前两天，上半年的经济数据陆续公布。 多数人的关注点，都是GDP的增长数据，但我的关注点却是另外两组数据。 首先是 广义货币M2 的数据。 上半年M2余额330.29万亿元，同比增长了8.3%，比上月高0.4个百分点，比上年同期高2.1个百分点。 简而言之，上半年社会上的钱，是越来越多。 另一组数据是 物价指数 。 CPI通Z回升至0.1%，环比稍微回暖了一点，比之前的负数好一点，但依然不高； PPI通Z为-3.6%，连续第3个月回落。 简而言之，市场上的钱是多了，但是物价依然没上涨，没有通Z。 这就引出了当下一个很重要的问题： 为什么市场上的钱越来越多，但物价没有上涨？资产价格也没有上涨呢？ 那么多的钱，没流向商品，又没流向资产。 那这些钱到底去了哪里？ 难道真的像很多人分析的那样，钱全部都被老百姓存起来了？ 恐怕没有那么简单。 为什么说放出来的钱全被老百姓存起来这个说法不够准确？ 因为 市场上新增的货币，主要是通过银行贷款放出来的。 而老百姓存的钱，不是工资收入就是财产收入，这些钱多数都是 存量货币 ，属于存量不是增量。 居民想要拿到这些新放出来的钱， 只能通过贷款。 但是上半年居民贷款余额只增加了1.17 ...

Core Insights - The article discusses the evolving landscape of the liquor industry, highlighting the cross-industry expansion of traditional liquor brands into the craft beer market, the growth of the bottled liquor segment, and the emergence of new retail channels for liquor sales [2][3][5][8]. Industry Environment - Major liquor brands from Sichuan are entering the craft beer market, leveraging their existing brand and distribution advantages. This move is seen as a strategy to attract younger consumers and expand consumption scenarios [3][4]. - The bottled liquor market has surpassed 150 billion yuan, with expectations to exceed 200 billion yuan by 2025. Competition is intensifying as brands launch new products priced under 60 yuan [5]. - Black Ge Consulting identified nine key insights into the liquor industry, including the rise of local brands and the trend towards lower alcohol content products, emphasizing the need for brands to adapt to changing consumer preferences [5]. - High-end liquor brands are encouraged to adopt strategies from luxury brands like Hermes and Ferrari, focusing on scarcity and emotional resonance rather than just price competition [6][7]. New Retail Channels - New retail formats such as Sam's Club and Hema are reshaping liquor sales, offering competitive pricing and direct sourcing, which is attracting consumers and providing new growth channels for liquor companies [8]. - The recent adjustments to the "ban on alcohol" policy have led to a gradual recovery in dining consumption, particularly in regions like Henan, although high-end dining remains sluggish [9]. - Despite a seasonal slowdown, liquor companies are actively transforming their strategies to focus on consumer engagement and experience, moving from a channel-driven approach to a user-driven model [10]. Craft Beer Market - The craft beer segment is rapidly growing, with over 13,584 related enterprises in China as of July 2023, indicating a vibrant competitive landscape [11]. - Traditional liquor brands are launching lower-alcohol products to appeal to younger consumers, although challenges remain in maintaining flavor and quality [12]. Digital Transformation - The liquor industry is leveraging digital assets for growth, with companies reporting significant increases in sales and inventory turnover through innovative digital strategies [13]. Brand Dynamics - The Guojian brand is focusing on national expansion, emphasizing quality and cultural elements to enhance its market presence [14]. - The Swan Lake winery has successfully marketed its zodiac wines, achieving significant sales figures despite industry challenges [15]. - Changyu's innovative marketing strategies in sports events have successfully engaged consumers and enhanced brand visibility [16]. - The Fenjiu brand is exploring new consumer experiences through immersive cultural events, aiming to connect with younger audiences [17]. Market Challenges - Budweiser APAC reported a 24.4% drop in net profit, primarily due to a sluggish Chinese market and increased competition in both the low and high-end segments [20]. - The liquor industry is undergoing a significant transformation, with companies needing to adapt to changing consumer demands and market dynamics to remain competitive [21][22].

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].

Core Viewpoint - Derin Holdings (01709) experienced a significant decline of over 7% in its stock price following the announcement of a share placement and capital raising plan [1] Group 1: Share Placement Details - The company announced a placement of 201 million shares, representing approximately 11.96% of the enlarged share capital, at a price of HKD 2.95 per share, which is about 11.94% lower than the closing price of HKD 3.35 on August 6 [1] - The expected net proceeds from this placement are approximately HKD 581 million [1] Group 2: Additional Share Issuance - The company will also issue 20 million shares to DA Wolf, a company wholly owned by executive director and controlling shareholder Chen Ningdi, at the same price of HKD 2.95 per share, with expected net proceeds of about HKD 58.57 million [1] Group 3: Use of Proceeds - Approximately 30% of the net proceeds will be allocated to support strategic acquisitions and/or investments, and to expand the RWA tokenization plan [1] - About 15% will be used for developing Bitcoin mining operations and establishing Bitcoin reserves [1] - Approximately 7% is earmarked for establishing a licensed virtual asset over-the-counter trading and retail network in Hong Kong, as well as applying for and upgrading compliance licenses for virtual asset-related businesses in Hong Kong and other jurisdictions [1] - Around 8% will be used for further development of the group's digital assets, cryptocurrency, and stablecoin-related business plans [1] - About 10% will be invested in the ONE Carmel premium residential project in the United States [1] - Another 10% will be allocated for information technology facilities and system upgrades [1] - Approximately 10% will be used to create exchange-traded funds and develop quantitative investments [1] - The remaining 10% will be used to supplement working capital and support daily operations [1]

Group 1 - Delin Holdings (01709) opened down over 7%, currently down 7.46% at HKD 3.1, with a trading volume of HKD 609 million [1] - The company announced a placement of 201 million shares at HKD 2.95 per share, representing a discount of approximately 11.94% from the closing price of HKD 3.35 on August 6, aiming to raise approximately HKD 581 million [1] - Additionally, the company plans to issue 20 million shares to DA Wolf, wholly owned by executive director and controlling shareholder Chen Ningdi, at the same price of HKD 2.95, expecting to raise about HKD 58.57 million [1] Group 2 - The net proceeds from the fundraising will be allocated as follows: approximately 30% for strategic acquisitions and/or investments, and expansion of the RWA tokenization plan; about 15% for developing Bitcoin mining operations and establishing Bitcoin reserves; around 7% for establishing a licensed virtual asset OTC and retail network in Hong Kong, and applying for compliance licenses in Hong Kong and other jurisdictions [1] - Approximately 8% will be used for further development of the group's digital assets, cryptocurrency, and stablecoin-related business plans; about 10% for investment in the high-quality residential project ONE Carmel in the U.S.; around 10% for investment in IT facilities and system upgrades; approximately 10% for creating exchange-traded funds and developing quantitative investments; and about 10% for supplementing working capital and supporting daily operations [1]

Group 1 - The company, Derin Holdings (01709), announced a placement and subscription agreement to sell approximately 201 million shares at a price of HKD 2.95 per share, representing a discount of about 11.94% from the last closing price of HKD 3.35 [1] - The placement shares account for approximately 13.58% of the existing issued share capital and about 11.96% after the completion of the subscription [1] - The estimated net proceeds from the placement and subscription are expected to be around HKD 582 million [1] Group 2 - The company entered into a special authorization subscription agreement with DA Wolf Investment I Limited, allowing for the subscription of up to 20 million new shares at the same price of HKD 2.95 per share [2] - The maximum special authorization subscription shares represent about 1.35% of the existing issued share capital [2] - The estimated net proceeds from the special authorization subscription are expected to be approximately HKD 58.57 million [2] Group 3 - The total estimated proceeds from both the placement and special authorization subscription agreements are approximately HKD 653.3 million [3] - The company plans to allocate the net proceeds as follows: 30% for strategic acquisitions and investments, 15% for developing Bitcoin mining operations, 7% for establishing a licensed virtual asset trading network, 8% for further development of digital assets and cryptocurrency-related business plans, 10% for investing in a premium residential project in the US, 10% for IT infrastructure upgrades, 10% for creating exchange-traded funds and developing quantitative investment capabilities, and 10% for supplementing working capital [3]

Group 1 - The core viewpoint of the article is that despite an increase in the money supply (M2), there is no corresponding rise in consumer prices (CPI) or asset prices, leading to questions about the flow of this new money [1][3] - M2 increased by 8.3% year-on-year, reaching 330.29 trillion yuan, while CPI rose slightly to 0.1% and PPI fell to -3.6% [1][3] - The majority of the new money is not reaching consumers directly, as only 7% of the M2 increase is reflected in household loans, indicating a disconnect between money supply and consumer spending [4][5] Group 2 - Approximately 30% of the new money is directed towards government financing through bonds, which is used for debt servicing and infrastructure investments [4] - About 60% of the new money flows to enterprises, primarily for production expansion, but this leads to overproduction and price deflation, preventing price increases [5] - The phenomenon of "capital outflow" occurs as export companies do not convert their foreign currency earnings back to RMB, instead investing abroad, which further complicates domestic monetary conditions [9][11] Group 3 - The article emphasizes the need for these funds to return to the domestic market, suggesting that enhancing the capital market, particularly in Hong Kong, could attract these funds back [10][12] - The Hong Kong market is positioned as a key area for attracting both foreign investment and repatriated funds, especially with the anticipated easing of monetary policy by the Federal Reserve and expectations of RMB appreciation [10][12] - The article suggests that investors should consider allocating funds to quality assets in the Hong Kong market as a long-term investment strategy [12]

Group 1 - The core event involved Eddid Financial participating in the "Shenzhen Business Show" organized by the Shenzhen Business Association, focusing on the practical experiences of companies going global [1] - Eddid Financial is committed to supporting domestic companies in their internationalization efforts through professional services [5] - The company has a strong presence in the global capital markets, having successfully assisted multiple domestic enterprises in their international expansion [4] Group 2 - Eddid Financial is a comprehensive financial services group based in Hong Kong, integrating financial technology into its operations [6] - The group offers a wide range of services, including financial technology, internet finance, wealth management, asset management, investment banking, and digital assets [6] - Eddid Financial holds multiple licenses from major financial regulatory bodies, including the Hong Kong Securities and Futures Commission and the Monetary Authority of Singapore [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依賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考，不構成對本公司任何證券的收購、購買或認購的邀請或要約。 Ruihe Data Technology Holdings Limited 瑞和數智科技控股有限公司 本 集 團 的 加 密 貨 幣 資 產 投 資 計 劃 主 要 是 投 資 於 符 合 相 關 適 用 法 律 及 監 管 標 準（包 括 香 港 證 券 及 期 貨 事 務 監 察 委 員 會 的 標 準）的 數 字 資 產，包 括 數 字 貨 幣、加 密 貨 幣、RWA現 實 世 界 資 產 項 目 和╱或 其 他 相 關 資 產 管 理 產 品 等。本 集 團 擬 通 過 培 育 發 展 鏈 上 金 融 資 源，加 速 公 司 傳 統 金 融 服 務 的 鏈 上 化 轉 型 與 創 新，佔 據 數 字 金 融 生 態 發 展 的 有 利 地 位。本 集 團 擬 聚 焦 在 大 中 華 區 來 佈 局 數 字 資 產 服 務， ...

Core Viewpoint - SenseTime Technology announced a new fundraising initiative through the issuance of approximately 1.67 billion B-class shares at HKD 1.50 per share, aiming to raise around HKD 2.5 billion, with a net amount of approximately HKD 2.498 billion after expenses [1] Group 1: Fundraising Details - The fundraising will be fully subscribed by Wujie Capital, an international long-term fund focused on emerging technologies and other sectors [1] - This marks the third fundraising effort since SenseTime's IPO, with previous rounds raising approximately HKD 2 billion in June 2024 and HKD 2.8 billion in December 2024 [2] Group 2: Use of Proceeds - The funds will primarily support the development of core business areas, including AI cloud services, generative AI research, and the development of multimodal large model derivative products [1] - The company aims to explore technology integration in innovative verticals, including embodied intelligence robots and digital finance applications [1] Group 3: Business Strategy and Financial Performance - SenseTime is restructuring its organization to promote independent financing for various sectors, including smart vehicles and healthcare [3] - Although the company has not yet achieved profitability, its losses have been narrowing, with revenue projections of approximately HKD 3.809 billion, HKD 3.406 billion, and HKD 3.772 billion from 2022 to 2024, and net losses decreasing from HKD -6.045 billion to HKD -4.278 billion during the same period [3]