Group 1: Core Insights - The rapid evolution of financial technology is reshaping global economic dynamics, impacting the future of dollar hegemony and China's strategic choices in the digital finance era [1][2] - The discussion at the high-end salon in Shanghai focused on key topics such as stablecoins, blockchain technology applications, and data assetization, revealing the latest trends and challenges in the fintech sector [1][2] Group 2: Stablecoins - Stablecoins represent a significant turning point in the history of cryptocurrencies, addressing issues like volatility, impact on fiat currency systems, and potential for illegal activities [2][5] - Currently, 99% of stablecoins are pegged to the US dollar, which is significantly higher than the dollar's 50% share in global payments, indicating the US's strategic advantage in expanding dollar dominance [2][5] - The potential risks associated with large-scale stablecoin issuance could marginalize traditional banking systems, reminiscent of the chaotic banking landscape in 19th century America [2][5] Group 3: China's Perspective on Stablecoins - For China, stablecoins present both challenges and opportunities, with the potential for a digital RMB stablecoin to navigate issues like SWIFT sanctions and the safety of US debt assets [5][9] - Hong Kong is identified as the optimal testing ground for a digital RMB stablecoin, allowing exploration of internationalization pathways while minimizing impacts on the mainland financial system [5][9] - The regulatory approaches in the US and Hong Kong differ significantly, with the US adopting a more lenient functional regulation compared to Hong Kong's stringent requirements [6][9] Group 4: Blockchain Technology - Blockchain technology is seen as a foundational element driving fintech transformation, addressing trust issues in the digital economy [10][11] - The Tree Graph public chain system, developed with independent intellectual property, has achieved a transaction throughput of 3,000 transactions per second, significantly outperforming Bitcoin and Ethereum [10][11] - The integration of blockchain with real-world assets (RWA) is crucial for enhancing settlement efficiency and the credibility of smart contracts [10][11] Group 5: Data Assetization - Data has been recognized as the fifth production factor, marking a new phase in digital economic development, yet challenges in data rights, pricing, and compliance remain [11][12] - The market for RWA has seen explosive growth, increasing from $5 billion in 2022 to an estimated $25.51 billion by 2025, representing a 410% growth rate [12][14] - The successful assetization of data requires collaboration across various sectors, including exchanges, evaluation agencies, and financial institutions [13][14]

Asseto是一家专注于真实世界资产(RWA)代币化的金融科技公司，目前在亚洲代币化市场中处于领先地 位，其致力于透过机构级代币化技术及传统金融(TradFi)与去中心化金融(DeFi)的深度融合，打造新一 代链上资产平台。Asseto以现金管理类RWA为切入点，持续拓展至更广泛的产品线，包括基金、债券、 股票、私募信贷、房地产及各类另类资产等，以实现收入来源的多样化与规模化。作为HashKey集团的 战略合作伙伴，Asseto已建立强大的战略行业合作网络，包括两家准备递交香港稳定币牌照申请的企 业。Asseto拥有一支顶尖、经验丰富且多元化的团队，核心成员来自全球领先的传统金融机构及Web3 项目，兼具TradFi与DeFi的专长。随着稳定币应用趋势的持续推进，Asseto的总锁定价值(TVL)预计将 持续增长，有望成为亚洲领先的Web3企业之一。 认购事项为实现集团战略目标的重要里程碑。透过投资及与Asseto合作，公司能够把握机会，涉足快速 增长的市场，并率先接触区块链及智能合约的先进技术，以期于全球转型其资产管理业务，并扩展其产 品╱服务组合。尤其是，Asseto与领先企业(如HashKey集团及主要 ...

Group 1: Market Overview - The Hang Seng Index experienced a tug-of-war, ultimately closing down 18 points or 0.1% at 24,498, after reaching a high of 24,672 and a low of 24,447 during the day [3][4] - The total trading volume for the day was 236.41 billion, with net inflow from northbound trading only at 1.86 billion [3] - The technology index outperformed the Hang Seng Index, closing up 0.6% at 5,448 [4] Group 2: Company News - Baidu (09888) saw a decline of 3.3%, closing at 85.6; Alibaba (09988) dropped 1.1% to 112.5; Xiaomi (01810) fell 2% to 56.15; and Chow Tai Fook (01929) decreased by 3.6% to 13.58 [3] - BYD (01211) increased by 1.1% to 123.8, while Geely (00175) rose 4.2% to 19.02 following the privatization agreement with Zeekr [3] - Li Auto (02015) had the largest gain among blue chips, rising 9.7% to 124.1 [3] Group 3: Economic and Policy Developments - The Chinese Ministry of Commerce encourages Chinese enterprises to invest in South Africa, aiming to deepen supply chain cooperation and expand collaboration in new energy and digital economy sectors [7] - The Chinese government has lowered the consumption tax threshold for ultra-luxury cars from 1.3 million RMB to 900,000 RMB, effective July 20, to guide reasonable consumption [8] - The unemployment rate for the 16 to 24 age group in China has decreased to 14.5%, marking a continuous decline for four months [10] Group 4: Company Performance - Dazhong Financial Holdings (00626) reported a turnaround with a net profit of 2.57 million, compared to a loss of 34.49 million in the same period last year, with a revenue increase of 15.36% to 685 million [12] - Luk Fook Holdings (00590) reported a 14% increase in retail revenue for the first quarter, with same-store sales turning positive at 5% [13] - October Rice Field (09676) expects a net profit increase of at least 90% for the first half of the year, driven by innovation in household food categories and enhanced brand influence [15]