2026年2月6日，中国证监会发布《监管指引》，正式确立"境内严禁、境外严管"的双线监管原则，以备案制取代灰色地带的野蛮生长，为境内资产境外 RWA发行划定了合规边界。本文系统梳理这一里程碑式监管框架的出台背景、核心条款与实践影响，解析在全球RWA市场爆发式增长背景下，中国企业 如何在新规下合法拥抱代币化融资机遇。 摘要 2026年2月6日，中国证监会发布《关于境内资产境外发行资产支持证券代币的监管指引》（证监会公告〔2026〕1号）（以下简称《监管指引》）。同 日，中国人民银行、国家发展改革委、工业和信息化部、公安部、市场监管总局、金融监管总局、中国证监会、国家外汇局八部门联合发布《关于进一步 防范和处置虚拟货币等相关风险的通知》（银发〔2026〕42号，以下简称《通知》）。《监管指引》配合《通知》，对以境内资产为基础、在境外发行资 产支持证券代币的行为进行事前备案监管。 本文将从法律实务角度，对《监管指引》的发布背景、RWA代币化的历史沿革、全球监管、技术架构、实践案例等角度进行分析，对《监管指引》的内 容逐条解读，为相关企业及从业者提供系统性参考。 一、发布背景 近年来，现实世界资产（Real Word ...

Group 1 - The Hang Seng Index Company announced the quarterly review results for the Hang Seng Index series, effective from March 9, 2026, after market close on March 6, 2026 [1] - The Hang Seng Index will add three stocks: Contemporary Amperex Technology Co., Limited (03750), Luoyang Molybdenum Co., Ltd. (03993), and Laopuhuang Co., Ltd. (06181), while removing Zhongsheng Group Holdings Limited (00881), increasing the number of constituent stocks from 88 to 90 [1] - Laopuhuang has seen a significant price increase, with a cumulative rise of nearly 20% since the beginning of 2026 [1] Group 2 - The Hang Seng China Enterprises Index will maintain 50 constituent stocks, adding Beike-W (02423) and Horizon Robotics-W (09660), while removing China Resources Beer (00291) and Mengniu Dairy (02319) [2] - The Hang Seng Composite Index will add 53 stocks, including Bank of East Asia (00023), and remove 28 stocks, including Shui On Land (00272), increasing the number of constituent stocks from 507 to 532 [5] - The Hang Seng Technology Index will not change, maintaining 30 constituent stocks [6] Group 3 - The total assets under management for products tracking the Hang Seng Index series is approximately $117.7 billion as of December 2025 [6] - The adjustments in index constituents may trigger passive fund rebalancing, potentially leading to increased trading volume for related stocks as the effective date approaches [6] - The inclusion of new economy enterprises in sectors like renewable energy, new consumption, and biotechnology is expected to enhance the growth potential and investment attractiveness of the indices, reducing the weight of traditional industries [6]

Core Insights - The Qianhai Cooperation Zone has demonstrated significant economic growth during the 14th Five-Year Plan period, with GDP nearly doubling from 175.57 billion to 331.81 billion yuan and import-export volume also doubling from 378.05 billion to 757.43 billion yuan, highlighting its role as a core engine for high-quality development in the Guangdong-Hong Kong-Macao Greater Bay Area [1][3][8] Economic Growth - The total area of the Qianhai Cooperation Zone expanded from 14.92 square kilometers to 120.56 square kilometers, providing strong momentum for high-quality development [3] - The region's GDP is projected to grow from 175.57 billion yuan in 2021 to 331.81 billion yuan by 2025, maintaining a high annual growth rate [3] - Import-export volume increased from 378.05 billion yuan to 757.43 billion yuan, showcasing resilience in foreign trade [3] Investment and Foreign Capital - Over the past five years, fixed asset investment in Qianhai exceeded 700 billion yuan, significantly boosting infrastructure and industrial development [3] - Actual foreign investment reached 157.52 billion yuan, with 29.32 billion yuan in 2025 alone, accounting for 58.1% of Shenzhen's total, making Qianhai a preferred destination for foreign investment in South China [3] Industry Development - By 2025, the software and information service industry cluster in Qianhai is expected to exceed 200 billion yuan in revenue, with seven other industry clusters each surpassing 50 billion yuan [4][5] - The software and information service sector, as a leading industry cluster, achieved a revenue of 255.49 billion yuan in 2025, reflecting a year-on-year growth of 19.6% [4] Modern Service Industry - The added value of the modern service industry in Qianhai is expected to exceed 200 billion yuan by 2025, more than doubling since 2021 [6] - Qianhai has attracted 183 Fortune 500 companies and nurtured 42 global service headquarters, significantly enhancing its internationalization [6] Institutional Innovation - Qianhai has led in institutional innovation, with its index ranking first among national free trade zones for four consecutive years and 105 innovative achievements replicated nationwide [3][8] - The region's exploration in cross-border data, finance, and shipping registration is becoming a replicable model for broader reforms [8] Competitive Landscape - The establishment of industry clusters indicates resilience, with the software and information service industry surpassing 200 billion yuan in revenue and seven major clusters each exceeding 50 billion yuan [8] - The simultaneous development of sectors like artificial intelligence, low-altitude economy, marine industry, and digital creativity signifies a transition from a "policy lowland" to an "industrial highland" [8][9]

Group 1: Core Insights - UBS's in-depth research in China identifies two main industry themes for 2026: self-sufficiency and overseas expansion [1] - The research covered various sectors including technology, industrial, healthcare, consumer, and utilities, visiting over 100 companies and industry experts [1] - The report highlights a shift in investor interest, with capital goods, media entertainment, and real estate development seeing increased research focus, while semiconductor and automotive parts sectors experienced a decline [1] Group 2: Technology Sector Insights - The technology sector is a key focus, with advancements in self-sufficiency moving from isolated breakthroughs to industry-wide collaboration [2] - AI capital expenditure is expected to grow steadily in 2026, driven by strong demand for AI applications and local semiconductor production [3] - Despite uncertainties regarding H200 GPU imports, domestic supply chains are adapting through technology substitution and demand upgrades [3] Group 3: Semiconductor Developments - The localization of China's semiconductor industry is accelerating, with significant progress in advanced etching/ deposition equipment, advanced packaging, and high-end analog chips [4] - Capital expenditure for wafer fabrication equipment (WFE) is projected to grow by 10-15% annually, driven by capacity expansion in advanced logic and memory wafer fabs [4] - Domestic manufacturers anticipate a substantial increase in storage capital expenditure in 2026, aligning with a global upcycle in the storage industry [4] Group 4: Overseas Expansion Trends - Multiple industries, including industrial, biopharmaceuticals, and consumer goods, are focusing on overseas expansion as a key growth strategy [6] - In the industrial sector, overseas orders for AIDC and renewable energy storage equipment are increasing significantly [7] - The healthcare sector is also prioritizing global expansion, with biopharmaceutical companies actively pursuing international collaborations and local sales team development [9] Group 5: Key Recommendations - UBS recommends several core stocks in the technology and semiconductor sectors, including Northern Huachuang (advanced etching/ deposition), Changdian Technology (advanced packaging), and Horizon Robotics (edge AI) [5][12] - In the healthcare sector, companies like WuXi AppTec (CRO/CDMO) and 3SBio (biopharmaceuticals) are highlighted as key beneficiaries of global expansion [12] - The consumer sector sees recommendations for Jason Furniture (overseas expansion) and Leap Motor (new energy vehicles), while Gree Electric Appliances is advised to sell due to margin pressures [12] Group 6: Overall Industry Outlook - The report concludes that China's industrial development in 2026 will be characterized by a dual focus on self-sufficiency in technology and overseas expansion in various sectors [13] - The integration of these two themes is expected to enhance China's economic globalization, with technology supporting overseas expansion and vice versa [13] - Investment opportunities are identified in sectors with low crowding and improving fundamentals, as well as in high-growth areas like AI and semiconductors [13]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has initiated an investigation into Shenzhen Yingjixin Technology Co., Ltd. for misleading statements related to information disclosure, particularly concerning their involvement in the brain-computer interface (BCI) chip sector [1][3]. Group 1: Investigation and Regulatory Actions - The CSRC has opened a case against Yingjixin for misleading disclosures made on January 6, where the company claimed to have launched a chip for BCI applications, which was later clarified to be in the market cultivation phase and not significantly impacting company performance [1][2]. - Other companies, including Ningbo Rongbai New Energy Technology Co., Ltd. and Shenzhen Yahui Long Biotechnology Co., Ltd., have also been investigated for similar misleading disclosures, with Rongbai facing a proposed fine of 9.5 million yuan [1][4]. Group 2: Misleading Information and Market Reactions - Yingjixin's January 6 response on the Shanghai Stock Exchange's E-interaction platform was deemed misleading as it did not accurately reflect the product's launch entity, sales scale, and the significant technical differences from international products [2][3]. - Following the misleading information, Yingjixin's stock price rose by 4.51% on the day of the announcement, despite the subsequent clarification that the product was not yet commercially viable [2][3]. Group 3: Broader Industry Implications - The regulatory actions against multiple companies signal a clear stance from authorities against "hype-driven" disclosures that mislead investors, emphasizing the need for accurate and complete information [4][7]. - Companies are reminded that voluntary disclosures are not exempt from regulations, and misleading statements can lead to significant penalties and regulatory scrutiny [7].

证券日报网讯2月13日，三峡能源（600905）在互动平台回答投资者提问时表示，公司的主营业务为风 能、太阳能的开发、投资和运营，暂无钠离子电池生产业务。 ...

Core Viewpoint - Zhang Lei, Chairman of Envision Group, received the 2026 President's Award from the Energy Institute, recognizing his leadership in global energy transition and marking a significant acknowledgment of Chinese renewable energy on the world stage [1][2]. Group 1: Award Significance - Zhang Lei is the first entrepreneur to receive this award since its establishment in 2022, which is considered the highest honor in the energy sector, akin to a "Nobel Prize" for energy transition [2]. - The award aims to honor individuals who have significantly changed the global energy landscape, with previous recipients including former U.S. Secretary of State John Kerry for his role in the Paris Agreement [3]. Group 2: Envision Group's Contributions - Under Zhang Lei's leadership, Envision has developed a leading AI power system that provides scalable solutions for global energy transition and addresses climate challenges [3]. - Envision's innovations include smart wind turbines, AI power systems, and advanced green hydrogen technologies, contributing to the development of zero-carbon industrial parks [9]. Group 3: Renewable Energy Impact - China has driven down the costs of wind and solar energy by 90% through large-scale innovation, making renewable energy the most competitive and accessible form of energy [6][12]. - The lithium battery industry, as part of China's contributions to the world, supports low-carbon transitions in transportation and power sectors, becoming a key engine for global green industrial revival [7]. Group 4: Future Energy Vision - Zhang Lei emphasizes the need for a future energy system that is sustainable, intelligent, and inclusive, addressing the dual challenges of increasing energy demand and climate crises [5][12]. - The vision includes a shift from competing for scarce resources to collaboratively developing unlimited natural energy, marking the end of the fossil fuel era and the rise of a new, prosperous civilization [15].

（文章来源：每日经济新闻） 每经AI快讯，三峡能源（600905.SH）2月13日在投资者互动平台表示，公司的主营业务为风能、太阳 能的开发、投资和运营，暂无钠离子电池生产业务。 ...

央视网消息：眼下正是春运高峰期，科技护航、服务升级让春运出行更便捷、更舒适。我们先来看看今年春运路上的高科技。春运路 上，"里程焦虑"是不少新能源车主最头疼的事，"充电"成为车主长途出行的关切点。为做好保障，多地高速服务区对充电站进行全面升级，充 电更快、服务也更贴心。 数据显示，该站升级后日均充电车次从50余辆增至100余辆。春运期间，单日充电车次预计将突破200辆。在南京江北新区，供电部门建设 380多个充电桩昼夜运行，布局涵盖"超充+快充+慢充"多种类型，适配不同车型需求。其中还设有4台640千瓦液冷超充桩，可实现"充电10分 钟，续航数百公里"。 移动充电机器人 为新能源车应急补能 近年来，越来越多高速公路服务区告别"充电难、充得慢"困境，持续升级充电服务。这几天，记者在湖北高速服务区走访发现，在春运高 峰时，机动灵活的移动充电机器人也发挥着重要作用。来看记者的报道。 临近傍晚，沪渝高速湖北潜江服务区充电站迎来车流高峰，站内充电车位已全部停满。从武汉返乡的新能源车车主党晨驾车驶入服务区， 他的车辆电量仅剩13%，表显续航70公里，而距离目的地还有50多公里，贸然上路有续航不足的风险。 就在党晨纠结是不 ...

Core Viewpoint - The Hong Kong stock market is undergoing significant adjustments in its major indices, with changes in constituent stocks for the Hang Seng Index and other related indices [2][4][8]. Group 1: Hang Seng Index Adjustments - The Hang Seng Index will increase its constituent stocks from 88 to 90, adding Ningde Times (03750), Luoyang Molybdenum (03993), and Laopu Gold (06181), while removing Zhongsheng Group (00881) [2][4]. - Laopu Gold has shown a strong performance, with a cumulative increase of nearly 20% since the beginning of 2026 [4]. Group 2: Hang Seng China Enterprises Index Changes - The Hang Seng China Enterprises Index will maintain 50 constituent stocks, adding Beike-W (02423) and Horizon Robotics-W (09660), while removing China Resources Beer (00291) and Mengniu Dairy (02319) [6]. Group 3: Hang Seng Composite Index Changes - The Hang Seng Composite Index will add 53 stocks, including East Asia Bank (00023), and remove 28 stocks, increasing its total from 507 to 532 [8]. - The Hang Seng Technology Index will remain unchanged at 30 constituent stocks [8]. Group 4: Market Performance Analysis - Since the beginning of 2026, the Hang Seng Index has risen by 3.65%, while the Hang Seng Technology Index has decreased by 2.82% [10]. - In 2025, both indices saw increases, with the Hang Seng Index up by 27.77% and the Hang Seng Technology Index up by 23.45% [10]. - Among the 88 constituent stocks of the Hang Seng Index, 69 have risen, 18 have fallen, and 1 has remained flat since the end of 2025 [10]. Group 5: Notable Stock Performances - The top performers since the beginning of 2026 include New World Development (41.18%), Techtronic Industries (31.92%), and Pop Mart (31.81%) [11]. - Conversely, the worst performers include Trip.com (-24.22%), Meituan (-20.47%), and NetEase (-13.47%) [11].