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].

Core Insights - The National Development and Reform Commission plans to introduce over 10 systems, including data property rights, to accelerate the release of data factor value [1] - Data factors are becoming a new engine for high-quality economic development, particularly in the financial sector, by addressing traditional pain points such as financing difficulties for small and micro enterprises [1][2] - The integration of data factors into financial services is driving innovation and creating a more efficient and inclusive modern financial ecosystem [1][2] Financial Sector Developments - Data factors are being recognized as assets through asset-backed securities (ABS) and real estate investment trusts (REITs), facilitating their entry into capital markets [2] - The first closed-end infrastructure securities investment fund based on data centers was launched, with significant market recognition reflected in the purchase amounts of 233 million and 388 million yuan respectively [2] - Multi-dimensional credit assessments using integrated enterprise data are providing financial institutions with precise risk pricing and enhancing financing capabilities for small and micro enterprises [2] Challenges in Data Factor Application - Despite progress, the financial sector faces challenges such as data ownership confirmation, compliance, and security issues that need to be addressed for deeper application of data factors [1][4] - The complexity of data factors and the unique nature of the financial industry create obstacles in fully realizing their value [4][5] - Current policies and practices regarding data asset accounting and valuation are inconsistent, hindering the growth and quality of data assets [5] Policy Initiatives - Various regions are implementing policies to overcome barriers in data factor financial applications, such as Beijing's initiative to explore data asset circulation models and Hunan's plan to enhance data factor applications in finance [5][6] - The emphasis on balancing incentives and constraints in policy design is crucial for protecting personal data privacy while promoting data utilization [6]

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 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].

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].