Domestic Market Overview - The domestic market experienced a rise in both volume and price, with the Shanghai Composite Index closing at 3647.55 points, up 0.34%, and the Shenzhen Component Index closing at 11291.43 points, up 1.46% [1][9] - Among the 30 first-level industries, 24 saw gains, with the computer, communication, and electronics sectors leading the increases, while banking, oil and petrochemicals, and coal sectors faced significant declines [1][9] - The total trading volume for the A-share market was 184.99 billion yuan, showing a decrease compared to the previous day [1][9] Overseas Market Overview - The three major U.S. stock indices experienced slight declines, with the Dow Jones down 0.45%, the S&P 500 down 0.25%, and the Nasdaq down 0.3% [2] - Major technology stocks mostly fell, with significant drops in companies like IBM, which fell over 2% [2] News Highlights - The Ministry of Finance and the State Administration of Taxation are seeking public opinions on the implementation regulations of the VAT law, aiming to enhance the operational effectiveness of the VAT system [11][12] - A revised management method for supporting early childhood education development funds has been issued, focusing on improving fund utilization efficiency [14] - Beijing is promoting the orderly opening of public data, enhancing management systems while ensuring data security and privacy [16] - Shaanxi province has outlined measures to improve the entrepreneurial support system, including expanding loan support and providing social insurance subsidies for eligible startups [17]

Core Viewpoint - Dezhou City has been recognized for three consecutive years as the top city in China for public data openness, emphasizing the importance of systematic management and legislative support for public data sharing and utilization [1][2]. Group 1: Institutional Framework - The city has initiated public data legislation, including the introduction of the "Dezhou Public Data Regulations" into the legislative agenda, aiming to establish a robust legal framework for public data sharing and security [1]. - New management measures have been introduced, such as the "Dezhou Public Data Open Management Interim Measures" and the "Dezhou Public Data Authorization Operation Management Interim Measures," providing a structured approach to public data management [1]. Group 2: Platform and Service Enhancement - Dezhou has developed a comprehensive "1+12+N" integrated big data platform, connecting data across five administrative levels and integrating 240 self-built business systems, accumulating a total of 25.8 billion data entries [2]. - The public data open platform has been improved to offer a full online service process, including search, preview, download, and API access, enhancing user experience and data accessibility [2]. Group 3: Data Accessibility and Utilization - The city has focused on social demand by continuously publishing the "Dezhou Public Data Open Plan" and optimizing the data open list, which includes 6.6 billion data entries across 21 fields such as transportation, social security, and ecological environment [2]. - Dezhou has successfully implemented various applications of open data, creating beneficial scenarios for businesses and citizens, and has established seven provincial-level data open innovation application laboratories [3].

Group 1 - Major hospitals are announcing local deployments to explore the application of DeepSeek in smart services, smart healthcare, and smart management [1] - The current application of "Deepseek+ healthcare" is still at a shallow level, and there is a need to activate vast medical data for deeper AI integration in specific medical diagnoses [1] - The opening of medical data is becoming increasingly critical as "AI+ healthcare" enters the next stage [1] Group 2 - The Shenzhen government has issued an opinion to deepen the market-oriented allocation of data elements, promoting the legal and compliant opening of public data in various sectors, including healthcare [1] - The Luohu District has announced the establishment of a medical data corpus to provide rare public medical data for AI companies [1][2] - The integration of structured and unstructured data from the Luohu District hospital group is expected to yield over 3PB of data for the medical corpus [2] Group 3 - The establishment of a medical data sharing platform is crucial due to uneven resource distribution and weak data collection capabilities in grassroots institutions [4] - AI applications in healthcare have shown significant improvements, with the Shenzhen People's Hospital achieving a 75% negative diagnosis rate and 100% accuracy in AI-assisted pathology [4] - The initial phase of the medical data corpus will focus on seven areas, including pathology diagnosis and early screening for Alzheimer's disease [4][5] Group 4 - Partnerships have been formed with companies like Tencent Health, Huawei Cloud, and Alibaba Cloud to collaborate on the construction of the medical corpus [5] - The health technology group Weining plans to participate in the medical corpus construction through technology output, standard co-construction, and ecological cooperation [5]

Core Insights - The central viewpoint of the news is the issuance of the "Opinions" by the Central Committee and the State Council, which aims to deepen the reform and innovation of the data factor market in Shenzhen, promoting its role in the digital economy and enhancing data circulation mechanisms [1][2]. Group 1: Data Factor Market Development - The data factor market in China is projected to grow at a compound annual growth rate of over 20%, reaching 904 billion yuan in 2022 and expected to exceed 1,749 billion yuan by 2025 [1]. - The "Opinions" emphasize the need for market-oriented reforms in data factor allocation, supporting Shenzhen in exploring data trading, trusted circulation, and revenue distribution mechanisms [1][3]. - The establishment of a market-oriented mechanism for data factor allocation is crucial for the development of the digital economy, artificial intelligence, and digital transformation [1][4]. Group 2: Public Data Open Access - The "Opinions" propose a gradual and lawful classification and opening of public data in sectors such as transportation, geography, satellite remote sensing, meteorology, and healthcare, while ensuring safety [5][6]. - The introduction of market operators in public data access is suggested to enhance the marketization of public data, linking government data with market demand [4][6]. - The need for a sustainable mechanism for public data usage is highlighted, advocating for transparency and fairness in the public data ecosystem [6]. Group 3: Cross-Border Data Flow - Shenzhen's geographical proximity to Hong Kong and Macau creates a significant demand for cross-border data flow, which is essential for multinational enterprises [7]. - The "Opinions" call for improved data security governance and the exploration of efficient and safe cross-border data flow mechanisms [7]. - Shenzhen Data Exchange has initiated a cross-border data trading zone, offering over 200 cross-border data products to support the global expansion of enterprises in the Greater Bay Area [7].

Group 1 - The core argument of the article is that public data openness can significantly enhance patient capital, particularly from the perspective of insurance capital holdings in strategic emerging industries listed on the A-share market from 2010 to 2022 [2] - The study utilizes a difference-in-differences model to analyze the impact of provincial data openness on insurance capital holdings, finding a notable increase in insurance capital holdings in local strategic emerging industries after the establishment of provincial data openness platforms [2] - Key mechanisms identified include breaking down information barriers and increasing holding willingness, which help insurance institutions expand their information acquisition channels and improve information quality [2] Group 2 - The research indicates that public data openness significantly reduces the risks associated with insurance capital holdings while enhancing holding returns [2] - The positive effects of public data openness on insurance capital holdings are more pronounced in samples with low external attention, severe financing constraints, and high levels of data openness in their regions [2] - An increase in insurance capital holdings contributes to the growth of patient capital and promotes the upgrading of human capital in strategic emerging industry listed companies, positively impacting their new productive capacity development [2] Group 3 - The article provides important policy implications for advancing digital economy strategies and enhancing patient capital through the exploration of the economic consequences of public data openness [2]