当前所有使用大语言模型的机构都面临两大压力，即模型主权风险与 Token 调用成本。

Malaysia's Deputy Finance Minister said that if crude oil prices are $90 per barrel, the monthly subsidy plan for RON95 gasoline would be ringgit 2 billion and diesel subsidies would be ringgit 1.5 billion. According to Jin10, the official gave those figures for the subsidy plan under that oil price assumption.

Hyperliquid will unlock about 9.92 million HYPE tokens at 7:00 AM (UTC+8) on July 29, according to token unlock data from Web3 asset data platform RootData. The tokens are valued at about $602 million.

Solana-based perpetual protocol FlashTrade paused trading, deposits, and withdrawals after disclosing an unauthorized $98,000 withdrawal. According to Odaily, trading has resumed, while deposits and withdrawals remain suspended for about 24 hours to complete a fund reconciliation. FlashTrade said user funds are safe, that the $98,000 loss will be fully covered by the team, and that users will not be affected. The team is waiting for MagicBlock to complete its risk disclosure and release a fix patch, which is expected to take 12 to 24 hours.

Bitwise,Hyperliquid,Robinhood,Bitwise：下一轮加密牛市推演 如何做好准备 金色财经,HYPE、HOOD以及链上金融与传统金融的融合。

Multiple Chinese quant and long-only private funds have seen steep net asset value drawdowns over the past month, with several products falling more than 20%, according to Jiemian News. Wind data showed Wembow Investment’s "Wembow Small-Cap Aggressive Timing Enhanced Index No. 1" had a cumulative NAV of 1.4332 as of July 17, down 39.24% from its June 26 peak of 2.3588, and 2.11% lower over the past year. Jiemian News reported that Wembow had eight products updated through July 17, all of which fell over the past month, while four other products dropped more than 20%. On July 19, Wembow posted an article saying its strategy is an end-to-end AI model that may buy into panic selling during sharp declines, but it said it would not assume the market has bottomed or reject the model’s long-term logic solely because prices kept falling. Other large quant managers also posted losses, including Quantdao, Sixiang, Mingshi, Abama, Hanyu, Black Wing Asset, Longqi Technology, Banyang, Mingxi, Ziwu, Nianjue, Pinghe, Shanghai Qianshu, Lingjun, Qilin, Monex, Ruitian, Torte, and Qianyan, with products at many firms down more than 20% over the month. Among long-only private funds, Xi Yue Investment’s "Xi Yue Steady Growth No. 1" fell 35.38% to a NAV of 3.0424 as of July 20 from 4.7079 on June 24, while Qushi Asset’s "Qushi Preferred No. 1 - Haomai Phase 2" dropped 35.38% to 1.428 as of July 17 from 2.21 on June 22. Wanfang Private Fund’s "Wanfang Progress No. 1" fell 31.62% and Wangzheng Investment’s "Wangzheng Win-Win No. 8" declined 31.97%. Jiemian News said the worst drawdowns were concentrated in the four weeks from June 22 to July 17, when 20 of 100 Wind popular indices fell more than 20%, mostly in technology-related subsectors. In response to the volatility, 18 private fund managers had announced share buybacks by the evening of July 21, totaling 763 million yuan, including 636 million yuan from 11 managers with assets under management above 5 billion yuan. Lingjun Investment, Pinghe Investment and Ruiqun Asset led the buybacks at 200 million yuan, 100 million yuan and 100 million yuan, respectively. The tech sector then rebounded on July 21, with the STAR 50 Index rising 10.73% and the ChiNext Index up 7.05%.

South Korean investors increased their holdings of China-related stocks and ETFs in mid-July, with Semiconductors and AI names drawing the heaviest buying, according to Jiemian News. In the week of July 13 to July 19, Cambricon led A-share purchases with a net buy of $2.8577 million, while SMIC, Montage Technology, Hua Hong Semiconductor and ACM Research also drew net inflows of more than $1 million each. Over the month from June 20 to July 20, Luxshare Precision topped South Korean A-share buying with a net inflow of $6.4571 million, followed by Cambricon with $3.1986 million. In Hong Kong, South Korean investors bought Premia China STAR50 ETF for $3.1729 million in the latest week and bought more than $3 million of Global X China Semiconductor ETF; over the past month, the ETF drew $15.9148 million in net inflows. For the first half of 2026, South Korean investors bought a net $2.819 billion of China assets through stocks and ETFs, including $678 million in A shares, up 130.55% year on year. In Hong Kong, SMIC was the top stock with $85.46 million in net buying, while MiniMax ranked second at about $66.65 million and Alibaba ranked third. Global X China Semiconductor ETF was the most popular sector ETF with $42.3946 million in net buying, and Huaxia CSI 300 ETF took in $18.3417 million. Jiemian News said the flows coincided with a sharp correction in South Korea's market after the KOSPI index had risen more than 100% in the first half. The index later fell from a record 9,385 points to 6,820 points, while Samsung Electronics and SK Hynix both dropped more than 30% over the past month. Goldman Sachs, Standard Chartered and Morgan Stanley also raised their views on China stocks, and Citigroup on July 20 upgraded China equities in emerging-market allocation to overweight.

Hong Kong-listed property developers rose in short-term trading, with Sunac China (01918.HK), China Vanke (02202.HK), Seazen Group (01030.HK), Country Garden (02007.HK), and China Resources Land (01109.HK) following the move. According to Jin10, CIFI Holdings Group (00884.HK) gained more than 7%, while Agile Group (03383.HK) rose more than 5%.

美国债务高企背景下的美联储货币政策新范式与潜在风险评估。

OpenAI 已确认，此次活动是由其自有模型（包括 GPT-5.6 Sol 以及一款尚未发布、性能更强的模型）在内部网络能力测试期间驱动的，且出于评估目的，安全拒绝机制已被弱化。

RWA不会让所有资产明天就上链，但它会让“资产如何被持有、结算和抵押”这个问题的答案改写。

缔造行业的投资者们不再看好这片赛道，接下来会发生什么？

稳定币驱动的贸易金融，层层推进：可投资性地图、MLETR作为关键约束条件，以及在投资组合层面应用的信任成本2.0机制筛选。

美国预测市场平台Kalshi向CFTC提交申请，计划推出黄金、白银和铂金永续期货合约。随着传统资产交易需求升温，永续期货正向更广泛市场扩张。

金色财经推出加密货币和区块链行业早报《金色早8点》3127期，为您提供最新、最快的数字货币和区块链行业新闻。

2026 年加密市场从"讲故事拉盘"转向"谁有真用户真收入谁活"。