投资逻辑 受美伊冲突、美国 2025 年第四季度 GDP 低于预期的影响，本周加密市场转冷。本周 BTC 收盘价为 6.59 万美元， 周环比下滑 3.1%，持仓均价进一步小幅下滑至 54,582 美元/枚；ETH 收盘价为 1,931 美元，周环比下滑 1.9%。加密 货币恐惧贪婪指数本周为 14，市场情绪依然处于极度恐惧区间，交易略有回暖。 全球政策与产业新闻方面：香港将建设数字债券平台并对接区域代币化枢纽，此前已多次发行政府代币化债券。英国 监管机构拟允许加密货币用于博彩支付。法国巴黎银行启动代币化试点，推出法国货币市场基金链上份额。 WisdomTree 获 SEC 批准，实现代币化货币市场基金全天候交易。金融科技和保险巨头 TruStage 试点面向信用合作 社的数字货币。麦通 MSX 拟上线 Pre-IPO 版块，首期将与 Republic 合作推出超千万美元的独角兽申购额度。 公司新闻方面：Coinbase 面向美国所有用户开放股票交易，并与 Yahoo Finance 建立合作，用户可以从在 Yahoo Finance 上研究资产，一键切换到 Coinbase 执行交易。矿企 MARA 将与喜 ...

香港首个地产RWA项目被业界关注，源于香港核心商业区实体资产的代币化不仅将提升资产的流动性和交易效率，也 可给传统商业地产与数字金融融合提供合规范本。 摄/焦建 通过持牌监管与信息披露机制确保风险可控保证监管有效一致，中国香港将成为制度创新的窗口，促进国际数字金融 市场之间的互联互通 文｜《财经》特派香港记者 焦建 编辑｜苏琦 中国香港特区首批稳定币牌照开闸在即，当地RWA发行也因聚焦于"境外资产境外发行"及商业化落地加速迎来热潮。 2月下旬，中国香港首个地产RWA项目被放行。 所谓RWA，是Real World Assets Tokenization的英文缩写，中文则可被翻译为现实世界资产化、通证化，以及在香港较 多使用的现实世界代币化等。据香港证监会发布的定义，代币化一般涉及使用相关技术将传统分类账中所记录的资产 权利记录于可编程平台过程。 按照2月26日德林控股集团有限公司（01709.HK，下称德林控股）方面透露的消息显示，其两项RWA代币化产品于近 日获得香港证监会批准。具体而言，将涉及德林证券分销RWA代币及德林数字家办对旗下基金权益进行代币化。此次 代币化发行的两大标的分別为持有香港中环德林大厦 ...

被市场称为虚拟货币领域"史上最严"的监管新规近日正式落地。 2月6日，央行联合八部门发布《关于进一步防范和处置虚拟货币等相关风险的通知》（下称《通 知》），再次重申虚拟货币相关业务活动属于非法金融活动，并首次明确任何单位和个人不得在境外发 行挂钩人民币的稳定币。 与此同时，证监会同步发布具有实操意义的附件《关于境内资产境外发行资产支持证券代币的监管指 引》（下称《指引》），首次正面定义现实世界资产（RWA）代币化，并确立"境内严禁、境外严 管"的监管原则。 八部门协同发力联合绞杀非法金融活动，由此形成了对虚拟货币全链条的严格管控。 在此次新规对境内主体赴境外开展虚拟货币业务实施严监管、明确境外发币红线的背景下，北京大成律 师事务所高级合伙人肖飒认为，从现实落地的角度，内地重申加密资产监管态度，意味着内地大型企业 会继续审慎，科技巨头未来可能不会继续申请稳定币牌照。 不过肖飒也提出，从制度看，内地企业的海外控股公司不能发行虚拟货币，但合作公司是否可以参与发 行稳定币，值得探讨，并未被完全封死机会。同时，虽然不能直接发币，但不意味着海外控股公司不能 参与WEB3.0的基础设施建设和科技赋能服务。 从香港稳定币牌照 ...

2026.02. 08 本文字数：2970，阅读时长大约5分钟 作者 | 第一财经 杜川 与此同时，证监会同步发布具有实操意义的附件《关于境内资产境外发行资产支持证券代币的监管指 引》（下称《指引》），首次正面定义现实世界资产（RWA）代币化，并确立"境内严禁、境外严 管"的监管原则。 八部门协同发力联合绞杀非法金融活动，由此形成了对虚拟货币全链条的严格管控。 人民币稳定币境外发行被禁 2025年以来，稳定币市场热度持续攀升的同时，风险防控与合规边界也为各方所关注。伴随《稳定 币条例》在香港落地生效，香港稳定币发行人牌照发放进程备受市场瞩目。在牌照申请热潮中，部分 内地科技巨头的布局与走向成为焦点。此前，相关机构曾参与香港稳定币测试与筹备，一度被视为首 批牌照的热门候选。 此次《通知》在重申虚拟货币相关活动属于非法金融活动的基础上，首次以规范性文件形式明确核心 监管要求：挂钩法定货币的稳定币在流通中变相履行法定货币部分功能，未经相关部门依法同意，境 内外任何单位和个人不得在境外发行挂钩人民币的稳定币；同时严格规范境内主体境外展业行为，境 内主体及其控制的境外主体未经批准不得在境外发行虚拟货币。 "这会直接掐断 ...

"这会直接掐断国内机构相关稳定币的违法发行源头。" 被市场称为虚拟货币领域"史上最严"的监管新规近日正式落地。 2月6日，央行联合八部门发布《关于进一步防范和处置虚拟货币等相关风险的通知》（下称《通 知》），再次重申虚拟货币相关业务活动属于非法金融活动，并首次明确任何单位和个人不得在境外发 行挂钩人民币的稳定币。 人民币稳定币境外发行被禁 2025年以来，稳定币市场热度持续攀升的同时，风险防控与合规边界也为各方所关注。伴随《稳定币条 例》在香港落地生效，香港稳定币发行人牌照发放进程备受市场瞩目。在牌照申请热潮中，部分内地科 技巨头的布局与走向成为焦点。此前，相关机构曾参与香港稳定币测试与筹备，一度被视为首批牌照的 热门候选。 此次《通知》在重申虚拟货币相关活动属于非法金融活动的基础上，首次以规范性文件形式明确核心监 管要求：挂钩法定货币的稳定币在流通中变相履行法定货币部分功能，未经相关部门依法同意，境内外 任何单位和个人不得在境外发行挂钩人民币的稳定币；同时严格规范境内主体境外展业行为，境内主体 及其控制的境外主体未经批准不得在境外发行虚拟货币。 "这会直接掐断国内机构相关稳定币的违法发行源头。"博通分析金融 ...

Core Insights - The global RWA market is expected to double to $17.3 billion by 2025, supported by Hong Kong policies, with both state-owned and private enterprises actively participating [1] - RWA technology allows for the tokenization of real assets, enabling ordinary individuals to invest in quality assets with low entry barriers [3] Group 1: Definition and Mechanism - RWA refers to issuing "digital certificates" for real assets, transforming traditional assets like real estate and government bonds into tradable tokens via blockchain technology [3] - Each token corresponds to the income generated by the real asset, making it an asset-inclusive tool [3] Group 2: Practical Applications - Real Estate: Investment thresholds significantly lowered, with some projects allowing participation from as low as $1,000 [5] - Supply Chain Finance: Financing costs for SMEs reduced by approximately 30%, with a significant decrease in risks related to warehouse receipts [5] - Energy Assets: Real-time tracking of photovoltaic power generation on the blockchain, with automatic distribution of income to token holders [5] - Financial Assets: Participation in debt-related asset configurations starting from $1,000, with issuance cycles shortened to 72 hours [6] Group 3: Key Advantages - Low Entry Barriers: Traditional high barriers for quality assets are broken, allowing ordinary individuals to share in core asset returns [8] - Efficient Settlement: 24/7 processing capabilities enhance transaction efficiency, especially for cross-border trades [8] - Cost Reduction: Financing costs can be reduced by 30%-60% due to the replacement of some intermediary roles with smart contracts [8] - Strong Compliance: The implementation of Hong Kong's Stablecoin Regulation and orderly progress of pilot projects in Hainan enhance the compliance framework [8] Group 4: Opportunities and Market Trends - Investment Threshold Optimization: The minimum investment for some compliant projects has been reduced from HKD 8 million to HKD 2,100 [9] - Market Expansion: More asset types, including intellectual property and commodities, are gradually being included in the tokenization scope [9] - Increased Compliance Services: Several brokers in Hong Kong are actively applying for relevant business qualifications, leading to a growing supply of compliant services [9] - The RWA industry is accelerating, with policy support, capital investment, and industry practices driving growth, and the global market is projected to exceed $16 trillion by 2030 [12]

有關 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 GoFintech Quantum Innovation Limited 國富量子創新有限公司 （前稱 GoFintech Innovation Limited 國富創新有限公司） （於開曼群島註冊成立之有限公司） 網址：https://290.com.hk （股份代號：290） 自願性公告 與金涌投資有限公司之戰略合作 之補充公告 茲提述國富量子創新有限公司（「本公司」）日期為二零二五年八月二十六日有關（其 中包括）戰略合作之自願性公告（「該公告」）。除另有界定外，本公告所用詞彙與 該公告所界定者具有相同涵義。 本公司謹此向本公司股東及潛在投資者提供有關戰略合作之補充資料。 戰略合作 — RWA代幣化產品及RWA項目 鑒於本公司與金涌投資簽署之戰略合作備忘錄僅構成合作之指示性框架，擬開展 之RWA 代幣化產品及RWA 項目目前仍在考量及評估中。於本公告日期，該等產品 及項目可能包括符合以下條件的 ...

Core Viewpoint - The article discusses the emerging concept of "RWA tokenization" in the real estate sector, which is being promoted as a new investment opportunity with high returns, despite warnings from industry experts about potential risks and regulatory concerns [1][4][15]. Group 1: RWA Tokenization Overview - "RWA tokenization" refers to the process of converting real-world assets, such as real estate, into digital tokens on a blockchain, allowing for fractional ownership and investment [15]. - The market for RWA is projected to grow significantly, with estimates suggesting it could reach $16 trillion by 2030 and $30 trillion by 2034 [15]. - The concept is gaining traction in various regions, with examples of successful implementations in places like Dubai and Japan, where regulatory frameworks are being established to support such initiatives [20][21]. Group 2: Investment Opportunities and Promotions - Promoters of RWA tokenization are advertising high returns, claiming that investments as low as 3,000 yuan can yield significant profits, such as 10,000 yuan in annual dividends [6][7]. - Various partnership tiers are being offered, with escalating investment amounts leading to greater rewards and potential ownership of property management rights [7][8]. - The promotion of RWA tokenization is being conducted through social media platforms, targeting individuals looking for new investment avenues [5][6]. Group 3: Regulatory Concerns and Risks - Experts caution that any investment promising guaranteed returns should be approached with skepticism, as many such schemes may be fraudulent or illegal [4][14][17]. - In mainland China, the regulatory environment remains cautious, with past announcements prohibiting unauthorized token issuance and financing activities [16]. - The legal status of RWA tokenization in China is unclear, as current laws require real estate ownership changes to be registered through official channels, complicating the legitimacy of tokenized assets [16][23]. Group 4: Market Trends and Developments - Some Chinese companies are exploring RWA tokenization in Hong Kong, where regulations are more favorable, indicating a potential shift in investment strategies [22][23]. - The article highlights the importance of due diligence for investors, emphasizing the need for legal documentation and regulatory compliance before engaging in RWA projects [23].

Core Viewpoint - The emergence of "RWA tokenization" as a new concept in real estate financial products is gaining traction on social media, with claims of significant wealth opportunities, but experts warn of potential risks and regulatory concerns [1][10][12]. Group 1: RWA Tokenization Concept - "RWA tokenization" refers to the process of converting real-world assets into digital tokens on the blockchain, aiming to enhance liquidity for traditionally illiquid assets like real estate [10][11]. - The market for RWA is projected to grow significantly, with estimates suggesting it could reach $16 trillion by 2030 and $30 trillion by 2034 [11]. Group 2: Investment Opportunities and Claims - Promoters of RWA tokenization claim that investing in real estate tokens can yield high returns, such as a promise of over 100,000 yuan in annual dividends for a 30,000 yuan investment [1][2]. - Various investment tiers are presented, with claims that investing 100,000 yuan could lead to becoming a billionaire in digital assets within three years [2]. Group 3: Regulatory Environment - In mainland China, the regulatory stance on RWA tokenization remains cautious, with previous announcements banning unauthorized token issuance and financing activities [11][12]. - Experts caution that RWA products marketed as "real estate income rights" may be considered illegal fundraising or financial fraud under current laws [12]. Group 4: Global Trends and Local Developments - Internationally, there is a growing trend towards supporting RWA tokenization, with examples from Dubai and Japan showcasing successful implementations [13][14][15]. - In Hong Kong, the government is actively promoting RWA tokenization, with recent legislative changes aimed at facilitating this market [15][16].

Core Viewpoint - The emergence of "RWA tokenization" in real estate financial products raises concerns about regulatory evasion and high-return promises, which should be approached with caution [1][13][15]. Group 1: RWA Tokenization Concept - "RWA tokenization" refers to the process of converting real-world assets into digital tokens on the blockchain, aimed at enhancing liquidity for traditionally illiquid assets like real estate [13][14]. - The market for RWA is projected to grow significantly, with estimates suggesting it could reach $16 trillion by 2030 and $30 trillion by 2034 [14]. Group 2: Investment Opportunities and Risks - Promotional claims suggest that investing in RWA tokenized real estate could yield substantial returns, such as a 10x return on a $3,000 investment [2][3]. - However, experts warn that such high-return promises are often indicative of potential scams or illegal fundraising activities, especially in regions where RWA is not officially sanctioned [15][16]. Group 3: Regulatory Landscape - In mainland China, the regulatory environment remains cautious, with past announcements prohibiting unauthorized token issuance and fundraising activities [14][15]. - In contrast, Hong Kong has begun to explore RWA tokenization within a regulatory framework, indicating a more open approach to digital asset development [18][19]. Group 4: Global Trends and Case Studies - Internationally, there have been successful examples of RWA tokenization, such as in Dubai, where a real estate tokenization project sold out in under two minutes, attracting global investors [17]. - Japan is also advancing in this area, with financial institutions converting real estate into blockchain tokens under a legal framework that ensures the validity of ownership transfers [18].