<p>2026 年香港 Web3 嘉年华传达的信息与过去几年行业讨论有显著不同。如果说市场之前还在反复测试 “Web3 是否具有真实价值”，那么这次，从陈茂波、叶志恒和范文仲的演讲来看，讨论的重点已经根本改变：Web3 不再是需要证明的技术命题，而是开始进入制度化和结构化实施的阶段。更准确地说，香港试图构建的不是 “Web3 产业集群”，而是下一代金融系统的操作系统。从 “资产数字化” 到 “金融重组”，香港财政司司长陈茂波在演讲中反复强调 “代币化” 的重要性，明确指出目前纳入这一过程的资产类型已从早期的加密资产扩展到货币、债券、房地产和未来收入权利。这一变化的关键不在于技术形式，而在于金融结构的基础逻辑的转变。在传统金融系统中，资产的流动性、可分割性和参与壁垒往往由集中中介决定；然而，在代币化框架下，这些限制被重新编码为链上规则，使资产能够被分割、流通，并以编程方式清算和分配。这标志着一个更根本的变化：金融不再是 “谁拥有资产”，而是 “资产如何流动”。过去，金融涉及少数人分配资产；在新的框架下，资产开始以更少的摩擦流向更广泛的参与者。因此，代币化的本质不仅仅是 “上链”，而是金融资源配置机制从 “机构驱动” 转向 “规则驱动” 的转变。这一转变为未来更大规模的金融创新奠定了基础。人工智能的引入：从效率工具到经济主体 如果代币化重塑了 “资产”，那么人工智能的引入开始重塑 “参与者”。中国金融学会执行委员会成员、北京金融控股集团前董事长范文仲提出的 “去中心化代理经济（DAE）” 框架提供了前瞻性的解释：在未来的经济系统中，人工智能将不再仅仅是辅助决策的工具，而是具备独立行动能力的经济主体。这一判断基于三个关键前提：人工智能代理具备不断演变的决策能力，使其能够在复杂环境中做出战略选择；区块链为其提供身份、账户和可验证的执行环境；可编程货币和智能合约使其能够直接参与价值交换。在这一框架内，金融系统将经历根本性的变化：交易行为将不再完全由人类驱动，而是逐渐转向 “机器参与与规则约束” 的混合模式。这不仅意味着交易效率的提高，也意味着市场运行逻辑的重构。例如，在高频交易、流动性管理和跨市场协作等领域，人工智能代理与链上基础设施的结合可能显著减少原有的中介环节。这就是为什么陈茂波强调：“这种兴趣（人工智能代理）与 Web3 和人工智能的交集将改变 ‘游戏规则’。” 制度层面的关键：从 “探索” 到 “可执行性” 明确的技术路径并不自动意味着系统可以运作。其成功实施的关键在于制度安排。在这方面，以香港证券及期货事务监察委员会中介部执行董事叶志恒为代表的监管机构发出了相对明确的信号：香港正在将数字资产系统从 “政策声明” 转向 “实施框架”。在过去一年中，香港完成了三项关键跃进：监管范围的系统性扩展——交易所、托管、质押和衍生品逐渐纳入统一体系，为机构进入提供基础；产品层面的逐步放开——从代币化基金到货币市场工具，监管正在形成可复制的产品路径；基础设施方向的明确——尤其是稳定币，开始进入核心政策关注点。这三点的综合结果是，香港的 Web3 已从 “可讨论” 转向 “可执行”。 稳定性与连续性：香港路径的差异化优势 全球范围内，各地区对 Web3 的态度差异显著。美国频繁调整政策，导致机构预期的不确定性；而欧洲则主要采取严格监管，在一定程度上限制了创新。相比之下，香港选择了不同的路径：坚持 “同风险、同监管” 的原则，通过沙盒机制逐步释放创新空间，同时保持政策节奏的连续性。香港立法会成员邱达根在演讲中强调的 “稳定性和透明性”，虽然看似是原则性声明，但实际上在当前全球监管环境中构成了显著的制度优势：当不确定性成为常态时，稳定性本身就成为稀缺资源。这一点对长期资本和机构参与者尤为重要。 从行业竞争到系统竞争 总结而言，香港并不是在推进单一技术或行业，而是在进行系统性建设：以 RWA 为代表的资产数字化路径；以稳定币为中心的结算网络；以及由人工智能代理驱动的经济实体重构。这三条主线逐渐在同一基础设施上耦合，最终指向的不是谁在构建 Web3，而是谁能够定义下一代金融系统的运作方式。从这个意义上说，香港的角色正在从参与者转变为规则制定者。当资产、规则和参与者同时发生变化时，金融系统往往进入加速重组的阶段。当前的问题可能不再是 Web3 是否具有长期价值，而是在这一轮系统重组中，新的权力结构将如何重新分配。</p>

恒生指数

易方达中证香港证券投资主题(港股通)ETF

AGX AI科技

A都会WEB3

<p>2026 年香港 Web3 嘉年华标志着 Web3 叙事的关键转变，从证明其价值转向制度化和结构化实施。财政司司长陈茂波强调了代币化的重要性，扩展了资产类型，不仅限于加密货币，还包括货币、债券和房地产。人工智能作为经济主体的引入将重塑市场动态，提高效率并减少中介角色。香港的监管框架正从政策声明演变为可执行的系统，促进创新的同时确保稳定，这与全球对 Web3 的多样化方法形成对比</p>

<p>The message conveyed by the 2026 Hong Kong Web3 Carnival is significantly different from the industry discussions of the past few years. If the market was previously still repeatedly testing whether &#34;Web3 has real value,&#34; then this time, judging from the speeches of Paul Chan, Ip Chi-hang, and Fan Man-chung, the focus of the discussion has fundamentally changed: Web3 is no longer a technical proposition that needs to be proven, but is beginning to enter a phase of institutionalization and structured implementation. More precisely, what Hong Kong is trying to build is not a &#34;Web3 industry cluster,&#34; but an operating system for the next generation of financial systems. From “Asset Digitization” to “Financial Restructuring” Hong Kong Financial Secretary Paul Chan repeatedly emphasized the significance of “tokenization” in his speech, clearly pointing out that the types of assets currently included in this process have expanded from early crypto assets to currencies and bonds, real estate, and future income rights. The key to this change lies not in the technological form, but in the shift in the underlying logic of the financial structure. In the traditional financial system, the liquidity, divisibility, and participation barriers of assets are often determined by centralized intermediaries; however, under the tokenization framework, these constraints are recoded into on-chain rules, allowing assets to be split, circulated, and cleared and distributed programmatically. This signifies a more fundamental change: finance is no longer about &#34;who owns assets,&#34; but rather &#34;how assets flow.&#34; In the past, finance involved a minority allocating assets; under the new framework, assets begin to flow to a wider range of participants with less friction. Therefore, the essence of tokenization is not simply &#34;on-chain,&#34; but rather a shift in the financial resource allocation mechanism from &#34;institution-driven&#34; to &#34;rule-driven.&#34; This shift provides the foundation for larger-scale financial innovation in the future. The Introduction of AI: From Efficiency Tool to Economic Agent If tokenization reshapes &#34;assets,&#34; then the introduction of artificial intelligence begins to reshape &#34;participants.&#34; The &#34;DAE (Decentralized Agentic Economy)&#34; framework proposed by Fan Wenzhong, a member of the Executive Committee of the China Finance Society and former chairman of Beijing Financial Holdings Group, offers a forward-looking explanation: in the future economic system, AI will no longer be merely a tool to assist decision-making, but rather an economic agent with independent action capabilities. This judgment is based on three key premises: AI agents possess continuously evolving decision-making capabilities, enabling them to make strategy choices in complex environments; blockchain provides them with identity, accounts, and a verifiable execution environment; and programmable currency and smart contracts enable them to directly participate in value exchange. Within this framework, the financial system will undergo a fundamental change: trading behavior will no longer be entirely driven by humans, but will gradually shift to a hybrid model of &#34;machine participation and rule constraints.&#34; This not only means improved trading efficiency, but also a restructuring of market operating logic. For example, in areas such as high-frequency trading, liquidity management, and cross-market collaboration, the combination of AI agents and on-chain infrastructure may significantly reduce the original intermediary links. This is why Paul Chan emphasized: &#34;This interest (AI agents) and the intersection of Web3 and artificial intelligence will change the 'rules of the game.'&#34; The key at the institutional level: from &#34;exploration&#34; to &#34;executability&#34; A clear technological path does not automatically mean that the system can operate. The key to its successful implementation lies in the institutional arrangements. In this regard, the regulatory authorities, represented by Ip Chi-hang, Executive Director of the Intermediaries Division of the Hong Kong Securities and Futures Commission, have given a relatively clear signal: Hong Kong is moving the digital asset system from &#34;policy statement&#34; to &#34;implementation framework.&#34; Over the past year, Hong Kong has completed three key leaps: Systematic expansion of regulatory scope—exchanges, custody, staking, and derivatives are gradually being incorporated into a unified system, providing a foundation for institutional entry; Gradual liberalization at the product level—from tokenized funds to money market instruments, regulation is forming a replicable product path; Clarification of infrastructure direction—especially stablecoins, which are beginning to enter the core policy focus. The combined result of these three points is that Web3 in Hong Kong has moved from &#34;discussable&#34; to &#34;executable.&#34; Stability and Continuity: The Differentiated Advantages of the Hong Kong Path Globally, attitudes towards Web3 vary significantly across different regions. The United States has frequently adjusted its policies, leading to uncertainty in institutional expectations; Europe, on the other hand, primarily adopts strict regulation, which to some extent restricts innovation. In contrast, Hong Kong has chosen a different path: Adhering to the principle of &#34;same risk, same regulation,&#34; it gradually releases space for innovation through a sandbox mechanism, while maintaining continuity in policy pace. The &#34;stability and transparency&#34; emphasized by Hong Kong Legislative Council member Chiu Tat-kan in his speech, while seemingly a principled statement, actually constitutes a significant institutional advantage in the current global regulatory environment: When uncertainty becomes the norm, stability itself becomes a scarce resource. This point is particularly crucial for long-term capital and institutional participants. From Industry Competition to System Competition In summary, Hong Kong is not advancing a single technology or industry, but rather a systemic construction: Asset digitization pathways represented by RWA; a settlement network centered on stablecoins; and a restructuring of economic entities driven by AI agents. These three main threads are gradually coupling on the same infrastructure, ultimately pointing not to who is building Web3, but to who can define how the next-generation financial system operates. In this sense, Hong Kong's role is shifting from participant to rule-maker. When assets, rules, and participants change simultaneously, the financial system often enters a phase of accelerated restructuring. The current question may no longer be whether Web3 has long-term value, but rather how the new power structure will be redistributed in this round of systemic restructuring.</p>
<div class="lb-trans"><p>2026 年香港 Web3 嘉年华传达的信息与过去几年行业讨论有显著不同。如果说市场之前还在反复测试 “Web3 是否具有真实价值”，那么这次，从陈茂波、叶志恒和范文仲的演讲来看，讨论的重点已经根本改变：Web3 不再是需要证明的技术命题，而是开始进入制度化和结构化实施的阶段。更准确地说，香港试图构建的不是 “Web3 产业集群”，而是下一代金融系统的操作系统。从 “资产数字化” 到 “金融重组”，香港财政司司长陈茂波在演讲中反复强调 “代币化” 的重要性，明确指出目前纳入这一过程的资产类型已从早期的加密资产扩展到货币、债券、房地产和未来收入权利。这一变化的关键不在于技术形式，而在于金融结构的基础逻辑的转变。在传统金融系统中，资产的流动性、可分割性和参与壁垒往往由集中中介决定；然而，在代币化框架下，这些限制被重新编码为链上规则，使资产能够被分割、流通，并以编程方式清算和分配。这标志着一个更根本的变化：金融不再是 “谁拥有资产”，而是 “资产如何流动”。过去，金融涉及少数人分配资产；在新的框架下，资产开始以更少的摩擦流向更广泛的参与者。因此，代币化的本质不仅仅是 “上链”，而是金融资源配置机制从 “机构驱动” 转向 “规则驱动” 的转变。这一转变为未来更大规模的金融创新奠定了基础。人工智能的引入：从效率工具到经济主体 如果代币化重塑了 “资产”，那么人工智能的引入开始重塑 “参与者”。中国金融学会执行委员会成员、北京金融控股集团前董事长范文仲提出的 “去中心化代理经济（DAE）” 框架提供了前瞻性的解释：在未来的经济系统中，人工智能将不再仅仅是辅助决策的工具，而是具备独立行动能力的经济主体。这一判断基于三个关键前提：人工智能代理具备不断演变的决策能力，使其能够在复杂环境中做出战略选择；区块链为其提供身份、账户和可验证的执行环境；可编程货币和智能合约使其能够直接参与价值交换。在这一框架内，金融系统将经历根本性的变化：交易行为将不再完全由人类驱动，而是逐渐转向 “机器参与与规则约束” 的混合模式。这不仅意味着交易效率的提高，也意味着市场运行逻辑的重构。例如，在高频交易、流动性管理和跨市场协作等领域，人工智能代理与链上基础设施的结合可能显著减少原有的中介环节。这就是为什么陈茂波强调：“这种兴趣（人工智能代理）与 Web3 和人工智能的交集将改变 ‘游戏规则’。” 制度层面的关键：从 “探索” 到 “可执行性” 明确的技术路径并不自动意味着系统可以运作。其成功实施的关键在于制度安排。在这方面，以香港证券及期货事务监察委员会中介部执行董事叶志恒为代表的监管机构发出了相对明确的信号：香港正在将数字资产系统从 “政策声明” 转向 “实施框架”。在过去一年中，香港完成了三项关键跃进：监管范围的系统性扩展——交易所、托管、质押和衍生品逐渐纳入统一体系，为机构进入提供基础；产品层面的逐步放开——从代币化基金到货币市场工具，监管正在形成可复制的产品路径；基础设施方向的明确——尤其是稳定币，开始进入核心政策关注点。这三点的综合结果是，香港的 Web3 已从 “可讨论” 转向 “可执行”。 稳定性与连续性：香港路径的差异化优势 全球范围内，各地区对 Web3 的态度差异显著。美国频繁调整政策，导致机构预期的不确定性；而欧洲则主要采取严格监管，在一定程度上限制了创新。相比之下，香港选择了不同的路径：坚持 “同风险、同监管” 的原则，通过沙盒机制逐步释放创新空间，同时保持政策节奏的连续性。香港立法会成员邱达根在演讲中强调的 “稳定性和透明性”，虽然看似是原则性声明，但实际上在当前全球监管环境中构成了显著的制度优势：当不确定性成为常态时，稳定性本身就成为稀缺资源。这一点对长期资本和机构参与者尤为重要。 从行业竞争到系统竞争 总结而言，香港并不是在推进单一技术或行业，而是在进行系统性建设：以 RWA 为代表的资产数字化路径；以稳定币为中心的结算网络；以及由人工智能代理驱动的经济实体重构。这三条主线逐渐在同一基础设施上耦合，最终指向的不是谁在构建 Web3，而是谁能够定义下一代金融系统的运作方式。从这个意义上说，香港的角色正在从参与者转变为规则制定者。当资产、规则和参与者同时发生变化时，金融系统往往进入加速重组的阶段。当前的问题可能不再是 Web3 是否具有长期价值，而是在这一轮系统重组中，新的权力结构将如何重新分配。</p>
</div>

香港 Web3 嘉年华：Web3 进入实施阶段的一个分水岭时刻