RDA打通数实融合价值链，打造数据要素价值化新范式

Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Insights - The Shanghai Data Exchange has introduced a new paradigm called RDA (Real Data Assets), leveraging blockchain technology to convert physical assets and intangible data elements into digital forms, addressing five key challenges in the financialization of physical assets: authenticity, transparency, liquidity, economy, and consensus [2][6] - RDA emphasizes the integration of real-world assets (RWA) with data, facilitating the deep integration of the real economy and the digital economy. The market for RWA has grown significantly, from $300 million at the end of 2021 to over $19 billion by the end of March 2025, highlighting the potential for asset tokenization [6] - The new paradigm of RDA is expected to accelerate the marketization and valuation of data elements, benefiting the entire industry chain. It suggests focusing on investment opportunities in data infrastructure, blockchain technology, and data rights and trading [6][10]