Group 1 - The core idea is that data has become a new production factor and strategic resource, influencing various aspects of economic and social development in China [1][6] - The Chinese government has been actively promoting the development of the digital economy through policies and initiatives since 2016, including the G20 Digital Economy Development and Cooperation Initiative [1][6] - Data as a new production factor has a foundational and strategic position in the national economy, necessitating the establishment of a market for data elements to facilitate value transformation [1][4] Group 2 - The marketization of data as an economic strategic resource affects resource allocation efficiency, but issues surrounding data ownership have become significant obstacles [2][3] - Data ownership has a dual characteristic, involving both the factual subject (the source of data) and the recording subject (the entity that collects and stores data) [2][3] - The complexity of data pricing mechanisms, non-standard product forms, and ambiguous economic attributes complicate the establishment of clear ownership rights [3][4] Group 3 - Clear ownership rights are essential for the market mechanism to function effectively, and data ownership should be addressed through practical exploration and development [4][5] - Emphasis should be placed on the open sharing of public data, which can optimize resource allocation and maximize welfare through market mechanisms [4][5] - The rapid development of technologies such as industrial internet, 5G, and artificial intelligence necessitates research into the market circulation of enterprise data [4][5] Group 4 - Technological breakthroughs are crucial for establishing data ownership and facilitating data circulation and transactions [5][6] - Key technologies such as privacy computing, blockchain, and data anonymization must be advanced to support effective legal and institutional frameworks [6] - The concept of "data dividends" is highlighted as a new driving force for high-quality development, suggesting the establishment of a national data center to aggregate vast amounts of data [6]

Core Viewpoint - The article emphasizes the importance of data as a new production factor and strategic resource in the digital economy, highlighting China's initiatives and policies to promote data utilization and market development [1][4]. Group 1: Data as a New Production Factor - Data has become a fundamental and strategic element in economic and social development, influencing production, circulation, distribution, and consumption activities [1]. - The establishment of data trading institutions in China since 2015 reflects the active exploration of data transactions, leading to valuable experiences and outcomes [1]. Group 2: Challenges in Data Ownership - The issue of data ownership is a significant barrier to market development, with a lack of theoretical consensus and practical experience being common challenges both domestically and internationally [2]. - Data ownership has a "dual nature," involving both the factual subject (the source of data) and the recording subject (the entity that collects and stores data) [2]. Group 3: Rights Associated with Data - Data ownership includes general rights similar to other production factors, as well as unique rights such as privacy rights, permission rights, and deletion rights, making the allocation of these rights complex [3]. - The difficulty in defining data ownership is compounded by the complexity of pricing mechanisms, non-standard product forms, and diverse transaction methods [3]. Group 4: Pathways to Data Ownership Clarity - Clear ownership is essential for market mechanisms to function effectively, and data ownership should be addressed through ongoing development and practice [4]. - Emphasis should be placed on the open sharing of public data, which can optimize resource allocation and maximize welfare [4]. - Research into the market circulation of enterprise data is crucial, especially with the rise of technologies like industrial internet and artificial intelligence [4]. Group 5: Technological Foundations for Data Ownership - Technological advancements are more critical than institutional and legal factors in establishing data ownership and facilitating data transactions [5]. - Breakthroughs in key technologies such as privacy computing, blockchain, and data anonymization are necessary for effective implementation of data ownership frameworks [6]. Group 6: Data as a Strategic Resource - The "data dividend" is seen as a new driving force for high-quality development, with the potential value of data increasing with its volume and diversity [6]. - The establishment of a national data center could help aggregate vast amounts of data, positioning it as a crucial strategic resource for the country [6].

Core Viewpoint - The ongoing personnel movement in the securities industry is highlighted by the recent transfer of Chen Hanbo, a prominent analyst in the computer industry, from Debon Securities to China Post Securities Research Institute, indicating a significant shift in research capabilities and market dynamics [1][3]. Group 1: Personnel Movement - Chen Hanbo has officially joined China Post Securities Research Institute after previously serving as the chief analyst for the computer industry at Debon Securities [1]. - His educational background includes a bachelor's degree in Information Security and a master's degree in Electronic and Communication Engineering from Shanghai Jiao Tong University [1]. - Chen has extensive experience in the computer industry, particularly in cloud computing, having worked at CITIC Securities and Tianfeng Securities prior to his current role [1]. Group 2: Industry Insights - Chen Hanbo believes that the data and engineer dividends will gradually replace the demographic dividend, viewing technology as a key to transforming crises [3]. - He anticipates that the computer industry's profitability will recover by 2025, driven by favorable domestic fiscal and monetary policies and the clear trends in the AI industry [3]. - Chen points out that the valuation levels in the computer industry, represented by the Price-to-Sales (PS) ratio, still have room for improvement [3]. Group 3: Company Performance - Debon Securities has experienced a significant decline in its commission income from split accounts, dropping to 0.08 billion yuan in 2024, a year-on-year decrease of 62.35% [3]. - In contrast, China Post Securities has shown strong growth in its research business, with split account commission income reaching 27.1 million yuan in 2024, marking a year-on-year increase of 14.01% and improving its industry ranking from 52nd to 34th [3][4]. - Since Huang Fusheng took charge of the research business in 2022, China Post Securities has focused on enhancing team building and research capabilities, with Chen Hanbo's addition potentially further strengthening these efforts [4].