（来源：吴说） 吴说获悉，据 KBS，韩国金融委员会在提交国会的《数字资产基本法案》中提出，将拥有约 1,100 万用 户的交易所定位为虚拟资产流通的"核心基础设施"，该表述被解读为指向 Upbit、Bithumb、Coinone、 Korbit 等韩国四大虚拟资产交易所。金融委员会建议参照资本市场法中替代交易所（ATS）的标准，引 入大股东适格性审查机制，将大股东持股比例限制在 15%–20% 区间。若该方案落地，Upbit 运营方 Dunamu、Bithumb、Coinone 等或需进行大规模股权调整。 ...

4.VanEck：比特币未来有望成为 2026 年的"最佳表现资产" VanEck 的多资产解决方案负责人 David Schassler 预测，随着投资者对硬资产需求的增加，黄金和比特 币将在 2026 年强势反弹。尽管比特币今年的表现不及黄金和纳斯达克 100 指数，但 Schassler 认为，随 着货币贬值加剧和流动性回升，比特币将有望迎来强劲的反弹。Schassler 预计，比特币今年的疲软反 映了风险偏好的下降和流动性的紧张，但比特币的基本面仍然强劲，未来有望成为 2026 年的"最佳表现 资产"。 （来源：吴说） 1.美国至 12 月 20 日当周初请失业金人数 21.4 万人，预期 22.4 万人 美国至 12 月 20 日当周初请失业金人数 21.4 万人，预期 22.4 万人，前值 22.4 万人。 2.香港财库局与证监会发布虚拟资产交易与托管发牌制度咨询总结 根据香港财务事务及库务局（财库局）与证券及期货事务监督委员会（证监会）联合发布的咨询总结， 香港将进一步推进虚拟资产交易与托管服务提供者的发牌制度。此举旨在加强对虚拟资产交易与托管服 务的监管，确保市场的稳健和可持续发展。此次咨询还 ...

Group 1: Market Performance - The Hang Seng Index rose by 0.17% to close at 25,818.93 points, while the Hang Seng Tech Index increased by 0.19% to 5,499.3 points, and the Hang Seng China Enterprises Index saw a slight increase of 0.01% to 8,915.12 points [2] - The total market turnover was HKD 92.52 billion, with southbound funds experiencing a net outflow of HKD 1.175 billion [2] Group 2: Stock Highlights - Semiconductor manufacturer SMIC saw a stock increase of 3.21%, while China Hongqiao rose by 2.34%, and Cheung Kong Infrastructure increased by 1.83%, leading the blue-chip stocks [4] - Baidu's stock was included in the Hong Kong Stock Connect, leading to a significant price increase of 24.81% at one point, closing at HKD 35.08, which is a 22.23% rise [11][16] - The stock adjustment for Baidu is expected to enhance liquidity and market attention, potentially positively impacting the company's valuation [16] Group 3: Industry Performance - The Hang Seng Industry Index showed mixed results, with the Utilities Index up by 0.7%, Materials Index up by 0.65%, and Financials Index up by 0.4%. Conversely, the Healthcare Index fell by 0.52%, Non-essential Consumer Index dropped by 0.45%, and the Industrials Index decreased by 0.12% [6] - The Wind concept sector exhibited varied performance, with the Integrated Circuit Industry Fund Index rising by 2.85% and the Integrated Circuit Index increasing by 2.71%, while the Sapphire Index fell by 3% [8] Group 4: Regulatory Developments - The Hong Kong government and the Securities and Futures Commission are advancing legislative proposals for regulating virtual asset trading and custody service providers, marking a significant step in enhancing the regulatory framework for virtual assets [20] - The proposed licensing system aims to balance market development, risk management, and investor protection, contributing to the establishment of a trustworthy and sustainable digital asset ecosystem in Hong Kong [21]

【导读】获纳入港股通标的，百奥赛图一度大涨近25% 中国基金报记者 郭玟君 1 2月24日，港股因假期提前收市，本周交易收官 。 恒生指数涨0.17%，报25818.93点；恒生科技指数涨0.19%，报5499.3点 ； 恒生 中国企业指数涨0.01%，报8915.12点。大市成交925.2亿港元 ； 南向资金净卖出11.75亿港元。 | 恒生指数 | 恒生国企 | 恒生科技 | | --- | --- | --- | | 25818.93 | 8915.12 | 5499.30 | | +44.79 +0.17% +1.29 +0.01% +10.41 +0.19% | | | 中芯国际涨3.21%，中国宏桥涨2.34%，长江基建集团涨1.83%，领涨蓝筹。 | 序号 | 名称 | 代码 | 现价 | 涨跌 | 涨跌幅 ▼ | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | --- | | 기 | 中心国际 | 0981 | 71.050 | 2.150 | 3.12% | 49.56亿 | 123.43% | | 2 | 中国宏桥 | 13 ...

智通财经APP获悉，12月24日，香港财经事务及库务局(财库局)和证券及期货事务监察委员会(证监会) 就设立虚拟资产交易及托管服务提供者发牌制度的立法建议，联合发表咨询总结。香港财库局及证监会 今日同时就另外设立就虚拟资产提供意见的服务提供者及虚拟资产管理服务提供者的发牌制度，展开进 一步公众咨询，为期一个月。 与此同时，因应咨询所得的意见，香港财库局与证监会今日就另外设立就虚拟资产提供意见的服务提供 者及虚拟资产管理服务提供者的发牌制度展开进一步公众咨询。 为期两个月的公众咨询在今年八月完成，其间就虚拟资产交易服务提供者和虚拟资产托管服务提供者的 拟议发牌制度分别收到101份和93份意见书，来自市场参与者、行业组织、商会和专业团体等。 香港财库局局长许正宇表示："我们提出就虚拟资产交易和托管服务提供者建立发牌制度是完善数字资 产法律框架的重要一步。建议的发牌制度在促进巿场发展、管理风险及保障投资者之间稳慎地取得平 衡，有助实现我们构建值得信赖及可持续数字资产生态圈的愿景，从而打造香港为数字资产创新的全球 中心。" 香港证监会行政总裁梁凤仪表示："我们在建立虚拟资产监管框架方面可谓取得重大进展，透过构建可 信 ...

Core Insights - Dubai has established itself as the largest licensed virtual asset market globally, with a focus on creating a secure and forward-looking regulatory environment for virtual assets [1] Regulatory Environment - The Dubai Virtual Assets Regulatory Authority (VARA) aims to enhance the contribution of the virtual asset industry to the GDP by increasing it to 3% [1] - The regulatory framework is characterized by flexible regulations, strict enforcement, and efficient inter-agency coordination, which has successfully curbed unlicensed operations and improved market governance [1] Market Position - As a result of these efforts, Dubai is recognized as the most regulated and largest licensed virtual asset market in the world [1]

Core Viewpoint - Hong Kong has established a clear regulatory framework for stablecoins, requiring issuers to meet multiple criteria related to capital, asset management, and redemption mechanisms [1][2]. Regulatory Requirements - Capital Requirement: Issuers must have a minimum capital of HKD 25 million to ensure sufficient financial strength to operate and manage market risks [2]. - Asset Management: Funds collected in fiat currency must be invested in highly liquid, low-risk assets to ensure the stablecoin's value is reliably supported [2]. - Redemption Mechanism: Issuers are required to establish clear and executable redemption arrangements, allowing holders to exchange their stablecoins for fiat currency on a one-to-one basis in a short time [2]. Compliance and Auditing - Issuers must provide compliance proof through independent audits, with firms like Deloitte expected to issue audit reports verifying that the assets held are indeed low-risk and that asset allocation aligns with public disclosures [2]. Industry Impact - The robust regulatory framework in Hong Kong not only safeguards investor interests but also lays a solid foundation for the development of stablecoins and the Web3 industry, potentially attracting more international institutions to issue or use stablecoins in the region [2].

Core Viewpoint - The JPEX incident is described as the largest cryptocurrency collapse in Hong Kong's history, revealing systemic risks associated with unlicensed platforms and false advertising, prompting a new phase in virtual asset regulation in Hong Kong [1][2][4] Summary by Sections Background - JPEX, established in 2020 and headquartered in Dubai, claimed to be a global digital asset trading platform, heavily promoting itself through advertisements in Hong Kong [5] - The platform falsely advertised holding financial licenses from jurisdictions like the US, Canada, Australia, and Dubai, which were later revealed to be limited to foreign exchange services [5][10] Incident Development - On September 17, 2023, JPEX froze withdrawals, leading to panic among investors and a surge in reports to the police [2][9] - Within days, the police arrested eight individuals, including KOL Joseph Lam, for allegedly misleading investors about JPEX's legitimacy [2][13] - By November 2025, 16 individuals were formally charged, including key members of JPEX and KOLs, with crimes including conspiracy to commit fraud and money laundering [4][15] Impact and Consequences - The incident has affected over 2,700 victims, with losses exceeding 1.6 billion HKD (approximately 206 million USD) [4][15] - The Hong Kong police have frozen assets worth 228 million HKD, including cash, gold bars, luxury cars, and virtual assets [4][16] - The case has prompted regulatory authorities to strengthen controls over virtual assets, highlighting the dangers of unlicensed platforms [4][6]

Core Viewpoint - The securities industry is benefiting from active market trading and the release of policy dividends, with several brokerages raising the margin trading limits to meet the strong demand for credit trading [1] Group 1: Market Performance - As of November 7, the A-share margin trading balance reached 2.50 trillion yuan, with a year-on-year increase of 55% in credit business income for listed brokerages in the first three quarters [1] - The current market liquidity is loose, and the improvement in US-China relations along with strengthened policy expectations are contributing to a favorable environment for the industry [1] Group 2: Regulatory Developments - The Hong Kong Securities and Futures Commission has introduced new regulations for virtual asset supervision, allowing licensed platforms to connect with global liquidity and expand the asset access for professional investors, which is expected to enhance Hong Kong's market competitiveness [1] Group 3: Industry Outlook - The deepening of capital market reforms, the improvement of the Beijing Stock Exchange ecosystem, and the accelerated layout of medium- and long-term funds are providing further development momentum for the securities industry [1] - The Securities ETF (512880) tracks the securities company index (399975), which selects listed companies closely related to securities business from the A-share market, reflecting the overall performance of the securities industry [1]

Core Insights - The Central Bank of Brazil has introduced regulatory rules for the virtual asset market, including cryptocurrencies, which will take effect in February 2026 [1] Group 1: Regulatory Framework - The new regulations specify the scope of virtual asset services, institutional qualifications, operational setup, and the qualification approval process and timelines [1] - Virtual asset trading activities will now be included under the foreign exchange market regulations [1] Group 2: Compliance Requirements - Virtual asset service providers must obtain authorization from the Central Bank of Brazil to operate [1] - Existing anti-money laundering and counter-terrorism financing regulations will be extended to apply to virtual asset service providers [1]