ONE Carmel是一个位于美国加州蒙特雷县卡梅尔谷的超豪华住宅项目，地处旧金山与洛杉矶两大经济 创新中心之间，距离硅谷仅1.5小时车程。该项目占地891英亩（约3.6平方公里），规划开发66栋超现代 温暖主义别墅，平均土地面积约4.38英亩（约17725平方米），配备了顶级康养会所、马术中心和私人 公园等高端设施。 此次公告还对此前9月16日公布的增持ONE Carmel股权交易提供了详细信息，根据公告，本次交易定价 参考了经独立估值师评估的目标公司调整后资产净值。估值报告显示，ONE Carmel项目物业于2025年3 月31日的市场价值达约1.113亿美元，由具备27年以上全球估值经验的特许测量师采用市场比较法完 成，确保了估值的专业性与公允性。 根据此前发布的认购协议，德林控股认购Carmel Reserve LLC约13.12%的扩大后B类会员权益，总代价 约为1032万美元（约合8052万港元），使德林控股在Carmel Reserve LLC的总持股比例增至约32.97%。 项目物业估值1.113亿美元（约合8.68亿港元），预计全部建成之后价值10亿美元（约合78亿港元）。 Carmel R ...

并非万物皆可RWA。 据第一财经记者不完全梳理，2024年至今，成功进行RWA的案例有朗新集团、巡鹰集团、华夏基金、太平洋保险等13 家机构或企业，底层资产包括基金、债券、实物黄金、房产抵押信贷、农产品等，技术合作方包括蚂蚁数科、OSL、 HashKey。 例如，朗新集团旗下新电途平台将充电桩收益权作为底层资产；协鑫能科基于光伏电站未来发电收益权发行RWA；巡 鹰集团和奥瑞德则分别以换电资产收益权和AI服务器收益权作为底层资产。根据香港监管要求，上述项目均未向零售 投资者开放，仅限机构或专业投资者，并且无二级市场交易，已完成数千万至2亿元不等的募资。 | 发行方 | 发行项目 | 底层资产 基资金额 | | 技术合作方 | | --- | --- | --- | --- | --- | | 年夏基金 | 港元货币基金RWA | 港元货币基金 | 1.1亿美元 | OSL | | 大平洋保险 | 美元货币基金RWA | 美元货币基金 | | HashKey | | 博时国际 | ETF基金RWA | 博时港元货币市场ETF基金与博时美元货币市场E -- | | HashKey | | Evergreen | 指 ...

Core Insights - The Token2049 event in Asia highlighted the future of finance as being user-controlled through blockchain technology, moving away from traditional institutional asset custody [1] - Star Xu, CEO of OKX, emphasized that the future of finance will see various assets, including bonds and real-world assets, gradually migrating to the blockchain [1] - The current significant on-chain assets are stablecoins, with USDT and USDC becoming new channels for cross-border payments, surpassing traditional banking in some emerging markets [1] Group 1 - The next era of finance will be characterized by users truly controlling their assets on-chain rather than relying on institutions [1] - The infrastructure for on-chain finance is now fully prepared, paralleling the transition from a closed to an open internet [1] - The tokenization of real-world assets (RWA) is a tangible manifestation of the trend towards "everything on-chain" [1] Group 2 - Key technical challenges such as "transaction efficiency" and "scalability" must be addressed for the "everything on-chain" vision to be realized [1] - OKX aims to adhere to decentralized principles and promote the development of Web3 and the on-chain future [1] - The Token2049 summit attracted over 25,000 participants and more than 500 exhibitors from the global crypto industry [2]

Core Insights - The article emphasizes the emerging trend of "Everything Onchain," highlighting the shift towards decentralized asset management and the increasing importance of blockchain technology in financial systems [5][6][12]. Group 1: Industry Overview - Singapore is positioned as a crucial player in the global financial system, leveraging its robust business environment and regulatory framework to attract capital [3]. - The TOKEN2049 summit in Singapore gathered over 25,000 participants, showcasing the growing interest in Web3, DeFi, AI, and real-world asset (RWA) tokenization [3][17]. Group 2: Company Initiatives - OKX, as a leading cryptocurrency exchange, sponsored TOKEN2049 and its CEO, Star Xu, presented a vision for a future where users have true control over their assets through self-custody wallets [5][6]. - OKX announced a partnership with Grab to enable crypto payments for various services, indicating a practical application of "Everything Onchain" in everyday transactions [8][17]. Group 3: Technological Advancements - The concept of "Everything Onchain" extends beyond digital tokens to encompass the tokenization of various assets, including bonds and real-world assets, facilitated by advancements in blockchain technology [6][7]. - The infrastructure for on-chain finance is now capable of processing thousands of transactions per second, supporting the scalability of blockchain applications [7][16]. Group 4: Regulatory Landscape - The article notes the increasing regulatory acceptance of cryptocurrencies, with OKX obtaining licenses in multiple jurisdictions, including Singapore, Australia, and the EU [16][17]. - The establishment of a regulatory framework for stablecoins in the U.S. and Singapore reflects a broader trend towards compliance and legitimacy in the crypto industry [16][17]. Group 5: Future Outlook - The growth of the TOKEN2049 summit is indicative of the maturation of the blockchain industry, with expectations for continued innovation and integration of Web3 technologies into daily life [17]. - The article concludes that a new era in finance is beginning, driven by decentralized principles and the ongoing evolution of blockchain technology [18].

然而在Web3领域，作为加密货币交易所和Web3科技公司OKX创始人兼CEO的Star自有其拥趸，其上台后赢得场内欢呼。 作为本次大会的冠名赞助商，OKX 的品牌标识醒目地出现在主舞台正中央。会议首日徐明星（Star Xu，以下简称"Star"）也在此发表《万物上链，自托管 即未来》的主题演讲。这位加密行业的"布道者"，已长达数年没有出现在媒体的聚光灯下。 全球的金融体系中，新加坡的地位不容忽视。 这个成立60年、人口仅600多万的东南亚"小城"，用智慧与策略书写了经济发展的传奇，凭借优质的营商环境、稳健的货币政策、严苛透明的高效管理制 度，让整个国家成为全球资本的"安全岛"。 10月1日，在新加坡地标金沙会展中心，TOKEN2049峰会如期举行，聚焦Web3、DeFi、AI与RWA等前沿话题。这是一场亚洲地区的Web3行业盛会，超2.5 万名来自全球的各地投资人、开发者和爱好者穿梭于阿里云、亚马逊、Solana等展台之间，寻找下一个"机会"。沿途，多数人手提着印有"OKX Wallet"标识 的绿色礼品袋，格外醒目。 "金融的下一个时代，不是由机构替用户保管资产，而是用户在链上真正掌控自己的资产。" Sta ...

Group 1 - Hong Kong Stock Exchange criticized Fuhong Hanlin for misusing IPO fundraising, highlighting governance and compliance issues [1] - Fuhong Hanlin's former CEO Liu Shigao was also reprimanded and required to undergo training [1] Group 2 - Xiansheng Pharmaceutical plans to raise approximately HKD 15.54 billion through a placement of 121 million shares at HKD 12.95 each, with about 90% allocated for R&D [2] - The funding will support clinical research for new drugs in China and the US, as well as expanding indications for approved innovative drugs [2] Group 3 - Huajian Medical announced the acquisition of a 20.31% stake in Guofu Quantum for approximately HKD 31.42 billion, making it the largest shareholder [3] - This acquisition is a strategic move to advance Huajian Medical's RWA (Real World Asset) tokenization initiative [3] Group 4 - Lighter Health Group submitted a prospectus for listing on the Hong Kong Stock Exchange, focusing on comprehensive health services and insurance solutions [4] - The company reported significant revenue growth from HKD 394 million in 2022 to HKD 945 million in 2024, but experienced a decline in gross margin from 82.6% to 38.3% [4]

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]

Core Viewpoint - Futu Holdings is experiencing structural growth potential beyond traditional brokerage cycles, driven by clear advancements in its cryptocurrency business and strong performance in overseas markets [1][10]. Cryptocurrency Business Progress - Morgan Stanley highlights that Futu's cryptocurrency business, although in its early stages, is showing rapid progress with key data indicating significant growth [2][4]. - The company has introduced a long-term strategy named "RACE" to guide the future development of its cryptocurrency business, emphasizing user adoption and potential fee increases as market penetration grows [4][18]. - In Q2 2025, the value of customer-held cryptocurrency assets increased by 40% quarter-over-quarter, reaching HKD 4 billion, while daily trading volume doubled from approximately USD 20 million to USD 40 million [5]. Financial Forecasts and Valuation - Barclays has raised its financial forecasts for Futu, increasing the adjusted net income predictions for FY 2025 by 22% and for FY 2026 by 36.4%, maintaining a target valuation multiple of 15x EV/nominal EBITDA [14]. - Morgan Stanley has updated its valuation model, raising the target price for Futu from USD 160 to USD 210, reflecting a potential revaluation of the company based on its growth prospects [1][11]. Overseas Market Expansion - Futu's global strategy is yielding results, with significant contributions from overseas markets, particularly in Singapore and Japan, where client assets and trading volumes have seen substantial increases [8][10]. - In Q2 2025, client assets in Singapore grew by 26% quarter-over-quarter, while trading volumes in Japan surged by 50%, driven by localized products and AI tools [10]. Revenue and Profitability Projections - The removal of a previously applied 50% discount on revenue contributions from the cryptocurrency business has led to an 8% increase in revenue forecasts and an 11% increase in net profit projections for 2027 [18]. - The new target price of USD 210 corresponds to a P/E ratio of 25x based on expected earnings for 2026, reflecting a more optimistic outlook on future cash flow growth [18].

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].

Group 1 - The concept of Real World Assets (RWA) involves tokenizing tangible and intangible assets through blockchain technology, allowing for digital representation and trading of these assets [1][2] - RWA is seen as a bridge between traditional finance and decentralized finance (DeFi), with various financial institutions exploring tokenization of deposits, bonds, and other assets [2][3] - The regulatory framework in Hong Kong has been evolving to support RWA, with initiatives like the Ensemble tokenization sandbox launched by the Hong Kong Monetary Authority and the Securities and Futures Commission [3][4] Group 2 - RWA differs from previous blockchain applications like NFTs and ICOs, as it focuses on real asset value, with tokens representing actual asset rights such as real estate and bonds [5][6] - The tokenization process for RWA is based on assets that have legal recognition and measurable cash flows, contrasting with the speculative nature of NFTs and the high-risk profile of ICOs [5][6] - Current challenges in RWA include asset verification, cross-border structuring, and governance, with many projects still in early stages and facing regulatory hurdles [6][9] Group 3 - There is a growing interest in RWA projects in mainland China, particularly in sectors like renewable energy, but regulatory differences pose challenges for companies looking to issue RWA in Hong Kong [8][9] - Companies must establish special purpose vehicles (SPVs) to navigate the regulatory landscape and ensure compliance when tokenizing assets across borders [9][10] - The financial attributes of RWA align more closely with traditional capital market logic, necessitating a thorough understanding of the underlying asset's legitimacy and compliance requirements [9][10]