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CITIC Securities research report states that the Federal Reserve remained on hold as expected in October, with a more optimistic tone regarding the pace of economic expansion and a more cautious guidance on policy stance. Waller's post-meeting remarks were more moderate than in September, mentioning that the credit environment has tightened and inflation expectations are moving in the right direction, also indicating adjustments to the FOMC meeting schedule in the next couple of years.The report still expects the Federal Reserve to raise interest rates by 25 basis points in December and states that the terminal rate of this rate hike cycle may not be far from the current level. The new variables in the Middle East situation are still insufficient to provide a clear and lasting exit path for both the U.S. and Iran, and high oil prices may continue until the situation becomes clearer, while further improvement in U.S. dollar liquidity requires new catalysts.

Bitcoin News posted on X platform that Coinbase Institutional Co-CEO Brett Tejpaul stated that large banks in the United States are increasingly relying on Coinbase to provide digital asset service infrastructure.PNC private banking clients can directly buy, sell, and hold Bitcoin through its platform; JPMorgan is integrating Chase accounts, debit cards, and rewards with Coinbase, but will not offer Bitcoin trading within the banking app; Citibank is collaborating with Coinbase to provide stablecoin payment services for businesses.

Reuters reported on October 23 that Elizabeth Barron, the Executive Director of the non-profit organization PHP Foundation, which supports the open-source language PHP, stated in an email interview on Friday that the foundation is severely underfunded. She mentioned that recent events indicate a high reliance on PHP by businesses and governments, and given this reliance, PHP's funding is clearly insufficient.Barron noted that the foundation currently has only one full-time employee, which is herself, along with 14 part-time contractors, with funding coming from donations and grants. The increase in coding related to artificial intelligence has roughly doubled the foundation's workload. The number of code change proposals received by the PHP project is nearly double that of a year ago, but the number of contributors has not doubled. She stated that reviewing code contributions and bug reports requires a significant amount of manual input and expertise.Reuters reported that two serious vulnerabilities in PHP were discovered this week, prompting urgent patches for websites worldwide, highlighting the critical importance of this nearly thirty-year-old open-source language to the internet. The article stated that PHP may support approximately 70% of websites globally, and there is currently no evidence that these vulnerabilities were exploited before their disclosure. The report was filed by journalist Toby Sterling from Amsterdam.

CITIC Securities research report points out that GPT-6 Astra is being applied in robot control, reducing reliance on specialized strategy training. Institutions such as NVIDIA and Stanford are exploring its applications in visual understanding, spatial reasoning, and task planning.CITIC Securities expects that by 2027, the entry of general models into embodied task domains will become the next investment direction in the AI industry.

According to a notice from the U.S. Department of Justice, a Chinese citizen has been extradited for allegedly participating in a cryptocurrency fraud case targeting U.S. citizens, with the amount involved reaching millions of dollars. The man appeared in court for the first time after being extradited back to the U.S. from the Netherlands, where he is charged with participating in an international cryptocurrency investment fraud scheme.The scheme was carried out by a fraud operation located in Cambodia, with victims including 174 identified U.S. citizens. The man has been ordered to be detained; his formal arraignment is scheduled for November 30 at the federal district court in downtown Los Angeles.

The China Securities Regulatory Commission approved the establishment of Citigroup Securities (China) Co., Ltd. The company is registered in Shanghai, with a registered capital of 1.2 billion RMB. Its business scope includes securities brokerage, securities investment consulting, securities underwriting and sponsorship, and securities proprietary trading. The shareholder Citigroup Global Markets Holdings Inc. holds a 100% investment ratio.

Citigroup raised the target price for SpaceX (SPCX.O) from $200 to $240.

Bitcoin News posted on platform X, stating that as the Clarity Act is stalled, regulators are independently formulating rules for the digital asset market based on existing authorities. The Commodity Futures Trading Commission has solicited opinions on a framework for retail digital asset trading, which includes a new category of "crypto asset market" exchanges, with the comment period ending on December 14.The comment period for the Securities and Exchange Commission's proposed Regulation Crypto Assets will close on October 20. The pace at which regulators are crafting rules is faster than congressional legislation, but the relevant rules may face challenges in court or be rescinded by future commissions; a lasting regulatory framework still requires legislation.

Bitget has launched perpetual contracts for 4 popular stocks: CSTOCK (Citibank), MDT (Medtronic), BP (British Petroleum), and VLO (Valero Energy). The above contracts are settled in USDT, supporting up to 20 times leverage and 24/7 trading. As of now, Bitget supports a total of 368 stock perpetual contract underlying assets.

According to The Block, Citigroup Research stated in its latest report that Aave is a decentralized collateral liquidity ecosystem, representing one of the more significant real-world cases in tokenized financial infrastructure.Citigroup indicated that collateral liquidity could ultimately become one of the most important use cases for tokenization.

The website of the China Securities Regulatory Commission shows that CITIC Securities released the "Report on the Progress of the Guidance Work for the Initial Public Offering and Listing of MiniMax Group Inc. (Phase II)" on October 15. This phase of guidance started on July 10, 2026, and lasted for more than three months. CITIC Securities, together with Tongshang Law Firm and Ernst & Young, continuously monitors the company's operational performance and compliance in accordance with regulatory requirements and the guidance agreement, and conducts guidance through on-site training and communication on specific issues.The report states that the guidance target has established an internal governance structure and relevant company management systems, but there is still room for optimization in execution. CITIC Securities will collaborate with intermediary institutions, combine due diligence, continuously refine and improve corporate governance and standardized operations, propose rectification suggestions, and supervise the implementation of internal controls. In the next phase, work will continue with Tongshang Law Firm and Ernst & Young, focusing on enhancing standardized operational levels and preparing for guidance acceptance.On May 29, 2026, CITIC Securities signed a guidance agreement with MiniMax and submitted a guidance filing application to the Shanghai Regulatory Bureau of the China Securities Regulatory Commission on the same day, which was accepted, marking MiniMax's official entry into the guidance period. The large model company MiniMax (00100.HK) was listed on the main board of the Hong Kong Stock Exchange on January 9, 2026, approximately four years from establishment to listing, and has focused on the research and development of full-modal models since its inception.

According to a report by Jinshi, Citic Securities' research report indicates that Harness is expected to become a key component for DeepSeek in transitioning from model supply to platform ecology, transforming open-source and engineering advantages into user base, ecological influence, and commercialization capabilities. As competition among Agents expands from model capabilities to stable and user-friendly task delivery, DeepSeek is expanding user and task coverage through plug-ins, scenario presets, and cross-Agent collaboration, extending its infrastructure advantages from hardware-software synergy to complete task execution.The research report states that its long-term value lies in the accumulation of demand through ecological expansion, enhancing product stickiness through configuration and process sedimentation, and supporting safe governance with traceability capabilities, collectively creating conditions for sustained use and enterprise deployment. Based on official model calls, the company can also explore platform services and ecological transactions, transforming ecological accumulation into more diverse revenue sources and supporting reinvestment in products and ecology. Citic Securities is optimistic about the continued rise of domestic large models.

According to Reuters, earlier this month, the U.S. Department of Justice announced a deferred prosecution agreement with "Bitcoin Jesus" Roger Ver, under which his fraud and tax evasion charges will be dismissed in exchange for a payment of up to $49.9 million in fines.Roger Ver, one of the earliest Bitcoin evangelists, bought a large amount of Bitcoin in 2011 for less than $3 million. In February 2014, to avoid high tax burdens, he acquired citizenship in the Caribbean nation of Saint Kitts and Nevis and renounced his U.S. citizenship the following month. At that time, he and his companies held at least 131,000 Bitcoins, valued at over $70 million based on the price at that time. He believed that by changing his nationality, he could put an end to the high tax burden in the U.S.However, the U.S.'s stringent "exit tax" completely thwarted his plans. According to U.S. tax law, eligible expatriates must treat their global assets as if they were "sold the day before expatriation" and pay capital gains tax. Although Ver reported and paid $1.03 million in taxes, he not only failed to report his personal holdings of Bitcoin but also severely undervalued his company's assets. Ten years later, the IRS confirmed his fraudulent tax evasion (which is not subject to the statute of limitations), ultimately forcing him to pay back up to $49.9 million in taxes, fines, and interest, which is 48 times the amount he reported paying in taxes that year.

Citibank stated in its official insights report "Digital Frontier: Collateral in a Tokenized World" that as financial markets accelerate towards continuous, around-the-clock operations, collateral management is undergoing a structural evolution. Institutional-level tokenization is moving beyond isolated proof of concepts to establish scalable operational tracks on global banking, custody, and market infrastructure, making collateral a continuous liquidity and optimization engine.Citibank mentioned that combining tokenized assets with regulated on-chain settlement currencies can achieve instant atomic cash-to-cash transactions, eliminating multi-day gap risks and expanding the range of eligible collateral to include tools like tokenized money market funds. Global asset managers and asset owners will unify traditional and digital collateral into a single, continuously optimized inventory over many years of hybrid operating models, covering counterparties, custodians, and settlement venues.

The Australian Securities and Investments Commission (ASIC) has launched a public consultation on proposed capital, custody, and trading requirements for cryptocurrency platforms. The related rules aim to align with the digital asset legislation passed in April and expand regulation of the industry. The proposals include three capital models, restrictions on platforms conducting proprietary trading, and quarterly reporting of wallets holding customer assets.ASIC also intends to allow offshore custody and is seeking opinions on safeguards in the event of the failure of overseas parent companies or affiliates. One of the models requires platforms that do not adopt qualified third-party custody arrangements to hold at least AUD 14 million (approximately USD 9.7 million) in net tangible assets or 10% of average revenue, whichever is higher. Feedback is due by November 27, and ASIC plans to release final standards and guidelines in March 2027. The related laws will take effect on April 8, 2027, and operators must apply for licenses by October 7 of the same year, with the ability to continue operations during the ASIC review period.

According to Gate market data, U.S. stocks closed on Tuesday with the Dow Jones down 0.35%, the S&P 500 index down 0.02%, and the Nasdaq down 0.15%. SK Hynix and Micron Technology both fell over 3%, Meta Platforms rose over 2%, SpaceX fell 4%, Oracle rose 4%, and Citigroup fell over 5%.The Nasdaq Golden Dragon China Index closed up 0.14%, and Li Auto rose 3%.

CITIC Securities released a research report indicating that as the performance of U.S. stocks during the domestic long holiday becomes desensitized to interest rates, investors' focus will shift to the upcoming third-quarter earnings reports of U.S. stocks starting next week.LSEG's consensus expectations show that the S&P 500's revenue and earnings growth rates for Q3 2026 are expected to reach 1.2% and 45.0% year-on-year, respectively, with a slight decline quarter-on-quarter. At the industry level, the year-on-year earnings growth rates for energy, information technology, materials, and healthcare all exceed 50%. The high growth in U.S. stock earnings may no longer be concentrated solely in leading technology companies, as the earnings contribution from non-tech sectors is significantly increasing.For Hong Kong stocks, although the overseas interest rate hike cycle combined with the restart of AI momentum trading continues to pressure liquidity, the fundamental expectations have bottomed out, and the earnings growth expectations for major broad-based indices have begun to be revised upward. The adjustment of industry earnings expectations is significantly differentiated, with some sub-sectors seeing upward revisions, while the earnings expectations for domestic demand-related industries still face downward pressure. The upcoming third-quarter performance will be an important basis for assessing the progress of recovery. We advise investors to remain patient with Hong Kong stocks, as short-term dividend strategies are expected to continue to outperform.

The European Securities and Markets Authority (ESMA) has released a consultation document to gather feedback from the industry on the risks associated with tokenized collateral in terms of legality, liquidity, and operations. This is to assess whether clearinghouses can acquire and liquidate relevant assets under market pressure and to determine if new EU regulatory measures are needed. ESMA Chair Verena Ross stated that legal certainty, infrastructure interoperability, and appropriate regulation are necessary to create conditions for the safe cross-border operation and scalable development of the tokenized market.Tokenized collateral is entering the European clearing business, allowing banks and investors to more quickly obtain securities to meet margin requirements. This assessment will also review whether current EU rules can support clearinghouses in acquiring and clearing tokenized collateral in the event of member defaults. In July 2025, Eurex Clearing will launch a collateral service based on distributed ledger technology, and JPMorgan has completed its first real-time transaction for Dutch pension investor PGGM.ESMA will also evaluate the tokenized forms of assets held by traditional financial infrastructure, assets originally issued on distributed ledgers, and their relationship with stablecoins, central bank currencies, and tokenized deposits. The European Central Bank system will launch Pontes in September 2025 for settling tokenized asset transactions in central bank currency, which can connect blockchain infrastructure with existing settlement systems.