北京明树数据科技有限公司 前言 Foreword 2025 年，中国基建投融资市场站在了变革与机遇交织的关键节点，宏观经济调整、政策导向升级、技 术创新迭代与市场需求转型多重力量交织，推动行业从"规模扩张"向"质量提升"深度转型。 日前，明树数据发布，从数据、政策、专题、展望四大维度，深度剖析 2025 年中国基建投融资市场全 貌，并展望 2026 年行业热点与趋势。报告围绕政策环境、市场规模、项目分布等核心维度展开系统研 究，厘清市场运行规律与发展脉络；聚焦 PPP 新机制落地、"三资三化" 存量盘活、数据资产证券化等 关键领域，结合专题研究与典型案例，提炼可复制推广的实操路径，为政府部门、国企、民企、金融机 构等市场主体提供决策参考，助力基建投融资领域的高效资源配置与可持续发展。报告综合运用多元研 究方法，系统梳理国家统计局、发改委、央行等部门的官方文件与统计数据，深度解读政策导向及宏观 经济形势对市场的影响，保障研究成果的全面性、准确性与深度洞察。 扫码文末"投小圈" 加入行业交流群 作者：李振宇 在实务操作中，合规性判定可采用"风险红线清单"筛查工具，按照清单逐一重点排查，例如：政府兜底 承诺（如固定 ...

本项目底层资产涉及的7位债务人分别以智慧城市能源生产数据、植物生长策略数据、农产品追溯数 据、农业病虫害AI识别模型数据、社区服务数据和电池租赁数据等资产对底层资产进行赋能，并由潍 坊银行提供保函增信，获得了市场投资人的广泛认可。 我国"十五五"规划明确提出"深入推进数字中国建设"，作为数字经济时代重要的基础性资源，数据资产 通过证券化手段"变现"成为2025年以来市场关注的焦点。本项目的成功发行是山东省在金融服务数据资 产"变现"的一次重要尝试，也是响应"十五五"规划建议，促进实体经济与数字经济深度融合、以数智技 术赋能千行百业的一次成功实践。 中泰证券始终坚持金融工作的政治性、人民性，紧扣金融"五篇大文章"时代命题，不断提升服务实体经 济质效。2025年，公司服务230家企业融资1451.69亿元，其中服务山东省72家企业融资354.93亿元，相 继打造全国首单央企"知识产权+科技创新"双贴标资产证券化、中西部区域首单中小微企业支持及"专精 特新"知识产权资产证券化、天津市首单机构间REITs等标杆项目，通过多元化创新融资产品引导金 融"活水"源源不断流向实体经济重点领域和薄弱环节，切实践行金融报国的使命 ...

随着技术迅猛发展，数据已成为驱动经济增长的新质生产要素，在优化决策、提升效率和催生新业态方 面作用关键。数据经济规模持续壮大，已成为我国高质量发展的重要引擎。在此背景下，探索数据资产 证券化，对于盘活数据要素价值、拓宽企业融资渠道、深化数据要素市场改革具有重要意义。 一、数据资产证券化的内涵界定 （一）数据资产的概念演进 数据资产是指由组织合法拥有或控制，能够进行计量并带来经济或社会价值的数据资源。我国高度重视 数据资产的管理与应用，逐步构建了围绕数据治理、流通交易与安全保护政策的框架。国家层面通过制 定标准，明确了数据的资源与资产属性，而地方实践则丰富了其确权路径，例如北京、江苏等地探索的 数据知识产权登记，侧重于数据的智力成果与商业价值；深圳等地的规则则区分了数据资源与数据产 品，强调加工增值与市场交易属性。这些探索共同推动数据从资源向可辨识、可计量的资产演进。 （二）数据资产证券化的概念 数据资产证券化，是以数据资产未来可产生的稳定现金流为偿付支持，通过结构化设计进行信用增级， 并在此基础上发行资产支持证券的融资过程。其基础资产可表现为数据资产质押贷款债权、数据服务应 收账款、特定数据产品收益权等形态。 ...

Core Viewpoint - The State Council has approved a comprehensive reform pilot for market-oriented allocation of factors in Zhengzhou and nine other regions, aiming to enhance the quality and efficiency of resource allocation through 70 specific measures outlined in the reform plan [1] Group 1: Technological Innovation and Market Development - The reform plan emphasizes the importance of technological factors in driving innovation and proposes reforms in the management of scientific achievements in universities and research institutions [2] - It aims to establish a resource library for scientific achievements and promote the transformation of these achievements to support small and medium-sized enterprises [2] - The plan includes the construction of 30 concept verification centers and pilot bases in high-end equipment, new materials, and biomedicine [2] Group 2: Land Resource Optimization - The plan seeks to improve the efficiency of industrial land use by implementing standardized land transfer and ensuring immediate project commencement upon land acquisition [4] - It proposes measures to revitalize existing land resources and establish a unified urban-rural construction land market [4] - The plan includes policies to support the transformation of old industrial areas into cultural industries [4] Group 3: Talent Attraction and Management - The reform plan aims to relax household registration conditions to facilitate the settlement of agricultural migrants and other residents in Zhengzhou [5] - It proposes the establishment of a digital ecosystem for skilled talent and the development of a talent evaluation system linked to public services [6] - The plan includes initiatives to attract high-end talent and support innovation and entrepreneurship through various programs [6] Group 4: Data and Computing Infrastructure - The plan outlines the establishment of a comprehensive data registration and trading system, along with a national supercomputing center in Zhengzhou [7] - It aims to create benchmark data application scenarios in key sectors such as transportation, healthcare, and education [7] - The plan emphasizes the importance of data asset evaluation and the development of a data-driven economy [7] Group 5: Financial Services for Innovation - The reform plan introduces "Technology Talent Loans" to provide comprehensive financial services for technology-driven enterprises [8][9] - It aims to enhance the capital market's vitality and support the development of various financial products for small and medium-sized enterprises [8] - The plan includes measures to increase the proportion of RMB settlements in foreign trade [9] Group 6: Resource Market Mechanisms - The plan proposes improvements to the market mechanisms for resource allocation, particularly in the electricity and water sectors [10] - It emphasizes the need for a green trading mechanism and participation in national carbon trading [10] - The plan aims to facilitate market-oriented water rights trading to support industrial development [10] Group 7: Advanced Production Factors - The reform plan focuses on the innovative allocation of production factors in emerging industries such as healthcare, artificial intelligence, and low-altitude economy [11] - It aims to establish a comprehensive analysis system for various production factors to enhance decision-making and resource allocation [11] - The plan includes measures to ensure fair distribution of benefits from land use changes to various stakeholders [11]

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]

Core Viewpoint - The Chinese government has emphasized the steady development of asset securitization, particularly focusing on data assets, marking a significant step towards integrating data elements with financial services [1][2]. Group 1: Market Development - As of September 2025, China has issued a total of 7 data asset ABS products, amounting to 2.49 billion yuan [2]. - The first approved data asset securitization project was launched in July this year, with an issuance scale of 133.7 million yuan and a priority ticket interest rate of 2% [1][2]. Group 2: Industry Standards and Ecosystem - The establishment of the first data asset securitization ecological alliance aims to innovate and standardize the data asset securitization business, transforming dormant data resources into tradable capital [4]. - The process of data asset securitization is seen as a significant breakthrough in recognizing data elements as a new asset class, facilitating the conversion of data resources into capital [2][4]. Group 3: Challenges and Recommendations - The lack of traditional collateral for data assets makes it difficult to obtain loans from banks, but data asset securitization provides a new channel for low-cost financing [3]. - There are challenges in defining basic assets, establishing a unified valuation system, and standardizing operational processes, which hinder the capitalized implementation of data assets [5]. - It is recommended to expand sustainable revenue models through data licensing, subscription services, and commercial scenarios to create quantifiable cash flow foundations [5].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The current data asset ABS has three models: "data - pledged loan", "accounts receivable/financial leasing + data pledge", and "data - empowered pricing". Policy support has been provided for the value transformation path from data "resources" to "assets" and then to "capital", but there are still pain points in the development of data asset ABS. Some data asset ABS products have investment value due to their asset pool quality, credit - enhancement measures, and yield advantages [2][12][13] 3. Summary by Relevant Catalogs 3.1 Current Models of Data Asset ABS - As of September 22, 2025, 7 data asset ABS have been issued in China, with a total scale of 2.49 billion yuan. Six of the issuers are state - owned enterprises, and only one is a private enterprise. The three models are: "data - pledged loan" (e.g., "Data 1 Phase"), "accounts receivable/financial leasing + data pledge" (e.g., "Rugao 01" and "Liantou 3 Phase"), and "data - empowered pricing" (e.g., "Zhongtoubao 2 Phase" and "Jiangong Project") [2][3][5] - The first approved data asset labeled product is the "Huaxin - Xinxin - Data Asset 1 - 5 Phase Asset - Backed Special Plan", with a total shelf scale of 500 million yuan. The first successfully established data asset ABS product is the "Ping'an - Rugao Phase 1 Asset - Backed Special Plan (Data Asset)", with a scale of 130 million yuan and a coupon rate as low as 2.4% [4] 3.2 Policy Support for Value Transformation - Policies such as the "Data Twenty Articles" in December 2022, the "Interim Provisions on the Accounting Treatment of Enterprise Data Resources" in August 2023, and the "Guiding Opinions on Strengthening Data Asset Management" in December 2023 have provided support for the value transformation from data "resources" to "assets" and then to "capital" [2][12] - However, the development of data asset ABS still faces pain points, including inconsistent data confirmation and registration standards, the lack of a perfect valuation system, and increasing data security and compliance risks [2][13] 3.3 Investment Value Analysis of Data Asset ABS - In terms of asset pool quality, "Zhongtoubao 2A/2C" and "25 Jiangong You/Ci" have excellent asset pools. "Data 1 You/Ci" is in the middle. "Rugao 01 You/Ci" and "25 Yihang You/Ci" have creditworthy but concentrated debtors. "Liantou 3 You/Ci" and "25 Xingzu 01/Ci" have relatively weak asset pools [16] - Regarding credit - enhancement measures, "25 Jiangong You/Ci" and "Rugao 01 You/Ci" have high credit - enhancement effectiveness. "Liantou 3 You/Ci" has a 100% data asset pledge but depends on the quality of underlying leasing assets. "Zhongtoubao 2A/2C" has traditional credit - enhancement methods [17] - Some data asset ABS have higher yields than other bonds of the same credit subject, same rating, and similar maturity due to structural complexity and liquidity premium. For example, on September 24, 2025, the yield of "Data 1 You" was about 11bp higher than that of "Meixin 3A" [2][19]

Core Insights - The first approved data asset-backed securities (ABS) product in China has been successfully issued, marking a significant step in the marketization and value transformation of data assets [1][5] - The project demonstrates the potential of data as a new type of asset, transitioning from "resource" to "asset" and then to "capital," which can enhance the added value across various industries [1][6] Group 1: Project Overview - The first phase of the data asset ABS, named "Huaxin-Xinxin-Data Asset 1-5 Phase Asset Support Special Plan," was issued with a scale of 133.7 million yuan and a priority ticket interest rate of 2.0% [1][2] - The cash flow for 89% of the project comes from data asset pledge loans, indicating a strong reliance on data-backed financing [1][2] Group 2: Participating Companies - Nine companies from different regions and sectors participated in the project, including data intelligence service providers and industry digitalization service providers [2][3] - The data assets included in the pool are categorized into three types: anonymized user behavior data, industry insight data, and technical interaction data [2][3] Group 3: Compliance and Risk Management - Huaxin Securities implemented a comprehensive compliance mechanism and introduced third-party evaluation systems to address legal and compliance challenges in the securitization process [3][4] - The company emphasized the importance of verifying data ownership, legality, and compliance to mitigate legal risks associated with data assets [4][5] Group 4: Market Potential and Future Outlook - The market for data asset securitization is expected to grow significantly, with projections indicating a potential market size in the hundreds of billions [6][7] - The company plans to expand the application scenarios for data asset securitization, focusing on public and industrial data sectors over the next three years [6][7]

Core Insights - Data asset securitization is emerging as a crucial financial innovation tool to activate data value and empower the real economy amid the ongoing reform of the national data factor market [1][3] Group 1: Event Overview - The "Data Asset Securitization Innovation Business Exchange Conference" was held in Nanjing, organized by the Jiangsu Data Exchange, gathering government representatives, academic experts, financial institutions, and data asset practitioners to discuss the policy framework, practical paths, and future opportunities of data asset securitization [1][3] - The conference aims to respond to the central financial work meeting's call to "make a significant contribution to digital finance" and implement the National Data Bureau's "Data Factor ×" action plan, promoting the transition of data resources to data assets and capital [3] Group 2: Key Developments - Jiangsu Data Group's General Manager Xu Yanwu emphasized the importance of building a comprehensive service ecosystem for data productization, marketization, and valuation to help enterprises activate data assets [3] - The "Data Asset Value Innovation Laboratory" was officially launched, focusing on key aspects such as data asset valuation, credit rating, and securitization product design to provide practical support for data asset securitization [3][6] - Strategic data merchants, including Guizhou Data Treasure and Deloitte Consulting, joined the Jiangsu Data Exchange, enriching the data ecosystem and providing professional support in data consulting, governance, evaluation, compliance, and financial services [3] Group 3: Expert Insights - Experts shared insights on data asset securitization, discussing policy frameworks, international experiences, and practical case studies, with notable presentations on the trillion-dollar data asset market and the exploration of data value in the AI era [5] - A roundtable forum featured discussions on data asset evaluation, legal compliance, and product innovation, with a consensus on the need to build a collaborative ecosystem involving government, industry, academia, research, and finance [6] Group 4: Future Directions - The Jiangsu Data Exchange aims to enhance cooperation across regions and sectors, focusing on improving data trading rules, data property registration, infrastructure for data circulation, and innovation in data assetization [6]

Group 1 - The first approved data asset securitization project in China, "Huaxin-Xinxin-Data Asset Phase 1 Asset Support Special Plan," has been officially listed with a scale of 500 million yuan [1] - The data assets involved come from state-owned enterprises, listed companies, and specialized small and medium-sized enterprises across seven cities in four provinces [1] - Another project, "Ping An-Rugao Phase 1 Asset Support Special Plan," has also been listed, marking a significant step in utilizing standardized financial products to activate local state-owned enterprise data assets [1] Group 2 - The design of the two products incorporates multiple innovations aimed at promoting high-quality development of the real economy [2] - The "Huaxin-Xinxin" plan includes a diverse range of data asset applications, such as autonomous driving data and smart agriculture data, allowing companies to secure financing between 10 million and 25 million yuan [2] - An innovative mechanism using multiple data asset pledge loans has been established, demonstrating the feasibility of using data assets as collateral for financing [2] Group 3 - The development of data asset securitization is supported by an increasingly robust data element ecosystem, with approximately 100 A-share listed companies in Jiangsu involved in data asset accounting [3] - In 2024, the total amount of data assets accounted for by A-share listed companies in Jiangsu is estimated to be around 2.164 billion yuan, with 88% of companies including data resources as intangible assets [3] - The national data market transaction scale is projected to exceed 160 billion yuan in 2024, reflecting a year-on-year growth of over 30% [3]