This report summarizes key crypto market developments from Q4 2024 through early 2025, capturing dramatic volatility across major tokens. Bitcoin surged on policy optimism before a profit-taking correction, while Ethereum, Solana, Ripple, Cardano, Polygon and Avalanche each faced and navigated their unique cycles and challenges.

DeepSeek在AI方面的突破，引发了中国股市的强力反弹，推升了主要互联网和科技公司的股价，同时中国政府也对民营企业的创新提供有力的支持。

In 2024, Japan's economy showed resilience, with the Nikkei 225 gaining 19%, supported by a weak yen and accommodative monetary policy. The Bank of Japan raised interest rates twice, ending negative rates, while strong exports, tourism and rising wages boosted market confidence. Looking ahead to 2025, gradual rate hikes are expected, balancing economic growth and inflation control.

Ripple is the most actively traded crypto in Japan, and its market capitalization ranks it as the third-largest crypto overall as of the end of 2024. This report offers an analysis of Ripple's framework, which operates on a distinct system compared to other blockchains, as well as its prospective future, especially regarding international payment and enhances cross-border transaction.

本报告回顾了2024年并展望了2025年美国、中国和日本等主要资产类别的市场表现。2024年美国经济展现出强劲的韧性，尽管处于高利率环境中，依然保持了稳健的增长和低失业率。市场预计2025年，中国将继续推行宽松的财政和货币政策来刺激经济，而日本则在加息政策的推动下保持稳定增长。

This report analyses 2020-2024 share price performance and IPO capital raising trends for large-cap and small-cap companies in Hong Kong, China ADRs and Japan, noting large caps generally outperformed small caps due to better fundamentals and resilience in current volatile markets.