Group 1 - The first approved data asset ABS in China, "Huaxin-Xinxin-Data Asset Phase 1 Asset-Backed Special Plan," was issued on July 31, with a scale of 133.7 million yuan and a priority interest rate of 2.0% [1] - The project is seen as a milestone in the financial market, reflecting high recognition of data as a new asset class and a significant breakthrough in financial services for the real economy [2][4] - The underlying assets of the project come from nine companies across various industries, including listed companies and private enterprises, indicating strong credit quality and stable repayment capacity [2][3] Group 2 - The issuance of the Xinxin data ABS coincides with a period of intensive policy releases regarding data elements, aiming to explore the inclusion of data rights into pledgeable intellectual property categories [4] - The successful issuance is a vivid interpretation of Huaxin Securities' service to national strategies, promoting the standardization of data asset recognition and evaluation across regions [4][5] - The deep impact of data asset securitization is expected to support the construction of a unified national data element market, potentially unlocking a trillion-level data asset market for sustainable economic growth [5]

Core Insights - The global value of intangible assets has reached a historic high of $80 trillion in 2024, marking a 13-fold increase since 1996, and is becoming a significant driver of global economic development [1][2] - Intangible asset securitization, particularly in intellectual property and data assets, is emerging as a key tool for unlocking the value of these assets and addressing financing challenges faced by asset-light enterprises [1][2] Industry Growth - The global market for intangible asset securitization is experiencing rapid expansion, with significant growth in the issuance of mortgage-backed securities (MBS) and asset-backed securities (ABS) in the U.S. in 2024, amounting to $1,595 billion and $388 billion respectively [2] - In China, the asset securitization market has also seen swift development, with a total issuance scale of 1.98 trillion yuan in 2024, and intellectual property securitization accounting for 0.5% of this, totaling 9.806 billion yuan [3] Policy Support - Government initiatives, including tax incentives, financial subsidies, and the establishment of special funds, are being implemented to lower the barriers and costs for enterprises participating in intangible asset securitization [4] - Regulatory bodies are actively working to improve relevant laws and regulations, providing clear guidelines for the issuance, trading, and risk management of intangible asset securitization products [4] Company Initiatives - As a pioneer in the field, the company has achieved multiple breakthroughs in intangible asset securitization, successfully issuing 23 products in intellectual property securitization, including the first market-oriented credit-enhanced intellectual property ABS [5] - The company has also launched the "Xin Xin Data ABS," which is the first officially approved data asset securitization project in China, and has completed over 50 cases of "data product registration" and "data asset incorporation" [5]