为何没有先例？其难在何处？ 数据资产证券化主要面临三大核心挑战：数据确权难、价值评估难和合规风控难。 有市场分析认为，在确权方面，数据来源多样且权利关系复杂，涉及个人、企业等多主体，同时，相关 法律法规不完善，导致数据确权困难，难以明确界定数据的所有权与使用权。在评估方面，数据质量不 一，缺乏成熟评估方法，且数据价值受稀缺性、市场需求等多种因素影响，难以准确量化，使得价值评 估存在难度。在风控方面，数据在存储、传输等环节安全风险高，加上证券化业务流程较为复杂，参与 方众多，导致合规风控难度加大。 数据要素的资本化实践，正在春天孕育萌发。4月14日，由南京鑫欣商业保理有限公司（以下简称"鑫欣 保理"）作为发行人、华鑫证券有限责任公司（以下简称"华鑫证券"）作为管理人和销售机构申报的"华 鑫—鑫欣—数据资产1—5期资产支持专项计划"（以下简称"数据资产专项计划"）正式取得深圳证券交 易所无异议函，总规模为5亿元。 小小的数据，也有融资的价值。作为一个全新的ABS品类，这一次由"0"到"1"的突破，开创了数据资产 作为独立基础资产在资本市场融资的先河，为数据要素在资本市场实现价值转化带来更多的可能性。 数据资产证券 ...

Group 1: Core Innovation of Malu Grape RWA Financing Case - Malu Grape, a landmark agricultural brand in Shanghai, completed a 10 million yuan equity financing through a Real World Assets (RWA) project in 2024, becoming the first data asset securitization case in the agricultural sector [1] - The project combines data assetization with blockchain technology, ensuring transparency and immutability by recording environmental and economic data on the blockchain, thus addressing liquidity and financing challenges in traditional agriculture [2] - A multi-party collaboration involving Shanghai Data Exchange, Left Bank Xinhui, and law firms established a complete chain for data collection, verification, and trading, with smart contracts ensuring compliance throughout the process [3][4] Group 2: Economic Benefits and Industry Upgrade - The financing will be used for smart agricultural facility construction, such as intelligent irrigation and environmental monitoring, expected to generate an additional annual income of 3 million yuan and enhance brand premium [5] - The project promotes a shift from experience-based planting to data-driven precision management, optimizing the supply chain and enhancing product traceability [6] Group 3: RWA Model as a New Financing Paradigm - RWA transforms physical assets into on-chain tokens via blockchain technology, addressing traditional asset pain points such as enhanced liquidity and reduced investment thresholds [7] - The model improves transparency by ensuring asset authenticity and traceability through data on the blockchain, thereby reducing information asymmetry [8] Group 4: Diverse Application Scenarios - The Malu Grape case validates the feasibility of data assetization in agriculture [9] - In the renewable energy sector, Longxin Technology collaborates with Ant Group to provide low-cost financing for charging station operators through RWA [10] - Tokenization can release liquidity in real estate and support emerging asset classes like carbon credits [11] Group 5: Technology Integration and Compliance Pathways - The project integrates blockchain, AI, and IoT, utilizing smart hardware for real-time data collection and smart contracts for automated transactions [12] - A regulatory framework is necessary to balance innovation and risk, with Hong Kong exploring compliance pathways through sandbox mechanisms [12] Group 6: Comparison with Other Financing Methods - RWA offers more flexible asset segmentation and lower transaction costs compared to traditional asset-backed securities (ABS), which rely on credit and have lower liquidity [13] - RWA covers a broader range of asset types compared to security token offerings (STO), combining features of both [14] - The market for RWA assets is projected to reach trillions by 2030, covering sectors like real estate and green energy [15] Group 7: Insights and Challenges - RWA is suitable for enterprises with high-value non-standard assets needing improved liquidity, requiring data governance capabilities and compliance teams [18] - Regulatory uncertainty and technological security are challenges that need to be addressed, including the need for third-party audits to prevent data tampering and smart contract vulnerabilities [20][21]