2025年9月23日，"九方智投控股战略投资EX.IO暨方德证券与EX.IO战略合作签约仪式"于香港举办，金融科技企业九方智投控股(09636)携手全球Web3创新 集团EXIO Group Limited(以下简称"EX.IO")、知名互联网券商方德证券有限公司(以下简称"方德证券")共同达成一系列重要合作，标志着三方在数字金融领 域的协同创新与生态共建迈出关键一步。 九方智投控股战略投资EX.IO，加码全球数字金融战略 据悉，方德证券是一家专注于为全球华人提供港美股交易服务的互联网券商，公司立足香港多年，持有香港证监会颁发的1、2、4、5类牌照。在香港稳定 币、RWA等数字资产业务的新机遇下，方德证券将通过升级1、4类牌照，向客户提供数字资产交易服务和数字资产投资咨询服务，积极推进方德证券从互 联网券商向代币化投行和投资机构的升级迭代。 值得一提的是，此前，九方智投控股已公告宣布，拟收购Yintech Financial及其附属公司方德证券。 作为深耕香港市场的互联网券商，方德证券拥有卓越的本地市场经验与客户基础，未来结合EX.IO的合规交易平台与技术能力与九方智投控股的智能投顾服 务体系，三方将形成强大 ...

Group 1 - The core viewpoint of the report is that OSL Group is expected to see significant revenue growth in the coming years, with projected revenues of HKD 6.7 billion, HKD 11.9 billion, and HKD 18.1 billion for 2025, 2026, and 2027 respectively, and a target price of HKD 21, initiating coverage with a "Buy" rating [1] - OSL's revenue composition is primarily driven by digital asset trading income, which accounted for 51% of total revenue in the first half of 2025, achieving a trading volume of HKD 68.2 billion, representing a year-on-year increase of 200% [1] - As of the end of the first half of 2025, OSL's custodial assets reached HKD 5.7 billion, reflecting a year-on-year growth of 50% [1] Group 2 - The company is the first compliant digital asset exchange in Hong Kong, having obtained the first digital asset trading platform license from the SFC, positioning itself favorably in the growing Web 3.0 ecosystem in Hong Kong [1] - OSL is the only platform in the Hong Kong market that offers a full suite of customizable solutions including RFQ and Orderbook, and has established deep partnerships with over 50 licensed brokers and banks in Hong Kong, leading in trading volume market share [1] - As of December 31, 2024, OSL's partnered ETFs accounted for approximately 64% of the managed assets in the Hong Kong digital asset spot ETF market [1] Group 3 - The company is driven by both organic growth and strategic acquisitions, with the new business OSLPay set to launch in April 2025, which generated HKD 55.9 million in revenue in the first half of 2025, accounting for 29% of total revenue, primarily from Europe [2] - OSL is expanding its global exchange footprint, having obtained licenses in Australia, Japan, and Italy, and plans to acquire Banxa, which holds over 40 licenses/registrations globally [2] - In August 2025, OSL officially received a full license for digital asset business from the Bermuda Monetary Authority and launched a global exchange [2]

数据显示，Bullish第二季度每股收益达0.93美元，较去年同期的-1.03美元大幅提升，并远超-0.05美元的 市场预期。营收为5700万美元，虽低于去年同期的6070万美元，但超出市场预期的5580万美元。数字资 产销售额达586亿美元，较2024年第二季度的496亿美元显著增长。当季交易量飙升至1796亿美元，较去 年同期的1330亿美元显著提升。 截至6月30日的三个月内，调整后运营开支为4890万美元，高于去年同期的4600万美元。调整后 EBITDA为810万美元，低于去年同期的1470万美元。 此外，Bullish旗下数字资产指数提供商CoinDesk Indices季度末资产管理规模达410亿美元，较第一季度 增长超90亿美元。今年4月至6月期间加密货币价格大幅攀升，比特币当季涨幅达30%，成为全球表现最 佳的主要资产。追踪整体市场的CoinDesk20指数同期上涨23%。 展望未来，公司预计2025年第三季度调整后营收将达到6900万至7600万美元，远超分析师平均预测的 5710万美元;调整后EBITDA预计为2500万至2800万美元;交易量预计达1330亿至1420亿美元。 Bull ...

Bullish公司成立于2021年，它将自己描述为一家"专注于机构"的数字资产交易所，其交易量由量化交易 员和中频对冲基金的现货交易所推动。该公司的早期投资者包括彼得·蒂尔、美国加密亿万富翁迈克·诺 沃格拉茨和英国对冲基金经理艾伦·霍华德。Bullish总裁Chris Tyrer表示，"公开市场正表现出对专注于 加密货币的公司进行投资的意愿。"(格隆汇) 加密货币交易所Bullish(BLSH.US)上市首日即暴涨超83%后，今日续涨超10%，报75美元。 ...

Core Points - The Guangzhou government has officially released the implementation plan for the "Nansha Financial 30 Measures," aimed at enhancing financial support for the Guangdong-Hong Kong-Macao Greater Bay Area cooperation [1][2] - The implementation plan includes 88 specific measures across five key areas, building on the initial "Nansha Financial 30 Measures" released in May [1][3] Group 1: Key Highlights of the Implementation Plan - The plan emphasizes three main highlights: focusing on the Bay Area for innovation, facilitating financial services in collaboration with Hong Kong and Macau, and promoting high-level institutional openness to the world [3] - Specific measures include the introduction of innovative financial products, support for technology innovation, and encouragement for domestic insurance institutions to establish private equity funds in Nansha [3][4] Group 2: Financial Services for Social Welfare - The plan aims to enhance financial services for residents from Hong Kong, Macau, and international individuals, including facilitating cross-border payment services and credit financing [5][6] - It proposes expanding the scope of cross-border payment services and promoting the use of digital RMB in various sectors such as consumption, tourism, and education [6] Group 3: Cross-Border Financial Innovation and Exchange - The implementation plan positions Nansha as a financial innovation hub and a demonstration window for financial openness, with specific measures to develop unique financial services and enhance market connectivity [7][8] - It includes initiatives to attract international financial institutions and promote cross-border RMB business innovation, aiming to establish a comprehensive service base for the Belt and Road Initiative [8]

Core Viewpoint - Standard Chartered Group has launched a comprehensive integrated digital asset trading service for institutional clients, becoming the first global systemically important bank to provide secure, compliant, and scalable spot trading for Bitcoin and Ethereum [1][2]. Group 1: Service Launch and Market Position - The new digital asset trading service is highly integrated with Standard Chartered's existing platforms, allowing institutional clients to trade digital assets through familiar forex interfaces and settle with their chosen custodial banks [2]. - The service includes spot trading for Bitcoin (XBT/USD) and Ethereum (XET/USD) through its UK branch, with plans to introduce non-deliverable forward trading soon [2]. - The launch reflects a shift from traditional financial institutions providing "behind-the-scenes" support to actively participating in the core trading of digital assets [1][2]. Group 2: Market Trends and Institutional Influence - The launch of the digital asset trading service indicates three key trends: 1. Accelerated integration of cryptocurrencies with traditional finance, as evidenced by Standard Chartered's role as a global systemically important bank [3]. 2. Increasing influence of institutional investors in the cryptocurrency market, highlighted by the bank's focus on institutional clients [3]. 3. A growing number of banks actively entering the cryptocurrency service space, expanding their business scope since the second half of 2024 [3]. Group 3: Regulatory Environment and Future Outlook - Recent legislative developments in major countries, including the U.S. and Hong Kong, indicate a move towards regulatory frameworks for cryptocurrencies and stablecoins, suggesting the end of the "wild growth" phase for the market [4]. - The future of the cryptocurrency market will depend on achieving a dynamic balance with traditional financial markets, emphasizing the complementary role of cryptocurrencies in enhancing the existing financial system [4]. - Global efforts are underway to classify and regulate digital assets, setting boundaries and norms for financial institutions to operate within [4].

Core Insights - BitGo Inc. has experienced a significant increase in its assets under custody, growing from $60 billion to $100 billion by the first half of 2025, driven by clearer global regulatory frameworks and the rising popularity of cryptocurrencies [1][2] - Approximately half of the assets under custody involve staking activities, where investors collateralize their cryptocurrency assets to participate in blockchain transaction validation and earn additional token rewards [1] - BitGo, established in 2013, has become one of the largest cryptocurrency custody institutions in the U.S., offering not only custody services but also digital asset trading and lending services [1] - Following a $100 million funding round in 2023, BitGo's valuation reached $1.75 billion, with notable early investors including Goldman Sachs, DRW Holdings, Redpoint Ventures, and Valor Equity Partners [1] - The company is considering an initial public offering (IPO) as early as the second half of this year, potentially becoming another digital asset firm entering the capital markets after former President Trump’s renewed support for the cryptocurrency industry [1] - Trump's administration has appointed pro-cryptocurrency regulatory officials and has pushed for stablecoin legislation, further influencing the market [1] Global Expansion - Over the past year, BitGo has accelerated its global expansion, securing strategic investments from South Korea's Hana Financial Group and SK Telecom in September 2024, and successfully entering the Dubai market in early 2025 [2] - The operations of the South Korean joint venture are reported to be progressing smoothly [2]

Core Viewpoint - The People's Bank of China and five other departments have issued a joint document to enhance financial support for Guangzhou Nansha, aiming to strengthen its role in the Guangdong-Hong Kong-Macao Greater Bay Area development [1][2]. Group 1: Financial Support Measures - The document outlines 30 key measures to improve financial services for innovation and entrepreneurship, promote financial market connectivity, and enhance regulatory mechanisms [1]. - It encourages banks to collaborate with external investment institutions to explore new business models such as "loans + external direct investment" to support technological innovation [1]. - The document supports the development of a data trading platform in Guangzhou and collaboration with licensed digital asset trading platforms in Hong Kong to innovate digital asset trading services [1]. Group 2: Youth and Cross-Border Initiatives - The measures include support for eligible Hong Kong and Macao residents and youth entrepreneurship projects in Nansha to access local financial support policies such as loan interest subsidies and risk compensation [1]. - It proposes to expand the pilot program for Hong Kong and Macao residents to open bank accounts and explore video-based credit card applications [2]. - The document supports cross-border cooperation among credit institutions in the Greater Bay Area and the mutual recognition of credit products [2]. Group 3: Climate and Futures Market Initiatives - The document encourages Nansha to deepen its role in national climate investment and financing trials, enhancing collaboration with Hong Kong and Macao in platform construction and financing [2]. - It supports the launch of cross-border cooperative products at the Guangzhou Futures Exchange, exploring new models for international cooperation in futures products [2].