深度*行业*房地产行业:资产证券化系列报告二:从“证券化”到“通证化” RWA重构资产投资逻辑

中银证券
Sep 24, 2025

核心观点RWA 是指通过区块链技术将现实世界中的有形资产或无形资产转化为链上可交易的数字代币/数字通证(Token),实现资产的碎片化、全球化、全天候、智能化交易。从金融结构上看,RWA 的本质是资产证券化的区块链升级,同时又解决了ABS 的部分痛点问题:资产范围更广、结构简化、投资门槛更低、流动性更强。RWA 的实现依赖技术架构,核心要素有: 1)区块链底层平台:如以太坊、Polygon 等,...

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