HUAXI Securities·2025-07-05 11:59Investment Rating - The report provides a "Buy" rating for the industry, predicting that the stock price will outperform the Shanghai Composite Index by 15% or more within the next six months [101]. Core Insights - Real World Assets (RWA) leverage tokenization technology to enhance asset liquidity, lower barriers to entry, and introduce smart contract mechanisms, enabling unprecedented participation in the financial system for both individuals and institutions [3][4]. - The RWA market is on the brink of explosive growth, with high-frequency assets like U.S. Treasuries, real estate, and credit rapidly moving on-chain, although challenges such as cross-border compliance and pricing mechanisms remain critical [5][4]. Summary by Sections 01 RWA: Connecting Tradition and Future - RWA has experienced explosive growth since 2021, with the total value of global on-chain RWA assets surpassing $23.3 billion by June 2025 [14]. - RWA significantly lowers investment barriers, allowing previously illiquid assets like real estate and art to enter the market in a more flexible form, thus promoting inclusive finance [19][20]. 02 China RWA: Vast Blue Ocean Market Potential - The RWA sector in China is poised to become a key component of the "digital-physical integration" national strategy, with significant potential in carbon assets, green energy, and industrial data [4][29]. - The regulatory framework in Hong Kong is evolving to support RWA, with the introduction of a stablecoin regulatory sandbox and a focus on compliance and innovation [30][38]. 03 Global RWA: Merging Old Order with New Paradigms - The global RWA market is witnessing a surge in participation from various countries, with significant initiatives in the U.S., EU, Singapore, and UAE aimed at integrating RWA into financial systems [75][76]. - The market for tokenized real estate is projected to reach $30 trillion by 2030, with a compound annual growth rate exceeding 60% [86]. 04 Investment Recommendations - Beneficial stocks in the RWA sector include companies like Xiexin Energy Technology, Longxin Group, and others, with specific price targets and market capitalizations provided [98].