Core Insights - OSL Group reported significant revenue growth but faces profitability pressures, with total revenue reaching HKD 195 million, a 58% year-on-year increase, and core business revenue soaring by 187% to HKD 189 million [1][2] - The newly launched OSL Pay contributed HKD 55.94 million in just three months, accounting for 29% of total revenue, highlighting its role as a new growth engine for the company [1][2] Business Performance - The total trading volume on the OSL platform surged to HKD 68.2 billion, marking a 200% increase year-on-year, indicating a substantial rise in market activity [2] - OSL's custody asset scale reached HKD 56.94 billion, up 50% year-on-year, with the ETF custody asset market share remaining the largest in Hong Kong, reflecting growing demand for compliant custody services from institutional investors [2] Operational Challenges - The workforce expanded dramatically by 240%, from 167 employees in June 2024 to 568 in June 2025, leading to increased operational costs and pressure on profit margins [2][3] - The company acknowledged the need to enhance operational efficiency and improve financial profitability, suggesting that profit performance may not keep pace with revenue growth [2][3] Industry Context - OSL's performance illustrates the typical trajectory of compliance development in the digital asset industry, benefiting from improved regulatory frameworks and participation from traditional financial institutions [3] - The rapid rise of OSL Pay indicates a genuine market demand for digital asset payment channels, aligning with industry trends discussed at the recent Bitcoin Asia conference [3] - The significant increase in personnel and associated costs, along with compliance expenses during international expansion, will continue to test OSL's operational capabilities [3]

Core Viewpoint - New City Development Holdings Limited has established a Digital Asset Research Institute to integrate online digital assets with offline physical commerce, aiming to drive business transformation and upgrade in response to national policies and the digital economy era [1][5]. Group 1: Establishment of Digital Asset Research Institute - The Digital Asset Research Institute is led by Executive Director and President Lv Xiaoping, with a team of experts from various fields to provide strategic guidance and decision-making support for the company's digital business [2]. - The institute aims to continuously research the digital asset market and policy changes, developing relevant business strategies and implementation paths [2]. Group 2: Business Focus Areas - New City Development plans to establish a digital asset management company to promote the tokenization of quality IP resources and asset revenues, focusing on three main business areas: 1. Issuing NFT digital collectibles based on the unique IP of Wuyue Plaza, which has a total asset value exceeding 120 billion yuan and attracts over 1.76 billion visitors annually [2][3]. 2. Exploring the issuance of RWA products based on the asset revenues of Wuyue Plaza, leveraging the Hong Kong government's supportive policies for the digital asset industry [3][4]. 3. Issuing financial RWA products based on the company's listed financial assets to broaden financing channels and support business transformation [4]. Group 3: Offline Business Strategy - The company plans to enhance its offline business through self-operated incubation and national agency models, aiming to create proprietary brands in various sectors and improve the richness of Wuyue Plaza's offerings [4]. - The company anticipates that once all 200 Wuyue Plazas are operational, the annual merchant sales will reach 150 billion yuan, contributing 20% to the company's revenue, thus providing stable cash flow and transforming the existing profit model [4]. Group 4: Future Outlook - The establishment of the Digital Asset Research Institute marks the first step in the company's business transformation, with expectations for continuous stable operating cash flow from its offline business and significant potential value release from NFT and RWA products [5]. - The company aims to leverage the WEB3.0 technology wave and capitalize on the policy window for the digital asset industry to enhance the value of its IP resources and asset revenues, facilitating the interconnection of online digital assets and offline physical commerce [5].

Core Viewpoint - New City Development Holdings Limited has established a Digital Asset Research Institute to integrate online digital assets with offline commercial activities, marking a strategic shift towards digital economy engagement [1][2] Group 1: Establishment of Digital Asset Research Institute - The Digital Asset Research Institute aims to provide decision-making support for the company's digital business layout and strategy formulation [2][3] - The institute is led by senior executives and includes a team of experts from various fields, enhancing its global perspective and professional capabilities [2][3] Group 2: Business Transformation and Growth Opportunities - New City Development plans to establish a digital asset management company to promote the tokenization of quality IP resources and asset revenues, focusing on three main business areas [2][3] - The first area involves issuing NFT digital collectibles based on the unique IP of its shopping centers, with over 17.6 billion annual visitors and 50 million members [2][3] - The second area explores the issuance of RWA products based on the asset revenues of its shopping centers, with total asset value exceeding 120 billion RMB [3][4] Group 3: Financial Innovations and Market Strategies - The third area focuses on issuing financial RWA products based on the company's listed financial assets, aiming to broaden financing channels and support business transformation [4][5] - The company anticipates that once all 200 shopping centers are operational, annual merchant sales could reach 150 billion RMB, contributing significantly to stable cash flow [5] Group 4: Future Outlook and Digital Economy Engagement - The establishment of the Digital Asset Research Institute signifies the company's first step towards business transformation, leveraging WEB 3.0 technologies to unlock the potential value of digital assets [5] - The company aims to create a seamless connection between online digital assets and offline commercial activities, enhancing the growth of the real economy and activating new momentum in the digital economy [5]

Core Viewpoint - New City Development (01030.HK) plans to leverage its existing business and real-world asset (RWA) tokenization technology to advance its strategic layout in this area, with the establishment of a digital asset research institute in Hong Kong by August 29, 2025 [1] Group 1 - The company has a strong capital accumulation after 32 years of development and has begun initial explorations in the RWA field [1] - The initiative aligns with the Hong Kong SAR government's "Hong Kong Digital Asset Development Policy Declaration 2.0," promoting innovation and exploring new opportunities within the regulatory framework [1] - The company aims to explore the feasibility of tokenizing its quality IP resources and asset revenues related to RWA and its applications [1] Group 2 - To meet cross-disciplinary professional requirements, the company will recruit external experts in blockchain, digital finance, and compliance to address specific experience gaps [1] - Legal advisors will comprehensively assess domestic and international legal issues related to RWA, while financial and tax professionals will evaluate relevant financial and tax matters [1] - The company will also optimize technical solutions with technology providers and maintain active communication with regulatory authorities [1]

自願公告 有關開展資產代幣化RWA及相關應用之戰略佈局 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 全部或任何部分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。 SEAZEN GROUP LIMITED 新城發展控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 責 任 公 司） （股 份 代 號：1030） 本集團歷經32年 發 展，資 本 積 累 深 厚，並 在RWA領 域 初 步 探 索。本 公 司 響 應 香 港特別行政區政府《香 港 數 字 資 產 發 展 政 策 宣 言2.0》所 倡 導 創 新 方 向，積 極 開 拓 新 機 遇，在 相 關 監 管 框 架 前 提 下，探 索 本 集 團 優 質IP資源和資產收益代幣化 RWA及 相 關 應 用 之 可 行 性。為 滿 足 跨 領 域 專 業 要 求，本 公 司 將 引 進 區 塊 鏈、數 字 金 融 和 合 規 領 域 外 部 專 家 以 彌 補 特 定 領 域 經 驗，包 ...

Core Viewpoint - The establishment of the Hong Kong Virtual Asset Listed Companies Association (HKVALA) marks a new phase in Hong Kong's digital asset sector, emphasizing a "regulatory-led, self-regulatory-driven" development approach [1][2]. Group 1: HKVALA Formation and Purpose - HKVALA was officially launched on August 27, 2025, symbolizing the integration of traditional finance and innovative technology in Hong Kong [1]. - The association aims to connect government regulators, listed companies, industry participants, and global investors, enhancing collaboration and consensus within the industry [2][10]. - The Hong Kong government is supportive of Web3 and tokenization, having issued official NFTs and green bonds, and is promoting the listing of the first virtual asset spot ETFs in the Asia-Pacific region [4]. Group 2: Industry Growth and Membership - As of September last year, Hong Kong had over 1,100 fintech companies, with an annual growth rate of 15%, including 11 licensed virtual asset trading platforms [2]. - HKVALA's founding members include leading listed companies from various sectors, with a total market capitalization of approximately $20 billion [6][7]. - The association's members represent a diverse range of entities, including digital asset treasury companies, licensed trading platforms, and traditional financial firms venturing into compliant digital assets [4][6]. Group 3: Strategic Initiatives and Future Directions - HKVALA plans to promote collaboration among members, enhance communication with traditional financial institutions, and support regulatory improvements to foster a healthy market environment [11]. - The association will focus on professional talent development and engage with educational institutions to prepare the workforce for the evolving digital asset landscape [11]. - The collaboration with Zhitong Finance will provide essential support in regulatory interpretation, compliance case analysis, and market feedback, establishing a comprehensive ecosystem for HKVALA members [10].

来源：喜娜AI 金融市场犹如变幻莫测的海洋，时刻涌动着投资与经济政策的波澜，深刻影响着全球经济的走向。在 此，喜娜AI为您呈上昨夜今晨的财经热点新闻，全方位覆盖股市动态、经济数据、企业财务状况以及 政策更新等关键领域，助您精准洞察金融世界的风云变幻，把握市场脉搏。 寒武纪上半年营收大增43倍，AI产业链企业业绩亮眼 8月26日晚，寒武纪发布2025年半年度报告，上半年实现营业收入28.81亿元，同比增长4347.82%；净利 润10.38亿元，同比扭亏。二级市场上，其股价自7月11日以来累计涨幅超150%，总市值从2190亿元攀 升至5560亿元。当晚，AI产业链多只大牛股也披露中报，胜宏科技上半年净利同比增长366.89%，中际 旭创同比增长69.40%。26日A股收盘后，国务院发布相关意见利好人工智能产业。详情>> 美团二季度营收增长，将取消骑手超时罚款 8月27日，美团发布2025年第二季度财报，营收918亿元，同比增长11.7%，经调整净利润15亿元。核心 本地商业板块营收653亿元，同比增长7.7%；新业务板块营收265亿元，同比增长22.8%。美团骑手体验 运营负责人表示，将在2025年年底前全面 ...

Robotics - Nvidia has launched a new computing platform, Jetson Thor, designed for physical AI and robotics developers, which includes the Jetson AGX Thor developer kit and the Jetson T5000 production module [1] - The platform aims to reduce reliance on cloud services by enabling multiple generative AI models to run simultaneously on edge devices [1] - The Chinese government has issued guidelines to promote the integration of AI across various sectors, targeting a penetration rate of over 90% for new intelligent terminals and entities by 2030, which is expected to support the development of embodied intelligent robots [1] Rare Earth - Northern Rare Earth reported a significant increase in half-year performance, with revenue reaching 18.866 billion yuan, a year-on-year growth of 45.24%, and net profit soaring by 1951.52% to 931 million yuan [2] - Prices for major rare earth products have risen by over 100,000 yuan per ton since August, driven by strong demand in the domestic permanent magnet industry [2] - The Chinese government has implemented total control measures for rare earth mining and processing, which is expected to further boost prices and profits in the sector [2] Quantum Computing - Beijing Boson Quantum Technology has established China's first large-scale dedicated optical quantum computer manufacturing facility in Shenzhen, expected to produce dozens of optical quantum computers annually [3] - The quantum computing industry is transitioning from laboratory research to commercial applications, with significant growth anticipated between 2025 and 2030, potentially reaching a market size of hundreds of billions of dollars [3] - China's "14th Five-Year Plan" prioritizes quantum technology, indicating potential breakthroughs in quantum communication and optical quantum computing [3] Satellite Internet - The Ministry of Industry and Information Technology has issued guidelines to promote the development of the satellite communication industry, including direct satellite connections for mobile devices and the establishment of satellite internet systems [4] - The satellite communication market in China is projected to exceed 200 billion yuan by 2025, with a compound annual growth rate of over 20% [4] - The integration of satellite communication with 5G and IoT is expected to reshape the global communication landscape, supported by government policies and funding [4] Digital Publishing - The digital publishing industry in China is projected to reach a record revenue of 1.748536 trillion yuan in 2024, marking an 8.07% increase from the previous year [5] - Key growth areas include digitalization of books and periodicals, as well as significant revenue increases in online gaming, online education, and web comics [5] - Technological innovations such as AI, blockchain, and VR/AR are driving the industry's evolution, with China positioned to become a leader in the global digital publishing market [5] Gallium Nitride (GaN) - Huawei and Shandong University have achieved a breakthrough in high-voltage power electronic devices by developing a 1200V vertical GaN-on-Si MOSFET, which offers a cost-effective solution for kilovolt-level power electronic systems [6][7] - This innovation is expected to accelerate the adoption of GaN devices in sectors such as electric vehicles, photovoltaic energy storage, and 5G communication [6][7] - The global GaN device market is projected to reach $6 billion by 2030, with a compound annual growth rate of 31.2% [7]

Core Insights - Ant Group's Ant Financial Technology has successfully launched its first financial asset RWA (Real World Asset) project, marking a significant milestone in the tokenization of financial assets [1][3] - The first batch of structured product tokens was issued by Guotai Junan International, utilizing Ant's blockchain technology for cross-chain transactions between Ant Chain and Ethereum, ensuring transparency and security [2][3] Group 1: Financial Asset RWA Launch - Guotai Junan International announced the launch of its first structured product tokens, including fixed-income redeemable tokens and principal-protected tokens linked to US stock ETFs, with a T+0 settlement mechanism [1][2] - The financial asset RWA is characterized by efficiency and transparency, allowing for real-time tracking of transactions on the blockchain, which reduces costs and enhances trust [2][4] Group 2: RWA Characteristics and Market Position - Financial asset RWA is seen as an ideal target for tokenization due to its inherent digital nature and compliance foundation, distinguishing it from previous RWA attempts in sectors like renewable energy [3][4] - The introduction of tokenization for financial assets aims to enhance the liquidity and efficiency of trading, providing investors with new asset allocation options [4][5] Group 3: Cautious Expansion and Risk Management - Ant Group emphasizes a cautious approach to expanding RWA assets, focusing on compliance and the quality of underlying assets to ensure stability and transparency [5][6] - The company has rejected numerous RWA requests in sectors deemed unsuitable, reinforcing the need for a solid foundation in asset quality and regulatory compliance [5][7] Group 4: Future Considerations and Market Strategy - The development of RWA requires clear boundaries, focusing on assets with stable cash flows and established pricing mechanisms to leverage blockchain's advantages [6][7] - The industry is encouraged to conduct pilot projects in markets with clear regulatory frameworks, such as Hong Kong and Singapore, before broader implementation [6][7]

Core Insights - The establishment of the "Hong Kong Digital Asset Listed Companies Association" marks a significant step in promoting digital assets in Hong Kong, with participation from over 80 listed companies and financial institutions [1][2] - The Hong Kong government is committed to fostering innovation in financial technology, with over 1,100 fintech companies operating in the region and a 15% annual growth rate [1][2] Group 1: Government Initiatives - The Hong Kong government plans to regularize the issuance of green bonds and explore tokenization applications in various sectors, including renewable energy [2] - A funding program has been launched to support projects with commercial potential, offering up to HKD 500,000 for tokenization certification and commercialization [2] Group 2: Participating Companies - A list of participating companies includes notable H-shares such as Guofu Quantum, China New Economy Investment, and Huya Capital, among others [3] - A-share participants include Zhaoxin Co. and Jingbeifang, while US-listed companies include Galaxy Digital and Amber [4]