国家公园等自然保护地所涵养的优质水资源，是维持流域生态安全和支撑下游社会经济系统发展不可替代的生态产品；然而，现有水资源管理体系未能有效识别和核算其生态溢出价值，致使出现优质水资源“高质低用”、分配效率低下和保护激励不足等问题，亟需开展优质水资源的优化配置与价值实现。本文引入超公共资源理论，揭示优质水并非一般意义上的公共资源，而是由保护行为“释放”的新增稀缺生态资产，需建立专门的核算、分配与补偿机制；基于此，以海南热带雨林国家公园为例，构建了“源 ‒ 流 ‒ 用”三级递进式核算框架。核算结果表明，在国家公园水资源分配格局方面，优质水虽然占据了区域用水的重要份额，但更多流向了对水质要求相对不高的部门，而对高附加值产业和居民生活等优质水需求更迫切的领域供给不足，体现出资源利用未能与水质等级和经济价值相匹配；在流域尺度空间分异性方面，不同流域呈现出农业集中、工业依赖或生活用水主导等差异化格局，进一步凸显了优质水资源配置结构的不均衡问题。结合国内实践和国际经验，本文提出了“确权 ‒ 计价 ‒ 交易 ‒ 金融化”闭环的优质水权交易市场化机制构建路径，包括开展基于来源、水质、生态贡献的优质水分级确权，形成合理计价机制，搭建数字化交易平台，进一步引入绿色绩效融资工具、水生态服务凭证、优质水银行等金融工具，并加强政策与监管的制度化保障，以期为自然保护地的生态产品价值实现及全球自然资源治理探索出具有普适意义的理论框架和实践路径。

High-quality water resources conserved by national parks and other protected areas are indispensable ecological products for maintaining watershed ecological security and supporting downstream socio-economic systems. However, existing water management frameworks have not effectively identified or calculated their ecological spillover values, resulting in "high-quality but low-efficiency" allocation, reduced distributional equity, and insufficient protection incentives. This study introduces the Paracommons theory, which conceptualizes high-quality water not as an ordinary public good, but as a scarce ecological asset "released" through conservation activities, thereby requiring dedicated accounting, allocation, and compensation mechanisms. Taking the National Park of Hainan Tropical Rainforest as a case study, a three-tier "source-flow-use" accounting framework was established. The results show that, in terms of overall water allocation within the park, high-quality water constitutes an important share of regional water use, yet much of it is directed toward sectors with relatively low water quality requirements, while high-value industries and domestic users that rely more critically on high-quality water receive limited supply. This reflects a mismatch between water quality and economic value realization. At the watershed scale, different river basins exhibit heterogeneous patterns—such as agriculture-dominated, industry-dependent, or domestic-oriented allocations—highlighting the structural imbalance in high-quality water distribution. Drawing on domestic practices and international experiences, the study proposes a closed-loop market-oriented mechanism of "clarification of rights, pricing, trading, and financialization" for high-quality water, including graded entitlement based on source, quality, and ecological contribution. We further recommend innovative financial instruments such as water-ecological service credits, and a "high-quality water bank", and strengthened institutional and regulatory safeguards. This framework aims to advance the realization of ecological product values in protected areas and offer universally applicable insights for global natural resource governance.