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]

行业研究 证 券 研 究 报 告 计算机行业重大事项点评 政策落地，数据+AI 驱动要素价值释放 事项： ❑ 2026 年 2 月 7 日，国家数据局与工信部等多部门联合发布《关于培育数据流 通服务机构加快推进数据要素市场化价值化的意见》，提出到 2029 年底，数 据流通服务机构能力显著提升，流通交易形态更加多元，数据产品和服务更加 丰富，各类主体供数用数意愿持续增强，全社会数据流通利用水平明显提高。 计算机 2026 年 02 月 26 日 推荐（维持） 华创证券研究所 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 337 | 0.04 | | 总市值(亿元) | 61,676.90 | 4.81 | | 流通市值(亿元) | 55,806.98 | 5.39 | 评论： 《计算机行业重大事项点评：CPU：供需格局优 化，国产龙头或迎价值重估机遇》 2026-01-29 《计算机行业重大事项点评： Agent ：海外 Clawdbot 引爆市场 ...

中国将培育三类数据流通服务机构—— 加快推进数据要素市场化 国家数据局、工业和信息化部、公安部、中国证监会近日发布《关于培育数据流通服务机构 加快推进 数据要素市场化价值化的意见》（以下简称《意见》）。《意见》明确将培育三类数据流通服务机构， 即：数据交易所（中心）、数据流通服务平台企业、数据商，以释放数据要素价值，加快繁荣数据市场 生态。 明确三类机构功能定位 国家数据局方面表示，目前，中国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，需进一步明晰数据流通服务机构功能定位。 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。 三类数据流通服务机构各自将发挥哪些作用？《意见》就此予以明确。 国家数据局有关负责人此前表示，数据流通交易形态多元，渠道多样。有什么样的数据开发利用方式， 就伴随着与之相适应的数据流通交易模式。要分类施策，进一步激发各类数据流通交易服务机构积极性 和创造性，支持探索多元数据流通交易形态，繁荣活跃数据市场生态。 ...

全球市场综述 上周五，美国消费者信心创六个月新高，逢低买入推动美股周五反弹，标普涨近2%，创去年5月以来最 佳单日涨幅。美债收益率全线走高，10年期上行近3基点，2年期收益率涨5.54基点。美元日内跌0.3%， 但全周收涨0.56%、两周连涨。 贵金属再度上演V型反转。芝商所第六次对金银期货上调保证金后， 现货黄金开盘走低，最低触及 4655.57美元/盎司，随后持续上攻。周一亚市盘初，现货黄金重返5000美元上方，并在此后快速走高， 报5016.14美元/盎司，日内涨超1.1%。日经225指数CME期货走高，涨2.2%。 由于伊朗和美国在阿曼举行的间接谈判未能显著抑制投资者对两国爆发军事冲突的担忧，国际原油维持 区间震荡。WTI原油盘中曾两度站上64美元关口，但随后都有所回落，最终收涨0.59%，报63.53美元/ 桶；布伦特原油收涨0.74%，报67.54美元/桶。 在2月8日举行的日本众议院选举中，由自民党和日本维新会组成的执政联盟获得过半数议席。日本广播 协会发布的开票数据显示，自民党获得316个议席，日本维新会获得36个议席。在野党方面，由立宪民 主党和公明党共同组建的新党"中道改革联合"获得49个 ...

每经记者｜杨建 每经编辑｜肖芮冬 ｜2026年2月9日 星期一｜ NO.3 特斯拉据悉正在美布局多州建厂，以扩张太阳能电池制造版图 2月7日，据知情人士透露，特斯拉正评估美国多个选址，计划扩大太阳能电池制造业务，目标在未来三 年内实现每年100吉瓦的太阳能制造能力。知情人士补充称，特斯拉计划扩大纽约州布法罗工厂产能至 10吉瓦，并可能在纽约州建设第二座工厂，亚利桑那州和爱达荷州也在备选名单中。 NO.4 美"猎鹰9"火箭获准复飞，将执行"龙"飞船载人发射任务 美国联邦航空局2月6日称，对美太空探索技术公司的"猎鹰9"火箭相关任务异常的调查已结束。调查确 认，该事件未造成人员伤亡或公共财产损失，美联邦航空局已批准"猎鹰9"火箭恢复飞行。该火箭将按 期执行最新一期"龙"飞船载人发射任务。 NO.5 中国"海底空间站"成功应用 据中国铁建消息，中国"海底空间站"成功应用。2月6日上午，世界最长海底高铁隧道迎来新进展，历经 22天作业，国产首台盾构饱和带压进仓设备"深海空间站"，在中铁十四局承建的甬舟铁路金塘海底隧道 宁波侧完成"首秀"，成功实施75米深高压环境盾构进仓作业，累计换刀46把，标志着我国自主研发盾构 饱 ...

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].

《意见》提出，到2029年底，数据流通服务机构能力显著提升，流通交易形态更加多元，数据产品和服 务更加丰富，各类主体供数用数意愿持续增强，全社会数据流通利用水平明显提高。 《意见》还明确，支持数据流通服务机构加快提升服务能力和水平，探索创新数据流通交易模式，加大 高质量数据产品和服务供给，促进数据安全合规高效流通交易。其中包括，探索多样化流通交易模式， 引导经营主体之间数据交换交易模式合规健康发展，鼓励各类主体拓展数据换数据、换订单、换服务、 换模型、换场景等交换方式，探索数据作价出资等数据价值实现新路径；拓展适应人工智能发展的高质 量数据集流通交易方式，支持各类数据流通服务机构协同产业链链主企业等主体，面向服务人工智能发 展建设高质量数据集等。 根据《意见》，国家数据局要充分发挥统筹协调作用，会同各相关部门建立健全与数据市场发展阶段相 适应、权责清晰、运行高效的数据流通服务机构管理体系。各地要落实属地管理责任，建立健全促进数 据流通服务机构规范健康发展的政策体系，不得对数据开发利用和流通交易设置不合理要求、审批条件 或流程，限制数据跨行业、跨部门、跨区域流动。 （来源：经济参考报） 日前，国家数据局、工业和 ...

Core Viewpoint - The joint opinion from the National Bureau of Statistics, Ministry of Industry and Information Technology, Ministry of Public Security, and China Securities Regulatory Commission aims to enhance the marketization and valuation of data elements by fostering data circulation service institutions and promoting diverse data trading models [1][2] Group 1: Data Circulation Service Institutions - The opinion emphasizes the importance of data circulation service institutions, which include data exchanges, data circulation service platform enterprises, and data merchants, as key players in facilitating data supply and demand [1] - By the end of 2029, it is expected that the capabilities of data circulation service institutions will be significantly enhanced, with a more diverse range of trading forms and an increase in the willingness of various entities to supply and utilize data [1] Group 2: Innovative Data Products and Services - The opinion encourages the innovation of data products and services, focusing on empowering technology innovation, industrial development, social governance, and improving people's livelihoods [2] - It supports the development of resource-based data products and services, such as data sets, verification queries, data analysis reports, data indices, and data visualization tools [2] Group 3: High-Quality Data Sets for AI Development - The opinion advocates for the expansion of high-quality data set circulation and trading methods that are suitable for artificial intelligence development [2] - It encourages collaboration between data circulation service institutions and industry chain leaders to build high-quality data sets for AI services [2] Group 4: Data Infrastructure Enhancement - The opinion highlights the need to improve the collaborative support level of data infrastructure, encouraging the use of existing funding channels to support the construction of data infrastructure for qualified data circulation service institutions [2] - It also calls for enhanced interoperability of transaction credentials and identity authentication among various data circulation service institutions to promote cross-entity, cross-industry, and cross-domain data utilization [2]

Core Viewpoint - The recent issuance of the "Opinions" by various Chinese government agencies signals a commitment to cultivate three types of data circulation service institutions, aiming to enhance the market-oriented value of data elements and establish a unified national data market [1][2]. Group 1: Types of Data Circulation Service Institutions - The three types of data circulation service institutions include data exchanges (centers), data circulation service platform enterprises, and data merchants, each with distinct roles: data exchanges focus on comprehensive services, platform enterprises on specialized development, and data merchants on enhancing data product and service development [1][2]. - By December 2025, data exchanges are expected to serve as "explorers" of institutional rules and ecosystem cultivation, while platform enterprises will act as the "main force" in promoting industry data circulation and utilization, and data merchants will lead in developing data products and providing diverse services [1]. Group 2: Challenges in Data Element Marketization - The issuance of the "Opinions" aims to address issues such as market specificity, product supply-demand contradictions, and misalignment of service institution functions in the current data element market [2]. - There is a strong demand for data elements across various sectors, but existing data exchanges primarily offer static, one-time data sets, failing to meet the market's need for high-quality data products and services [2]. Group 3: Role and Positioning of Data Exchanges - Data exchanges (centers) have been established for several years, with the Guiyang Big Data Exchange reporting 2,187 market participants and 2,396 listed products by December 31, 2025 [3]. - However, data exchanges face challenges such as low transaction volumes, inefficient processes, and the absence of a robust bilateral market network effect [3][4]. Group 4: Future Directions for Data Exchanges - The "Opinions" clarify that data exchanges are just one part of the data circulation service ecosystem, with a need to enhance their comprehensive service capabilities and better define their market positioning [4]. - Data exchanges should focus on strengthening their service functions, including developing online trading platforms, compliance tools, and high-value data products, while also promoting the circulation of public data products [4][5].