Core Viewpoint - The Federal Reserve has officially canceled the "Novel Activities Supervision Program," which was designed to regulate banks' activities in the cryptocurrency and fintech sectors, integrating this oversight into the standard banking regulatory framework [2][3]. Summary by Sections Federal Reserve's Announcement - On August 15, the Federal Reserve announced the closure of the "Novel Activities Supervision Program," which was established in 2023 to enhance the regulation of banks' cryptocurrency activities [3]. - The Federal Reserve Board stated that it has deepened its understanding of the risks associated with these activities and will now incorporate this knowledge into standard regulatory processes [3]. Background of the Program - The program was initiated in response to the 2023 banking crisis, which saw the collapse of three banks closely tied to the cryptocurrency industry: Silicon Valley Bank, Silvergate Bank, and Signature Bank [3]. - The aim was to closely monitor innovative and unverified technologies that could pose risks to the banking system [3]. Key Focus Areas of the Program - The program focused on areas such as cryptocurrency custody, loans collateralized by cryptocurrencies, assistance in digital asset trading, issuance of stablecoins and dollar tokens, and projects utilizing distributed ledger technology [4]. - The latest requirements simplify compliance processes for banks engaging in cryptocurrency activities, while core regulatory principles like anti-money laundering and consumer protection remain unchanged [4]. Regulatory Environment Shift - The Federal Reserve's actions reflect a broader trend of U.S. regulatory agencies becoming more accommodating towards the cryptocurrency industry [5]. - Since the Trump administration, there has been a push to position the U.S. as a "global cryptocurrency hub," with recent regulatory changes allowing banks to independently decide on engaging in cryptocurrency activities [5]. Federal Reserve Officials' Statements - Chicago Fed President Austan Goolsbee expressed uncertainty regarding interest rate cuts due to mixed inflation data and ongoing tariff uncertainties [6]. - Recent data showed a 0.9% month-over-month increase in the Producer Price Index (PPI) for July, driven primarily by service sector inflation, which rose by 1.1% [6]. - Market expectations indicate a 92% probability of a 25 basis point rate cut in September, with varying probabilities for subsequent cuts later in the year [7].

格隆汇8月6日丨远光软件(002063.SZ)在投资者关系中表示，公司未实际落地RWA业务，但公司始终紧 跟区块链产业发展、政策趋势和应用场景，储备相关技术和业务模式。目前，公司区块链技术可以应用 于RWA领域，为其在资产确权、流转、追溯等方面提供可信技术支撑。 ...

Group 1 - Fourth Paradigm announced a plan to issue 25.9 million H-shares, with net proceeds estimated at approximately HKD 1.306 billion, fully subscribed by Infini Capital [1] - 50% of the funds raised will be allocated to the company's investments in embodied intelligence, smart devices, blockchain technology, and real-world asset tokenization, while 40% will be used for global business expansion and potential acquisitions in these emerging fields [1] - Infini Capital is a well-known international long-term fund with dual headquarters in Hong Kong and Abu Dhabi, recently involved in significant investments in China's AI and technology sectors [1] Group 2 - International capital has been actively investing in Chinese technology assets in 2023, with major foreign firms like Morgan Stanley, Goldman Sachs, UBS, and the Kuwait Investment Authority significantly increasing their positions in Chinese tech stocks [2] - Companies such as Changhong Huayi, Jiankang Intelligent, Fangzheng Electric, and Yinhui Technology have seen multiple foreign investors buying into their stocks, indicating a strong interest in China's tech industry [2] - The breakthroughs in China's technology sector have led to a re-evaluation of the AI industry chain, highlighting the significant investment value of Chinese tech assets [2]

Core Viewpoint - Jin Yi Culture (002721.SZ) has accumulated relevant technology and experience in payment clearing business through its subsidiary, Kaike Weishi, which can be adjusted for stablecoin business [1] Group 1: Business Perspective - Kaike Weishi possesses technical capabilities and experience in payment clearing related to stablecoin business [1] - The company is open to making detailed adjustments to the architecture of its stablecoin technology [1] Group 2: IT Technology Perspective - Kaike Weishi has blockchain technology reserves that are compatible with stablecoin-related technologies [1] - The company cannot predict the time frame for changes in the stablecoin industry but will actively monitor developments [1]

Group 1: Power Sector - The power sector is experiencing significant growth, with companies like Huayin Power and Shaaneng Group seeing substantial stock price increases, reminiscent of the carbon neutrality trend [3] - Recent government policies, such as the "New Generation Coal Power Upgrade Special Action Implementation Plan," provide strong support for thermal power companies, stabilizing their profit expectations [3] - The renewable energy capacity has surpassed that of thermal power for the first time, indicating a profound energy revolution within the industry, creating a dual-driven growth model for power stocks [3] Group 2: Real Estate Sector - The real estate sector has seen unexpected gains in stocks of local state-owned enterprises like Chongqing Development and Shahe Shares, driven by numerous policies aimed at stabilizing the housing market [4] - A significant reduction of 15% in land supply in core areas of first-tier cities has boosted market confidence in high-quality real estate, particularly in cities like Beijing and Shanghai [4] - The real estate market is experiencing severe differentiation, with core city demand presenting genuine investment opportunities, as evidenced by a 24% year-on-year increase in second-hand housing transactions in Shanghai [4] Group 3: Cross-Border Payment Sector - The cross-border payment sector is performing well, with companies like Xinyada and Jingbeifang seeing stock price surges due to technological and policy advancements [4] - The recent implementation of QR code payment interoperability between China and Vietnam, along with real-time local currency settlement, accelerates the international expansion of Chinese payment systems [4] - The integration of digital currency and blockchain technology is reshaping the cross-border payment landscape, making transactions as convenient as domestic transfers, thus enhancing long-term growth potential for this sector [4] Group 4: Market Trends and Sentiment - The overall market volume has decreased to 780 billion, indicating a cautious sentiment among investors, leading to faster rotation of themes [6] - Despite the decline in indices, the situation is not severe, as the number of stocks declining is not significantly higher than those rising, suggesting that panic has not set in [6] - Upcoming second-quarter reports are expected to provide insights, particularly for sectors like power and real estate that have strong policy support and high earnings certainty [6]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對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的任何損失承擔任何責任。 本公告乃由本公司自願作出。 董事會欣然宣佈，於二零二五年六月三十日（聯交所交易時段後），本公司（作 為買方）已與賣方及Conflux訂立諒解備忘錄，內容有關收購目標公司全部股 權的潛在收購事項，前提為目標公司按照與本公司的協議完成收購Conflux 資產。 潛在收購事項須待本公司與賣方訂立正式協議後方可作實。因此，潛在收 購事項未必會進行。本公司將根據上市規則適時刊發公告。股東及本公司 潛在投資者於買賣本公司股份時務請審慎行事。 – 1 – INNOVATIVE PHARMACEUTICAL BIOTECH LIMITED 領航醫藥及生物科技有限公 司 （於開曼群島註冊成立並於百慕達存續之有限公 司） （股份代 號：399） 自願公告 有關潛在收購事項的 諒解備忘錄 緒言 董事會欣然宣佈，於二零二五年六月三十日（聯交所交易時段後），本公司（作 為買方）已與賣方及Conflux訂立諒解備忘錄，內容有關潛在 ...

Group 1 - The blockchain major is not a niche field, supported by strong industry demand across various sectors such as finance, supply chain, healthcare, and government, indicating a broad job market for professionals [3][4][5] - Government policies are actively promoting blockchain technology, integrating it into "new infrastructure" initiatives, which fosters innovation and attracts educational institutions to develop relevant programs [4][5] - Educational institutions are increasingly offering blockchain-related programs and courses, reflecting the growing importance and potential of the blockchain field [5] Group 2 - Students in the blockchain major must acquire foundational knowledge in computer science, mathematics, and cryptography, which are essential for building and securing blockchain systems [7][8] - Core technologies of blockchain, such as distributed ledgers, consensus mechanisms, and smart contracts, are critical areas of study for students [8][11] - Practical skills in blockchain application development are emphasized, including the use of frameworks like Ethereum and Hyperledger Fabric for real-world project implementation [11] Group 3 - Graduates can pursue careers in blockchain technology research and development, focusing on optimizing platforms and developing new consensus algorithms [12] - There is a growing demand for blockchain application developers in various industries, including finance and supply chain, to create and maintain blockchain-based systems [13] - Project management roles in blockchain initiatives require professionals to coordinate resources and ensure project completion, highlighting the need for strong communication and management skills [14] - Consulting and research opportunities are available for blockchain professionals to provide insights and support for industry and government entities [15]

Core Viewpoint - Blockchain technology offers unique advantages such as real-time recording, data immutability, and full traceability, providing a breakthrough for precise food quality tracing and enhancing food safety for consumers [1][2]. Group 1: Blockchain Technology in Food Safety - Blockchain establishes a decentralized distributed ledger for each batch of food, creating a "digital ID" that tracks the entire process from planting to consumption, ensuring data integrity and transparency [1][2]. - The technology allows consumers to scan and trace key information throughout the supply chain, enabling regulators to conduct thorough oversight and improving collaboration efficiency among enterprises [1][2]. Group 2: Current Applications and Innovations - Various regions are increasing the application of blockchain technology to build food quality tracing systems, with Fujian province leading by establishing a raw grain quality tracing platform that integrates with the provincial food safety information management platform [2]. - Shandong province is promoting a management system that enhances product quality tracing for over 100 enterprises, while Hubei province has developed a public service platform for comprehensive quality safety tracing across the entire food supply chain [2]. Group 3: Challenges in Implementation - The "digital divide" hinders widespread adoption, as small farmers often lack digital literacy, smart device access, and robust network infrastructure, creating a gap with blockchain implementation requirements [3]. - Ensuring the authenticity of source data remains a challenge, necessitating a trust generation mechanism that combines technology and regulatory measures [3]. - High costs associated with deploying blockchain and related technologies pose a barrier, particularly for small enterprises and farmers, highlighting the need for sustainable incentive mechanisms to lower entry costs [3]. Group 4: Need for Comprehensive Framework - Building a food quality tracing system requires more than just blockchain technology; it necessitates regulatory support, standardized practices, and a cultural shift towards quality safety [4]. - Governments should establish legal frameworks and policies for blockchain applications in the food sector, clarifying data ownership and privacy boundaries [4]. - A unified standard for data collection, transmission, storage, and exchange across the industry is essential to break down data barriers and facilitate information sharing [4].

Core Viewpoint - The article highlights the increasing importance of data in the era of artificial intelligence (AI) and the strategic initiatives taken by Shanghai's state-owned enterprises to invest in the data industry, particularly through the establishment of the Shanghai Chuangzhi Shuchain Fund, which focuses on blockchain, data elements, and AI [1][2][5]. Group 1: Market Initiatives - The Shanghai Data Group was established in September 2022 as a state-owned enterprise focusing on data as its core business, and it is a key player in China's data element industry chain [2]. - The Shanghai Chuangzhi Shuchain Fund aims to invest in the upstream and downstream of the data industry chain, receiving support from the Shanghai government and is expected to complete its first closing by 2025 [1][2]. - The fund is part of a broader strategy by Guofang Innovation, which has been active in the technology sector since 2017, managing over 30 billion yuan in assets and focusing on the Yangtze River Delta region [12][13]. Group 2: Investment Strategy - Guofang Innovation has a unique model of collaborating with leading enterprises in the industry chain, which has resulted in a robust ecosystem and deep cooperation with over 20 industry leaders [13][14]. - The fund will focus on nurturing innovative companies in the data product application space and will invest in key technologies related to blockchain and data security [6][8]. - The investment strategy includes a focus on AI-driven companies and data lifecycle enterprises, emphasizing the importance of proprietary data for competitive advantage [5][8]. Group 3: Industry Trends - The article notes that data will be a decisive factor in AI competition, with companies needing to maintain exclusive and high-quality data to enhance their competitiveness [5][10]. - The emergence of generative AI technologies has sparked a new wave of innovation, with companies like DeepSeek leading the charge in AI capabilities [10]. - Guofang Innovation's investments are aimed at building a vibrant AI ecosystem in the Yangtze River Delta, with a focus on early-stage investments and collaboration with key players in the industry [9][16].

Core Viewpoint - Digital finance is reshaping the financial ecosystem, particularly in the futures market, through its transformative power, enhancing market efficiency and service capabilities for the real economy [1]. Current Application of Digital Finance in the Futures Market - A diversified technological system has emerged in the application of digital finance in the futures market, categorized into four core models: digital trading platforms, blockchain technology, big data analytics, and artificial intelligence [2][3][4]. Multi-Dimensional Impact of Digital Finance on the Futures Market - The integration of digital finance and the futures market is causing systemic changes in trading mechanisms, market structures, and functional positioning, leading to significant improvements in trading efficiency, market transparency, risk management capabilities, and ongoing market innovation [5][6][7][8][9]. Real Challenges of Digital Finance Applications - Despite the opportunities presented by digital finance, challenges remain in areas such as technological risks, data security, regulatory lag, and talent shortages, which need to be systematically addressed [10][11][12][13]. Future Development Trends of Digital Finance - The future integration of digital finance and the futures market is expected to evolve in several directions, including deeper technological integration, the rise of regulatory technology, gradual penetration of decentralized finance (DeFi), globalization, and accelerated product innovation [14][15][16][17][18]. Conclusion and Recommendations - The application and development of digital finance in the futures market fundamentally enhance market efficiency and functionality through the deep application of various technologies. Recommendations include strengthening technical standards, improving data governance, advancing regulatory technology applications, enhancing talent cultivation, and deepening international cooperation [19][20].