Core Insights - The asset securitization market in China is experiencing rapid growth, with innovative products emerging, including the first data asset-enabled securitization product [1][2] - The product, named "Tianfeng Zhongtoubao Accounts Receivable Phase 2," has an issuance scale of 510 million yuan, backed by high-quality accounts receivable from state-owned enterprises [2][4] - The collaboration between Shanghai Data Exchange and Shanghai Stock Exchange marks a significant step in integrating data assets with capital markets, responding to national reforms in data asset recognition [5][6] Group 1: Product and Market Development - The introduction of the data asset-enabled securitization product represents a new practice in multi-factor market development and is a breakthrough in the field [2][4] - The Shanghai Data Exchange provides authoritative certification and professional services for the data assets, ensuring compliance and credibility throughout the process [3][4] - The successful launch of this product demonstrates the core role of data assets in enhancing the value of ABS products and optimizing market operation efficiency [4] Group 2: Data Asset Empowerment - Data assets improve the quality of underlying assets by providing compliance, certification, and valuation support, which enhances investor confidence [3][4] - High-quality data allows for better pricing and risk management, moving away from traditional reliance on experience-based parameters [3][4] - The potential for further value extraction from quality data assets can lead to new development opportunities for ABS products and lower costs for issuers [3][4] Group 3: Future Prospects - The application scenarios for data assets are expected to expand, with potential in areas such as computing power, smart parks, new energy, and smart agriculture [7] - The exploration of "Real Data Assets (RDA)" aims to enhance traditional asset quality through digital transformation and certification by exchanges [7] - The integration of data assets into financial markets is seen as a significant opportunity for small and medium-sized enterprises, enhancing their asset scale and financing competitiveness [6][7]

Core Viewpoint - The rapid development of China's asset securitization market this year is highlighted by the introduction of the first data asset-enabled securitization product, which utilizes core data assets from China Investment Guarantee Corporation's subsidiary to provide risk pricing and cash flow assessment support [1][2]. Group 1: Product Overview - The newly launched data asset-enabled securitization product, named "Tianfeng Zhongtoubao Accounts Receivable Phase 2 SME Financing Support Asset-backed Special Plan (Data Asset Empowerment)," has an issuance scale of 510 million yuan, with high-quality accounts receivable from state-owned enterprises as the underlying assets [2][3]. - The successful launch of this product represents a significant breakthrough in the field, showcasing a new practice of multi-factor market linkage development [2]. Group 2: Data Asset Empowerment - Data assets enhance the quality of underlying assets by providing compliance, certification, registration, and valuation support, significantly improving the quality of accounts receivable-based ABS assets [3]. - The use of high-quality data optimizes pricing and risk management, allowing for precise identification and management of assets, thereby reducing risks and enabling more reasonable pricing [3]. - Quality data assets have further value exploration potential, which can empower intelligent agents and support model training, opening new development possibilities for ABS assets [3][4]. Group 3: Market Implications - The successful implementation of the "Tianfeng Zhongtoubao Accounts Receivable Phase 2" product demonstrates the core role of data assets in enhancing ABS product value and optimizing market operation efficiency, responding to market expectations for data asset value release [4]. - The collaboration between Shanghai Data Exchange and Shanghai Stock Exchange aligns with the regulatory push for financial technology innovation and the integration of data elements into the capital market [5][6]. Group 4: Future Prospects - The application scenarios for data assets are expected to continue expanding, with potential in areas such as computing power, smart parks, new energy, and smart agriculture [6]. - The exploration of "Real Data Assets (RDA)" is particularly noteworthy, as these assets will digitize traditional production and operation data, enhancing the credibility of traditional assets and potentially becoming a new engine for improving asset quality and efficiency [6].

Group 1 - The core viewpoint of the news is the successful issuance of China's first data asset-enabled asset-backed securities (ABS) product, which integrates capital and data elements to enhance financial services for the real economy and promote the integration of the real and digital economies [1][2] - The ABS product has a total issuance scale of 510 million yuan, backed by high-quality accounts receivable from state-owned enterprises, and incorporates core data assets from the China Investment Guarantee Corporation's subsidiary [1][2] - Shanghai Data Exchange plays a crucial role as a data asset service provider, offering authoritative certification and professional services for the data assets involved in this ABS product [1][2] Group 2 - The Shanghai Data Exchange has developed a comprehensive service plan for the data asset value realization, addressing challenges such as data asset confirmation, valuation, and risk assessment, which previously limited the application of data asset-enabled ABS in financial scenarios [2] - A complete institutional framework and strict review criteria have been established to standardize the registration process of data products, ensuring compliance and providing objective valuation bases for asset evaluation agencies [2] - The introduction of dynamic data from the supply chain financial platform allows for a penetrating assessment of accounts receivable risks, achieving dynamic empowerment of ABS risk control and pricing for the first time [2] Group 3 - The empowerment of data assets is reflected in three aspects: asset pricing, financing efficiency, and risk monitoring [3] - The use of data assets in reviewing supplier financing applications has optimized the screening and review process, effectively alleviating the financing difficulties faced by small and micro enterprises [3] - The average review cycle for supplier financing applications has been shortened by 3 to 5 working days, enabling same-day review and disbursement [3]

Core Insights - The issuance of the first data asset-backed securities (ABS) in Shanghai marks a significant shift towards the large-scale practice of data asset securitization, attracting market attention [1][2] - The popularity of data asset ABS is driven by a combination of policy support, corporate demand, and capital market dynamics [2] Policy Support - The recognition of data as the fifth production factor in 2020 led to a series of policies that established a comprehensive policy framework for data asset ABS [3] - The "Data Twenty Articles" in 2022 established a property rights framework, and the Ministry of Finance is promoting the inclusion of data resources in financial statements, providing essential policy backing for data asset ABS [3] - Regulatory guidelines from exchanges have standardized the asset admission process for data assets, facilitating market participation [3] Corporate Demand - Data asset ABS significantly alleviates financing challenges for internet companies that lack real estate collateral, allowing them to leverage operational data for assetization [3] - Companies utilizing data asset pledges have reported a substantial decrease in financing costs and an increase in financing scale, with some able to secure financing up to 30% of their revenue [3] Market Dynamics - The development of data asset ABS has led to a reevaluation of the value of data elements, shifting focus from credit reliance to asset value [5] - High-quality data asset ABS products have even experienced oversubscription, indicating strong market interest [5] Regional Variations - Different regions are exploring data asset ABS with unique characteristics based on local resources and development strategies [6] - Shenzhen has focused on public data, successfully launching the first data asset ABS product with a scale of 130 million yuan [6][7] - Shanghai has integrated data assets with supply chain finance, enhancing risk assessment accuracy and attracting participation from small and medium enterprises [7][9] Valuation and Standardization - The exploration of data asset ABS is advancing the development of a data asset valuation system, with various models being applied to enhance precision and standardization [10] - Mainstream data exchanges are establishing service platforms for cross-regional asset recognition, promoting efficiency in data asset transactions [10] Future Prospects - The market for data asset ABS is expected to expand, transitioning from innovative trials to regular business operations, with potential for cross-border data asset ABS exploration [11] - The ongoing development of data asset ABS is anticipated to play a significant role in advancing the data factor market and promoting digital economic growth [12]

Core Viewpoint - The successful issuance of the "Tianfeng Zhongtou Asset-Backed Special Plan for Financing Support for Small and Micro Enterprises" marks a significant innovation in asset securitization by integrating core data assets from the China Investment Guarantee Corporation, addressing the financing challenges faced by small and micro enterprises through enhanced asset pricing and risk monitoring [1][2]. Group 1: Data Asset Integration - The "Zhongtou Bao Xinyu Supply Chain Financial Platform Business Data" transforms intangible factors such as business capability and asset value into assessable metrics by integrating supply chain transaction information and performance records, which is crucial for accurate asset pricing [2]. - Data elements assist in constructing credit profiles, breaking down financing barriers for small and micro enterprises by aggregating fragmented credit information from various departments, thus enabling financial institutions to form a comprehensive view of these enterprises [2]. Group 2: Risk Management and Service Enhancement - Data elements provide scenario-based services that facilitate a dynamic balance between risk and service, allowing financial institutions to offer tailored financing solutions like "order loans" based on real-time operational data from e-commerce platforms [2]. - The integration of data allows for real-time risk monitoring, enabling financial institutions to adjust credit limits or follow up promptly in response to changes in business performance, thereby ensuring both financing needs and risk control are met [2]. Group 3: Future of Data in Finance - The fusion of data elements with the financial industry is a necessary evolution in the digital economy, enabling the quantification of intangible value, the construction of credit profiles, and the balancing of risk and efficiency, which enhances the flow of financial resources to the real economy [3]. - As the marketization of data elements deepens, the financial sector is expected to unlock greater potential, illuminating previously unseen values and activating overlooked credits, while transitioning from passive responses to proactive empowerment in financial services [3].

Core Viewpoint - The issuance of the first data asset-enabled Asset-Backed Securities (ABS) product marks a significant innovation in activating the value of data elements and supporting the financing needs of small and micro enterprises in the real economy [1][4]. Summary by Sections Product Issuance - The ABS product has a scale of 510 million yuan, with high-quality accounts receivable from central state-owned enterprises as the underlying assets [1]. - The innovation lies in the introduction of core data assets from China Investment Guarantee Corporation's subsidiary, which enhances the asset pricing process [1]. Financing Efficiency - The use of data assets optimizes the financing application review process, reducing the average review cycle by 3 to 5 working days, allowing for same-day approval and disbursement [2]. Risk Monitoring - A full lifecycle risk monitoring system is established, enhancing asset credibility through continuous tracking and analysis of accounts receivable post-loan [2]. Market Development - The issuance represents a new practice in multi-factor market development, facilitating the transition of data from "resource" to "product" to "asset" [3]. - The Shanghai Data Exchange plays a crucial role in ensuring the standardized application of data assets in financial scenarios [3]. Future Directions - The Shanghai Stock Exchange aims to continue optimizing market service systems and exploring new models for the integration of data elements with capital markets [4].