The wave of financial innovation has never ceased, constantly driving the evolution of the Capital Market from Wall Street at the end of the 18th century to today's digital age. In 1792, a group of visionary brokers signed a protocol under a sycamore tree in New York, laying the foundation for the New York Stock Exchange. This seemingly simple act actually ushered in a new era of modern financial markets.

Time flies, and as we arrive in 2025, we witness another milestone event. The design collaboration platform Figma made a stunning debut on the NYSE, with its stock price soaring 250% on the first day of trading, reaching an astonishing market value of 560 billion US dollars, equivalent to 400 billion RMB. This not only broke the record for global tech IPOs that year but also highlighted the central role of digital tools in modern business.

However, the transformation of the financial market has not stopped there. The rise of cryptocurrencies has brought new challenges and opportunities to the traditional financial system. Bitcoin, as the flagbearer of this revolution, has recently experienced 18 days of sideways consolidation after breaking new highs, and the market is full of expectations for its future trends. At the same time, the direction of U.S. monetary policy has also become a key factor influencing the global financial market.

In this era full of uncertainties, we have witnessed the path of innovation from Wall Street to Silicon Valley and into the blockchain world. The development of financial technology is reshaping our understanding of value exchange and asset management. In the future, we may witness the birth of a more open, efficient, and inclusive financial system that will integrate the stability of traditional finance and the innovation of emerging technologies.

As the regulatory environment continues to improve and technology advances, we look forward to seeing more groundbreaking financial innovations. Whether it is the digital transformation of traditional financial institutions or the rise of emerging fintech companies, both will inject new vitality into the global economy. In this new era filled with opportunities and challenges, maintaining an open mindset and a forward-looking vision will be key.