长江商报奔腾新闻记者 李璟 剑指全球金融科技中心。 此外，《行动方案》提出，加快打造特色应用场景。深入推进数字人民币应用推广工作，参与多边 央行数字货币桥项目研究与应用，加强国际交流合作。发挥香港作为首个数字人民币跨境试点地区优 势，便利香港居民开立和使用数字人民币软钱包和硬钱包，进一步扩大数字人民币在两地零售、交通及 贸易等领域试点范围。深入开展数字人民币智能合约应用，推动数字人民币使用规模不断扩大、应用场 景持续创新、行业生态不断完善，探索打造示范性全域应用场景。 据介绍，此次《行动方案》的发布，标志着港深金融科技合作进入系统化、常态化新阶段。两地将 通过资源互补、优势叠加，加速金融科技要素集聚，提升全球资源配置能力，为全国金融科技创新发展 提供可复制、可推广的"港深经验"。 11月19日，香港特别行政区政府财经事务及库务局与深圳市地方金融管理局联合发布《携手打造港 深全球金融科技中心的行动方案（2025—2027年）》（简称《行动方案》），明确未来3年，两地将从 六大维度发力，深化金融科技领域协同合作，共同构建具有全球竞争力的金融科技产业生态，为粤港澳 大湾区金融高质量发展注入强劲动力。 责编：ZB 在 ...

Core Insights - RockFlow, a Singapore-based AI-native fintech company, has completed a new round of strategic financing amounting to tens of millions of dollars, led by Ant Group, with participation from Monolith Capital, Lanchi Ventures, Forwest Capital, and Evergreen [1][4] - The financing coincides with the "RockAlpha AI Model US Stock Trading Competition," which highlights the potential of AI models in real stock trading and validates the capabilities of RockFlow's AI trading agent, Bobby [1][3] Company Overview - Bobby AI is designed to be a 24/7 "AI investment partner" that understands personalized investment intentions through natural language, autonomously completing tasks from data analysis to real-time trading [3][4] - RockFlow has recently obtained multiple licenses from the Hong Kong Securities and Futures Commission (SFC) for securities trading, advisory, and asset management, establishing a solid foundation for regulated financial operations in Hong Kong [3][4] - The company aims to build an "All-in-One" AI-native fintech platform that covers multiple asset classes, planning to integrate digital assets, real-world assets, event contracts, and private company equity in the coming months [3][4] Future Outlook - Following this financing round, RockFlow intends to drive deep innovation and implementation of large model technology in the financial services sector, focusing on making complex financial services user-friendly and personalized [4][5] - The company has received strong support from investors who recognize the potential of RockFlow's AI Agent technology in breaking down barriers to professional financial services, thus promoting financial inclusivity [4][5] - RockFlow has been operational for four years and has attracted investments from leading dollar funds and notable tech entrepreneurs, with products available in over 40 countries and regions [5]

Group 1 - The 19th Shenzhen International Financial Expo opened on November 19, 2025, with the theme "New Heights in Industrial Finance, Empowering the Future with Science and Technology," attracting 288 institutions from various countries and regions [1] - The expo featured the release of seven significant outcomes showcasing Shenzhen's innovative practices in high-quality industrial finance development, reflecting the city's financial industry's development path and future outlook [1] - The "Action Plan for Jointly Building the Hong Kong-Shenzhen Global Financial Technology Center (2025-2027)" was officially released, outlining a vision for collaboration between financial technology enterprises in both regions [1] Group 2 - Ping An Group introduced three new AI service practices: "AI Super Customer Service," "AI Family Doctor," and "AI Elderly Care Manager," aimed at providing more professional services to households [2] - The China Export & Credit Insurance Corporation launched the "Global Check" platform to assist small and micro enterprises in Shenzhen in identifying global business opportunities and enhancing risk management capabilities [2] - The expo included a special exhibition area for government-guided funds, showcasing 29 star enterprises invested by the municipal guiding fund, along with a series of 11 activities for industry-finance matching [2] Group 3 - The 2025 Shenzhen International Financial Conference, part of the expo, focused on "Building a Financial Power and High-Level Opening Up in the Greater Bay Area," aiming to create a high-end international dialogue platform for financial reform and regional cooperation [4] - Shenzhen's government plans to leverage the APEC meeting to strengthen exchanges and cooperation with the business community of APEC economies, aiming to establish a globally influential industrial financial center [4]

Group 1: Industry Collaboration and Innovation - The "Beijing-Tianjin-Hebei Free Trade Zone Full Industry Chain Collaborative Innovation Action Plan" was signed in Tianjin, focusing on advanced manufacturing, digital economy, and modern logistics for collaborative innovation [1] - Tianjin will lead the advanced manufacturing innovation, Beijing will focus on digital economy, and Hebei will spearhead modern logistics innovation [1] Group 2: AI Toy Market Growth - The AI toy market in China is projected to grow from approximately 246 billion yuan in 2024 to 290 billion yuan in 2025, driven by advancements in materials and technology [3] - The application of AI and large models in toys enhances interactivity and user experience, making AI toys increasingly popular among young consumers [3] Group 3: Regulatory Developments in Elderly Care - The Ministry of Civil Affairs and the Financial Regulatory Bureau issued guidelines for the management of prepaid fees in elderly care institutions, emphasizing third-party bank custodianship [2] Group 4: Consumer Product Safety Initiatives - The State Administration for Market Regulation aims to effectively address safety hazards in children's and student products by 2027, enhancing safety standards and regulatory oversight [4] Group 5: Financial Data Cross-Border Flow - The Hong Kong Financial Services and Treasury Bureau and Shenzhen's Financial Management Bureau are exploring mechanisms for cross-border financial data flow to support the development of a global fintech center [5] Group 6: Semiconductor Market Trends - A report from Counterpoint predicts a 50% increase in memory prices by the second quarter of 2026 due to a shortage of key chips, particularly affecting traditional LPDDR4 [7] Group 7: Corporate Developments - Xunwei Communication is a key supplier of components for many North American tech companies [9] - Fulin Precision is supplying smart electric drive reducers and components in bulk to Huawei [9] - Estun plans to establish a joint venture with BOE Technology for servo-related business [9] - SuperMap Software won a bid for a large model construction project worth 29.208 million yuan [10]

Core Insights - Chengdu's historical significance in finance and its role in the future of financial infrastructure is highlighted, particularly focusing on collateral tokenization as a response to challenges faced by banks, regulators, and investors [1] Group 1: Liquidity Constraints and Collateral Management Inefficiencies - Post-2008 financial crisis regulations have reshaped the banking landscape, introducing key metrics like capital adequacy and liquidity coverage ratios, which require banks to maintain sufficient capital and liquidity buffers [2] - As of the end of 2017, European banks held €10.8 trillion in high-quality liquid assets, with approximately €2.7 trillion above regulatory minimums but unable to be mobilized, resulting in "trapped liquidity" costing banks €13.5 billion annually [2] - Traditional settlement systems struggle to quickly transfer collateral or achieve precise, synchronized settlements across different custodians, leading to uncertainty due to asset mismatches and credit risks [2] Group 2: Distributed Ledger Technology (DLT) Solutions - HQLAX aims to leverage DLT to address liquidity issues by enabling the transfer of securities ownership on the ledger without physically moving the securities [3] - The successful completion of the first cross-custodian collateral swap by three global banks in December 2019 demonstrated the feasibility of ownership transfer without physical movement, marking a significant step towards interoperability of collateral across infrastructures [3] Group 3: Challenges in Securities Financing, Repo, and Margin Practices - Securities financing is crucial for liquidity management but introduces intraday credit risk, with daily settlement risk exposure estimated at $80 billion, potentially rising to $119 billion under stress scenarios [4] - The Basel Committee has called for enhanced monitoring of intraday credit risk, which is not currently covered by a clear regulatory framework, emphasizing the need for innovation to improve market resilience [4] - DLT is positioned as a key tool not only for efficiency but also for meeting regulatory requirements by enabling synchronized settlements across custodians and accurately recording transaction times [4] Group 4: Enhancing Collateral Flexibility and Quality of RMB Collateral - Increasing collateral mobility can enhance market efficiency and the attractiveness of securities, as reusable securities can boost investor demand and serve as liquidity sources [5][6] - The principle of collateral reuse is particularly relevant for high-quality RMB collateral, such as Chinese government bonds, which are increasingly viewed by international investors as both investment tools and cross-border collateral [6] - Developing compliant collateral flexibility mechanisms within a transparent regulatory framework can drive international demand and promote the globalization and scalability of RMB bonds [6]

Core Insights - The Hong Kong SAR government and Shenzhen's local financial management bureau jointly released an action plan to develop a global fintech center from 2025 to 2027, aiming to enhance collaboration in the fintech sector and strengthen the financial positions of both cities [1] Group 1: Strategic Objectives - The plan focuses on six dimensions to deepen fintech collaboration, aiming to create a globally competitive fintech ecosystem that supports Hong Kong's status as an international financial center and Shenzhen's development as a significant industrial financial hub [1] - Key initiatives include attracting fintech entities, establishing research and evaluation centers, and encouraging Hong Kong payment institutions to set up cross-border payment services in Shenzhen [1] Group 2: Technological Innovation - There will be increased support for the research and development of foundational fintech technologies, with encouragement for universities and enterprises to co-establish laboratories and cross-border research institutions [2] - The plan includes subsidies for computing power to reduce costs for enterprises and aims to explore cross-border financial data flow mechanisms [2] Group 3: Sectoral Integration - The action plan emphasizes the integration of fintech with various sectors, including technology finance, green finance, and digital inclusive finance, promoting innovative financing solutions and products [2] - Specific initiatives include supporting Shenzhen tech firms in utilizing Hong Kong's listing channels and promoting sustainable development offshore RMB bonds [2] Group 4: Regulatory Environment - The plan aims to enhance the regulatory framework by deepening innovative regulatory pilot cooperation and improving financial risk monitoring systems [3] - It includes the application of artificial intelligence in dynamic regulation and the incorporation of ethical reviews into the development processes of fintech companies [3] Group 5: Talent and Ecosystem Development - To foster a conducive development environment, the plan proposes talent policies to attract specialized professionals and enhance collaboration with global financial centers [3] - Various activities, such as digital finance forums and result showcases, will be organized to promote the fintech brand unique to the Hong Kong-Shenzhen region [3]

Group 1 - The core viewpoint of the article is that fintech company Block is increasing its stock buyback program to $5 billion as part of a broader capital allocation strategy [1] - The company plans to provide full-year financial guidance for 2026 and a three-year financial outlook during its investor day event [1]

Core Insights - Quark AI glasses have upgraded their collaboration with Alipay, introducing new features such as aiming assistance and bone conduction audio pickup to enhance payment efficiency and security [1][3] Group 1: Payment Features - The aiming assistance feature allows for more accurate focus and recognition of various payment codes, significantly improving scanning efficiency and overall user experience [3] - The payment interface has been optimized for smart glasses usage, making the payment process more intuitive and convenient [3] Group 2: Security Enhancements - Quark AI glasses are equipped with an acoustic array consisting of five microphones and one bone conduction unit to better capture audio, addressing potential issues like noise interference and unclear voice recognition [3] - The combination of audio capture with financial-grade voiceprint verification and Alipay's multi-dimensional risk control system enhances the security of the payment process [3] Group 3: Future Developments - Quark AI glasses currently support various payment codes, fusion codes, and "tap" devices, with plans to expand into broader scenarios such as parking payments, bike scanning, lifestyle services, and online ordering [3] - A new product launch event is scheduled for November 27, with the first batch of products expected to ship in early December [3]

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报告提及，香港的人工智能产业化发展，采取务实并以金融为主导的方式，香港既是国际金融枢纽，亦 努力发展成为区域AI及数据科技领先者，香港最强优势之一是在AI金融领域或监管科技处于领先地 位，各项措施令香港的金融生态系统成为负责任及可信的AI融合的全球典范。 报告表示，香港目标利用AI巩固在金融服务、生物医学、物流方面的领先地位，包括发展AI推动的智 慧城市解决方案、扩大AI研发的公私营合作、培育有关人才、构建AI治理及监管能力。 展望未来，香港金发局行政总监区景麟表示，国家"十五五"规划表明要加强人工智能同产业发展、文化 建设、民生保障、社会治理相结合，抢占人工智能产业应用制高点，全方位赋能千行百业，因此内地人 工智能产业将有更多发展空间。至于香港则于2024年10月发表有关在金融市场负责任地应用人工智能的 政策宣言。因此，他表示香港作为国际金融中心与国际创科中心，将可以发挥其"超级联系人"的角色， 为内地与海外人工智能产业发展作出贡献。 11月19日，香港金融发展局(香港金发局)与Deep Knowlege Group联合发布《全球人工智能竞争力指数报 告》(第四版)。香港金发局表示，随着人工智能逐渐成为推动 ...