure - bond funds, selects 5 funds with both return and risk - control capabilities, and adjusts the duration and the ratio of credit - bond funds and interest - rate bond funds according to market conditions [20]. 3.2.2 Fixed - Income + Index Tracking - **Low - Volatility Fixed - Income + Preferred Index**: Has an equity center of 10%, selects 10 funds with an equity center within 15% in the past three years and recently, and has a performance benchmark of 10% CSI 800 Index + 90% ChinaBond New Composite Full - Price Index (CBA00303.CS) [23]. - **Medium - Volatility Fixed - Income + Preferred Index**: Has an equity center of 20%, selects 5 funds with an equity center between 15% - 25%, and has a performance benchmark of 20% CSI 800 Index + 80% ChinaBond New Composite Full - Price Index (CBA00303.CS) [25]. - **High - Volatility Fixed - Income + Preferred Index**: Has an equity center of 30%, selects 5 funds with an equity center between 25% - 35%, and has a performance benchmark of 30% CSI 800 Index + 70% ChinaBond New Composite Full - Price Index (CBA00303.CS) [27]. 3.2.3 Convertible Bond Fund Preferred Index Selects 5 convertible - bond funds from a sample space based on multiple evaluation criteria, including the fund's long - and short - term returns, risk - adjusted returns, and the fund manager's timing and bond - selection abilities [33]. 3.2.4 QDII Bond Fund Preferred Index Tracking Selects 6 QDII bond funds with stable returns and good risk control, whose underlying assets are overseas bonds covering various regions and types [35]. 3.2.5 REITs Fund Preferred Index Tracking Selects 10 REITs funds with stable operations, reasonable valuations, and certain elasticity, whose underlying assets are mainly high - quality infrastructure projects [37].

Market Overview - The bond market experienced narrow fluctuations last week (July 14-18, 2025), with the China Bond Composite Wealth Index (CBA00201) rising by 0.08% and the China Bond Composite Full Price Index (CBA00203) increasing by 0.03%. Short- to medium-term yields outperformed long-term yields, with 1-year, 3-year, 5-year, and 10-year government bond yields decreasing by 0.55bp, 1.56bp, 1.44bp, and 0.54bp respectively [12][14] - The central bank's liquidity support stabilized the funding environment during the tax period, leading to a strong equity market and fluctuating bond yields. The central bank injected a net of 12,611 billion yuan into the market, with 17,868 billion yuan in injections and 5,257 billion yuan in withdrawals [14] - The long-end U.S. Treasury yields rose due to concerns over inflation driven by tariff issues, while short-end yields remained stable under the expectation of interest rate cuts [15] Public Fund Market Dynamics - Huaxia Fund Management Company (Hong Kong) launched the world's first RMB-denominated tokenized money market fund, marking a significant advancement for RMB assets in the blockchain financial application sector. This fund series includes USD, HKD, and RMB tokenized funds [17][18] - The new fund series adopts a dual distribution model, allowing investors to transact through traditional financial institutions and licensed virtual asset trading platforms [17][19] Fund Performance Tracking - Short-term bond funds rose by 0.05% last week, with a cumulative return of 4.08% since inception [3] - Medium- to long-term bond funds increased by 0.08%, achieving a cumulative return of 6.64% since inception [4] - Low-volatility fixed income plus funds rose by 0.17%, with a cumulative return of 3.01% since inception [5] - Medium-volatility fixed income plus funds increased by 0.36%, with a cumulative return of 2.71% since inception [6] - High-volatility fixed income plus funds also rose by 0.36%, achieving a cumulative return of 3.99% since inception [7] - Convertible bond funds increased by 0.78%, with a cumulative return of 12.56% since inception [8] - QDII bond funds decreased by 0.18%, with a cumulative return of 7.80% since inception [9] - REITs funds rose by 0.35%, achieving a cumulative return of 37.68% since inception [10]