以科技创新为核心驱动力的新质生产力，涵盖技术突破、产业升级、模式创新等多元维度，与金融"五 篇大文章"的内涵高度契合，助力新质生产力发展成为包括平安证券在内的金融机构服务实体经济的重 要发力点。 平安证券党委书记、董事长何之江日前在接受中国证券报记者专访时表示，公司始终坚守金融服务实体 经济本源，不断提升自身专业能力和服务水平，全力做好金融"五篇大文章"，通过精准施策、创新实 践，让金融"活水"精准滴灌创新沃土，积极支持科技创新与产业升级。未来，公司将不断探索创新路 径，进一步提升服务新质生产力的能力，同时努力打造"有温度的证券平台服务商"，持续为客户提供高 效率、有温度、有价值、一致化的服务，助力实体经济高质量发展。 激活产业升级新动能 向"新"向"绿"谋发展 科技创新是新质生产力的核心引擎。为科技创新企业引入金融"活水"，既是证券公司的优势所在，更是 其义不容辞的责任。 高质量发展既要向"新"，也要向"绿"。在何之江看来，绿色发展是高质量发展的底色，新质生产力本身 就是绿色生产力。对此，平安证券始终将绿色金融理念根植于业务顶层设计，紧跟国家"双碳"战略方 向，通过制度保障与资源倾斜，推动绿色金融落地见效。 ...

激活产业升级新动能 向"新"向"绿"谋发展 科技创新是新质生产力的核心引擎。为科技创新企业引入金融"活水"，既是证券公司的优势所在，更是 其义不容辞的责任。 据何之江介绍，在服务科技创新企业高质量发展方面，平安证券实施"全周期产品创新"与"区域精准服 务"双轨战略，构建起覆盖企业全生命周期、多元化"接力式"投融资服务体系，助力构建"科技-产业-金 融"良性循环，支持新产业、新业态、新技术的发展，推动从"规模+质量驱动"到"服务体系+品质驱 动"的升级，为科创产业注入金融动能。 具体而言，在股权业务领域，平安证券聚焦半导体、新能源、高端装备三大战略性新兴产业，深耕长三 角、珠三角两大新兴产业企业集群地；深化与同创伟业、东方富海等创投机构的合作力度，重点服务硬 科技中早期企业；做耐心投行，持续加大人力资源投入，引导投行团队培育新兴领域早期硬科技项目， 同时建立并购重组资源库，为上市公司强链补链、转型升级提供撮合支持。 以科技创新为核心驱动力的新质生产力，涵盖技术突破、产业升级、模式创新等多元维度，与金融"五 篇大文章"的内涵高度契合，助力新质生产力发展成为包括平安证券在内的金融机构服务实体经济的重 要发力点。 平 ...

从参与主体来看，国有企业凭借数据资源禀赋与合规运营优势，成为数据资产ABS市场的核心发起力 量。上述7单已落地项目中，国有企业作为原始权益人的占比达71.4%（5单），剩余2单分别由民营企 业（1单）与公共企业（1单）主导发行，呈现出"国企主导、多元主体协同"的参与格局。 这一多元参与态势的背后，凸显了数据资产ABS在破解企业融资难题中的积极价值。从发行成本来看， 数据显示，上述7单项目的平均票面利率为2.04%，显著低于同期中小企业传统贷款平均利率。 作为数字经济时代的核心生产要素，数据从资源化、资产化到资本化的价值进阶始终是行业关注的核心 议题。今年以来，这一价值转化链条迎来关键突破——数据资产ABS（资产支持证券）从首发"破冰"到 接连落地，不仅让数据要素的金融化变现路径更加清晰，更打通了数据价值向资本市场传导的标准化通 道。 自全国首单数据资产ABS产品——"平安-如皋第1期资产支持专项计划（数据资产）"成功发行以来，市 场对数据资本化的探索持续深化。 据Wind资讯数据统计，截至目前，年内已有7单数据资产（含赋能型）ABS产品成功发行，发行规模合 计达24.90亿元。从目前已落地的产品实践来看，主要 ...

Core Viewpoint - The "14th Five-Year Plan" outlines a clear strategy for expanding China's bond market, which has achieved significant growth in scale, product innovation, risk control, and international connectivity, positioning it as a cornerstone for building a financial powerhouse and promoting high-quality economic development [1][2][4]. Group 1: Market Scale and Growth - As of August 2025, the total custody balance of China's bond market exceeded 192 trillion yuan, representing a growth of over 60% compared to the end of the "13th Five-Year Plan," with a single-year issuance scale of 79.62 trillion yuan in 2024 [2][3]. - The bond market has become the second largest in the world, with a robust framework supporting its expansion [1][2]. Group 2: Product Innovation - Continuous product innovation has led to the introduction of specialized financial tools targeting sectors like artificial intelligence and renewable energy, enhancing the market's ability to meet diverse financing needs [1][2][8]. - The launch of the "Technology Board" in May 2025 specifically caters to financing needs in semiconductor and biomedicine sectors, while public REITs have expanded to cover various asset types, unlocking over 100 billion yuan in existing assets [2][8]. Group 3: Risk Control - The bond market has maintained a low default rate of around 1%, supported by a market-oriented and legal framework for default resolution [3][4]. - By June 2025, over 60% of local government financing platforms had exited, effectively mitigating systemic financial risks [3][4]. Group 4: International Connectivity - By August 2025, 1,170 foreign institutions from 80 countries and regions had entered the market, holding approximately 4 trillion yuan in bonds, marking a nearly fourfold increase since the launch of the "Bond Connect" [3][4]. - China's bonds have been included in major international indices, enhancing their global appeal and positioning [3][4]. Group 5: Future Directions - The bond market is expected to focus on product innovation, risk control, and deepening international openness to support economic transformation and enhance financial competitiveness [8]. - There is a need to optimize the bond product structure, develop high-yield bond markets, and improve risk management tools to better serve diverse financing demands [8][9].

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 issuance scale of corporate Asset-Backed Securities (ABS) has exceeded 1 trillion yuan in 2023, reaching 10,321 billion yuan by the end of September, marking a year-on-year increase of over 20% [1][8] - This level is approaching the total issuance scale for the entire year of 2024, which is projected to be 12,483 billion yuan, and represents the first time since 2022 that the number of corporate ABS issued has surpassed 1,000 in September [1][8] Issuance Trends - A total of 1,142 corporate ABS have been issued as of September 2023, with significant growth in large-scale issuances, particularly those exceeding 2 billion yuan, which have seen a year-on-year increase of 17.65% [1][5] - The largest single issuance this year is the "CITIC Financial Asset Yunfan Phase 1" plan, with a scale of 10.01 billion yuan, achieving the lowest cost and narrowest spread among similar products [6][8] Types of ABS - Corporate ABS is primarily issued by non-financial enterprises and is regulated by the China Securities Regulatory Commission, while credit ABS is issued by financial institutions and circulates mainly in the interbank market [5][8] - Traditional underlying assets for ABS include accounts receivable, lease rentals, trust loan rights, small loans, and consumer loans, with over 800 products issued in these categories, accounting for more than 70% of total corporate ABS issuance [6][8] Innovation in ABS - New types of ABS based on data assets, intellectual property, and low-altitude economy have emerged, with the recent issuance of the "Huaxin-Xinxin Data Asset Phase 1" plan marking a significant development in data asset securitization [7][8] - Data asset ABS allows companies to convert dormant data resources into financing, particularly benefiting technology firms with insufficient collateral [7][8] Market Dynamics - The ABS market is experiencing a surge in both issuance and secondary market activity, driven by strong demand from small and medium-sized enterprises seeking to optimize their financing structures [8][9] - Regulatory support and the introduction of new fundraising mechanisms are expected to further expand the ABS market [8][10] Investor Participation - Institutional investors, including trust institutions and banks, are the primary participants in the ABS market, with trust institutions increasing their holdings significantly [10][11] - Public funds have also begun to increase their ABS holdings, with a notable rise in the number of funds participating [11][12] Yield and Risk - ABS products typically offer higher yields compared to standard bonds, with the average coupon rates for different tiers of ABS varying significantly, reflecting the risk-return profile of the underlying assets [14][16] - The current low-interest-rate environment has made ABS an attractive investment option for institutional investors, providing a unique opportunity for yield enhancement [14][16]

近日，记者从中交第一航务工程局有限公司(简称"中交一航局")获悉，其在上海证券交易所成功发行央 企首单、建筑行业首单数据资产ABS，发行规模2.58亿元，优先级价格2.12%，认购倍数3.33倍，在债 券市场大幅波动的背景下，逆势创下该公司资产证券化产品历史最低价格。 近年来，中交一航局积极响应中央金融工作会议精神，依托"司库监控系统数据资产"、"土木工程检测 数据集"、"水运工程BIM模型资源库"等数据资产，在信科集团和中交财务公司的助力下，高效完成数 据资产ABS的发行。 中交一航局相关负责人认为，此次成功发行数据资产ABS，开创了数据金融化创新应用的新突破，实现 了数据资源从"入表"到"融资"的关键跨越，此举将为建筑行业提供创新的融资路径，显著压降融资成 本，高效释放数据资产的内在价值，赋能企业财务数智转型，推动建筑行业数字化发展。 中交一航局是中交集团核心子公司，拥有国家级企业技术中心和博士后科研流动站，在港口航道、跨海 通道、海洋工程等领域形成了一批核心技术优势，具备大型沉管隧道、深水码头、海上风电等工程的施 工能力，完成了港珠澳大桥、深中通道、大连湾海底隧道建设。 ...

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]

Group 1 - The article highlights the accelerating trend of data asset ABS issuance, with three deals completed last week, including two projects from financing leasing companies as original equity holders, marking a first in this sector [3][4] - The Guojun-Wuxi LianTou Leasing Third Phase Asset-Backed Special Plan (Data Asset) is analyzed as a case study, being the first ABS project fully backed by data assets, with a total amount of 137 million yuan and a record low interest rate of 1.85% [5][6] - Data assets are defined as measurable data resources that provide economic and social value, as per national standards and guidelines issued by relevant authorities [6][7] Group 2 - The legal recognition of data assets requires ownership or control, measurability, and the ability to generate economic benefits, aligning with the definitions provided by the National Market Supervision Administration and the China Asset Appraisal Association [6][7] - From an accounting perspective, data assets are treated as identifiable non-monetary assets without physical form, and must meet specific criteria to be recognized on the balance sheet [7][8] - The management and legal due diligence processes for data asset ABS involve verifying ownership and market value through various documentation, ensuring compliance with national standards [8][9] Group 3 - Data assets must be registered in legitimate trading venues to serve as collateral, in accordance with national data security laws and local regulations [9][10] - The challenges in developing ABS for data assets include ensuring clear ownership and the ability to generate predictable cash flows, which are critical for their independent use as underlying assets [10]

扫码文末"投小圈" 加入行业交流群 文章来源：读懂ABS 央企+建筑行业首单数据资产ABS 全国首单100%数据资产质押债权类ABS | 证券分层 债项评级 发行期限 发行规模 票面利率 全场倍数 | | --- | | 优先级 AAAsf 1.92年 1.30亿元 1.85% 3.84倍 | | 1.92年 0.07亿元 次级 | 「明树云基建投融资政策」数据应用，聚焦基建投融资领域前沿政策资讯，基建政策报告，基建政策图表。 系统搭建覆盖中央和地方两级、数据实时更新的基础设施投融资政策库，涉及新基建、交通运输、乡村振兴、EOD及城市更新等相关领域热点资讯；行 业重点、热点专题定期进行专项汇编，政策内容一目了然；每月推送明树基建投融资数字化专家组发布的政策报告。 左右更多 对于数据产品有什么需求和想法，都欢迎联系我们，填写用户调研还可以获取积分，可抵扣数据服务支付费用， 全国首单数据资产助力产业园区科创企业的知识产权 ABS 首单高速公路+数据资产ABS 查看更多行业政策资讯 ...