Core Insights - The article emphasizes the importance of data as a core production factor in business operations, highlighting the need for effective integration and measurement of data resources to maximize their value [1][20] - The introduction of the "Data Twenty Articles" and the "Interim Regulations on Accounting Treatment of Enterprise Data Resources" provides clear policy guidance and operational frameworks for data asset management [1][20] Policy Framework - The "Data Twenty Articles" establishes the institutional foundation for the data factor market, clarifying data ownership, circulation rules, and security requirements, which are essential for the legal and compliant use of data resources [1] - The "Interim Regulations" further detail accounting treatment methods, ensuring that enterprises can scientifically and reasonably recognize, measure, and report data assets while adhering to accounting standards [1] Data Inventory and Assessment - Conducting a comprehensive data inventory is crucial for enterprises to identify the types of data they possess, where it is stored, and which teams manage it, allowing for precise delineation of data suitable for financial reporting [3] - The process of selecting valuable data for inclusion in financial statements is likened to gold mining, emphasizing the need for careful selection to ensure that only valuable data is reported [3] Ownership and Valuation Challenges - Data ownership remains a significant challenge due to historical reasons and cross-border complexities, necessitating industry guidelines to clarify rights and responsibilities [5] - Choosing appropriate valuation methods for data assets is critical, with cost, income, and market approaches each having specific applicability depending on the data's maturity and revenue generation potential [5] Measurement and Reporting - Once data is included in the balance sheet, ongoing measurement is essential, with inventory-type data requiring regular impairment testing and intangible data needing differentiated treatment based on its useful life [7] - Maintaining consistency in measurement methods is fundamental to ensuring the rigor of financial information [7] Risk Management in Data Asset Financing - When considering data assets for collateralized loans, risk management is paramount, with banks typically setting a collateral ratio not exceeding 50% of the assessed value and requiring compliance with registration procedures [9] - Selecting data with strong resilience to depreciation as collateral can effectively mitigate credit risk associated with rapid asset value decline [9] Asset Securitization Challenges - Asset securitization is a viable method for activating existing assets, but it faces challenges such as complex legal relationships, difficulties in cash flow forecasting, and a lack of historical default data [10] - Overcoming these challenges requires learning from successful domestic and international cases and continuous improvement of relevant laws and regulations [10] Strategic Importance of Data Asset Management - Successful inclusion of data assets in financial statements optimizes corporate financial structures, reduces debt ratios, and enhances asset turnover efficiency, particularly for asset-light technology companies [20] - Strengthening talent development through cross-training between IT and finance teams is essential for improving data asset management capabilities [20] - The process of data asset inclusion is a systematic project involving policy interpretation, resource organization, rights definition, value assessment, accounting treatment, and risk control [20]

Core Viewpoint - The company, Daily Interaction, reported a revenue of 218 million yuan for the first half of 2025, highlighting its commitment to embracing artificial intelligence technologies and the steady development of its data intelligence business, with expectations for scalable revenue in the coming year [1] Group 1: Business Performance - The company has maintained steady progress in its core business despite external market pressures, showcasing strong business resilience [2] - Developer services generated a revenue of 24.17 million yuan, reinforcing the company's leading position in the industry [2] - Commercial services achieved a revenue of 40.97 million yuan, while brand services contributed 8.46 million yuan, indicating positive growth potential [2] - Public services generated a revenue of 139 million yuan, focusing on mature products and actively exploring new intelligent products [2] Group 2: Investment in Artificial Intelligence - To capitalize on the opportunities presented by the AI wave, the company has increased its investment in artificial intelligence, establishing an AI division and appointing a Chief AI Officer [3] - Approximately 50 key personnel have been allocated to focus on AI product and project development [3] - The company has developed a series of AI products, including GAI OS, GAI Office, and GAI Store, and launched a high-end AI workstation [3] Group 3: Data Value Enhancement - The company is focusing on its "Data Station" strategy to facilitate the safe and efficient circulation of data among various stakeholders [4] - A nationwide "Hundred Cities, Hundred Scenarios" co-creation plan has been initiated, with successful implementations in multiple cities [4] - The company is actively exploring data asset securitization, having participated in the first approved data asset ABS product in July [4] - The company is committed to the "data + intelligence" development direction and plans to continue exploring AI, despite uncertainties in new product development [4]

Core Viewpoint - The National Development and Reform Commission plans to introduce over ten systems, including data property rights, to accelerate the release of data factor value, which is becoming a new engine for high-quality economic development, particularly in the financial sector [1][2]. Group 1: Data Factor Value in Financial Sector - Data factors are being recognized as valuable assets, with policies facilitating their entry into capital markets through instruments like Asset-Backed Securities (ABS) and Real Estate Investment Trusts (REITs) [2]. - The first closed-end infrastructure securities investment fund based on data centers was launched, with significant market recognition reflected in the buying amounts of 233 million and 388 million yuan for two specific funds [2]. - Data factors are enhancing credit assessment by integrating various data sources, which helps financial institutions with risk pricing and enables small and medium enterprises to convert hidden credit into financing capabilities [2][3]. Group 2: Challenges in Data Factor Financial Applications - Despite initial successes, the integration of data factors into financial services faces challenges such as data ownership confirmation, compliance, and security issues [4][5]. - The complexity of data as an asset, including its non-standard nature and valuation difficulties, complicates its integration into standardized financial products [5][6]. - Policies are being developed to address these challenges, including the establishment of data factor comprehensive experimental zones in various regions to explore data asset circulation models [6].

Group 1: Urban Development and Revitalization - Nanjing has revitalized urban spaces through the activation of 539 land and asset projects, with 212 already revitalized, covering approximately 1.26 million square meters of property and 0.52 million acres of land [1] - The Nanjing Health Grand City, a large-scale commercial project, has opened after a decade of stagnation, featuring a multi-modal transport hub that connects various public transport options, enhancing consumer accessibility [2][3] - The RE-PARK project on Ruijin Road has transformed an old garment factory into a trendy urban space, integrating commercial, cultural, and recreational functions, with an expected annual revenue exceeding 600 million yuan [5] Group 2: Transportation-Oriented Development (TOD) - The newly completed Sojie Complex is Nanjing's first public transport-oriented development (TOD), designed to optimize land use while maintaining its primary function as a bus station, featuring a mix of public transport facilities and commercial spaces [3] - The TOD model aims to enhance land productivity, with projected economic output exceeding 10 million yuan per hectare [3] Group 3: Data Asset Utilization - Nanjing is actively promoting the monetization of data assets, exemplified by the Jiangsu Future Urban Travel Technology Group's participation in a data asset securitization project, raising 5 million yuan [7] - The Nanjing Big Data Group has initiated the market-oriented operation of public data resources, successfully launching multiple public data products and enhancing the efficiency of data asset allocation [8][9]

Core Insights - The first approved data asset securitization project in China, "Huaxin-Xinxin-Data Asset 1-5 Phase Asset Support Special Plan," was officially issued on July 31, marking a significant step in recognizing data as a new asset class in the capital market [1][2] - The project demonstrates the feasibility of using data assets as collateral for financing, breaking the traditional reliance on physical assets and providing a new financing pathway for asset-light data companies [2][3] - The penetration rate of data asset recognition in financial statements is increasing, with a notable rise in the number of listed companies recognizing data assets, indicating a growing acknowledgment of data value [3][5] Data Asset Securitization - The launch of data asset securitization projects this year reflects the capital market's high recognition of data as a new asset class and serves as a breakthrough in facilitating the conversion of data from resources to assets to capital [2][3] - The first data asset-enabled securitization product was issued on July 17, further enriching the asset securitization product matrix and providing new financing options for technology-driven enterprises [1][2] Data Asset Recognition - Data asset recognition in financial statements is essential for the capitalization and marketization of data assets, with the implementation of new accounting regulations set to normalize this practice starting January 1, 2024 [2][3] - The number of listed companies recognizing data assets has significantly increased, from 12 companies with a total of 0.54 million yuan in Q1 2024 to 82 companies with a total of 33.43 million yuan in Q1 2025 [3][5] Market Ecosystem Optimization - Companies are encouraged to strategically plan their data asset management and establish comprehensive internal management systems to optimize the market ecosystem for data assets [5] - The establishment of data asset companies in China has surged, with 3,553 companies currently operating in this sector, indicating a growing market for data asset services [4]

Core Insights - The first approved data asset ABS in China, "Huaxin-Xinxin-Data Asset 1-5 Phase Asset Support Special Plan," was officially issued with a scale of 133.7 million yuan and a priority ticket interest rate of 2.0% [1] - The project involves nine participating enterprises from various regions and sectors, showcasing a diverse range of data asset applications [2] - The issuance aligns with the ongoing policy reforms for market-oriented allocation of data elements, indicating a significant potential for future growth in the data asset market [2][3] Group 1 - The project is managed by Nanjing Xinxin Commercial Factoring Co., Ltd. and Huaxin Securities Co., Ltd., with a focus on selecting quality data assets for collateral [1] - The participating enterprises include listed companies, private "little giant" firms, and state-owned enterprises, reflecting a broad representation of ownership structures [1][2] - The financing amounts for participating enterprises range from 10 million to 25 million yuan, demonstrating the model's versatility and replicability [2] Group 2 - The data assets cover a wide array of application scenarios, including autonomous driving data, smart agriculture data, and intelligent data for construction bidding [2] - The project serves as a valuable operational template for the industry, validating the feasibility of using data assets as collateral for financing [3] - The introduction of data property registration institutions enhances compliance and supports the authoritative establishment of property rights [3]

Core Viewpoint - The successful issuance of the first data asset securitization project in China marks a significant milestone in recognizing data as a new asset class and facilitates the transformation of data resources into capital [1][2]. Group 1: Project Details - The first phase of the "Huaxin-Xinxin-Data Asset 1-5 Phase Asset-Backed Special Plan" was officially issued on July 31, with a scale of 133.7 million yuan and a priority ticket interest rate of 2.0% [1]. - The project involves nine participating enterprises from Jiangsu, Zhejiang, Shaanxi, and Jiangxi provinces, including listed companies and private enterprises, showcasing a diverse range of ownership structures [1]. Group 2: Innovation Mechanism - The project employs an innovative mechanism that allows multiple data assets to be pledged for loans, demonstrating the feasibility of using data assets as collateral for financing [2]. - This model breaks the traditional reliance on physical assets for financing, providing new funding pathways for asset-light data companies [2]. Group 3: Market Impact - Following the approval of this project, there has been an acceleration in financial innovation related to data assets, with other similar projects successfully launched within three months [3]. - The impact of data asset securitization is expected to extend across multiple sectors, promoting the establishment of a unified national data market [3].

Group 1 - The first approved data asset ABS in China, "Huaxin-Xinxin-Data Asset Phase 1 Asset-Backed Special Plan," was issued on July 31, with a scale of 133.7 million yuan and a priority interest rate of 2.0% [1] - The project is seen as a milestone in the financial market, reflecting high recognition of data as a new asset class and a significant breakthrough in financial services for the real economy [2][4] - The underlying assets of the project come from nine companies across various industries, including listed companies and private enterprises, indicating strong credit quality and stable repayment capacity [2][3] Group 2 - The issuance of the Xinxin data ABS coincides with a period of intensive policy releases regarding data elements, aiming to explore the inclusion of data rights into pledgeable intellectual property categories [4] - The successful issuance is a vivid interpretation of Huaxin Securities' service to national strategies, promoting the standardization of data asset recognition and evaluation across regions [4][5] - The deep impact of data asset securitization is expected to support the construction of a unified national data element market, potentially unlocking a trillion-level data asset market for sustainable economic growth [5]

Core Insights - The first approved data asset ABS, "Huaxin-Xinxin-Data Asset Phase 1 Asset-Backed Special Plan," was successfully issued on July 31, with a scale of 133.7 million yuan and a priority interest rate of 2.0% [1][2] - This innovative product marks a significant milestone in the financial market, reflecting high recognition of data as a new asset class and facilitating the transformation of data elements into capital [2][4] Group 1: Project Overview - The project is managed by Huaxin Securities and involves nine underlying enterprises from Jiangsu, Zhejiang, Shaanxi, and Jiangxi provinces, including both listed companies and private enterprises with strong qualifications and stable debt repayment capabilities [2][3] - The industries represented by the underlying enterprises include construction, wholesale and retail, and information technology services, with diverse data asset types such as vehicle travel data and agricultural production data [3] Group 2: Policy Context and Future Implications - The issuance of the data asset ABS coincides with a period of intensive policy releases regarding data elements, indicating strong governmental support for the development of the data industry [4] - The successful issuance is expected to drive the establishment of a unified national data element market, with the potential to unlock a trillion-level data asset market, thereby injecting sustainable momentum into China's high-quality economic development [5]

Group 1 - The first approved data asset ABS in China, "Huaxin-Xinxin-Data Asset Phase 1 Asset Support Special Plan," was officially issued on July 31, with a scale of 133.7 million yuan and a priority interest rate of 2.0% [1] - The project is seen as a milestone in the financial market, marking a significant breakthrough in financial services for the real economy and facilitating the transformation of data elements into capital [2][4] - The underlying assets of the project include nine companies from various sectors such as construction, wholesale and retail, and information technology, with a strong focus on compliance and legal requirements [3] Group 2 - The issuance of the data asset ABS coincides with a period of intensive policy releases regarding data elements, indicating a supportive regulatory environment for data asset financing [4] - The successful issuance is expected to have a profound impact across multiple sectors, promoting the establishment of a unified national data element market and enhancing the standardization and scalability of data asset financing [5] - Huaxin Securities aims to continue exploring digital finance, focusing on the development of data asset valuation models and cross-industry securitization solutions to convert dormant data into capital [5]