智通财经APP获悉，2月6日，央行等八部门联合发布《关于进一步防范和处置虚拟货币等相关风险的通 知》，中国证监会发布《境内资产境外发行资产支持证券代币的监管指引》。国信证券发布研报称， 《指引》首次为境内资产境外发行资产支持证券代币（RWA）建立了明确的监管框架；短期将促使市 场出清不合规项目，长期看，《指引》将奠定合规发展的基石，吸引传统主流资金。该行认为，新规为 具备跨境证券化经验的投行带来明确业务增量，但对参与机构的合规风控能力提出更高要求，合规成本 上升，熟悉传统金融与区块链技术、拥有复合型人才的机构将占据先发优势。 国信证券主要观点如下： 一、政策核心内容概括：构建"备案制"为核心的监管框架 本次发布的《指引》是中国监管机构对境内资产在境外进行证券化并代币化这一金融创新的首次系统性 回应。其核心要点可概括为以下三个方面： 1、明确界定与适用范围。《指引》清晰定义了"境内资产境外发行资产支持证券代币"的概念，即以境 内资产现金流为支持，利用加密和分布式账本技术在境外发行代币化权益凭证的活动。这明确了监管对 象，将RWA代币化纳入证券监管范畴。 2、 确立"备案制"管理核心。这是本次《指引》最核心的机制 ...

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [1] Core Insights - The recent regulatory framework established by the China Securities Regulatory Commission (CSRC) marks the end of the "regulatory vacuum" in the realm of domestic assets issued overseas as asset-backed securities tokens (RWA). This framework is centered around a "filing system" and aims to provide a clear path for compliant institutions to participate in global RWA innovation, benefiting the industry's healthy development in the long term [2][3] - The new guidelines will transition RWA business from "wild growth" to "compliant competition," promoting the exit of non-compliant projects in the short term while laying a sustainable development foundation for the industry in the long term [3][5] - The guidelines emphasize the importance of asset quality and compliance capabilities, shifting market competition from mere concept speculation to a focus on asset selection, structural design, and compliance operations [5][6] Summary by Sections Regulatory Framework - The guidelines clearly define the concept of "domestic assets issued overseas as asset-backed securities tokens," establishing the regulatory scope and including RWA tokenization under securities regulation [4] - A "filing system" is the core mechanism, requiring domestic entities to file with the CSRC before conducting business, ensuring compliance and transparency [4] - A negative list is established, detailing six scenarios under which related businesses cannot operate, thus providing clear boundaries for market participants [4] Impact on RWA Business - The guidelines are seen as a milestone for the nascent RWA business in China, with short-term market clearing and uncertainty reduction expected [5] - Long-term, successful filings will enhance investor confidence and attract traditional financial institutions and asset management companies, leading to increased capital inflow [5] - The core competitiveness of businesses will shift towards asset quality and compliance capabilities, with institutions that can identify and integrate quality underlying assets standing out [5] Implications for Financial Institutions - Investment banks and securitization service providers will benefit from new core business lines, particularly those with cross-border securitization experience [6] - Financial technology and compliance technology companies will find new market opportunities, especially in providing solutions for information disclosure and compliance monitoring [6] - The main challenges include rising compliance costs and the scarcity of professionals who understand both traditional securitization and blockchain technology [6] Investment Recommendations - The implementation of RWA regulatory rules is expected to catalyze investment opportunities in the non-bank financial sector. The report highlights the increasing value of non-bank financial institutions, particularly recommending Citic Securities and Guotai Junan as beneficiaries of the improved market environment and policy implementation [7]