近期，金价又一次创历史新高，COMEX黄金期货价格已经突破4000美元/盎司。 看着飞涨的金价，不少错过的朋友都有些心痒痒。也有不少朋友感到好奇——黄金究竟还能买吗？到底是什么原因在推动金价上涨？ 二是美联储降息。9月份，美联储降息25个基点，美元走弱，而且美元进一步降息的预期也不断增强，黄金这类以美元计价的大宗商品自然就更加值钱 了。 三是全球央行也一直在增持黄金。为了分散外汇风险、减少对美元资产的依赖，全球各国央行都在持续增持黄金，这也为金价提供了坚实的长期支撑。 但有意思的是，这一轮金价上涨的行情，还不仅仅依托于传统资产的故事，它和数字金融世界的联系也越来越紧密，尤其是比特币和RWA（Real-World Assets，即真实世界资产代币化）。 首先，金价上涨最直接的推动力来自于三重因素。 一是避险情绪升温。如今，全球经济复苏还不稳固，美国就业数据突然下修，以及美国政府停摆的风险，让大家于财政和政治风险更加担忧，加上地缘冲 突持续，也让投资者更愿意持有黄金这样的避险资产。 「 今天，我们就从传统黄金、数字金融、当前市场情绪等角度，聊一聊这一轮金价上涨的底层逻辑。 这时，有些朋友就会问了，为什么近期RWA ...

在深圳南山的咖啡馆里，一场围绕 "项目能否赴港做 RWA" 的讨论正热烈展开。这样的场景，近几个月在大湾区遍地开花。从朗新集团的充电桩收益权，到 华夏基金的金融产品，再到太平洋保险的相关资产，越来越多企业将目光投向香港 RWA 赛道，一场 "真实世界资产代币化" 的热潮正悄然掀起。 什么是 RWA？看完秒懂 RWA，即 "真实世界资产代币化"，简单说就是把现实中的资产 —— 比如充电桩、光伏电站、房产租金、农产品等 —— 通过区块链技术变成可交易的数字 代币。它搭建起一条 "境内资产→香港确权→全球流通" 的新通道，让传统资产插上了 "数字化翅膀"。 截至 2025 年 7 月底，全球链上 RWA 资产总市值已突破 250 亿美元（不含稳定币），波士顿咨询等机构更是预测，到 2030 年这个市场规模有望冲至 10 万 亿美元。如此大的蛋糕，自然吸引了众多玩家：不仅有朗新集团、协鑫能科、巡鹰集团等实体企业，华夏基金、太平洋保险等金融机构也纷纷入局，蚂蚁数 科、OSL 等则成为背后的技术支撑。 赴港 RWA 火了！哪些企业在抢滩？ 2024 年至今，已有 13 家机构在香港成功落地 RWA 项目，底层资产覆盖广泛 ...

Core Viewpoint - The article discusses the rising trend of Real World Assets (RWA) tokenization in the Greater Bay Area, highlighting its potential benefits and challenges for companies seeking to leverage this new financing model [4][5]. Group 1: RWA Tokenization Overview - RWA refers to the tokenization of real-world assets into tradable digital asset certificates using blockchain technology, with over 13 institutions exploring this model in the past two years [4][7]. - Companies are increasingly interested in RWA not just for financing but also for brand exposure and potential stock price enhancement [4][13]. Group 2: Recent Developments and Case Studies - Since 2024, notable companies like Langxin Group and Huaxia Fund have successfully issued RWA projects, with underlying assets including funds, bonds, and real estate [7][8]. - The total market value of global on-chain RWA assets surpassed $25 billion by July 2025, with projections suggesting the market could exceed $10 trillion by 2030 [9]. Group 3: Challenges and Risks - The costs associated with issuing RWA projects in Hong Kong can be high, often exceeding HKD 2.5 million, which may deter some companies from pursuing this route [11][12]. - Not all assets are suitable for RWA; successful tokenization requires stable cash flows, clear legal rights, and verifiable off-chain data [18][19]. Group 4: Regulatory Environment - The regulatory landscape for RWA is still evolving, with a need for clear classification and compliance pathways based on asset characteristics [19][20]. - There are concerns about systemic risks if transparency and custodial measures are not adequately enforced [20][21]. Group 5: Future Prospects - RWA could provide a new avenue for Chinese companies to return to the Hong Kong market, offering a more flexible and faster alternative to traditional secondary listings [24][25]. - The development of RWA is expected to align with economic trends, with potential breakthroughs in cross-border financial products and limited trials for equity assets [25].

Group 1 - The summit forum titled "Web3.0 + RWA Empowering a New Ecosystem for the Real Economy" was held in Hangzhou, focusing on the integration of Web3.0 technology and Real World Assets (RWA) to drive innovation in the real economy [1][3] - The event gathered over 200 representatives from traditional businesses and distributors to explore new pathways for the transformation and upgrading of the real economy [1] - The combination of Web3.0 and RWA is expected to reconstruct the value circulation system of the real economy, providing new financing solutions for small and medium-sized enterprises through blockchain technology [3] Group 2 - Dr. Yin Sheng, Chairman of Raiffeisen Capital in Singapore, highlighted that RWA tokenization can break traditional financing barriers and help companies access international capital markets through compliant digital asset issuance [5] - RWA is not only a technological innovation but also an upgrade of financial paradigms, with the potential to reshape the liquidity of trillion-dollar real assets in the next five years [5] Group 3 - Chang Ming, Executive President of Easy Station Green Technology Group, shared practical cases of RWA in retail and supply chain sectors, illustrating how Web3.0 and RWA can transform consumer spending into on-chain rights [7] - Representatives from various enterprises shared their experiences on how RWA can enhance brand value and optimize supply chains, generating enthusiastic responses from attendees [8] Group 4 - The forum included interactive elements such as corporate roadshows and performances, aimed at promoting cross-industry collaboration [10] - The closing remarks emphasized that the event marks the beginning of the integration of Web3.0 and the real economy, with plans to continue building resource connection platforms to facilitate more RWA projects [11] Group 5 - The forum served as a platform for exchanging cutting-edge ideas and validating the feasibility of Web3.0 technology empowering the real economy through practical cases [13] - There is a consensus among participating companies that Web3.0 and RWA will become the core link between real assets and the digital economy, with market-oriented, scenario-based, and ecological development being key future directions [13]

Core Viewpoint - The development of stablecoins and Real World Assets (RWA) may lead to significant changes in the global monetary and financial systems, potentially creating a parallel decentralized system alongside the current centralized one, similar to the impact of AI on the global economy [1] Group 1: Monetary System - The essence of money is a "social consensus" and a "recording tool" that facilitates the exchange of labor and goods, with its value being largely dependent on public trust and recognition [4][5] - The formation of social consensus around a currency requires its scarcity to be maintained; excessive issuance can lead to inflation, undermining trust in the currency [6][7] - Legal tender serves as a centralized recording tool, relying on government trust to maintain its value and scarcity [7] Group 2: Stablecoins - In the context of increasing distrust in centralized monetary systems, stablecoins have emerged as a decentralized alternative, leveraging blockchain technology to create a shared, immutable ledger [10][11] - Stablecoins, particularly those backed by fiat currencies, dominate the market, accounting for 99% of the stablecoin market share since 2014, and can be viewed as digital representations of cash [11][12] - The rise of stablecoins may lead to a reconfiguration of the global monetary system, breaking down national borders and allowing for a more fluid exchange of value across different economies [12][13] Group 3: Real World Assets (RWA) - RWA represents the tokenization of real-world assets on the blockchain, allowing for decentralized trading and ownership of assets like stocks and bonds, similar to asset-backed securities [16][17] - The development of RWA could create a new financial market that operates parallel to traditional centralized markets, enabling direct wealth management on the blockchain without reverting to fiat currencies [17][18] - RWA can also enhance the monetary system by allowing tokenized assets to be used as currency for transactions, thereby expanding the definition of what can be considered money [18]