RWA 政策点评：RWA 的严监管时代——证监会 2026 年 1 号文点评

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [1] Core Insights - The recent regulatory framework established by the China Securities Regulatory Commission (CSRC) marks the end of the "regulatory vacuum" in the realm of domestic assets issued overseas as asset-backed securities tokens (RWA). This framework is centered around a "filing system" and aims to provide a clear path for compliant institutions to participate in global RWA innovation, benefiting the industry's healthy development in the long term [2][3] - The new guidelines will transition RWA business from "wild growth" to "compliant competition," promoting the exit of non-compliant projects in the short term while laying a sustainable development foundation for the industry in the long term [3][5] - The guidelines emphasize the importance of asset quality and compliance capabilities, shifting market competition from mere concept speculation to a focus on asset selection, structural design, and compliance operations [5][6] Summary by Sections Regulatory Framework - The guidelines clearly define the concept of "domestic assets issued overseas as asset-backed securities tokens," establishing the regulatory scope and including RWA tokenization under securities regulation [4] - A "filing system" is the core mechanism, requiring domestic entities to file with the CSRC before conducting business, ensuring compliance and transparency [4] - A negative list is established, detailing six scenarios under which related businesses cannot operate, thus providing clear boundaries for market participants [4] Impact on RWA Business - The guidelines are seen as a milestone for the nascent RWA business in China, with short-term market clearing and uncertainty reduction expected [5] - Long-term, successful filings will enhance investor confidence and attract traditional financial institutions and asset management companies, leading to increased capital inflow [5] - The core competitiveness of businesses will shift towards asset quality and compliance capabilities, with institutions that can identify and integrate quality underlying assets standing out [5] Implications for Financial Institutions - Investment banks and securitization service providers will benefit from new core business lines, particularly those with cross-border securitization experience [6] - Financial technology and compliance technology companies will find new market opportunities, especially in providing solutions for information disclosure and compliance monitoring [6] - The main challenges include rising compliance costs and the scarcity of professionals who understand both traditional securitization and blockchain technology [6] Investment Recommendations - The implementation of RWA regulatory rules is expected to catalyze investment opportunities in the non-bank financial sector. The report highlights the increasing value of non-bank financial institutions, particularly recommending Citic Securities and Guotai Junan as beneficiaries of the improved market environment and policy implementation [7]