债市阿尔法：RWA 债券全维度分析：运作机制、全球监管与实践路径

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - RWA bonds, as a key product integrating "real - asset credit anchoring" and "blockchain technology enabling", are reshaping the operation logic of the traditional debt - financing market. The report comprehensively analyzes RWA bonds from multiple aspects such as core definition, operation mechanism, comparison with traditional bonds and ABS, global policy environment and regulatory framework, typical cases, and investor participation paths [12]. 3. Summary by Directory 3.1 RWA Bond Core Definition - Concept Definition: RWA bonds are standardized debt - financing tools that tokenize the creditor's rights of real - world assets with stable cash flows through blockchain technology. They have "dual - anchoring" features, anchoring both the cash flows of underlying assets and the income - distribution rules of smart contracts, and are classified as "security tokens" subject to securities regulations [13][14]. - Underlying Asset Types and Characteristics: There are three types of underlying assets. Financial assets, including accounts receivable, corporate loans, and national debts, are the mainstream with stable cash flows and low verification difficulty. Physical assets, such as real estate, infrastructure, and charging piles, have anti - inflation properties but long valuation periods and poor liquidity. Equity assets, like carbon - emission rights and intellectual property rights, are scarce and suitable for long - term allocation [15][16]. 3.2 RWA Bond Operation Mechanism - Asset Confirmation and Pooling: For non - standardized assets, asset confirmation uses the multi - node consensus of the alliance chain to generate "on - chain ownership certificates", and then packs the assets into an asset pool. For standardized financial assets, the issuer purchases the underlying assets through a licensed custodian, and the custodian issues a legal holding certificate, which is then uploaded to the chain [19][21]. - Chain Mapping and Token Generation: Non - standardized assets need to disassemble the asset - pool rights and interests into "on - chain quantifiable units" and associate them with on - chain ownership certificates, and then issue standardized security tokens. Standardized financial assets can be directly mapped by unit, and the token generation often uses a highly compatible general standard [22][25]. - Trading, Circulation, and Settlement: Non - standardized assets can be traded on compliant centralized exchanges or decentralized exchanges (DEX) with a KYC check. The settlement cycle is instant, and the T + 0 arrival is achieved. Standardized financial assets are traded on Layer2 DEX and licensed centralized exchanges, and the smart contract realizes instant "token - funds" transfer [26][30]. - Income Distribution and Asset Monitoring: For non - standardized assets, the income is distributed through IoT devices to collect data and smart contracts to execute the distribution rules. Asset monitoring uses IoT devices to collect data and establish an early - warning mechanism. Standardized financial assets have a simpler income - distribution process, and the asset monitoring focuses on price and ownership risks [31][34]. 3.3 Comparison with Traditional Bonds and ABS - Compared with ABS: RWA bonds are more efficient and intelligent. They change from an "off - line manual - driven" model to an "on - chain algorithm - driven" model, with a more transparent process, lower participation thresholds, and better risk control [37][38]. - Multi - Dimensional Comparison: In terms of technical foundation, asset scope, liquidity, regulatory framework, investor threshold, information transparency, and issuance cost, RWA bonds, traditional bonds, and ABS have significant differences. RWA bonds have a wider asset scope, higher liquidity, and lower investor thresholds [44][45]. 3.4 Global RWA Bond Policy Environment and Regulatory Framework - United States: It is the largest RWA bond market globally. After experiencing the technology - exploration period, institutional - trial period, and explosive - growth period, it has achieved significant market - scale growth. The passage of the CLARITY Act has established a dynamic regulatory framework, and technological infrastructure improvements and institutional capital inflows have also promoted market development [48][50]. - Europe: It has developed from infrastructure pilots to a unified framework under MiCA. After the phased and full implementation of MiCA, it has eliminated the regulatory differences among countries, and technological improvements have also met institutional requirements [51][54]. - China: It features a dual - track pattern of cautious piloting in the Chinese mainland (excluding Hong Kong, Macao, and Taiwan) and international linkage in Hong Kong. Through rule recognition, asset interconnection, and technological interconnection, a cross - border compliance closed - loop has been formed [55][58]. 3.5 RWA Typical Cases - Shenzhen Futian RWA Digital Bond: Issued in 2025 with a scale of 500 million yuan and a coupon rate of 2.62%, it is the world's first public - offering RWA bond, listed on both the Macau Stock Exchange and the Shenzhen Stock Exchange, with the underlying assets being the income rights of charging piles and office buildings [60]. - Langxin Group Charging Pile RWA: Issued in 2024 with a scale of 100 million yuan, it is the first new - energy RWA in China, anchoring the income rights of 9000 charging piles [63]. - GCL - New Energy Photovoltaic Power Station RWA: Issued in 2024 with a scale of 200 million yuan, it anchors the income rights of an 82MW photovoltaic power station and bundles carbon - reduction benefits [64]. 3.6 RWA Bond Investor Participation Paths and Thresholds - Primary Market Subscription: Chinese mainland (excluding Hong Kong, Macao, and Taiwan) institutional investors can subscribe through direct connection with overseas licensed underwriting institutions or indirect participation through domestic QDII products [68]. - Secondary Market Trading: They can trade through the Hong Kong MOX, the Shenzhen Stock Exchange Cross - border Connect, or licensed digital exchanges, with different trading objects and risk levels for each channel [69][70].