亏损增加主要由于(i)就加密货币确认减值亏损;及(ii)行政开支及其他经营开支增加，惟透过损益账以公 平值列账的财务资产公平值变动产生的亏损减少而部分抵销。 胡桃资本(00905)发布公告，集团预期截至2025年6月30日止六个月将取得公司拥有人应占亏损增加约 40%至50%，而上年同期则取得公司拥有人应占亏损1870万港元。 ...

Core Viewpoint - The article discusses the mixed signals from Federal Reserve officials regarding interest rate cuts, highlighting the uncertainty in the current economic environment and the potential impact of tariffs on inflation [5][6][7]. Group 1: Federal Reserve Officials' Views - Cleveland Fed President Mester indicated that there is no reason to lower rates based on current data [5]. - Kansas City Fed President George stated that the current policy is well-positioned and should not be adjusted without clear data [5]. - Atlanta Fed President Bostic expects one rate cut this year but acknowledges the uncertainty surrounding any predictions [5]. Group 2: Market Expectations - Goldman Sachs does not expect Powell's speech to clearly indicate a rate cut in September but anticipates he may signal support for a cut [6]. - As of the report, rate futures are pricing in a reduction of approximately 47 basis points this year, with a 70.4% probability of a cut in September [6]. - The financial market is betting on a 25 basis point cut at the next meeting, influenced by unexpectedly weak July employment data and significant downward revisions of May and June data [6]. Group 3: Inflation Concerns - Despite signs of a weakening labor market that typically support rate cuts, inflation remains above the Fed's 2% target, with potential upward pressure from tariffs [6]. - The article notes that the full impact of tariffs on inflation may not be evident until next year, with concerns that high inflation trends could persist [6][7]. - Mester expressed worries about the sustained high inflation over the past four years and the current trend moving in the wrong direction [6].

近期，A股市场主要指数持续走强，沪深两市成交额频频突破2万亿元，两融余额亦保持在历史高位。 东方财富Choice数据显示，截至8月21日收盘，上证指数、深证成指、创业板指年内分别上涨12.51%、 14.45%、21.19%。 A股市场本轮上涨行情离不开多路资金各司其职、共同发力。笔者认为，从长期来看，多元化资金协力 将增强中国资本市场的韧性，并持续巩固其向好生态。 其一，中国版平准基金持续显效，是资本市场长期健康运行的基石。 今年以来，监管部门对中央汇金公司发挥类平准基金功能进行了进一步明晰，从制度层面增强资本市场 的内在稳定性。从实操层面看，在关键时点，中央汇金公司通过加大股票指数基金增持力度等举措，既 为市场注入流动性，也释放了极强的政策信号，在促进股市回暖、平抑异常波动等方面发挥了重要作 用。 ■ 苏向杲 其三，散户资金入场，有望进一步提升市场活跃度。 当前我国资本市场散户占比较高，其投资活跃度对市场影响显著。数据显示，今年前7个月A股新开账 户数量同比大增36.88%；7月份证券类App活跃人数同比增长20.89%；近期多个交易日两融余额超过2万 亿元。从宏观视角看，散户积极参与有助于丰富资本市场资 ...

Core Viewpoint - The company anticipates a significant increase in net profit for the six months ending June 30, 2025, compared to the same period in 2024, driven by various financial factors [1] Financial Performance - The company expects to achieve an unaudited consolidated net profit of not less than approximately RMB 450 million for the six months ending June 30, 2025, compared to an unaudited consolidated net profit of approximately RMB 78 million for the six months ending June 30, 2024 [1] - The increase in net profit is primarily attributed to a substantial rise in the fair value of financial assets, exceeding approximately RMB 550 million [1] - Revenue for the period is expected to decrease by approximately RMB 330 million [1] - Administrative and other operating expenses, as well as sales and service costs, are projected to decrease by approximately RMB 120 million [1]

Group 1 - The core viewpoint of the article is that Yuexiu Capital's subsidiary, Yuexiu Industrial Investment, has participated in the strategic allocation of Guangdong Jianke stocks, which are currently under a lock-up period, leading to uncertainty regarding the final investment returns [1] - The company will determine its specific investment strategy based on market conditions and financial status [1] - Investors are advised to pay attention to the company's periodic report disclosures for information regarding its financial situation [1]

Group 1 - The company reported total revenue of HKD 94.7 million for the six months ending June 30, 2025, representing a year-on-year decrease of 28.5% [1] - The decline in revenue is primarily attributed to weak performance in the healthcare segment, along with reduced interest income from financial investments, partially offset by stable contributions from property investments [1] - The underlying recurring profit, calculated by excluding unrealized fair value changes of financial assets and investment properties, decreased by 26.6% to HKD 45.3 million, mainly due to reduced sales contributions from the healthcare segment [1] Group 2 - The company declared an interim dividend of HKD 0.03 per share and a special interim dividend of HKD 0.05 per share [1]

Core Viewpoint - The company anticipates an increase in losses for the six months ending June 30, 2025, compared to the previous period, primarily due to reduced income from financing activities and stricter credit controls [1] Financial Performance - The company reported a loss attributable to equity holders of approximately HKD 18.3 million for the six months ending June 30, 2024 [1] - For the upcoming period ending June 30, 2025, the expected loss is projected to be between HKD 28 million and HKD 31 million [1] Business Environment - The decrease in financing income is attributed to uncertainties in the economic environment in both China and Hong Kong [1] - The company is implementing stricter credit controls in its lending operations, which is contributing to the anticipated increase in losses [1]

Core Viewpoint - China Financial Investment Management (00605.HK) anticipates a significant increase in losses for the six months ending June 30, 2025, projecting a loss attributable to equity holders of approximately HKD 28 million to HKD 31 million, compared to a loss of about HKD 18.3 million in the same period last year [1] Financial Performance - The company reported a loss attributable to equity holders of approximately HKD 18.3 million for the previous year [1] - The projected loss for the upcoming period is expected to be between HKD 28 million and HKD 31 million, indicating a deterioration in financial performance [1] Reasons for Increased Losses - The primary reasons for the increase in losses include: - A decrease in revenue from financing operations in China and Hong Kong due to economic uncertainty [1] - The company is conducting its lending business under stricter credit controls, which has impacted revenue [1]

Group 1: Smart Investment Products - Hong Kong Stock Exchange has launched smart investment products that combine stocks, bonds, and gold in dynamic allocations [1] - High-growth combinations led by technology stocks, such as Tencent and Meituan, are configured at a 4:6 ratio, providing an average compound return of 12.3% for investors by mid-2025 [1] - The bond market is highlighted for its risk-averse attributes, with a national and corporate bond combination yielding an annualized return of 5.8% despite high interest rates [2] Group 2: Digital Innovations in Gold and Bonds - The introduction of tokenized gold products combines physical gold storage with blockchain technology, allowing investors to benefit from gold price fluctuations while redeeming physical gold [2] - Green bond combinations allocate 30% to infrastructure project bonds in the Greater Bay Area, aligning with ESG investment trends and benefiting from local government subsidies [2] Group 3: Dynamic Asset Allocation - Smart algorithms are reshaping asset allocation, with dynamic balance combinations adjusting stock, bond, and gold ratios in real-time [3] - A core-satellite strategy is recommended, using a stable combination as a base while pursuing excess returns through industry rotation combinations [3] - Alternative asset combinations allocate 15% to rare earth ETFs, complementing digital currency hedges for risk-tolerant investors [3] Group 4: Market Conditions and Strategies - Duration hedging combinations effectively mitigate interest rate volatility impacts on bond holdings by shorting long-term U.S. Treasury futures [4] - Inflation protection combinations maintain positive real returns in an environment where CPI has risen by 4.2% [4] - The Greater Bay Area exclusive combination has successfully executed seven event-driven arbitrage opportunities within the year [4]

Core Viewpoint - The company, Xinkong International Capital (00993.HK), is expected to report a net loss of approximately HKD 290 million to HKD 310 million for the six months ending June 30, 2025, compared to a net profit of about HKD 143 million in the previous period [1] Financial Performance - The anticipated net loss is primarily attributed to significant impairment losses recognized during the period, mainly due to a substantial decrease in the expected recoverable amount of a loan [1] - The company also recorded a net loss on financial assets measured at fair value through profit or loss during the current period [1] - In the previous period, the net profit was largely due to a significant reversal of impairment provisions related to the aforementioned loan, driven by an increase in the fair value of collateral [1] - Financial assets measured at fair value through profit or loss generated a net gain in the prior period [1]