Core Viewpoint - Lehua Entertainment (02306) announced a share buyback of 1,005,000 shares at a total cost of HKD 2.5607 million, with individual share prices ranging from HKD 2.50 to HKD 2.58 [1] Group 1 - The company executed a buyback on October 15, 2025 [1] - The total expenditure for the buyback was HKD 2.5607 million [1] - The number of shares repurchased was 1,005,000 [1]

Core Viewpoint - The company, 联众, has seen a significant stock price increase of over 42% following the announcement of its subsidiary, Allied Gaming & Entertainment Inc. (AGAE), investing in Bitcoin (BTC) and increasing its Ethereum (ETH) holdings, marking the initiation of a strategic plan to incorporate cryptocurrencies into its balance sheet [1] Group 1: Investment Strategy - AGAE's investment in cryptocurrencies is part of a broader strategy to integrate blockchain technology into its core gaming and entertainment business [1] - The move aims to lay the groundwork for wider blockchain applications and the tokenization of Real World Assets (RWA) [1] Group 2: Industry Impact - The company believes that the combination of blockchain technology with the gaming and entertainment sectors will reshape the industry's value chain [1] - This investment in crypto assets is seen as a crucial starting point for the company's strategic layout [1] Group 3: Future Outlook - The initiative not only reserves resources for future technological upgrades and business expansion but also demonstrates the company's commitment to embracing technological innovation and leading industry transformation [1]

Group 1 - AGAE has initiated a strategic plan to incorporate cryptocurrencies, specifically Bitcoin (BTC) and Ethereum (ETH), into its balance sheet, marking the first phase of its comprehensive digital strategy [1][3] - The company aims to expand blockchain-based payment methods across its global IP portfolio, which includes esports events, gaming platforms, and immersive entertainment venues [1] - AGAE plans to develop its own Real World Assets (RWA) tokenization model, focusing on monetizing live entertainment rights, property management revenues, and film/animation IP [1] Group 2 - CEO James Li emphasized that the company views cryptocurrencies not only as a store of value but also as a strategic cornerstone for future business development [1] - The integration of blockchain technology with the gaming and entertainment industries is expected to reshape the industry value chain, with cryptocurrency investment being a crucial starting point for this strategic layout [1] - This initiative reflects the company's commitment to embracing technological innovation and leading industry transformation [1]

Core Insights - Allied Gaming & Entertainment Inc. (AGAE) has officially initiated a strategic plan to incorporate cryptocurrencies into its balance sheet by investing in Bitcoin (BTC) and increasing its holdings in Ethereum (ETH) [1][2] - This move is part of AGAE's broader strategy to integrate blockchain technology with its core gaming and entertainment sectors, aiming to tokenize Real World Assets (RWA) and enhance user engagement [1][2] Group 1 - AGAE's investment in BTC and ETH marks the first phase of its comprehensive digital strategy, which includes expanding blockchain-based payment methods across its global IP portfolio [1] - The company plans to develop its own RWA tokenization model, focusing on monetizing live entertainment rights, property management revenues, and film/animation IP [1] - AGAE aims to lay the groundwork for the integration of stablecoins and functional tokens to boost user participation, facilitate cross-border transactions, and enhance liquidity within its ecosystem [1] Group 2 - AGAE's CEO, James Li, emphasizes that cryptocurrencies are viewed not only as a store of value but also as a strategic cornerstone for future business development [2] - The integration of blockchain and digital assets into AGAE's ecosystem is seen as a natural extension to connect global users and create innovative financial experiences through gaming and entertainment [2] - The company believes that the combination of blockchain technology with the gaming and entertainment industry will reshape the industry value chain, with cryptocurrency investment being a crucial starting point for this strategic layout [2]

OURGAME INTERNATIONAL HOLDINGS LIMITED 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損 失承擔任何責任。 聯 眾 國 際 控 股 有 限 公 司* （ 根據開曼群島法律註冊成立之有限公司） （股份代號：6899） 自願公告 戰略性投資加密貨幣 推動區塊鏈技術與本集團業務融合 本公告乃由聯眾國際控股有限公司（「本公司」，連同其附屬公司稱為「本集團」）自願作出。 徐金 – 1 – . 拓展基於區塊鏈的支付方式，覆蓋AGAE的全球IP組合，包括電競賽事、遊戲平台和沉 浸式娛樂場館； . 開發自主RWA代幣化模型，例如現場娛樂權益、物業管理收益以及影視╱動畫IP的貨 幣化；及 . 為穩定 幣和功 能型代 幣的整合 奠定基 礎，以 提升用 戶參與 度、促進 跨境交 易，並 增強 整個生態體系的流動性。 AGAE首席執行官James Li表示：「我們不僅將加密貨幣視為價值儲存手段，更將其視為推 動 AGAE 未來 業 務 發展 的 戰 略基 ...

Core Insights - Kuaishou-W (01024), Zijin Mining (02899), and Pop Mart (09992) led the market in net inflows, with amounts of 1.064 billion, 1.043 billion, and 0.621 billion respectively [1][2] - SMIC (00981), Hua Hong Semiconductor (01347), and Alibaba-W (09988) experienced the highest net outflows, with amounts of -2.458 billion, -1.248 billion, and -0.767 billion respectively [1][2] - In terms of net inflow ratios, Reshaping Energy (02570), Haohai Biological Technology (06826), and China Overseas Macro Group (00081) topped the list with ratios of 83.86%, 62.63%, and 56.42% respectively [1][2] Net Inflow Rankings - The top three stocks by net inflow were Kuaishou-W (01024) with 1.064 billion (18.28%), Zijin Mining (02899) with 1.043 billion (20.22%), and Pop Mart (09992) with 0.621 billion (15.19%) [2] - Other notable inflows included Jiangxi Copper (00358) at 0.559 billion (19.86%) and Lenovo Group (00992) at 0.474 billion (16.74%) [2] Net Outflow Rankings - The top three stocks by net outflow were SMIC (00981) with -2.458 billion (-9.27%), Hua Hong Semiconductor (01347) with -1.248 billion (-9.51%), and Alibaba-W (09988) with -0.767 billion (-2.78%) [2] - Other significant outflows included Yingfu Fund (02800) at -0.490 billion (-3.98%) and Tencent Holdings (00700) at -0.466 billion (-4.78%) [2] Net Inflow Ratios - Reshaping Energy (02570) led with a net inflow ratio of 83.86% and a net inflow of 51.7014 million [3] - Haohai Biological Technology (06826) followed with a ratio of 62.63% and a net inflow of 3.9564 million [3] - China Overseas Macro Group (00081) had a ratio of 56.42% with a net inflow of 1.51788 million [3]

Core Insights - The article highlights the significance of innovative inventions over the past 25 years, showcasing 25 iconic inventions that have transformed various aspects of human life across multiple fields such as healthcare, digital technology, lifestyle, and exploration [1] Group 1: Healthcare Innovations - NuvaRing, introduced in 2001, expanded contraceptive options for women, with approximately 2 million prescriptions written annually in the U.S. despite past legal challenges [2] - LifeStraw, launched in 2005, is a low-cost ($3) water filtration device that prevents waterborne diseases, benefiting disaster victims and outdoor enthusiasts alike [4] - 23andMe, a personal genetic testing service from 2008, allows individuals to assess their susceptibility to over 90 traits and diseases for $399, having served over 15 million customers [6] - mRNA vaccines, developed during the COVID-19 pandemic, achieved FDA approval in December 2020, breaking previous vaccine development records [8] - Semaglutide, a drug originally for type 2 diabetes, has gained popularity as a weight loss treatment, with about 12% of Americans having tried it [10] - A groundbreaking surgery in 2024 enabled paralyzed patients to regain sensory perception through a brain-implanted microchip [12] Group 2: Digital Innovations - iRobot Roomba, introduced in 2002, revolutionized home cleaning with over 50 million units sold, making vacuuming less burdensome [14] - YouTube, launched in 2005, has grown to host over 20 million daily video uploads, becoming a platform for authentic content [15] - The iPhone, released in 2007, has sold over 3 billion units globally, marking a significant shift in personal technology [17] - Google Street View, initiated in 2007, now covers 12 million miles across 110 countries, allowing virtual exploration of cities [19] - IBM Watson, a supercomputer that gained fame in 2011, performs 800 trillion calculations per second, showcasing early advancements in AI [22] - GPT-4, released in 2023, demonstrated significant improvements in AI capabilities, surpassing 90% of law exam takers [24] Group 3: Lifestyle Innovations - Philips LED bulbs, introduced in 2009, significantly reduced energy consumption, lasting 25,000 hours and winning a $10 million award from the U.S. Department of Energy [26] - Montreal's Bixi bike-sharing system, launched in 2008, became a model for urban bike-sharing initiatives worldwide [28] - Kickstarter, established in 2010, has facilitated over $9 billion in funding for more than 286,000 projects [30] - Tesla Model S, released in 2012, showcased electric vehicles as a desirable option, with a range of 265 miles per charge [32] - Nintendo Switch, launched in 2017, has sold over 153 million units, offering versatile gaming experiences [34] - Fenty Beauty, introduced in 2017, revolutionized the cosmetics industry with 40 foundation shades, promoting inclusivity [36] Group 4: Exploration Tools - The Large Hadron Collider, operational since 2008, seeks answers to fundamental questions about the universe, including the existence of the Higgs boson [39] - The Svalbard Global Seed Vault, established in 2008, stores backup seeds from 6,000 plant species to safeguard against agricultural disasters [41] - NASA's Curiosity rover, active on Mars from 2011, has provided evidence of the planet's potential habitability [44] - The James Webb Space Telescope, launched in 2022, offers unprecedented views of the universe, costing $10 billion and taking over 20 years to complete [46] Group 5: Creative and Entertainment Innovations - Dyson's bladeless fan, introduced in 2009, provides a stylish and efficient cooling solution [48] - The Cronut, a fusion pastry created in 2013, sparked a trend in innovative food combinations [50] - Sphere, a $2.3 billion entertainment venue in Las Vegas, features the world's largest LED screen and is projected to become a top-grossing venue [52] Group 6: Innovation Trends - The article notes that innovation is not evenly distributed, with significant breakthroughs occurring during crisis periods, such as the 2008 financial crisis and the COVID-19 pandemic [54] - The cyclical nature of innovation reflects the "S-curve" of technological development, where periods of slow growth are followed by rapid advancements [54] Group 7: Conclusion - The 25 highlighted inventions illustrate the breadth and depth of human innovation, addressing real human needs and pushing civilization forward [55]

Core Insights - The article discusses the economic influence of Gen Z and millennials, highlighting their consumption trends and preferences, which are shifting the market dynamics [3][5][14] - It also emphasizes the current favorable conditions for home buyers, particularly in mid-October, as a prime time to purchase homes due to lower competition and better pricing [28][29][40] Group 1: Economic Influence of Gen Z and Millennials - Gen Z and millennials represent nearly 48% of the global population, making their consumption trends crucial for investors [5] - This demographic is increasingly focused on value-based shopping, favoring non-branded local brands over luxury items [6][10] - They are digital natives, engaging primarily in e-commerce and digital experiences rather than traditional retail [7][11] - Their investment preferences are shifting towards digital assets like bitcoin, contrasting with older generations' preference for gold [12][14] Group 2: Housing Market Trends - The week of October 12th to 18th is identified as the best time to buy a home, with more listings and less competition [28][29] - Buyers can expect to save approximately $15,000 compared to peak prices seen in the summer, which averaged around $440,000 [34] - The housing market is experiencing a seasonal slowdown, but lower mortgage rates are expected to stimulate activity in the fall [40][41] - Current mortgage rates are below 6.5%, providing additional relief for potential buyers [41][42]

Summary of the Conference Call Company and Industry Involved - **Company**: 富博集团 (Fubo Group) - **Industry**: Generative AI, Video Content Creation, Copyright Management Key Points and Arguments Sora 2 Overview - Sora 2 allows users to generate videos through text or image prompts, similar to TikTok, with initial content quality being well-received. However, copyright management has tightened, limiting daily video generation and restricting prompts involving well-known IPs [2][3][4] - Sora 2 represents a new milestone in generative AI, with significant improvements in generation effects, image control, and clarity, creating investment opportunities in content production and computing power [2][5] Market Impact - The launch of Sora 2 has led to a surge in downloads, surpassing GenAI and ChatGPT, indicating strong market interest [3] - The application has made notable improvements in copyright protection, implementing stricter measures as user numbers grow, which is expected to enhance its position in the global market [4][7] Technological Advancements - Sora 2's technology marks a shift towards multimodal generation, requiring higher computational power compared to traditional models, thus presenting new challenges and opportunities in the market [6][9] - The Diffusing Transformer used in video generation faces memory constraints, necessitating large HBM or future DDR5 support, highlighting the need for advanced hardware [9] Business Growth and Strategy - Fubo Group anticipates significant business growth from Sora's overseas expansion, particularly in copyright management, through partnerships with major platforms [7][8] - The Solo 2 product, launched as an independent app, achieved 140,000 downloads in its first two days, indicating strong user demand for AI-generated video content [12] Future Collaborations and Trends - Future collaborations for Solo 2 may include partnerships with IP owners and content creators, expanding into various video formats and social media platforms [13] - The rise of AI-generated content is expected to increase the demand for copyright protection and management, impacting multiple related industries [11][25] Financial Outlook - Fubo Group's revenue is projected to grow significantly, with AI-generated content expected to dominate active assets by the end of the year [33] - The company recently completed a financing round of 1.6 billion HKD to support R&D and team expansion, positioning itself for future growth [34] Challenges and Opportunities - The evolving copyright landscape poses challenges, but also opportunities for companies like Fubo Group to establish themselves as leaders in copyright management and content generation [19][20] - The potential for traditional media companies like Disney to adapt to digital content trends could reshape the industry, emphasizing the importance of flexible copyright strategies [35][38] Conclusion - Fubo Group is well-positioned to leverage advancements in generative AI and video content creation, with a focus on copyright management and strategic partnerships to drive future growth and innovation in the industry [44][45]

Market Overview - US stock index futures showed mixed results, with Nasdaq futures down 0.06%, S&P 500 futures up 0.03%, and Dow futures up 0.05% [1] - Major European indices mostly rose, with Germany's DAX up 0.49%, UK's FTSE 100 down 0.19%, France's CAC up 0.48%, and the Euro Stoxx 50 up 0.11% [2] Company Developments - Nvidia received approval from the US to sell chips worth billions to the UAE [3] - Goldman Sachs stated that the stock market is not in a bubble, predicting a new wave of star companies in the machine learning and AI sectors [4] - Castle Investment founder Griffin warned that the US economy is entering a "high-sugar state," suggesting that the surge in gold prices could be a dangerous signal [5] - The US auto safety regulator has launched an investigation into Tesla's Full Self-Driving (FSD) system, involving nearly 290 vehicles [6] Financial Performance - TSMC reported September consolidated revenue of approximately NT$330.98 billion, a 1.4% decrease month-over-month but a 31.4% increase year-over-year [7] - PepsiCo's Q3 net revenue grew 2.7% year-over-year to $23.94 billion, with core EPS of $2.29, exceeding expectations [14] - Delta Air Lines reported a Q3 revenue increase of 4.1% to $15.2 billion, with adjusted EPS of $1.71, also surpassing expectations [15] - Ferrari expects adjusted EPS for the current fiscal year to be at least €8.8, slightly below the market expectation of €8.9 [16] - Porsche's global sales for the first nine months of the year decreased by 6% year-over-year to 212,509 units, with a 26% decline in sales in China [17] Strategic Partnerships - Microsoft is collaborating with Harvard Medical School to enhance Copilot health content, aiming to reduce reliance on OpenAI [8] - HSBC plans to privatize Hang Seng Bank, offering a cash consideration of HK$106 billion, representing a premium of approximately 30% [9] - PayPal has entered into a multi-year agreement with Google to jointly develop AI payment experiences [10] - Netflix is upgrading its gaming strategy by offering video games to TV screen users for the first time [11] - Warner Music will collaborate with Netflix to produce a series of films and documentaries based on Warner's artists and songs [12] - Paramount Skydance is in talks with private equity to potentially acquire Warner Bros. Discovery for over $60 billion [13]