<p>云锋金融正在利用其强大的资产负债表和战略以太坊储备，将实物资产转变为香港专业投资者的数字金融工具</p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/13054656/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_13-5-2026_134457_thebambooworks.com_-1024x667.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/13054656/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_13-5-2026_134457_thebambooworks.com_-1024x667.jpeg"/></p>
<p><em>图片来源：Bamboo Works</em></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>云锋金融在其云锋优域平台上为香港专业投资者推出了一种以黄金为支持的数字代币</li>
<li>该公司正在利用其核心保险业务的资本储备，推动一种新模式，旨在将黄金实物转变为流动资产</li>
</ul>
<p>它可能以与支持者马云的关系而闻名，马云是中国电子商务领域的传奇人物，阿里巴巴的创始人。但如今，保险公司 <strong>云锋金融集团有限公司</strong>（0376.HK）正试图通过一种低调的战略举措，成为自身领域的领导者，这可能帮助它在快速增长的数字资产世界中开辟出一个闪亮的细分市场。</p>
<p>上周四，这家保险公司 推出 了一种以黄金为支持的数字代币，供香港的专业投资者使用。每个代币代表一克 99.99% 纯金，安全地锁存在高安全性的香港金库中，尽管该公司尚未启用该虚拟资产的二级市场交易。该项目利用了由前 <strong>蚂蚁集团</strong> 数字技术部门负责人姜国飞领导的初创公司 AlphaToken 的区块链基础设施。</p>
<p>云锋金融保持了低调的推出，没有在上市前进行股票交易所的备案或新闻宣传。只是悄然增加了公司云锋优域平台的一项功能。</p>
<p>对于市值超过 10 亿美元且马云是其主要支持者的云锋金融来说，该代币是公司正在构建的相当雄心勃勃的墙上的最新、也许是最具启示性的砖块。这表明云锋金融正试图创建基于代币化、虚拟资产和去中心化网络基础设施的全系列产品，利用香港日益接受数字资产的趋势。</p>
<p>该公司在资产代币化方面的尝试标志着其从一家精品投资银行和股票经纪公司向一家技术导向的金融服务公司的演变。其起源可以追溯到 1980 年代，当时它被称为 Mansion House Securities。2011 年，在经历了一些动荡和重组后，它重新品牌为 Reorient Group，四年后被云锋资本收购——这是一家由马云和电梯广告先驱余承东创立的私募股权公司。</p>
<p>自从所有权变更以来，云锋金融已扩展到保险承保，这现在是其主要业务。这不仅极大地改变了其商业模式，还为其资产负债表提供了大量资产，这些资产由保险费推动。这种 “浮存金” 使公司能够获得丰富的资本，能够战略性地用于长期投资和技术项目。</p>
<p>云锋金融的黄金代币化项目并非偶然。去年九月，它购买了 4400 万美元的以太坊加密货币作为战略储备资产。这在当时可能引起了一些投资者的关注，因为加密货币以其剧烈的价值波动而闻名，为公司的资产负债表增加了波动性。</p>
<h4><strong>燃气费用</strong></h4>
<p>但现在，这项投资与云锋的新代币化业务联系在一起，显得更加合理。为了在以太坊网络上创建以黄金为支持的代币，将其转移给客户或提供加密证明，证明数字资产由金库中的真实金条支持，云锋金融必须使用以太坊支付所需的计算能力的 “燃气费用”。因此，通过持有大量以太坊储备，云锋金融确保其拥有足够的燃料来支持其黄金代币交易，而无需在开放市场上以波动的价格不断购买加密货币。</p>
<p>云锋金融在准备进入代币化和虚拟资产领域时，也进行了监管方面的研究。去年九月，正是在其披露以太坊购买的同时，该公司扩大了其证券交易许可证，以包括虚拟资产交易服务。</p>
<p>选择黄金作为其第一个代币化资产的时机相当合适，因为该金属目前正处于历史性的上涨潮中，受到中央银行和寻求对抗通货膨胀和地缘政治不稳定的投资者的需求激增的推动。而香港正在采取措施，将自己定位为这一趋势的中心。其政府计划到 2028 年将该市的黄金储存能力增加 13 倍，达到 2000 吨，以发展与黄金相关的所有事物，包括代币化。</p>
<p>与此同时，今年二月，中国中央银行发布了一项新指令，禁止在大陆进行实物资产代币化。因此，云锋决定专注于香港，特别是针对该市的专业投资者，考虑到香港在黄金和数字资产方面的雄心以及与大陆投资社区的紧密联系，显得战略上明智。</p>
<p>此外，商品的代币化，主要是黄金，正在蓬勃发展，因为它将沉重、难以移动的实物资产数字化，使其可以全天候轻松交易，同时将真实的金条安全地锁在金库中。根据区块链分析公司 CoinGecko 的数据，全球代币化商品的总价值在 2026 年第一季度同比几乎增长了四倍，达到了 55 亿美元。更令人印象深刻的是，代币化黄金的现货交易在今年前三个月达到了 907 亿美元，超过了 2025 年的总交易量。</p>
<p>通过黄金代币化业务，云锋可以从保管和铸造服务中产生经常性收入，同时通过允许机构客户将其数字黄金作为贷款和链上财富管理的抵押品，解锁新的利润潜力。它还可以利用其专业知识，最终提供代币化资产交易和其他现实世界资产的代币化。</p>
<p>但云锋并不是唯一进入资产代币化业务的公司。它正走入一个已经被一些全球最大的金融机构占据的战场。</p>
<p>例如，<strong>汇丰银行</strong>（0005.HK；HSBA.L）在 2024 年在香港推出了自己的零售黄金代币。就在上个月，它与恒生投资管理公司合作推出了一种代币化的实物黄金交易所交易基金（ETF）。云锋可以通过利用与蚂蚁集团的关系，提供一个更灵活、技术原生的平台，整合去中心化金融（DeFi）生态系统，从而实现差异化。</p>
<p>云锋金融已经在财务上蓬勃发展，得益于其核心保险业务和成本管理策略。其净利润在去年增长了 39% 以上，达到 6.53 亿港元（8300 万美元），保险收入增长了 9.9%。截至 2025 年底，运营产生的净现金从一年前的 16 亿港元增长了 63%。</p>
<p>尽管业绩强劲并进入资产代币化领域，但该公司的股票今年下跌了约 23%。其市盈率（P/E）为 15.3，高于在线保险公司 <strong>众安</strong>（6060.HK）的 14.7。但云锋尚未产生那种在宣布更大胆进入虚拟资产后提升其他金融股票的兴奋感。</p>
<p>归根结底，保险对于投资者来说几乎不是一个令人兴奋的行业，尤其是在中国当前的经济环境不温不火的情况下。但如果云锋能够继续在数字资产领域中开辟出一个黄金和其他资产代币化的细分市场，它可能会为其本来乏味的盈利机器增添一些光彩。</p>
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<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

云锋金融

<p>云锋金融在马云的支持下，为香港的专业投资者推出了一种以黄金为支持的数字代币。每个代币代表一克 99.99% 纯金，存放在安全的金库中。该举措旨在将黄金实物转变为流动资产，利用公司的强大资产负债表和战略以太坊储备。这一举动标志着云锋金融从一家精品投资银行向一家以技术为导向的金融服务公司转型，抓住香港日益增长的数字资产市场。公司还扩大了其证券许可证，以包括虚拟资产交易服务</p>

<p><em>Yunfeng Financial is leveraging its strong balance sheet and a strategic ether reserve to turn physical assets into a digital financial tool for professional investors in Hong Kong</em></p>
<div class="lb-trans"><p>云锋金融正在利用其强大的资产负债表和战略以太坊储备，将实物资产转变为香港专业投资者的数字金融工具</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/13054656/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_13-5-2026_134457_thebambooworks.com_-1024x667.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/13054656/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_13-5-2026_134457_thebambooworks.com_-1024x667.jpeg"/></p>
<p><em>image credit: Bamboo Works</em></p>
<div class="lb-trans"><p><em>图片来源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>Yunfeng Financial has launched a digital token backed by gold bullion for professional investors in Hong Kong on its Yunfeng Youyu platform</li>
<li>The company is leveraging capital reserves from its core insurance business to power a new model aimed at turning gold bullion into a liquid asset</li>
</ul>
<div class="lb-trans"><ul>
<li>云锋金融在其云锋优域平台上为香港专业投资者推出了一种以黄金为支持的数字代币</li>
<li>该公司正在利用其核心保险业务的资本储备，推动一种新模式，旨在将黄金实物转变为流动资产</li>
</ul>
</div><p>It may be best known for its ties to backer Jack Ma, a legend in China's e-commerce sector as founder of sector leader Alibaba. But these days, insurer <strong>Yunfeng Financial Group Ltd.</strong> (0376.HK) is trying to become a leader in its own right with a low-key strategic move that could help it carve out a shiny niche within the vast and rapidly growing world of digital assets.</p>
<div class="lb-trans"><p>它可能以与支持者马云的关系而闻名，马云是中国电子商务领域的传奇人物，阿里巴巴的创始人。但如今，保险公司 <strong>云锋金融集团有限公司</strong>（0376.HK）正试图通过一种低调的战略举措，成为自身领域的领导者，这可能帮助它在快速增长的数字资产世界中开辟出一个闪亮的细分市场。</p>
</div><p>Last Thursday, the insurer rolled out a digital token backed by gold bullion for use by professional investors in Hong Kong. Each token represents one gram of 99.99% pure bullion that's safely locked up in high-security Hong Kong vaults, though the company has not yet enabled secondary-market trading for this virtual asset. The project leverages blockchain infrastructure from AlphaToken, a startup led by Jiang Guofei, a former head of the digital technology division at <strong>Ant Group</strong>, the financial affiliate of Alibaba.</p>
<div class="lb-trans"><p>上周四，这家保险公司 推出 了一种以黄金为支持的数字代币，供香港的专业投资者使用。每个代币代表一克 99.99% 纯金，安全地锁存在高安全性的香港金库中，尽管该公司尚未启用该虚拟资产的二级市场交易。该项目利用了由前 <strong>蚂蚁集团</strong> 数字技术部门负责人姜国飞领导的初创公司 AlphaToken 的区块链基础设施。</p>
</div><p>Yunfeng Financial kept the roll-out low-key, forgoing a stock exchange filing or press blitz in the run-up to the launch. Just a quiet addition to the company's Yunfeng Youyu platform.</p>
<div class="lb-trans"><p>云锋金融保持了低调的推出，没有在上市前进行股票交易所的备案或新闻宣传。只是悄然增加了公司云锋优域平台的一项功能。</p>
</div><p>For Yunfeng Financial, which has a market capitalization of more than $1 billion and counts Ma among its principal backers, the token is the latest, perhaps most revealing, brick in a rather ambitious wall the company is building. It signals that Yunfeng Financial is attempting to create a full spectrum of products based on tokenization, virtual assets and decentralized web infrastructure, capitalizing on Hong Kong's growing embrace of digital assets.</p>
<div class="lb-trans"><p>对于市值超过 10 亿美元且马云是其主要支持者的云锋金融来说，该代币是公司正在构建的相当雄心勃勃的墙上的最新、也许是最具启示性的砖块。这表明云锋金融正试图创建基于代币化、虚拟资产和去中心化网络基础设施的全系列产品，利用香港日益接受数字资产的趋势。</p>
</div><p>The company's foray into asset tokenization marks the latest move in its evolution from a boutique investment bank and stock brokerage to a technology-oriented financial services firm. Its origin dates back all the way back to the 1980s when it was known as Mansion House Securities. It rebranded to Reorient Group in 2011 after some turbulence and restructuring, and four years later was acquired by Yunfeng Capital — a private equity firm founded by Ma and David Yu, a pioneer in elevator advertising.</p>
<div class="lb-trans"><p>该公司在资产代币化方面的尝试标志着其从一家精品投资银行和股票经纪公司向一家技术导向的金融服务公司的演变。其起源可以追溯到 1980 年代，当时它被称为 Mansion House Securities。2011 年，在经历了一些动荡和重组后，它重新品牌为 Reorient Group，四年后被云锋资本收购——这是一家由马云和电梯广告先驱余承东创立的私募股权公司。</p>
</div><p>Since the ownership change, Yunfeng Financial has expanded into insurance underwriting, which is now its primary business. This not only has drastically changed its business model but also provided substantial assets on its balance sheet fueled by insurance premiums. This &#34;float&#34; gives the company access to abundant capital that it can strategically deploy for long-term investments and technology initiatives.</p>
<div class="lb-trans"><p>自从所有权变更以来，云锋金融已扩展到保险承保，这现在是其主要业务。这不仅极大地改变了其商业模式，还为其资产负债表提供了大量资产，这些资产由保险费推动。这种 “浮存金” 使公司能够获得丰富的资本，能够战略性地用于长期投资和技术项目。</p>
</div><p>Yunfeng Financial's gold tokenization project didn't come out of the blue. Last September, it purchased $44 million of the ether cryptocurrency as a strategic reserve asset. This may have raised eyebrows among some investors at the time, since cryptocurrencies are famous for their wild value swings, adding an element of volatility to the company's balance sheet.</p>
<div class="lb-trans"><p>云锋金融的黄金代币化项目并非偶然。去年九月，它购买了 4400 万美元的以太坊加密货币作为战略储备资产。这在当时可能引起了一些投资者的关注，因为加密货币以其剧烈的价值波动而闻名，为公司的资产负债表增加了波动性。</p>
</div><h4><strong>Gas fees</strong></h4>
<div class="lb-trans"><h4><strong>燃气费用</strong></h4>
</div><p>But the investment makes much more sense now, in connection with Yunfeng's new tokenization business. To create gold-backed tokens on the Ethereum network, transfer them to its clients or provide cryptographic proof the digital assets are backed by real gold bars in a vault, Yunfeng Financial must pay &#34;gas fees&#34; using ether for the required computing power. So, by holding a massive reserve of ether, Yunfeng Financial ensures it has enough fuel to power its gold-token transactions without having to constantly buy the cryptocurrency on the open market at fluctuating prices.</p>
<div class="lb-trans"><p>但现在，这项投资与云锋的新代币化业务联系在一起，显得更加合理。为了在以太坊网络上创建以黄金为支持的代币，将其转移给客户或提供加密证明，证明数字资产由金库中的真实金条支持，云锋金融必须使用以太坊支付所需的计算能力的 “燃气费用”。因此，通过持有大量以太坊储备，云锋金融确保其拥有足够的燃料来支持其黄金代币交易，而无需在开放市场上以波动的价格不断购买加密货币。</p>
</div><p>Yunfeng Financial also did its homework on the regulatory front in preparation for the move into tokenization and virtual assets. Last September, around the same time it revealed its ether purchases, the company expanded its securities dealing license to include virtual asset trading services.</p>
<div class="lb-trans"><p>云锋金融在准备进入代币化和虚拟资产领域时，也进行了监管方面的研究。去年九月，正是在其披露以太坊购买的同时，该公司扩大了其证券交易许可证，以包括虚拟资产交易服务。</p>
</div><p>Its choice of gold for its first tokenized asset looks quite timely as the metal is currently on a historic rally, driven by a surge in demand from central banks and investors looking to hedge against inflation and geopolitical instability. And Hong Kong is taking steps to position itself at the epicenter of this trend. Its government is planning a 13-fold increase in the city's gold-storage capacity to 2,000 tons by 2028 to develop all things related to the bullion, including tokenization.</p>
<div class="lb-trans"><p>选择黄金作为其第一个代币化资产的时机相当合适，因为该金属目前正处于历史性的上涨潮中，受到中央银行和寻求对抗通货膨胀和地缘政治不稳定的投资者的需求激增的推动。而香港正在采取措施，将自己定位为这一趋势的中心。其政府计划到 2028 年将该市的黄金储存能力增加 13 倍，达到 2000 吨，以发展与黄金相关的所有事物，包括代币化。</p>
</div><p>Meanwhile, in February this year, China's central bank issued a fresh directive banning real-world asset tokenization on the Mainland. So Yunfeng's decision to focus on Hong Kong, specifically targeting professional investors in the city, looks strategically sensible given the city's gold and digital-asset ambitions and close ties to the Mainland investment community.</p>
<div class="lb-trans"><p>与此同时，今年二月，中国中央银行发布了一项新指令，禁止在大陆进行实物资产代币化。因此，云锋决定专注于香港，特别是针对该市的专业投资者，考虑到香港在黄金和数字资产方面的雄心以及与大陆投资社区的紧密联系，显得战略上明智。</p>
</div><p>Also, tokenization of commodities, mostly gold, is booming because it digitizes heavy, hard-to-move physical assets, making them easily traded around the clock, while keeping the real gold bars safely locked in a vault. The total value of tokenized commodities worldwide nearly quadrupled to $5.5 billion in the first quarter of 2026 year-on-year, according to blockchain analytics firm CoinGecko. More impressively, spot trading in tokenized gold hit $90.7 billion in the first three months of this year, surpassing the total volume for all of 2025.</p>
<div class="lb-trans"><p>此外，商品的代币化，主要是黄金，正在蓬勃发展，因为它将沉重、难以移动的实物资产数字化，使其可以全天候轻松交易，同时将真实的金条安全地锁在金库中。根据区块链分析公司 CoinGecko 的数据，全球代币化商品的总价值在 2026 年第一季度同比几乎增长了四倍，达到了 55 亿美元。更令人印象深刻的是，代币化黄金的现货交易在今年前三个月达到了 907 亿美元，超过了 2025 年的总交易量。</p>
</div><p>With the gold tokenization business, Yunfeng can generate recurring revenue from custody and minting services while unlocking new profit potential by allowing institutional clients to use their digital gold as collateral for lending and on-chain wealth management. It could also use its expertise to eventually offer tokenized asset trading and to tokenize other real-world assets.</p>
<div class="lb-trans"><p>通过黄金代币化业务，云锋可以从保管和铸造服务中产生经常性收入，同时通过允许机构客户将其数字黄金作为贷款和链上财富管理的抵押品，解锁新的利润潜力。它还可以利用其专业知识，最终提供代币化资产交易和其他现实世界资产的代币化。</p>
</div><p>But Yunfeng is far from the only one entering the asset tokenization business. It is walking into a battlefield already occupied by some of the world's largest financial institutions.</p>
<div class="lb-trans"><p>但云锋并不是唯一进入资产代币化业务的公司。它正走入一个已经被一些全球最大的金融机构占据的战场。</p>
</div><p>For one, <strong>HSBC</strong> (0005.HK; HSBA.L) launched its own retail gold token in Hong Kong back in 2024. And just last month, it partnered with Hang Seng Investment Management to roll out a tokenized physical-gold exchange-traded fund (ETF). One way Yunfeng can differentiate itself is by leveraging its ties to Ant Group to offer a more agile, tech-native platform that integrates a decentralized finance (DeFi) ecosystem.</p>
<div class="lb-trans"><p>例如，<strong>汇丰银行</strong>（0005.HK；HSBA.L）在 2024 年在香港推出了自己的零售黄金代币。就在上个月，它与恒生投资管理公司合作推出了一种代币化的实物黄金交易所交易基金（ETF）。云锋可以通过利用与蚂蚁集团的关系，提供一个更灵活、技术原生的平台，整合去中心化金融（DeFi）生态系统，从而实现差异化。</p>
</div><p>Yunfeng Financial is already financially thriving, driven by its core insurance business and cost-management strategies. Its net profit jumped more than 39% last year to HK$653 million ($83 million) as its insurance revenue grew 9.9%. And net cash generated from operations swelled 63% to HK$1.6 billion at the of 2025 from a year earlier.</p>
<div class="lb-trans"><p>云锋金融已经在财务上蓬勃发展，得益于其核心保险业务和成本管理策略。其净利润在去年增长了 39% 以上，达到 6.53 亿港元（8300 万美元），保险收入增长了 9.9%。截至 2025 年底，运营产生的净现金从一年前的 16 亿港元增长了 63%。</p>
</div><p>Despite the strong results and move into asset tokenization, the company's stock is down about 23% this year. It still trades at a price-to-earnings (P/E) ratio of 15.3, higher than 14.7 for online insurer <strong>ZhongAn</strong> (6060.HK). But Yunfeng has yet to generate the kind of excitement that has lifted a number of other financial stocks after announcing bolder moves into virtual assets.</p>
<div class="lb-trans"><p>尽管业绩强劲并进入资产代币化领域，但该公司的股票今年下跌了约 23%。其市盈率（P/E）为 15.3，高于在线保险公司 <strong>众安</strong>（6060.HK）的 14.7。但云锋尚未产生那种在宣布更大胆进入虚拟资产后提升其他金融股票的兴奋感。</p>
</div><p>At the end of the day, insurance is hardly an exciting sector for investors, especially in China's current lukewarm economic climate. But if Yunfeng can continue to carve out a niche in the digital-asset universe with gold and other asset tokenization, it may add some nice glitter to its otherwise dull money-making machine.</p>
<div class="lb-trans"><p>归根结底，保险对于投资者来说几乎不是一个令人兴奋的行业，尤其是在中国当前的经济环境不温不火的情况下。但如果云锋能够继续在数字资产领域中开辟出一个黄金和其他资产代币化的细分市场，它可能会为其本来乏味的盈利机器增添一些光彩。</p>
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</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
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由马云支持的保险公司云锋金融推出了黄金代币