各省、自治区、直辖市及新疆生产建设兵团数据管理部门、工业和信息化主管部门、公安厅（局），中 国证监会各派出机构、各下属单位、各协会： 数据流通服务机构是链接数据供需双方，促进数据流通交易，推进数据要素市场化价值化的重要主体， 包括数据交易所（中心）、数据流通服务平台企业、数据商等。当前，各类数据流通服务机构竞相发 展，在优化数据资源配置、拓展数据应用场景、激发数据市场活力等方面发挥了积极作用，但也存在功 能定位尚不清晰、服务能力仍有短板、监督管理亟待完善等新情况新问题。为进一步明晰数据流通服务 机构功能定位，提升数据流通交易服务效能，释放数据要素价值，加快繁荣数据市场生态，现提出以下 意见。 一、总体要求 以习近平新时代中国特色社会主义思想为指导，全面贯彻落实党的二十大和二十届历次全会精神，完整 准确全面贯彻新发展理念，坚持推动高质量发展，坚持有效市场和有为政府相结合，坚持统筹发展和安 全，遵循数据要素特性，明确功能定位，增强服务能力，探索多元模式，引导规范发展，为加快建设开 放共享安全的全国一体化数据市场提供有力支撑。 扫码文末"投小圈" 加入行业交流群 文章来源：国家数据局 国家数据局等部门关于培育数据流 ...

Core Viewpoint - The National Data Bureau has drafted an opinion document to clarify the functions of data circulation service institutions and enhance the efficiency of data transaction services, which has garnered significant attention in the industry [1][2]. Group 1: Policy Background and Development Trends - The data trading industry has experienced a "two rises and one fall" pattern over the past decade, with a surge in establishment from 2014 to 2017, a downturn from 2018 to 2020, and a resurgence from 2021 to 2023, resulting in nearly 50 new data trading institutions in major cities [2]. - The "Data Twenty Articles" policy issued in December 2022 provides guidance for the development of data trading institutions, emphasizing the establishment of management measures and a unified standard system [2]. Group 2: New Functionality and Development Direction - The draft opinion positions data trading institutions as the primary type of data circulation service organization, indicating their foundational role in market rule exploration and ecosystem cultivation [4]. - By 2027, the policy aims to achieve a more diversified circulation and transaction landscape, encouraging various modes of data exchange and interaction [4]. Group 3: Challenges and Opportunities for Data Trading Institutions - Data trading institutions must adapt to the evolving data circulation landscape and enhance their capabilities to avoid being marginalized or replaced [5]. - The draft identifies data circulation service platform enterprises as the main force in the industry, categorized into three types: industrial internet platform enterprises, data infrastructure operators, and cloud service platform enterprises [5]. Group 4: Capability Upgrades - Data trading institutions are required to develop five core capabilities, including compliance assurance and supply-demand matching, which are essential for their long-term viability [6][8]. - The draft emphasizes the importance of price discovery, product development, and ecosystem cultivation as critical areas for data trading institutions to focus on [6][8]. Group 5: Regulatory and Management Framework - The National Data Bureau plans to establish a management system for data circulation service institutions, emphasizing self-regulation and data security [9]. - The draft encourages the development of targeted investment, tax, and fund support policies to stimulate market growth and ensure sustainable development [9].

Core Insights - The national data work conference held in Beijing aims to accelerate the construction of an open, shared, and secure national integrated data market [1] Group 1: Data Circulation Service Institutions - Three types of data circulation service institutions are identified as key players in promoting data circulation transactions: data exchanges, data circulation service platform enterprises, and data merchants [2] - Data exchanges serve as "explorers" for institutional rules and ecosystem cultivation, but their current role and functionality are not fully realized, and the scale of data transactions remains small [2] - Data circulation service platform enterprises are the main drivers of industry data circulation and utilization, characterized by data exchange and value co-creation [2] - Data merchants focus on developing data products and providing diverse services, playing a leading role in the data-driven service sector [2] Group 2: Data Development and Utilization - The conference emphasizes that the mode of data circulation transactions should align with the methods of data development and utilization [3] - There is a focus on promoting the marketization and valuation of data elements, encouraging diverse entities to explore innovative data circulation transaction models [3] - The need for a monitoring system to measure data circulation transaction scale and indicators is highlighted to better reflect the actual state of data circulation transactions [3]

Group 1 - The core viewpoint emphasizes the new deployment by the 20th Central Committee for building an open, shared, and secure national integrated data market, which guides the acceleration of cultivating data circulation and trading service institutions [1] - The meeting highlighted the current diversity in data circulation and trading forms, indicating that the methods of data development and utilization are accompanied by corresponding data circulation and trading models [1] - It was stated that targeted policies should be implemented to further stimulate the enthusiasm and creativity of various data circulation and trading service institutions, supporting the exploration of diverse data circulation and trading forms to enrich and activate the data market ecosystem [1]

Core Points - The State Council's press conference on September 11 introduced the pilot program for the market-oriented allocation of factors in several regions [1] - The National Bureau of Statistics will support pilot areas in enhancing public data sharing, opening, and authorized operations [1] - The initiative aims to create influential projects and develop replicable and promotable models for public data resource development and utilization [1] - The National Bureau of Statistics will also assist pilot regions in exploring new models for data circulation and trading [1] - Establishing a data security governance system is a priority to promote high-quality development and a high-level safe interaction [1]

Core Insights - The report indicates a "relatively hot" market sentiment with a composite score of 74, suggesting a positive outlook for the market [6][9]. - Recent policy support and improved market sentiment have led to a gradual upward trend in the market [9]. Market Themes Tracking - **Data Theme**: The National Data Bureau and the State Administration for Market Regulation have introduced measures to enhance data circulation efficiency, potentially increasing efficiency by 30% [7]. - **Cross-Border Payment Theme**: The People's Bank of China has simplified conditions for foreign institutions to participate in the Renminbi cross-border payment system, reflecting China's commitment to promote the global use of the Renminbi [7]. - **Innovative Drug Theme**: The National Healthcare Security Administration and the National Health Commission have issued measures to support the high-quality development of innovative drugs, emphasizing the use of healthcare data in drug development [7]. Market Capital Flow - The report lists the top ten stocks with the highest net inflow, with Dongfang Caifu (300059.SZ) leading at 159,736.05 million [10]. - The report also highlights the top ten stocks with the highest net outflow, with Tianfu Communication (300394.SZ) showing a net outflow of -61,119.45 million [12]. Industry Analysis - The non-bank financial sector has seen significant net buying, indicating investor optimism [19]. - Conversely, the food and beverage sector has experienced substantial net outflows, suggesting a bearish sentiment among investors [17].

Core Insights - The report indicates a "relatively hot" market sentiment with a composite score of 66, suggesting a positive outlook for market performance [5][12] - Recent policy support and improved market sentiment are driving a gradual upward trend in the market [12] Hot Topics Tracking - **Data Theme**: The National Data Bureau and the State Administration for Market Regulation have introduced measures to enhance data circulation efficiency, potentially increasing efficiency by 30% [6] - **Cross-Border Payment Theme**: The People's Bank of China has released a draft for the rules governing the Renminbi cross-border payment system, aiming to simplify participation conditions for foreign institutions [6] - **Innovative Drug Theme**: The National Healthcare Security Administration and the National Health Commission have issued measures to support the high-quality development of innovative drugs, emphasizing the use of medical insurance data in drug research [6] Market Sentiment Analysis - The market sentiment temperature indicator shows a trend where scores below 30 provide support for the market, while scores above 90 indicate resistance [12] - The report suggests that during "relatively hot" market conditions, investors may consider increasing their investments while remaining cautious of potential overheating risks [24] Major Capital Flows - The report lists significant net inflows for various stocks, with "跨境通" (Cross-Border Communication) leading at 85,258.43 million [13] - Conversely, notable net outflows were observed in "中油资本" (China Oil Capital) with -76,258.27 million, indicating investor caution in certain sectors [15] Industry Performance - The report highlights the performance of various industries, with significant net inflows observed in sectors such as non-ferrous metals and electronics, while industries like pharmaceuticals and defense showed substantial net outflows [20][21]

Core Insights - The report indicates that the current market sentiment is at a high level, with a score of 88, categorizing it as "overheated" [6][10][22] - Recent policy support and improved market sentiment have contributed to a bullish trend in the market [10] Market Themes Tracking - **Data Theme**: The National Data Bureau and the State Administration for Market Regulation have introduced measures to enhance data circulation efficiency, potentially increasing efficiency by 30% [7] - **Cross-Border Payment Theme**: The People's Bank of China has released a draft for the rules governing the Renminbi cross-border payment system, aiming to simplify participation conditions for foreign institutions [7] - **Innovative Drug Theme**: The National Healthcare Security Administration and the National Health Commission have issued measures to support the high-quality development of innovative drugs, emphasizing the use of medical insurance data for drug research [7] Major Capital Inflows - The report lists the top ten stocks with significant net inflows, including Zhongyou Capital (90.12 million), Pengding Holdings (64.11 million), and others [11][12] Major Capital Outflows - The report also highlights the top ten stocks with significant net outflows, such as Changshan Pharmaceutical (-83.03 million) and Jinyi Culture (-79.62 million) [13][23] Financing and Margin Trading - The report provides insights into financing net purchases and margin trading, indicating investor sentiment towards specific stocks and sectors [23]

Core Viewpoint - The issuance of standardized contract templates for data circulation transactions aims to facilitate smoother and more efficient data trading among businesses, addressing existing challenges in the market [3][4][5]. Group 1: Contract Types - The standardized contract templates focus on four typical scenarios in data circulation: data provision, data entrusted processing, data fusion development, and data intermediary services [3]. - The data provision contract is designed for data providers to share data with recipients through various means, including paid transactions and licensing [3]. - The data entrusted processing contract allows data owners to delegate data processing tasks to third parties based on specific instructions [3]. - The data fusion development contract facilitates collaboration among parties to share data for creating platforms or pools, such as AI training zones [3]. - The data intermediary services contract pertains to the facilitation of data transactions through marketing, information dissemination, and contract establishment [3]. Group 2: Benefits and Efficiency - The standardized contracts include common clauses regarding data ownership, confidentiality, liability, and dispute resolution, which are tailored to the specific needs of data circulation transactions [4]. - The introduction of these templates is expected to significantly reduce negotiation costs and improve transaction efficiency by approximately 30% [4][5]. - The templates will help businesses avoid lengthy negotiations and unclear contract terms, which have previously led to disputes and increased costs [4][5]. Group 3: Market Implications - The availability of standardized contracts encourages businesses to treat data as a distinct commodity, enhancing participation from risk-averse entities like state-owned enterprises and financial institutions [6]. - The growing trend of data trading is reflected in the financial disclosures of listed companies, indicating a shift towards more structured and compliant data transactions [5][6].

Group 1 - The core viewpoint of the articles emphasizes the importance of data as a key production factor in the digital economy, with the release of standardized contract templates aimed at facilitating data circulation and transactions [1][2] - The standardized contract templates are designed to lower transaction costs, establish trust, and prevent disputes by clearly defining responsibilities and rights within data transactions [2][3] - The templates cover four typical data circulation scenarios: data provision, data entrusted processing, data fusion development, and data intermediary services, providing a framework for businesses to engage in data transactions [3] Group 2 - The initiative aims to promote a fair competitive environment by protecting the interests of all parties involved in data transactions and fostering a cooperative atmosphere [2] - The implementation of the standardized contracts aligns with existing laws and regulations, ensuring compliance and enhancing the security of data transactions [2] - The clarity in ownership and rights provided by the templates is expected to reduce concerns among businesses regarding data asset ownership, thus encouraging data collaboration and innovation [3]