文/ 《清华金融评论》 杨曦 今年3月，国家金融监督管理总局正式出台《关于进一步扩大金融资产投 资公司股权投资试点的通知》（金办发〔2025〕1 9号），明确支持符合 资质 的商业银 行参与 设 立 金融 资 产投 资公 司。 在该 政策 指引 下， 兴 业银 行、中信银行与招商银行相继获批筹建AIC。至1 0月，邮储银行亦获准参 与，推动银行系AIC机构数量增至9家，行业扩容步伐显著加快。 AIC核心功能的转变 2018年6月，原银保监会发布《金融资产投资公司管理办法（试行）》，明确了AIC的政策目标，即推动市场化、法治化银行债权转股权及配套 业务。在此阶段，AIC作为商业银行实施债转股的专业平台，其核心功能在于通过市场化方式，帮助面临暂时困难但前景良好的企业降低杠杆 率，优化资本结构，以期从根本上化解潜在的金融风险。 现阶段，在支持科技创新与发展新质生产力的政策导向下，AIC被赋予了新的使命。近年来，随着监管层推动"加力扩围"试点政策，AIC的业务 边界发生实质性拓展，城市范围、意向金额与持股比例等方面的限制逐步放宽，其业务范围已从传统债转股延伸至不以转股为目的的直接股权投 资。依托母行的资金与资源网络优 ...

今年以来，兴业银行、中信银行、招商银行3家股份制银行以及邮储银行旗下的AIC相继获批筹建，注 册资本分别为100亿元、100亿元、150亿元和100亿元。其中，兴银投资、招银投资和信银金投已获批开 业。AIC试点加速扩围，也折射出银行业希望借助这一工具突破传统信贷边界，开拓业务新空间。（上 证报） ...

Market Overview - Bitcoin experienced significant volatility, briefly dipping below $112,000 before stabilizing around $112,580, coinciding with $104 million in outflows from U.S. spot Bitcoin ETFs, primarily from Fidelity's FBTC which saw $75.55 million leave the fund [1][3] - Ethereum ETFs also faced challenges, with $141 million in outflows and no inflows across nine products, indicating weakening institutional demand in the short term [1][3] Liquidity and Market Sentiment - Market sentiment is divided, with bulls optimistic about a recovery towards $125,000, while bears anticipate further declines targeting $110,000 and $107,000, which is identified as a key liquidity cluster [2][3] - The presence of large liquidity levels at $107,000 may provide strong support if Bitcoin dips further, potentially stabilizing price action [2][3] Altcoin Performance - The BNB Chain ecosystem is showing resilience, with Aster's perpetual futures exchange surpassing Hyperliquid in 24-hour volume, reaching $11.8 billion, and its native token trading near $2.33 [4] - AI-focused tokens like AIC have gained traction, surging 333% in three days to peak at $0.5, currently holding a market cap of $380 million, indicating a shift in capital towards BSC midcaps [5] Regulatory Developments - SEC Chair Paul Atkins has proposed an "innovation exemption" aimed at accelerating the launch of crypto products, signaling a potential regulatory shift that could stimulate market activity into 2026 [6]

Core Insights - Kornit Digital Ltd. reported second quarter results for 2025, achieving revenues of $49.8 million, which aligns with previous guidance and shows a slight increase from $48.6 million in the same period last year [7][8] - The company experienced a GAAP net loss of $7.5 million, compared to a net loss of $4.9 million in the second quarter of 2024, while non-GAAP net income was $1.2 million, slightly up from $1.1 million year-over-year [7][8] - Kornit Digital is focusing on scaling the adoption of its Apollo and AIC systems, expanding its customer base in screen printing, and maintaining profitability in adjusted EBITDA and operating cash flow [3][4] Financial Performance - Second quarter revenues were $49.8 million, up from $48.6 million year-over-year [8] - GAAP gross profit margin decreased to 41.7% from 45.8% in the prior year, while non-GAAP gross profit margin fell to 46.3% from 48.6% [8] - GAAP operating expenses were $31.6 million, down from $33.0 million in the prior year, with non-GAAP operating expenses decreasing by 4.4% to $26.7 million [8] - Adjusted EBITDA loss for the second quarter was $1.2 million, an improvement from a loss of $1.6 million in the same quarter of 2024, resulting in an adjusted EBITDA margin of negative 2.3% compared to negative 3.4% [8][34] Future Guidance - For the third quarter of 2025, Kornit Digital expects revenues to be in the range of $49 million to $55 million, with an adjusted EBITDA margin projected between negative 3% and 3% [5] Business Strategy - The company is focused on transforming its business model towards recurring revenue and long-term growth, despite a modest outlook for the second half of the year [2][3] - Kornit Digital is seeing positive traction from screen-printing customers adopting digital solutions for the first time and from customized design customers expanding their capacity [2][3]

Token Buyback and Burn - A seven-figure token buyback and burn is scheduled for $AIC, representing the second major burn to date [1] - The buyback and burn event is expected to conclude by the end of July [1] - Proof of burn from buybacks will be provided [1] Price Momentum - The price of $AIC has already increased by over 70% in recent days [1] Marketing and Listing - A large-scale global marketing rollout is planned [1] - Tier 1 exchange listings have been confirmed [1] - Global marketing campaigns are commencing now to increase exposure and awareness of AIC worldwide [1] Availability - $AIC is currently available on Gate and MEXC [1]