Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core Viewpoints of the Report - RWA, which digitizes real - world assets through blockchain tokenization, is a significant development at the intersection of fintech and capital markets. It enhances asset liquidity, reduces transaction costs, and promotes financial inclusiveness. It has entered a rapid expansion phase globally and is expected to become an important part of the global financial market in the next decade [1][4][16] - Despite its rapid growth, RWA's healthy development depends on the improvement of regulatory systems, risk management of underlying assets, and continuous guarantee of technical security [16] 3) Summary by Relevant Sections Introduction - RWA is a frontier direction where fintech and capital markets meet. It maps illiquid and high - barrier assets onto the blockchain, providing new investment and financing paths and showing a large - scale development trend [4] RWA's Basic Principles - RWA refers to digitizing real - world physical or financial assets and putting them on the blockchain through tokenization for decentralized ownership, transfer, and trading. Its core is asset tokenization, connecting traditional finance and decentralized finance and enhancing asset efficiency and inclusiveness [5] - RWA significantly improves asset liquidity by allowing fragmented ownership and 24/7 global trading, reducing entry barriers and stimulating secondary - market activity. It also has transparency and security advantages through distributed ledger technology and promotes financial inclusiveness, especially in emerging markets [6] RWA's Development Status - As of August 2025, the global RWA asset total (excluding stablecoins) is $26.7 billion, with over 300,000 asset holders and more than 250 asset issuers. The main underlying assets are private credit, US Treasuries, and commodities. The market has grown by over 50% compared to the same period in 2024, and is expected to expand further this year. BCG predicts it could exceed $16 trillion by 2030, about 10% of global GDP [7][9] - In terms of regulation, the US leads in practice, Europe has a unified regulatory framework with the MiCA Act, and Asian countries like Singapore, Japan, and South Korea are actively piloting. China Hong Kong has launched an RWA regulatory sandbox. However, RWA faces challenges such as regulatory compliance, asset credit risks, and technical security issues [12] Conclusion and Outlook - RWA is changing the asset - allocation landscape. It has entered a rapid expansion phase globally and is expected to be an important part of the global financial market in the next decade. In the future, it can provide a low - threshold way for Chinese residents to participate in alternative assets, and Hong Kong's pilot may gradually develop in areas such as securities, green RWA, and trade and supply - chain finance [16]

加密货币业务的明确进展和海外市场的强劲表现，为富途带来了超越传统券商业务周期的结构性增长潜力。大摩认为，这种增长前景的明朗化足以支撑 更高的估值倍数，意味着市场可能对富途进行"价值重估"。 据追风交易台消息，摩根士丹利21日发布研报，将富途控股的目标价从160美元大幅上调至210美元，并重申其为"行业首选"。 此举背后有两大核心驱动力：首先，富途的加密货币业务展现出强劲的增长势头和清晰的长期战略，正成为其关键的结构性增长引擎；其次，其海外扩 张战略成果显著，尤其在新加坡和日本市场，新增客户资产贡献显著提升。 与此同时，巴克莱在21日的研报中全面上调了对富途的财务预测。对2025财年的调整后净收入预测上调了22.0%，2026财年则上调了36.4%。报告维持 了15倍EV/名义EBITDA的目标估值倍数不变，从而将富途的目标价从176美元大幅上调32%至232美元，并重申"增持"评级。 更重要的是，富途公布了名为"RACE"的长期战略，为其加密业务的未来发展提供了清晰蓝图： 管理层同时表示，当前在香港市场的低费率旨在鼓励用户接纳，未来随着渗透率提升，有足够空间上调费率。这些细节强化了大摩的观点，即加密货币 将成 ...

Core Viewpoint - The rise of Real World Asset (RWA) tokenization is driven by multiple factors, including the lack of liquidity in traditional assets, the maturity of blockchain technology, and changes in market demand. The industry is transitioning from concept validation to practical application, with significant growth in total value locked (TVL) reaching $12.5 billion by June 2025, a 124% increase from 2024 [7][8]. Group 1: RWA Overview - RWA refers to the digital representation and trading of tangible and intangible assets through blockchain technology, essentially creating tradable tokens based on real-world assets [6]. - The RWA industry is currently at a critical juncture, moving towards large-scale application through cross-industry collaboration, compliance pilots, and underlying technology innovation [7]. Group 2: Market Trends and Collaborations - Major global banks like Citibank and Standard Chartered are exploring RWA applications in payment settlements, asset management, and cross-border transactions [7]. - Recent partnerships, such as the one between Hanyu Pharmaceutical and KuCoin, aim to explore RWA tokenization projects in Hong Kong, focusing on innovative drug development revenue rights [8]. Group 3: Asset Suitability and Challenges - Not all assets are suitable for RWA tokenization; successful assets must meet three criteria: value stability, clear legal rights, and verifiable off-chain data [8]. - The report identifies five main asset categories for RWA: financial assets (gold, bonds), renewable energy assets (charging stations, photovoltaics), real estate, intangible assets (carbon credits, data), and computing power assets (GPU hardware) [8]. Group 4: Regulatory and Standardization Efforts - The launch of the RWA registration platform in Hong Kong aims to standardize the tokenization process, enhancing data management and compliance [11]. - The Hong Kong Web3.0 Standardization Association is developing key standards to support the RWA lifecycle, focusing on privacy protection, identity verification, and cross-chain technology [11]. Group 5: Financing Opportunities - The RWA registration platform is expected to transform assets into financeable products, enabling companies to leverage their projects for funding through standardized data submission and token issuance [12].

近几个月以来，真实世界资产代币化（Real World Assets，即"RWA"）正成为当下的一大热词。 从概念来看，RWA是指通过区块链技术，将现实世界中广泛存在的各种有形和无形资产，转化为可以 在区块链网络上进行数字化表示和交易的数字代币，本质上是基于真实世界资产在数字世界生成可交易 的权证（Token）。 搭平台、做中介、去融资，各类市场主体动作频频。RWA的核心价值在哪里？与过往同样宣称上链的 NFT、ICO有何区别？更重要的是，撇去估值虚高、流动性幻觉的泡沫之后，从业机构应该怎么做？ RWA是什么 被誉为近年来区块链和加密货币领域最重要且最具潜力趋势之一的RWA，实际发展由来已久。早在 2017年，加密货币领域ICO（Initial Coin Offering，即"首次代币发行"）乱象四起，STO（Security Token Offering，即"证券型代币发行"）概念应运而生，其核心便是将现实世界的金融资产通过代币的形式在 区块链上发行和交易。 随着探索的深入，RWA作为一个更广泛、更中性的术语逐渐流行起来，它不仅包含证券型代币，也包 括大宗商品、发票、碳信用额等非证券型资产的代币化，以及更复 ...

近几个月以来，真实世界资产代币化（Real World Assets，即"RWA"）正成为当下的一大热词。 从概念来看，RWA是指通过区块链技术，将现实世界中广泛存在的各种有形和无形资产，转化为可以 在区块链网络上进行数字化表示和交易的数字代币，本质上是基于真实世界资产在数字世界生成可交易 的权证（Token）。 搭平台、做中介、去融资，各类市场主体动作频频。RWA的核心价值在哪里？与过往同样宣称上链的 NFT、ICO有何区别？更重要的是，撇去估值虚高、流动性幻觉的泡沫之后，从业机构应该怎么做？ RWA成热潮 被誉为近年来区块链和加密货币领域最重要且最具潜力的趋势之一的RWA，实际发展由来已久。早在 2017年，加密货币领域ICO（Initial Coin Offering，即"首次代币发行"）乱象四起，STO（Security Token Offering，即"证券型代币发行"）概念应运而生，其核心便是将现实世界的金融资产通过代币的形式在 区块链上发行和交易。 随着探索的深入，RWA作为一个更广泛、更中性的术语逐渐流行起来，它不仅包含证券型代币，也包 括大宗商品、发票、碳信用额等非证券型资产的代币化，以及更 ...

Group 1 - The core concept of Real World Assets (RWA) involves tokenizing tangible and intangible assets through blockchain technology, allowing for digital representation and trading on blockchain networks [1][3] - RWA is seen as a significant trend in the blockchain and cryptocurrency space, evolving from earlier concepts like ICOs and STOs, and is viewed as a bridge between traditional finance and decentralized finance (DeFi) [3][4] - The tokenizable assets under RWA include real estate, intellectual property, receivables, commodities, and even cultural relics, enabling fractional ownership and liquidity for traditionally illiquid assets [4][10] Group 2 - Hong Kong has established a regulatory framework to support RWA, with significant milestones including the policy declaration in October 2022 and the launch of the Ensemble tokenization sandbox in August 2024 [4][10] - RWA is believed to enhance liquidity, lower investment thresholds, and improve transparency and security, attracting various market participants and traditional financial institutions [4][10] - The differences between RWA, NFTs, and ICOs are highlighted, with RWA being anchored in real asset value, while NFTs focus on digital asset uniqueness and ICOs are based on project expectations without underlying asset support [5][6] Group 3 - Current challenges in RWA tokenization include asset rights confirmation, cross-border structural design, and on-chain governance, with many projects facing difficulties due to regulatory and operational complexities [7][11] - The participation of ordinary investors in RWA is heavily dependent on regional regulations, with clear legal frameworks in places like Hong Kong, while mainland investors face restrictions [8][11] - For mainland enterprises, issuing RWA in Hong Kong involves establishing a Special Purpose Vehicle (SPV) and ensuring compliance with both local and international regulations [10][11]

Group 1: Development of Stablecoins - The development of stablecoins has evolved from a response to the vulnerabilities of traditional financial systems during the 2008 financial crisis to a recognized regulatory framework in the U.S. with the signing of the "Genius Act" [2][3] - Stablecoins emerged to address the structural contradictions between cryptocurrencies and traditional finance, with Tether launching USDT in 2014 as the first stablecoin backed by fiat currency [4][7] - As of June 2025, the total market value of stablecoins surpassed $250 billion, accounting for 8% of the cryptocurrency market, with a trading volume exceeding $37 trillion in 2024 [7] Group 2: Strategic Significance of Stablecoins - Stablecoins are seen as potentially reshaping global payment systems, offering advantages such as lower costs and faster transaction times compared to traditional SWIFT systems [10] - The legislative competition surrounding stablecoins reflects a broader struggle for monetary sovereignty in the digital age, with the U.S. reinforcing the dollar's dominance through stablecoin regulation [11] - Stablecoins serve as a digital financial entry point for the unbanked population, providing access to financial services without the need for traditional banking infrastructure [12] Group 3: Role of Trust Companies in Stablecoin Mechanisms - Trust companies can act as custodians for stablecoin reserve assets, ensuring that these assets are independent and protected from the issuer's bankruptcy [20] - The trust mechanism can facilitate compliance with regulatory policies, allowing for flexible responses to changes in regulations and enhancing the governance of stablecoin operations [21] - Trust companies can support the development of Real World Assets (RWA) by providing legal risk isolation and ensuring compliance in the tokenization process [23]

Group 1 - The company has established a Real World Asset Tokenization Division to advance property asset tokenization efforts [1] - As of December 31, 2024, the company's investment property value is approximately HKD 31.51 billion [1] - Initial feasibility studies are being conducted on the Coolpad Building in Nanshan, Shenzhen, and the Coolpad Technology Ecological Park in Dongguan [1] Group 2 - If the pilot projects are successful, the company plans to expand its service model to assist more enterprises in exploring asset tokenization [1] - The company aims to promote the large-scale application of RWA technology in related industries [1]

Core Viewpoint - The tokenization of carbon credits is expected to enhance market liquidity and provide low-cost, divisible carbon neutrality tools for enterprises, while potential risks should not be overlooked [1][3]. Group 1: Industry Developments - Northern Trust announced a collaboration with SWIFT to explore trading tokenized assets like carbon credits through commercial bank accounts in Australia [1]. - JPMorgan's blockchain division, Kinexys, is developing a new blockchain application aimed at tokenizing global carbon credits to address standardization and transparency issues in the voluntary carbon market (VCM) [1]. Group 2: Tokenization Projects - Flowcarbon (GNT): An open-source protocol based on Celo that promotes institutional capital into climate change mitigation through tokenization [2]. - Klima DAO (KLIMA): Encourages emission reductions by raising carbon asset prices, with each token backed by real-world carbon assets [2]. - Nori (NRT): A blockchain-based carbon offset platform that addresses issues of double counting and fraud in existing markets [2]. - JustCarbon (JCR, JCG): Connects project developers and buyers through a symbiotic token system, supporting high-quality carbon removal projects [2]. - Toucan Protocol (TC02, BCT): Converts carbon credits into tokens, enhancing market transparency and liquidity through carbon bridges and pools [2]. - Coorest ($CC02): Generates tokens equivalent to the carbon absorbed by trees, linking them to real-world forestry [2]. - Moss Earth (MC02): Simplifies the offset process through blockchain technology, focusing on protecting native forests, reforestation, and carbon sequestration [2]. Group 3: Significance of Tokenization - Carbon credit tokenization creates a new category of digital assets, attracting more investors and increasing funding and liquidity in the carbon market [2]. - The decentralized architecture of blockchain allows carbon credits, which are typically fragmented and hard to price, to become standardized tokens that can be traded freely and priced in real-time [2]. - On-chain data is immutable and fully auditable, preventing double counting and enhancing market credibility [2]. Group 4: Challenges and Risks - The complexity of technology introduces risks of financial fraud, as the tokenization process involves intricate blockchain technology and smart contracts [3]. - Global liquidity may exacerbate regional imbalances, as the tokenization of carbon credits could amplify disparities between developed and developing nations [3]. - The certification of underlying assets remains centralized, despite blockchain's improvements in transparency and traceability [3].