周四，日日煮(DDC.US)涨逾11%，报4.89美元。消息面上，11月20日，日日煮宣布已达成一项购买协 议，将购买300枚比特币，据悉这也是该公司迄今最大单笔比特币收购交易，交易完成后该公司的比特 币总持有量将增加到1383枚，预计公司2025年下半年的比特币收益率将达到99%。 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report - Last week, 16 new products were issued in the US, with a relatively large number of single - stock products and digital currency products. The Defined Duration series ETFs issued by Discipline Funds use a stock - bond hybrid form to anchor the target duration [1][6]. - In the past week, the inflow of US ETFs continued to exceed $30 billion, with a large inflow into stock products. Bitcoin ETFs continued to experience outflows, while the capital flow of gold ETFs remained stable [1][10]. - This year, raw material - related products in US industry - themed products have led the gains, with many products rising by more than 60% [1][16]. - In September 2025, the total amount of non - money public funds in the US was $23.47 trillion, an increase of $0.49 trillion compared to August. Last week, the outflow of US domestic stock funds returned to around $20 billion, and bond products returned to inflows [1][19]. Summary by Directory 1. US ETF Innovation Products - 16 new products were issued last week, including single - stock products (mostly 2 - times leveraged products covering semiconductor, supply - chain, fuel - cell and other companies), municipal bond - related ETFs, strategy ETFs, and digital currency index products [6][7]. - Discipline Funds issued the Defined Duration series ETFs, which use a stock - bond hybrid form to anchor the target duration and aim to obtain more stable returns within a given time frame by evaluating stock duration through valuation indicators and combining with matching bond portfolios [1][9]. 2. US ETF Dynamics 2.1 US ETF Fund Flows - In the past week, the inflow of US ETFs exceeded $30 billion, with a large inflow into stock products. Bitcoin ETFs continued to experience outflows. Vanguard's S&P 500 ETF ranked first in inflows, while State Street's products had the largest outflows. Each S&P 500 ETF has alternated in inflows in recent weeks. BlackRock's Bitcoin and Ethereum ETFs were among the top ten in outflows [1][10]. - The capital flow of gold ETFs remained stable last week, and the capital of the Nasdaq 100 ETF has fluctuated significantly recently [15]. 2.2 US ETF Performance - This year, raw material - related products in US industry - themed products have led the gains. In addition to gold and silver mining, copper mines, rare earths, and other metals have all performed well, with many products rising by more than 60% [1][16]. 3. Recent Fund Flows of US Ordinary Public Funds - In September 2025, the total amount of non - money public funds in the US was $23.47 trillion, an increase of $0.49 trillion compared to August. The S&P 500 rose 3.53% in September, and the scale of US domestic stock products increased by 2.13%, with an increase in redemption pressure that month. - According to weekly statistics, last week, the outflow of US domestic stock funds returned to around $20 billion, and bond products returned to inflows [19].

Core Viewpoint - Hengyue Holdings (01723) announced the acquisition of approximately 0.6 units of Bitcoin for about HKD 533,000 (approximately USD 68,000) to support its prepaid Bitcoin card business strategy [1] Group 1: Bitcoin Acquisition - The company purchased Bitcoin in the open market, with the transaction settled immediately after the completion of each purchase order [1] - The funding for the Bitcoin acquisition was sourced from the company's available cash reserves [1] Group 2: Strategic Purpose - The acquisition aims to build Bitcoin inventory to facilitate the sales and recharge services of prepaid Bitcoin cards, ensuring stable liquidity and efficient settlement capabilities [1] - The company maintains a Bitcoin operational reserve to meet customer demands promptly and reduce fulfillment time [1] Group 3: Asset Management - The Bitcoin inventory is distinct from the company's treasury digital assets, which are part of the asset allocation strategy aimed at diversification and hedging against fiat currency depreciation [1] - The purchased Bitcoin inventory will be accounted for as operational inventory and managed through dedicated customer service controls, with separate disclosures in financial statements for operational inventory and treasury digital assets [1]

Group 1 - The company International Commercial Settlement (00147) announced that its joint venture Keen Golden acquired a total of 105.88972 bitcoins in the open market [1] - The total cost of the bitcoin acquisition was $12 million [1] - The company holds a 70% stake in the joint venture Keen Golden [1]

Core Insights - Kevin Durant's agent, Rich Kleiman, revealed that he had invested in Bitcoin for Durant about ten years ago, indicating a long-term vision for digital assets [1][3]. - The initial investment in Bitcoin was modest, but after Durant joined the Golden State Warriors, Kleiman recognized the growing interest in Bitcoin among tech elites and made a significant purchase [3]. - Bitcoin's price has surged from approximately $1,000 a decade ago to over ten times that value today, suggesting a substantial potential windfall from the investment [3]. Investment Strategy - Kleiman's early investment in Bitcoin reflects a keen awareness of emerging trends in the tech and finance sectors, showcasing a proactive approach to asset allocation [3][5]. - Durant's financial acumen is highlighted, as his off-court earnings have surpassed his on-court salary, influenced by the investment culture fostered during his time with the Warriors [5]. - Andre Iguodala, a former teammate, is noted for his investment success, further emphasizing the collaborative investment mindset within the Warriors organization [5].

有关配售所得款项购买比特币完成后，于本公告日期，集团共持有约4091枚比特币，持有总成本约2.79 亿美元，平均成本约每枚68114美元。 博雅互动(00434)发布公告，于2025年9月18日，集团已全部完成有关配售所得款项约3.70亿港元(相当于 4750万美元)对比特币的购买。有关配售款项所购比特币共约411枚，购买均价约每枚11.54万美元。 ...

Core Viewpoint - The company, Boyaa Interactive (00434), has completed the purchase of approximately 411 bitcoins using proceeds from a placement, totaling around HKD 370 million (equivalent to USD 47.5 million) [1] Group 1 - The average purchase price of the bitcoins acquired is approximately USD 115,400 per bitcoin [1] - After the purchase, the company holds a total of approximately 4,091 bitcoins, with a total cost of around USD 279 million [1] - The average cost per bitcoin held by the company is approximately USD 68,114 [1]

Group 1 - The company announced the purchase of approximately 245 bitcoins for about HKD 219 million (approximately USD 28.16 million) during the period from September 15 to 16, 2025 [1] - After the transaction, the company will hold a total of approximately 3,925 bitcoins, with an average purchase cost of USD 66,094 per bitcoin [1]

Group 1 - The company, Boyaa Interactive (00434), announced a series of transactions in the open market to purchase approximately 245 bitcoins for a total consideration of about HKD 219 million (approximately USD 28.16 million) between September 15 and September 16, 2025 [1] - Following this purchase, the company now holds a total of approximately 3,925 bitcoins, with an average acquisition cost of USD 66,094 per bitcoin [1]

Group 1 - The company, Boyaa Interactive (00434.HK), announced a series of transactions in the open market to purchase approximately 245 bitcoins for a total consideration of about HKD 219 million (approximately USD 28.16 million) [1] - Following this purchase, the company now holds a total of approximately 3,925 bitcoins, with an average acquisition cost of USD 66,094 per bitcoin [1]