高投入、低流动、融资难——酒店业的"重资产魔咒"由来已久。如今，一个名为RWA（现实世界资产代币化） 的数字资产系统，为行业提供了一把破局的 利刃。它能将实体酒店的物理资产与经营权益，转化为可分割、可交易的数字代币，从而激活沉睡的资本，开辟全新的融资与运营模式。这期就给大家分享 酒店RWA模式。 一、酒店业的核心痛点 1、资金沉淀严重：资产流动性差，难以快速变现或再融资； 2、融资成本高：依赖银行贷款或股权融资，中小酒店难以获得低成本资金； 3、风险集中：经济周期、疫情等外部冲击下，固定成本压力剧增（如空置率上升但租金/折旧照付）。 降低投资门槛：普通投资者可通过购买代币参与高端酒店投资（如原本需千万级资金的物业，现在万元即可持有），扩大资金来源； 提升流动性：代币可在合规交易平台自由买卖，原本"锁死"的资产变为可随时交易的金融资产，解决重资产"变现难"问题。 2. 收益权证券化：将"未来现金流"提前变现 酒店是典型的重资产行业，其商业模式依赖"物业购置/租赁+装修+运营"的重资产投入。据中国旅游研究院数据，一家中高端酒店的初期投资中，物业成本 占比可达40%-60%，装修及设备占比约30%，仅10%用于运营 ...

Core Insights - The securities industry is experiencing a new wave of development opportunities characterized by internationalization and diversification, driven by ongoing capital market reforms [1][4] - Companies like Guotai Junan are expanding their international presence, with recent acquisitions and investments in Southeast Asia, indicating a strategic push towards global operations [1][4] Group 1: International Expansion - Guotai Junan's board approved the acquisition of an Indonesian securities company, marking another step in its Southeast Asian expansion [1] - The company has previously established a presence in Singapore and acquired a majority stake in a Vietnamese investment securities firm [1] - As of the latest reports, Guotai Junan's subsidiaries cover multiple countries including the US, UK, Japan, and Australia, reflecting a broad international footprint [1] Group 2: Revenue Growth in International Business - Major Chinese securities firms are seeing significant growth in their international business revenues, with top firms like CITIC Securities and CICC leading the way [4][5] - In the first half of 2025, CITIC Securities reported revenue of 69.12 billion, a 13.57% increase, while CICC saw a remarkable 75.66% growth to 40.24 billion [5] - Guotai Junan's international business revenue reached 24.59 billion, marking a 76.21% increase, showcasing the strong performance of leading firms in the sector [5] Group 3: Challenges and Compliance - Despite the growth, firms face challenges such as regulatory compliance and governance issues when expanding internationally [6][7] - The need for effective risk management and compliance frameworks is critical, as firms must navigate complex legal environments and ensure adherence to local regulations [6][7] - Recent regulatory warnings highlight the importance of establishing robust governance structures for overseas subsidiaries to mitigate risks [6][7]

在酒店行业，"重资产、低周转、高负债"是长期面临的痛点。据统计，全球酒店业固定资产规模超4万亿美元，但其中约30%的资产（如闲置物业、低效运 营的设备、沉睡的会员权益等）因流动性差、估值模糊、交易壁垒高，长期处于"沉睡"状态。这些未被激活的资产不仅占用了大量资金，更制约了行业的精 细化运营与价值释放。 而RWA（Real World Assets，现实世界资产代币化）正以区块链、智能合约与通证化技术为钥匙，重新定义酒店资产的流通与增值逻辑，成为破解行业困 局的科技密钥。 一、酒店行业的"沉睡资产"困局：为何万亿资产难以"苏醒"？ 酒店行业的资产沉睡本质上是"流动性陷阱"与"价值断层"的双重叠加： 1. 资产类型分散，流动性天然受限 酒店资产涵盖不动产（酒店大楼、土地）、经营性资产（家具、布草、厨房设备）、权益类资产（会员积分、预付卡、品牌特许权）三大类。 其中，不动产受限于产权登记复杂、交易周期长（通常需3-6个月），难以快速变现； 经营性资产因标准化程度低（如不同酒店的设备规格差异大），二手市场流通性差； 权益类资产则因依赖中心化平台（如酒店集团自有积分系统），跨平台兑换与价值流转几乎被阻断。 2. 估值与 ...

Core Insights - The article discusses how the introduction of Real World Asset (RWA) tokenization is transforming hotel financing by allowing stable cash flows to be converted into digital tokens, thus providing access to global investors [1][3]. Group 1: RWA Financing Logic - RWA financing fundamentally reconstructs the trust relationship between asset owners and funders, moving beyond traditional financing methods [3]. - The focus shifts from static collateral to dynamic, verifiable cash flows, with hotel revenues becoming the primary asset for financing [4][5]. - Real-time, immutable data on occupancy rates and average room prices can be recorded on the blockchain, reducing trust costs for investors [6]. Group 2: Technological Assurance - Smart contracts enable automatic execution of rules, such as daily revenue distribution to token holders without human intervention [7]. - Ownership and transaction records are transparently maintained on the blockchain, minimizing disputes [8]. Group 3: Market Breakthrough - RWA connects hotels to a global pool of DeFi capital, breaking geographical and qualification barriers [10]. - It allows for fractional investments by converting large assets into smaller tokens, thus lowering investment thresholds [10]. Group 4: Preconditions for Successful RWA Financing - Asset quality is crucial; not all hotels are suitable for RWA financing, and stable cash flow is essential to attract investors [11][12]. - Hotels must provide real-time, accurate operational data to build trust, as unreliable data can hinder market acceptance [13]. - The implementation of advanced technology must be secure and seamlessly integrated with existing hotel management systems [14]. - Clear legal frameworks are necessary, with tokens classified as regulated financial instruments and compliance with KYC/AML procedures [16]. - A well-designed token economic model and effective market positioning are key to attracting investors [17][18]. Group 5: Real Challenges - Regulatory uncertainty exists globally, and hotels must operate in friendly jurisdictions while maintaining communication with regulators [20]. - The costs of technology integration and compliance can be significant, and traditional investors may require time to adapt to digital assets [21]. - The liquidity depth of the RWA secondary market is still developing, which may affect the efficiency of large-scale financing exits [22]. Conclusion - RWA financing represents a significant democratization of finance, providing a more efficient and transparent path for hotels with strong cash flows [23]. - However, it is not a panacea; the success of RWA depends on the quality of hotel assets and cash flow health [23]. - The future will favor hotel groups that effectively integrate solid operational practices with cutting-edge financial technology [23].

Group 1 - Cathay Securities announced the acquisition of an Indonesian securities company, marking its continued expansion in Southeast Asia after establishing a presence in Singapore and Vietnam [1] - Cathay Securities has been active in Southeast Asia since 2015, with its subsidiary, Cathay International, setting up a branch in Singapore and acquiring a 50.97% stake in Vietnam Investment Securities in late 2019 [1] - Southeast Asia is a key region for Chinese securities firms, with China Galaxy Securities being one of the early entrants, expanding its international network through acquisitions in Malaysia and other countries [1] Group 2 - China Galaxy reported that its overseas brokerage business ranks first in Malaysia, second in Singapore, fourth in Indonesia, and fifth in Thailand, with a total of 34 equity and bond financing transactions completed, amounting to SGD 1.8 billion [2] - Huatai Securities' Singapore subsidiary received a capital markets services license and exemption for financial advisory qualifications in 2023, allowing it to conduct securities trading and corporate financing legally [2] - Huatai Securities emphasized its commitment to internationalization, integrating domestic and overseas operations to seize strategic opportunities in the global industrial chain restructuring [2] Group 3 - Southeast Asia's overseas markets are increasingly driving the performance growth of securities firms, with 15 A-share listed securities firms reporting international business revenue of CNY 20.12 billion, a year-on-year increase of 3.35% [3] - 12 out of 15 securities firms reported positive growth in their overseas business, with 12 firms experiencing revenue growth exceeding 10% [3] - The report from Guosen Securities highlights that leading firms like CITIC Securities and Huatai Securities are enhancing their international competitiveness, while smaller firms are also experiencing rapid growth in international business [3]

对此，国信证券（002736）研报认为，一方面，中资券商加速海外布局，持续提升国际竞争力。中信证 券（600030）、中金公司（601995）、国泰海通、华泰证券等头部券商在国际业务中处于行业领先地 位；中小券商国际业务起步较晚，但业务也在快速增长中；另一方面，RWA（现实世界资产代币化） 等创新业务为中资券商展业提供机遇。当前，RWA领域被视为券商开展创新业务的新战场，券商积极 申请相关牌照，也将传统业务向数字资产、虚拟资产等领域深度拓展。 国泰海通11月17日晚间公告，公司董事会审议通过境外子公司收购印尼证券公司的议案。这是国泰海通 继布局新加坡、越南之后，再次落子东南亚。 据了解，国泰海通在东南亚已经布局多年。早在2015年，旗下公司国泰君安国际就在新加坡设立分支机 构，并确立了以亚太地区为重心的发展策略。2019年底，国泰君安国际收购了越南投资证券（IVS） 50.97%股权。公开资料显示，越南投资证券成立于2007年8月28日，注册资金为1610亿越南盾，该公司 主要经营领域包括证券经纪、金融及股权投资、IPO、辅导上市、融资业务等。 事实上，东南亚一直是中资券商海外布局的重点区域。中国银河证券作为 ...

国泰海通11月17日晚间公告，公司董事会审议通过境外子公司收购印尼证券公司的议案。这是国泰海通继 布局新加坡、越南之后，再次落子东南亚。 据了解，国泰海通在东南亚已经布局多年。早在2015年，旗下公司国泰君安国际就在新加坡设立分支机构，并 确立了以亚太地区为重心的发展策略。2019年底，国泰君安国际收购了越南投资证券（IVS）50.97%股权。公 开资料显示，越南投资证券成立于2007年8月28日，注册资金为1610亿越南盾，该公司主要经营领域包括证券 经纪、金融及股权投资、IPO、辅导上市、融资业务等。 事实上，东南亚一直是中资券商海外布局的重点区域。中国银河证券作为较早布局东南亚市场的中资券商之 一，于2018年通过收购马来西亚联昌国际集团证券业务，将国际网络延伸至新加坡、马来西亚、印度尼西亚、 泰国等十多个国家和地区，成为在亚洲覆盖范围最广的中资券商之一。 对此，国信证券研报认为，一方面，中资券商加速海外布局，持续提升国际竞争力。中信证券、中金公司、国 泰海通、华泰证券等头部券商在国际业务中处于行业领先地位；中小券商国际业务起步较晚，但业务也在快速 增长中；另一方面，RWA（现实世界资产代币化）等创新业 ...

Core Insights - Hong Kong has emerged as a significant hub for Real World Asset (RWA) tokenization amid the global digital asset wave, with companies like Aide Financial leading the way in compliance and innovation [1][2] - Aide Financial is focused on the digital transformation of various physical assets, enabling asset fragmentation and cross-platform circulation, thus broadening financing channels for enterprises and allowing global investors to access high-quality assets [1][5] - The company is building a "technology + compliance + ecosystem" model to solidify its leading position in the RWA market, emphasizing collaboration with various stakeholders [2][8] Company Overview - Aide Financial holds multiple licenses from the Hong Kong Securities and Futures Commission, allowing it to operate across various financial activities, including RWA distribution and management [3][5] - The firm has been proactive in the virtual asset space, having anticipated trends and established a dedicated fintech team to focus on underlying technologies [6][3] RWA Market Dynamics - The RWA market in Hong Kong is characterized by a growing interest from asset holders and investors, with a shift in focus towards RWA issuance as a necessary strategy for businesses [7][12] - Aide Financial's innovative approach includes breaking down traditional assets into standardized token units, facilitating efficient connections between investors and assets [5][8] Ecosystem Development - The company emphasizes a collaborative ecosystem that includes asset holders, investors, and licensed service providers, ensuring a comprehensive approach to RWA transactions [8][10] - Aide Financial aims to enhance investor education and awareness regarding RWA, addressing the knowledge gap in the Asian market compared to Western countries [11][12] Future Outlook - The regulatory framework in Hong Kong is seen as supportive for the development of the RWA market, providing clarity for financial institutions and issuers [12] - The potential for RWA to serve as a new financing platform for startups and SMEs is significant, with expectations of positive economic impacts over the next five years [12]

Core Insights - The tokenization of Real World Assets (RWA) is seen as a crucial bridge between traditional and digital finance, with projections estimating a market size of up to $16 trillion by 2030 according to Boston Consulting Group [1] - In mainland China, any RWA model involving public token issuance for financing is strictly prohibited under current regulations, reflecting a cautious stance from regulatory authorities [1][4] Regulatory Landscape - The prohibition of Initial Coin Offerings (ICO) was established in a 2017 announcement by the People's Bank of China and other ministries, categorizing ICOs as illegal public financing activities [4] - RWA models that involve public issuance of financing tokens are deemed illegal in mainland China, with regulatory focus on "non-coin blockchain" applications that enhance business processes without public token issuance [4] Legal and Market Risks - The challenge of RWA lies in the disconnect between on-chain smart contracts and off-chain legal recognition, where on-chain ownership may not be enforceable legally [5] - RWA tokens are essentially digital representations or derivatives of underlying assets, not the assets themselves, leading to potential price dislocations in extreme market conditions [6] Alternative Pathways - Given the restrictions in mainland China, Hong Kong serves as a viable alternative for RWA financing, adhering to a "same business, same risk, same regulation" principle [8] - A complex compliance pathway has emerged, allowing mainland assets to be privately issued as RWA products in Hong Kong, as demonstrated by the collaboration between Longxin Group and Ant Group [8][10] Compliance and Future Directions - The compliance process involves legal due diligence in mainland China, establishing special purpose vehicles (SPVs) in free trade zones, and adhering to Hong Kong's regulatory framework [10] - Despite the prohibition of public financing, RWA technology still holds significant value in areas like asset verification and payment settlement, with two main paths: non-tokenized verification and tokenized payment solutions [12] Conclusion - The answer to whether public token issuance for RWA financing is illegal in mainland China is affirmative, driven by concerns for financial stability and risk prevention [13] - The future of RWA in China is expected to follow a dual-track approach, focusing on blockchain technology to empower the real economy while exploring financing opportunities through Hong Kong under strict compliance [13]

Group 1 - The establishment of the ETHK building marks a significant milestone for the company, representing the physical realization of its ETHK blockchain financial ecosystem strategy and positioning Nanjing as a global hub for Real World Asset (RWA) technology [1][4][14] - The RWA sector is transitioning from concept validation to large-scale application, with a projected total value locked (TVL) of $12.5 billion by June 2025, reflecting a 124% increase from 2024 [4] - The ETHK building will serve as a core base for RWA digital technology research and ecosystem empowerment, housing over 5,000 technical experts and various research facilities [7][14] Group 2 - The company has signed strategic cooperation agreements with four enterprises, including a $1.5 billion RWA tokenization deal with Chuangsheng Group, integrating six core innovative drug pipeline assets into its U.S. entity [8][13] - The partnerships aim to create a comprehensive ecosystem from biopharmaceutical innovation to legal compliance, enhancing the efficiency of asset value discovery and circulation through digitalization [13][14] - The company's "so-in-so" model aims to build a top-tier global trading ecosystem for RWA across multiple industries, providing a one-stop solution for asset digital transformation [13][14] Group 3 - The launch of the ETHK building and the strategic partnerships signify the company's transition into a scalable phase of its ETHK blockchain financial ecosystem strategy [14][15] - The RWA tokenization path chosen by the company is seen as forward-looking, with predictions estimating the global RWA market to reach $16.1 trillion by 2030, accounting for 10% of global GDP [15] - The company's "altruistic" approach allows partners to optimize their asset structures and innovate financing models, facilitating the development of cutting-edge therapies and improving patient accessibility [15][16]