Core Viewpoint - The company, 驴跡科技 (01745.HK), has announced a potential framework cooperation agreement with a Hong Kong-based technology firm to develop projects related to the tokenization of cultural and creative intellectual property as real-world assets (RWA) and other digital assets [1]. Group 1: Cooperation Details - The initial discussions indicate that both parties aim to collaborate on RWA products and other digital asset projects [1]. - The company will leverage its strengths in global geographical and cultural education and digital content in scenic areas to support the development of related assets and provide technical support for the foundational platform [1]. - The cooperation partner will work with qualified financial institutions to develop RWA products and provide professional services for the launch of these products, fundraising through digital and fiat currencies, and asset appreciation through trading [1]. Group 2: Infrastructure and Strategic Partnership - Both parties plan to jointly invest and operate a data center in Hong Kong as the infrastructure for the projects [1]. - The cooperation partner is a supplier of Kingsoft Cloud solutions, distributing products in the Hong Kong financial sector and closely linked with resources in data operations, financial markets, and web3 [1]. - The partner has collaborated with a Chinese financial institution that is regulated by the Hong Kong Securities and Futures Commission to enhance its license for virtual asset portfolio management services [1].

上下楼就是上下游 "以前拜访合作伙伴都要跨越很远的路程。如今在张江AI小镇，我一个星期内就见了8拨合作伙伴。"模力社区首批入驻企业极豆科技CEO汪奕菲在接受证券时报记者 采访时表示，当新想法、新技术涌现时，可以第一时间和产业伙伴面对面沟通，从而加速产品迭代效率。 对于蓬勃发展的人工智能产业而言，技术如何与实际需求接轨并找到应用场景，始终是一大痛点。在模力社区，通过产业集聚和生态赋能，"上下楼就是上下游"成 为了企业经营的日常，一张紧密的产业链协作网络已编织起来。 记者实探。 在上海浦东张江，有一片约1平方公里的土地，汇聚了人工智能企业成长壮大需要的各种养料：国内首个"5G+AI"全场景商用示范园区——张江人工智能岛、"让创 业者服务创业者"的产业生态圈载体——模力社区、股权投资的枢纽和高地——上海科技投资大厦……这些产业载体，组成了近日亮相的张江AI小镇。 张江AI小镇繁荣的背后，是浦东新区致力于将人工智能打造成世界级产业集群的雄心。记者在调研中发现，以张江AI小镇为代表的浦东新区人工智能产业，重点发 力于"要素支撑、融合赋能"，正加速赋能应用。浦东所拥有的高端制造、生物医药、金融科技等产业矩阵，正是垂类大模 ...

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，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 – 1 – 本 公 司 謹 此 強 調，截 至 本 公 告 日 期，有 關 框 架 合 作 協 議 的 合 作 細 節 及 最 終 商 業 模式仍處于初步階段，尚待進一步磋商及落實。本公司亦確認，雙方並未就框架 合 作 協 議 達 成 任 何 具 體 條 款 或 簽 署 最 終 協 議。本 公 司 將 根 據 香 港 聯 合 交 易 所 有 限公司證券上市規則及其他適用法律法規之規定，于必要時再作公佈。 承董事會命 Lvji Technology Holdings Inc. 驢跡科技控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號︰1745） 自願公告 潛在業務更新 本 公 告 由 驢 跡 科 技 控 股 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱 為「本集團」） 自願作出。 近 期，本 公 司 與 一 間 位 於 香 港 的 科 技 公 司（「合作方」）進 行 溝 通，擬 ...

Group 1 - As of August 22, 1254 stocks in A-share and Hong Kong markets reached new highs, with 234 stocks hitting historical peaks [1] - Among the 1254 stocks, 828 are among the top ten holdings of public funds as of the end of Q2, accounting for 66.03% [1] - In the current market rally, public funds have successfully identified popular stocks such as NewEase, Cambricon, and others [1] Group 2 - According to Wind statistics, the stock with the highest fund holdings among those reaching new highs is Dongfang Caifu, with over 2 billion shares held as of the end of Q2 [2] - Other notable stocks with significant fund holdings include Agricultural Bank and several others, with 47 stocks having fund holdings exceeding 100 million shares [2] - Cambricon, a leading AI chip company, has seen a cumulative increase of over 90% since Q2, with 397 funds holding the stock [2] Group 3 - A total of 110 stocks have doubled in price since Q2, with 67 of these being public fund heavyweights, representing over 60% [3] - NewEase, a leader in optical modules, has seen a cumulative increase of nearly 300% since Q2, with 630 funds holding the stock [3] - Other stocks with significant public fund holdings include Zhongji Xuchuang and Industrial Fulian, each with over 100 million shares held [3] Group 4 - Among the 67 public fund heavyweights that have doubled, Shutaishen has the highest increase, exceeding 600% since Q2, with 50 funds holding the stock [4] - The majority of funds holding Shutaishen are active equity funds, with several funds holding over 5 million shares [4] Group 5 - As of August 22, the Shanghai Composite Index has surpassed 3800 points, with trading volume exceeding 2 trillion yuan for eight consecutive trading days [5] - Analysts suggest that the current market rally is supported by ample liquidity, with attention on potential shifts in monetary policy and long-term capital inflows [5][6] - There is an expectation of increased liquidity in the market as retail funds may migrate towards equity assets due to declining attractiveness of fixed-income products [6]

Core Insights - Financial technology companies have shown steady growth in domestic business and expansion in international markets driven by technological innovation and globalization strategies [1] Group 1: Performance Overview - In Q2 2025, QiFu Technology reported revenue of 5.2 billion RMB, a year-on-year increase of 25.4%, with a non-GAAP net profit of 1.85 billion RMB [2] - XinYe Technology achieved revenue of 3.58 billion RMB, up 12.9%, and a net profit of 750 million RMB, growing 36.4% [2] - LeXin's revenue was 3.587 billion RMB, a slight decline of 1.46%, but net profit surged 125.75% to 511 million RMB [2] - XiaoYing Technology's revenue reached 2.273 billion RMB, a 65.6% increase, with a net profit of 528 million RMB, up 27.1% [2] - JiaYin Technology reported revenue of 1.886 billion RMB, a 27.76% increase, and a net profit of 519 million RMB, growing 117.88% [2] - Overall, the financial performance of listed fintech companies shows a mixed trend, with a focus on improving business quality and efficiency [2] Group 2: Industry Trends - Key characteristics of Q2 performance include steady growth and expansion, enhanced risk resilience, and the empowerment of AI technology [3] - Companies are actively pursuing international business, with XinYe Technology's international transaction volume exceeding 3.2 billion RMB, a 39% increase, and international revenue nearing 800 million RMB, up 41.5% [4] - JiaYin Technology's international operations in Indonesia saw loan amounts increase by over 200% year-on-year, with registered users growing approximately 170% [4] - The rationale for expanding international business includes the presence of market opportunities in emerging economies and risk diversification through global strategies [4]

需要说明的是，3920也并非本轮牛市的最高点。 我上周的预测就讲过，A股大致是10年左右有一轮大牛市，最近的三牛市 时间分别是2005-2007，2012-2015，如果没有意外，这次应该是新一轮牛市，时间是2025-2027，如果本轮牛市能持续到 2027年，则有望挑战20年新高。周末AI+政策利好出台，重点关注金融科技，医疗+AI，AI+财务/税务，AI+视频和图像的 公司。还有9月初将组织一场去某创新药药企业的调研，寻找中国的创新药企业，谁能抢占下一个千亿级蓝海？报名加微信 号：c9863489。 来源：凯恩斯 据央视新闻消息，当地时间8月22日，美联储主席鲍威尔在杰克逊霍尔全球央行年会上表示，当前形势暗示就业增长面临下 行风险，风险平衡点的变化可能要求调整政策。鲍威尔称，美联储对降息持开放态度。鲍威尔的讲话翻译过来就是，老美 就业增长压力很大，通胀是因为关税效应产生的一次性冲击，所以9月会考虑降息。鲍威尔的最新鸽派政策信号，让华尔街 瞬间燃起希望。美股在周五集体飙升，中概股普遍上涨，纳斯达克中国金龙指数涨2.74%。热门中概股方面，名创优品涨超 20%，盛美半导体涨逾19%，蔚来涨超14%，老虎证券涨 ...

Group 1: Financial Performance - The company's revenue experienced a slight decline year-on-year due to intensified market competition and fluctuations in product demand, particularly in embedded security products, which saw a decrease in average unit price [1] - Net profit decline was greater than revenue decline, primarily due to reduced overall gross margin and significant R&D and marketing investments [2] - Delayed customer payments led to substantial credit impairment losses, adversely affecting performance [2] Group 2: Business Strategy and Development - The company is focusing on expanding orders, improving operational efficiency, and enhancing cost control and accounts receivable collection [2] - Continuous investment in new product development and commercialization, particularly in digital currency applications and AI Agent solutions, is being pursued [2] - The company has invested in Shenzhen Redtea Mobile, the first Chinese company to partner with Apple for eSIM connectivity, aiming for international expansion in telecommunications and IoT sectors [3] Group 3: eSIM Business Progress - Increased R&D investment in the eSIM sector, enhancing product lines and service capabilities to support domestic and international business expansion [3] - Collaboration with domestic mobile operators to provide innovative eSIM solutions, leveraging cross-industry service advantages [3] Group 4: Digital Currency Initiatives - As a pioneer in digital RMB ecosystem development, the company is providing integrated hardware and software solutions for various applications, including cross-border transactions and government subsidies [5] - Successfully launched products such as digital RMB hardware wallets and self-service terminals, with ongoing pilot projects [5] - The company is exploring opportunities in cross-border settlements and blockchain integration to enhance payment efficiency and reduce costs [5]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 本周，大盘继续上行，各大指数纷纷上涨，上证指数由上周的3700点附近上涨到了3800点上方。周五， 科创板、半导体、芯片爆发，周末投资者情绪高涨。 那么，当前及未来一段时间，市场有哪些值得关注的地方？后市哪些板块有较好的机会呢？今天，达哥 和牛博士就大家关心的话题展开讨论。 牛博士：达哥，你好，又到我们聊市场的时间。本周，市场气势如虹，尤其是周五半导体、芯片板块的 爆发，让投资者情绪高涨，对科技股的预期也大幅提升。对于市场，你怎么看？当前有哪些你比较在意 的地方？ 道达：最近半年多，我都强调一个观点：从历次产业浪潮、科技革命来看，都会出现一轮牛市或结构性 牛市。 虽然市场还没有迎来牛市的主升浪，但从板块行情及大盘重心不断上移来看，基本印证了我的观点。 从时代发展来看，科技是引领时代发展的潮流，是时代前进的动力。美国之所以是当今世界唯一的超级 大国，核心就是其在科技、金融、军事上的霸主地位。 当人工智能这一科技浪潮来临的时候，我们要做的就是与时代同频共振，并积极拥抱它。 相对传统行业，科技股的估值一直都比较高，这是事实。不过，较高的溢价能 ...

Core Viewpoint - The article discusses the process and advantages of issuing Real World Assets (RWA) in Hong Kong for mainland companies, emphasizing the integration of blockchain technology and cross-border financial innovation to enhance international capital access and reduce financing costs [3][42]. Group 1: Preparation Phase - Companies should establish a special task force including legal, financial, and technical leaders to ensure smooth operations [4]. - Key preparatory tasks include regulatory window guidance, compliance cost estimation, and preliminary asset screening to avoid "red light" assets [4][5]. Group 2: RWA Issuance Process - The total cycle for issuing RWA is estimated to be 18-24 months, involving asset selection and confirmation, cross-border structure setup, technical implementation, compliance approval, token issuance, and ongoing operations [5][20]. - Asset selection is categorized into green light (preferred), yellow light (cautious evaluation), and red light (prohibited) assets, with specific criteria for each category [5][8]. Group 3: Key Participants and Responsibilities - Key participants include domestic listed companies, domestic law firms, Hong Kong investment banks, accounting firms, and blockchain technology providers, each with defined responsibilities and deliverables [27]. Group 4: Advantages and Market Potential - RWA issuance can broaden financing channels, reduce costs by 15%-20%, enhance asset liquidity by over 30%, and improve brand internationalization [28]. - The market for RWA is expected to mature with the implementation of Hong Kong's digital asset policies and ongoing optimization of cross-border financial regulations [42]. Group 5: Case Study - The XXNK photovoltaic project successfully raised $55 million, achieving a financing cost of 4.2%, which is lower than the domestic average of 5.5% [41]. - The project highlights the importance of selecting green assets and initiating data compliance processes early to avoid delays [41].

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for the sector's fundamentals and expected performance exceeding the benchmark index [2][27]. Core Insights - The release of DeepSeek-V3.1 has significantly enhanced capabilities in efficiency and agent functions, particularly in programming and search tasks, showcasing a notable improvement over previous models [8][9][10]. - The market has shown increased activity, with the Shanghai Composite Index reaching a 10-year high, suggesting a rise in market risk appetite and highlighting the potential of the fintech sector [19]. - The report emphasizes the growing importance of domestic computing power and AI applications, recommending a focus on companies like Cambricon, Haiguang Information, and others in the AI chip sector [18][19]. Summary by Sections DeepSeek-V3.1 Release - DeepSeek-V3.1 features a new hybrid reasoning architecture, allowing for improved efficiency and enhanced agent capabilities [8][9]. - The model has shown significant performance improvements in complex task evaluations compared to its predecessor, DeepSeek-R1-0528 [10][11]. Market Performance Review - In the fourth week of August 2025, the computer sector rose by 7.93%, with notable gainers including Yuyin Co., Chengmai Technology, and others [20][21]. - The report highlights the active trading environment and the performance of various stocks within the sector, indicating a robust market sentiment [20][21]. Investment Recommendations - The report suggests focusing on AI applications in both consumer (C-end) and business (B-end) sectors, with specific companies recommended for investment based on their growth potential [18][19]. - The fintech sector is identified as a core strategic focus, with recommendations for stocks such as Tonghuashun and Dongfang Caifu, among others [19].