报告由国家金融与发展实验室（NIFD）发布，聚焦Web3.0时代资产代币化的发展逻辑、市场现状、风险挑战及未来趋势，剖析其对传统金融体系的变革意 义，为行业参与者与监管层提供参考。 资产代币化的核心逻辑源于对"阿罗-德布鲁完备市场"的追求，即通过区块链技术将虚拟加密资产与现实资产打包分割为可编程、可组合、可原子结算的代 币，降低交易成本，无限逼近"覆盖所有未来状态"的理想金融市场。与资产证券化相比，代币的三大特性（可编程性、可组合与可分割性、7X24小时原子 结算）使其在资源时间配置效率上更具优势，成为去中心化金融（DeFi）的基础，未来或全面替代传统银行与资本市场体系。 市场发展层面，Web3.0技术为资产代币化提供支撑。Web3.0以区块链为核心，实现用户对数据的所有权控制，推动虚实世界融合，分数字孪生、数字原 生、元宇宙三阶段演进。截至2025年一季度，全球Web3钱包用户达5.8亿，市值突破4.3万亿美元，工业互联网等领域已开启规模化应用。资产代币化分类清 晰，稳定币（法币抵押型为主，如USDT）承担虚实世界价值交换功能，2025年美国《天才法案》明确其100%储备要求；非稳定币涵盖加密货币（如比特 ...

Group 1 - The fund is a bond-type fund, with a minimum investment in bonds of 80% of its assets, except for specific periods [7][22] - The fund primarily invests in asset-backed securities (ABS) and mortgage-backed securities (MBS), which are financial instruments that pay interest based on cash flows from underlying asset pools [9][22] - The fund operates on a rolling basis with closed and open periods, requiring investors to submit subscription and redemption requests during open periods [10][23] Group 2 - The fund does not charge subscription or application fees for Class C shares [17] - Operational fees will be deducted from the fund's assets, including transaction costs and estimated annual audit and disclosure fees [18][19] - The fund's performance is influenced by various risks, including market risk, credit risk, and liquidity risk [10][24]