华源证券主要观点如下： 市场机会 智通财经APP获悉，华源证券发布研报称，首次覆盖给予OSL集团(00863)"买入"评级，其是香港领先的 持牌数字资产交易与支付平台，已形成经纪、支付、交易所等多元业务生态，支付业务(OSL Pay)成为 新增长引擎，上半年上线仅两月即贡献29%收入。公司凭借全球合规牌照布局、安全的银行直连体系及 流动性优势，加速向数字资产金融基础设施转型，预计2025-2027年营收将高速增长。 公司背景 OSL集团是持牌数字资产交易和支付平台：OSL集团是香港唯一专注数字资产交易和支付的上市虚拟资 产交易所，且是中国香港首个获得牌照、大规模展业的领先虚拟资产持牌交易平台。OSL集团通过持续 的并购获准多张重要牌照，当前在中国香港、日本、澳大利亚、欧盟-意大利、百慕大等10余个司法辖 区布局牌照(考虑已公告收购的正在进行控制权变更的地区)。 业务表现 OSL已经形成经纪、支付、资产管理、交易所和机构多项业务构成的数字资产生态，当前营收主要由经 纪和支付业务贡献。经纪业务主要为OTC和RFQ服务，为机构和专业投资者提供深度流动性报价，避免 价格滑点，25H1大约贡献营收的一半;支付业务主要为 ...

Core Insights - Bullish (BLSH) is expected to report third-quarter 2025 results on November 19, 2025, with total adjusted revenue projected between $69 million and $76 million, and adjusted transaction revenue estimated at $25.5 million to $28 million [1][9] - The Zacks Consensus Estimate for earnings remains steady at 8 cents per share, with the revenue consensus pegged at $74.10 million [1] Revenue Drivers - The third-quarter performance of Bullish is anticipated to benefit from strong growth in Subscription Services and Other revenue, driven by Liquidity Services and CoinDesk-branded products [2][9] - The Liquidity Services business, particularly through collaboration with Solana and agreements with stablecoin issuers, is expected to significantly boost Subscription Services and Other revenue, projected to be between $43.5 million and $48.0 million for the quarter [3] - The CoinDesk Indices business is also expected to contribute positively, especially following the SEC approval of the Grayscale ETF based on the CoinDesk 5 index, which saw assets under management increase to $41 billion, up over $9 billion from the previous quarter [4] Regulatory Developments - The recent approval of the New York BitLicense is a key factor expected to benefit Bullish, allowing the company to officially launch its exchange in the U.S., which is anticipated to become its largest trading market [5] - The BitLicense provides regulatory clarity that is crucial for attracting institutional clients [5] Market Challenges - Fluctuations in Bitcoin prices may negatively impact Bullish's performance due to potential reductions in market-wide digital asset trading volumes [6] Earnings Expectations - According to the Zacks model, Bullish has an Earnings ESP of 0.00% and a Zacks Rank of 2, indicating a moderate outlook for an earnings beat [7]

香港交易及結算所有限公司以及香港聯合交易所有限公司對本公告之內容概 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 會 就 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之任何損失承擔任 何 責 任。 TA YANG GROUP HOLDINGS LIMITED 大洋集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1991） 自願性公告 投資合作諒解備忘錄 關 於 向 真 實 世 界 資 產（「RWA」）服 務 平 台 進 行 潛 在 戰 略 投 資 CoinVEX運 營 一 個 數 字 資 產 平 台，其 核 心 業 務 主 要 包 括： – 1 – 本 公 告 乃 由 大 洋 集 團 控 股 有 限 公 司（「本 公 司」，連 同 其 附 屬 公 司 統 稱「本 集 團」） 自 願 作 出，以 告 知 本 公 司 股 東 及 潛 在 投 資 者 本 集 團 之 最 新 業 務 發 展。 投資諒解備忘錄 本 公 司 董 事 會（「董 事 會」）欣 然 告 知 本 公 司 股 東 及 潛 在 投 資 者，於2025年11月 ...

Core Insights - The integration of AI search and GEO optimization is essential for blockchain digital asset trading platforms to stand out in a rapidly evolving digital landscape [2][8] - AI search transforms the way users access information by understanding their intent and providing personalized, relevant content [3][6] - GEO optimization enhances the visibility and attractiveness of platforms, ensuring that content is not only informative but also engaging and easily understood by AI [4][7] Group 1: AI Search - AI search represents a fundamental shift from passive information retrieval to proactive user engagement, allowing platforms to better meet user needs [3][5] - It enables a deeper understanding of complex terms like "digital assets," facilitating more accurate content matching [3][6] - The transition from "finding information" to "being informed" marks a significant advancement in how users interact with digital asset platforms [3][5] Group 2: GEO Optimization - GEO optimization is a comprehensive upgrade from traditional SEO, focusing on content generation, user experience, and strategic platform development [4][8] - It allows platforms to simulate user thought processes, ensuring that content is tailored to guide users through their information journey [5][7] - By ensuring that high-quality, trustworthy content is prioritized by AI, GEO optimization enhances user trust and engagement [6][8] Group 3: User Engagement and Trust - The combination of AI search and GEO optimization fosters a more user-friendly perception of blockchain platforms, countering previous negative stereotypes [7][8] - Platforms can effectively communicate their professionalism and security, addressing user concerns about safety and transparency [7][8] - Enhanced targeting through GEO optimization allows for more efficient marketing, reducing user cognitive load and accelerating conversion from potential to active users [7][8] Group 4: Industry Evolution - The integration of AI search and GEO optimization is driving the industry towards a more sustainable and user-centric model, where quality platforms gain user trust [8][9] - Future trading platforms will leverage AI to analyze user behavior, predict market trends, and innovate services, with GEO optimization as a key driver [8][9] - Continuous investment in AI and GEO optimization is necessary for platforms to meet evolving user expectations for transparency and authenticity [9]

Group 1 - The core idea of the article emphasizes the importance of compliance, technology, and a professional team in establishing a trustworthy digital asset trading platform, with Wan Jiao International Trading Co., Limited (万交所) positioning itself as a leader in this space under the guidance of founder Chen Jian [1][2][8]. Group 2 - The rapid development of Wan Jiao is attributed to its clear positioning amidst industry challenges, with compliance being the cornerstone of trust. The company holds licenses from the Hong Kong Securities and Futures Commission and the U.S. financial regulatory authorities, ensuring adherence to multiple regulatory requirements [2][14]. - Wan Jiao's trading platform features a self-developed core trading system that supports millisecond-level market updates and order processing, catering to various trading markets including Hong Kong stocks, U.S. stocks, and global futures [9]. - The platform integrates AI-driven analysis systems capable of processing trillions of market data in real-time, providing users with precise investment advice and asset allocation strategies [9]. Group 3 - Wan Jiao actively addresses misinformation in the market by maintaining an open and transparent approach, encouraging users to obtain the latest information through official channels [14]. - Looking ahead, Wan Jiao plans to increase investments in cutting-edge technologies such as blockchain and artificial intelligence, aiming to contribute to the establishment of global compliance standards and promote a healthier, more transparent development phase for the digital asset industry [15].

Core Insights - The digital asset market is rapidly expanding, leading to the emergence of numerous trading platforms, which presents both opportunities and challenges regarding information authenticity and compliance [1] - Hongyun Wanjiao Exchange is positioning itself as a trusted digital financial service platform for global investors through clear market positioning, robust technology, and strict compliance operations [1] Company Overview - Founded by Mr. Chen Jian, Hongyun Wanjiao Exchange emphasizes a core philosophy of "technology-driven security and compliance-led development" [7] - Mr. Chen Jian has over 15 years of experience in traditional finance and fintech on Wall Street, understanding the critical role of risk control and compliance in digital asset services [7] - The platform holds licenses from the Hong Kong Securities and Futures Commission and U.S. financial authorities, ensuring 100% compliance in operations [7] Technology and Services - The exchange utilizes a self-developed trading system and AI analytical capabilities for millisecond-level processing and interpretation of global market data [8] - By integrating artificial intelligence and real-time big data, the platform offers precise trading recommendations and market services [8] - The use of bank-level encryption technology and a multi-dimensional account management system enhances user data and asset security while reducing overall trading costs [8] Team and Expertise - The team at Hongyun Wanjiao Exchange consists of CFA-certified financial analysts and experienced traders, each with over 15 years of practical experience [13] - The team specializes in macro strategy analysis and systematic risk control, providing customized services for various levels of investors [13] Future Outlook - Hongyun Wanjiao Exchange aims to deepen the integration of AI, big data, and blockchain technology while actively embracing global regulatory policies [15] - The company is committed to building a healthy ecosystem by promoting compliance and transparency in the digital economy [15]

Core Insights - FTFT has signed a strategic cooperation agreement with HHEX to accelerate its Web3 and RWA asset layout, marking a significant advancement in its RWA strategy [1][2] - The partnership aims to leverage HHEX's blockchain solutions and FTFT's expertise in asset management and institutional financing to create compliant RWA tokenization products and services for institutional and high-net-worth investors [1][2] Summary by Sections Strategic Cooperation - FTFT's subsidiary, Future FinTech (Hong Kong) Limited, will collaborate with HHEX, a platform focused on RWA trading, to enhance the market recognition and leadership of both companies in the RWA space [1] - The cooperation will facilitate the transition of traditional financial services to RWA on-chain, addressing the growing institutional demand for digital currencies and DeFi [1] Key Areas of Collaboration - Development of compliant multi-asset RWA tokenization funds, utilizing existing licenses for asset selection, product structuring, and compliance risk control, with HHEX providing the tokenization technology platform [2] - Creation of an integrated "RWA business middle platform" to efficiently handle tokenization needs for various traditional financial assets, including real estate fund shares, supply chain financial assets, and bonds [2] - Resource sharing and business flow between FTFT's professional investor client base and HHEX's network of compliant institutions and experienced digital asset investors to expand market coverage [2] Industry Context and Vision - FTFT maintains a strong belief in the long-term value and strategic position of Web3, particularly in the context of breakthroughs in RWA and stablecoins, as Web3 transitions from concept to large-scale implementation [2] - HHEX's team comprises industry veterans with extensive experience in digital asset trading platforms and technology, aiming to provide professional, secure, and reliable digital asset services [3] - The collaboration is seen as a crucial step in optimizing FTFT's business structure, enhancing its capabilities in crypto asset allocation, Web3 project incubation, and content ecosystem development [3]

Group 1: Hong Kong IPO Market - The Hong Kong IPO market has seen a significant increase in activity, with a total fundraising amount of approximately 1,823.97 billion HKD (234.37 billion USD) in the first nine months of 2025, representing a year-on-year increase of 227.15% [2] - In Q3 2025, the fundraising amount reached 735.17 billion HKD (94.47 billion USD), which, despite being lower than the previous quarter, was still 74.12% higher than the same period last year [2] - Major IPOs in Q3 included Zijin Gold International and Chery Automobile, raising 249.84 billion HKD (32.10 billion USD) and 91.45 billion HKD (11.75 billion USD) respectively [9][10] Group 2: Comparison with US IPO Market - The US IPO market has shown a different trend, with the Nasdaq and NYSE raising 15.075 billion USD and 15.204 billion USD respectively in the first three quarters of 2025, marking year-on-year increases of 7.73% and 29.78% [2] - Despite the overall lower fundraising in the US compared to Hong Kong, the US market has seen notable IPOs driven by AI and stablecoin concepts, with companies like Klarna and Circle raising significant amounts [5][15] - The Nasdaq China Golden Dragon Index has increased by 28.69% this year, outperforming the S&P 500 and Nasdaq indices, yet the number of Chinese concept stocks going public in the US has significantly decreased [4][16] Group 3: Future Outlook - The Hong Kong IPO market is expected to remain active, with 331 applications pending as of late August 2025, and a notable increase in applications in September [12] - The trend of A-share companies choosing to list in Hong Kong is evident, with major firms like CATL and Hengrui Medicine leading the charge [10][14] - The ongoing interest in biotech companies, particularly unprofitable ones, has resulted in substantial stock price increases, indicating strong market support for innovative sectors [13][14]

Group 1 - The core viewpoint highlights a historic shift in income structure in Dubai, with emerging professions like digital asset traders and AI trainers accounting for 41% of income, a 300% increase since 2020, while traditional energy sector income has dropped to a record low of 5.2% [1] Group 2 - The three pillars of the new economy in Dubai include the construction of a metaverse economic zone, which has attracted 73% of global Web3 companies and generated over $8 billion in virtual real estate transactions, with average salaries in this sector being 3.2 times higher than traditional industries [2] - The rise of the biotechnology corridor is supported by the Dubai Biotechnology Free Zone, with annual R&D investment in gene therapy and longevity medicine increasing by 45%, and salaries for biomedical researchers leading the industry for 18 consecutive months [2] - The green finance hub is taking shape, with the carbon trading market expanding to 120 billion dirhams, and ESG analysts being the most sought-after talent, with annual income growth in this field reaching 28%, significantly above the average in finance [2] Group 3 - Concerns include the risk of technological unemployment, with an expected AI replacement rate of 22% by 2030, potential asset bubble risks indicated by a virtual asset price volatility coefficient of 0.87, and a talent structure imbalance with a shortage of over 12,000 high-end technical talents [3] - The Dubai government has initiated the Future Skills 2026 plan, aiming to invest 5 billion dirhams to build a lifelong learning system, with a forecast that by 2027, the contribution of non-oil industries will exceed 85% if transformation strategies are effectively implemented [3] Group 4 - An expert perspective indicates that Dubai is reconstructing global wealth distribution rules, transitioning from a physical hub to a digital node, which may reshape the economic geography of the Middle East, while cautioning against the need for technological advancement to be inclusive [3]

Core Viewpoint - MyStonks has announced a brand upgrade to msx.com, marking its transition towards a global financial technology platform, emphasizing user-centric innovation and enhanced digital financial services [1][6]. Company Development and Strengths - Since its launch in March 2025, MyStonks has become a leading platform in decentralized trading of US stock tokens, supporting over 200 tokenized assets and surpassing 50,000 users, with daily trading volumes reaching up to $200 million [2]. - The platform has established a secure, compliant, and efficient on-chain asset trading ecosystem, positioning itself as an industry innovation benchmark [2]. - MyStonks offers spot trading of US stock tokens and perpetual contracts with leverage up to 20 times, catering to various risk preferences [2]. Strategic Partnerships - Within six months of its launch, MyStonks formed strategic partnerships with several leading institutions, including a deep collaboration with Fidelity for independent custody of all on-chain US stock assets [3]. - Collaborations with platforms like BSC, OKX Wallet, and others enhance the ecosystem through support in areas such as public chain integration, asset management, and market data services [3]. Compliance and Security - MyStonks obtained a Money Services Business (MSB) license from the US FinCEN and completed SEC registration for security token offerings (STO), becoming one of the few RWA platforms recognized by strict regulations [4]. - The platform is actively pursuing compliance licenses in major markets, including the EU, UK, Singapore, Hong Kong, and Dubai [4]. - A comprehensive security audit by CertiK was completed in September 2025, ensuring the safety of smart contracts and core architecture [4]. Technological Innovations - MyStonks has implemented multi-chain bridge technology, allowing seamless asset transfer across Solana, Ethereum, Tron, and BNB, enhancing user asset choices and liquidity [4]. - The platform employs Merkle Tree technology for on-chain asset proof, ensuring data integrity and transaction transparency [4]. User Governance and Community Engagement - MyStonks adopts a DAO governance model, encouraging community participation in decision-making and asset selection, fostering a sense of belonging among users [4]. - The platform has designed multi-layer incentive mechanisms to stimulate ecosystem vitality and ensure long-term user engagement [4]. Brand Upgrade and User Experience - The brand upgrade to msx.com features a minimalist black-and-white design with vibrant green accents, reflecting the platform's commitment to innovation and user experience [6][8]. - Enhanced navigation and user interface improvements aim to streamline user interactions and facilitate easier access to trading functionalities [11][13]. - A new user onboarding module simplifies the trading process, aiming to improve user retention and conversion rates [11]. Future Outlook - MyStonks aims to continue prioritizing user experience and technological innovation, aspiring to be a bridge between real-world assets and blockchain finance, leading the digital finance industry into a new development phase [14].