Group 1 - The 2025 China International Big Data Industry Expo opened in Guiyang, with the National Development and Reform Commission announcing several industry policies to enhance data infrastructure and optimize the development environment [2] - The National Data Bureau is accelerating the construction of national data infrastructure, with six technical routes being piloted, including trusted data spaces and blockchain [2] - As of July, the total scale of intelligent computing in China reached 780,000 Pflops, ranking second in the world [2] Group 2 - The National Data Bureau has released 70 public data application scenarios to promote the effective use and security of data resources, with over 11,000 data resources, products, and services registered [2] - In the first half of the year, data trading institutions launched 3,328 new data products, a 70% increase year-on-year, with a significant rise in high-quality datasets in the AI sector [3] - By 2024, there will be over 400,000 data enterprises in China, with an industry scale of 5.86 trillion yuan, reflecting a 117% increase since the end of the 13th Five-Year Plan [3]

证券研究报告·北交所报告·北交所定期报告 2025 年 08 月 14 日 证券分析师 朱洁羽 执业证书：S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 易申申 执业证书：S0600522100003 yishsh@dwzq.com.cn 证券分析师 余慧勇 执业证书：S0600524080003 北交所定期报告 20250814 数据产权制度今年将推出，北证指数收跌 1.99% yuhy@dwzq.com.cn 证券分析师 薛路熹 执业证书：S0600525070008 xuelx@dwzq.com.cn 研究助理 武阿兰 执业证书：S0600124070018 wual@dwzq.com.cn 2025-08-12 东吴证券研究所 1/8 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 资本市场新闻：1）最新！今年将推出数据产权等 10 多项制度。8 月 14 日，国家发展改革委党组成员、国家数据局局长刘烈宏在新闻发布会上 表示，"十四五"时期，我国牢牢把握数字化、网络化、智能化发展机遇， 全面深化数据要素市场化配置改革，加 ...

Core Viewpoint - The Supreme People's Court has issued guidelines to support the development of the private economy in China, proposing 25 specific measures to ensure fair market participation and address financing and payment issues for private enterprises [1][2]. Group 1: Judicial Support for Private Economy - The guidelines emphasize fair competition and the elimination of administrative power abuse that restricts competition, aiming to create an environment where all forms of ownership can equally utilize production factors and receive legal protection [1][2]. - The guidelines include measures to improve administrative litigation processes and correct disproportionate administrative penalties [2]. Group 2: Protection of Property Rights - The guidelines call for strengthened judicial protection of property rights and the proper handling of property involved in legal cases, distinguishing between economic disputes and economic crimes [3]. Group 3: Regulation of Market Practices - The guidelines aim to regulate monopolistic and unfair competition practices, enhance judicial protection for technological innovation, and support the healthy development of emerging industries [2]. - There is a focus on addressing data rights disputes and promoting efficient circulation and trading of data elements, particularly in the context of artificial intelligence [2]. Group 4: Enforcement and Compliance - The guidelines require effective measures to rectify non-compliant enforcement actions, prohibiting excessive or unauthorized seizures of property to minimize disruption to private enterprises [4].

Core Viewpoint - The establishment of national data element comprehensive pilot zones is a key strategic deployment to promote the market-oriented allocation of data elements and facilitate the deep integration of the digital economy with the real economy [1][5]. Group 1: Pilot Zone Construction - Ten national data element comprehensive pilot zones will be established in regions such as Beijing, Zhejiang, and Anhui, focusing on nurturing business entities and expanding the data market [1]. - By 2025, 35 key experimental tasks will be promoted in areas such as data property rights and market ecology [1]. - The construction of pilot zones is being actively advanced with high-level promotion and broad mobilization, with local governments prioritizing these initiatives in their work [1][2]. Group 2: Local Adaptation and Focus - Each pilot zone is tailoring its focus based on local resources and industrial development, with Beijing emphasizing the interaction between systems and practices, while Zhejiang is driving technological and industrial innovation in the data field [2]. - Other regions like Shandong, Henan, Guizhou, and Liaoning are exploring market-oriented allocation paths for data elements based on their unique regional characteristics [2]. Group 3: Innovative Practices and Achievements - Various localities have developed annual work priorities and made significant progress in data industry cultivation, with Anhui leading in recognizing provincial data enterprises and data industrial parks [2][3]. - In Shandong, the integration of public data resources has significantly improved the efficiency of the rose industry, doubling the overall industry chain value from 3 billion to 6 billion yuan [3]. - Beijing's public data authorization model has provided services over 400 million times to financial institutions and market entities, while the Beijing International Big Data Exchange has surpassed a transaction scale of 10 billion yuan [4]. Group 4: Policy Innovations - Anhui has pioneered the "data voucher" and "computing power voucher" pilot programs to stimulate data utilization, with nearly 400 million yuan disbursed to support over 200 enterprises [5]. - The pilot zones are expected to explore foundational systems for data property rights, circulation, revenue distribution, and security governance, creating replicable and scalable institutional norms for national data market construction [5].