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白皮書讀書會香港 [01] A deep discussion on the Institutional Privacy Stack, led by @BrianSeong (@0xMiden, WPRC) and organized by @ninjanovadotsol (@sns, WPRC). Brian created a framework to evaluate @CantonNetwork, @tempo, and @0xMiden across multiple layers. Summary Notes [COMING SOON] We discussed: (i) where privacy lives in the stack, (ii) the cryptographic tools (FHE, ZK, TEE) and layers (payment channels, L1s, nodes) used for privacy, (iii) how existing financial institutions work, (iv) why and when privacy is needed, and (v) how each chain solves the regulatory auditability problem, e.g. viewing keys. An incredible group of people joined us — from RWA founders and traders, to investors, researchers, and students. Thank you @henrychen_cy (@snzholding, @ethereumhkhub) for joining the discussion and providing awesome insights and questions. Thank you @NPC_Leo (@snzholding, @Ethtao_Ethtao), Sara, and the rest of the SNZ team for hosting us again! Shoutout to Andrew W (Building in RWA) and Kent Lau (Building in Pharma X Crypto) for joining the discussion and some friends from @852devxyz ) ----- 一場關於機構級隱私技術棧 (Institutional Privacy Stack) 的深度討論。本次活動由 @0xMiden 及 WPRC 的 @BrianSeong 領銜主講，並由 @sns 及 WPRC 的 @ninjanovadotsol 策劃組織。Brian 建立了一個評估框架，橫跨多個層級對 @CantonNetwork、@tempo 及 @0xMiden 進行了深入對比。 總結筆記 [即將推出] 我們的討論重點包括： (i) 隱私在技術棧中存在的位面 (ii) 用於實現隱私的密碼學工具（如 FHE、ZK、TEE）與技術層級（如支付通道、L1 主網、節點）(iii) 現有金融機構的運作模式(iv) 為什麼以及何時需要隱私(v) 各條公鏈如何解決監管審計合規問題（例如：查看密鑰 Viewing Keys）。 本次活動匯聚了優秀的參與者——涵蓋了 RWA 創始人、交易員、投資者、研究員以及在校學生。 感謝 @henrychen_cy (@snzholding, @ethereumhkhub) 參與討論並提供極具啟發性的見解與提問。感謝 @NPC_Leo (@snzholding, @Ethtao_Ethtao)、Sara 以及 SNZ 團隊的其他夥伴再次為我們提供場地支持！ 同時感謝 Andrew W（RWA 領域開發者）、Kent Lau（醫藥 × 加密貨幣領域開發者）以及來自 @852devxyz 的朋友們一同參與交流。

【Bloomberg Asia Centric Podcast】 China has long relied on massive infrastructure spending and an unstoppable export engine, leading to a record $1.2 trillion trade surplus last year. However, this investment-heavy strategy is testing its limits as global trading partners increasingly push back, making Beijing's transition toward a consumption-based economy more critical than ever. But how achievable is this transition, and how long will it take? Hao Hong, Chief Economist and Chief Investment Officer at Lotus Asset Management, joins John Lee on the Asia Centric podcast to weigh in. He also breaks down the current regime shift in raw materials, explaining why the global economy is entering a new commodity supercycle driven by Western supply chain investments, AI infrastructure demands and a decade of severe industry underinvestment. 长期以来，中国去年创纪录的人类历史上最大的1.2万亿美元贸易顺差。然而，随着全球贸易摩擦升温，之前以投资为重的战略正在考验其极限，向以消费为基础的经济的转型比以往任何时候都更加重要。但这种转型何时实现？ 我还讨论了当前原材料行业的模式转变，解释了为什么全球经济正在进入由供应链投重构、人工智能基础设施需求和十年严重的大宗商品原材料行业投资不足而驱动的大宗商品超级周期。 我还讨论了从一个“全球最受关注之一的经济学家”（彭博社主持人原话）到“一个成功的对冲基金经理”（彭博社主持人原话）的转变。