来源：市场资讯 据彭博社，区块链资产代币化公司 Securitize 正在与由 Cantor Fitzgerald 发起的空白支票公司 Cantor Equity Partners II Inc. 洽谈合并上市事宜，交易估值可能超过 10 亿美元。Securitize 由 BlackRock、 Morgan Stanley、ARK Venture Fund、Tradeweb 和 Nomura 等机构支持，专注将传统资产如 S&P 指数进 行代币化。公司已获美国证券交易委员会注册转让代理人资质，并持有部分欧洲市场和日本的业务许 可。 （来源：吴说） ...

近日，美联储公布 9 月会议纪要，揭开了决策层围绕降息政策的罕见分歧，而美国政府自 10 月 1 日起 陷入的停摆危机，正以 "数据断供" 形式将传统金融体系推向决策困局。当中心化数据与监管服务双双 缺位，区块链技术的分布式优势持续凸显，以 XBIT 为代表的去中心化交易生态，正依托区块链构建的 可信体系为市场注入稳定性，成为波动中的重要支撑。 美联储的决策困境与 XBIT 等平台的稳定运行，清晰指向金融体系的进化方向：区块链并非取代传统金 融，而是通过技术互补解决固有痛点。在数据层面，区块链分布式存储可提供重要补充 —— 如供应链 金融的链上物流、资金流数据，经多节点验证后可辅助判断企业经营状况，为 "数据盲区" 中的决策提 供参考。在交易层面，XBIT 去中心化交易所无需第三方即可完成结算，维持市场基本运转，体现出去 中心化模式的实用价值。 美联储陷决策困局 传统金融暴露数据依赖短板 美联储 9 月议息会议纪要显示，19 位决策者在降息路径上形成明显分歧：略多于一半的官员预计年内 至少再降息两次，7 人主张不再降息，新任理事斯蒂芬・米兰则单独呼吁单次降息 50 个基点。这种分 歧本已加大政策不确定性，而政 ...

不过，杜帅也警示，RWA的发展仍需警惕"创新外衣下的风险隐患"。他结合金融史经验分析，任何金融创新若脱离实体经济需求、忽视风险管控，都可能 陷入投机陷阱。在杜帅看来，当前RWA面临的核心挑战，在于链上与链下资产的"映射真实性"——若底层抵押物无法穿透核验、收益权过度碎片化面向公 众销售，极易重蹈P2P无序扩张的覆辙，将金融素养不足的群体卷入风险。此外，杜帅补充道，跨司法区监管差异、税务会计处理适配、数据隐私保护等问 题，也可能成为制约RWA规模化发展的"隐性壁垒"。因此，他高度认可香港监管层强调的"全额抵押""有序退出安排"，认为这本质上是为创新划定"安全边 界"，唯有守住这一底线，RWA才能真正成为服务实体经济的工具，而非炒作标的。 针对香港金融机构的战略选择，杜帅给出了明确建议。他认为，在这场变革中，"认知先行"是抢占先机的关键——机构需从高层到中层建立对区块链、稳定 币与RWA的系统化理解，明晰其对传统风控逻辑的冲击，避免"为创新而创新"。在资产选择上，杜帅主张优先聚焦标准金融资产RWA，建议通过模块化架 构搭建概念验证（PoC）与沙盒，在实践中积累合规运营经验；在能力建设上，他特别强调复合型人才储备与 ...

（来源：吴说） 吴说获悉，Injective 宣布推出链上 Pre-IPO 永续合约市场，用户可在 Injective 应用如 Helix 上交易包括 OpenAI 在内的未上市公司合约，并支持杠杆。该产品由 Seda Protocol 与 Caplight Data 提供数据支持， 具备可编程性、组合性、杠杆与资本效率等特征，旨在将约 2 万亿美元的 Pre-IPO 市场引入链上。 Injective 表示，10 月将陆续上线更多公司相关合约。 来源：市场资讯 ...

Group 1 - A new asset paradigm is emerging globally, driven by the tokenization of Real World Assets (RWA) using blockchain technology, enabling continuous global liquidity and financing [1][17] - The ETHK Building, launched by Huajian Medical in Nanjing, is the world's first RWA technology base, marking a significant step in the large-scale implementation of RWA technology in China [3][8] - The ETHK Building spans approximately 70,000 square meters, with the main building covering 35,000 square meters, making it the largest and most comprehensive RWA research and innovation base globally [3][7] Group 2 - The establishment of the ETHK Building addresses the dual challenges of technical infrastructure and regulatory frameworks that have hindered the large-scale implementation of RWA [3][8] - The building is designed as a dual-purpose infrastructure, serving as both a center for R&D and a base for trusted technology development and output [3][7] - The facility is expected to gather over 5,000 technical experts and engineers, forming one of the strongest RWA research teams globally [7] Group 3 - Huajian Medical's "ETHK Global RWA Trading - Exchange within an Exchange" model aims to fill the service gap in China's RWA market, providing a comprehensive solution for asset selection, structural design, compliance issuance, and liquidity management [8][9] - This model is particularly valuable in the healthcare sector, facilitating innovative financing for drug development and global market expansion [9][10] Group 4 - Huajian Medical has entered a phase of scaling its "Exchange within an Exchange" model, signing strategic cooperation agreements with four key partners across various sectors, including pharmaceuticals and legal compliance [9][10] - The collaboration with Chuangsheng Group involves the tokenization of innovative drug pipeline assets, with a total valuation exceeding $1.5 billion, representing cutting-edge research in cancer treatment [10] Group 5 - The launch of the RWA Protocol White Paper addresses key challenges in the current financial system, focusing on creating a foundational protocol for the issuance and trading of real-world assets [10][15] - The RWA Protocol aims to enhance settlement efficiency, transparency, and compliance in capital markets, facilitating cross-border asset allocation [15] Group 6 - Huajian Medical's strategy aligns with national policies promoting the market-oriented operation and securitization of intellectual property, as highlighted in recent government initiatives [16] - The global RWA market is projected to reach $16.1 trillion by 2030, representing 10% of global GDP, indicating significant growth potential [16] Group 7 - The completion of the ETHK Building symbolizes a new financial paradigm and showcases China's innovative capabilities in integrating blockchain with the real economy [17] - As more assets are tokenized through RWA, a more open, efficient, and inclusive global asset allocation era is anticipated, with Huajian Medical leading the charge [17]

Core Insights - The completion of the ETHK Building in Nanjing marks the establishment of the world's first core base focused on the digitalization of Real World Assets (RWA) technology, serving as a strong response to market skepticism regarding RWA's viability [1][4] - The building symbolizes a strategic transformation for the company, transitioning its brand focus from "IVD" to "ETHK Labs," highlighting its role as an enabler of global digital industry innovation and blockchain financial infrastructure [1][4] Group 1: Strategic Leap - The announcements made by the company on September 19 signify a critical leap from conceptual leadership to large-scale physical R&D and implementation [3] - The ETHK Building is not just a commercial property; it serves dual foundational missions: as a hub for physical R&D and collaborative innovation, and as a credible technology development and output infrastructure [4] Group 2: Addressing Challenges - RWA technology, which tokenizes real-world assets for blockchain integration, is becoming a vital bridge between traditional and digital finance, with a total on-chain market value of $25.93 billion as of August 15, 2025, and a 11.86% increase in asset holders [5] - The potential of RWA is hindered by several core bottlenecks, including public chain performance limitations, funding barriers between traditional and crypto worlds, complex cross-border regulations, and general liquidity issues [5] Group 3: Ecosystem Empowerment - The company's innovative "ETHK Global RWA Exchange within an Exchange" business model provides top-tier technical infrastructure and compliance support to leading enterprises across various industries, allowing for rapid entry into different sectors with strong replicability and scalability [6] - The establishment of the ETHK Building provides a physical anchor to address trust issues in the RWA sector, demonstrating the company's commitment to advancing its blockchain financial ecosystem strategy [6] Group 4: Collaborative Advantage - The company's RWA ecosystem strategy is driven by the belief that technology should serve the public good, aiming to facilitate the efficient and compliant circulation of high-quality global assets [10] - The collaboration with Renhe Pharmaceutical to establish the world's first OTC vertical RWA exchange reflects the company's innovative business model, providing tailored solutions for asset digitization and capital structure optimization [9][10] - The choice of Nanjing as the core base for RWA technology underscores strategic considerations, as the region is a hub for the biopharmaceutical industry with a mature ecosystem [9] Group 5: Industry Impact - The ETHK Building stands as a physical benchmark for the industry, representing the maturation of the RWA sector from virtual concepts to tangible, scalable implementations [11] - The partnership with Renhe Pharmaceutical is expected to introduce a "digital License-in/Out" model, breaking down traditional barriers to cross-border collaboration and enhancing innovation efficiency across the global OTC industry [10]

Core Viewpoint - The completion of the ETHK Building marks a significant milestone for the company, representing the first global hub dedicated to the research and development of Real World Asset (RWA) digitalization technology, and signifies the company's commitment to advancing its ETHK blockchain financial ecosystem strategy into a new era of physical and scalable technology implementation [1][5][7] Group 1: ETHK Building Overview - The ETHK Building, located in Nanjing, covers a total area of approximately 70,000 square meters, with the main building occupying about 35,000 square meters and additional facilities including a 20,000 square meter basement [1] - It is designed to serve as the headquarters for global RWA technology research and ecosystem empowerment, featuring state-of-the-art laboratories, data centers, and collaborative office spaces [2][3] Group 2: Strategic Importance - The choice of Nanjing as the location for the ETHK Building is strategic, leveraging the city's advantages in the biopharmaceutical industry and its mature innovation ecosystem [3][4] - The building aims to facilitate deep technological collaboration with potential partners, particularly in the innovative pharmaceutical sector, by providing comprehensive digital solutions for asset digitization and tokenization [3][4] Group 3: Technological Capabilities - The ETHK Building will integrate core technology research functions, including high-performance blockchain development, cross-chain interoperability, smart contract security, and regulatory technology [2][3] - It is expected to gather over 5,000 technical experts and partners, forming one of the largest and most capable RWA research teams globally [2] Group 4: Policy and Economic Context - The building is positioned within the core area of a supportive policy environment aimed at fostering innovation in the biopharmaceutical industry, as outlined in the recent government approval for the Jiangsu Free Trade Zone [4][5] - This policy framework is anticipated to provide significant benefits in areas such as data cross-border flow and international regulatory alignment, enhancing the company's global RWA business development [5] Group 5: Future Prospects - The establishment of the ETHK Building is seen as a testament to the company's technological ambitions and its commitment to delivering innovative solutions that empower the real economy [6][7] - The company plans to leverage this strategic asset to accelerate the implementation of innovative technologies and collaborate with global partners to create a promising future [7]

Core Viewpoint - Huajian Medical has announced the establishment of the ETHK Building in Nanjing, marking a significant milestone in its transformation into a global innovator in digital industry and blockchain financial infrastructure [1] Group 1: ETHK Building and Its Significance - The ETHK Building, with a total area of approximately 70,000 square meters, serves as the physical core of Huajian Medical's "ETHK Blockchain Financial Ecosystem Strategy" [2] - The building will host over 5,000 technical experts and partners, providing top-tier laboratories, data centers, and testing environments [2] - The completion of the ETHK Building signifies Huajian Medical's transition from conceptual leadership to large-scale physical implementation [2] Group 2: Strategic Advantages and Market Context - Huajian Medical's proactive approach to RWA infrastructure is supported by technological trends, policy benefits, and market demand [4] - The global total value locked (TVL) in RWA is projected to reach $12.5 billion by June 2025, reflecting a 124% year-on-year growth [4] - The company has established a comprehensive capability chain through joint ventures, covering technology, asset issuance, and compliance operations [4] Group 3: Long-term Strategy and Globalization - Huajian Medical's RWA strategy is a long-term investment aimed at building a robust competitive moat through technology, licensing, assets, and partnerships [6] - The company holds 5,190 ETH as treasury reserves and plans to increase its holdings, demonstrating confidence in the blockchain financial ecosystem [7] - The vision includes enabling Chinese quality assets to "go global" through RWA technology, facilitating global pricing and financing [7] Group 4: Broader Implications for the Industry - The establishment of the ETHK Building is a typical example of Chinese enterprises seizing opportunities in digital financial infrastructure [8] - As technology matures and regulations clarify, RWA is expected to become a crucial bridge connecting the real economy with the crypto world [8]

目标公司为一家创立于香港的Web3金融科技公司，创始团队主要来自于腾讯公司。创始人蔡弋戈先生 毕业于南京大学计算机系，于2004年9月加入腾讯公司，曾担任QQ会员业务、阅读、动漫业务总监、腾 讯区块链业务总经理。其曾在腾讯带领团队从0到1先后孵化了区块链供应链金融平台"微企链"、全国首 个区块链电子发票系统、以及应用于司法存证场景的"至信链"，"至信链"也曾是不少数位藏品平台的选 择。另外，曾于2020年参与筹建腾讯香港虚拟银行Fusion Bank，探索区块链金融、数字资产等场景。 千循科技基于其海外二手数码交易的业务场景，拟探索基于区块链技术的新金融科技产品—区块链钱 包，打造二手数码行业定制的区块链支付解决方案，以合规稳定币为结算媒介，聚焦解决跨境贸易中的 支付效率低、汇率波动大、结算成本高、交易透明度不足等痛点，为全球二手数码进出口商、批发商、 零售商提供安全、高效、低成本的跨境资金流转与结算服务。 董事会认为，潜在收购事项使本集团能够于区块链钱包场景应用领域开展全新的业务发展，加上现时区 块链钱包场景应用于全球也正高速发展。另外，亦可扩大本集团的客户基础及巩固行业领先地位。董事 会相信，若潜在收购事 ...

现实奇点已与全球知名的不动产运营企业及顶级地产投资基金达成合作，在香港启动学生公寓资产的 RWA链改 与发行融资工作。本次合作以融资与流动性为核心目标，在合规框架内探索不动产资产更高效、更透明、更可得 的全球化融资与交易新路径。 一、我们在做什么 二、为什么合作方选择现实奇点 1）融资导向的一体化方案 以"融资效率与可持续流动性"为起点贯通尽调、结构设计、发行与二级支持，力争降低综合融资成本、缩短资金 周转时间。 2）标准化与可复制 对象：香港某学生公寓资产 路径：标准化链改 → 合规发行 → 做市与流动性支持 → 持续信息披露 目标：在不改变实体权属的前提下，提升资产的可交易性、再融资能力与全球资金触达效率。 标准化链改：围绕资产的经营、权利与现金流要素进行数字化梳理与标准化表达，为后续合规发行与持续 披露奠定基础。 合规发行：在既有法律与监管框架内开展披露与适当性匹配，力求兼顾融资效率与投资者保护。 做市与流动性支持：以市场化机制促进交易活跃度与价格发现，服务资产的再融资与规模化配置需求。 持续信息披露：聚焦经营与风险关键指标的常态化更新，扩大信任半径，提升资产透明度与市场认可度。 四、面向产业的开放合作 ...