Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Insights - The beginning of 2026 is marked as the "Year of Data Element Value Release," with a strategic focus on market-oriented reform for data element allocation, aiming to clarify the development path for digital economy work [2][4] - The establishment of a data property registration system is expected to accelerate, promoting data circulation and usage, thereby releasing the value of data elements [6] - The report suggests focusing on companies with high-quality data resources, particularly in sectors like healthcare, finance, and industrial fields that possess scarce data, as well as firms with strong capabilities in data processing, management, and analysis [6] Summary by Sections Data Element Value Release - Multiple regions have identified 2026 as the "Year of Data Element Value Release," with the core goal of facilitating data flow and configuration, activating supply and demand, and integrating data elements into value creation [6][12] - The transition from "infrastructure building" to "efficiency release" is anticipated, leading to a revaluation of data element value that will benefit the entire industry chain [6][12] Data Standardization - National standards for data are expected to be established, with over 30 key data standards planned for release in 2026, focusing on public data, high-quality datasets, and data infrastructure [12] - The establishment of data standardization is seen as crucial for addressing issues related to rights confirmation, pricing, supply and demand, and trust, thereby facilitating the practical release of data element value [12]

Group 1 - The National Data Bureau is working on establishing a data property registration system to enhance data circulation and unlock the value of data elements [2][4] - A meeting was held to discuss the data property registration system, with participation from various stakeholders including representatives from academia and industry [2][3] - The National Data Bureau aims to leverage experiences from other registration systems and gather public opinions to innovate a registration system suited to data characteristics [2][4] Group 2 - The National Data Bureau has outlined key tasks for 2026, focusing on creating a unified national data market and promoting the integration of data technology and industry innovation [4][6] - Plans include establishing a national unified data property registration system and enhancing data infrastructure and operational capabilities [4][6] - The Bureau emphasizes the importance of high-quality data set construction to empower artificial intelligence development, with a goal to produce benchmark data sets by the end of next year [5][6]

Core Viewpoint - The National Bureau of Statistics is set to further study and adopt experiences from other registration systems to innovate a registration system that suits the characteristics of data, aiming to enhance data circulation and utilization, thereby unlocking the value of data elements [1] Group 1 - The National Bureau of Statistics will incorporate opinions and suggestions from various sectors of society [1] - The initiative aims to better promote data circulation and usage [1] - The focus is on establishing a registration system that aligns with the unique characteristics of data [1]

Group 1 - The China Securities Regulatory Commission (CSRC) aims to enhance the proportion of various medium- and long-term funds entering the market and deepen mergers and acquisitions reforms [1][3] - As of the end of last year, various medium- and long-term funds held approximately 23 trillion yuan in A-share market value, a 36% increase from the beginning of the year [3] - The CSRC plans to promote the optimization of private equity and venture capital cycles, further deepen the delisting mechanism, and encourage more representative litigation cases [3] Group 2 - The Ministry of Commerce outlined eight key areas for the national business system to focus on by 2026, including boosting consumption and creating a "Buy in China" brand [4][5] - The plan includes enhancing the modern market and circulation system, promoting trade innovation, and attracting foreign investment [6][7] Group 3 - Huatai-PB Fund announced a record high dividend of 1.23 yuan per 10 fund shares for the CSI 300 ETF, amounting to approximately 11 billion yuan [9] - Jia Mei Packaging's stock will resume trading on January 12 after a successful review, with a significant price increase of 230.48% over 11 trading days [10] - DeFu Technology plans to acquire at least 51% of HuiRu Technology through cash and capital increase, while terminating the acquisition of a Luxembourg copper foil company due to regulatory restrictions [11][12] Group 4 - 京东方A completed the cancellation of 369,552,400 shares, which is 0.9877% of the total shares before cancellation, with a total payment of 1.5 billion yuan [13] - The company plans to issue shares and pay cash to acquire 100% of Sichuan Yichong Technology, pending approval from regulatory bodies [14]

Core Viewpoint - The National Data Bureau is exploring the establishment of a data property registration system by learning from practices in other fields, aiming to enhance data circulation and unlock the value of data elements [1] Group 1: Data Registration System - The National Data Bureau will innovate a registration system tailored to the characteristics of data [1] - A symposium on data property registration was chaired by Liu Liehong, the head of the National Data Bureau [1] - Representatives from various sectors, including the Beijing Internet Court, local data management departments, China Mobile, Southern Power Grid, and Beijing International Big Data Exchange, participated in the discussion [1]