通信行业周报-数据要素专题：政策顶层建设持续完善，国内大模型竞赛驱动数据作为AI语料加速发展

Investment Rating - The report maintains an "Outperform" rating for the industry [2] Core Insights - The top-level construction of data elements is continuously improving, with policies promoting cross-border data flow, which is becoming a new driving force for global economic growth [13][18] - The domestic large model competition is accelerating the development of AI corpus, which is expected to catalyze industry growth [34] Summary by Sections 1. Industry Performance - The communication index rose by 1.77% from March 18 to March 22, 2024, outperforming the CSI 300 index, which fell by 0.70% [8] 2. Policy Side: Continuous Improvement of Data Element Construction - Cross-border data flow is becoming a new driving force for global economic growth, with significant contributions to global GDP expected to reach $11 trillion by 2025 [13] - The "Regulations on Promoting and Regulating Cross-Border Data Flow" were published on March 22, 2024, optimizing data export systems [18][20] - The "Banking Industry Data Asset Valuation Guidelines" were released, aiming to enhance the management and valuation of data assets in the financial sector [22][25] 3. Industry Side: Data Elements as Catalysts for AI Corpus - Kimi Smart Assistant has launched a 200,000-word lossless context beta test, significantly enhancing its capabilities [26][27] - The "Step" series of large models from Jieyue Star is currently in beta testing, including models with trillion parameters [30] - Alibaba's Tongyi Qianwen has introduced a new feature for parsing documents of over 10,000 pages, enhancing its utility for various professional fields [32] 4. Recommended Stocks - Key stocks to watch include China Mobile, China Telecom, and China Unicom in the state-owned cloud sector, as well as companies involved in data governance and processing [35]