文/ 国信证券股份有限公司投资银行事业部执行总经理 邵鹤令 RWA将现实世界中的实体资产与数字世界中的数字资产相链接，为实体 经济数字化转型和金融服务创新提供新的途径。中国香港率先探索RWA 创新实践，为中国内地企业借助离岸国际金融中心发布RWA通证创造了 条件。在数实融合的浪潮中，中国内地企业已开始探索合规化的RWA跨 境融资模式，为数字金融提供全新的解决方案。 实体经济与数字经济的融合发展，已成为经济发展的重要趋势。随着数实融合的深化，数字金融的创新模式不断涌现， RWA（Real World Assets，真实世 界资产）是其中备受关注的一种路径。RWA将现实世界中的实体资产与数字世界中的数字资产相链接，为实体经济数字化转型和金融服务创新提供新的 途径。在Web3.0的数字生态系统中，RWA是指将现实世界中的房地产、基础设施、收益权、艺术品、贵金属、大宗商品、知识产权、股票、债券、基金 等有形资产或无形资产，通过区块链等数字技术进行数字化映射和上链，以数字化、代币化的方式来表示、融资和交易的一种新型资产形式，从而实现数 字经济时代更透明、更高效、更安全的资产管理和交易。 做好数字金融大文章，对于建设金融 ...

在科技飞速发展的今天，一个名为 RWA（Real World Assets，真实世界资产） 的概念，正逐渐从金融科技的"专业术语"走向更广泛的视野。2025年下半年， 我们看到RWA不再仅仅是前沿探索，而是展现出更清晰的应用路径和潜力。它如同一座桥梁，正在尝试将我们熟悉的、有形的现实世界资产，与充满创新 与效率的数字世界连接起来。今天，我们就来聊聊RWA，看看它究竟在做什么，以及它可能带来的变化。 一、 RWA到底是什么？简化理解"资产上链" 想象一下： 你有一套闲置的房产，除了出租或出售，有没有可能让它以更灵活的方式参与流通，甚至吸引全球范围内的潜在投资者？ 一家中小企业拥有一批优质设备或应收账款，除了传统银行贷款，能否找到更快捷、透明的融资渠道？ 一件珍贵的艺术品，其所有权能否被更精确地记录和分割，方便爱好者共同拥有和流转？ RWA的核心目标，就是尝试解决这些问题。 它的本质是：将现实世界中存在的、有价值的资产（如房产、大宗商品、企业债券、设备、知识产权、艺术品 等），通过技术手段（主要是区块链），将其所有权、收益权或其他权益，转化为可以在数字世界（区块链网络）上表示、记录和交易的"数字凭证"或"通 证" ...

Core Viewpoint - RWA (Real World Assets) represents a paradigm shift from "digital bubbles" to "real asset generation," utilizing blockchain technology to tokenize physical assets for global trading, attracting significant institutional interest [1][3]. Group 1: Definition and Mechanism - RWA refers to the tokenization of real-world assets, enabling fractional ownership and liquidity for traditionally illiquid assets like real estate and equipment [3]. - The technology allows for the creation of tokens that represent a share of the operational revenue from assets, making investment accessible to smaller investors [3][4]. - RWA aims to address the market's need for assets that anchor real value, contrasting with speculative cryptocurrencies [3][4]. Group 2: Market Applications and Trends - RWA has transitioned from concept to practical applications, with high-quality assets like U.S. Treasury bonds and structured credit being prioritized for tokenization [6]. - The potential for RWA extends to various asset classes, including real estate, renewable energy, and public projects, characterized by high value, low liquidity, and stable returns [6][8]. - Major tech companies are increasingly entering the RWA space, recognizing the strategic opportunity for transformation in the financial technology sector [7][8]. Group 3: Challenges and Risks - Despite the optimism surrounding RWA, the market faces challenges, including the proliferation of pseudo-RWA projects that undermine trust [9][11]. - Regulatory compliance remains a significant barrier, with many RWA projects limited to primary markets and professional investors, leading to liquidity issues [9][10]. - The complexity of asset rights and ownership distribution poses technical challenges, particularly in sectors like distributed solar energy [10][11]. Group 4: Future Outlook and Recommendations - The future of RWA could be promising if legal frameworks, technical standards, and market mechanisms are effectively coordinated [12]. - Establishing clear legal attributes and rights for RWA assets, along with standardized asset evaluation and disclosure practices, is essential for market health [12]. - Collaboration between financial intermediaries and regulatory bodies is necessary to ensure the integrity and security of RWA transactions [12].