Investment Rating - The report maintains an "Outperform" rating for the information technology sector [3]. Core Insights - The continuous release of data factor value is driven by favorable policies and the establishment of data markets, with the data factor market in China expected to exceed 200 billion yuan by 2025, growing at a compound annual growth rate (CAGR) of over 25% [1][36]. - The value release of data factors can be likened to the "98 housing reform," which activated housing demand and increased real estate value, indicating that the value of data factors also relies on the increase in application scenarios and market demand [1][25]. - The "Data Factor ×" three-year action plan aims to create over 300 typical application scenarios by the end of 2026, focusing on key sectors such as smart manufacturing, commerce, logistics, financial services, and healthcare [1][15]. Summary by Sections 1. Policy Promotion of Data Factor Industry Development - The top-level design emphasizes data factors as a new productive force, with policies gradually establishing a framework for data factor marketization since 2014 [9][10]. - Local governments are actively formulating data regulations and action plans to explore and implement data factor development [16][20]. 2. Data Assetization Activating Factor Value - Data is increasingly recognized as a key production factor, with similarities to land in terms of assetization and income generation [23][24]. - The process of data assetization is compared to the "98 housing reform," which involved three stages: data resourceization, data assetization, and data capitalization [25][26]. - The current data trading platforms primarily offer basic data products, indicating a need for a more comprehensive data asset valuation and trading system [31][32]. 3. Data Empowering Industries and Releasing Multiplier Effects - The data factor market is segmented into commercial, livelihood, industrial, and governmental data factors, with livelihood data accounting for 25% of the market [38][40]. - The livelihood data factor market is projected to reach 45.9 billion yuan by 2025, driven by the integration of healthcare and social security data applications [42]. 4. Investment Recommendations - The report suggests focusing on companies such as Jiuyuan Yinhai, Desheng Technology, and Taiji Co., among others, as they are positioned to benefit from the ongoing data factor market development [2].
信息技术行业专题研究：从“98房改”看数据要素价值释放
East Money Securities·2024-03-20 16:00