未知机构：山证电新架重点推荐2026年2月6日中国人民银行等-20260210

Summary of Key Points from the Conference Call Industry Overview - The document discusses the regulatory framework for Real World Asset (RWA) tokenization in China, as outlined in a notification issued by the People's Bank of China and eight other departments on February 6, 2026 [1]. Core Insights and Arguments - RWA is defined as the process of using cryptographic technology and distributed ledger or similar technologies to convert ownership rights, income rights, and other interests into tokens or other rights and debt certificates for issuance and trading [1][2]. - The regulatory principles emphasize strict prohibition within China and stringent management for overseas activities, clarifying the legality of RWA [2]. - Currently, any form of RWA token issuance, trading, and related services is strictly prohibited within mainland China [2]. - Companies wishing to engage in asset securitization and other RWA activities must first file with the China Securities Regulatory Commission (CSRC) and comply with strict regulations [2]. - The CSRC has issued guidelines for the regulation of digital assets, indicating that companies controlling the underlying assets in China must file with the CSRC before conducting RWA activities overseas [2]. - This new policy represents a significant shift in the top-level approach towards the trillion-dollar digital asset market, allowing for a pathway for RWA issuance of domestic assets overseas [2]. Additional Important Content - The document highlights that companies involved in RWA, such as those aggregating charging RWA and Ant Chain Trust, are expected to benefit from these regulatory changes, making them a focus for investment recommendations [2].