来源：中信出版社 本文为香港大学经管学院金融学特聘教授、北京大学汇丰商学院金融学特聘教授、中国宏观经济学会副 会长巴曙松为《股币融合：RWA与DAT重塑下一代资本市场》撰写的推荐序。 当前，全球资本市场正进入一个结构性变迁的时期。在过去很长的一段时间里，以股权证券为代表的传 统金融体系与基于区块链技术的数字资产市场，各自遵循内在的制度逻辑与运行轨迹，并行发展。现 在，我们观察到这两个长期分离的市场体系开始出现一定程度的交汇与融合趋势，一个潜在的新一代资 本市场架构正逐步形成。 资本市场的"奇点"时刻 为什么是现在？ 资本市场的发展，经历了数次关键的范式演进：从电报技术将交易集中至电子撮合系统，到中央存管与 清算机制将纸质票据转变为数据库中的电子记录，再到互联网技术将交易委托从线下转移至线上终端。 每一次演进的表象都是技术迭代的推动，而深层则关联到"资产定义权"这一核心经济金融制度基础的变 迁。 当前，第四次范式演进的特征已日益清晰：资产的定义与记录，不再单一依赖特定国家或地区的登记结 算机构，而是可以被写入一个开源的、可审计的、全天候运行的全球性分布式账本。在此技术架构下， 股票、债券、货币、原生数字资产（如 ...

Core Viewpoint - The article discusses the emergence of a new economy driven by AI and blockchain technologies, emphasizing the integration of real-world assets (RWA) into mainstream finance through tokenization, as exemplified by Figure's recent IPO on Nasdaq [2][4][24]. Part 01: What is the Future New Economy - The future new economy is defined as a complex system emerging from the integration of AI and blockchain, which will reshape traditional economic structures and interactions [6][7]. - The new economy formula is expressed as: Future New Economy = (AI + Embodiment + Brain-Machine) x (Blockchain + Cryptocurrency + Tokenization of RWA) x (Existing World + Existing Humanity + Existing Economy) [7]. - The shift from offline to online economic activities has evolved, with predictions that future economies will see a significant portion of value creation occurring on-chain [9][10]. Part 02: Paradigm Shift from AI and Blockchain - Decentralization will be enhanced as AI reduces the costs of entrepreneurship and business practices, allowing for the rise of "small but large" companies that leverage AI for value creation [12][13]. - The trend of disintermediation is expected to continue, with intermediaries needing to adapt their business models to survive in a landscape where trust is increasingly established through blockchain technology [15][17]. - The reliance on physical labor will decline as AI and embodied intelligence take over many labor-intensive tasks, leading to a rise in the importance of human creativity [20][21]. - The concept of a "robot and intelligent agent economy" is introduced, where autonomous systems will operate independently to create value, representing a significant shift in economic dynamics [22]. Part 03: Positive and Negative Outlooks - There is optimism regarding the potential for significant growth in the RWA token market, with estimates suggesting a thousandfold increase in value as traditional assets transition to blockchain [27]. - The article expresses skepticism about the viability of stablecoins issued by many enterprises due to their fragile profit models [28]. - The potential for a creator economy powered by AI and blockchain is highlighted, as these technologies can enhance creators' rights and value sharing [30]. - Concerns are raised about the sustainability of businesses based on information asymmetry, which are likely to face challenges as AI advances [31].