Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Insights - The report emphasizes the acceleration of market-oriented and value-oriented reforms in data elements, indicating that the value of data elements is expected to be continuously released. The government aims to establish a unified national data property registration system and expedite the development of a national integrated data market [2][6][11] - The report suggests focusing on companies with high-quality data resources, particularly those in niche sectors such as healthcare, finance, and industry, as well as data trading platforms and related enterprises [2][11] Summary by Sections Event Description - On March 24, a press conference was held by the State Council Information Office, where the head of the National Data Bureau, Liu Liehong, stated that the policy toolbox for the market-oriented allocation of data elements in China is gradually being perfected. The next steps will involve greater efforts to promote the marketization and valuation of data elements [6] Event Commentary - The report highlights that 2026 is designated as the "Year of Data Element Value Release," with a focus on enhancing data resource development and utilization. The government aims to facilitate data flow and resource allocation, thereby activating market supply and demand [11] - The daily token call volume in the AI sector has significantly increased, surpassing 140 trillion by March this year, marking a growth of over 1000 times compared to early 2024. This indicates a substantial increase in the supply of data sets and the continuous release of data element value [11] - The report anticipates the issuance of policy documents that will accelerate the establishment of a unified national data property registration system, which will promote the circulation and utilization of data resources [11] Investment Opportunities - The report suggests that the value of data elements is expected to continue being released, and investors should pay attention to opportunities in the data element industry. The focus should be on companies with high-quality data resources and data trading platforms [11]

Core Viewpoint - The concept of Token, or "词元," is emerging as a significant metric in evaluating the usage of large models and serves as a billing unit for model vendors in the AI industry [1][2]. Group 1: Token Overview - Token is defined as the smallest unit of information processed by large models, characterized by its measurability, priceability, and tradability in the intelligent era [4]. - The daily average Token usage in China has seen a dramatic increase, surpassing 140 trillion in March 2023, up from 1 trillion at the beginning of 2024, indicating a growth of over 1,000 times within two years [3]. Group 2: Economic Implications - The rapid growth in Token usage reflects the ongoing reform in the market-oriented allocation of data elements, leading to the formation of a high-quality data supply system for artificial intelligence [5]. - A new value system surrounding the calling, distribution, and settlement of Tokens is accelerating, becoming a crucial pathway for the commercialization of the AI industry [5]. - Some model companies have reported revenues exceeding their total income for the entire year of 2025 within just 20 days, highlighting the effectiveness of the Token-based billing model [3].

Core Insights - The article introduces the "aβγδ economic power structure" model to analyze the economic dynamics of Shanghai and Hong Kong, focusing on their unique growth drivers and innovation paths in the context of digital economy [1] Group 1: α - Development Power Structure - Shanghai operates as a "scale application engine" driven by national strategy, characterized by comprehensive factor aggregation and large-scale application [3] - Hong Kong functions as a "high-value hub engine," emphasizing capital and information density, high-end services, and networked nodes [5] Group 2: β - Operational Power Structure - Shanghai's operational structure reflects a strategic collaborative governance model, integrating top-down planning with market vitality [9] - Hong Kong's operational structure is based on a rule-of-law market autonomy, prioritizing market mechanisms and transparency [10] Group 3: γ - Innovation Power Structure - Shanghai's innovation is centered around the Real Data Asset (RDA) paradigm, focusing on the integration of operational data with physical assets [14] - Hong Kong is developing a Real World Asset (RWA) framework, utilizing blockchain to enhance the liquidity and efficiency of traditional assets [17] Group 4: δ - Coupling Power and Future Trends - The future development of Shanghai and Hong Kong will be shaped by national strategies, presenting a scenario of both competition and complementarity [18] - The interrelationship between RDA and RWA will serve as a critical coupling point, facilitating a complete value cycle in the digital economy [19]

Investment Rating - The report maintains a "Recommendation" rating for the computer industry, expecting the industry index to rise more than 5% compared to the benchmark index in the next 3-6 months [16]. Core Insights - The report highlights the release of a policy by the National Data Bureau and the Ministry of Industry and Information Technology aimed at enhancing the capabilities of data circulation service institutions by the end of 2029, promoting a more diverse trading form and richer data products and services [2]. - The policy marks a new phase in the market-oriented allocation of data elements, emphasizing the combination of effective markets and proactive government roles, which aligns with the overall positioning of 2026 as the "Year of Data Element Value Release" [2]. - The report identifies that the AI-driven approach will significantly enhance the value of data elements, with both domestic and international companies playing crucial roles in building AI infrastructure [2]. Industry Overview - The computer industry consists of 337 listed companies with a total market capitalization of approximately 61,676.90 billion and a circulating market value of about 55,806.98 billion [2]. - The absolute performance of the industry over the past 12 months is reported at 17.5%, with a relative performance of -3.6% compared to the benchmark index [3]. Investment Suggestions - The report suggests focusing on various segments within the data element industry, including: 1. Data Rights: Companies like People's Daily Online and Xinhua Net 2. Data Aggregation: Deep Sanda, Yihua Lu, Xinghuan Technology, Sanwei Tiandi, and Puyuan Information 3. Data Governance: Hehe Information, Haitai Ruisheng, Haima Data, and Xinghuan Technology 4. Data Operations: Government data (Taiji Co., GuoDian YunTong, YunSai ZhiLian, DeSheng Technology) and industry data (Fubo Group, JiuYuan YinHai, GuoXin Health, ChaoTu Software, ZhongKe XingTu, Daily Interaction, and COSCO Shipping Technology) 5. Data Circulation: ZheShu Culture, Anheng Information, Yihua Lu, and LingDian YouShu 6. Data Entry: Shanghai Steel Union, ZhiChuang Information, and ShengYing Bao 7. Data Security: ShenXinFu, DianKe WangAn, SanWei XinAn, and QiAnXin [2].

Core Viewpoint - The recent release of the "Opinions on Cultivating Data Circulation Service Institutions and Accelerating the Marketization and Valuation of Data Elements" aims to enhance the value of data elements and promote a vibrant data market ecosystem through the establishment of three types of data circulation service institutions [2][4]. Group 1: Institutional Framework - The "Opinions" define three types of data circulation service institutions: data exchanges (centers), data circulation service platform enterprises, and data merchants, establishing a unified institutional framework [4]. - Each type of institution will have specific roles: data exchanges will enhance comprehensive service functions, platform enterprises will focus on specialized development, and data merchants will expand data product and service offerings [3][4]. Group 2: Market Activation - The document emphasizes the need for diverse data circulation transaction models and encourages institutions to explore innovative data exchange methods, such as data-for-data and data-for-services exchanges [5][6]. - It aims to support the development of high-quality data products and services, focusing on technology innovation, industrial development, and social governance [5][6]. Group 3: Collaboration and Support - The "Opinions" support collaboration between data circulation service institutions and industry leaders to address the "data scarcity" faced by many AI companies, promoting the creation of high-quality data sets [6]. - Institutions are encouraged to leverage data infrastructure for data aggregation, governance, and model training services [6]. Group 4: Future Goals - By the end of 2029, the goal is to significantly enhance the capabilities of data circulation service institutions, diversify transaction forms, and enrich data products and services, thereby improving the overall data circulation utilization level in society [7]. - The "Opinions" address the critical issue of circulation bottlenecks in the data element valuation process, marking a transition in China's data market development from framework establishment to functional enhancement [7][8].

Global Market Overview - US consumer confidence reached a six-month high, leading to a nearly 2% rebound in the S&P 500, marking the best single-day gain since May of the previous year [2] - US Treasury yields rose across the board, with the 10-year yield increasing by nearly 3 basis points and the 2-year yield rising by 5.54 basis points [2] - Gold prices experienced a V-shaped reversal, with spot gold initially dropping to a low of $4655.57 per ounce before climbing back above $5000, closing at $5016.14 per ounce, a daily increase of over 1.1% [2] - WTI crude oil fluctuated around the $64 mark but ultimately closed up 0.59% at $63.53 per barrel, while Brent crude rose 0.74% to $67.54 per barrel amid ongoing geopolitical tensions [2] - Key upcoming events include the simultaneous release of non-farm payrolls and CPI data due to a brief government shutdown, as well as domestic data on social financing and inflation [2] Global News - The ruling coalition in Japan, consisting of the Liberal Democratic Party and the Japan Innovation Party, secured a majority in the House of Representatives elections, strengthening Prime Minister Fumio Kishida's position [3] - Iran's Foreign Minister stated that the date for the next round of nuclear negotiations is not yet determined, and if attacked by the US, Iran would target US military bases in the region [4] - The US is pushing for a peace agreement between Russia and Ukraine by June, with Ukraine accepting a proposal for new negotiations, although significant disagreements remain [6] - The US and India have reached a temporary trade agreement framework, with India reducing tariffs on US industrial products and the US lowering tariffs on Indian goods [7] - The US plans to pay part of its long-overdue contributions to the UN, with over $3 billion in outstanding dues [8] Industry Information - China successfully launched a reusable experimental spacecraft, indicating progress in key technologies for long-term space missions and potential cost reductions for space transportation [12] - Four Chinese government departments issued a joint opinion to accelerate the cultivation of data circulation service institutions, aiming to enhance the marketization of data elements [13] - Several courier companies in China announced they will operate during the Spring Festival, although some will charge a "resource adjustment fee" due to increased operational costs [14][15] - Shanghai aims to create a trillion-level industrial increment by establishing 500 advanced smart factories and focusing on new sectors such as smart terminals and commercial aerospace during the 14th Five-Year Plan [16]

Group 1 - China successfully launched a reusable experimental spacecraft on February 7, 2026, using the Long March 2F rocket, aimed at validating reusable spacecraft technology for peaceful space utilization [1] - Shanghai aims to build 500 advanced intelligent factories and achieve an industrial robot application density of 600 units per 10,000 people during the 14th Five-Year Plan, targeting new sectors like commercial aerospace and low-altitude economy to create a trillion-level industry increment [2] - Tesla is reportedly evaluating multiple sites in the U.S. to expand its solar battery manufacturing, with a goal to achieve an annual production capacity of 100 gigawatts within three years, including plans to increase the capacity of its Buffalo, New York factory to 10 gigawatts [3] Group 2 - The U.S. Federal Aviation Administration has approved the Falcon 9 rocket to resume flights after concluding an investigation into a previous anomaly, allowing it to proceed with the upcoming crewed Dragon spacecraft launch [4] - China's "undersea space station" has successfully applied new technology for shield tunneling in high-pressure environments, marking a breakthrough in domestic shield tunneling technology with a depth of 75 meters [5] - A domestic high-performance GPU application solution for medical AI was released, significantly lowering the barriers for the adoption of medical AI technologies, developed by Fudan University’s affiliated Zhongshan Hospital [6] Group 3 - The National Data Bureau and the Ministry of Industry and Information Technology have jointly issued opinions to cultivate three types of data circulation service institutions, aiming to promote the marketization and valuation of data elements [7][8] - Fujian province has issued implementation opinions to enhance urban infrastructure, including the construction of metro projects and the optimization of urban road networks, while promoting the integration of computing power and IoT sensing facilities [9] - The Ministry of Water Resources and the National Development and Reform Commission have issued opinions to improve the construction and management mechanisms for major water conservancy projects, focusing on a comprehensive, safe, and efficient national water network [10] Group 4 - Shanghai's Economic and Information Commission highlighted the city's advantages in the AI sector, including industrial cluster collaboration, talent supply, and a complete production-finance system, with plans to strengthen the industrial chain and enhance AI capabilities [11]

Group 1 - The Chinese government is focusing on promoting effective investment through a combination of measures, including utilizing central budget investments, long-term special bonds, and local government bonds [1] - The Shanghai government has released a three-year action plan aimed at transforming and upgrading advanced manufacturing, targeting the addition of 100 manufacturing enterprises with an annual output value exceeding 1 billion yuan by 2028 [5][22] - The Chinese foreign exchange reserves have increased for six consecutive months, reaching $339.91 billion by the end of January, with a rise of $41.2 billion, marking a 1.23% increase [6][11][23] Group 2 - A new stock, Tongbao Optoelectronics, is available for subscription, identified as a "small giant" in the automotive electronics sector [3][19] - The gold market in Shenzhen's Shui Bei area is experiencing a surge in activity ahead of the Spring Festival, driven by strong consumer demand and a vibrant market environment [4][20] - 135 actively managed equity funds have reached historical net asset value highs in February, demonstrating resilience despite market adjustments [9][26] Group 3 - The financial regulatory authority is accelerating the reform and transformation of local small and medium-sized financial institutions to enhance financial support for key local projects [8][26] - The recent regulatory framework for Real World Asset (RWA) tokenization aims to curb illegal financial activities in the cryptocurrency sector, establishing strict guidelines for domestic and international operations [7][24][31]

Core Viewpoint - The Chinese government has issued an opinion to cultivate three types of data circulation service institutions to accelerate the marketization and value realization of data elements, aiming to enhance the data market ecosystem [4][10]. Group 1: Types of Data Circulation Service Institutions - The three types of data circulation service institutions defined are: data exchanges (centers), data circulation service platform enterprises, and data merchants, each with specific roles to play in promoting data circulation and marketization [5][6]. - Data exchanges are encouraged to enhance comprehensive service functions, including rule exploration, compliance assurance, and service matching [5]. - Data circulation service platform enterprises are supported to develop specialized services around industry and supply chains [5]. - Data merchants are urged to expand data acquisition channels and develop diverse data products and services [5]. Group 2: Enhancing Data Market Ecology - The opinion emphasizes the need for a clear functional positioning and collaborative development among various data circulation service institutions to establish a structured framework for the data circulation service system [6][10]. - It aims to stimulate the data market by encouraging diverse data circulation transaction models and enhancing service capabilities [8][10]. - The opinion supports the exploration of innovative data circulation transaction modes, such as data exchange for services or models, to lower transaction costs and promote broader data circulation [8]. Group 3: Addressing Data Scarcity in AI - The opinion addresses the "data scarcity" issue faced by many AI companies by supporting collaboration between data circulation service institutions and industry leaders to build high-quality data sets [9]. - It encourages partnerships with AI enterprises to provide data aggregation, governance, and model training services [9]. Group 4: Future Goals and Implementation - By the end of 2029, the goal is to significantly enhance the capabilities of data circulation service institutions, diversify transaction forms, and enrich data products and services [10]. - The opinion proposes promoting the use of standardized data circulation transaction contracts to ensure compliance and efficiency in data transactions [10]. - Industry experts view this opinion as a systematic and forward-looking design to address the critical "circulation bottleneck" in the value realization of data elements, marking a transition to a more functional and vibrant data market [10][11].

Core Viewpoint - The joint release of the "Opinions" by various national departments aims to cultivate data circulation service institutions in China, enhancing the marketization and valuation of data elements [1][2] Group 1: Objectives and Goals - The "Opinions" outline the establishment of three types of data circulation service institutions: data exchanges (centers), data circulation service platform enterprises, and data merchants [1] - By the end of 2029, the capabilities of data circulation service institutions are expected to significantly improve, with more diverse circulation transaction forms and richer data products and services [1] Group 2: Support and Development - The "Opinions" emphasize the need to enhance the service capabilities and levels of data circulation service institutions, exploring innovative data circulation transaction models and promoting high-quality data products and services [2] - It encourages various entities to expand data exchange methods, including data-for-data, data-for-orders, data-for-services, and data-for-models, as well as exploring new paths for data valuation [2] Group 3: Management and Regulation - The National Data Bureau is tasked with coordinating the establishment of a management system for data circulation service institutions that aligns with the development stages of the data market [2] - Local governments are required to implement management responsibilities and create a policy framework that promotes the healthy development of data circulation service institutions without imposing unreasonable restrictions on data utilization and circulation [2]