华创证券：国家数据基建提速 应用生态加速成熟

Core Insights - The establishment and advancement of national data infrastructure is a significant measure in response to the rapid development of data technology and artificial intelligence [1] - The continuous maturation and organic integration of the data industry ecosystem is expected to attract more cross-domain participants, thereby fully unleashing the empowering role of data elements in high-quality economic development [4] Group 1: National Data Infrastructure - As of July 2025, 25 city nodes have been established, with interconnectivity achieved in 16 provinces, and the node scale is expected to expand to around 50 by the end of 2025, covering 80% of provinces [2] - The "three unifications" and nine supporting technical specifications outlined in the "National Data Infrastructure Construction Guidelines" aim to create a unified standard and technical architecture for data circulation across industries and regions [2] Group 2: Innovation and Collaboration - The National Data Bureau has initiated six technical routes to address challenges in data usage and circulation, achieving a 6.5 times increase in data processing efficiency through collaborative models [3] - This new collaborative paradigm is designed to be highly replicable and widely applicable, providing essential support and practical pathways for large-scale applications in related fields [3] Group 3: Application Ecosystem and Industry Empowerment - Over 2,000 entities, including data exchanges and developers, have connected to the data infrastructure, with more than 1,200 units participating in standard formulation [4] - Nearly 10,000 data products have been launched across various scenarios, contributing to decision-making in government and financial risk management, thus forming a collaborative industrial ecosystem [4] Group 4: Investment Opportunities - Companies to focus on include Inspur Information (000977), Taiji Co., Ltd. (002368), and Fubo Group (03738) among others, highlighting opportunities in the data element sector [5] - Additional companies of interest span various categories such as data aggregation, operation, circulation, asset inclusion, and security, indicating a broad spectrum of investment potential [6]