（原标题：港理工成立人工智能高等研究院 聚焦去中心化AI与成果转化） 南方财经 21世纪经济报道记者 张伟泽 实习生 金颖 张艺宁 香港报道 12月10日，香港理工大学人工智能高等研究院（PAAI）正式成立。香港理工大学校长滕锦光在成立仪 式上表示，该研究院是理大未来重点布局的五大高等研究院之一，致力于开展跨学科基础研究并推动成 果转化。研究院将充分发挥理大在内地的科研网络优势，着力将前沿科研成果转化为现实的产品、技术 与标准，服务社会发展。 针对人工智能发展中存在的"数据孤岛"与"隐私安全"核心挑战，PAAI创院院长杨强指出，未来AI发展 的方向不应是依赖单一的巨型模型，而是构建连接的"垂直领域专家模型"。"联邦学习"（Federated Learning）应运而生，这是一种安全、去中心化的人工智能开发方式，能够在不交换原始数据的前提下 有效打破医疗与金融领域的数据流通壁垒及破解隐私保护难题。 杨强认为，作为国际金融中心与科创中心，香港背靠粤港澳大湾区丰富的临床网络与产业需求，未来将 着力构建去中心化AI基础设施，推动各类机构在安全可控的前提下运用先进AI技术。 对于AI领域未来的挑战，杨强表示，PAAI ...

Investment Rating - The report maintains a cautious outlook on the cryptocurrency market, suggesting a neutral to optimistic sentiment as the December interest rate cut approaches, but expresses caution for the market's performance post-January 2026 [4][27]. Core Insights - Current market sentiment is relatively pessimistic, with a potential rebound expected in the short term due to anticipated interest rate cuts by the Federal Reserve [4][27]. - The cryptocurrency market capitalization remains stable at $3.11 trillion, with Bitcoin and Ethereum experiencing slight declines of 1.7% and 0.3% respectively [10][11]. - The fear and greed index for cryptocurrencies is at 21, indicating a state of fear among investors [11]. - The average holding price for Bitcoin is approximately $56,354, which is below the short-term investors' cost but above that of long-term holders [11]. - The options market indicates a higher probability of price increases for Bitcoin in the coming month, with significant short liquidation expected if prices rise [12][12]. Summary by Sections Market Review - The total cryptocurrency market capitalization is $3.11 trillion, unchanged from the previous week [10]. - Bitcoin closed at $89,388, down 1.7%, while Ethereum closed at $3,024, down 0.3% [10][11]. - The probability of a 25 basis point rate cut by the Federal Reserve in December is projected at 86.2% by CME FedWatch and 93% by Polymarket [10]. Global Policy and Industry News - The Chinese Internet Finance Association warns against illegal financial activities related to virtual currencies [20]. - The UK has officially recognized cryptocurrencies as property through new legislation [22][24]. - Russia plans to introduce comprehensive cryptocurrency regulations by 2026, potentially easing investor access [20][21]. Company News - Strategy has established a reserve of $1.44 billion to cover preferred stock dividends and debt interest [26]. - Twenty One Capital is set to merge with Cantor Equity Partners and will begin trading under the ticker "XXI" on December 9 [25]. - IREN successfully raised $3.6 billion, including $2 billion in convertible bonds and $1.6 billion from stock issuance [25]. Investment Recommendations - The report suggests focusing on cryptocurrency mining companies that are transitioning to AI data centers and those with significant power reserves, such as IREN Limited and Riot Platform [4][27].

作者 | 褚杏娟 这波快速发展的 AI 浪潮，吸引了很多人投身创业。根据 Thunderbit 数据，2025 年全球有超过 1 万家获得融资的 AI 创业公司，如果把所有"沾 AI 边"的公司都算上，甚至高达 5 万多家。 在谷歌、YouTube 等大厂做过技术、管理，同时还有投资经验的 Bryan Zhou 就是这次 AI 创业浪潮中的一员。 Bryan 前后毕业于上海交通大学、芝加哥大学，他曾是谷歌 AI 系统团队的创始工程师之一，从 0 到 1 见证了 Google Assistant 用户量增长到五 亿的过程，也曾担任 YouTube 的技术负责人。此外，他还在 AI 和加密领域的有过投资经历。作为一名连续创业者，他已有一次成功退出经历， 因此，创业对他来说不算陌生。 这一次，以大模型代表的 AI 发展比以往任何技术都要快，这让程序员出身的 Bryan 敏锐地发觉到了新的契机，而且不同的职业经验也让他视角 更多元。因此，他决定再次创业。 创始团队组建得非常快，从决定创业到公司正式运作大概就用了三个月的时间。 这主要得益于创始团队成员早就熟知彼此：有的是校友，有的之前就一起创过业，而且大家之前都在湾区 ...

Core Insights - 21Shares AG has launched three new physically backed crypto exchange-traded products (ETPs), increasing its total European offering to 54 products [1][2][5] Group 1: New Product Launches - The new ETPs include Bittensor (ATAO), Maple Finance (SYRUP), and Pendle (APEN), targeting decentralized AI, blockchain-based credit, and onchain yield markets respectively [2][3][4] - Bittensor serves as a decentralized platform for AI, rewarding high-performing services with its native token TAO, which has a fixed supply similar to Bitcoin [2] - Maple Finance connects institutional lenders and vetted borrowers through a blockchain-based infrastructure, with over $10 billion in total loan originations and $100 million in interest distributed to lenders [3] - Pendle allows investors to separate principal and yield components of yield-bearing assets, facilitating trading of interest rates and fixing future yields [4] Group 2: Strategic Positioning - The launches enhance 21Shares' position as the leading crypto ETP issuer in Europe, providing institutional-grade access to transformative segments of the digital asset economy [2][5] - The company aims to bridge traditional finance and decentralized finance, making cryptocurrency more accessible to investors [6]