投资逻辑 本周加密市场持续回暖，尤其是交易额回暖明显。美国 12 月非农就业数据及失业率均低于预期，呈现出招聘和解聘 双放缓的态势，受此影响，交易员加大对美联储暂停降息的押注。此外，特朗普宣布启动一项规模达 2,000 亿美元的 MBS 购买计划，以降低房贷利率。本周加密货币总市值为 3.1 万亿美元，环比上周增长 3.7%；比特币收盘价为 90,513 美元/枚，环比上周增长 0.6%；以太坊收盘价为 3,083 美元/枚，环比上周下滑 1.3%。目前加密货币恐惧贪婪指数为 40，周内情绪在中性区间内先上升后下滑。根据 Glassnode，当前 BTC 持仓均价约为 56,178 美元/枚，持仓均价略 有反弹。期权指示未来一个月保持平稳：根据 CoinGlass，期权市场看涨未来一周、看跌未来一个月、认为 26 年 Q1、 Q3 保持平稳、看多 26 年 Q2 行情、并看跌 26 年 Q4。全球加密交投情绪明显回暖，全球加密货币本成交额环比上周 增长 52.9%，结束了连续 6 周的下滑；Coinbase 本周现货成交额环比增长 62.8%。 全球政策与产业新闻方面：1 月 15 日美国参议院将审议 CLA ...

BNY has rolled out a tokenized deposit service that allows clients to move funds using blockchain infrastructure, marking another step by a major global bank into digital assets. Key Takeaways: BNY launched tokenized deposits to allow on-chain transfers while keeping funds within the regulated banking system. The service supports faster, 24/7 settlement and programmable transactions for collateral and margin use cases. The move reflects growing institutional adoption of tokenization by major global b ...

据彭博社报道，纽约梅隆银行（BNY Mellon） 已推出一项代币化存款（Tokenized Deposits）服务，允 许客户通过区块链网络转移资金。该代币化存款为客户在该行账户中存款的链上映射，可用于抵押品和 保证金交易，并提升支付效率。 （来源：吴说） ...

*（左起） 致同香港咨询部高级经理翁伟聪、咨询合伙人夏其才及咨询总监严欣琪在网上传媒简介会上分享报告内容及要点 致同指出，香港凭借其作为中国与世界之间超级联系人的独特地位以及世界一流的金融基础设施，持续吸引全球资本和家族办公室。截至2024年底，香港 管理的总资产规模达到了可观的35.142万亿港元，较去年同期增长13%，反映财富管理服务需求持续旺盛。2024年净资本流入飙升至3,210亿港元，较去年 增加逾六倍，显示全球投资者信心不断增强，以及香港作为顶级金融中心的吸引力日益提升。超过54%的管理资产总值来自中国内地和香港以外地区，突 显了香港多元化的全球投资者基础在促进国际资本配置方面的强大优势。 致同香港《香港财富管理热潮：引领全球市场新格局》报告（下称"报告"）显示，香港凭借强劲的资本涌入、家族办公室的增长、金融科技创新以及与大 湾区（GBA）的深度融合，正加快迈向超越瑞士，跃升为全球最大的跨境财富管理中心。香港正以全球领先的速度吸引拥有逾3,000万美元资产的超高净 值人士。2025年上半年，香港的超级富豪人数激增22.9%至17,215人，成为全球顶级财富市场中增幅最大的地区。 香港的财富管理行业 ...

同时，作为该项目的一部分，蚂蚁国际与汇丰银行成功将蚂蚁国际自有的区块链基础设施与Swift网络 集成，并通过汇丰新加坡与香港分行的代币化存款服务，实现了跨境实时资金管理。借助与Swift和汇 丰共同开发的标准化协议，蚂蚁国际无需再与各银行合作伙伴建立双边的反洗钱(AML)及合规安排，这 使其能够更高效、更顺畅地使用银行的代币化存款服务。 （文章来源：北京商报） 北京商报讯（记者廖蒙）12月11日，据环球融讯网络技术服务微信号消息，Swift携手蚂蚁国际、汇丰 银行于新加坡完成了基于ISO 20022标准的代币化存款跨境转账概念验证(POC)。该项目依托于Swift的 全球金融报文网络、汇丰银行最新推出的代币化存款服务以及蚂蚁国际的区块链技术。 据介绍，此次概念验证标志着蚂蚁国际、汇丰银行与Swift在助力企业充分释放代币化存款潜力方面迈 出的关键一步，旨在提升流动性、实现可编程金融，并提供全天候（24/7）实时结算服务。 ...

同时，作为该项目的一部分，蚂蚁国际与汇丰银行成功将蚂蚁国际自有的区块链基础设施与Swift网络 集成，并通过汇丰新加坡与香港分行的代币化存款服务，实现了跨境实时资金管理。借助与Swift和汇 丰共同开发的标准化协议，蚂蚁国际无需再与各银行合作伙伴建立双边的反洗钱(AML)及合规安排，这 使其能够更高效、更顺畅地使用银行的代币化存款服务。 北京商报讯（记者 廖蒙）12月11日，据环球融讯网络技术服务微信号消息，Swift携手蚂蚁国际、汇丰 银行于新加坡完成了基于ISO 20022标准的代币化存款跨境转账概念验证(POC)。该项目依托于Swift的 全球金融报文网络、汇丰银行最新推出的代币化存款服务以及蚂蚁国际的区块链技术。 据介绍，此次概念验证标志着蚂蚁国际、汇丰银行与Swift在助力企业充分释放代币化存款潜力方面迈 出的关键一步，旨在提升流动性、实现可编程金融，并提供全天候（24/7）实时结算服务。 ...

Core Viewpoint - The recent regulatory ban on RWA (Real World Assets) has led to a significant downturn in the market, with a drastic drop in business inquiries and project progress from mainland companies to Hong Kong [3][14]. Regulatory Actions - Seven financial associations in China have jointly issued a risk warning prohibiting member units from participating in the issuance and trading of virtual currencies and RWA tokens within the country [5][6]. - This is the first time RWA has been explicitly mentioned and classified by official entities, signaling a strong regulatory stance against virtual currency-related illegal activities [6][8]. Market Impact - The business inquiries from mainland companies regarding RWA projects have plummeted by over 90% in the past two months, with many ongoing projects being put on hold [3][14]. - Companies involved in RWA concepts, such as Langxin Group and Xiexin Energy, have seen their stock prices drop significantly, with some experiencing a decline of nearly 50% from their peak [3][21]. Risk Factors - The risk warning highlights multiple risks associated with RWA tokenization, including false asset risks, operational failure risks, and speculative trading risks, with no RWA tokenization activities currently approved by Chinese financial authorities [7][13]. - The regulatory framework is expanding to cover the entire ecosystem of service providers involved in RWA, not just the project initiators, which lowers the threshold for accountability [6][7]. Industry Trends - Despite the regulatory crackdown, RWA had gained traction in Hong Kong, with over 13 institutions exploring RWA projects in the past two years, covering various underlying assets [9][10]. - The high costs associated with issuing RWA projects in Hong Kong, typically starting at around 2.5 million HKD, have also deterred companies from pursuing these initiatives [10][18]. Future Directions - Some companies are shifting their focus from RWA to RDA (Real Data Assets), a new digital asset form proposed by the Shanghai Data Exchange, which aims to bind data elements with real assets [19]. - The market sentiment has turned cautious, with companies now adopting a more reserved approach to RWA, often stating they have not yet engaged in related business activities [20].

Core Insights - HSBC is launching a tokenized deposit service that enhances cross-border payment solutions for global enterprises, already operational in strategic financial hubs like Hong Kong, Singapore, the UK, and Luxembourg [1][2] - The adoption of tokenized deposits is gaining traction among major financial institutions, with collaborations such as UBS and Ant Group in Singapore, indicating a shift from concept validation to large-scale application [1][2] Industry Trends - The proliferation of tokenized deposit technology is expected to reshape the competitive landscape of the cross-border payment market, significantly improving transaction efficiency compared to traditional SWIFT systems [2] - As more financial institutions adopt this technology, standards and regulatory frameworks will evolve, supporting the digital transformation of the financial industry [2] Key Advantages - The service supports 24/7 near-instantaneous transactions, optimizing liquidity management for large enterprises by eliminating traditional banking hours [3] - It operates on a private blockchain, ensuring transaction security and privacy while maintaining compliance with financial regulations [3] Expansion Plans - HSBC plans to extend tokenized deposits to programmable payments and autonomous treasury management, enhancing financial management efficiency for enterprises [4] - The bank is exploring the stablecoin sector, potentially issuing its own or collaborating with other banks, to strengthen its position in the blockchain finance landscape [4]

Core Viewpoint - HSBC Holdings has launched a tokenized deposit service to support secure cross-border transfers for its corporate clients, with Ant International being the first customer to utilize this service [1] Group 1: Stock Performance - HSBC Holdings' stock rose over 1.3%, reaching a new all-time high of $70.93 [1] Group 2: Analyst Ratings and Expectations - Citigroup raised HSBC's H-share target price from HKD 105.6 to HKD 118.2 and included it in a short-term upward observation list for the next 90 days [1] - Citigroup anticipates HSBC's third-quarter underlying pre-tax profit to be $8.3 billion, exceeding market consensus by 3% [1] - The expectation is for HSBC to announce a dividend of $0.10 per share and initiate a $3 billion share buyback program [1]

【9月23日汇丰控股启动代币化存款服务，支持企业跨境转账】9月23日，汇丰控股发布声明，宣布启动 代币化存款服务，旨在支持企业客户安全开展跨境转账业务。本月，该银行借助区块链技术，完成中国 香港和新加坡之间首笔跨境美元交易。汇丰透露，此笔跨境交易基于其现有境内支付产品，该产品于今 年早些时候在中国香港和新加坡率先推出，随后拓展至英国和卢森堡，以支持英镑、欧元等其他货币。 本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 ...