报告称，众所周知，作为名副其实的"黑客帝国"，美国拥有全球最庞大的国家级黑客力量。2023年至 2025年，具有美国政府支持背景的黑客组织针对全球20余家主流虚拟货币资产交易所发起定向攻击，攻 击手段包括植入后门、鱼叉钓鱼、供应链渗透等，重点窃取用户钱包私钥、平台交易流水及合规监管信 息，攻击目标覆盖亚洲、欧洲、非洲多个国家和地区的平台。从时间线比对来看，部分攻击行动与美国 司法部、OFAC等部门针对虚拟资产领域的执法行动存在关联性。 美国通过技术霸权收割全球虚拟资产，本质是为了维护其经济霸权与美元地位。一方面，通过没收、罚 款等方式直接掠夺全球财富，补充国内经济实力；另一方面，通过掌控虚拟资产监管规则与交易流向， 将数字金融体系纳入美元主导的全球金融框架，遏制其他国家通过虚拟货币资产绕开美元结算的尝试。 对于非法攫取的比特币，美国政府通过公开拍卖来变现资产，获利巨大。 对于2013年美国联邦调查局（FBI）关闭暗网交易平台"丝绸之路"一案收缴的比特币，从2014年至2025 年1月历时10多年陆续拍卖完毕，收益就超过了100亿美元。根据美国国内《资产没收激励计划》，其部 分收入成为执法部门的"红利"，而大部 ...

这数字什么概念？相当于某些小国几十年都挣不回来的家底。而美国，只是动动手指，敲敲键盘，钱就 进了自己的腰包。 更扎心的是，这还不是全部。 两个案子就占了近200亿——一个叫陈志，一个叫赵长鹏。一个被没收150亿美元，一个被罚了43亿美 元。一前一后，一黑一白，愣是把全球虚拟货币市场割得鲜血淋漓。 ——镰刀挥向全球，却打着法律的旗号，这才是最高级的收割 说实话，看完这份最新报告，脑子里蹦出一句话： "你以为你在炒币，其实你在给美国交税。" 2月26日，国内几个权威部门联合甩出一份报告，揭开了一个让人目瞪口呆的事实——过去三年，美国 通过各类案件，累计从全球没收了超过300亿美元的虚拟货币资产。 300亿美元。 这哪是什么"打击犯罪"？这分明是一场精心设计的"数字围猎"。 ...

格隆汇2月26日｜中国国家电脑病毒应急处理中心等发表《头号玩家——美国技术霸权下的全球虚拟货 币资产收割行动深层解析》报告，据不完全统计指，2022-2025年，美国通过各类案件累计全球没收虚 拟货币资产价值超过300亿美元。 涉及柬埔寨跨国犯罪太子集团创办人陈志案没收规模达150亿美元，涉约12.7万枚比特币，占没收资产 比重50%。针对加密货币交易所币安(Binance)及其创办人赵长鹏发起"民事+刑事"案，最终币安须支付 合共43亿美元罚款，赵长鹏签署认罪协议后被特赦。没收两人资产合共193亿美元，占整体比重达逾 64%。 报告还指，美国通过技术霸权收割全球虚拟资产，本质为维护其经济霸权及美元地位，一方面通过没 收、罚款方式直接掠夺，另一方面通过掌控虚拟资产监管规则及交易流动，将数码金融体系纳入美元主 导的全球金融框架。美国通过公开拍卖变现资产而获利巨大。单是2013年美国联邦调查局关闭暗网交易 平台"丝绸之路"所获比特币，于2014至2025年1月透过拍卖，收益超过100亿美元。 报告指，去年10月，美国纽约东区联邦检察官办公室宣布对陈志发起刑事指控，罪名涉及电讯网络诈 骗、洗黑钱等，并高调宣布没收其 ...

民警在侦办这起刷单诈骗案时，敏锐地发现案件背后，隐藏着一条资金转移链条——一名虚拟货币"承 兑商"，正暗中为诈骗团伙"洗白"赃款，涉嫌洗钱犯罪。民警循着资金流向，开展了长达半年的追踪和 侦查，最终锁定了犯罪嫌疑人刘某的身份信息及其藏匿地点。 2026年1月15日，抓捕组连夜奔赴四川，在刘某藏匿所在地将其抓获归案。随着审讯的深入，案件真相 逐渐浮出水面。 经查实，2025年6月7日，刘某通过某非法虚拟货币交易平台出售虚拟货币后，一笔涉案资金悄然汇入其 个人银行账户，而这笔资金，正是本案受害人程某某被骗款项中的一部分。刘某在收到赃款后，深知资 金来源可疑，仍迅速将其提现至个人微信账户，其行为已涉嫌掩饰、隐瞒犯罪所得罪。刘某的违法犯罪 并非偶然，自2020年起，他便一头扎进虚拟货币交易领域，妄图从中"快速敛财"。为规避监管，他通过 境外聊天软件秘密联系上游买家，在多个非法交易平台与电诈分子频繁开展虚拟货币买卖。经审讯，犯 罪嫌疑人刘某对违法犯罪事实供认不讳，等待刘某的将是法律的严厉惩处。 事情要追溯到2025年6月，新站区一名男子点击了手机上的不明弹窗广告，随手下载了一款交友软件， 殊不知这一操作，让他坠入诈骗分子 ...

Group 1 - The core viewpoint of the news is the intensified regulatory measures on virtual currencies, emphasizing that virtual currencies are illegal financial activities and reiterating the prohibition of issuing RMB-pegged stablecoins abroad without approval [1][2][3] - The central bank and financial regulatory authorities have issued a notification to prevent and address risks associated with virtual currencies, highlighting that stablecoins linked to fiat currencies perform functions similar to legal tender [1][2] - The notification mandates a comprehensive review and shutdown of existing virtual currency mining projects, prohibiting the establishment of new mining projects and the sale of mining machines within the country [1][4][5] Group 2 - The notification reiterates that virtual currencies do not hold the same legal status as fiat currencies, and any related business activities within the country are deemed illegal [2][3] - Market regulatory authorities are enhancing the management of business registrations, prohibiting the use of terms related to virtual currencies in business names and scopes [3] - The notification also addresses the regulation of Real World Asset (RWA) tokenization, stating that such activities are illegal unless approved by relevant authorities [7][8] Group 3 - Financial institutions are prohibited from providing services related to unauthorized RWA tokenization activities, including custody and settlement services [7][8] - The notification outlines strict regulations for domestic entities engaging in RWA tokenization abroad, ensuring compliance with domestic regulatory frameworks [8][9] - Analysts predict that the virtual currency market will undergo a cleansing phase, with domestic speculative activities being curtailed and risks from overseas operations being mitigated [9]

Investment Rating - The report maintains an "Outperform" rating for the non-bank financial sector, indicating a positive outlook for investment opportunities in this industry [2]. Core Insights - The report highlights a significant increase in new A-share accounts, with January 2026 seeing 4.92 million new accounts opened, a year-on-year increase of 213% and a month-on-month increase of 89%, marking one of the highest monthly figures in nearly a decade [5][13]. - The insurance industry is projected to achieve steady growth in 2025, with original insurance premium income expected to reach CNY 6.12 trillion, a year-on-year increase of 7.43%, and total assets expected to grow to CNY 41.32 trillion, a 15.06% increase [36][37]. - The report emphasizes the positive correlation between market recovery and the performance of brokerage firms, suggesting that the high growth in account openings will provide a solid customer base for the brokerage industry in 2026 [5][13]. Summary by Sections 1. Securities Business Overview and Weekly Review - The report notes that the recent regulatory measures on virtual currencies aim to strengthen financial security and curb speculative activities, which is expected to create a more stable investment environment [12]. - The performance of major indices showed a mixed trend, with the Shanghai Composite Index down 1.27% and the Shenzhen Component Index down 2.11% during the week [14]. - The brokerage sector's PB valuation stands at 1.37 times, which is at the 67th percentile of its historical range over the past three years, indicating a relatively attractive valuation [30]. 2. Insurance Business Overview and Weekly Review - The insurance sector is experiencing a clear differentiation in growth, with life insurance premiums reaching CNY 4.36 trillion, up 8.9%, while property insurance premiums grew by 3.9% to CNY 1.76 trillion [36][37]. - The report identifies life insurance as the core growth driver, with significant contributions from bancassurance channels, while property insurance is seeing growth in non-auto segments, particularly in agricultural and health insurance [37][38]. - The future growth trajectory of the insurance industry is expected to be shaped by a shift towards high-quality development, with an emphasis on diversified product offerings and enhanced distribution channels [38]. 3. Market Liquidity Tracking - The report indicates that the central bank's recent operations resulted in a net withdrawal of CNY 6.56 billion, reflecting ongoing adjustments in liquidity management [44]. - The issuance of local government bonds totaled CNY 5.80 billion, with a net injection of CNY 5.79 billion, highlighting active fiscal measures in the market [44].

Core Viewpoint - The recent policies issued by the People's Bank of China and other departments aim to prevent and manage risks associated with virtual currencies and the tokenization of real-world assets (RWA), continuing the regulatory framework established in 2021 [1][2]. Summary by Sections Virtual Currency Regulations - Domestic virtual currencies are classified as illegal activities, with a strict prohibition on all related business activities, including stablecoins [2] - For overseas activities, it is specified that domestic entities and their controlled overseas entities are not allowed to issue virtual currencies abroad without proper authorization [2]. RWA Business Regulations - RWA activities are prohibited within the domestic market, except for those approved by relevant authorities and conducted through specific financial infrastructures [2] - The guidelines clarify that overseas RWA business will be regulated by various authorities, including the National Development and Reform Commission and the China Securities Regulatory Commission, depending on the nature of the RWA [2][3]. Compliance and Risk Management - The issuance of RWA tokens is expected to develop in a compliant manner, with detailed requirements for domestic enterprises engaging in RWA activities both domestically and internationally [3] - Domestic institutions are not allowed to service unauthorized RWA activities, but their overseas subsidiaries can provide RWA-related services abroad, indicating a higher acceptance of overseas RWA business under regulatory compliance [3]. Investment Recommendations - Comprehensive and internationally oriented brokerage firms are likely to benefit more from these regulatory changes [4].

Economic News - Xi Jinping inspected technology innovation work in Beijing, focusing on information technology application innovation and the construction of an international technology innovation center [1] - The State Council, led by Premier Li Qiang, discussed measures to promote effective investment, emphasizing the need for innovative policies and major projects in key areas such as infrastructure and emerging industries [1] - The People's Bank of China and eight departments issued a notice to prevent and manage risks related to virtual currencies, declaring all related activities illegal within the country [1] - The China Securities Regulatory Commission (CSRC) released regulatory guidelines for the issuance of asset-backed securities tokens overseas, emphasizing strict compliance with laws and regulations [1] - The Ministry of Industry and Information Technology announced plans to establish a national computing power interconnection node system to enhance the efficiency and service level of public computing resources [4] Important Company Information - Jinghe Integrated plans to invest 2 billion yuan in Hefei Jingyi Integrated Circuit Co., acquiring 100% equity and gaining control [6] - Rongbai Technology received an administrative penalty notice from the CSRC for misleading statements regarding a major contract with CATL, facing a fine of 4.5 million yuan [6] - Yongtai Technology intends to acquire a 25% stake in Shaowu Yongtai High-tech from CATL through a share issuance [7] - Singshan Holdings signed a restructuring investment agreement that may lead to a change in control to Anhui State-owned Assets Supervision and Administration Commission [7] - Moore Threads announced a strategic partnership with Pony.ai to focus on L4 autonomous driving technology and explore the integration of AI algorithms and computing power [7] Daily Research Report - In the oil and petrochemical sector, domestic LNG ex-factory prices increased by 5.0% month-on-month, while U.S. natural gas futures rose by 19.0% [8] - China's natural gas production in January increased by 11.67% month-on-month, with European natural gas inventories declining by 22.75% [8] - European natural gas imports decreased by 24.82% month-on-month, with imports from Russia down by 26.10% [8]

Core Insights - China's digital asset regulatory framework has undergone a milestone upgrade, with the central bank and nine departments jointly issuing new regulations that prohibit any entity or individual from issuing offshore stablecoins pegged to the RMB, categorizing virtual currency-related activities as illegal financial activities [2][3] - The new regulations establish a clear boundary for the tokenization of real-world assets (RWA), enforcing a principle of "strict prohibition domestically and strict regulation offshore" to prevent illegal fragmentation, transfer, or securitization of domestic assets [3][4] Regulatory Developments - The China Securities Regulatory Commission (CSRC) has introduced guidelines for a filing system to manage the offshore issuance of RWA, requiring actual controllers to report core information such as underlying assets and issuance plans to ensure regulatory oversight [4] - This filing system reflects the specific implementation of the "strict regulation offshore" principle, allowing for controlled exploration under manageable risks rather than outright prohibition [4] Innovation and Compliance - The recent regulatory upgrade does not represent a blanket ban but rather provides space for compliant blockchain applications and controlled financial innovations, indicating a careful balance between risk prevention and technological encouragement [5] - The policies signify that China's digital asset regulatory system is taking shape, forming a three-tiered framework of "strict prohibition of illegal activities, strict regulation of cross-border activities, and orderly compliance innovation" [5][6]

最近， 比特币可真是跌麻了！ 比特币属于 虚拟货币，伴随着它的暴跌，其他虚拟货币也受到 重挫！ 相比于2025年10月12.6万美元的历史高点，下跌至本月初的6万美元关口，累跌超过 52%！ 这一轮虚拟货币跌跌不休，原因包括了美联储 政策不确定性、贵金属大跌导致 流动性收紧等。 此外，据传还有一个原因，美国政府通过 黑客手段冻结某集团12.7万枚比特币，这打破了虚拟货币 无法追踪、 绝对安全、 规避监管的神话，导致 信仰危 机。 而与此同时，我国央行、证监会8部门在2月6日 联合发布通知，明确在中国境内所有 虚拟货币相关业务活动都属于 非法金融活动！ 对于近期较热的 稳定币，《通知》规定了未经相关部门依法依规同意，境内外任何单位和个人不得在境外发行 挂钩人民币的稳定币！ 所谓稳定币，它 锚定法定货币或者其他资产，目的是通过与这些资产 挂钩来保持自身价值的相对稳定。 稳定币也属于 虚拟货币，其不具有与法定货币等同的地位，但在流通使用中 变相履行了法定货币的部分功能，事关 货币主权。 关于稳定币我们以前详细说过，想彻底搞懂的点以下 链接： RWA把真实世界中看得见、摸得着的资产，比如房地产、债券、股票、大宗商品等 ...