Core Viewpoint - The future of token economy must be rooted in the real economy to truly release value, transitioning from a speculative and storage role in the virtual world to solving trust, efficiency, and cost issues in the physical economy [1] Group 1: Token Economy Definition and Importance - Token economy is a new economic ecosystem based on blockchain technology and tokens, aimed at addressing trust, efficiency, and intermediary costs in traditional economies [1] - The current global Web3 native asset scale exceeds $3.8 trillion, but most of it remains focused on speculative trading and value storage, lacking deep interaction with the real economy [2] Group 2: Technological Advancements and Industry Integration - The token economy is at a "dawn moment," with continuous breakthroughs in blockchain infrastructure and the integration of AI and IoT creating more digital assets suitable for tokenization [2] - Asset tokenization is expanding from the financial sector to broader industries such as renewable energy and computing power, shifting from serving on-chain investments to supporting real industry financing [2] Group 3: Key Growth Engines in Web3 - Asset tokenization and token payments are seen as key growth engines in the Web3 space, facilitating the deep integration of the crypto economy with the real economy [3] - The company emphasizes that compliance is crucial for innovation, clearly defining boundaries to avoid issuing virtual currencies or engaging in speculative activities [3] Group 4: Long-term Exploration and Value Creation - The focus is on technological infrastructure to serve industries rather than disrupt them, aiming to create new value rather than compete for existing resources [4] - Continuous exploration and research are deemed essential for understanding value and risk, prioritizing stability and long-term progress over rapid innovation [4]

Group 1 - The core viewpoint emphasizes that the future of token economy must be rooted in the real economy to truly release value [1] - The global scale of Web3 native assets has exceeded $3.8 trillion, but most of it is still focused on speculative trading and value storage, lacking deep interaction with the real industry [1] - Ant Group has been exploring the token economy, particularly through RWA sandbox practices, aiming to anchor real value and enhance efficient circulation and value interconnection in the real economy [1] Group 2 - "Asset tokenization" and "token payment" are seen as key growth engines in the Web3 field, promoting deep integration between the crypto economy and the real economy [2] - Compliance is considered the lifeline of innovation, with Ant Group clearly defining boundaries from the beginning: no issuance of virtual currencies and no participation in any form of speculation [2] - The understanding of value and risk is still evolving, and long-term exploration and research are deemed more important than merely seeking speed and novelty [2]

Core Insights - The future of token economy must be rooted in the real economy to truly unleash its value [2] - The current global Web3 native asset scale exceeds $3.8 trillion, but most of it is still focused on speculative trading and value storage, lacking deep interaction with real industries [2] - Ant Group has been exploring the token economy, particularly through RWA sandbox practices, aiming to anchor real value and enhance efficient circulation and value interconnection in the real economy [2] Group 1: Technological and Application Developments - Continuous breakthroughs in blockchain infrastructure regarding performance and scalability are enabling more industry assets suitable for tokenization, driven by the deep integration of AI and IoT [4] - Asset tokenization is expanding from the financial sector to broader real industries such as renewable energy and computing power, transitioning from serving on-chain investments to supporting real industry financing [4] - Token payments are gradually extending from cryptocurrency trading scenarios to consumer and business payment scenarios, facilitated by active engagement from banks and payment institutions [4] Group 2: Strategic Focus and Compliance - Asset tokenization and token payments are seen as key growth engines in the Web3 space, acting as a bridge to deeply integrate the crypto economy with the real economy [4] - The exploration of tokenization should balance the pursuit of value and risk control, with compliance being emphasized as the lifeline of innovation [4] - Ant Group has clearly defined its boundaries from the outset: it will not issue virtual currencies or engage in any form of speculation, focusing instead on technological infrastructure to serve rather than disrupt industries [4]

他强调："通证经济的未来，必须深深植根于实体经济，才能真正释放价值。" 韩歆毅认为，在探索通证化之路上，通证经济价值的探索和风险的防控应放在同等位置。他强调，"合 规是创新的生命线"。（一财科技 ） 9月11日，在2025 Inclusion·外滩大会上，蚂蚁集团CEO、蚂蚁数科董事长韩歆毅首次公开谈通证经 济话题。 他说："通证只有从虚拟世界中的价值存储和投机交易对象，转变为解决实体经济中信任、效率与成本 问题的工具，才能真正形成可持续、有深度、有广度的生态体系，迸发出应有的价值。" ...

Core Viewpoint - The CEO of Ant Group, Han Xinyi, emphasized that the token economy must transition from being a mere object of value storage and speculative trading in the virtual world to a tool that addresses trust, efficiency, and cost issues in the real economy to create a sustainable and valuable ecosystem [1] Group 1 - The future of the token economy must be deeply rooted in the real economy to truly unleash its value [1] - The exploration of tokenization should balance the pursuit of value in the token economy with risk prevention [1]

韩歆毅认为，在探索通证化之路上，通证经济价值的探索和风险的防控应放在同等位置。他强调，"合 规是创新的生命线"。 （文章来源：第一财经） 9月11日，在 2025Inclusion·外滩大会上，蚂蚁集团 CEO、蚂蚁数科董事长韩歆毅首次公开谈通证经济话 题，他说："通证只有从虚拟世界中的价值存储和投机交易对象，转变为解决实体经济中信任、效率与 成本问题的工具，才能真正形成可持续、有深度、有广度的生态体系，迸发出应有的价值。"他强 调："通证经济的未来，必须深深植根于实体经济，才能真正释放价值。" ...

(责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇9月11日｜2025Inclusion滩大会期间，蚂蚁集团CEO韩歆毅在谈及通证经济时表示，在探索通证 化之路上，通证经济价值的探索和风险的防控应放在同等位置。他强调，"合规是创新的生命线"，从探 索起初，蚂蚁集团就清晰划定边界："坚决不发虚拟币，不参与任何形式炒作；专注技术基建，服务行 业而非颠覆行业；力求创造新价值，而非争夺旧蛋糕。" ...

Core Viewpoint - Ant Group's CEO emphasizes the equal importance of exploring the value of token economy and risk prevention, stating that compliance is the lifeline of innovation [1] Group 1 - Ant Group has clearly defined its boundaries from the beginning, stating it will not issue virtual currencies or engage in any form of speculation [1] - The company focuses on technological infrastructure to serve the industry rather than disrupt it, aiming to create new value instead of competing for existing resources [1] - Continuous exploration and research are necessary for understanding value and risk, with a preference for steady progress over a rush for novelty [1]

新浪科技讯 9月11日下午消息，2025 Inclusion滩大会期间，蚂蚁集团CEO韩歆毅在谈及通证经济时表 示，"通证经济的行业共识正在形成，通证只有从虚拟的世界里，从单一的价值重组投资交易的对象， 去转变为实体经济，解决实体经济中信任效率和成本的一些工具，才真正有可能形成一个可持续、有深 度、有广度的生态体系，进而迸发出应有的价值。" 韩歆毅指出，过去我们看到大部分的通证经济的意义，只局限于了虚拟世界的内部循环，但现在全球 90%乃至于更高比例的资产仍然是金融资产，这里面绝大部分其实是虚拟的，他们很多都是以投资交易 和价值储存。因此，如果我们真正今天讨论通证经济，其实我们应该真正的去看那些能够去创造价值的 领域。（文猛） 专题：2025 Inclusion·外滩大会 责任编辑：江钰涵 ...

Core Insights - The 2025 Bund Conference in Shanghai highlights the evolution of fintech from a novel concept to an integral part of daily life, focusing on Real World Assets (RWA), token economy, smart investment, and AI for good [1][3][8] Group 1: Fintech Integration - Fintech has become deeply integrated into urban life in Shanghai, moving beyond theoretical discussions to practical applications that benefit small businesses and the general public [1][3] - The financing of the Malu grape through a digital asset model at the Shanghai Data Exchange exemplifies the shift towards practical applications of fintech, where investors acquire rights across the entire agricultural value chain [2][3] Group 2: AI and Financial Services - Ant Financial's launch of the first financial reasoning large model in China signifies a major advancement in AI's role in the financial sector, enabling better understanding of complex semantics and user needs [2][4] - A Shanghai bank has implemented this AI model in its mobile banking system, enhancing customer satisfaction and increasing monthly active users by 25% [2][4] Group 3: Global Positioning - Shanghai is positioned as a global leader in fintech, with five cities in China ranking among the top 20 fintech centers worldwide, surpassing the United States [4][5] - The Shanghai Financial Technology Industry Alliance's report places Shanghai third in the global fintech center development index, indicating its competitive edge [4][5] Group 4: Policy and Innovation - The Shanghai government has introduced a comprehensive action plan with 31 policy measures to enhance the city's fintech competitiveness, reflecting a strong commitment to fostering innovation [4][6] - The city has seen significant advancements in AI applications across various financial institutions, with nine vertical large models already registered [5][6] Group 5: Grassroots Impact - Innovations like the "Dazhanque" system by MyBank demonstrate the grassroots impact of fintech, providing precise credit services to farmers, with a total credit issuance of 199 billion yuan [7][8] - The Bund Conference has evolved into one of Asia's top fintech events, showcasing the city's growing influence and attracting global attention [6][7]