通信行业：数据要素政策密集兑现，数据基础设施有望率先收益

Investment Rating - Industry Rating: Recommended [2] Core Viewpoints - The data element has entered a period of intensive policy implementation, with the construction framework of the data standard system taking shape, and data infrastructure is expected to benefit first [2][4] - The National Development and Reform Commission and other departments issued the "National Data Standard System Construction Guidelines" on October 8, 2024, aiming to establish a basic national data standard system by the end of 2026 [4] - The Central Committee of the Communist Party of China and the State Council published opinions on accelerating the development and utilization of public data resources, marking the first systematic deployment at the central level [4] - By 2025, the institutional rules for the development and utilization of public data resources will be initially established, with significant improvements in resource supply scale and quality [4] - The report identifies key beneficiaries in the data infrastructure sector, including major telecom operators and companies involved in various data technology and application services [11] Summary by Sections 1. Data Element Policy Implementation - The data element industry chain includes seven parts: basic general, data infrastructure, data resources, data technology, data circulation, integrated applications, and security assurance [4][5] - The market concentration in the data source field is high, with significant entry barriers, primarily held by government, internet giants, and telecom operators [4] 1.1 Data Standard System Construction - The construction of data infrastructure will address core issues such as data element property rights confirmation, benefit distribution, transaction circulation, and security governance [8] - Data infrastructure includes network facilities, computing power facilities, circulation facilities, and security facilities [8] 1.2 Data Infrastructure as Beneficiary - Data infrastructure is expected to provide integrated data aggregation, processing, circulation, application, operation, and security services [8][9] - Key components of data infrastructure include high-speed communication networks, computing power facilities, and data circulation technologies [9] 2. Beneficiaries in the Industry Chain - Beneficiaries in data infrastructure include major telecom operators such as China Mobile, China Telecom, and China Unicom [11] - Companies involved in optical network upgrades, edge computing modules, privacy computing, and hardware equipment are also highlighted as beneficiaries [11][12] - Data service companies are categorized into service-type, technology-type, and application-type enterprises, with specific companies listed under each category [11][12]