吴说获悉，香港立法会议员吴杰庄发文表示，香港监管机构以更开放的态度发布新政策，尤其是向专业 投资者开放永续合约功能。吴杰庄建议，政府应考虑成立专门机构或部门，全盘统筹数字及加密资产的 发展，特别是引入清晰指引和法规，以便去中心化自治组织（DAO）能更合规地在香港落地，并吸引 更多 Level 1 公链项目在香港发展壮大。 （来源：吴说） ...

Market Overview - The Hong Kong stock market showed a slight upward trend, closing up 0.31%, although trading volume has decreased [1] - Recent unfavorable data from the U.S. has led to a search for new catalysts, with U.S. Treasury Secretary emphasizing productive U.S.-China relations [1] - International gold prices have strengthened, with London gold reported at $5,051 per ounce, up 0.26%, supported by a weaker U.S. dollar [1] Sector Focus - The demand for AI chips has surged, causing tight production capacity for CTE, with major manufacturers like NVIDIA and AMD using high-end fiberglass, impacting consumer electronics [3] - The price of rare earth products has accelerated, with praseodymium and neodymium oxide prices rising by 7.59% and 6.27% respectively [4] - Tungsten prices are also increasing due to stricter supply chain controls, with black tungsten concentrate prices rising by 14.7% [4] Company Highlights - Kingsoft Cloud (金山云) has launched a new AI application firewall, which is expected to drive growth in its cloud business, with a projected revenue CAGR of 37% from Xiaomi-related transactions [2] - Bilibili (哔哩哔哩) is set to enhance its brand visibility by participating in the Spring Festival Gala, which may boost its advertising and gaming business [7] - Baidu's AI applications are expected to significantly increase advertising revenue on Bilibili, as major companies compete for traffic in AI [7] Upcoming Developments - The Hong Kong Monetary Authority is expected to issue the first licenses for stablecoin issuers next month, aiming to position Hong Kong as a global digital asset innovation hub [3] - The nickel market is anticipated to see price increases due to a significant reduction in approved production quotas by Indonesia's Ministry of Energy and Mineral Resources [6]

HONG KONG — Hong Kong is ready to begin issuing the first of its stablecoin licenses next month, the Special Administration Region's Financial Secretary said Wednesday. Hong Kong will only issue a small batch of licenses initially, Hong Kong's Paul Chan Mo-Po said Wednesday at CoinDesk's Consensus Hong Kong conference. "In giving our licenses, we ensure that licensees have novel use cases, a credible and sustainable business model and strong regulatory compliance capabilities," he said. Hong Kong is al ...

Financial Data and Key Metrics Changes - For the second quarter, total revenue was approximately $8.1 million, an increase of approximately $4 million or just over 100% compared to $4 million in the prior year quarter [17] - The net loss for the quarter was approximately $178.9 million or approximately $2.94 per share, primarily driven by $164.5 million of unrealized losses on digital assets [18] - The company had approximately $1.6 million in cash and 2.17 million Solana tokens as of December 31st [15] Business Line Data and Key Metrics Changes - Digital asset revenue for the six months ended December 31st, 2025, was approximately $11.2 million, reflecting the addition of the digital asset Treasury business [15] - The Treasury had an unrealized loss on digital assets of approximately $86.4 million, reflective of the Solana price per token of $124.48 at December 31st, 2025 [16] Market Data and Key Metrics Changes - The price of Solana fell 40% during the quarter and has fallen a further 31% since the quarter end [4] - The Spot Solana ETFs launched and have seen over $850 million of net inflows since [12] Company Strategy and Development Direction - The company aims to increase yield, hedge positions using a maturing options market, and capitalize on top opportunities created by market volatility [9] - The strategic plan includes raising capital above NAV to increase digital assets per share and issuing in-kind convertible notes at a premium to NAV [20] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the future despite a turbulent start to 2026, believing that the subsector will work through oversupply through M&A or asset sales [6] - The company is focused on growing Solana's holdings on a per-share basis through disciplined capital activities and maintaining prudent leverage and risk management [18] Other Important Information - The company became shelf-eligible during the quarter and filed a shelf registration statement on Form S-3 with the SEC [13] - A $50 million share repurchase program was announced, adding another tool for capital management [13] Q&A Session Summary Question: With the recent pressure on Solana, is there any change in terms of your capital raising strategy? - Management stated that they have not changed their perspective and continue to aim for raising capital above NAV [24] Question: How do you weigh buying SOL versus keeping a reserve? - Management emphasized the importance of maintaining cash reserves due to market volatility and indicated a cautious approach to capital allocation [26] Question: Can you elaborate on generating additional yield outside of staking? - Management is exploring a strategy that can generate high yield in a low-risk way, focusing on familiar market activities rather than on-chain options [30][37]

Group 1: Digital Asset Market Overview - The digital asset market experienced a significant downturn in Q4 2025, with a total market capitalization of approximately $2.93 trillion as of January 31, 2026, reflecting a decline of about 27.1% from the end of Q3 2025 [3][4] - Bitcoin's closing price was $84,100, down approximately 26.4%, while Ethereum fell to around $2,702, a decrease of about 35.9% [3][4] - The market adjustment was influenced by changes in liquidity expectations, delays in key regulatory legislation in the U.S., and a shift in market sentiment towards caution [3][4] Group 2: Stablecoin Market Dynamics - The stablecoin market showed a significant slowdown in growth, with a total market capitalization of $293.29 billion as of January 31, 2026, representing a mere 2.3% increase from the previous quarter [5] - The dominance of USD stablecoins remains strong, with USDT and USDC maintaining a duopoly, accounting for approximately 59.7% and 22.8% of the market, respectively [5] Group 3: Regulatory Developments - The U.S. regulatory landscape for digital assets is characterized by a dual focus on institutional integration and risk prevention, with the legislative process for the "CLARITY Act" stalled due to industry conflicts [2][8] - The People's Bank of China has initiated a new generation of the digital RMB system, marking a transition towards a more systematic development phase [2][13] - The U.S. Office of the Comptroller of the Currency (OCC) has granted temporary national bank charters to several stablecoin issuers, integrating them into the federal banking regulatory framework [7] Group 4: Real World Assets (RWA) Growth - The market capitalization of Real World Assets (RWA) grew by 41.1% from the end of Q3 2025 to approximately $23.7 billion as of January 31, 2026, with U.S. Treasury RWA accounting for 40% of this total [15][16] - Traditional financial institutions are actively promoting the tokenization of compliant products, indicating a shift towards integrating RWA into blockchain ecosystems [16] Group 5: Future Regulatory Scenarios - The ongoing negotiations surrounding the "CLARITY Act" may lead to three potential outcomes: a conservative version favoring banking interests, a middle-ground version facilitating compliance for crypto-native platforms, or a complete failure of the act, resulting in continued regulatory uncertainty [11][12] - The Chinese regulatory framework has clarified the definition and stance on RWA, emphasizing compliance and the need for regulatory approval for tokenization activities [17][18]

Group 1 - The "ITA2026 First RWA Global Summit" was held in Hong Kong, focusing on the digital development path of Real World Assets (RWA) [1][3] - Hong Kong's government aims to leverage its "firewall" and "testing ground" roles under "One Country, Two Systems" to promote the digital asset industry while optimizing regulatory frameworks for sustainable market development [1] - The summit emphasized the importance of compliance in RWA development to serve the real economy and sustainable growth, avoiding speculation [1] Group 2 - The event was organized by the Bauhinia Magazine, which aims to act as a bridge and think tank to promote compliance and industry consensus for RWA [3] - Hong Kong is positioned as an ideal location for RWA industry growth due to its robust common law system, open capital markets, and advanced financial technology infrastructure [3] - Successful business models in RWA should encompass globalization, institutionalization, and industrialization, leveraging Hong Kong's strong industrial chain to connect global capital [3]

证券研究报告 | 浙商早知道 报告日期：2026 年 02 月 10 日 浙商早知道 2026 年 02 月 10 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 市场总览 重要点评 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 ❑ 大势：2 月 9 日上证指数上涨 1.41%，沪深 300 上涨 1.63%，科创 50 上涨 2.51%，中证 1000 上涨 2.26%，创业板 指上涨 2.98%，恒生指数上涨 1.76%。 ❑ 行业：2 月 9 日表现最好的行业分别是通信（+5.17%)、综合（+4.7%)、传媒（+3.5%)、电子（+2.97%)、计算机 （+2.88%)。 ❑ 资金：2 月 9 日全 A 总成交额为 22702 亿元，南下资金净流出 18.87 亿港元。 ❑ 【浙商非银 孙嘉赓/许盈盈】非银金融 行业点评：中国 RWA 监管框架落地，香港 Web3 产业迎新变局—— 20260208 ❑ 【浙商传媒互联网 冯翠婷】传媒 行业点评：周报：完美世界《异环》三测超预期 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [3] Core Insights - The regulatory framework for Real World Assets (RWA) has been established in China, expanding the scope from virtual currencies to include tokenization of both virtual currencies and real-world assets [2] - The new regulations emphasize cross-border supervision, prohibiting domestic entities from issuing stablecoins linked to the Renminbi abroad without consent, and restricts foreign entities from providing RWA-related services to domestic subjects [2] - The policy aims to facilitate the orderly development of RWA by allowing domestic entities and financial institutions to operate abroad under clear regulatory requirements, enhancing Hong Kong's position as a hub for asset outflow and promoting the normalization of RWA practices [2] Summary by Sections - **Regulatory Developments**: The recent notification from multiple Chinese regulatory bodies defines RWA and outlines a clear framework for domestic enterprises to engage in overseas RWA activities, categorizing them into four types: external debt RWA, asset securitization RWA, equity RWA, and other forms of RWA [3] - **Operational Guidelines**: The guidelines require domestic entities to file with the China Securities Regulatory Commission (CSRC) before engaging in RWA activities abroad, ensuring compliance with necessary reporting and documentation [3] - **Market Participants**: Key participants in the Hong Kong RWA industry include digital asset exchanges, intermediary institutions (especially domestic financial institutions' overseas subsidiaries), and technology service providers [4]

Core Viewpoint - China's top financial regulators have significantly expanded the existing crypto ban, specifically targeting stablecoin issuances and the tokenization of real-world assets, marking the most aggressive tightening of capital controls since the 2021 prohibition on Bitcoin mining and trading [1][2]. Regulatory Actions - The joint notice was released on February 6 by eight agencies, including the People's Bank of China and the China Securities Regulatory Commission [1]. - New rules prohibit foreign entities from offering stablecoin or tokenization services to Chinese residents, addressing a surge in virtual asset activities perceived as a threat to financial stability [2]. Offshore Loophole Closure - The crackdown targets the "offshore loophole" by banning domestic firms and their overseas branches from issuing digital currencies without explicit government approval [3]. - The People's Bank of China emphasized that stablecoins, especially those pegged to fiat currencies, possess attributes of sovereign money [3]. Financial Control and Compliance - Authorities argue that private digital assets undermine the state's control over the money supply and circumvent anti-money-laundering protocols [4]. - The notice specifically prohibits any entity from issuing Renminbi-pegged stablecoins abroad, seen as a defense of the e-CNY, China's official central bank digital currency [4]. Real-World Asset Tokenization - The directive also targets the $24 billion Real-World Asset (RWA) tokenization sector, reclassifying unauthorized tokenization as "illegal public security offerings" and "unauthorized futures business" [5][7]. - Activities related to RWA tokenization within China, including intermediary and IT services suspected of illegal token issuance, are prohibited [7]. Compliance and Oversight - The notice allows limited activities on government-approved financial infrastructure but requires firms pursuing tokenization abroad to meet heightened compliance standards and obtain domestic clearance [8]. - The central government plans to implement a collaborative framework for local and national oversight to enforce these measures [8].

Core Viewpoint - HashKey is positioned to become a significant player in the digital asset market due to its comprehensive licensing and a closed-loop ecosystem, amidst increasing compliance requirements and active institutional participation [1][2]. Group 1: Investment Highlights - The initial coverage gives HashKey a "Buy" rating with a valuation of HKD 28.1 billion, corresponding to a target price of HKD 10.14 per share. Revenue projections for 2025-2027 are HKD 0.782 billion, HKD 1.211 billion, and HKD 2.338 billion, reflecting year-on-year growth of 11%, 55%, and 90% respectively, while net profits are projected at -HKD 1.084 billion, -HKD 0.717 billion, and -HKD 0.047 billion [1]. - HashKey holds full licenses from the Hong Kong Securities and Futures Commission, making it the leading licensed institution in Hong Kong's digital asset market with over 75% market share [1]. - The company has established three synergistic business segments: trading facilitation, on-chain services, and asset management, creating a compliant and secure digital asset ecosystem [1]. Group 2: Institutional Focus and Profitability - HashKey's institutional business is gaining traction, with institutional trading volume accounting for 68% in the first half of 2025, and Omnibus client transaction volume increasing nearly fivefold. Institutional business revenue now represents 85.52% of total revenue [2]. - The company is currently not profitable due to a low-fee customer acquisition strategy and high R&D and sales expenses to meet regulatory requirements, but profitability is expected to improve as the business ecosystem matures and customer loyalty increases [2]. - The tightening of global digital asset regulations is driving institutional demand, positioning HashKey as a preferred partner for institutions seeking to navigate compliance and risk [2].