Core Viewpoint - The recent regulatory ban on RWA (Real World Assets) has led to a significant downturn in the market, with a drastic drop in business inquiries and project progress from mainland companies to Hong Kong [3][14]. Regulatory Actions - Seven financial associations in China have jointly issued a risk warning prohibiting member units from participating in the issuance and trading of virtual currencies and RWA tokens within the country [5][6]. - This is the first time RWA has been explicitly mentioned and classified by official entities, signaling a strong regulatory stance against virtual currency-related illegal activities [6][8]. Market Impact - The business inquiries from mainland companies regarding RWA projects have plummeted by over 90% in the past two months, with many ongoing projects being put on hold [3][14]. - Companies involved in RWA concepts, such as Langxin Group and Xiexin Energy, have seen their stock prices drop significantly, with some experiencing a decline of nearly 50% from their peak [3][21]. Risk Factors - The risk warning highlights multiple risks associated with RWA tokenization, including false asset risks, operational failure risks, and speculative trading risks, with no RWA tokenization activities currently approved by Chinese financial authorities [7][13]. - The regulatory framework is expanding to cover the entire ecosystem of service providers involved in RWA, not just the project initiators, which lowers the threshold for accountability [6][7]. Industry Trends - Despite the regulatory crackdown, RWA had gained traction in Hong Kong, with over 13 institutions exploring RWA projects in the past two years, covering various underlying assets [9][10]. - The high costs associated with issuing RWA projects in Hong Kong, typically starting at around 2.5 million HKD, have also deterred companies from pursuing these initiatives [10][18]. Future Directions - Some companies are shifting their focus from RWA to RDA (Real Data Assets), a new digital asset form proposed by the Shanghai Data Exchange, which aims to bind data elements with real assets [19]. - The market sentiment has turned cautious, with companies now adopting a more reserved approach to RWA, often stating they have not yet engaged in related business activities [20].

来源：元宇宙车 在这样的市场环境中，XBIT去中心化交易所为投资者提供了参与RWA代币交易的便利渠道。该平台支 持多种数字资产的交易，为用户创造了更加灵活的交易体验。通过XBIT去中心化链上交易平台，用户 能够更好地把握市场机遇，参与到不断发展的数字资产生态系统中。 当前市场环境下，传统金融机构与区块链技术的融合正在加速推进。国际货币基金组织本周呼吁建立统 一的全球稳定币监管框架，这一表态为数字资产行业的规范发展奠定了重要基础。与此同时，Kraken与 德意志交易所的合作伙伴关系进一步拉近了传统金融市场与数字资产领域的距离。 在具体项目层面，Quant代币在近期表现尤为亮眼。数据显示，该代币本月上涨约32%，过去七天涨幅 达到37%，仅在24小时内就增长了12%，成为RWA代币板块中表现最为强劲的项目之一。Quant专注于 金融领域的互操作性解决方案，其Overledger技术能够连接私有和公共区块链，这使得它在机构需求增 强时往往比其他RWA代币反应更为迅速。 媒体资产代币化领域也迎来重要进展。Mugafi宣布与Avalanche建立合作关系，共同推进媒体资产的代 币化进程。这一合作标志着数字内容创作与区块 ...

Core Viewpoint - The recent joint announcement by the People's Bank of China and 13 departments aims to combat virtual currency trading and speculation, with a specific focus on prohibiting activities related to Real World Asset (RWA) tokens for the first time [3][5]. Group 1: Regulatory Actions - Seven major financial industry associations in China have issued a risk warning regarding virtual currencies and RWA tokens, stating that institutions must not engage in related business activities [3][5]. - The warning highlights the rapid rise in virtual currency-related concepts, which have been exploited by criminals for illegal fundraising and scams [3][4]. Group 2: Risks Associated with Stablecoins and RWAs - Stablecoins currently fail to meet requirements for customer identity verification and anti-money laundering, posing risks of being used for money laundering and illegal fundraising [5][6]. - The issuance and trading of RWA tokens are associated with multiple risks, including false asset risks and speculative trading risks, with no approved activities by Chinese financial authorities [5][6]. Group 3: Specific Prohibitions and Requirements - Financial institutions are prohibited from providing services related to the issuance and trading of virtual currencies and RWA tokens, including any form of financial support for virtual currency mining projects [7]. - Internet platform companies must not engage in marketing or technical services for virtual currency and RWA token activities, ensuring compliance in information dissemination [7]. Group 4: Public Awareness and Reporting - The associations emphasize the need for public vigilance against various forms of virtual currency and RWA token activities, urging individuals to report any suspicious activities to regulatory authorities [7].

空气币的"传销式收割"最为隐蔽。以近期备受关注的π币为例，其宣称"手机点点就能挖矿""零成本高回报"，实际通过多级分销体系诱导参与 者"拉人头"，邀请人数与活跃度直接挂钩"挖矿"速度，形成典型的传销模式。2025年7月，Pi Network核心团队被曝抛售1200万枚π币套现80亿 美元跑路，而国内已查处多起相关案件，仅江苏一地团伙涉案金额就超2亿元。这类代币无实质性技术支撑、无明确应用场景，运营机制完全 不透明，所谓"价值"全靠虚假宣传维系，一旦资金链断裂，投资者血本无归。 稳定币则暗藏"非法资金通道"风险。尽管其宣称"与法定货币挂钩"以维持价格稳定，但七家协会明确指出，当前稳定币无法满足客户身份识 别、反洗钱等监管要求，已成为洗钱、集资诈骗、违规跨境转移资金的工具。这种特性使其成为犯罪团伙的"资金搬运工"，2020年GUCS虚拟 币案中，主犯王某某就通过虚拟货币转移犯罪所得，最终导致2.9万投资者损失超17亿元，其本人因集资诈骗罪、洗钱罪被判处无期徒刑。 新兴的RWA代币（现实世界资产代币化）并非"合规避风港"。这类通过代币化权益进行融资的活动，存在虚假资产、经营失败、投机炒作三 重风险，且我国金融管理部 ...

Group 1 - The hotel industry faces a significant challenge with "sleeping assets," which include idle properties, underutilized equipment, and prepaid member rights, amounting to over 1 trillion yuan in value [3][6] - Real World Assets (RWA) technology, based on blockchain, offers a solution by tokenizing these non-standardized physical assets, enabling their fragmentation, tradability, and transparent management [3][5] Group 2 - RWA provides four core values to activate sleeping assets: 1. Digital asset confirmation through blockchain ensures clear ownership and reduces disputes [5][6] 2. Fragmented trading allows for smaller investments, making it accessible to ordinary investors and increasing liquidity [7][8] 3. Dynamic valuation and financing enable real-time asset value assessment, improving financing conditions for hotels [8][9] 4. User rights enhancement allows for cross-brand exchange of loyalty points, increasing their utility and attractiveness [9][11] Group 3 - RWA not only activates existing assets but also reshapes the entire value chain of the hotel industry, transitioning from asset-driven models to ecosystem collaboration [11][12] - The hotel sector can shift from being heavy asset holders to asset managers, reducing debt ratios and focusing on operational efficiency [12][16] Group 4 - The integration of blockchain with AI and IoT is expected to elevate the hotel industry from asset operation to value ecosystem operation, unlocking the full potential of sleeping assets [16]

Core Insights - The International Organization of Securities Commissions (IOSCO) has raised concerns about the risks associated with tokenized assets linked to traditional financial instruments like stocks and bonds, indicating significant regulatory challenges and a lack of consensus among major Wall Street investors [1][3]. Group 1: Tokenization and RWA - Tokenization refers to the process of mapping real-world assets (RWA) such as government bonds, loans, and real estate onto blockchain technology, creating programmable and transferable digital asset tokens [2]. - The monthly settlement volume of stablecoins has reached $1.25 trillion, more than doubling from the previous year, indicating a growing acceptance of blockchain-based financial transactions [2]. - The World Economic Forum highlights that tokenization can provide a unified ledger, real-time settlement, and programmable features, thereby reducing settlement risks and enhancing efficiency [2]. Group 2: Regulatory Concerns - IOSCO notes that most risks associated with tokenization fall within existing regulatory frameworks, but new risks may arise from underlying blockchain technology and transaction vulnerabilities [3]. - The structure of tokenized assets may create uncertainty for investors regarding their ownership of the underlying assets versus merely holding cryptocurrency tokens, raising counterparty risks [3]. - IOSCO warns that tokenized assets could be affected by spillover effects from the volatile cryptocurrency market, potentially leading to significant market disruptions [3]. Group 3: Adoption and Market Sentiment - Despite rising interest in tokenization among global businesses, actual adoption remains limited, with traditional financial institutions still relying heavily on existing market infrastructures [4][5]. - Major financial institutions express that the efficiency gains from blockchain transactions are not uniformly realized, as traditional systems continue to dominate the trading process [5]. - Concerns about legal clarity, operational risks, and market fragmentation persist, leading traditional investors to view the utility of RWA as limited [5].

Group 1 - The concept of RWA and its relationship with the digital economy, digital currency, and crypto assets is discussed. The digital economy includes two processes: industrial digitization and data assetization. Industrial digitization refers to the networked digital processing of economic activities, forming an efficient internet economy and sharing economy, suitable for central bank digital currencies and other cryptocurrencies. Data assetization involves using blockchain technology to lock in value creation outputs through tokenization, transforming data into wealth and assets, applicable to RWA [1] - RWA has characteristics such as widespread trading, convenience, traceability, low cost, high efficiency, and decentralization. These features significantly impact the real estate industry by improving issuance and trading efficiency, drastically reducing intermediary costs, lowering investment thresholds, and enhancing the transparency of the underlying assets [1] - The current global RWA asset value has reached $25.4 billion. Deloitte predicts that by 2035, the value of real estate RWA tokens will reach $4 trillion, with a compound annual growth rate of 27%. However, risks include policy and regulatory risks, technological bottlenecks and risks, systemic risks, valuation challenges, and other types of risks [1]

Investment Rating - The report indicates a positive outlook for RWA tokens in the real estate investment and financing sector, highlighting their potential for innovation and growth [5]. Core Insights - RWA tokens are positioned as a transformative force in the real estate industry, leveraging blockchain technology to enhance liquidity, transparency, and efficiency in transactions [4][33]. - The global RWA asset value has reached $25.4 billion, with projections estimating that the real estate RWA token market could reach $4 trillion by 2035, reflecting a compound annual growth rate (CAGR) of 27% [5][64]. Summary by Sections 1. Purpose of the Research - The research aims to clarify the concept of RWA, its relationship with the digital economy, digital currencies, and its significance in the real estate sector [11]. 2. Digital Economy, Digital Currency, RWA, and Crypto Assets - RWA represents the tokenization of real-world assets using blockchain technology, allowing for the digital representation of ownership and rights [15][24]. 3. Significance of Digital Currency for the Real Estate Industry - RWA enhances liquidity, reduces investment barriers, and improves asset transparency, fundamentally reshaping the real estate market [33][36]. - The characteristics of RWA include widespread accessibility, convenience, traceability, low transaction costs, and high efficiency [31][32]. 4. Application of RWA in Real Estate - RWA tokens are created by packaging real estate projects into special purpose vehicles (SPVs) and issuing tokens that represent ownership rights [45][46]. - The lifecycle of RWA tokens includes asset selection, legal structuring, valuation, compliance, and market trading [46][49]. 5. Development Trends and Risk Prevention for Real Estate RWA Tokens - The report forecasts a significant increase in the RWA market, with a projected value of $16 trillion by 2030 and a focus on the tokenization of real estate assets [64]. - Key risks include regulatory challenges, technological limitations, systemic risks, and valuation difficulties [5][65]. 6. Case Studies - Examples include the first compliant real estate investment trust (REIT) in Hong Kong and a mainland Chinese state-owned enterprise's RWA project, showcasing successful implementations of RWA tokens [74][78].

Core Viewpoint - The company, Lianzhong (06899 HK), announced a strategic move into the cryptocurrency sector, which led to a temporary suspension of its stock trading due to a misstatement in its announcement regarding its affiliate, Allied Gaming & Entertainment Inc. (AGAE) [2][4]. Group 1: Company Announcement - On October 14, Lianzhong mistakenly referred to AGAE as a subsidiary instead of an affiliate in a voluntary announcement [2]. - AGAE has begun investing in Bitcoin (BTC) and increasing its holdings in Ethereum (ETH), marking the initiation of a strategy to incorporate cryptocurrencies into its balance sheet [4]. - The announcement also laid the groundwork for AGAE's broader blockchain applications and the tokenization of Real World Assets (RWA), aiming to integrate blockchain technology with the core gaming and entertainment sectors [4]. Group 2: Blockchain and RWA Strategy - RWA refers to the conversion of real-world assets, such as real estate and bonds, into tradable digital tokens using blockchain technology [4]. - The integration of blockchain technology with the gaming and entertainment industry is expected to reshape the industry's value chain, with cryptocurrency investment being a crucial starting point for this strategic layout [5]. - AGAE plans to expand blockchain-based payment methods across its global IP portfolio, including esports events and immersive entertainment venues, while developing its own RWA tokenization model [5]. Group 3: Market Reaction - Following the announcement, Lianzhong's stock price surged by over 47% in early trading on October 15, although it later decreased to a closing increase of 25.42%, at HKD 0.370 per share [5].

Core Insights - Federal Reserve Chairman Jerome Powell's speech on October 15, 2025, introduced significant variables for both the global macroeconomic landscape and the cryptocurrency market, highlighting rising employment downside risks and the potential end of balance sheet reduction in the coming months [1][5] Employment Market Signals - Powell's comments on slowing non-farm employment growth and rising employment downside risks alleviated market concerns regarding high interest rates suppressing risk assets, leading to a 21% increase in Bitcoin spot trading buy orders and an 18% rise in Ethereum contract trading activity within an hour post-speech [3][5] - The XBIT platform's tools allowed investors to overlay employment data expectations with cryptocurrency price trends, enabling users to capture short-term arbitrage opportunities through features like "market alerts + smart follow-up" [3][5] Inflation Dynamics - Powell emphasized that the August core PCE inflation rate of 2.9% was influenced by tariffs rather than widespread inflationary pressures, resulting in a 34% increase in fund inflows for RWA (Real World Asset) related tokens on the XBIT platform [3][5] - The platform's unique "cross-chain asset flow tracking" module monitored significant fund movements across 18 main chains, helping users identify institutional investments in tokenized government bonds and commercial real estate [3][5] Liquidity Expectations - The signal regarding the potential end of balance sheet reduction sparked market expectations for liquidity easing, with XBIT's "liquidity inflection point monitoring" feature triggering alerts based on AI-generated models predicting a 15% to 20% potential price increase for major cryptocurrencies over the next 30 days [5][7] - The number of users engaging in cross-chain asset allocation increased by 42% within three hours post-speech, with institutional users frequently utilizing the "compliance sandbox 2.0" module for stress testing [5][7] Risk Management and Tools - XBIT's platform updated its macroeconomic data alert module to include delayed official employment data and upcoming Beige Book content, providing users with strategies for adjusting trades in response to policy changes [5][7] - The "fully automated arbitrage engine" on the platform monitored price discrepancies across multiple chains, triggering cross-chain arbitrage when Bitcoin's price exceeded a 3% premium, yielding an average arbitrage return of 0.8% for users on that day [5][7] Overall Market Strategy - For ordinary investors, XBIT's tools facilitate a more precise understanding of the interplay between policy and market dynamics, enabling stable asset allocation amid complex liquidity changes [7] - As the Federal Reserve's policies remain in a state of dynamic adjustment, the cryptocurrency market's sensitivity to policy-related volatility is expected to persist, with XBIT providing comprehensive support from information capture to risk management [7]