Notable industry developments have occurred over the past week. Mainland enterprises' RWA (Real-World Asset Tokenization) business in Hong Kong has noticeably slowed, closely related to recent policy tightening in the Hong Kong and Macau regions. On the other hand, Hong Kong is stepping up efforts to crack down on cross-border cryptocurrency tax evasion, with regulatory attitudes becoming increasingly strict.

It is worth noting that institutions like JPMorgan Chase are not bearish on the future market. Despite recent volatility, this leading investment bank remains relatively optimistic. Meanwhile, the US November CPI data performed strongly, far below market expectations, potentially signaling upcoming policy adjustments. The intertwining of regulation, macroeconomic data, and institutional attitudes is prompting the market to seek a new balance.