在酒店行业，"重资产、低周转、高负债"长期是制约发展的痛点——大量优质物业、闲置设备、会员权益等"沉睡资产"因流动性差、确权复杂、融资渠道单 一，难以释放价值。而现实世界资产代币化（Real World Assets, RWA）的出现，正以区块链技术为核心，将这些"沉睡资产"转化为可流通、可交易的数字 资产，不仅激活了酒店业的存量资源，更重塑了从资产运营到用户服务的全链条价值逻辑。 一、酒店行业的"沉睡资产"困局：规模与痛点并存 酒店业的资产沉淀规模惊人。据《中国酒店资产管理白皮书》数据，国内酒店存量资产超4万亿元，其中仅闲置物业、未充分利用的设备（如厨房器械、布 草、IT系统）及会员预付费权益（如积分、储值卡）占比超30%，对应"沉睡资产"规模超千亿。这些资产的核心痛点包括： RWA的本质是将这些"非标准化实体资产"映射到区块链上，通过代币化（Tokenization）实现资产的碎片化、可交易化与透明化管理，为破局提供了技术路 径。 二、RWA如何激活酒店"沉睡资产"？四大核心价值 1.资产数字化确权：从"模糊产权"到"链上清晰确权" 区块链的不可篡改与分布式记账特性，可将酒店物业的产权证明、设备购买凭证、 ...

受益于法律和基础设施不断完善及持续的政策激励，香港市场对原生数字债券的接受度正日益提高，其 或将成为主权和优质企业发行人在港融资的标准选项之一 文｜《财经》特派香港记者 焦建 编辑 | 苏琦 时隔近一年半后，中国香港特区政府于11月11日晚间宣布，近日已在政府可持续债券计划（此前称"政 府绿色债券计划"）下成功定价约100亿港元等值的数字绿色债券（港称"数码绿色债券"），涵盖港元、 人民币、美元及欧元。 此次约100亿港元发行后，香港特区政府发行的四个币种数字绿色债券总认购金额超过1300亿港元，意 味着超购12倍。据香港金管局指出，这是迄今为止全球范围内最大的数字债券发行。 2019年，中国香港特区在政府绿色债券计划下开始发售绿色债券。当时的宏观背景为贸易摩擦使得资金 由股市加速流入债市，为香港绿色工程等项目融资的相关计划应运而生。 2024年5月10日起，政府绿色债券计划重新命名为可持续债券计划。作为绿色和可持续债券的先行者， 近年来香港特区政府除发行超千亿元级的绿债，也在不断丰富相关债券的种类。 重点的发展方向之一，即是在前述数字债券领域的尝试。今年11月公布的本次数字发债，就被解读为意 味着在推动债券 ...

Core Insights - The global financial technology sector is experiencing a significant turning point in 2025, with the Real World Asset (RWA) market surpassing $29.5 billion and a remarkable growth rate of 178% from January to September, indicating a shift from conceptual exploration to scalable development [1] Market Growth and Participation - Traditional financial institutions are deeply involved in the current market growth, with BlackRock's on-chain treasury ETF managing over $3.5 billion and Blackstone's tokenized money market fund BUIDL expanding to a multi-chain ecosystem with a size of $2.9 billion [2] - The number of issuers has increased by 300% since the beginning of the year, and the number of holder accounts has exceeded 310,000, reflecting a trend of market participation expanding from institutions to qualified investors [2] Efficiency Revolution - RWA's core value lies in reconstructing traditional asset trading processes, with cross-border real estate transaction times reduced from 90 days to 72 hours and financing costs lowered by 40% through the optimization of five key areas [2][3] - Key areas of optimization include standardized asset screening and due diligence, modular innovation in legal structure design, automated execution of token issuance, global access to secondary market trading, and intelligent management of profit distribution [3] Application Expansion - The application scenarios of RWA are extending from financial assets to the real economy, with government bonds and corporate bonds remaining mainstream, while innovative cases in real estate and renewable energy equipment are emerging [5] - Examples include a Hong Kong office project that improved liquidity by 300% through RWA transformation, and a successful financing of renewable energy charging piles by Longxin Group [5] Regulatory Collaboration - Hong Kong is establishing itself as a compliant gateway for mainland Chinese assets, with the Hong Kong Monetary Authority's "Ensemble" project achieving a cross-border compliance agreement with Singapore, reducing compliance costs by 65% [5] - Shenzhen Futian Investment Holdings successfully issued a digital bond in Hong Kong that integrates public issuance, exchange listing, and public chain RWA, providing a replicable compliance path for mainland assets [5] Challenges and Future Prospects - Despite rapid development, RWA faces challenges such as fragmented regulation, standardization of technology, and market liquidity, with varying regulatory requirements across countries complicating cross-border projects [7] - The deepening participation of institutions and ongoing technological innovation are driving industry growth, with the RWA market expected to reach trillions of dollars by 2030, with a compound annual growth rate of approximately 53% [7] Conclusion - The rapid development of RWA signifies the arrival of the asset digitization era, presenting new opportunities for companies with quality underlying assets to enhance asset efficiency while emphasizing compliance and technological adaptability [7]

在全球资产数字化浪潮下，香港已成为 RWA(现实世界资产代币化)领域的重要枢纽。智通财经特邀艾德金融环球资本市场部主管 Joseph Lam 林子龙，深度 解析 RWA 的核心优势、创新实践与生态构建，同时明晰标的适配方向、参与者机遇与行业前景。作为植根香港、面向全球的持牌机构，艾德金融手握香港 证监会第 1、2、3、4、5、6、9 类全牌照及首批数字资产分销运营资质，凭借前瞻视野在传统金融与 Web3 融合中抢占先机，成为 RWA 领域合规与创新并 行的标杆。 在 RWA 赛道的前沿探索上，艾德金融致力于多领域如高端农业、贵金属等实体资产的数字化转型，创新性地实现资产碎片化与跨平台流通。通过将传统资 产拆分为标准化代币单位，配合全链条线上交易平台，不仅拓宽了企业融资渠道，更让全球投资者能便捷参与此前难以触及的高门槛优质资产类别。这种创 新实践与香港作为 "背靠国家、面向世界" 的金融枢纽地位高度契合，使艾德金融在连接境内外资本、推动资产跨境流动中发挥独特作用。 当前香港 RWA 产品涵盖贵金属、房地产、充电桩及固收类等。我们做的就是要找到窗口和通道，将传统产品与资产对接给不同投资人。艾德的核心突破在 于创新 ...

Core Insights - The report discusses the transformation of real estate asset securitization from traditional methods to tokenization through blockchain technology, highlighting the advantages of Real World Assets (RWA) in enhancing investment logic and accessibility [1][2]. Group 1: RWA Definition and Advantages - RWA refers to the tokenization of tangible and intangible assets using blockchain technology, allowing for efficient trading and global access [17]. - RWA enhances liquidity and lowers investment barriers by fragmenting large assets into smaller tokens, enabling broader participation from investors [19][21]. - Compared to traditional Asset-Backed Securities (ABS), RWA covers a wider range of assets, simplifies structures, and significantly reduces costs [19][20]. Group 2: Development and Market Growth - Since its inception in 2017, RWA has evolved from a conceptual phase to rapid market expansion, particularly from 2023 onwards [3][4]. - As of August 26, 2025, the total on-chain RWA value reached $26.65 billion, with private credit and U.S. Treasury bonds being the primary assets [4]. - The issuance scale of global on-chain RWA was $15.5 billion in 2024, marking a 256% year-on-year increase, and $14.9 billion in the first half of 2025, reflecting a 142% growth [4]. Group 3: RWA in Real Estate - RWA tokenization in real estate allows for the conversion of property ownership or income rights into tradable digital tokens, with three core models: equity tokens, debt tokens, and income rights tokens [5]. - Projects like the Hong Kong office building RWA have demonstrated significant improvements in liquidity and financing costs compared to traditional Real Estate Investment Trusts (REITs) [6]. - Major players in the real estate sector, such as New City Group and Greenland Holdings, are actively exploring RWA opportunities to enhance their financing strategies [6]. Group 4: Technical Framework and Participants - The technical architecture of RWA consists of four layers: blockchain base, smart contract layer, middleware, and application layer, ensuring modular and scalable support [30][31]. - Key participants in the RWA ecosystem include asset issuers, technology service providers, exchanges, DeFi protocols, compliance service providers, and regulatory bodies [24][26][27]. - The integration of oracles, cross-chain interoperability, and IoT devices enhances data transparency and asset monitoring within the RWA framework [31].

Core Insights - The establishment of the ETHK building by Huajian Medical marks a significant milestone in the development of Real World Asset (RWA) digital technology, positioning Nanjing as a global hub for RWA technology [1][2] - Huajian Medical's strategy focuses on transforming into a digital infrastructure provider, with the ETHK building serving as a physical manifestation of this strategy [2][3] Group 1: RWA Technology and Nanjing Hub - RWA, or Real World Asset tokenization, is emerging as a hot area in global fintech, with a projected total locked value (TVL) of $12.5 billion by June 2025, representing a 124% increase from 2024 [2] - The establishment of ETHK Inc. and ETHK HOLDINGS LIMITED indicates Huajian Medical's commitment to the digital industry infrastructure [2] - Nanjing's location is strategic, as the Yangtze River Delta is a core area for China's biopharmaceutical industry, accounting for one-third of the national industry scale [2] Group 2: Strategic Collaborations - Huajian Medical signed strategic cooperation agreements with four companies, including a $1.5 billion RWA tokenization deal with Chuangsheng Group for six innovative drug pipeline assets [4][7] - The collaboration with Chuangsheng Group aims to integrate their innovative drug assets into a U.S. entity for potential RWA tokenization [4] - Additional partnerships with Shenzhen Yuanli Life Sciences, Jiangsu Mailian Technology, and Beijing Guofeng Law Firm create a comprehensive ecosystem from biopharmaceutical innovation to legal compliance [7] Group 3: Industry Transformation and Market Potential - The launch of the RWA technology base and strategic partnerships signify the scaling of Huajian Medical's ETHK chain financial ecosystem [8] - The global RWA market is projected to reach $16.1 trillion by 2030, representing 10% of global GDP [8] - RWA tokenization in the biopharmaceutical sector allows for the early locking of R&D value, providing new funding channels without equity dilution [8][9] Group 4: Altruistic Ecosystem and New Economic Paradigm - Huajian Medical's "altruistic" approach enables partners to optimize asset structures and innovate financing models [9] - The ETHK building's opening symbolizes a new economic paradigm, enhancing asset liquidity and capital allocation efficiency [10] - The digital economy wave signifies the beginning of a new era for global asset circulation in China [10]

Group 1 - The core announcement from Huajian Medical includes the establishment of the ETHK building in Nanjing, which focuses on the research and development of Real World Asset (RWA) digitalization technology, marking a significant milestone in the company's transformation into a global innovator in digital industry and blockchain financial infrastructure [1][2] - The ETHK building spans approximately 70,000 square meters and aims to serve as a hub for over 5,000 technical experts and ecosystem partners, providing state-of-the-art laboratories, data centers, and testing environments [2][4] - The building will also function as a trusted technology research and output base, integrating capabilities in blockchain development, smart contract security auditing, cross-chain protocols, and regulatory technology [2][4] Group 2 - Huajian Medical's proactive approach to RWA infrastructure is driven by a deep understanding of technological trends, policy benefits, and market demands [4][5] - The global total locked value (TVL) of RWA is projected to reach $12.5 billion by June 2025, reflecting a 124% year-on-year growth, indicating a strong market potential for RWA tokenization [4][5] - The company has established a comprehensive capability chain through joint ventures, covering technology development, asset issuance, and compliance operations [4][5] Group 3 - Huajian Medical's RWA strategy is not merely a short-term capital initiative but a long-term strategic investment aimed at building a robust competitive moat [7][8] - The company has created a four-layer barrier consisting of technology, licenses, assets, and partnerships, which enhances its market position [7] - The vision includes enabling the globalization of Chinese assets through RWA technology, facilitating global pricing and financing opportunities [7][8] Group 4 - Huajian Medical's transformation represents a significant example of Chinese enterprises seizing opportunities in digital financial infrastructure [8] - The company aims to connect the real economy with the crypto world through RWA, positioning itself as a key player in the emerging digital finance landscape [8] - The strategic initiatives taken by Huajian Medical may play a crucial role in the narrative of Chinese asset globalization [8]

Core Viewpoint - Huajian Medical has announced the establishment of the ETHK Building in Nanjing, marking a significant milestone in its transformation into a global innovator in digital industry and blockchain financial infrastructure [1] Group 1: ETHK Building and Its Significance - The ETHK Building, with a total area of approximately 70,000 square meters, serves as the physical core of Huajian Medical's "ETHK Blockchain Financial Ecosystem Strategy" [2] - The building will host over 5,000 technical experts and partners, providing top-tier laboratories, data centers, and testing environments [2] - The completion of the ETHK Building signifies Huajian Medical's transition from conceptual leadership to large-scale physical implementation [2] Group 2: Strategic Advantages and Market Context - Huajian Medical's proactive approach to RWA infrastructure is supported by technological trends, policy benefits, and market demand [4] - The global total value locked (TVL) in RWA is projected to reach $12.5 billion by June 2025, reflecting a 124% year-on-year growth [4] - The company has established a comprehensive capability chain through joint ventures, covering technology, asset issuance, and compliance operations [4] Group 3: Long-term Strategy and Globalization - Huajian Medical's RWA strategy is a long-term investment aimed at building a robust competitive moat through technology, licensing, assets, and partnerships [6] - The company holds 5,190 ETH as treasury reserves and plans to increase its holdings, demonstrating confidence in the blockchain financial ecosystem [7] - The vision includes enabling Chinese quality assets to "go global" through RWA technology, facilitating global pricing and financing [7] Group 4: Broader Implications for the Industry - The establishment of the ETHK Building is a typical example of Chinese enterprises seizing opportunities in digital financial infrastructure [8] - As technology matures and regulations clarify, RWA is expected to become a crucial bridge connecting the real economy with the crypto world [8]

Group 1 - The core point of the article is that Yunfeng Financial (00376.HK) has successfully completed its first independent project of real-world asset (RWA) tokenization through its blockchain team, addressing issues of cumbersome fund share transfers and insufficient liquidity [1] - The project complies with the Hong Kong Securities and Futures Commission's regulatory framework for virtual assets [1] - On July 15, Yunfeng Financial identified RWA as a strategic priority and in early September invested $44 million to acquire 10,000 ETH as reserves [1]

Core Viewpoint - The announcement by Huajian Medical Holdings Limited regarding its partnership with ETHK Group marks a significant step towards creating a new financial ecosystem on the blockchain, aiming to facilitate the global flow and reconstruction of value, particularly in the Chinese healthcare sector [1][4]. Group 1: Company Strategy and Structure - Huajian Medical has rebranded itself to Huajian Digital Industry Group Limited and established two new companies, ETHK INC and ETHK HOLDINGS LIMITED, to focus on building a decentralized and compliant financial platform [1][4]. - The ETHK ecosystem is built on five key pillars: technological infrastructure, financial products and asset matrix, sustainable business models, global compliance and trust framework, and seamless user experience [6][7]. Group 2: Financial Innovation and Market Position - The collaboration aims to tokenize real-world assets (RWA) and enhance liquidity, allowing assets to be traded like stocks and bonds, thus breaking geographical and institutional barriers [8][9]. - Huajian Medical is positioning itself not just as a participant in the healthcare sector but as a key organizer in the global capital chain, leveraging blockchain technology to address traditional financial system limitations [10][12]. Group 3: Global Financial Landscape - The initiative is seen as part of a broader trend towards the digitization of finance, with RWA tokenization becoming a significant focus for major financial institutions globally [11][12]. - The partnership is expected to create a new narrative for Chinese assets in the global capital landscape, facilitating a more balanced capital market and enabling global value discovery [13][15].