Group 1 - The first batch of 26 new floating rate funds has raised over 12.6 billion yuan, with 13 products already established, indicating strong market interest [1] - Credit bond ETFs have seen their total scale exceed 200 billion yuan, marking a significant growth in the ETF market, driven by a shift towards stable income assets [1] - The People's Bank of China is set to conduct a 300 billion yuan MLF operation, ensuring liquidity remains ample in the market [2] Group 2 - Guotai Junan International has become the first Chinese broker to receive approval for virtual asset trading services, expanding its offerings to include cryptocurrencies [2] - The popularity of the "Su Super" event has significantly boosted weekend consumer spending in participating cities, with a notable increase in group purchase orders [3] - A surge in A-share buybacks has been observed, with 666 companies or major shareholders obtaining buyback loans totaling approximately 133.96 billion yuan [3] Group 3 - BlackBerry reported first-quarter revenue of $121.7 million, exceeding market expectations, and provided guidance for the second quarter [5] - Xero has announced a $2.5 billion acquisition of Melio, a payment platform for small businesses, indicating a strategic move in the fintech sector [5] - Ant Group has reduced its stake in ZhongAn Insurance, becoming the fourth largest shareholder after cashing out approximately 654 million HKD [6] Group 4 - Sanhua Intelligent Controls expects a 25%-50% increase in net profit for the first half of 2025, reflecting positive growth prospects [6] - U.S. stock indices have all risen over 1%, with the Nasdaq reaching a four-month high, driven by easing geopolitical tensions and favorable market conditions [7][8] - The easing of Middle Eastern tensions has led to a significant drop in oil prices, benefiting airline stocks, while gold prices have also decreased [8]

(2025年6月23日，香港)以金融科技为核心的全方位金融集团艾德金融与香港持牌虚拟资产交易平台 EXIO Limited 宣布达成策略性合作。艾德金融将为 EXIO Limited 各类虚拟资产交易提供流动性支持以 及结算服务，为市场参与者提供更高效、更安全的交易体验。 关于EX.IO EXIO Limited 是一家创新且合规的虚拟资产交易平台(VATP)，于2024年12月获得香港证券及期货事务 监察委员会(SFC)颁发的全面营业许可牌照，成为香港获在《打击洗钱条例》下的牌照发牌照制度下首 批正式持牌的虚拟资产交易平台之一。平台致力于桥接传统金融(Web2)与 Web3 生态系统，并提供合规 的交易、支付及多元化金融服务。EX.IO 采取多维的监管策略，严格遵循香港 SFC 及杜拜 VARA 的规 范来运营并提供金融服务；平台除整合了法币与加密货币转换、资产托管、潜在的 RWA 以及创新的 PayFi(支付+金融)解决方案外，更凭借稳固的银行合作关系及一支融合传统金融与区块链技术专长的专 业团队，来持续确保并提升服务的安全性与前瞻性。 此次合作充分体现了双方的专业实力与市场影响力。艾德金融凭借其在传统金 ...

Core Insights - The development of stablecoins is reshaping traditional payment systems and enhancing financial service accessibility, as highlighted by the People's Bank of China's governor [1][5] - HashKey Group is actively involved in the stablecoin ecosystem, partnering with JD.com to promote stablecoin applications in cross-border payments and real-world assets [1][5] Group 1: Importance of Stablecoins - Stablecoins address the "last mile" issue in inclusive finance, broadening its accessibility [5] - The emergence of stablecoins like USDC and USDT has expanded the boundaries of inclusive finance, with major global financial centers pushing for stablecoin development [5] - The global circulation of stablecoins was under $200 billion in 2022, supporting approximately $20 trillion in payments, indicating a leverage effect of 100 times [5] Group 2: Regulatory Framework and Development - The establishment of a legal and regulatory framework is crucial for the advancement of stablecoins, with Hong Kong leading the way by introducing the Stablecoin Regulation ahead of the U.S. [7] - Hong Kong is positioned as a testing ground for China's stablecoin initiatives, which could facilitate the internationalization of the Renminbi [7] Group 3: Cross-Border Trade and Compliance - Cross-border e-commerce is expected to be a significant beneficiary of stablecoins, as they can streamline the conversion of stablecoins to local currencies for merchants [9] - Licensed exchanges in Hong Kong play a vital role in facilitating the exchange of stablecoins into fiat currency, ensuring compliance with regional regulations [10] Group 4: Bridging Traditional Finance and Web3 - HashKey Exchange aims to connect traditional finance with Web3, with its self-developed HashKey Chain facilitating the tokenization of financial assets [10] - Stablecoins are not only payment tools but also have investment potential, allowing users to purchase tokenized money market funds or obtain loans through stablecoin staking [10]

中国基金报记者 郭玟君 【导读】 HashKey集团肖风：推动稳定币发展，提升金融服务获得性 肖风认为，稳定币真正解决了普惠金融"最后一公里"问题。 在肖风看来，普惠金融的核心在于可获得性。USDC（USD Coin）和USDT（Tether）等稳 定币的出现，拓宽了普惠金融的边界。目前，全球排名前五的国际金融中心，都在积极推动 稳定币发展，在稳定币监管和法律框架的制定上步调一致。 长远看，代币化和稳定币的发展将彻底改变全球金融市场的运作方式。"相信十年之后，稳定 币将使代币化成为主流的支付结算工具，并最终取代旧有系统，这一'良币驱逐劣币'的趋势是 不可阻挡的。原因很简单——它的效率更高、成本更低、环节更少，还能做到'7X24小时'交 易。" 肖风介绍，2022年，全球稳定币的流通量只有不到2000亿美元，但已支撑了全球约20万亿 美元的支付、交易和清算，杠杆效应高达100倍。美国财政部部长在参议院稳定币法案通过时 提到，到2030年，全球将有3.7万亿美元至3.9万亿美元的稳定币流通。而目前，全球传统金 融市场的交易金额大约在300万亿美元至350万亿美元之间。 香港可作为 中国稳定币的"试验田" 6月18 ...

Investment Rating - The report assigns an "Outperform" rating for OSL Group (00863.HK) for the first time [1][4][32] Core Views - The company achieved its first positive net profit in 2024, driven by rapid growth in trading volume and SaaS services, with total revenue reaching HKD 375 million, a year-on-year increase of 78.59% [3][25] - OSL Group is the only listed licensed compliant virtual asset exchange in Asia, providing brokerage services, digital asset custody, and electronic trading platforms [3][7] - The global digital asset trading volume is expected to grow significantly, with OSL's market business revenue projected to reach HKD 283 million in 2024, a 73.3% increase year-on-year [3][25] Summary by Sections Company Overview - OSL Group is the only listed licensed compliant virtual asset exchange in Asia, with a custody asset scale of approximately HKD 5 billion, growing over five times year-on-year [3][7] - The company has successfully obtained multiple licenses, including the first AMLO license in Hong Kong and a digital currency exchange license in Australia [4][11] Financial Performance - In 2024, OSL Group achieved a net profit of HKD 56 million, marking a turnaround from previous losses [25][34] - Revenue is expected to continue growing, with projections of HKD 648 million in 2025 and HKD 1.095 billion in 2026 [25][30] Market Trends - The global digital asset trading volume is projected to reach USD 1,085,710 million in 2024, a year-on-year increase of 43% [3] - The number of individuals holding digital assets globally is expected to grow by 33% year-on-year, with Asia accounting for 327 million holders, a 22% increase [3] Business Expansion - OSL Group is accelerating its global expansion through acquisitions, including the purchase of CoinBest in Japan and plans to acquire a 90% stake in Evergreen Crest Holdings in Indonesia [4][12] - The company aims to enhance its presence in the digital asset market by launching Asia's first digital asset spot ETFs in collaboration with major funds [4][11] Valuation and Investment Outlook - The report anticipates that OSL Group will benefit from the growth of the Web3 industry and its unique position as a licensed trading platform, projecting significant revenue growth in the coming years [5][30] - The estimated price-to-sales ratios for 2025 and 2026 are 12x and 7x, respectively, indicating a favorable valuation compared to peers like Coinbase and Hong Kong Exchanges [30][31]

Group 1: Market Reactions and Political Developments - The market anticipates favorable policies from the Lujiazui Forum, reflected in a 0.60% increase in the Hang Seng Index [1] - The election of Lee Jae-myung as South Korea's president led to a 2.66% rise in the KOSPI index, entering a technical bull market, with a target of 5000 points set by Lee [1] - Lee's political agenda includes promoting cryptocurrency ETF legalization and establishing a regulatory framework for stablecoins, benefiting companies like OSL Group [1] Group 2: Rare Earth Export Controls and Automotive Industry - China's rare earth export controls have raised concerns among global automakers about potential production delays, prompting urgent discussions for alternative solutions [2] - Jinli Permanent Magnet reported a 14.19% year-on-year revenue increase to 1.754 billion yuan and a 57.85% rise in net profit, with expectations of a 20-30% production increase this year [2] - Lithium resource stocks, including Longpan Technology and Tianqi Lithium, saw gains exceeding 4% [2] Group 3: Energy Sector Developments - Meta signed a 20-year contract with Constellation Energy to purchase nuclear power starting mid-2027, highlighting the shift towards low-carbon energy sources [3] - China General Nuclear Power's stock surged over 28% following a uranium sales agreement with its parent company, indicating strong market interest in nuclear energy [3] - Other green energy stocks, such as Shankai Holdings, also experienced significant gains [3] Group 4: Biotechnology and Clinical Research - Innovent Biologics presented promising Phase I clinical trial data for its dual-specific antibody IBI363 at the ASCO annual meeting, leading to a stock increase of over 14% [4] - Other biotech firms, including Junshi Biosciences and Innovent, reached annual highs, indicating strong investor interest in the sector [4] Group 5: Consumer Market Trends - TOPTOY, a trendy toy platform, is preparing for an IPO, capitalizing on the booming market for collectible toys [5] - Other consumer stocks, such as Mixue Group and Maogeping, also saw significant increases, reflecting a collective bullish sentiment in the consumer sector [5] - The new regulations on e-cigarette production in China are expected to enhance investor confidence in the industry, with related stocks like Smoore International rising over 13% [5] Group 6: Data Center Industry Insights - Neway Network Group is positioned to benefit from the doubling demand for data centers in the Asia-Pacific region, driven by AI and digital transformation [8] - The company is expanding its data center capacity significantly, with projects like MEGAIDC expected to enhance its operational capabilities [9][10] - The firm has established itself as a leading interconnection hub in Asia, with major clients including Amazon AWS and Alibaba [10]

Investment Rating - The report maintains a positive outlook on certain sectors, particularly focusing on undervalued stocks and sectors that have shown resilience despite market fluctuations [1][11]. Core Insights - The report emphasizes the importance of monitoring quarterly changes in overseas assets, particularly in light of the ongoing US-China trade negotiations and the impact of tariffs on Chinese assets [1][11]. - It suggests that the difficulty in identifying undervalued stocks is increasing as the declines in overseas Chinese assets are being filled [1][11]. - The report highlights specific sectors and companies to watch, including Chinese concept stocks in the US, internet assets in Hong Kong, and consumer goods companies preparing for IPOs [1][11]. Summary by Sections 1. Current Perspectives - The report stresses the need to focus on quarterly changes in overseas assets and the implications of US-China tariff negotiations [1][11]. 2. Industry Tracking 2.1 Consumer & Internet - **Education**: The Chinese education index rose by 2.80%, outperforming major indices, with notable gains from companies like Gaotu and Youdao [10][21]. - **Luxury Goods**: The report notes mixed performance among luxury goods companies, with Richemont showing resilience in high-end jewelry despite macroeconomic fluctuations [24][28]. - **Coffee & Beverage**: The coffee and tea segment remains a key focus for delivery platforms, benefiting from subsidies [11][30]. - **E-commerce**: JD and Alibaba reported strong earnings, with JD's retail business performing particularly well [11][40]. 2.2 Platforms & Technology - **Streaming Platforms**: Tencent Music and NetEase Cloud Music reported strong earnings, with Tencent Music's revenue exceeding expectations [41][46]. - **Virtual Assets & Internet Brokers**: The global cryptocurrency market saw a slight increase, with Bitcoin and Ethereum prices rising [48][49]. 2.3 Media - The report highlights the recent changes in regulations regarding major asset restructuring, which may accelerate the pace of mergers and acquisitions in the media sector [11][28].

Investment Rating - The report maintains a positive outlook on certain sectors, particularly focusing on undervalued stocks and sectors that have shown resilience despite market fluctuations [1][11]. Core Insights - The report emphasizes the importance of monitoring quarterly reports from overseas assets, particularly in light of ongoing US-China trade negotiations and the impact of tariffs on Chinese assets [1][11]. - It suggests that the difficulty in identifying undervalued stocks is increasing as the declines in overseas Chinese assets are being filled [1][11]. - Key sectors to watch include US-listed Chinese assets, Hong Kong internet assets, and consumer-related stocks, with specific recommendations for companies like Pinduoduo, Beike, and Tencent Music [1][11]. Summary by Sections 1. Education - The Chinese education index rose by 2.80% from May 12 to May 16, outperforming major indices [10]. - Notable stock performances include Gaotu (+15.11%), TAL Education (+11.68%), and Youdao (+7.85%), while Thinking Academy fell by 9.85% [10][21]. 2. Luxury Goods - The luxury goods sector showed mixed results, with Richemont's jewelry division demonstrating resilience amid macroeconomic fluctuations [3][24]. - The report notes a decline in sales for brands like Burberry, which saw a 17% drop in revenue, while Richemont reported a 4% increase in revenue [24][28]. 3. Coffee and Beverage Chains - The non-essential consumption index increased by 1.39%, with companies like Ctrip and Tim Hortons showing positive stock performance [30]. - Luckin Coffee's stock decreased by 2.32%, indicating competitive pressures in the beverage market [30][35]. 4. E-commerce and Internet - The Hang Seng Internet Technology Index rose by 2.10%, with notable performances from Vipshop (+10.85%) and Pinduoduo (+7.26%) [32]. - Alibaba's revenue grew by 9% in the last quarter, while JD.com reported a 15.8% increase in revenue [41]. 5. Streaming Platforms - The Hang Seng Media Index increased by 4.3%, with Tencent Music and NetEase Music showing significant gains [42]. - Tencent Music's revenue rose by 8.7%, driven by strong growth in music subscriptions and advertising [47]. 6. Virtual Assets & Internet Brokers - The global cryptocurrency market cap reached $341.9 billion, with Bitcoin and Ethereum prices increasing by 0.6% and 15.8%, respectively [49]. - Companies like Coinbase and Robinhood saw substantial stock price increases, reflecting positive sentiment in the virtual asset sector [50].

Lianlian DigiTech Co., Ltd. 連連數字科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2598） 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的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 獲得於香港營運虛擬資產交易平台之牌照 本公告乃由連連數字科技股份有限公司（「本公司」，連同其附屬公司，統稱「本集 團」）自願作出，旨在向本公司股東及潛在投資者提供有關本集團最新業務發展的 最新資料。 於本公告日期，董事會包括執行董事章徵宇先生、辛潔先生、魏萍女士、朱曉松 先生及王愚先生，以及獨立非執行董事Chun Chang先生、黃志堅先生及林蘭芬女 士。 本公司董事會（「董事會」）欣然宣佈，本公司的全資附屬公司DFX Labs Company Limited（「DFX Labs」）已獲得香港證券及期貨事務監察委員會根據其虛擬資產 交易平台（「VATP」）發牌程序頒發的一套牌照（「VATP牌照」）。VATP牌照授權 DFX Labs根據《證券及期貨條例》進行 ...