Since its proposal in 2025, RDA has rapidly moved from theoretical conception to practical application, demonstrating strong development momentum. Serving as a "testing ground" for the marketization of national data factors, Shanghai, with policy support, has become the core area for RDA implementation. Through cross-border collaboration and project pilots, the Shanghai Data Exchange (SDX) has promoted the application of RDA in multiple fields. Here are several representative projects:

Steel Trade RDA: Shanghai Steelhome (300226.SZ), a leader in global bulk commodity data pricing with over 70% global market share in steel data, issued the steel trade chain stablecoin "STEEL-CNY" through the SDX platform. This project utilizes blockchain technology to encapsulate steel transaction data, supports trade settlement and account splitting, reduces commission costs to 0.15%, and has the potential to generate over 1 billion CNY in annual commission revenue.

Shipping Data RDA: COSCO SHIPPING Technology (002401.SZ), leveraging its monopolistic advantage in shipping data with its "ShipVision" platform covering 5000+ ports, saw its data valuation increase threefold after RDA conversion. This supports the "Freight Treasure CNY" stablecoin for real-time RMB clearing of Southeast Asia freight, with an estimated annual transaction scale of 50 billion CNY.

Data Asset-backed ABS (Data Asset ABS): On August 21, 2025, the first data asset-empowered ABS was successfully listed on the Shanghai Stock Exchange. The SDX provided full-chain support, including compliance review, a scientific and rigorous valuation system, and a cross-market linkage mechanism, ensuring seamless connection from preparation to listing. This marks a breakthrough application of RDA in financial markets.

On July 22, the unveiling ceremony of the "Equipment Operation and Intelligent Computing Data Hub Center," jointly established by Hainan Huatie and the Shanghai Data Exchange, was held in Shanghai. The launch of the world's first equipment operation RDA project was announced, with an expected issuance scale of 1 billion CNY. This signifies a deep cooperation between the two parties in data factor circulation, equipment operation, and intelligent computing services, jointly exploring new paths for data-driven industrial upgrading.

The following is a comprehensive overview of RDA-related concept stocks, covering data factor infrastructure & technical support, trading platforms & blockchain technology, application scenarios & asset tokenization, and high-potential targets:

Data Factor Infrastructure & Technical Support:

TRS (300229.SZ): A leader in NLP technology, with over 60% market share in government and financial data governance. Its AI large model data orders increased by 180% year-on-year, providing high-quality data cleaning and labeling services for RDA.

E-Hualu (300212.SZ): A data lake operator with a central state-owned enterprise background, storing over 100PB of government and medical data. It executed the first government data asset certificate in China. The scale of data assets recognized on its balance sheet in 2025 is expected to exceed 500 million CNY.

Sunway天地 (Three-Dimensional天地, 301159.SZ): A certified service provider of SDX. AI-driven automatic data tagging improves efficiency by 80%. It participates in formulating RDA data encapsulation standards and supports the cross-border data assetization pilot in the Yangtze River Delta.

Trading Platforms & Blockchain Technology:

Shanghai Steelhome (300226.SZ): A leader in global bulk commodity data pricing, issued the "STEEL-CNY" stablecoin, promoting RDA application in commodity trading, with potential annual commission revenue exceeding 1 billion CNY.

GRG Banking (002152.SZ): The third largest shareholder (15% stake) of the Guangzhou Data Exchange. Its digital RMB hardware terminals cover 2000+ banks. The certified storage volume of tokenized gold exceeds 20 tons. A new energy asset tokenization project has been implemented.

Sungard (四方精创, 300468.SZ): A blockchain cross-border payment technology supplier, supports RDA cross-border circulation with transaction processing speeds reaching 100,000 TPS, providing technical support for the globalization of data assets.

Application Scenarios & Asset Tokenization:

COSCO SHIPPING Technology (002401.SZ): Shipping data valuation increased threefold after RDA conversion. The "Freight Treasure CNY" stablecoin supports cross-border real-time clearing, with an estimated annual transaction scale of 50 billion CNY.

GCL Energy Technology (002015.SZ): A leader in photovoltaic and energy storage data assetization. IDC and charging pile data are put on-chain. A charging revenue rights tokenization project has been implemented, reducing financing costs by 2-3 percentage points.

Visual China Group (000681.SZ): Owns the world's largest visual copyright library (270 million images). NFT-based rights confirmation enhances liquidity. The copyright transaction sharing model has a gross profit margin of over 70%. It is exploring a RDA-based sharing mechanism for visual data.

Century Hengtong (301428.SZ): Focuses on data services, participates in RDA-related data assetization pilots, providing data processing and transaction support.

High-Potential Targets:

Yunsai智联 (云赛智联, 600602.SH): Achieved RDA conversion for Shanghai state-owned computing power leasing. Blockchain technology enables real-time monitoring of computing resources, improving the efficiency of putting computing power assets on-chain by 50%. Revaluation potential reaches 300%.

SIC (中新赛克, 002912.SZ): Data collection coverage exceeds 80% (ETC and traffic flow). Its capability to supply RDA data sources is outstanding. After a technical breakout above the annual line, the potential increase exceeds 50%.

Shanghai Material Trading (600822.SH): Its subsidiary Shanghai Nonferrous Metals Trading Center had data products filed and listed on the SDX. Its stock price achieved four consecutive limit-ups. However, total revenue in 2024 was 4.517 billion CNY, down 42.59% year-on-year. Data asset transactions contributed less than 1%. The dynamic P/E ratio is as high as 126.57 times, far exceeding the industry average (19.30 times for trading companies and industrial product distributors), reflecting market enthusiasm driven more by expectations of policy dividends rather than fundamentals.

The capital market's enthusiasm for RDA reflects its potential but also comes with high valuation risks. For example, Shanghai Material Trading's high P/E ratio shows the market's pursuit of RDA is based more on policy dividends than fundamental support. The international exploration of RDA is also steadily advancing. The International Zone of the SDX has become a key platform for cross-border data exchange, attracting over 30 international data vendors and listing nearly 200 data products. The zone pioneered the "International Data Brokerage Agency Model," introducing resources like Stream Hatchet's esports data analysis and Speeda's global supply chain intelligence, while helping local companies export data compliantly. Through cooperation with AWS and Neudata, it has formed a solid architecture of "technical interface + data vendor network," supporting seamless data transmission and helping RDA play a greater role in global data assetization.