Group 1: Economic Strategy and Investment Focus - The core focus for China in the next five years will be on three key sectors: circular economy, AI computing power chips with advanced processes, and new materials such as solid-state batteries and rare earths [3][14][16] - A significant amount of capital will be invested in AI computing, emphasizing the need for breakthroughs in the processing system to achieve independence in the entire semiconductor industry [3][14] - China has a strategic advantage in the supply chain, particularly in rare earths, which are critical for modern industrial systems [16][18] Group 2: Currency and Financial Strategy - The competition between the Renminbi and the US Dollar is inevitable, with a focus on establishing a new financial ecosystem that could potentially allow the Renminbi to capture 20% of the Dollar's market share in five years [5][21][30] - The establishment of a stablecoin based on the Renminbi is seen as crucial for creating a new financial cycle, leveraging China's trade and supply chain strengths [26][29] - The transformation of data into a new economic factor is essential for restructuring China's fiscal foundation and tax base, moving away from reliance on land as a production factor [31][34] Group 3: Circular Economy and Resource Management - China aims to develop a circular economy to reduce dependency on non-renewable resources, particularly oil, by finding technologies that can convert waste back into usable resources [10][12][13] - The focus on circular economy is not just an environmental strategy but also a means to overcome geopolitical vulnerabilities related to resource supply [12][13] Group 4: Market Dynamics and Future Outlook - The upcoming five years will see a systematic approach to understanding and capitalizing on the strategic initiatives outlined in the "15th Five-Year Plan," which will influence market sentiment and investment opportunities [9][36] - The shift towards a digital economy and the capitalizing of data as a new production factor will create significant opportunities in the market [34][36]

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 ...