证券研究报告 | 2025年09月25日 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 RWA 债券核心定义：RWA 债券是将现实世界稳定现金流资产（金融、实物、 权益类）的债权代币化的证券型代币，具 "双锚定" 特征（锚定底层资产 现金流与智能合约分配规则），区别于无资产背书的原生加密资产，需遵守 证券监管。底层资产通常分三类：金融资产类、实物资产类、权益资产类。 RWA 债券运作机制：全周期含"资产确权-链上映射-交易流通-收益分配" 四环节，分非标准化与标准化资产差异。资产确权环节，非标资产采用联盟 链多节点生成权属凭证，并打包成资产池；标品靠托管机构凭证确权上链。 链上映射环节，非标资产需要拆解权益规则再映射上链，标品可以按单位直 接映射。交易流通环节，非标通过合规的数字交易所、DEX，标品侧重高频 平台。收益分配环节，非标靠 IoT 和预言机自动执行，标品流程更为简化。 协鑫能科光伏 RWA：2024 年发行，规模 2 亿，锚定 82MW 光伏收益权，捆绑 碳减排收益，采用"两链一桥"架构。 RWA 债券投资者参与路径与门槛：中国除港澳台机构投资者需合规参与，一 级市场可直连境外 ...

未来，集团将持续推动在金融科技、数字金融及Web3.0领域的创新探索与资源整合，创造符合新时代 发展趋势的长期价值。 基于上述资源与技术优势，集团已于2025年9月17日与获香港证监会发牌的虚拟资产交易平台达成合 作，共同推进香港合规框架下的现实世界资产(RWA)代币化发展。 佳兆业资本(00936)发布公告，集团正式启动战略转型，依托股东资源、自身产业与区域优势，以及与 合作伙伴在Web3.0领域的技术积累，以中国香港为起点，探索在合规监管环境下的数字金融创新。 ...

云锋金融(00376)再涨超12%，月内股价实现翻倍。截至发稿，涨10.77%，报6.79港元，成交额2.17亿港 元。 消息面上，9月9日，云锋金融发布公告称，公司全资附属公司云锋证券有限公司于9月8日获得香港证券 及期货事务监察委员会的批准，将现有第一类(证券交易)受监管活动的牌照升级。此次升级后，云锋证 券将可为零售及专业投资者提供虚拟资产交易服务，客户可在云锋金融的交易平台直接交易数字资产。 值得注意的是，9月初，云锋金融宣布与蚂蚁数字科技达成战略合作，双方将通过新一代Layer1公链 Pharos平台，共同开拓现实世界资产(RWA)代币化及Web3等前沿领域。此外，公司宣布董事会已批准在 公开市场购买ETH作为公司储备资产。集团已累计购入1万枚ETH，总投资金额为4400万美元，资金全 部来自集团内部现金储备。 ...

智通财经APP获悉，云锋金融(00376)再涨超12%，月内股价实现翻倍。截至发稿，涨10.77%，报6.79港 元，成交额2.17亿港元。 值得注意的是，9月初，云锋金融宣布与蚂蚁数字科技达成战略合作，双方将通过新一代Layer1公链 Pharos平台，共同开拓现实世界资产(RWA)代币化及Web3等前沿领域。此外，公司宣布董事会已批准在 公开市场购买ETH作为公司储备资产。集团已累计购入1万枚ETH，总投资金额为4400万美元，资金全 部来自集团内部现金储备。 消息面上，9月9日，云锋金融发布公告称，公司全资附属公司云锋证券有限公司于9月8日获得香港证券 及期货事务监察委员会的批准，将现有第一类（证券交易）受监管活动的牌照升级。此次升级后，云锋 证券将可为零售及专业投资者提供虚拟资产交易服务，客户可在云锋金融的交易平台直接交易数字资 产。 ...

Core Viewpoint - The company has approved the purchase of ETH as a reserve asset, reflecting its strategic positioning in the Web3 sector and enhancing its financial and technological integration with clients [1] Group 1: Investment Details - The company has cumulatively purchased 10,000 ETH in the open market, with a total investment cost of 44 million USD, including fees and expenses [1] - The funding for this purchase comes from the company's internal cash reserves, and the acquired ETH will be classified as investment assets in the financial statements [1] Group 2: Strategic Implications - The board believes that incorporating ETH into the company's strategic reserve aligns with its initiatives in cutting-edge fields like Web3 and supports the tokenization of real-world assets (RWA) [1] - This move is expected to drive technological innovation in the Web3 domain, enhancing customer service experience and financial autonomy [1] Group 3: Future Exploration - The company plans to explore potential applications of ETH within its insurance business and innovative business scenarios compatible with Web3 [1] - By utilizing ETH as a reserve asset, the company aims to optimize its asset structure and reduce reliance on traditional currencies [1]

Core Insights - The company achieved its first overall net profit after years of continuous losses, with a net profit of 2.41 million HKD for the six months ending June 30, 2025, despite a 43.5% decline in revenue to approximately 291 million HKD [1] - The improvement in profitability is attributed to cost control and business optimization, particularly in the digital marketing segment [1] - The company's strategic transformation towards Web4.0 is expected to inject strong growth momentum and provide long-term value for shareholders and investors [1] Financial Performance - For the first half of 2024, the company reported a net loss of approximately 31.66 million HKD, and for the entire year, the net loss was about 85 million HKD; in 2023, the total net loss reached around 120 million HKD [1] - The gross profit margin significantly increased to 21.3% during the reporting period [1] Strategic Transformation - The company is focusing on a Web4.0 transformation strategy, emphasizing the integration of AI digital human technology and the tokenization of real-world assets (RWA) [2] - The transformation will target three key areas: education, gaming, and health, promoting data standardization, asset digital expression, and global value collaboration [2] - The concept of "mirror value" is introduced, where AI-enabled digital humans become dynamic entities with economic output capabilities, marking a fundamental shift in digital asset paradigms [2] Capital Operations - The company raised approximately 12 million HKD through a share subscription in the first half of the year, primarily for the development of digital marketing hardware and software [2] - A new round of share subscription in July is expected to further enhance the company's financial flexibility [2] Industry Developments - The establishment of the "Hong Kong Digital Asset Listed Companies Association" on August 27, which includes representatives from digital asset listed companies and licensed financial institutions, indicates a growing focus on digital assets in the region [3] - The company's chairman, Shi Qi, was appointed as the vice president of the newly formed association [3]

Core Viewpoint - ZTE Corporation (00763.HK) reported a net profit of 5.058 billion yuan for the first half of 2025, a year-on-year decrease of 11.77%, while revenue increased by 14.51% to 71.553 billion yuan, indicating a strategic shift towards "connection + computing power" amidst the rapid development of artificial intelligence [1] Financial Performance - ZTE Corporation achieved a revenue of 71.553 billion yuan, reflecting a year-on-year growth of 14.51% [1] - The net profit attributable to ordinary shareholders was 5.058 billion yuan, down 11.77% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 4.104 billion yuan, a decrease of 17.32% year-on-year [1] Major Events - Several companies reported significant financial results, including: - Ideal Automotive-W (02015.HK) with a net profit of 1.1 billion yuan for Q2, up 69.6% quarter-on-quarter [1] - SenseTime-W (00020.HK) with revenue of 2.358 billion yuan for the first half, a 72.7% year-on-year increase in generative AI revenue [1] - China Pacific Insurance (02601.HK) reported a net profit of 27.885 billion yuan, up 11.0% year-on-year [1] - New China Life Insurance (01336.HK) with a net profit of 14.799 billion yuan, a 33.5% increase year-on-year [1] - SF Express (09699.HK) reported a significant adjusted net profit growth of 139.0% [1]

Core Viewpoint - The company, 驴迹科技 (01745.HK), is in discussions to establish a framework cooperation agreement with a Hong Kong-based technology company that specializes in cloud solutions and has connections in the financial sector, particularly in virtual asset management [1] Group 1 - The cooperation aims to develop Real World Asset (RWA) tokenization products and other digital asset projects, leveraging the company's strengths in cultural and creative intellectual property [1] - The company will provide relevant assets and technical support for the development of these projects, particularly in the field of digital content related to geography and cultural education [1] - The partner will collaborate with qualified financial institutions to develop RWA products and offer professional services for fundraising through digital and fiat currencies, as well as asset appreciation through trading [1] Group 2 - Both parties plan to jointly invest and operate a data center in Hong Kong, which will serve as the infrastructure for the projects [1] - The successful establishment of the framework cooperation agreement will act as a memorandum of understanding for strategic collaboration between the company and the partner [1]

Core Viewpoint - The company is launching a global strategy to establish an AI-driven international supply chain technology platform aimed at supporting small and medium-sized enterprises (SMEs) in expanding their global market presence by providing comprehensive solutions including flexible supply chain services, financial support, currency management, and digital empowerment [1][6] Group 1: Globalization Strategy - The company will officially start its globalization layout on August 21, 2025, after establishing its international headquarters in Singapore [1] - The platform will leverage cutting-edge technologies such as AI models and AI Agents to optimize resource allocation and enhance the efficiency of global supply chain operations [1][3] Group 2: Existing Partnerships and Collaborations - The company has already formed partnerships with over 30 international financial institutions and various influential regional or industry partners, particularly in Southeast Asia [2] - Collaborations include providing cross-border supply chain services for major platforms like Carro and Shopee, and expanding into markets like Vietnam and Morocco with partners such as Sinbada [2] Group 3: Technology and Innovation - The technology platform will utilize AI Agent technology to connect with leading international companies, enabling real-time data analysis and enhancing operational efficiency [3] - The company plans to adopt blockchain technology and explore Web3.0 applications to improve cross-border payment efficiency and create standardized digital assets from quality international supply chain assets [4] Group 4: Strategic Partnerships and Talent Acquisition - The company aims to attract strategic partners with global resources to support its international headquarters and accelerate business expansion [5] - A global team with international vision and local industry insights will be established to integrate local resources and enhance operational capabilities [5] Group 5: Market Context and Future Outlook - The company is positioned to support the development of global supply chains and SMEs amidst deep adjustments in the industry and rapid digital transformation [6]

Core Viewpoint - The company is launching a global strategy to establish an AI-driven international supply chain technology platform aimed at supporting small and medium-sized enterprises (SMEs) in expanding their global market presence by providing comprehensive solutions including flexible supply chain services, financial support, currency management, and digital empowerment [1][6] Group 1: Globalization Strategy - The company will officially start its globalization layout on August 21, 2025, after establishing its international headquarters in Singapore [1] - The global strategy is built on an existing foundation of partnerships with over 30 international financial institutions and collaborations with influential regional partners in Southeast Asia [2] Group 2: AI-Driven Technology Platform - The technology platform will utilize AI Agent technology to connect with leading international enterprises, enabling real-time data capture and analysis to enhance operational efficiency and market competitiveness [3] - The platform aims to efficiently match verified supply chain funding needs with international funding sources, leveraging multi-dimensional data for better assessment models [3] Group 3: Web 3.0 Innovations - The company plans to integrate stablecoin applications for cross-border payments, significantly improving transaction speed and reducing costs compared to traditional wire transfer systems [4] - The exploration of Real World Asset (RWA) tokenization will convert quality international supply chain assets into standardized, traceable digital assets, enhancing their appeal to global institutional investors [4] Group 4: Strategic Partnerships and Talent Development - The company intends to introduce strategic partners with global resources to strengthen core ecosystem links and accelerate business expansion [5] - A global team with international vision, local industry insights, and technological research capabilities will be established to support the globalization strategy [5] Group 5: Industry Context - The company is positioned to provide robust support for the development of global supply chains and SMEs amidst deep adjustments in the supply chain and accelerated digital transformation [6]