加密货币的低迷未能影响相关股票的表现！ 2月16日早盘，港股市场虚拟币概念板块涨幅第一，一度大涨超9%。星太链集团(00399.HK)一度暴涨90%，国富量子 (00290.HK)一度涨20%，迷策略(02440.HK)大涨超12%，连连数字一度涨超6.5%。 消息面上，星太链集团发布公告称， 2026年2月12日，公司已与中国国际数智金融集团有限公司就一个黄金真实世界资产代币 化项目订立战略合作框架协议。 近期，Aptos Labs联合Boston Consulting Group (BCG)和Hang Seng Bank发布白皮书《数字货币：香港基金行业倍增式发展机 遇》。白皮书系统总结了 Aptos 等方在香港金管局"数码港元+"第二阶段的试点成果，指出数字货币与代币化资产已具备支撑 机构级金融应用的成熟条件，行业正从概念验证（PoC）阶段迈向大规模商业化落地。 集体狂飙 蛇年最后一个交易日，港股开市依然亮点不少。星太链集团最大涨幅一度超过90%，上周五该股亦收涨超38%。整个虚拟币概 念股集体拉升，稳定币概念股板块一度大涨超9%，稳居板块涨幅第一位。 星太链集团上周公告称，于二零二六年二月十二日，已与 ...

今天分享的是：波士顿咨询：2026数字货币：香港基金行业倍增式发展机遇研究报告 报告共计：32页 这份由BCG、Aptos Labs与恒生银行联合发布的报告，聚焦数字货币发展背景下香港基金行业的倍增式发展机遇，指出区块链技术推动 的代币化体系正重构全球金融基础设施，2026年成为香港链上金融发展的关键拐点，而代币化创新有望推动香港基金行业规模翻倍。 报告指出，传统金融报文体系存在效率低、结算滞后等痛点，代币化体系凭借价值直接传递、可编程、即时结算的特性成为金融演进新 方向。当前数字货币已步入商业化规模阶段，2025年11月锚定法币的稳定币市值突破3000亿美元，全球超130家央行探索央行数字货币， 代币化存款也在头部银行落地，三者互补共存形成多轨结算生态。代币化资产则从支付向投资领域延伸，2025年代币化基金市值从2024 年20亿美元跃升至80多亿美元，债券、大宗商品、房地产等资产的代币化也加速推进，预计2025至2033年数字货币和代币化资产市场规 模年复合增长率超50%。 三方在香港金管局"数码港元+"试点中，验证了Aptos公有许可链在代币化基金交易中的技术可行性，其具备亚秒级终局性、极低交易成 本， ...

2026 年度策略会年度策略报告巡礼之金融篇 20251217 摘要 2025 年证券板块内部出现分化，A 股广发证券表现最佳，H 股广发证券 涨幅显著，而部分股票如国联民生、财富趋势、招商证券则出现下跌， 反映市场对不同券商的业绩和发展前景存在差异化预期。 2026 年证券行业展望：各类资金持续入市，推动成交量维持高位；经 纪业务受益于客户保证金扩张和线上获客能力提升；两融余额预计提升， 增加利润贡献；资管业务通过丰富投资策略和向主动管理转型提升业绩。 保险资金入市方面，大型国有保险公司新增保费的 30%需投资股票，居 民存款搬家潜力巨大，有望推动增量资金入市。经纪业务收入与利润贡 献预计保持重要地位，线上化、AI 化趋势明显。两融余额持续增长，资 管业务需通过丰富投资策略及向主动管理转型来提升业绩。 2025 年前三季度港股日均成交额同比增长显著，南向资金占比提升， 港股 IPO 发行大幅增长，A 股上市公司赴港二次 IPO 占比超 70%。预计 港股市场发行将持续扩张，美联储降息将保持港股流动性充裕。 2025 年 A 股保险股表现平稳，港股保险股超额收益显著，受顺周期属 性和高估值性价比驱动。新华保险 ...

Core Insights - Standard Chartered Hong Kong, BlackRock, and Mastercard have completed the second phase of the Hong Kong Monetary Authority's "Digital Hong Kong Dollar" pilot program, exploring the application of simulated "Digital Hong Kong Dollar" in tokenized fund subscriptions and redemptions [1] - The research team identified benefits for various stakeholders in the value chain, including fund distributors, fund issuers, payment network providers, and tokenization service providers [1] Group 1: Benefits Identified - For fund distributors, digital currencies like "Digital Hong Kong Dollar" and tokenized deposits offer greater flexibility and faster settlement, enabling T+0 subscriptions and redemptions [1] - For fund issuers, digital currencies can enhance customer experience, extend trading periods, shorten settlement times, provide transparent transaction statuses, and allow for fractional fund unit holdings [1] - For payment network providers, using blockchain technology, such as Mastercard's Multi-Token Network (MTN), can achieve near real-time settlement when utilizing "Digital Hong Kong Dollar" and tokenized deposits, facilitating ecosystem development [1] - For tokenization service providers, tokenization allows clients to hold fractional fund units and expands investor access to such investments through traditional and digital channels [1] Group 2: Challenges to Address - The transition to mainstream tokenized fund settlements requires addressing several practical issues, including the need for real-time net asset value (NAV) calculations instead of end-of-day pricing [2] - Operational transformation is necessary to support instant settlements, requiring a redesign of the entire fund cycle's operational model, liquidity risk monitoring, cash flow forecasting, and enhanced governance and risk management frameworks [2] - Interoperability and network integration must establish unified standards to connect stakeholders in the value chain and local and cross-border payment networks while complying with regional requirements [2] - Regulatory standards need to maintain consistency in data privacy and settlement to strengthen institutional and investor confidence [2]

Core Viewpoint - Companies planning to shift their main business to Digital Asset Treasury (DAT) may struggle to achieve their goal of listing in Hong Kong due to the cautious stance of the Hong Kong Stock Exchange (HKEX) towards cryptocurrency accumulation platforms posing as listed companies [2][3] Regulatory Stance - HKEX has raised inquiries with at least five companies attempting to make DAT their core business, and none of these listing applications have been approved [2] - The regulatory approach of HKEX aligns with existing rules aimed at preventing the emergence of "shell companies" and ensuring that listed companies have substantive business operations [5][6] - The HKEX's decision reflects a broader regulatory framework in Hong Kong, where the Securities and Futures Commission has not prioritized DAT in its digital asset development policy [7] Market Impact - The DAT business model, characterized by a cycle of financing, cryptocurrency acquisition, market value growth, and refinancing, has attracted significant capital, with total financing exceeding $20 billion from early this year to late September [8] - Despite the influx of capital, many DAT companies are trading at or below their net asset values, raising concerns about asset bubbles and insider trading [9] - The restrictions imposed by HKEX may lead to a cooling effect on the cryptocurrency sector, prompting investors to reassess compliance risks and focus on regulated products [10] Future Directions - Companies looking to enter the digital asset space must integrate their operations with the real economy, as exemplified by firms like 瑞和数智, which are investing in Web3.0 and collaborating on real-world asset digitization [11] - There remains potential for DAT companies to gain regulatory approval if they can connect their cryptocurrency assets with practical applications such as supply chain finance and cross-border payments [11] - The decision by HKEX aims to maintain stability in traditional capital markets while allowing room for compliant innovation, potentially positioning Hong Kong as a model for digital transformation in global financial centers [11]

Core Insights - CITIC Limited (00267) reported a mid-year performance for 2025, achieving operating revenue of 368.8 billion yuan and a net profit of 59.8 billion yuan, with attributable net profit of 31.2 billion yuan [1] - The company's overseas revenue reached 65.8 billion yuan, marking a 15% year-on-year increase, and accounted for 17.9% of total revenue, up 2.6 percentage points year-on-year [1] Group 1: Overseas Business Development - The company is actively promoting overseas investment and international trade cooperation, organizing events such as the "German Enterprises Nanjing Tour" and "Japanese Enterprises Guangdong Tour," resulting in numerous practical outcomes [1] - CITIC's subsidiaries have seen significant growth in overseas projects, with CITIC Construction signing contracts for landmark projects in Dubai and Uzbekistan, and the Riyadh social housing project in Saudi Arabia achieving over 90% pre-sale volume in its first phase [2] Group 2: Financial Market Engagement - The company is capitalizing on the expansion opportunities in the Hong Kong financial market, focusing on bond underwriting, cross-border loans, and capital market services [1] - The bond underwriting amount from subsidiaries increased by 58% year-on-year, and the two brokerage firms ranked among the top in the market for IPO sponsorships in Hong Kong, successfully sponsoring the listing of CATL, which was the largest IPO globally in nearly three years [1] - CITIC Bank's cross-border loan balance in RMB surpassed 70 billion yuan, reflecting a 63% increase since the beginning of the year, contributing to the internationalization of the RMB [1] Group 3: Agricultural Sector Performance - CITIC Agriculture's subsidiary, Longping High-Tech, achieved year-on-year growth in hybrid rice in Pakistan and the Philippines, maintaining a leading market share [2]

Group 1 - The company reported a revenue of 368.8 billion yuan and a net profit of 59.8 billion yuan for the first half of 2025, with a net profit attributable to shareholders of 31.2 billion yuan [1] - The overseas revenue reached 65.8 billion yuan, representing a year-on-year growth of 15%, and accounted for 17.9% of total revenue, an increase of 2.6 percentage points year-on-year [1] - The company is actively promoting overseas investment and international trade cooperation, organizing events such as the German enterprises' visit to Nanjing and Japanese enterprises' visit to Guangdong, resulting in substantial practical outcomes [1] Group 2 - The company's subsidiaries have achieved new heights in overseas business, with CITIC Construction signing contracts for landmark projects in Dubai, UAE, and a caustic soda plant in Uzbekistan, while the Riyadh social housing project in Saudi Arabia has seen over 90% of its first phase housing pre-sold [2] - CITIC Agriculture's subsidiary, Longping High-Tech, has seen year-on-year growth in hybrid rice in Pakistan and the Philippines, maintaining a leading market share [2] Group 3 - The company is leveraging opportunities in the Hong Kong financial market, with a 58% year-on-year increase in bond underwriting by its subsidiaries, and leading positions in IPO sponsorships in Hong Kong [1] - The successful sponsorship of CATL's IPO in Hong Kong marks the largest IPO globally in nearly three years [1] - CITIC Bank's cross-border loan balance in RMB has surpassed 70 billion yuan, reflecting a 63% increase since the beginning of the year, supporting the internationalization of the RMB [1]

Financial Performance - The company reported a revenue of 368.76 billion yuan for the six months ending June 30, 2025, a decrease of 1.6% year-on-year [1] - Net profit attributable to ordinary shareholders was 31.228 billion yuan, down 2.8% year-on-year, with basic earnings per share at 1.07 yuan [1] - The financial sector subsidiaries showed overall profit improvement, while major industrial subsidiaries performed well [1] Capital Market Performance - The company's stock price closed at 10.78 HKD per share as of June 30, 2025, with a total market capitalization of 313.6 billion HKD, reflecting a 21% increase since the beginning of the year, outperforming the Hang Seng Index [1] - The company maintained its highest credit rating since 2016, indicating strong financial health [1] Dividend Distribution - The board proposed an interim dividend of 0.2 yuan per share, an increase of 0.01 yuan from the previous year, totaling 5.818 billion yuan in dividends [1] Strategic Initiatives - The company is focusing on a comprehensive reform strategy aimed at high-quality development across multiple sectors, aligning with national strategies [1] Financial Sector Developments - The company is enhancing its comprehensive financial system, focusing on serving the real economy and innovating financial models, particularly in technology and green finance [2] - The company has successfully sponsored the largest IPO globally in three years for Ningde Times and launched the first tokenized fund denominated in RMB in Asia [2] Industrial Sector Developments - The company is advancing its "Star Chain" initiative, focusing on traditional industries and new production capabilities, achieving record sales in automotive parts [3] - The company is actively pursuing mergers and acquisitions and has made significant strides in the low-altitude economy and AI applications in steel production [3] International Expansion - The company is committed to internationalization, hosting events to facilitate business connections and achieving significant growth in overseas investment banking profits [4] - New landmark projects have been signed in the UAE and Uzbekistan, contributing to the Belt and Road Initiative [4]

Financial Performance - The company reported a revenue of 368.76 billion yuan for the six months ending June 30, 2025, a decrease of 1.6% year-on-year [1] - Net profit attributable to ordinary shareholders was 31.228 billion yuan, down 2.8% year-on-year, with basic earnings per share at 1.07 yuan [1] - The overall performance met expectations, with significant profit increases in the financial sector subsidiaries and improved performance in major industrial subsidiaries [1] Capital Market and Shareholder Returns - The company's stock price closed at 10.78 HKD per share as of June 30, 2025, with a total market capitalization of 313.6 billion HKD, reflecting a 21% increase since the beginning of the year, outperforming the Hang Seng Index [1] - The board proposed an interim dividend of 0.2 yuan per share, an increase of 0.01 yuan from the previous year, totaling 5.818 billion yuan in dividends [1] Strategic Initiatives - The company is focusing on a reform strategy encapsulated in "one deepening, three promotions, and five breakthroughs" to explore high-quality development paths across multiple fields [1] - The financial sector is enhancing its core functions and innovating comprehensive financial models, particularly in technology and green finance, serving over 14,100 specialized and new manufacturing enterprises [2] Industrial Development - The company is advancing its "焕星" (Rejuvenation Star), "造星" (Creation Star), and "探星" (Exploration Star) initiatives to cultivate new productive forces [3] - Traditional industries are being strengthened, with record sales in products like aluminum wheels and components, and the company ranks 42nd among the top 100 global automotive parts companies [3] International Expansion - The company is committed to internationalization as a strategic direction, hosting events to facilitate business between Germany, Japan, and China, resulting in significant practical outcomes [4] - The overseas business has seen a substantial increase in net profit, with new contracts signed for notable projects in the UAE and Uzbekistan, contributing to the Belt and Road Initiative [4]

Core Insights - RWA (Real World Assets) tokenization is rapidly transforming the financial ecosystem, bridging traditional finance and the crypto world, and creating a new market worth hundreds of millions of dollars [1][12] Group 1: Corporate Investment Trends - Several listed companies are increasing their investments in Bitcoin and Ethereum, with notable purchases including Metaplanet's acquisition of 1,112 BTC, bringing its total to 19,663 BTC valued over $2.3 billion [3] - MicroStrategy added 430 BTC for $51.4 million, raising its total holdings to 629,376 BTC [3] - Hong Kong's Ming Cheng Group signed an agreement to purchase 4,250 BTC valued at $483 million, indicating institutional confidence in digital assets [3] - Ethereum also sees significant investments, with Huajian Medical announcing a $384 million ETH investment plan and Bitmine investing $45 million for 9,613 ETH [3] Group 2: RWA Tokenization Projects - RWA tokenization is creating new asset classes, exemplified by Web3 Group Limited's "consumer goods redemption rights" project, backed by $105 million in audited assets and a guarantee of 220 million shares from a Hong Kong-listed company [3] - This project aims to link digital assets with physical consumer products, providing a new financing and circulation model for traditional consumer goods [3] Group 3: Tokenized Fund Market Growth - The tokenized fund market is experiencing explosive growth, with total assets under management (AUM) projected to reach $7.5 billion by July 2025, showing accelerated growth since the second half of 2024 [5] - Ondo Finance ranks second among issuers, while BlackRock leads with its $2.4 billion BUIDL money market fund [5] Group 4: Federal Reserve Policy Impact - The Federal Reserve's monetary policy is a key variable influencing the RWA tokenization process, with analysts suggesting that maintaining current interest rates could drive traditional institutions to seek higher-yielding tokenized assets [7] Group 5: Creator Economy and Tokenization - RWA tokenization is reshaping the creator economy, with new value creation mechanisms allowing content creators to monetize their work through creator tokens, enhancing their earning potential [8] Group 6: User Engagement Initiatives - BOSS Wallet launched the FreeStyle Classic (FST) Alpha trading event to boost user engagement, allowing users holding at least 200 Binance Alpha points to claim 800 FST tokens through a first-come-first-served mechanism [9] Group 7: XBIT Platform Innovations - XBIT.Exchange, a decentralized trading platform, is gaining user favor due to its non-custodial design, allowing users full control over their private keys and trading without KYC verification [11] Group 8: Market Outlook and Challenges - The RWA tokenization market faces challenges such as regulatory uncertainty and market liquidity, but experts anticipate it could exceed $10 billion by the end of 2025 as regulatory frameworks become clearer [11] - XBIT is positioned to provide liquidity support for various tokenized assets, aligning with the decentralized spirit of RWA projects [11]