通信行业跟踪分析：国家数据局征求数据产业高质量发展意见，产业链再迎政策催化

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - The National Data Bureau is soliciting opinions on the "Guiding Opinions on Promoting the High-Quality Development of the Data Industry," aimed at enhancing the development and utilization of enterprise data resources, promoting a unified national data market, and optimizing resource allocation efficiency [1] - The opinions focus on establishing a mechanism for realizing enterprise data rights, which is expected to enhance enterprise competitiveness and support digital transformation, thereby fostering new productive forces and promoting high-quality development [1] - A well-established mechanism for data rights is fundamental for the circulation and release of data resources, which is anticipated to accelerate the growth of the data trading market and lead to significant changes in business models [1] - The policy encourages enterprises to adopt various methods for data circulation, with the data trading scale expected to grow rapidly, projected to exceed 220 billion yuan by 2025, with a compound annual growth rate of 44.8% from 2021 to 2025 [1] - Operators are seen as quality data resource holders and infrastructure providers, likely to benefit significantly from the release of data elements [1] Summary by Sections Policy and Market Outlook - The guiding opinions emphasize the importance of a mechanism for data rights formation, protection, and distribution, which includes promoting the separation of data ownership, usage, and operational rights [1] - The expected growth in the data trading market is supported by the policy's encouragement of data sharing, trading, and resource exchange [1] Company Recommendations - The report suggests focusing on China Mobile A/H, China Telecom A/H, and China Unicom, as these operators possess substantial high-quality data and are expected to launch more differentiated data products [1] - The operators are also providing a low-cost, efficient, and reliable environment for data circulation, which is crucial for facilitating data trading [1]