聚焦金融“五篇大文章”：新经济环境下券商数据资产证券化的创新路径与实践探索

Core Insights - The article emphasizes the importance of asset securitization in connecting capital markets with the real economy, particularly under the strategic guidance of the central financial work conference focusing on technology finance, green finance, inclusive finance, pension finance, and digital finance [1][2] Group 1: New Economy and Digital Finance - The new economy is characterized by the integration of digital and intelligent technologies, which transforms real-world information into digital information, facilitating rapid dissemination and interaction [2] - The government report for 2025 highlights "new quality productivity" as a primary task, aiming to enhance emerging industries and support small and medium enterprises through digital financial services [2][3] - Digital finance leverages technologies like the internet and big data to provide financial services, which is crucial for the development of the new economy and the real sector [2] Group 2: Asset Securitization and Data Assets - Asset securitization is a vital financing method that offers low costs, quick liquidity, and risk diversification, particularly beneficial for revitalizing state-owned enterprises [3] - The integration of data assets into securitization represents a significant innovation, allowing for a new valuation basis and enabling brokers to convert data assets into tradable securities [3][4] - The article discusses the need for innovative approaches to securitize data assets, focusing on the use of data usage rights and revenue rights as underlying asset pools [4] Group 3: Regulatory Framework and Policy Support - The "three rights" mechanism proposed in the "Data Twenty Articles" aims to separate management, usage, and operational rights of data assets, enhancing their circulation and utilization [6][7] - Recent policies provide a solid foundation for exploring innovative paths in data asset securitization, ensuring compliance and effective management of state-owned data assets [7] Group 4: Innovation in Data Asset Securitization Models - As of September 2025, the Shanghai and Shenzhen exchanges have issued nine data asset-related products, totaling 9.92508 billion yuan, primarily based on infrastructure REITs [8] - The article highlights the emergence of data asset pledge financing as a new funding avenue, although it notes that this method does not fully capture the independent value creation potential of data assets [8][9] - A proposed ideal model focuses on future revenue rights as core assets, aiming to establish a market pricing mechanism for data products and ensure stable cash flow [9][10] Group 5: Practical Exploration and Case Studies - The article outlines the process from data to data asset securitization, emphasizing the importance of rights confirmation, valuation, credit enhancement, and liquidity [12] - A pilot project in Shanghai involving health data products demonstrates the potential for data asset securitization to create stable cash flows and enhance market liquidity [14][16] - The successful implementation of data asset securitization can facilitate the transformation of data from a resource into capital, broadening financing channels for enterprises [17] Group 6: Challenges and Future Directions - Despite ensuring data security and compliance, pricing and valuation of data products remain significant challenges in asset securitization [18] - The need for a dynamic pricing model that considers data quality and market factors is highlighted, along with the importance of collaboration between brokers and technology firms to establish industry standards [18]