Abstract: Taking Changzhou Urban Drainage Limited Company's data asset management system as a case, this research explored the integration and development model of data and physical business. It proposed a construction approach for the data asset management system, emphasizing coordinated planning, standardized guidance, deconstruction and restoration, and deepened application. This aims to explore the architecture of data asset systems in the water industry and feasible construction pathways. Through the practice of data asset system construction, Changzhou Urban Drainage has achieved systematic management of enterprise data assets and operationalization of data business, effectively enhancing the quality and efficiency of its operations and public services. In addition, theoretical frameworks, architectures, and methods for the elementization and assetization of data in the water industry were developed, providing reference solutions for promoting the digital transformation of the water industry and harnessing the value of data production factors.