Cryptocurrencies closing out a tough end to the year and NEM sees the action taking a toll on crypto exchanges in the new year. The firm slashed its price targets on Coinbase, Robin Hood, E Toro and Gemini, though it did maintain buy ratings on all of those stocks. Joining us now, John Teddoro.He's senior analyst at Needm and Company. John, as we enter a new year, I mean, I know you have something called your crypto euphoria needed diagram. What is it showing when it comes to sentiment.What's that mean for ...

来源：市场资讯 （来源：吴说） 据纽约时报，Plume 一直在推动美国监管机构许可，以提供一个在线平台，客户可以在该平台上购买代 表现实世界中资产（例如公司、农场甚至油井）的数字货币。也有美联储的经济学家指出，代币化可能 会将加密货币的金融冲击传递到更广泛的经济领域。文章同时披露，Plume 为美国 SEC 加密工作组提 供建议，并与 World Liberty（特朗普家族加密项目） 达成商业合作。 ...

Core Insights - The article highlights the structural challenges faced by small and medium-sized listed companies in Hong Kong, which account for over 80% of the total number of listed firms but struggle with low valuations, low liquidity, and low attention, creating a "three lows dilemma" [1][7][9] Group 1: Book Overview - Dr. Xi Chunying's new book, "Value Management of Hong Kong Small and Medium-Sized Listed Companies," serves as a strategic guide that combines macro perspectives, systematic thinking, and practical experience [3][4] - The book aims to provide solutions for entrepreneurs, investors, and policymakers seeking to navigate the challenges of value management in the context of Hong Kong's capital market [4][6] Group 2: Author's Background - Dr. Xi Chunying has a rich background that integrates academia and practical experience, having held significant positions in both educational institutions and capital markets [5][6] - His extensive experience in investment banking and entrepreneurship provides him with unique insights into the complexities of corporate management and value creation [5][6] Group 3: The "Three Lows Dilemma" - The book identifies the "three lows dilemma" as a critical issue for small and medium-sized companies: low valuations, low liquidity, and low attention [7][9] - Low valuations are attributed to the market's preference for stable, cash-rich large-cap stocks, leading to significant undervaluation of smaller firms, even those with growth potential [8][9] - Low liquidity results from the lack of institutional interest in small-cap stocks, causing trading volumes to dwindle and making it difficult for these companies to raise capital [8][9] - Low attention from sell-side research firms further exacerbates the situation, as analysts focus on larger stocks, leaving many small companies without adequate market coverage [8][9] Group 4: Value Management Framework - The book redefines "value management" as a long-term strategic process focused on value creation, discovery, and maintenance, rather than short-term price manipulation [10][11] - Value creation is emphasized as the foundation of value management, requiring strong operational performance and governance [11] - Value discovery involves effectively communicating a company's intrinsic value to the market through transparent information disclosure and investor relations [11] - Value maintenance focuses on stabilizing market value during irrational fluctuations through measures like share buybacks and clear communication [12] Group 5: Strategic Growth Pathways - The book outlines a strategic blueprint for companies to transition from a "billion-dollar mindset" to a "trillion-dollar framework," emphasizing the need for a shift in thinking and growth strategies [13][14] - Three pathways for growth are proposed: internal growth, acquisition-driven expansion, and platform-based scaling [15][16] - Internal growth focuses on refining core business operations and building a strong brand [15] - Acquisition-driven strategies are highlighted as a means to overcome industry limitations and achieve rapid growth through strategic synergies [16] - Platform-based expansion involves creating ecosystems that leverage core competencies to drive multiple business lines [16] Group 6: Practical Tools and Innovations - The book provides a comprehensive toolbox for value management, including traditional methods like share buybacks and investor relations management [17] - It explores innovative financial models such as tokenized equity and asset tokenization to enhance liquidity and valuation for small companies [18][19] - The "AI Hong Kong Stock Connect" platform is introduced as a practical application of the book's theories, aiming to connect investors and companies through AI and big data [20][21] Group 7: Conclusion - Dr. Xi Chunying's work is positioned as a significant contribution to the understanding of value management for small and medium-sized companies in Hong Kong, offering both theoretical insights and practical solutions [22][24] - The book serves as a guide for entrepreneurs, investors, and policymakers, aiming to foster a more inclusive and efficient capital market ecosystem [22][24]

Core Viewpoint - The article discusses the recent joint efforts by seven associations in China to issue a risk warning against illegal activities related to virtual currencies and real-world asset tokens, emphasizing that these currencies are not recognized as legal tender and pose significant risks [3][4][5]. Group 1: Regulatory Actions - Seven associations, including the China Internet Finance Association and the China Banking Association, have issued a risk warning prohibiting their members from participating in virtual currency and real-world asset token activities within China [3][4]. - The People's Bank of China and 13 other departments have defined stablecoins as a form of virtual currency and are committed to combating illegal financial activities related to virtual currencies [3][4]. Group 2: Risks Associated with Virtual Currencies - The warning highlights that virtual currencies, such as π coins, lack substantial technological innovation and clear commercial applications, making them susceptible to fraud and market manipulation [5][6]. - The article notes that the volatility of virtual currencies, exemplified by Bitcoin's price fluctuations, can lead to speculative trading and illegal activities, including Ponzi schemes [7]. Group 3: Prohibitions for Financial Institutions - Financial institutions, including banks and payment service providers, are prohibited from offering services related to the issuance and trading of virtual currencies and real-world asset tokens [6]. - Internet platform companies are also barred from providing marketing or technical services for virtual currency activities, ensuring compliance with regulatory requirements [6].

Core Viewpoint - The joint announcement by seven associations emphasizes the prohibition of participation in illegal virtual currency activities within China, highlighting the risks associated with virtual currencies and related tokens [1][2]. Group 1: Regulatory Actions - Seven associations, including the China Internet Finance Association and the China Banking Association, issued a risk warning against illegal activities related to virtual currencies and real-world asset tokens, mandating that member units refrain from engaging in such activities domestically [1][2]. - The People's Bank of China and 13 other departments convened to establish a coordination mechanism to combat virtual currency trading, defining stablecoins as a form of virtual currency and stressing the need for ongoing efforts to curb illegal financial activities related to virtual currencies [1][2]. Group 2: Risks Associated with Virtual Currencies - The associations reiterated that virtual currencies are not issued by monetary authorities and do not hold the same legal status as fiat currencies, thus cannot be circulated as currency within China [2]. - Stablecoins currently fail to meet customer identification and anti-money laundering requirements, posing risks of being used for money laundering, fundraising fraud, and illegal cross-border fund transfers [2]. - Tokens like π coin lack substantial technological innovation and clear commercial applications, leading to significant fraud and market manipulation issues, with many scams operating under their guise [2]. Group 3: Prohibitions on Financial Services - Member units of banks and payment institutions are prohibited from providing services related to the issuance and trading of virtual currencies and real-world asset tokens, as well as from supporting virtual currency mining projects [3]. - Securities, fund, and futures institutions are also barred from offering services for the issuance and trading of virtual currencies and related financial products [3]. - Internet platform companies must not provide marketing or technical services for the issuance and trading of virtual currencies and real-world asset tokens, ensuring compliance in information dissemination [3]. Group 4: Public Awareness and Market Volatility - The risk warning highlights the extreme price volatility of virtual currencies, which are often used for speculative trading and fraudulent activities [4]. - Recent Bitcoin price fluctuations illustrate this volatility, with significant daily price changes reported, emphasizing the need for public awareness and caution against engaging in virtual currency activities [4].

针对虚拟货币相关领域，监管与行业自律层面再出重拳。 2025年12月5日，中国互联网金融协会、中国银行业协会等七家行业协会联合发布《关于防范涉虚拟货 币等非法活动的风险提示》（以下简称"《风险提示》"），直指空气币、稳定币、现实世界资产 （RWA）代币等新型标的背后的非法集资、传销诈骗、洗钱等违法犯罪行为，明确虚拟货币及相关活 动的非法本质，划定机构业务红线，并向社会公众发出风险提示。 业内认为，此次多协会联合发声，既是对前期监管政策的延续与强化，也针对当前非法活动"借新概念 包装、跨境渗透、角色多样化" 的新态势精准施策，旨在进一步筑牢金融安全防线，守护公众财产安 全，维护经济金融正常秩序。 精准直指新型标的 今年上半年以来，虚拟货币概念炒作出现部分新变化。 此次《风险提示》提及，近期，与虚拟货币相关的概念快速升温，一些不法分子借机鼓吹有关交易炒作 活动，打着稳定币、空气币（π币等）、现实世界资产（RWA）代币、"挖矿"的幌子开展非法集资、传 销诈骗等非法活动，并使用虚拟货币转移违法犯罪所得，严重侵害了社会公众的财产安全，扰乱经济金 融正常秩序。 《风险提示》明确指出，虚拟货币不由货币当局发行，不是国家法定 ...

丨来源：新华社 2025-12-05 近年来，虚拟货币、现实世界资产代币等加密资产市场快速扩张。然而，高收益的诱惑背后，是深不可测的风险漩涡："一晚上账户缩水一半""交易平台 突然无法登录""稳定币不再稳定"……这些已成为不少虚拟货币投资者的切肤之痛。 近日，比特币的投资者又开始经历"过山车"般的行情。12月1日，比特币一度跌破8.5万美元，日内最大跌幅超7%。就在10月份，比特币还创出每枚超12万 美元的价格高点。 涨跌之间，大量投资者因"爆仓"而损失惨重。但与此同时，仍有市场分析人士鼓吹抄底、支持买进…… 12月5日，中国互联网金融协会、中国银行业协会、中国证券业协会、中国证券投资基金业协会、中国期货业协会、中国上市公司协会、中国支付清算协 会等7家协会联合发布风险提示，提醒社会公众高度警惕各类形式的虚拟货币、现实世界资产代币业务活动，守护好自己的"钱袋子"。 没有涨跌幅限制、受市场影响大、行情波动如同"过山车"……这些特性让虚拟货币市场充满投机炒作，不适合风险承受能力较弱的投资者。 "在盲目投资心态的怂恿下，很多概念奇葩的空气币涌现出来。这些空气币无实质性技术创新，没有明确的商业应用场景和价值，发行和运 ...

Core Viewpoint - The recent announcement by the China Internet Finance Association and six other associations highlights the risks associated with virtual currencies and illegal activities, emphasizing the need for public awareness and caution against scams and illegal fundraising activities [2][3]. Group 1: Risks of Virtual Currencies - Virtual currencies are not issued by monetary authorities and do not have the same legal status as fiat currencies, making them illegal for circulation within China [3]. - Air coins, such as π coin, lack substantial technological innovation and clear commercial applications, with serious issues related to fraud and market manipulation [3]. - Stablecoins currently do not meet customer identification and anti-money laundering requirements, posing risks of being used for money laundering and illegal fundraising [3]. Group 2: Regulatory Stance - The announcement reiterates that no institutions are allowed to engage in activities related to virtual currencies or tokenization of real-world assets [3]. - The financial management authorities in China have not approved any activities related to the tokenization of real-world assets, highlighting the regulatory stance against such practices [3]. Group 3: Historical Context - Previous warnings have been issued by the China Internet Finance Association regarding risks associated with NFTs and virtual currency trading, emphasizing the need for compliance with national laws and regulations [4]. - In April 2022, a call was made to curb the financialization and securitization of NFTs, and in May 2021, a warning was issued against virtual currency trading speculation [4].

Core Viewpoint - The Chinese Internet Finance Association and other regulatory bodies have issued a risk warning regarding illegal activities related to virtual currencies, highlighting the rise of fraudulent schemes disguised as stablecoins, air coins, and tokenized real-world assets, which threaten public financial security and disrupt economic order [1][2]. Group 1: Nature of Virtual Currencies - Virtual currencies are not issued by monetary authorities and do not hold the same legal status as national legal tender, making them unsuitable for circulation within China [2]. - Air coins, such as π coin, lack substantial technological innovation and clear commercial applications, with opaque issuance and operational mechanisms, leading to significant fraud and market manipulation issues [2]. Group 2: Risks Associated with Stablecoins and Tokenization - Stablecoins currently fail to meet customer identification and anti-money laundering requirements, posing risks of being used for money laundering, fundraising fraud, and illegal cross-border fund transfers [2]. - Tokenization of real-world assets through the issuance of tokens or other rights carries multiple risks, including false asset risks, operational failure risks, and speculative trading risks, with no approved activities by financial regulatory authorities in China [2]. Group 3: Illegal Financial Activities - Domestic institutions and individuals engaging in the exchange of legal tender for virtual currencies, issuance of real-world asset tokens, and related activities are suspected of illegal financial activities, including illegal token sales and unauthorized securities issuance [3]. - Foreign virtual currency service providers conducting business activities in China, either directly or indirectly, are also considered to be engaging in illegal financial activities, with domestic personnel providing services to these entities facing legal accountability [3].

Core Viewpoint - The China Internet Finance Association and other financial organizations have issued a risk warning regarding illegal activities related to virtual currencies, highlighting the rapid rise in related concepts and the exploitation by criminals for illegal fundraising and scams [1][6]. Group 1: Nature of Virtual Currencies - Virtual currencies are not issued by monetary authorities and do not have the same legal status as fiat currencies, making them illegal for circulation in China [2][7]. - Air coins like π coin lack substantial technological innovation and clear commercial applications, with opaque issuance and operational mechanisms, leading to significant fraud and market manipulation issues [2][7]. - Stablecoins currently fail to meet customer identity verification and anti-money laundering requirements, posing risks of being used for money laundering and illegal fundraising [2][7]. Group 2: Illegal Activities and Regulations - Domestic institutions and individuals engaging in the exchange of fiat currency for virtual currencies or issuing and financing real-world asset tokens are involved in illegal financial activities [3][8]. - Foreign virtual currency service providers offering services to domestic entities are also considered illegal, and those providing such services will be held accountable [3][8]. - Member institutions are prohibited from participating in the issuance and trading of virtual currencies and real-world asset tokens, and must not provide any related services [9]. Group 3: Public Awareness and Education - Member units are encouraged to conduct risk awareness and educational campaigns regarding virtual currencies and real-world asset tokens to help the public discern risks and avoid illegal activities [10]. - The public is urged to be vigilant against various forms of virtual currency activities, as their prices are highly volatile and often associated with speculation and scams [5][10].