10月8日，当纽约期金价格有史以来首次突破每盎司4000美元大关时，传统的金融市场拉响了一声刺耳的警报。FolioBeyond的分析师Dean Smith一 针见血地指出，这并非单纯的商品上涨，它深刻反映出投资者对美元资产的不安情绪日益加剧。在这场关乎未来财富格局的重新锚定中，XBIT平 台数据显示，寻求替代性资产配置的用户活跃度显著提升，嗅觉敏锐的聪明资金，已然发现了比黄金更具想象力的新边疆——现实世界资产代币 化，即RWA代币。 警报拉响：传统避险逻辑的失效与资本的焦虑 黄金的史诗级上涨，是一个不容忽视的宏观信号。它意味着，在通胀预期回升、地缘政治不确定性以及对美国债务问题的深层担忧共同作用下， 投资者对传统美元资产的信任正在产生裂痕。这种信任裂痕，正如Dean Smith所言，"需要数年时间才能解决"，而资本从不坐以待毙。在XBIT去 中心化交易所的资产流向分析中，我们观察到，与实物资产锚定概念的代币近期关注度持续升温，这表明部分前沿投资者已在积极布局 beyond 黄 金的避险方案。 RWA：连接两个世界的价值桥梁与未来基石 那么，RWA代币究竟有何魅力，能够吸引如此多的关注？它的核心价值在于，将黄金 ...

"资产代币化"正从一个前沿概念，转变为驱动下一代金融市场基础设施的核心力量。 据华尔街见闻，美东时间10月7日，纽约证券交易所（NYSE）的母公司洲际交易所集团（ICE）宣布对 预测市场Polymarket进行20亿美元的战略投资，该交易对Polymarket的投前估值约为80亿美元。 通过此次交易，ICE不仅获得了Polymarket的财务股份，还将成为其事件驱动数据的全球分销商。双方 还将合作开展新一代的"代币化"项目。 ICE作为全球监管最严格、体系最成熟的中心化金融机构之一，其对代币化的公开拥抱，为整个行业树 立了一个将被密切关注甚至效仿的标杆。 此前华尔街见闻提及，纽交所的主要竞争对手纳斯达克同样在加速推进核心市场的深层变革，计划将代 币化与全天候交易等前沿创新直接引入股票交易体系。 两大交易所的殊途同归，预示着资产代币化正从一个长期停留在口号与试点阶段的概念，加速转变为现 实世界金融体系的底层架构。 从口号到基建，可信数据成关键 多年来，资产代币化一直被誉为金融的下一次进化，其承诺的更快的结算速度、可编程的合规性以及对 从房地产到公司债券等一切资产的碎片化所有权，始终吸引着市场的目光。 分析认为， ...

Cathie Wood 旗下 ARK 风投基金（ARK Venture Fund） 已入股资产代币化公司 Securitize，投资金额约 1000 万美元，占基金资产约 3.25%，为其第八大持仓。Securitize 是 BlackRock 及 Hamilton Lane 支持的 代币化平台，已发行超 46 亿美元 代币化资产，并运营贝莱德旗下的 BUIDL 美元数字流动性基金（资 产规模约 28 亿美元）。（CoinDesk） 来源：市场资讯 （来源：吴说） ...

来源：市场资讯 值得注意的是，Robinhood在全球市场尤其是欧洲市场取得的进展，使其在新兴市场中保持竞争优势。 公司通过创新的投资机会与多元化的投资工具，不断吸引更多的用户。面对这样一家公司，投资者可以 将注意力集中在其未来在新兴市场的扩展策略以及持续增强的核心业务上。Robinhood凭借其前瞻性的 战略和灵活的市场应对能力，无疑在未来的金融科技行业中占据了一席之地。 （来源：美股情报站） 近期，Robinhood的高管Vlad Tenev在一次公开演讲中，强调资产代币化将深刻影响全球金融服务。他 认为，通过将现实世界资产与区块链技术结合，不仅可以降低交易的门槛，还能大幅扩展市场的潜力。 这种技术将推动金融体系全面变革，尽管实现全过程可能需要十年以上，但未来五年内部分市场会灵活 应用这项创新。目前，Robinhood已经在欧洲市场推出了一系列代币化股票交易服务，这一积极尝试受 到了广泛关注。 Robinhood Markets也正在探索多元化的业务增长路径。在其最新的财务报告中，公司表现出净利息收入 的显著增长，显示出核心业务的稳健性。与此同时，公司还在英国和欧盟市场推出了新的交易平台，并 被纳入标普5 ...

AgriFORCE Growing Systems Ltd. has announced plans to rebrand as AVAX One, positioning itself as the first Nasdaq-listed company dedicated to maximizing ownership of AVAX, the native token of the Avalanche blockchain. The company seeks to raise around $550 million, with the goal of holding more than $700 million in AVAX, establishing itself as a foundational player in the Avalanche ecosystem. Avalanche, which secures more than $6.2 billion in staked assets, has become a leading institutional-grade blockc ...

Core Viewpoint - The central financial work conference emphasizes the importance of technology finance, green finance, inclusive finance, pension finance, and digital finance for promoting high-quality financial development. The integration of 5G, AI, and blockchain is reshaping the financial infrastructure and service landscape, presenting both opportunities and challenges for the banking industry [1][3]. Group 1: Technological Integration in Finance - The collaboration of 5G, AI, and blockchain is fundamentally restructuring the architecture and operational logic of financial systems, enhancing payment systems, investment management, and supply chain finance [3][4][5]. - Payment and settlement systems can achieve real-time and trustworthy transactions, with 5G enabling millisecond-level latency and blockchain ensuring transaction immutability and traceability [3][4]. - AI enhances investment advisory and asset management by analyzing user preferences and market data, leading to more personalized and transparent investment strategies [4][5]. Group 2: Challenges of Technological Integration - The integration of these technologies may increase complexity and systemic risks within the financial system, such as compatibility issues between distributed ledgers and centralized AI frameworks [2][7]. - Performance bottlenecks exist between blockchain's low transaction per second (TPS) capabilities and the high throughput demands of 5G [6][7]. - The potential for AI algorithm resonance could amplify market volatility, leading to systemic risks if similar AI models are widely adopted [7]. Group 3: Key Players in the Ecosystem - Two types of companies are likely to dominate the "5G + AI + blockchain" ecosystem: technology giants with integration capabilities and specialized financial technology service providers [7][8]. - Technology giants can leverage their vast user bases and data resources to create efficient technology linkages, while specialized firms can focus on specific industry needs, enhancing their competitive edge [8]. Group 4: Future Directions in AI Investment - AI investment in China is driven by scenario-based applications, policy support, and engineering efficiency, with key challenges including reliance on core technologies and hardware limitations [9][12]. - The future of AI in finance will focus on multi-agent systems for decision-making, democratization of investment through asset tokenization, and seamless cross-border payment solutions [9][10][11]. - The evolution of AI technology is expected to shift from large models to intelligent agents capable of autonomous decision-making, enhancing operational efficiency in various sectors [12]. Group 5: Current Trends and Risks in Blockchain Investment - The current blockchain investment landscape is characterized by a mix of technological innovation and speculative behavior, leading to a phenomenon where "bad money drives out good" [14][17]. - Regulatory actions have targeted misleading cryptocurrency investment practices, indicating a need for clearer distinctions between genuine technological advancements and speculative projects [17][18]. - The differentiation between technological innovation and speculative behavior is crucial, with a focus on projects that do not promise financial returns and adhere to regulatory standards [18].

与相关建议＊ 当前房地产行业融资情况仍不乐观，房企债务到 期高峰来临，流动性和偿债均面临较大压力。在此背 景下，2025 年以来，房企债务重组进程明显加快。 境外债务重组方面，化债工具更加多元化，呈现出削 债比例提高、展期时长延长、票息率降低等趋势。同 时，债转股逐步成为房企化债主要工具，资产代币化 为房企化债提供新思路。境内债务重组进展相对偏 慢，仍以展期为主，部分二次重组房企逐步尝试从展 期走向削债，并积极尝试短期偿债与长期转型相结合 的创新解决方案。展望下半年，随着市场预期进一步 走弱，债权人将继续下调对房企偿债能力的预期，房 企境内外债务重组将呈现出削债幅度更大、债务利息 更低、展期时间更长等特征。未来房企、债权人、金 融机构、政府等多方需协同努力，共同推动房地产行 业债务风险化解和新发展模式转型。 研究院 2025 年 9 月 18 日 2025 年第 33 期（总第 605 期） Ω 中银研究产品系列 作 者：叶银丹 中国银行研究院 电 话：010 - 6659 6874 签发人：陈卫东 审稿人：周景彤 梁 婧 联系人：程栖云 刘佩忠 电 话：010 - 6659 4016 ＊ 对外公开 ＊＊ 全 ...

Core Viewpoint - Nasdaq has submitted a groundbreaking proposal to the SEC to modify exchange rules to allow the trading of tokenized securities on its market, potentially enabling major stocks like Apple and Amazon to be traded in token form, marking a significant integration of blockchain technology into Wall Street's core markets [1][12]. Proposal Key Points - The proposal includes a modification of the definition of "securities" to encompass both traditional and tokenized forms, emphasizing that tokenized securities are still considered securities [2][3]. - Tokenized securities must be fully fungible with their traditional counterparts, sharing the same CUSIP code and granting holders the same rights and privileges, such as voting and dividend rights [3][4]. - Nasdaq plans to integrate tokenized and traditional securities on the same order book, treating them equally during the trading process, while the settlement process will offer the option of using tokenized forms [4][5]. Trading and Settlement Mechanism - The trading mechanism will allow tokenized securities to be traded alongside traditional securities, ensuring price consistency and shared market depth [4][6]. - The settlement process will involve the DTC executing transactions through a blockchain system, providing a transparent and efficient method for ownership transfer [5][7]. - Nasdaq's approach aims to prevent liquidity fragmentation and ensure that the core mechanisms of price discovery and execution remain intact [6][8]. Market Implications - The introduction of tokenized securities is expected to enhance the efficiency of financial market infrastructure, potentially reducing settlement times from T+1 to near real-time [12][14]. - The global market for tokenized assets is projected to grow significantly, from approximately $2.1 trillion in 2024 to about $41.9 trillion by 2032, with a compound annual growth rate of 45.8% [12][14]. - Nasdaq's initiative is seen as a strategic move to attract more capital to the U.S. markets and to position itself competitively in the evolving landscape of digital assets [12][16]. Future Outlook - The proposal is anticipated to pave the way for further innovations in financial markets, including the potential for stocks to be used as collateral in decentralized finance (DeFi) and the automation of dividends and voting through smart contracts [13][14]. - Nasdaq's tokenized securities trading is expected to launch by the end of Q3 2026, pending SEC approval and the readiness of the DTC's distributed ledger technology [14][15]. - This development is viewed as a significant milestone in the commercialization of blockchain technology, marking its entry into mainstream finance and potentially transforming the traditional securities market [16].

Core Viewpoint - The company, Huajian Medical, is undergoing a strategic transformation by establishing two joint ventures with ETHK Group to deepen its global blockchain financial ecosystem, focusing on asset tokenization, including "on-chain stocks" [1][8]. Group 1: Company Developments - On September 14, Huajian Medical announced the establishment of ETHK Inc. and ETHK HOLDINGS LIMITED to enhance its blockchain financial strategy [1]. - The company plans to change its English name to "ETHK Labs Inc." and its Chinese name to "华检数字产业集团有限公司" to reflect its ambition in digital industry innovation [1]. - Following the announcements, Huajian Medical's stock price surged approximately 8%, closing at HKD 10.71, a significant increase from HKD 2.22 on July 2 [2]. Group 2: Industry Trends - Asset tokenization is emerging as a major trend in global financial markets, exemplified by Galaxy Digital's recent partnership to allow shareholders to tokenize and hold GLXY stocks on-chain [5]. - The advantages of on-chain stocks include 24/7 trading, near-instant settlement, reduced transaction costs, and global accessibility, driving a revolution in traditional financial assets [5][13]. - A joint prediction by BCG and ADDX estimates that the global Real World Asset (RWA) market will reach USD 16.1 trillion by 2030, accounting for 10% of global GDP [6]. Group 3: Strategic Value - Huajian Medical's strategic upgrade aims to create a comprehensive "ETHK" blockchain financial ecosystem, focusing on five core pillars: technical infrastructure, financial product matrix, sustainable models, global compliance framework, and seamless user access [8][11]. - The company's vision aligns with national policies promoting financial technology innovation and digital economy development, providing new channels for global financing and circulation of quality Chinese assets [12]. - The on-chain stock tokenization model could revolutionize financing for capital-intensive industries, breaking traditional geographical and temporal limitations for global investors [12].

作者丨娄世艳 王应贵 编辑丨和佳 李艳霞 最近几个月，真实世界资产代币化一路高歌猛进，用了极短的时间取得了较长时间内难以获得的成就。 据行业网站rwa.xyz统计数据，截至今年9月12日，真实世界资产代币达292.7亿美元（约合人民币2082亿 元），资产持有者389136人，资产发行商211家，其中不乏著名的资产管理机构，如贝莱德、富达资产 等。 从资产细分类别看，代币化资产包括私人信贷（167.2亿美元）、美国国债（74.2亿美元）、大宗商品 （20.1亿美元）、机构另类基金（包括私募股权、私募基金、房地产、自然资源、私人债券、基础设施 等,18.2亿美元）、股票（5.7亿美元）、非美国债（3.6亿美元）、公司债券（2.6亿美元）、积极管理型 基金（0.9亿美元）。 资产代币化合法化与大型投资机构的一贯努力分不开，就如其他加密资产进入投资主流一样。其实，资 产代币化进程并没有真正停止，大型基金公司在着力解决以上三大突出问题，即市场处于基础设施重建 阶段。大型投资机构一直在向美国国会施压，希望通过相关法律澄清资产代币化的合法地位。贝莱德于 2024年3月创设和发行了美国国债代币，以此向政界和投资界展示资产代 ...