According to the Zheshang Securities research report, on July 3rd, the Shanghai Data Exchange proposed the new paradigm of RDA (Real Data Assets) for the first time, emphasizing the integration of real numbers with physical assets, the role of data in verifying the authenticity and enhancing the value of other physical assets, and the promotion of data element capitalization and the coordinated development of various elements by RDA. The RWA market has vast potential, and currently, RWA mainly focuses on financial assets, while the versatility of RDA determines that it can be fully deployed in non-standard scenarios such as supply chain finance, carbon assets, industrial internet, transportation, cultural tourism, and intellectual property, forming a broader picture of data asset capitalization.

The main points of Zheshang Securities are as follows:

The implementation of the new RDA paradigm combined with signals from the central bank marks a new stage for data assetization

On July 3rd, the Shanghai Data Exchange released "RDA: Exploration of Data Element Capitalization," proposing the new paradigm of RDA (Real Data Assets) for the first time, emphasizing the integration of real numbers with physical assets, the role of data in verifying the authenticity and enhancing the value of other physical assets, and the promotion of data element capitalization and the coordinated development of various elements by RDA.

On June 24th, Zhou Xiangkun, Deputy Director of the Science and Technology Department of the People's Bank of China, introduced the achievements and future plans of the People's Bank of China since the release of the "Three-Year Action Plan for Data Elements × (2024-2026)." The core focus is on promoting the deep integration of digital technology, data elements, and various application scenarios, cultivating scenarios for data asset capitalization.

Transforming "real data" into "gold assets," data asset capitalization is reaching an explosive point

RDA is the soul of RWA; its essence is to use blockchain technology to confirm and capitalize the data resources generated by real physical assets, creating a complete path from asset registration to trading circulation. Compared to traditional RWA, which focuses more on the tokenization of financial assets, RDA emphasizes the generation of asset credit and the construction of financial instruments centered on "real data," possessing stronger versatility and replicability.

RDA constructs a complete chain of datafication of physical assets and financialization of data assets through a three-phase system of "asset preparation - asset issuance - asset trading"; relying on four major funding channels: credit, equity, securitization, and global fundraising, it realizes diversified paths for the monetization of data asset value. Its five characteristics of "real number integration, genuine transparency, credible returns, value reconstruction, and ecological collaboration" strengthen the deep interaction between data elements and capital markets, injecting new productive forces driven by data into the real economy, transforming real data into "gold assets" with stable return expectations and financing capabilities.

Investment recommendations

The RWA market has vast potential; once RWA becomes a mainstream asset type, the market will urgently need credible and standardized data assets. RDA will welcome exponential growth in application demand, moving from behind the scenes to the forefront, becoming the new infrastructure supporting the data capital era. Currently, RWA mainly focuses on financial assets, while the versatility of RDA determines that it can be fully deployed in non-standard scenarios such as supply chain finance, carbon assets, industrial internet, transportation, cultural tourism, and intellectual property, forming a broader picture of data asset capitalization. The combination of RDA and RWA emphasizes the binding of data and physical assets, rather than purely single data. With the support of physical data, it can better project physical assets in the digital world and allow for tracking and verification, thus providing a series of support for subsequent application development.

Related Targets

Combination of data and physical assets: Jianhui Information (605186.SH), Jieshun Technology (002609.SZ); Blockchain foundation: Shanda Diwei (688579.SH), Jiuyuan Yinhai (002777.SZ), Zhongke Jiangnan (301153.SZ); Data monetization: Shanghai Steel Union (300226.SZ), Toraysee (300229.SZ), Hehe Information (688579.SH), M.R.Tech (300766.SZ), Aerospace Hongtu (688066.SH), Zhaochuang Information (301299.SZ), Haitai Ruisheng (688787.SH), China Mobile (600941.SH), China Unicom (600050.SH), China Telecom (601728.SH), Jiahua Technology (688051.SH).

Risk Warning

Related policies may fall short of expectations, and competition among related manufacturers may intensify