今天分享的是：2025房地产资产证券化报告：从证券化到通证化，RWA重构资产投资逻辑 报告共计：52页 房地产资产证券化新趋势：从证券化到通证化，RWA重构资产投资逻辑 在房地产行业转型升级的浪潮中，资产证券化正迎来全新变革。从传统的资产证券化（ABS）到新兴的现实世界资产代币化 （RWA），区块链技术的融入正在重塑房地产资产的投资逻辑，为行业带来碎片化、全球化、全天候的交易新可能。 RWA，即通过区块链技术将现实世界中的有形资产（如房地产、债券等）或无形资产转化为链上可交易的数字代币，实现资产 的高效流转。相较于传统资产证券化，RWA的优势十分显著。传统ABS对底层资产要求严格，仅限有稳定现金流的金融债权， 而RWA覆盖的资产范围更广，无论是有未来现金流的工厂设备、知识产权，还是无现金流的未开发土地、艺术品，都能成为链 上资产。在结构上，多数ABS设有复杂的分层机制和信用增级措施，成本较高，RWA则可通过智能合约自动分配权益，结构简 化且成本大幅降低。同时，RWA将资产拆分为更碎片化的份额，大幅降低投资门槛，普通投资者也能以小额资金参与，还支持 7×24小时全球链上交易，流动性远超依赖传统交易所的ABS。 ...

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].

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 enhance the global flow and reconstruction of value in the healthcare sector [1][5]. Group 1: Company Strategy and Transformation - Huajian Medical has changed its name to Huajian Digital Industry Group Limited, reflecting its strategic shift towards digital finance and blockchain technology [1][4]. - The collaboration with ETHK Group aims to establish two new companies, ETHK INC and ETHK HOLDINGS LIMITED, focusing on decentralized financial platforms and global capital integration [1][6]. - The partnership is seen as a strategic extension of Huajian Medical's efforts to explore a dual-driven model of "assets + finance," enhancing the liquidity and global accessibility of its innovative assets [9][11]. Group 2: ETHK Ecosystem Development - The ETHK ecosystem is built on five key pillars: technological infrastructure, financial products and asset matrix, sustainable business models, global compliance frameworks, and seamless user experience [7][8]. - The focus on asset tokenization, particularly in the healthcare sector, aims to facilitate efficient global financing and value discovery for high-quality Chinese assets [8][12]. - The initiative is positioned as a response to the growing trend of Real World Asset (RWA) tokenization, which is gaining traction among major financial institutions globally [12][14]. Group 3: Market Implications and Future Outlook - The collaboration is expected to redefine the global financial landscape by breaking down barriers for Chinese assets and enabling them to engage in a global value dialogue [13][14]. - The project is viewed as a significant opportunity for Chinese enterprises to align with global regulatory frameworks while innovating within the blockchain space [15]. - The success of this initiative could position Huajian Medical as a key player in the emerging digital financial ecosystem, potentially reshaping the global financial order [16][17].

Core Viewpoint - Yunfeng Financial (00376) has announced a strategic partnership with Ant Digital Technology and a significant investment in the Pharos blockchain, focusing on the tokenization of real-world assets (RWA) and Web3 development [1] Group 1: Strategic Partnership and Investment - On September 1, Yunfeng Financial announced a strategic cooperation agreement with Ant Digital Technology [1] - The company is making a strategic investment in Pharos, a next-generation Layer 1 blockchain focused on RWA tokenization [1] Group 2: Market Activity and Financial Moves - As of the report, Yunfeng Financial's stock rose over 6%, trading at HKD 3.57 with a transaction volume of HKD 36.34 million [1] - On September 2, the board approved the purchase of 10,000 Ethereum (ETH) as a strategic reserve asset, with a total investment cost of USD 44 million sourced from internal cash reserves [1] Group 3: Future Development Focus - The collaboration with Ant Digital Technology aims to expand the compliant tokenization of RWA and explore next-generation internet (Web3) applications [1] - The acquisition of ETH is intended to support the company's initiatives in Web3, RWA tokenization, digital currency, ESG zero-carbon assets, and artificial intelligence, while also exploring ETH's applications in the insurance sector [1]

Core Viewpoint - Yunfeng Financial Group has announced a strategic cooperation agreement with Ant Group's Ant Digital Technology, alongside a strategic investment in Pharos Network Technology Limited, aiming to leverage both parties' strengths in blockchain and digital finance [2]. Group 1: Strategic Cooperation - The collaboration will utilize Ant Digital's technological expertise in blockchain and digital finance, combined with Yunfeng Financial's experience in asset management, securities, insurance, and renewable carbon assets [2]. - The partnership will focus on compliant expansion into real-world asset tokenization (RWA) and next-generation internet (Web3) through Pharos' high-performance public chain platform [2]. Group 2: Investment in Pharos - Pharos is described as a next-generation Layer 1 public chain that focuses on building institutional-level applications for real-world assets [2]. - The investment aims to accelerate the integration of Web3 with current financial systems, creating synergistic value for all parties involved [2].

Group 1 - The core point of the article is that Yunfeng Financial Group has announced a strategic cooperation agreement with Ant Group's Ant Digital Technology, along with a strategic investment in Pharos Network Technology Limited [1] - The collaboration aims to leverage Ant Digital's technological expertise in blockchain and digital finance, combined with Yunfeng's experience in financial services such as asset management, securities, insurance, and new energy carbon assets [1] - The partnership will focus on compliant expansion into real-world asset tokenization (RWA) and next-generation internet (Web3) through Pharos's high-performance public chain platform, emphasizing compliance and security [1] Group 2 - Pharos is described as a next-generation Layer 1 public chain that focuses on building institutional-level applications for real-world assets [1] - The investment in Pharos is expected to enhance the integration of Web3 with current financial systems, creating synergistic value for all parties involved [1]