Core Insights - RDA (Real Data Assets) emphasizes the integration of data with physical assets, recognizing data as a new production factor in the digital economy, which can be measured, traded, and monetized as a strategic resource [1] Part 1: RDA Capitalization - Incorporating data resources into financial statements allows companies to understand the scale, quality, and value of their RDA, leading to better management strategies and value realization [2] - Conditions for RDA to be included in financial statements include legal ownership, expected future economic benefits, and reliable measurement of cost or value [2] Part 2: Legal Basis and Practical Cases for RDA Investment - The Chinese government has initiated policies to explore new models for RDA inclusion in financial statements, with a focus on data-intensive industries like transportation and fintech [4] - New laws allow shareholders to use data and virtual assets as capital contributions, facilitating innovative financing models for digital economy development [4] Part 3: RDA Financing - RDA financing is a financial realization stage for data value, with various models including RDA-linked loans and RDA pledge financing [11][12] - The first RDA-linked loan was issued in September 2024, demonstrating the innovative financial products tied to RDA value [12] Part 4: RDA Insurance - The first RDA loss insurance was issued in June 2024, marking a significant step in protecting data assets [15] - Various insurance products have been developed to cover data security and compliance risks [15] Part 5: RDA Securitization - RDA can be packaged into securities for capital market circulation, with the first RDA-backed asset-backed securities (ABS) issued in June 2025 [16][17] Part 6: RDA Trust - Data trust is an emerging asset management model that allows RDA to be managed by professional institutions, ensuring specialized management and value development [19] - The first data trust project was launched in April 2023, showcasing the potential for professional management of RDA [19] Part 7: Exploration of Overseas RWA Models - RDA is a key subset of RWA (Real World Assets), focusing on valuing and trading data as independent assets [21] - The RDA layer is essential for the subsequent technological transformation and value circulation in RWA [23] Part 8: Conclusion - The integration of technology, institutional innovation, and market dynamics is reshaping the competitive landscape of the digital economy, with RDA serving as a core resource for businesses [31]

Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Insights - The Shanghai Data Exchange has introduced a new paradigm called RDA (Real Data Assets), leveraging blockchain technology to convert physical assets and intangible data elements into digital forms, addressing five key challenges in the financialization of physical assets: authenticity, transparency, liquidity, economy, and consensus [2][6] - RDA emphasizes the integration of real-world assets (RWA) with data, facilitating the deep integration of the real economy and the digital economy. The market for RWA has grown significantly, from $300 million at the end of 2021 to over $19 billion by the end of March 2025, highlighting the potential for asset tokenization [6] - The new paradigm of RDA is expected to accelerate the marketization and valuation of data elements, benefiting the entire industry chain. It suggests focusing on investment opportunities in data infrastructure, blockchain technology, and data rights and trading [6][10]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report emphasizes the significance of RDA (Real Data Assets) in promoting the marketization and value realization of data elements, enhancing the efficiency of connecting physical assets and capital, and fostering the deep integration of the real economy and digital economy [4][5] - RDA encapsulates data assets and their associated physical assets, forming a new asset type that leverages the multiplier effect of releasing the value of physical assets [6] Summary by Sections Industry Overview - The report highlights a projected industry performance that is expected to surpass the overall market [1][11] RDA Characteristics - RDA features include real-number integration, transparency, reliable returns, value reconstruction, and ecological collaboration, which collectively aim to break through the financing bottlenecks of physical assets [5] Investment Recommendations - Recommended companies benefiting from RDA include Zhuoyi Information, Hehe Information, Lais Information, and others, with a focus on those that can leverage the new asset forms created by RDA [6]

Investment Rating - The industry investment rating is "Outperform the Market - A" [6] Core Viewpoints - The report introduces the RDA (Real Data Assets) paradigm, aiming to bridge cryptocurrency and data elements, emphasizing the marketization and value realization of data elements, and enhancing the efficiency of connecting physical assets and capital [2][3][4] - RDA is positioned as the soul of RWA (Real World Assets), facilitating the mapping of physical assets in the digital realm and providing four funding channels: credit financing, equity financing, securitization, and global fundraising [3][15] - The report suggests focusing on companies related to the Shanghai Data Exchange, including YunSai ZhiLian, Shanghai Steel Union, Wanda Information, and others, as potential investment opportunities [3][17] Summary by Sections Industry Performance - The computer industry index increased by 3.37% this week, outperforming the Shanghai Composite Index by 2.28 percentage points [18][19] - The report highlights that the computer sector's performance is closely tied to themes surrounding stablecoins and related industries [22] Market Overview - The report notes that the RDA paradigm addresses challenges in ensuring the authenticity and transparency of assets during the on-chain process, leveraging blockchain technology and trusted data spaces [4][17] - The report emphasizes the importance of data authenticity in the value realization process, with RDA focusing on the integration of data and physical assets [14][16] Key Industry News - The report mentions significant advancements in AI and quantum computing, including the launch of Kimi's new model and the "Zuchongzhi 3" quantum computing prototype, which showcases China's technological prowess [25] - It also discusses strategic collaborations in the stablecoin space, such as the partnership between Jin Yong Investment and AnchorX to explore the application of stablecoin AxCNH [25]

Investment Rating - The report rates the industry as "Outperforming the Market" [5] Core Insights - The trend of combining onshore and offshore RMB stablecoins is emerging, with Hong Kong leading the offshore RMB business, supported by regulatory advancements [2] - RDA (Real Data Assets) is positioned as a foundational element to promote the synergy between RWA (Real World Assets) and RMB stablecoins, enhancing the credibility and value of underlying assets through data verification [3] - The global scale of RWA has rapidly increased from $300 million at the end of 2021 to $25.44 billion as of July 12, 2025, with projections to reach $600 billion by 2030 [3] - The collaboration between stablecoins and RDA/RWA is expected to enhance the global circulation of RMB assets and support the internationalization of the RMB [3] Summary by Sections Section 1: Industry Dynamics - The offshore RMB stablecoin market is developing with a focus on Hong Kong, Singapore, and London, indicating a trend towards a combined approach for domestic and offshore RMB stablecoins [2] - RDA is a new innovative experiment in China aimed at overcoming financing bottlenecks for real assets, transforming true data into valuable assets [3] Section 2: Market Data - The computer industry has a total market capitalization of approximately 44,223.45 billion, with a circulating market value of about 25,383.08 billion [5] - The industry has shown a 55% absolute return over the past 12 months, indicating strong performance relative to the market [5] Section 3: Related Companies - Companies related to data assets include Shanghai Steel Union, Daotong Technology, and others, while blockchain transaction companies include Yuxin Technology and New Guodu [4]