在酒店行业，"重资产、低周转、高负债"长期是制约发展的痛点——大量优质物业、闲置设备、会员权益等"沉睡资产"因流动性差、确权复杂、融资渠道单 一，难以释放价值。而现实世界资产代币化（Real World Assets, RWA）的出现，正以区块链技术为核心，将这些"沉睡资产"转化为可流通、可交易的数字 资产，不仅激活了酒店业的存量资源，更重塑了从资产运营到用户服务的全链条价值逻辑。 一、酒店行业的"沉睡资产"困局：规模与痛点并存 酒店业的资产沉淀规模惊人。据《中国酒店资产管理白皮书》数据，国内酒店存量资产超4万亿元，其中仅闲置物业、未充分利用的设备（如厨房器械、布 草、IT系统）及会员预付费权益（如积分、储值卡）占比超30%，对应"沉睡资产"规模超千亿。这些资产的核心痛点包括： RWA的本质是将这些"非标准化实体资产"映射到区块链上，通过代币化（Tokenization）实现资产的碎片化、可交易化与透明化管理，为破局提供了技术路 径。 二、RWA如何激活酒店"沉睡资产"？四大核心价值 1.资产数字化确权：从"模糊产权"到"链上清晰确权" 区块链的不可篡改与分布式记账特性，可将酒店物业的产权证明、设备购买凭证、 ...

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]

Core Insights - The unprecedented rise of gold prices, surpassing $4000 per ounce, signals growing investor anxiety towards dollar assets, reflecting a shift in wealth dynamics [1][3] - The increasing interest in Real World Asset (RWA) tokenization indicates a search for alternative asset allocations beyond traditional safe havens like gold [1][3] Group 1: Market Dynamics - The surge in gold prices is attributed to rising inflation expectations, geopolitical uncertainties, and deep concerns over U.S. debt, leading to a fracture in trust towards traditional dollar assets [3] - The adoption of stablecoins is expected to facilitate the inflow of trillions of dollars into the dollar, acting as a conduit for traditional capital into the crypto space [3] Group 2: Institutional Involvement - On the same day gold peaked, the crypto market saw significant institutional investment, with a record inflow of $1.19 billion into U.S. spot BTC ETFs, indicating a systematic entry of institutional investors into the market [5] - The launch of innovative financial products, such as structured protection ETFs and tokenization technology ETFs, reflects traditional finance's endorsement of the RWA sector [5][10] Group 3: RWA Tokenization - RWA tokens convert stable cash-flow assets like gold, government bonds, and real estate into blockchain-based tokens, addressing the volatility of native crypto assets and providing stable returns [7] - Companies like Prenetics are exemplifying RWA thinking by combining traditional business revenues with crypto asset reserves, showcasing the integration of traditional and digital asset strategies [8] Group 4: Future Outlook - The current moment is critical for investors to focus on the RWA sector, as the anticipated approval of tokenization technology ETFs and ongoing investments from major players like BlackRock could lead to a qualitative leap in liquidity and recognition [10] - The decentralized exchange XBIT is positioned as a key platform for trading RWA, emphasizing transparency and user control, which are essential for high-trust asset transactions [10]

Core Viewpoint - Derlin Holdings (01709) is actively developing and expanding its digital asset strategy, focusing on the tokenization of private equity investments in well-known tech companies such as ByteDance, Kraken, and E-Self.AI, as well as limited partnership funds related to Derlin Tower and Animoca Brands [1][3] Group 1: Investment Details - The company has acquired approximately $5.7 million in private equity investments through various investment funds or special purpose vehicles (SPVs) for future RWA tokenization purposes [1] - The indirect investment in ByteDance amounts to about $2 million, with an implied valuation of approximately $315 billion [1] - The indirect investment in Kraken is around $3 million, with an implied valuation of about $15 billion [2] - The indirect investment in E-Self.AI is approximately $700,000, with an implied valuation of around $21 million [2] Group 2: Tokenization Strategy - The company plans to implement tokenization of the SPVs holding these investments, collaborating with Asseto Holdings Limited to utilize blockchain technology for ownership structure representation [3] - The strategic rationale for the RWA tokenization plan includes enhancing transparency, increasing liquidity for traditionally illiquid private equity investments, and achieving efficient asset management [3] - The anticipated tokenization of these investments is expected to improve operational efficiency and potentially unlock future value from high-growth tech assets [3] Group 3: Regulatory and Development Updates - The company is working towards regulatory approval for the tokenization of limited partnership interests in Derlin Tower and Animoca Brands [4] - The expected timeline for entering the technical deployment and compliance phase for Derlin Tower LPF RWA tokenization is Q4 2025, with a goal to launch token distribution and platform operations in early 2026 [4] - The Animoca Brands LPF tokenization project has received support from Ripple Labs and has been approved for the Hong Kong Cyberport "Blockchain and Digital Asset Pilot Funding Scheme" [5] Group 4: Market Impact - The tokenization of traditionally locked limited partnership interests into digital tokens allows investors greater flexibility in asset allocation while ensuring compliance [6] - This development significantly reduces transaction costs and time, opening new liquidity channels for the multi-trillion-dollar global private equity market [6] - The company's efforts highlight its commitment to combining real estate assets and innovative private equity fund tokenization with cutting-edge blockchain technology to enhance transparency, liquidity, and accessibility [6]

Core Insights - The report discusses the transformation of real estate asset securitization from traditional methods to tokenization through blockchain technology, highlighting the advantages of Real World Assets (RWA) in enhancing investment logic and accessibility [1][2]. Group 1: RWA Definition and Advantages - RWA refers to the tokenization of tangible and intangible assets using blockchain technology, allowing for efficient trading and global access [17]. - RWA enhances liquidity and lowers investment barriers by fragmenting large assets into smaller tokens, enabling broader participation from investors [19][21]. - Compared to traditional Asset-Backed Securities (ABS), RWA covers a wider range of assets, simplifies structures, and significantly reduces costs [19][20]. Group 2: Development and Market Growth - Since its inception in 2017, RWA has evolved from a conceptual phase to rapid market expansion, particularly from 2023 onwards [3][4]. - As of August 26, 2025, the total on-chain RWA value reached $26.65 billion, with private credit and U.S. Treasury bonds being the primary assets [4]. - The issuance scale of global on-chain RWA was $15.5 billion in 2024, marking a 256% year-on-year increase, and $14.9 billion in the first half of 2025, reflecting a 142% growth [4]. Group 3: RWA in Real Estate - RWA tokenization in real estate allows for the conversion of property ownership or income rights into tradable digital tokens, with three core models: equity tokens, debt tokens, and income rights tokens [5]. - Projects like the Hong Kong office building RWA have demonstrated significant improvements in liquidity and financing costs compared to traditional Real Estate Investment Trusts (REITs) [6]. - Major players in the real estate sector, such as New City Group and Greenland Holdings, are actively exploring RWA opportunities to enhance their financing strategies [6]. Group 4: Technical Framework and Participants - The technical architecture of RWA consists of four layers: blockchain base, smart contract layer, middleware, and application layer, ensuring modular and scalable support [30][31]. - Key participants in the RWA ecosystem include asset issuers, technology service providers, exchanges, DeFi protocols, compliance service providers, and regulatory bodies [24][26][27]. - The integration of oracles, cross-chain interoperability, and IoT devices enhances data transparency and asset monitoring within the RWA framework [31].

Core Insights - The establishment of ALMAD Group by Zheng Zhigang marks a strategic shift towards investing in digital assets and RWA tokenization, reflecting a broader trend among the new generation of wealthy families in Hong Kong [2] - RWA tokenization is gaining traction in the real estate sector, addressing liquidity issues and enabling fractional ownership of high-value assets through blockchain technology [3][4] - The global RWA market is projected to reach $26.7 billion by August 2025, with a significant increase of over 50% compared to the previous year [4] Group 1: RWA Tokenization Developments - New City Development has launched a digital asset research institute in Hong Kong to explore RWA product issuance [3] - Greenland Group has successfully completed its first RWA project, tokenizing a high-end office asset in Hong Kong valued at HKD 2.9 billion [3][4] - RWA tokenization allows for the division of large assets into smaller, tradable digital shares, significantly lowering investment thresholds for retail investors [4][5] Group 2: Market Dynamics and Opportunities - The RWA market is seen as a solution to the liquidity challenges in the traditional real estate market, particularly for large operational real estate projects [3][4] - The entry of companies like Kaisa Capital and New City Development into the RWA space indicates a strategic pivot towards digital financial innovation within a compliant regulatory framework [8][9] - The RWA market is characterized by a diverse range of participants, including technology firms, financial institutions, and real estate companies, all leveraging their unique strengths to capitalize on this emerging trend [10] Group 3: Challenges and Considerations - The RWA market faces challenges related to the quality of asset supply, with a need for stringent selection mechanisms to ensure asset quality and investor confidence [12][13] - The dual role of asset owners and sellers in the RWA space raises concerns about the objectivity and fairness of asset pricing [11][12] - The market's current stage requires enhanced investor education and a robust regulatory framework to foster trust and facilitate growth [13]