Investment Rating - The industry investment rating is "Positive" and maintained [6] Core Insights - As of the end of Q3, China's high-quality data sets have surpassed 500PB, providing strong support for the enhancement and acceleration of innovation in artificial intelligence models [1][3] - The construction of high-quality data sets is expected to accelerate, driven by ongoing policy support, which will help form a commercial closed loop for data circulation [10] - There is a growing demand for high-quality data sets, particularly in sectors like healthcare, finance, and industry, where companies possess scarce data resources [10] Summary by Relevant Sections Data Set Construction - The importance of high-quality data set construction has been recognized, with the National Data Bureau releasing guidelines to promote its development [10] - The construction of high-quality data sets is seen as a key driver for the performance leap in artificial intelligence [10] Market Dynamics - The market is expected to see a shift towards a willingness to pay for high-quality data, which will stimulate the professionalization and standardization of data supply [10] - The value of high-quality data is anticipated to accelerate its release as the construction of these data sets continues to scale [10]

11月28日，以"数智赋能、碳索未来"为主题的福建省能源低碳人工智能数据供需对接会在福州举办。人民数据受邀参会，并与福建省大数据集团达成战略 合作。 据悉，本次对接会旨在深入贯彻党中央、国务院关于"加快能源绿色低碳转型""全面实施'人工智能 +'行动"的决策部署，贯彻落实福建省委、省政府有关 工作要求，发挥福建省大数据集团作为数字福建建设"龙头企业"带头引领作用，广泛汇聚和充分释放能源低碳人工智能数据领域优势，助力为福建乃至全 国能源绿色低碳转型注入强劲"AI 动力"与"数据动能"。活动邀请了400名来自能源政策、人工智能、智慧低碳领域专家学者、政府相关部门代表、行业领 军企业代表参会，通过专家解读、业界共话等形式，共谋能源低碳与人工智能新发展路径。 会上举行了成果发布与集中签约仪式。人民数据与福建省大数据集团正式签署战略合作协议。双方表示，将携手践行"能源低碳人工智能数据开放互联协 同创新行动"倡议，共同探索数据智能赋能能源绿色转型的创新模式。 据介绍，福建省具备多源优质数据供给优势，福建省大数据集团积极助力全省数据基础制度建设。依托全省一体化公共数据体系，福建省碳达峰碳中和综 合管理平台、省碳市场综合服务 ...

桉菏(海南)数产控股有限公司首席科学家宋鹏程： 发挥技术优势 助力海南"向数图强" 2024年2月，儋州洋浦数字保税区验收通过，成为全国首个数字保税区。我们公司是区内首家落户 企业和链主企业，也是海南自贸港数据要素市场体系建设的先行者与数据要素项目的孵化平台。 我们主要从事来数加工，将来自国外的原始数据，通过治理、聚合、建模等加工程序，转化为有序 的数据产品。与此同时，我们还建立了桉菏数产数字贸易一体化集栈，支持海内外数据企业创新创业， 同时推动打造"海南国际数字会客厅"，吸引数字经济人才汇聚于此。以"零关税、低税率、简税 制"和"五自由便利一安全有序流动"为主框架的自贸港政策制度体系正在逐步构建，这对"数字游民"来 说有很大的吸引力。此外，我们参与到香港理工大学科技及创新政策琼港合作中心(全球南方智库筹备 组)共建之中，为海南数字经济发展注入"湾区力量"。 我们通过不断的技术创新和应用实践，成长为海南自贸港发展数字经济的重要推动力量。未来，公 司将继续发挥技术优势，围绕数据要素市场化的全产业链，打造全球数据的聚合商集群、建模商集群、 协作商集群、交易商集群生态体系，助力海南"向数图强"。(整理/吴心怡) ...

本报讯 （记者郭冀川）11月28日，2025数据要素发展大会在杭州高新区（滨江）召开。 本次大会由中国通信标准化协会、杭州国家高新技术产业开发区管委会联合主办，中国信息通信研究 院、中国数谷联合承办，杭州高新数联互通科技有限公司协办。 中国信通院云计算与大数据研究所副总工程师闫树发布并解读了《数据要素发展报告（2025年）》。闫 树以智能时代数据要素价值重构为切入点，进一步讨论数据要素的理论认识，阐述了过去一年我国数据 要素发展在供给、流通、应用和安全等方面的最新动态，并在总结发展特征、研判核心挑战的基础上， 对未来发展趋势提出展望。 中国人民大学法学院院长杨东就《法律大模型、共票与数据要素市场化》展开分享。杨东围绕数据要素 市场化的历史进程、数据要素金融创新的中国自主理论、共票理论指导下的数据要素实践等话题探讨现 存问题以及后续发展方向。 中央财经大学中国互联网经济研究院副院长、国家数据专家咨询委员会委员欧阳日辉就《数据要素市场 化配置改革的理论探讨与策略措施》展开分享。欧阳日辉以数据要素市场化配置改革为核心，深入探讨 相关理论基础，阐述我国在制度建设、市场培育、数据流通等方面的实践进展，分析当前面临的核心 ...

Group 1 - The core viewpoint of the articles emphasizes the rapid development of the data industry in Guizhou, particularly focusing on data annotation as a key area for growth and investment [1][2][4] - Guizhou has introduced significant financial incentives for data annotation companies, with rewards up to 10 million yuan for eligible enterprises [2][3] - The province aims to create a favorable business environment for data enterprises, with policies designed to reduce administrative burdens and enhance operational efficiency [5][6] Group 2 - Guizhou's data annotation industry is supported by a young and abundant talent pool, with 53,000 graduates in data-related fields annually, contributing to a competitive workforce [7][8] - The region has established a solid data infrastructure, housing 50 key data centers, which generates substantial demand for data annotation services [8] - Guizhou plans to expand its data annotation workforce significantly, targeting 20,000 employees by 2026 and 50,000 by 2028, to bolster its digital economy [8]

Core Viewpoint - The development of data assets as a strategic resource is emphasized, with Qingdao City leading the way in establishing a comprehensive management system for data assets, aligning with national strategies for digital economy development [1] Group 1: Institutional Framework - A comprehensive data asset management approach has been established through the issuance of the "Qingdao City Administrative and Public Institutions Data Asset Management Measures (Trial)", consisting of 7 chapters and 34 articles, laying the foundation for the entire lifecycle management of data assets [2] - A progressive revenue distribution mechanism has been created, clarifying data asset rights and establishing a dynamic distribution model to incentivize data sharing and utilization [3] - The first data asset circulation transaction has been initiated, with clear approval processes for the use and income of data assets, ensuring timely and complete revenue collection [4] Group 2: Standardized Processes - A standardized process for data asset development and utilization has been established, including a registration system that has completed data resource registration in 14 fields [5] - The approval process for paid data usage has been reinforced, and a public data operation platform has been developed to facilitate data integration and application [6] - The trading chain has been streamlined, with established pricing negotiations and revenue management practices for data asset transactions [6] Group 3: Market-Oriented Operations - A collaborative data industry ecosystem is being built, with 105 data service providers established and financial policies introduced to support data industry development [7] - Demonstrative data application scenarios have been created, with 5201 data resources identified and 147 data products launched across various sectors [8] - Diverse financing paths for data assets have been explored, enabling companies to convert data resources into development capital, with over 300 million yuan in financing achieved [9]

Core Insights - The establishment of local data groups has intensified in recent years, with 29 provincial-level and 187 municipal-level data groups projected by September 2025 [1][3] - Local data groups integrate regional data resources and build public data operation systems, enhancing government digital governance and decision-making accuracy while driving traditional industry transformation through market-oriented data allocation [1][3] - The "2025 National Data Group Development Blue Book" outlines three main models for the formation of local data groups: new establishment, integration and reorganization, and direct renaming of existing state-owned enterprises [3] Summary by Sections Establishment and Functionality - Local data groups serve as a crucial link between government governance needs and market innovation, promoting the release of regional data value and high-quality development of the digital economy [1] - They provide comprehensive service support for local government digital governance, improving administrative efficiency and decision-making precision [1] Trends and Future Outlook - The development of local data groups is expected to show three major trends: intensified competition leading to the emergence of leading enterprises with data, technology, and ecological advantages; normalization of cross-regional cooperation through data alliances; and a clear hierarchical division of labor with a "provincial-level coordination and municipal-level deep cultivation" structure [3][4] Recommendations - The blue book suggests encouraging local groups to explore unique development paths, supporting leading enterprises in ecological construction, guiding groups to implement differentiated competition, and enhancing core competitiveness through data resource reserves and talent development [4]

11月21日，数据要素市场供需对接齐鲁行（威海站）暨"数据要素×"大赛获奖项目示范推广活动上，威 海数据要素运营共同体正式揭牌。作为国家健康医疗大数据中心（北方）授权市场运营主体，浪潮集团 旗下北方健康成为首批成员单位。山东省大数据局党委委员、副局长禹金涛，威海市委常委、副市长张 刚等出席活动。 下一步，北方健康将充分发挥自身在健康医疗数据资源化、资产化、产品化、价值化等方面的实践经验 和能力优势，充分释放数据要素的乘数效应，赋能医学人工智能、医学科研、商业保险、慢病研究、康 养等产业高质量发展，助力威海市大健康产业数智化升级，持续为数字山东、数字中国建设增添强劲动 能。 本次活动是在山东省大数据局指导下，由威海市大数据局、山东数据交易流通协会联合主办，通过政策 讲解、供需对接、企业交流、专题培训、案例分享等形式，传递政策信息、市场信号与发展信心，提升 市场主体的供数、治数、用数能力，加快推进数据要素市场化配置改革，繁荣区域数据生态。 正式揭牌的威海数据要素运营共同体，首批联合了北方健康等42家数据服务商和18家数据资产入表服务 商，涵盖信息技术、金融保险、政务服务等多个领域，旨在打通数据从生产、加工到交易、 ...

Group 1 - The core theme of the Global Data Business Conference is "Connecting the World through Data for a Boundless Future" [1] - The Shanghai Data Exchange, established as China's first national data trading platform, marks a significant step in the market-oriented reform of the data trading market [1] - The concept of "data business" was introduced at the inception of the Shanghai Data Exchange, aiming to cultivate a comprehensive ecosystem for data economy, compliance review, asset evaluation, and data delivery [1] Group 2 - This year's conference features an innovative "competition-conference integration model," which includes the award ceremony for the national finals of the 2025 "Data Element x" competition [2] - The conference also released a summary of "typical cases of data circulation security governance," exploring a three-in-one solution of "system + technology + scenario" [2] - The National Development and Reform Commission emphasized the increasing circulation of data through open, shared, and authorized operations, realizing value in application scenarios [2] Group 3 - The National Data Bureau plans to focus on building an open, shared, and secure national integrated data market, enhancing the cultivation of various data circulation service institutions [3] - The cultivation of data circulation service institutions includes supporting data exchanges to establish a full-chain service system, expanding new models for industry data integration, and enhancing data product development [3] - Data merchants are identified as enterprises that treat data as a key production and operational element, actively engaging in data aggregation, circulation, exchange, and utilization [3] Group 4 - The 2025 "Data Element x" competition, co-hosted by the National Data Bureau and 19 departments, showcased five key characteristics, with 53% of projects utilizing public data [4] - Over 64% of projects developed data products and services through enterprise data, with 62% using proprietary data and 54% leveraging data from upstream and downstream partners [5] - The data exchange serves as a backing and pricing entity, facilitating the transformation of resources into assets within a trusted data space [5] Group 5 - A notable case presented at the conference is the medical data product "Analysis Report on the Association between Inflammation and Pulpitis," which marks a breakthrough in the complete cycle of rights confirmation, pricing, circulation, and profit distribution for medical data [6] - The product is based on de-identified clinical data from the Xuchang Central Hospital, processed by a specialized data governance company, and is intended for model training and precision medical product development [6] - The transaction of this data product illustrates the potential for public medical institutions to participate in the data element market, creating sustainable pathways for economic benefits [6] Group 6 - The Deputy Director of the Major Disease Data Industry Center expressed hopes to utilize the data product for model training and further release data value through AI applications [7] - The goal is to democratize the expertise of specialized hospitals through data circulation and trading, enabling consumers to access comprehensive medical consultations online [7]

Core Insights - The successful transaction of carbon quota data products in Fujian marks a significant step in the marketization of carbon data elements, facilitating better understanding and financing for low-carbon transformation of enterprises [1][3] Group 1: Transaction Details - The first carbon quota data product transaction in Fujian involved the purchase of the "Green Credit Report - Corporate Carbon Asset Report" by Huaxia Bank Fuzhou Branch [1] - This data product was developed by Fujian Piao Fu Tong Information Technology Co., Ltd., which integrates various public and social data to create a customizable and high-value carbon quota data product [2] Group 2: Application and Impact - The data product allows banks to gain a comprehensive and precise understanding of clients' production and operational conditions during the loan period, serving as a "green qualification certificate" [2] - Huaxia Bank Fuzhou Branch has already applied this data product in assessing the green qualifications of a steel profile manufacturing enterprise, planning to offer lower interest rates due to the company's significant emission reduction achievements [2] Group 3: Future Prospects - The Fujian Big Data Exchange aims to support the development of more market-demand-adapted data products while facilitating compliance and market transactions [3] - As of now, the Fujian Big Data Exchange has listed over 1,400 data products and has more than 1,000 participating businesses, indicating a robust data element market [3]