Core Insights - The digital economy in China has shown strong growth in Q1 2023, significantly supporting the macroeconomic outlook, with the core industries' added value growth rate exceeding 10%, notably higher than GDP growth [3][4] - Investment in core industries of the digital economy has also performed well, driven by policies and market demand recovery, particularly in emerging fields like artificial intelligence and humanoid robots [3][4] Digital Consumption - Digital consumption has experienced steady growth, with innovations in digital technology improving consumer experiences and driving online consumption, particularly in food and trade-in models [4] - The eastern region of China leads in digital economy metrics, contributing over 90% of revenue and net profit from A-share listed companies in core digital industries, indicating strong industrial clustering effects [4] Digital Finance - The emergence of AI models like DeepSeek has democratized access to AI capabilities for small and medium financial institutions, enhancing innovation and efficiency in the financial sector [5] - Financial institutions are focusing on optimizing technology investments, with a slowdown in growth for banking tech investments but increased intensity in securities sector investments [5] Policy Outlook - Recommendations for future development include improving the digital economy ecosystem, fostering collaboration between technology, industry, and finance, and establishing governance frameworks for generative AI applications in finance [6] - Emphasis on consumer rights protection in the AI era is crucial, with financial institutions needing to ensure the safety and compliance of AI technology usage [6]

Core Viewpoint - The financial technology sector is experiencing mixed performance, with the China Securities Financial Technology Theme Index showing a slight decline, while specific stocks within the sector have varied in their performance [3][4]. Group 1: Financial Technology ETF Performance - The Financial Technology ETF (516860) has decreased by 0.42%, with a latest price of 1.19 yuan [3]. - The ETF has seen a recent net inflow of 959.22 million yuan, with a total of 3,745.96 million yuan net inflow over the past five trading days [4]. - The ETF's one-year net value has increased by 61.11%, ranking it first among comparable funds [5][6]. Group 2: Market Trends and Insights - The AI industry chain, smart driving, and software outsourcing are expected to maintain high levels of prosperity, while sectors like data elements and power IT show good prospects [4]. - The Financial Technology ETF closely tracks the China Securities Financial Technology Theme Index, which reflects the overall performance of listed companies in the financial technology sector [4]. Group 3: Key Stock Performances - The top ten weighted stocks in the China Securities Financial Technology Theme Index account for 53.28% of the index, with notable companies including Tonghuashun (300033) and Dongfang Caifu (300059) [9][11]. - Specific stock performances include a decline in Tonghuashun by 0.94% and Dongfang Caifu by 0.42% [11]. Group 4: Fund Metrics - The Financial Technology ETF has a management fee rate of 0.50% and a custody fee rate of 0.10%, which are among the lowest in comparable funds [9]. - The ETF's Sharpe ratio for the past year is 1.24, indicating a favorable risk-adjusted return [7].

Core Viewpoint - The "Digital China Construction 2025 Action Plan" aims to significantly advance the digital economy and enhance the quality and efficiency of digital development by the end of 2025, with specific targets set for various sectors [1][2]. Group 1: Action Plan Objectives - By the end of 2025, the core industry value added of the digital economy is expected to exceed 10% of GDP, with a computing power scale surpassing 300 EFLOPS [1]. - The plan emphasizes the importance of digital governance, digital culture, and ecological civilization, aiming for substantial improvements in these areas [1]. - The action plan outlines eight major initiatives, including the development of AI applications and high-quality data sets, as well as advancements in smart manufacturing and intelligent terminals [1][2]. Group 2: Industry Insights - Experts express confidence in AI's potential to drive the digital industry, highlighting sectors like smart manufacturing, intelligent connected new energy vehicles, and finance as ripe for AI applications [2]. - The balance between data sharing and privacy protection is identified as a critical challenge, necessitating robust legal frameworks and advancements in privacy technologies [2]. - The action plan aligns with China's strategic goals for high-quality economic development and the cultivation of new growth drivers, focusing on enhancing data quality and usability [2][3].

在信创建设稳步推进的背景下，建设以技术迭代与创新化应用为核心驱动的金融业务 价值提升体系 金融科技（FinTech）行业 | 洞察报告 核心摘要： 在信创建设稳步推进的背景下，建设以技术迭代与创新化应用为核心驱动的金融业务价值提升体系 ， 政策 聚焦 "科技-产业-金融"为主体的科技金融循环体系建设，强调数据要素在金融业务场景的多元化、依法合 规应用 。 金融市场的繁荣与科技行业的飞速发展共同推动国内金融科技市场规模持续走高，预计将以约 13.3%的复合增长率于2028年突破6500亿元 。本篇报告将结合业内专家观点与典型案例展示，分析在 《金融科技发展规划（ 2022-2025）》收官之年，国内金融机构数智化转型进程与金融科技行业的发展现 状。 近况解读：国内金融科技行业现状分析 政策剖析:近年金融科技行业政策解读 政策聚焦"科技-产业-金融"为主体的科技金融循环体系建设，强调数据要素在金融业 务场景的多元化、依法合规应用 随着金融科技应用与数智化转型进程的推进，国内金融机构已从"立梁架柱"的统筹阶段逐步迈 入"厚积成势"的攻坚阶段，指导性政策的关注点逐渐由技术在业务场景的应用转向产品技术的 可持续迭代与回 ...

2025 年 05 月 17 日 策略类●证券研究报告 短期继续震荡偏强，科技仍是主线 定期报告 投资要点 http://www.huajinsc.cn/ 1 / 11 请务必阅读正文之后的免责条款部分 分析师 邓利军 SAC 执业证书编号：S0910523080001 denglijun@huajinsc.cn 报告联系人 张欣诺 zhangxinnuo@huajinsc.cn 相关报告 政策强化股市震荡偏强的趋势 2025.5.7 节后开启震荡反弹，五月震荡偏强 2025.5.5 新股板块震荡难掩局部积极信号，临近休整 尾端关注逐步变盘可能-华金证券新股周报 2025.5.5 加仓汽车、化工、地产，减仓军工、交运 2025.4.30 部 分 周 期 和 消 费 行 业 一 季 报 可 能 偏 好 2025.4.29 定期报告 市场对分子端的担忧可能过于悲观。（1）大幅降低关税可能改善短期经济增长预 期。一是复盘 2018 至 2019 年 4 次中美贸易摩擦阶段性缓和，可以看到贸易摩擦 缓和有利于改善出口，但 A 股表现更多受国内经济基本面和政策、外部事件等影响。 二是本次超预期的降低关税将大幅改善经济基 ...

17日，记者从2025数据安全发展大会上获悉，我国将培育壮大一批数据要素产业链上下游企业，预计到2030年，我国数据产业规模将达到7.5万亿元。 公共数据开放共享 激活海量"沉睡数据" 作为全球首个将数据纳入生产要素的国家，我国已初步构建起门类齐全的数据产业链。数据显示，2024年我国年度数据生产总量达41.06泽字节，同比增长 25%。 截至目前，我国数据领域相关企业超19万家，数据产业规模超2万亿元。按照20%以上的年均增长率测算，2030年我国数据产业规模将达7.5万亿元。 国家数据局局长 刘烈宏：当前我们正谋划构建横向联通、纵向贯通、协调有力的数据基础设施体系，到2029年要基本建成国家数据基础设施主体结构。 在数据要素与产业融合方面，国家正加快打通公共数据共享开放壁垒，推动公共数据与企业数据深度融合，激活海量"沉睡数据"。 构建高质量数据集 加速人工智能发展 眼下，数据已超越传统生产要素，成为驱动人工智能技术突破与产业变革的核心动力。高质量数据集不仅是人工智能模型性能跃升的基石，更重塑了从技术 研发到商业落地的全产业链条。那高质量数据集是如何构建的？ 在浙江温州，作为全国数据要素市场化改革的"试验田 ...

Core Insights - The digital economy in China is rapidly growing, with the core industries expected to account for about 10% of GDP by 2024 [1][2][19] - The core industries of the digital economy include digital product manufacturing, digital product services, digital technology applications, and data-driven industries [2][19] - In 2023, the added value of the digital economy's core industries reached 12.7555 trillion yuan, with significant contributions from various sectors [2][19] Industry Development - The number of enterprises in the digital economy core industries reached 4.5741 million by the end of November 2024, marking a 17.99% increase from the end of 2023 [3][19] - The growth in enterprise numbers reflects the acceleration of digital China construction and the increasing support of the digital economy for high-quality economic development [3][19] Technological Innovation - Technological innovation is a key driver for the development of the digital economy core industries, with significant advancements in areas such as 5G, artificial intelligence, and quantum computing [7][8] - In 2023, the number of invention patents authorized in the digital economy core industries reached 406,000, accounting for 45% of the total authorized patents in society [2][7] Infrastructure and Market Development - China has established the world's largest mobile communication and fiber broadband network, with 5G base stations reaching 4.251 million by the end of 2024 [4] - The online retail sales in China for 2024 are projected to be 15.5225 trillion yuan, reflecting a 7.2% increase from the previous year [4] Data Resource Utilization - The digital economy core industries have significantly improved the level of data resource development and utilization, providing advanced technology and tools for deeper data resource utilization [19] - The added value of the digital technology application industry was 5.56 trillion yuan in 2023, while the digital product manufacturing industry contributed 4.31 trillion yuan [19][20] Challenges and Recommendations - Despite the rapid growth, challenges remain, including a lack of specialized institutions, the need for improved technical levels, and the expansion of application ranges [20] - Recommendations include encouraging traditional enterprises to develop data businesses, enhancing collaboration among industry, academia, and research, and supporting enterprises in transitioning from business-driven to data-driven models [20]

Core Viewpoint - The 2025 Data Security Development Conference emphasizes the need for continuous innovation and reform in data management to enhance data circulation and utilization, aiming for high-quality economic and social development [1][2]. Group 1: Data Policy and Institutional Reform - The National Data Bureau has declared this year as the "Year of Reform" for data work, focusing on improving the top-level design and establishing a comprehensive data institutional framework [2]. - There is a consensus in the industry on the importance of market-oriented value realization of data elements to empower new productive forces and promote high-quality economic development [1][2]. Group 2: Infrastructure Development - Data infrastructure is crucial for ensuring efficient data circulation and utilization, with a goal to establish a national data infrastructure framework by 2029 [3]. - The National Data Bureau is planning to create a coordinated data infrastructure system that addresses the challenges of data circulation and utilization [3]. Group 3: Marketization of Data Elements - The integration of public and enterprise data is essential for enhancing efficiency and supporting the transformation of traditional industries, with a focus on ensuring data security [4]. - The National Data Bureau is promoting comprehensive pilot zones for data elements in ten regions, with specific tasks aimed at releasing data value and enhancing public data resource utilization [4].

南方财经全媒体记者徐小琼 广州报道 近期，数据要素相关政策文件密集发布。国家数据局综合司近日首次向地方数据管理部门印发了《数字 中国建设2025年行动方案》，提升数字中国建设水平。5月9日，国务院常务会议审议通过《政务数据共 享条例（草案）》，强调在保障数据安全基础上，破除数据壁垒，构建全国一体化政务大数据体系。同 日，中国人民银行发布《中国人民银行业务领域数据安全管理办法》，从业务数据分类分级、全流程管 理、技术要求等方面，加强金融数据安全治理。 南财数据点评：清华大学公共管理学院教授孟庆国指出，条例首次以行政法规的形式明确政务数据共享 的相关内容，标志着我国政务数据共享工作迈入法治化新阶段。条例的出台将助力破解政务数据共享中 的堵点卡点，提升数据供给和利用效率。同时，通过明晰权责要求，有效弥合政务数据共享工作中 的"模糊地带"，全面规范政务数据共享。 3.央行发布《中国人民银行业务领域数据安全管理办法》 5月9日，中国人民银行发布《中国人民银行业务领域数据安全管理办法》，在业务数据分类分级与总体 要求、全流程业务数据安全管理要求、全流程业务数据安全技术要求、业务数据安全风险与事件管理、 法律责任等方面作出 ...

中新网上海5月16日电(记者陈静)上海开放数据创新应用大赛(SODA)十周年启动暨2025年"数据要素x"大 赛上海分赛开放性创新赛道宣贯仪式16日举行。 赛事组委会代表、市北高新聚能湾创新创业中心负责人黄猛表示，本届大赛聚焦数据要素驱动的创新应 用，致力于发掘具有创新性、可行性和实际应用价值的应用解决方案。在评审维度上，评委们将从先进 性、实效性、示范性三方面着手，重点考察项目的数据治理、应用场景培育、技术及模式创新等方面的 能力，同时就解决问题程度、经济社会效益以及模式的可复制推广性方面进行考量，确保评选出最具优 势的数据创新项目。 据了解，SODA将挖掘及培育更多更优质的数据要素典型案例，为上海乃至全国提供可借鉴的经验；同 时，通过赛事精准匹配产业需求，将赛事成果转化为区域发展新动能。组委会方面表示，SODA将搭建 头部企业与参赛团队、孵化中小企业之间的交流平台，推动大企业引领、孵化项目集聚、创新融通共创 项目的产业集群融通发展模式；助力探索新的产业合作模式，促进大中小微企业的融合和发展，推动整 个产业生态的繁荣。 此外，SODA还将构建"数据创新应用+数据要素赋能+产教融合转化"三位一体平台，实现人才 ...