Core Insights - Messari's report indicates that BNB Chain's market capitalization is projected to reach $118.9 billion by the end of 2025, reflecting a year-on-year growth of 17.8%, positioning it as the third-largest cryptocurrency asset [1] Group 1: Market Performance - The average daily transaction volume in Q4 increased by 30.4% to 17.3 million transactions [1] - The number of daily active addresses rose to 2.6 million [1] Group 2: Growth Drivers - Real World Assets (RWA) emerged as a primary growth engine, with on-chain scale reaching $2 billion, marking a quarter-on-quarter increase of 228% and a year-on-year increase of 555%, second only to Ethereum [1] - The market capitalization of stablecoins increased by 9.2% to $15.2 billion [1] Group 3: DeFi Metrics - The Total Value Locked (TVL) in DeFi reached $6.6 billion, with PancakeSwap accounting for 33.5% of this total [1]

美国证券交易委员会委员、前代理主席 Mark T. Uyeda 表示，证券代币化（Tokenization）正从概念走向 实际应用，SEC 不应对其设置不必要的监管障碍。他指出，在特朗普政府时期，SEC 已停止以执法作 为主要监管表态方式，转而通过指引、公开征求意见及豁免试点推动创新，在确保投资者保护的前提下 探索链上证券与 RWA 的合规落地，并强调代币化有望减少中介、压缩结算周期、提升透明度，但代币 化证券仍需遵循现行证券法框架。 （来源：吴说） ...

2月1日出版的第3期《求是》杂志，发表了习近平总书记重要文章《走好中国特色金融发展之路，建设金融强国》。这篇重要文章，是习近平总书记 2024年1月16日在省部级主要领导干部推动金融高质量发展专题研讨班上讲话的节录。金融是国民经济的血脉，是国家核心竞争力的重要组成部分。加 快建设金融强国是全面建成社会主义现代化强国、推动高质量发展的必然要求。 建设金融强国目标的提出，赋予了金融行业前所未有的历史责任与时代机遇。基金行业连接着广大投资者、实体企业与资本市场，其健康发展对于优化 融资结构、推动创新资本形成、促进资本市场稳定、增加居民财产性收入具有不可替代的作用。 为洞察全球基金行业动态，剖析发展特征，并评估中国基金业的金融服务效能，近日清华大学五道口金融学院《清华金融评论》编辑部与资产管理研究 中心、财富管理研究中心、全球母基金研究中心联合发布《2025基金行业发展现状与投资趋势研究报告》。 该报告主体内容分为 "全球基金行业发展分析" 与 "全球投资市场专题分析" 两大部分， 重点关注基金行业在高质量发展进程中涌现的新思维与新动 向，以期为行业提供有益参考，助力中国基金业行稳致远。 第一部分： 全球基金行业发展 ...

证券研究报告 | 浙商早知道 报告日期：2026 年 02 月 10 日 浙商早知道 2026 年 02 月 10 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 市场总览 重要点评 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 ❑ 大势：2 月 9 日上证指数上涨 1.41%，沪深 300 上涨 1.63%，科创 50 上涨 2.51%，中证 1000 上涨 2.26%，创业板 指上涨 2.98%，恒生指数上涨 1.76%。 ❑ 行业：2 月 9 日表现最好的行业分别是通信（+5.17%)、综合（+4.7%)、传媒（+3.5%)、电子（+2.97%)、计算机 （+2.88%)。 ❑ 资金：2 月 9 日全 A 总成交额为 22702 亿元，南下资金净流出 18.87 亿港元。 ❑ 【浙商非银 孙嘉赓/许盈盈】非银金融 行业点评：中国 RWA 监管框架落地，香港 Web3 产业迎新变局—— 20260208 ❑ 【浙商传媒互联网 冯翠婷】传媒 行业点评：周报：完美世界《异环》三测超预期 ...

最近， 比特币可真是跌麻了！ 比特币属于 虚拟货币，伴随着它的暴跌，其他虚拟货币也受到 重挫！ 相比于2025年10月12.6万美元的历史高点，下跌至本月初的6万美元关口，累跌超过 52%！ 这一轮虚拟货币跌跌不休，原因包括了美联储 政策不确定性、贵金属大跌导致 流动性收紧等。 此外，据传还有一个原因，美国政府通过 黑客手段冻结某集团12.7万枚比特币，这打破了虚拟货币 无法追踪、 绝对安全、 规避监管的神话，导致 信仰危 机。 而与此同时，我国央行、证监会8部门在2月6日 联合发布通知，明确在中国境内所有 虚拟货币相关业务活动都属于 非法金融活动！ 对于近期较热的 稳定币，《通知》规定了未经相关部门依法依规同意，境内外任何单位和个人不得在境外发行 挂钩人民币的稳定币！ 所谓稳定币，它 锚定法定货币或者其他资产，目的是通过与这些资产 挂钩来保持自身价值的相对稳定。 稳定币也属于 虚拟货币，其不具有与法定货币等同的地位，但在流通使用中 变相履行了法定货币的部分功能，事关 货币主权。 关于稳定币我们以前详细说过，想彻底搞懂的点以下 链接： RWA把真实世界中看得见、摸得着的资产，比如房地产、债券、股票、大宗商品等 ...

人民银行 42 号文，证监会 1 号文点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘欣琦(分析师) | 021-38676647 | liuxinqi@gtht.com | S0880515050001 | | 孙坤(分析师) | 021-38038260 | sunkun@gtht.com | S0880523030001 | 境内虚拟货币违法，境外 RWA 监管明晰 [Table_Industry] 综合金融 本报告导读： 虚拟货币再迎新规，境内发行虚拟货币仍是违法行为，境外开展 RWA 监管明确， 相关中介机构及具备优质基础资产公司受益。 投资要点： [Table_Report] 相关报告 综合金融《支付牌照缩减，多家投资咨询公司暂 停新增》2026.02.01 综合金融《消金监管趋严，行业加速出清》 2026.01.25 综合金融《业绩基准新规落地，助推行业长期发 展》2026.01.24 综合金融《保险券商均获增配，看好居民资金入 市下的非银机会》2026.01.23 综合金融《零售及自营业务驱动全年高增 ...

1）从"虚拟货币"到"数字资产"：此次监管范围从虚拟货币扩展至虚拟货币 和现实世界资产代币化（RWA）。 2）从"境内禁止"到"跨境监管"：除再次重申境内虚拟货币相关业务活动属 于非法金融活动外，也对此前市场关注的一些问题明确表态：未经同意，境内外 任何单位和个人不得在境外发行挂钩人民币的稳定币；境外单位和个人不得向境 内主体提供 RWA 相关服务，但经业务主管部门依法依规同意，依托特定金融基 础设施开展的相关业务活动除外；未经同意，境内主体及其控制的境外主体不得 在境外发行虚拟货币。 证券研究报告 | 行业点评 | 非银金融 非银金融 报告日期：2026 年 02 月 08 日 中国 RWA 监管框架落地，香港 Web3 产业迎新变局 投资要点 3）从"业务管控"到"生态治理"：堵漏补缺，明确将持续整治"挖矿"活 动，加强经营主体登记和广告管理（禁止名称和经营范围含"稳定币"、 "RWA"等字样）；且在重申投资者风险自担的基础上，新增对"明知或应知" 境外主体非法向境内提供服务仍提供协助的境内单位和个人的责任追究。 ❑ 投资观点：RWA 作为一种可为实体经济融资的方式，此次政策新规通过明确监 管要求和流程， ...

Investment Rating - The report suggests a cautious approach to the cryptocurrency market due to the current low sentiment and advises focusing on companies with strong earnings reports or those transitioning to AI data centers [4][24]. Core Insights - The cryptocurrency market has seen a significant decline, with a total market capitalization of $2.17 trillion, down 23.6% from the previous week. Bitcoin's lowest price during the week was $60,074, and Ethereum's was $1,749 [1][10]. - The average holding price for Bitcoin is approximately $55,174, which is lower than the short-term investors' cost basis, indicating a bearish sentiment in the market. The Fear and Greed Index is at 8, reflecting "extreme fear" [11][1]. - Global cryptocurrency trading volume increased by 60.2% week-on-week, with Coinbase's spot trading volume rising by 113.9% [15][16]. Global Policy and Industry News - The China Securities Regulatory Commission issued guidelines for the issuance of asset-backed securities tokens overseas, which will be regulated by different authorities based on the type of asset [2][17]. - Tether reported record highs in Q4 2025, with a market cap of $187.3 billion and a user base of 535 million, marking significant growth [21][2]. - Ondo launched a platform for real-time trading of U.S. stocks post-IPO, allowing global users to trade major stocks and ETFs with leverage [21][2]. Company News - Bullish reported a record digital asset sales figure of $64.3 billion for Q4 2025, despite a net loss of $560 million. The company has become the second-largest Bitcoin options trading platform [22][3]. - Gemini announced a 25% workforce reduction and will focus on the U.S. market, exiting the UK and European markets [22][3]. - Cipher Mining plans to issue senior secured notes to raise $2 billion for data center construction [23][3]. - Bitfarms is transitioning from Bitcoin mining to developing high-performance computing and AI data centers, relocating its headquarters to the U.S. [23][3]. Investment Recommendations - Given the current market conditions, the report recommends maintaining caution and focusing on companies that are performing well during earnings season or those transitioning to AI data centers, such as Applied Digital and IREN Limited [4][24].

Investment Rating - The report suggests a cautious approach in the current cryptocurrency market due to low sentiment and recommends focusing on companies with strong earnings during the earnings season or those transitioning from mining to AI data centers [4][24]. Core Insights - The cryptocurrency market has seen a significant decline, with a total market capitalization of $2.17 trillion, down 23.6% from the previous week. Bitcoin's lowest price during the week was $60,074, and Ethereum's was $1,749. The fear and greed index indicates extreme fear at a score of 8 [1][10][11]. - Tether reported record highs in its Q4 2025 report, with a market capitalization of $187.3 billion and a user base of 535 million, marking an increase of over 30 million users for eight consecutive quarters [21]. - The decentralized telecom network World Mobile has expanded its coverage to over seven countries, with more than 3 million daily active users and over 100,000 AirNodes deployed [17][18]. Market Review - The cryptocurrency market capitalization decreased by 23.6% this week, with Bitcoin and Ethereum prices dropping by 16.1% and 23.6%, respectively [10][14]. - The average holding price for Bitcoin is approximately $55,174, which is below the short-term investors' cost basis [11][12]. - Global cryptocurrency trading volume increased by 60.2% week-on-week, with Coinbase's spot trading volume rising by 113.9% [15][16]. Company News - Bullish reported a record digital asset sales figure of $64.3 billion for Q4 2025, with a net loss of $560 million and an adjusted EBITDA of $44.5 million [22]. - Gemini announced a 25% workforce reduction and plans to focus solely on the U.S. market, exiting the UK, EEA, and Australia [22]. - Cipher Mining plans to issue senior secured notes to raise $2 billion for data center construction [23]. Investment Recommendations - The report advises maintaining caution in the current market and suggests monitoring companies that perform well during earnings season or those transitioning to AI data centers, such as HUT 8 and IREN Limited [4][24].

Core Viewpoint - The recent regulatory documents regarding cryptocurrency in China indicate a tightening of the market, particularly affecting the survival of crypto assets and Web3-related businesses, while also introducing a framework for Real World Asset (RWA) tokenization, albeit with strict conditions [2][3][4]. Regulatory Framework - The documents define the attributes of RWA tokenization, marking a significant regulatory stance on the matter, which has been a topic of extensive discussion in the context of crypto asset regulation in China [3][4]. - The regulatory focus is primarily on preventing illegal financial activities associated with RWA, particularly concerning domestic assets and their tokenization [7][16]. Market Implications - The global landscape for RWA includes various types, with the U.S. market leading in traditional financial asset tokenization, while Hong Kong serves as a platform for qualified investors to access these assets [5][6]. - The regulatory documents emphasize the need for collaboration among various government departments to ensure a unified approach to crypto asset regulation, addressing inconsistencies in legal interpretations across regions [8]. Risk Management - The documents highlight the importance of preventing capital outflow through crypto assets, particularly via stablecoins, and outline measures to track and manage these flows [9]. - There is a clear warning against engaging in activities related to RWA in mainland China without proper regulatory approval, as this could lead to significant legal risks [10][16]. Industry Practices - The documents explicitly prohibit the use of virtual currencies as collateral or in insurance products, indicating a comprehensive approach to regulating crypto-related financial products [10][12]. - The regulatory stance against crypto mining remains firm, with a reiteration of the ban on mining activities and the sale of mining equipment within mainland China [14][15]. Future Directions - The framework allows for the possibility of RWA token issuance outside of China, provided that domestic entities comply with regulatory requirements and obtain necessary approvals [16][17]. - The documents suggest that only large, financially robust companies or established firms may be able to navigate the regulatory landscape to engage in RWA activities, indicating a high barrier to entry for smaller players [18][19].