Market Overview - The U.S. government has ended its longest shutdown lasting 43 days, with President Trump signing a temporary funding bill, resulting in an estimated economic loss of approximately $1.5 trillion [1][2] - The International Monetary Fund (IMF) has observed signs of economic weakness in the U.S., predicting that the GDP growth rate for Q4 will be lower than the previously forecasted 1.9% due to the impact of the government shutdown [1][2] Economic Indicators - The U.S. Bureau of Labor Statistics was unable to release the October Consumer Price Index (CPI) report due to the government shutdown, with indications that the data may never be published [2] - The Federal Reserve officials have expressed differing views on monetary policy, with some advocating for caution regarding further rate cuts, while others believe it is too early to decide on December actions [2] Global Market Dynamics - The Dow Jones Industrial Average fell by 1.65% to 47,457.22 points, the S&P 500 dropped by 1.66% to 6,737.49 points, and the Nasdaq Composite decreased by 2.29% to 22,870.36 points [3] - U.S. Treasury yields increased across various maturities, with the 10-year yield rising by 5.18 basis points to 4.121% [3] Commodity Prices - COMEX gold futures decreased by 0.93% to $4,174.5 per ounce, while COMEX silver futures fell by 2.30% to $52.23 per ounce [4] - Crude oil prices saw a slight increase, with the main U.S. contract rising by 0.19% to $58.6 per barrel and Brent crude increasing by 0.29% to $62.89 per barrel [5] Currency Exchange Rates - The U.S. dollar index declined by 0.30% to 99.18, with the euro and British pound appreciating against the dollar [6]

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 Viewpoint - VSING has completed the opening of a trading account with OSL Digital Securities Limited, marking a significant step towards integrating with the Web3 industry and enhancing its digital entertainment business [1] Group 1: Company Developments - The establishment of the trading account is a strategic move for VSING to connect with the Web3 industry, which is recognized as a major driver of growth and innovation in the digital asset space [1] - The integration of trusted and regulated sources to support Web3 functionalities within the VSING ecosystem is expected to create synergies [1] Group 2: Industry Insights - The Web3 industry is experiencing notable growth as a new market, with digital assets becoming increasingly prevalent in global commerce [1] - The fusion of virtual assets is identified as a key factor propelling growth and innovation within the Web3 sector [1]

Group 1 - The core finding of the Fidelity International survey indicates that only 16% of Hong Kong investors hold digital assets, with significant age-related differences in ownership [1] - Among investors under 40, 23% own digital assets, while only 12% of those aged 40 to 54 and 5% of those aged 55 and above have such assets [1] - The survey reveals a stark gender disparity, with 41% of male investors aged 18 to 29 holding digital assets compared to only 9% of female investors [1] Group 2 - Investor confidence in digital assets is increasing, with 53% of current holders planning to maintain their positions, 34% intending to increase their holdings, and only 13% looking to reduce them [1] - The survey indicates a growing interest in digital assets as an emerging asset class, with the Bitcoin market size expanding to over $2 trillion over the past five years [1] - The survey also highlights that while investors tend to favor short-term gains, investment horizons vary widely, with 37% planning to invest for less than 12 months and 22% for over five years [2] Group 3 - Fidelity International's digital asset investment vice president notes that more investors are diversifying their portfolios by looking beyond traditional assets [2] - The increasing market size of Bitcoin necessitates more capital to influence its price, aligning with the observed decrease in volatility and returns compared to previous cycles [2] - Factors such as improved liquidity, market maturity, increased hedging tools, and clearer regulations are expected to further reduce the volatility of digital assets [2]

Group 1 - The core viewpoint of the report is that wealthy investors expect an average return of 9% on their investment portfolios by 2025, despite concerns about macroeconomic factors such as market downturn risks, interest rate fluctuations, and inflation pressures [1] - The survey conducted in May 2025 included 1,517 wealthy investors from Hong Kong and mainland China, all possessing investable assets of HKD 1 million or more [1] - 69% of respondents prioritize capital preservation as their main investment goal for 2025, while 61% plan to increase their investment allocations in the next 12 months [1] Group 2 - Wealthy investors typically hold four or more asset classes to diversify their portfolios, with Hong Kong investors favoring bonds and mainland investors leaning towards alternative investments like gold and commodities [1] - Investment funds remain a core component of their portfolios, with approximately 60% of respondents indicating they hold such funds, and over half (56%) preferring fixed income funds [1] - More than half (64%) of wealthy investors express interest in investing in overseas markets, particularly with mainland investors showing a strong interest in the Singapore market (27%) [1] Group 3 - Wealthy investors are increasingly focusing on digital assets, with 42% already investing in this area and 18% planning to enter the market, indicating strong investment momentum [2] - Concerns regarding the security of digital asset custody (38%) and regulatory transparency (37%) are prevalent among investors [2] - Investors are actively seeking long-term growth opportunities driven by technology and innovation, including sectors such as technology and artificial intelligence (63%), sustainable development (39%), and health and science industries (36%) [2]