建筑与工程行业周报：香港政策落地，重视建筑RWA的机会-20250707

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering industry [12] Core Insights - The Hong Kong government has launched the "Hong Kong Digital Asset Development Policy Declaration 2.0," focusing on the tokenization of real-world assets (RWA), which is expected to reshape financing models in the construction industry and enhance asset liquidity and regulatory compliance [6][10] - RWA technology is systematically reconstructing the financing ecosystem of the construction industry, broadening financing channels, compressing cycles, and reducing costs [7] - The global RWA asset scale is expected to expand rapidly, with a projected compound annual growth rate (CAGR) of 95.69% from 2022 to 2025, reaching approximately $24.79 billion [10] Summary by Sections Hong Kong Policy and RWA Opportunities - The introduction of RWA in Hong Kong is anticipated to create new opportunities for the construction industry by enabling the digital mapping, rights confirmation, valuation, and trading of real-world assets [6][10] Financing Ecosystem Reconstruction - RWA technology is breaking traditional credit dependency, attracting global retail capital and sovereign funds, significantly expanding funding sources [7] - The asset securitization process has been reduced from 6-12 months to a few weeks, enhancing efficiency [7] - RWA technology allows small and medium enterprises to access capital that traditional financial systems often overlook [7] Market Participation and Asset Liquidity - The introduction of RWA technology lowers the trading threshold for high-value construction assets, increasing liquidity [8] - A notable project involved the tokenization of $3 billion worth of real estate assets into $500 shares, attracting widespread interest from small investors [8] Regulatory Compliance and Transparency - RWA technology creates an immutable digital mirror of assets, enhancing regulatory compliance through transparent mechanisms [9] - A case study in Syracuse, New York, demonstrated the conversion of a physical property into 13,750 tokens, ensuring authenticity and transparency in asset management [9] Global RWA Growth and Strategic Positioning - The global RWA asset scale is projected to reach $24.79 billion by July 2025, with a significant increase from $3.308 billion in 2022 [10] - Hainan Huatie has accumulated approximately 26 billion yuan in hardware-level on-chain assets, establishing a strong first-mover advantage in the RWA space [10]