" TSINGHUA Financial Review 清华金融购评论 前瞻全球数字资产， 把握金融秩序重构机遇 截至2025年8月，全球加密资产总市值已达3.9万亿美元，比特币占比超过56%，美国通过多项法案加速构建监管框架，欧盟《加密资产市场监管法案》 （MiCA）全面生效，我国香港特区政府正构建统一及全面的数字资产服务提供者监管框架。这意味着，全球数字资产发展进入创新与规范并重的新阶 段，高速扩张与制度建立并进。 尽管，全球数字资产加速演进，但在技术、监管、市场等方面仍面临诸多挑战。 技术层面，安全与互操作性仍有短板，交易平台及底层协议漏洞时有发生，跨链互操作性不足，资产碎片化的分布在公链、联盟链与许可链，缺乏统一通 信标准，投资者需要依赖中心化交易所兑换，重新引入对手方风险和操作成本，数据可信性尚难以保障，链下资产信息（房产确权、碳排数据等）与链上 登记 存在偏差。监管层面，规则碎片化与跨境执法存在争议，定性分歧导致合规成本高。同一枚代币在美国可能被视为"证券"，在欧盟被归入"资产支持 代币"，在新加坡又可能仅受支付法约束，企业需要为同一业务准备多套法律结构。跨境执法与资产追回困难，私钥灭失、交易所拒 ...

Group 1 - The Hong Kong Securities and Futures Commission (SFC) has issued a circular to all licensed virtual asset trading platforms, outlining requirements for the robust custody of client virtual assets [1] - The SFC has listed several good operational practices and minimum standards that virtual asset platform operators must meet, which will become core regulatory requirements for virtual asset custodians in the future [1] - Recent sentiment in the blockchain and virtual asset sectors in Hong Kong has cooled, correcting previous market misexpectations, but the industry trend remains positive [2][3] Group 2 - The SFC and the Hong Kong Monetary Authority (HKMA) plan to allow only intermediaries that meet minimum exemption criteria and are licensed or registered under the asset management category to provide asset management services for virtual assets [3] - The minimum exemption criteria require that the stated investment objective of the portfolio is to invest in virtual assets or that 10% or more of the total asset value of the portfolio is intended to be invested in virtual assets [3] - Despite recent adjustments, there remains an optimistic outlook for related virtual assets [4]

Core Viewpoint - Cao Cao Mobility's stock price increased by 7.4% following the announcement of a strategic cooperation memorandum with Victory Securities regarding virtual assets [1] Company Summary - Cao Cao Mobility has officially signed a strategic cooperation memorandum with Victory Securities, focusing on virtual assets [1]

Summary of Conference Call Industry or Company Involved - The discussion primarily revolves around the blockchain industry, specifically focusing on Ant Group and its ecosystem, as well as the broader virtual asset landscape. Core Points and Arguments 1. **Ant Group's Blockchain Position**: Ant Group is highlighted as a leading player in the blockchain space, with significant market potential and development trends. The focus is on its capabilities in transaction management and material management within the blockchain ecosystem [1][2][4]. 2. **Ecosystem Strength**: The strength of Ant Group's ecosystem is emphasized, particularly its international collaborations and partnerships, which enhance its blockchain capabilities [2][5]. 3. **Traditional Internet Companies**: There is a mention of traditional internet giants in China that are quietly entering the virtual asset space, leveraging their cross-border payment capabilities and consumer-facing scenarios [6][7]. 4. **Regulatory Environment**: The evolving regulatory landscape in Hong Kong is noted, with potential for traditional cryptocurrency firms to re-enter the financial sector and possibly undergo IPOs [8][9][11]. 5. **Focus on Brokerages**: Companies like Futu and Tiger Brokers are identified as key players in the market, with their ability to obtain licenses globally being a significant advantage [12][15]. 6. **Web 3.0 Integration**: The discussion touches on the integration of blockchain technology within the Web 3.0 framework, highlighting the competitive edge of internet brokerages over traditional firms [13][14]. 7. **Market Dynamics**: The call suggests that the current market dynamics favor internet brokerages due to their established user base and trading capabilities, which are crucial in the evolving landscape of virtual assets [15][16]. Other Important but Possibly Overlooked Content 1. **Material Management Importance**: The significance of material management in Ant Group's overseas operations is underscored, indicating its critical role in the blockchain ecosystem [4][5]. 2. **Potential Collaborations**: There is an expectation of new collaborations emerging within the traditional internet sector and the cryptocurrency space, which could lead to innovative developments [6][11]. 3. **Licensing Developments**: The upcoming changes in licensing regulations are anticipated to create opportunities for various companies to enhance their operational capabilities in the blockchain sector [16][17].

Group 1 - The core viewpoint is that more Hong Kong brokerages are expected to enter the virtual asset business, driven by recent policy support and market conditions [1][2] - The Hong Kong government has released the "Digital Asset Policy Declaration 2.0," aiming to establish the region as a global innovation center for digital assets, with strategies to optimize laws and regulations, expand tokenized product categories, and promote application scenarios [2] - The brokerage sector is entering an earnings window, with expectations that profitability may exceed forecasts due to favorable market conditions [1][2] Group 2 - Recent fluctuations in the ten-year government bond yield, which has been between 1.6% and 1.7%, are anticipated to influence the life insurance sector, potentially leading to a reduction in the preset interest rate for life insurance [2]

Economic News - The Chinese government is focusing on maintaining international economic cooperation and promoting high-quality development through multilateral organizations such as APEC and BRICS [1] - In May, national lottery sales reached 57.036 billion yuan, a year-on-year increase of 19.8%, driven by increased sports events [1] - The People's Bank of China conducted a 300 billion yuan MLF operation to maintain liquidity in the banking system, resulting in a net injection of 118 billion yuan for June [1] - The Ministry of Commerce announced that foreign investment enterprises must report their domestic investment information, with pilot regions including Jiangsu and Shanghai [1] Company Insights - China Construction Bank issued 11.589 billion shares to raise 105 billion yuan [5] - Guoxuan High-Tech's all-solid-state battery is in the trial production stage, with samples sent to customers for testing [5] - Changchun Technology expects a net profit growth of 67.54% to 95.46% in the first half of 2025 [5] - Nanjing Commercial Travel plans to acquire 100% equity of Nanjing Huangpu Hotel through share issuance and cash payment [5] - Tianji Co., Ltd. is progressing with research and testing related to lithium sulfide [5] Industry Analysis Food and Beverage Sector - The food and beverage sector is experiencing a price-driven asset pricing model, with demand-side changes significantly impacting pricing and profitability [6] - The overall market sentiment is expected to improve in the second half of the year, with a focus on cyclical sectors like liquor and new consumption trends [7] - Key recommendations include companies like Kweichow Moutai, Yili, and Jin Zai Foods, which are expected to benefit from channel advantages and performance reversals [7] Home Furnishing Sector - The home furnishing market is supported by national subsidies, although real estate sales are declining [8] - The home furnishing retail sales grew by 25.6% in May, driven by subsidies, while exports are under pressure [8] - Recommended companies include Gujia Home, Sophia, and Zhibang Home, which have strong dividend yields and brand advantages [8] Textile and Apparel Sector - The textile and apparel industry is seeing a slow recovery in domestic sales, with a 6.4% year-on-year increase in retail sales in May [9] - Investment focus should be on quality brands like Hailan Home and Fuanna, as well as sports brands like Anta, which are expanding internationally [9] - Textile exports showed a slight increase of 2.5% in the first five months, while apparel exports decreased by 0.5% [9]

Core Insights - Southeast Asia has a solid foundation for the development of the fintech industry, which includes payments, internet lending, insurtech, and virtual assets [1][2][3] Economic Vitality - The combined GDP of major Southeast Asian countries is approximately $3.3 trillion, accounting for about 19% of China's GDP in 2023, with a growth rate around 5% [3][6] - The region has a population exceeding 630 million, with a healthy demographic structure, where a significant portion of the population is under 40 years old [6] - Final consumption expenditure in Southeast Asia is about $2.2 trillion, roughly 24% of China's, with many countries experiencing a year-on-year growth rate of over 4% [6] Infrastructure Support - Southeast Asia possesses relatively advanced infrastructure, with internet penetration, social media usage, and mobile device usage rates surpassing those in China before 2015 [7][8] - The development of fintech relies on digital technologies, requiring sufficient data accumulation and internet penetration to support services like mobile payments and internet lending [7][8] Policy Environment - The regulatory environment in Southeast Asia is friendly towards fintech, with no explicit restrictions on certain sectors and the implementation of "sandbox" regulations to encourage innovation [9] Digital Payment Landscape - Cash transactions still dominate, with 44% of transactions in Southeast Asia expected to be cash-based in 2024, indicating a significant opportunity for digital payment penetration [10][11] - The pandemic has shifted consumer payment habits, with 56% of residents reducing cash usage and 33% using e-wallets for the first time during this period [11] - Major digital payment methods include card payments, e-wallets, account-to-account (A2A) payments, and buy now, pay later (BNPL) options [14][15] Competitive Landscape - The payment landscape in Southeast Asia is fragmented, with local players dominating and no single "super app" like WeChat or Alipay emerging [17] - In the Philippines, Gcash shows a monopolistic trend with nearly 100% consumer usage, while in Indonesia, several e-wallets like DANA and ShopeePay compete closely [18][19] - Each country has its preferred payment methods, with Malaysia favoring Touch'n Go, Thailand leaning towards TrueMoney, and Vietnam predominantly using MoMo [19][20][21]

Group 1 - The Hong Kong government aims to enhance its capital market by expanding the financial value chain, including the promotion of RMB internationalization, the establishment of a gold market, and the development of non-ferrous metal storage [1][6] - The government plans to innovate in new financial sectors such as fintech, virtual assets, stablecoins, and green finance, with a legislative framework for stablecoins expected to be proposed soon [1][6] - The strategy includes supporting mainland enterprises in their internationalization efforts, providing a platform and professional services to facilitate their global expansion [1][6][7] Group 2 - Hong Kong's capital market has seen significant growth, with total fundraising exceeding 170 billion HKD in the first four months of the year, a threefold increase compared to the same period last year [3][4] - The banking sector has also shown resilience, with total deposits increasing by approximately 7% last year and an additional 3.5% this year [3][4] - The city is positioned as the largest offshore RMB hub, handling 80% of offshore RMB transactions, with over 1 trillion RMB in accumulated funds [6][7] Group 3 - The government emphasizes the importance of maintaining a stable and predictable business environment to attract foreign investment, especially amid global uncertainties [3][4] - There is a focus on developing new products and markets, including virtual assets and commodities, to enrich Hong Kong's financial ecosystem [4][6] - The government is also facilitating the establishment of mainland enterprises in Hong Kong, allowing for easier transitions and operations through new policies [7][8]