智通财经APP获悉，香港财库局局长许正宇今日(11月21日)在金融科技前瞻研讨会暨01金融科技卓领大 奖颁奖礼2025致辞时表示，香港财库局与香港金管局正共同推进就现行法例对于代币化债券适用性的研 究，以推动香港债券市场采用代币化技术，详情明年上半年便会公布。除此之外，金融监管机构亦定期 检讨及优化数字资产的监管框架，例如香港证监会本月初刚发出两份新通函，容许持牌虚拟资产交易平 台与其海外关联虚拟资产交易平台共享全球挂盘册，令本地投资者更有效利用全球市场流动性，以及扩 大虚拟资产交易平台就各类型的数字资产可提供的产品及服务范畴，以便利行业发展。 另外，港府与深圳市地方金融管理局在前日(11月19日)联合发布行动方案，结合香港在金融科技领域的 领先优势与深圳的产业金融强项，从多方面加强两地合作，当中包括推动深圳金融机构在港成立子公 司、共建联合孵化器、推动数字人民币应用场景持续创新、共同培育金融科技人才等。我们的目标是在 2027年年底前，落地超过20个深港跨境数据验证平台金融领域应用场景，充分发挥深港两地在金融科技 的优势，携手打造全球金融科技中心。 许正宇提到，代币化产品方面，继2023年及2024年后，港 ...

Core Insights - The Hong Kong Monetary Authority (HKMA) has launched EnsembleTX, marking a significant step in the real trading of tokenized deposits and digital assets in a controlled trial environment [1][2] - EnsembleTX will operate until 2026, laying a solid foundation for future innovations in the tokenized ecosystem [1] - The initial focus of EnsembleTX will be on facilitating the use of tokenized deposits in the tokenized currency market fund transactions for real-time liquidity and funding management [1] Group 1 - EnsembleTX represents a transition from concept validation to real transactions, showcasing Hong Kong's pioneering role in shaping the future of digital finance regionally and globally [2] - The trial environment will gradually upgrade to support 24/7 settlement of tokenized central bank currencies, promoting the continuous development of Hong Kong's broader tokenized ecosystem [1][2] - The HKMA and the Securities and Futures Commission (SFC) will collaborate closely to advance the practical application of tokenization technology across various asset classes and use cases in the financial industry [2] Group 2 - HKMA President Eddie Yue emphasized that EnsembleTX combines innovation and practice, providing tangible benefits to market participants [2] - SFC Chief Executive Ashley Alder highlighted that interoperability is crucial for the scalable development of tokenized investment products, and the recent measures signify an important step towards achieving this goal [2]

Core Insights - The Hong Kong Monetary Authority (HKMA) is set to launch a Financial Technology 2030 strategy focusing on four strategic pillars: data, artificial intelligence, resilience, and tokenization [1][2][3] Group 1: Artificial Intelligence - Over 75% of banks have deployed or piloted AI solutions in areas such as risk management, credit assessment, and customer interaction [1] - The focus is on ensuring that AI transformation aligns with public interest, economic development, and is built on trust, transparency, and security [1] - Collaboration with innovators across financial sectors will be emphasized to advance impactful AI use cases and create shared financial AI infrastructure [1] Group 2: Tokenization - The Ensemble project sandbox is moving to the next pilot phase, allowing the use of digital assets and tokenized deposits for actual value transactions [2] - The initial focus will be on tokenizing money market funds, with collaboration among regulatory bodies to incubate mature real-value use cases [2] - The Ensemble project was launched in August 2022 to support tokenized asset interbank settlements using central bank digital currency (wCBDC) [2] Group 3: Resilience - Exploration of high-performance computing is underway to enhance financial modeling and real-time risk assessment capabilities [3] Group 4: Data - Plans to expand the availability of commercial data sets, including government gold source data, and to develop more data analytics capabilities in collaboration with the industry [3] - Efforts will be made to build a connected and trustworthy cross-border data ecosystem through initiatives like cross-border credit information sharing [3]

Core Viewpoint - The stablecoin concept is experiencing a rise in various companies, driven by the Hong Kong government's push for tokenized deposits and asset transactions [1] Group 1: Market Performance - Multiple companies in the stablecoin sector have seen significant stock price increases, including: - Multi-Point Intelligence (02586) up 6.09% to HKD 10.46 - Yao Cai Securities Financial (01428) up 5.85% to HKD 9.95 - OSL Group (00863) up 5% to HKD 14.17 - Lianyi Rong Technology-W (09959) up 3.07% to HKD 3.36 - Yunfeng Financial (00376) up 2.25% to HKD 5.9 [1] Group 2: Government Initiatives - On September 17, Hong Kong Chief Executive John Lee presented his fourth policy address, indicating that the Hong Kong Monetary Authority will promote commercial banks to launch tokenized deposits and facilitate real tokenized asset transactions [1] - The initiatives include using tokenized deposits for settling tokenized money market funds, assisting the government in normalizing tokenized bond issuance, and encouraging banks to enhance risk management through regulatory sandboxes [1] Group 3: Industry Outlook - According to Everbright Securities, third-party payment institutions have become deeply embedded in the payment service ecosystem, playing a crucial role in cross-border RMB settlement and multi-currency transactions [1] - The expectation is that stablecoins will drive the global expansion of RMB cross-border payment infrastructure and diversify application scenarios, leading to potential revenue growth for third-party payment companies [1]

Group 1 - The total assets of central enterprises have exceeded 90 trillion yuan, with a profit increase from 1.9 trillion yuan to 2.6 trillion yuan during the "14th Five-Year Plan" period, reflecting an annual growth rate of 7.3% and 8.3% respectively [2] - Central enterprises have invested 8.6 trillion yuan in strategic emerging industries, with significant growth in fields such as integrated circuits, biotechnology, and new energy vehicles [2] - R&D expenditure of central enterprises has exceeded 1 trillion yuan for three consecutive years, indicating a strong commitment to innovation and quality improvement [2] Group 2 - National tax revenue has turned positive with a slight increase of 0.3% year-on-year, indicating a recovery in economic activities [4] - The significant increase in stamp duty, particularly on securities transactions, reflects improved investor confidence in the capital market [4] - Structural pressures remain in the domestic fiscal operation, particularly due to sluggish real estate-related income and challenges in balancing local government finances [5] Group 3 - The domestic market for household appliance chips has seen a 65% localization rate for analog chips, with overall domestic chip usage in household appliances reaching 70%-80% [8] - The Ministry of Commerce has initiated an anti-dumping investigation against U.S. imports of analog chips, highlighting the competitive pressures faced by domestic firms [8] - The gap between domestic and international players in the mid-to-low-end analog chip sector is narrowing, although usage rates in automotive and industrial control sectors remain low [9] Group 4 - Hong Kong is exploring shortening the stock settlement cycle to T+1, which could enhance market liquidity and attract short-term capital [10] - The Hong Kong Monetary Authority is promoting tokenized deposits and asset transactions, positioning the region as a leader in digital currency exploration [11] - A recent survey indicates a growing bullish sentiment among global fund managers, with 28% expressing optimism about stock markets, the highest level since February [12] Group 5 - The stock price of Yaojie Ankang experienced extreme volatility, with a single-day fluctuation of 123.98%, driven by its recent inclusion in major innovation drug indices [14] - The trading dynamics of Yaojie Ankang highlight the impact of liquidity and market speculation on stock prices, particularly in low-volume scenarios [15] - The overall market showed a rebound with significant trading volume, particularly in the robotics and chip sectors, while some sectors like precious metals faced declines [16]

Group 1: Federal Reserve and Market Impact - QCP Capital indicates that the Federal Reserve is expected to initiate a rate cut cycle tonight, with the first cut of 25 basis points to a range of 4.00–4.25% [1] - Despite market expectations of six rate cuts by 2026, investor focus remains on the dot plot and Powell's press conference [1] - The crypto market has underperformed compared to traditional risk assets, and the Fed's statements tonight may influence this disparity [1] Group 2: Hong Kong's Digital Asset Initiatives - The Hong Kong Chief Executive's 2025 Policy Address outlines the Monetary Authority's continued promotion of the Ensemble project, including tokenized deposits and asset trading [2] - The government aims to regularize tokenized bond issuance and enhance risk management through a regulatory sandbox [2] - The Securities and Futures Commission is developing legislative proposals for licensing digital asset trading and custody services while expanding product offerings for professional investors [2] Group 3: Ethereum Development Updates - Vitalik Buterin announced a new roadmap for Ethereum at a developer conference in Japan, focusing on increasing the mainnet gas limit for scalability while maintaining decentralization [3] - The mid-term goals include trustless asset transfers and rapid settlements between Layer 2 solutions, emphasizing the importance of on-chain privacy [3] - Long-term objectives aim to create a secure, simplified, quantum-resistant version of Ethereum with formal verification [3] Group 4: UK FCA Regulatory Changes - The UK's Financial Conduct Authority (FCA) plans to exempt certain traditional financial rules when regulating crypto companies starting in 2026, adapting to the high volatility of crypto assets [3] - The FCA will enhance cybersecurity regulations to ensure they align with actual risks [3] Group 5: Coinbase Data Breach - Details of the Coinbase data breach reveal that an employee from TaskUs stole sensitive customer information, including social security numbers and bank accounts, and sold it to hackers [3] - The breach affected over 69,000 customers, with potential losses for Coinbase estimated at up to $400 million [3]

Economic Growth and Financial System - Hong Kong's economy is expected to grow by 2% to 3% this year, marking a positive turnaround since the current administration took office [1] - The government aims to strengthen Hong Kong's financial system, regaining its position as the third global financial center according to the Global Financial Centers Index [1] Stock Market Enhancement - The Hang Seng Index has risen over 20% since the beginning of the year, with average daily trading volume nearing 250 billion HKD, almost doubling from last year [2] - New stock fundraising has reached over 130 billion HKD by the end of August, representing a nearly sixfold year-on-year increase, making Hong Kong the top global market for new listings [2] - Initiatives include assisting mainland tech companies in financing through a "Tech Enterprise Line," optimizing the main board listing mechanism, and exploring a T+1 settlement cycle [2] Bond Market Development - The government plans to solidify Hong Kong's status as a bond center by enhancing financial infrastructure and creating a centralized platform for managing various assets [3] - Collaboration with international markets, including Switzerland and the UAE, is being pursued to expand the bond market [3] - The Securities and Futures Commission is exploring the feasibility of an electronic bond trading platform and promoting a commercial repo market [3] Currency Market Growth - Hong Kong is the largest offshore RMB business hub, with plans to enhance liquidity and global reach through new RMB financing arrangements [5] - The government will issue more RMB bonds and explore using RMB for government expenditures [5] Gold Market Expansion - The government has accepted recommendations to develop Hong Kong into a regional gold storage hub, aiming to exceed 2,000 tons in three years [6] - Initiatives include establishing a central clearing system for gold transactions and promoting the issuance of gold investment products [7] Insurance and Asset Management - The government will revise regulations to lower capital requirements for infrastructure investments, promoting insurance participation in financing [8] - Hong Kong is expected to become the largest cross-border wealth management center, with significant growth in investment accounts from mainland investors [9] Financial Technology Advancement - The Monetary Authority is advancing the Ensemble project to support the development of tokenized markets and improve risk management [10] - Legislative proposals are being developed for digital asset trading and custody services [10] Sustainable Finance Initiatives - The Hong Kong Stock Exchange launched an international carbon trading platform, aiming to enhance cooperation with the Greater Bay Area on carbon market development [11] International Trade and Infrastructure - The government is focused on enhancing international trade networks and infrastructure connectivity, including cross-border railway projects to improve regional integration [12]

Core Insights - Futu Holdings reported a significant year-on-year revenue growth of 69.7% to HK$53.1 billion, with net profit soaring by 112.7% to HK$25.7 billion in Q2 2025 [1][3][5] Revenue and Profit Performance - The strong revenue performance was driven by a 87.4% increase in commission and fee income to HK$25.8 billion, attributed to a substantial rise in trading volume [3] - Interest income also saw a notable increase of 43.8% to HK$22.9 billion, benefiting from growth in securities lending, bank deposits, and margin financing [3][5] - The operating profit margin improved significantly from 47.3% in the same period last year to 63.0% [5] User Growth and Asset Scale - The number of funded accounts grew by 40.9% year-on-year to 2.877 million, with over 204,000 new accounts added in the quarter [3][6] - Total client assets surged by 68.1% to a record high of HK$973.9 billion, with net asset inflows in the first half of 2025 nearly doubling compared to the same period last year [3][6] Trading Activity - Total trading volume experienced a dramatic increase of 121.2% year-on-year to HK$35.9 trillion, with US stock trading contributing significantly [4][6] - US stock trading volume reached HK$27.0 trillion, while Hong Kong stock trading volume was HK$8.335 trillion [4] - The trading volume growth was catalyzed by market volatility and favorable policies in the cryptocurrency sector [4] Wealth Management Innovations - Futu's wealth management client assets reached HK$163.2 billion, reflecting a 104.4% year-on-year growth [4] - The company has introduced various innovative products, including Hong Kong and RMB-denominated bonds and structured products for retail investors [4]

Core Insights - The global fund tokenization market is experiencing explosive growth, with major Wall Street firms entering this emerging field [1] - Goldman Sachs reports that the asset management scale of tokenized assets reached $23 billion in the first half of the year, a 260% increase since January [1] - By 2030, tokenized funds are expected to account for 1% of global asset management, exceeding $600 billion [1] Group 1: Tokenized Money Market Funds - Tokenized money market funds are leading the innovation wave, with over 335 types of tokenized physical asset products currently operating on-chain [2] - BlackRock's BUIDL fund, in collaboration with Securitize, has surpassed $2.9 billion in assets under management, becoming the largest tokenized money market fund globally [2] - The participation of major institutions indicates a growing market demand for blockchain-native liquidity [2] Group 2: Alternative Assets and Private Equity - Tokenization of private equity and alternative assets is gaining attention, with the market projected to expand from $40 billion in 2023 to $317 billion by 2028 [3] - A PwC survey indicates that 54% of institutional investors prefer private equity as their choice for tokenized alternative investments [3] - Apollo's diversified credit fund offers tokenized private credit strategies, providing compliant investment opportunities for qualified institutions [3] Group 3: Milestones in Tokenized Money Market Funds - The collaboration between Goldman Sachs and BNY Mellon marks a significant milestone for tokenized money market funds in the U.S. [6] - This solution allows U.S. fund management companies to subscribe to money market fund shares through BNY Mellon's LiquidityDirect platform, utilizing Goldman Sachs' blockchain-based GS DAP platform [6] - The potential of tokenized funds can alleviate friction in collateral management, enhancing the value of asset classes [6] Group 4: Regulatory Environment - Global regulatory bodies are generally adopting a positive stance towards fund tokenization, creating favorable conditions for market development [7] - The Hong Kong Securities and Futures Commission approved the world's first tokenized money market ETF in April 2025, indicating strong interest in interoperable token formats [7] - The UK's 2023 fund tokenization implementation blueprint aims to improve market efficiency and transparency, with the Financial Conduct Authority supporting industry efforts [7]

Core Insights - The global fund tokenization market is experiencing explosive growth, with major Wall Street firms entering this emerging field. Goldman Sachs reports that the asset management scale of tokenized assets reached $23 billion in the first half of this year, a staggering 260% increase since January. The total market value of tokenized government bonds has reached $7.5 billion [1][4]. Group 1: Market Growth and Projections - Goldman Sachs predicts that by 2030, tokenized funds will account for 1% of the global asset management scale, exceeding $600 billion. This growth is not limited to traditional money market funds but also includes private equity and other alternative asset tokenization [1][4]. - The tokenized fund market is expected to expand significantly from $40 billion in 2023 to $317 billion by 2028, with growth concentrated in private equity, private debt, real estate, and other alternative strategies [4]. Group 2: Institutional Participation - Major institutions such as BlackRock, Fidelity Investments, and Goldman Sachs Asset Management are participating in the initial launch of tokenized money market fund solutions, indicating a growing demand for blockchain-native liquidity [2][8]. - The collaboration between Goldman Sachs and BNY Mellon to launch the first tokenized money market fund solution in the U.S. marks a significant milestone for this innovative financial instrument [1][8]. Group 3: Regulatory Environment - The global regulatory environment is becoming increasingly favorable for fund tokenization, with regulators taking a positive stance that creates conducive conditions for market development. For instance, the Hong Kong Securities and Futures Commission approved the world's first tokenized money market ETF in April 2025 [9]. - The UK's Financial Conduct Authority has supported industry efforts and recognized the potential of fund tokenization, planning to consult on guidance to support the tokenization model by Q3 2025 [9]. Group 4: Alternative Assets and Innovations - Tokenization of private equity and alternative assets is gaining attention, with 54% of institutional investors listing private equity as their preferred tokenized alternative investment [4]. - Apollo's diversified credit fund offers tokenized private credit strategies, allowing qualified institutions to invest within a compliant framework [5].