中国自贸区数字经济研究院院长王慎照教授在主题分享中阐述了数据要素的核心价值。他表示，"数据 作为继土地、劳动力、资本、技术之后的第五大生产要素，其资产化价值已成为驱动数字经济高质量发 展的核心引擎，是国家重要的战略资源。"研究院正联合多方科研力量，深化数据资产标准制定、数字 产权保护等领域研究，助力企业抢占数字经济话语权。 生态共建：多方携手开启应用新局 产业生态的繁荣是技术价值实现的最终路径。本次会议上，中科微点集团与欧盟中国委员会支持的商业 运营公司、江苏省数据交易所有限公司、江苏汤沟两相和酒业有限公司等12家代表性企业共同完 成"IPAD"签约，标志着微点码技术在多行业、多场景的产业化应用全面启动。 江苏汤沟两相和酒业有限公司董事长朱耀汇作为签约企业代表发言时指出，中科微点作为国家高新技术 企业，在防伪溯源领域具备自主知识产权与国产加密算法，为"万物物联、一物一码"数字化进程贡献突 出。此次合作是传统产业与自主核心技术企业协同发展的实践。 10月28日，由中国亚洲经济发展协会、国家高性能计算中心微点图码实验室、中科微点集团及中微智码 集团联合主办的"中国亚洲经济发展协会Web3数智微码高峰会议暨中科微点 ...

Core Insights - The conference highlighted the strategic significance of the Micro Point Code as a "digital identity" for building secure and trustworthy digital infrastructure [1] - The integration of micron-level coding with blockchain technology by Micro Point Code provides a reliable solution for data security and traceability [1] - Data is recognized as the fifth production factor, with its asset value driving the high-quality development of the digital economy [1] Group 1 - The China Asia Economic Development Association hosted the Web3 Digital Micro Code Summit in Nanjing [1] - The summit resulted in the signing of cooperation agreements between Micro Point Group and over ten institutions to promote the application of Micro Point Code technology in smart manufacturing and modern services [1] Group 2 - The Executive Director and Chairman of the Board of Micro Point Code Group emphasized the consensus on industrial development and the commitment to building an innovative ecosystem [2]

Core Insights - The successful listing of "Chemical Terminal Smart Operation Data Application" and "Smart Granary" as tradable data assets marks a significant milestone in the data asset market, particularly in the chemical terminal and modern agriculture sectors in Taizhou [1][2] Group 1: Data Products Overview - The "Chemical Terminal Smart Operation Data Application" integrates 11 types of data sources across four dimensions: satellite remote sensing, industrial IoT, vessel positioning, and terminal business system interfaces, showcasing high real-time capability, precision, and strong scene adaptability [1] - The "Smart Granary" data product focuses on grain operations, aggregating data from smart grain storage systems, IoT sensors, and external regulatory platforms, covering key processes such as inventory management and environmental monitoring, thus achieving a breakthrough in data product development in modern agriculture [1] Group 2: Market Implications - The successful registration and listing of these data assets solidify the quality of corporate assets and provide a practical case for similar industries in the data assetization process, laying a strong foundation for future exploration of market-oriented data asset allocation [2] - The city of Taixing plans to promote the standardization and trading of more representative data products, actively exploring monetization pathways for data assets, and gradually forming an efficient flow and reasonable allocation ecosystem for data elements [2]

Core Viewpoint - The first Qinghai Data Element Ecological Conference aims to promote the new development pattern of data elements in Qinghai, injecting new momentum into the high-quality development of the digital economy in the western region [2] Group 1: Data Assetization - The data element market in China is transitioning from "resource" to "asset," with the implementation of the "Interim Provisions on Accounting Treatment of Enterprise Data Resources" on January 1, 2024, marking the operational phase of data assetization [3] - China is the first country globally to classify data as a production factor, representing significant theoretical and institutional innovation [3] - The legal framework for data governance in China is built around three core laws: the Cybersecurity Law, the Data Security Law, and the Personal Information Protection Law, supported by policies like the "Data Twenty Articles" and the aforementioned accounting provisions [3][4] Group 2: Legal and Compliance Framework - The first step in data assetization is to clarify "who has the right to use and how to use" the data, emphasizing the need for data property legislation [4] - The "Data Twenty Articles" introduces a three-rights separation system: holding rights, processing and usage rights, and product operation rights [4] - Compliance is seen as a prerequisite for data assetization, with the three fundamental laws in the compliance field being crucial [5] Group 3: Risk Management and Future Outlook - Common compliance issues include illegal acquisition, usage, disclosure, processing, trading, and data leakage, with specific risks identified in data sourcing, processing, and product development [5][6] - A four-part support system is proposed for data assetization: legal framework, compliance system, rights confirmation mechanism, and trading platform [6] - The data element market is expected to reach a scale of approximately 500 billion yuan by 2026, driven by policies promoting public data authorized operations and financial innovations like data asset securitization and data trusts [6]

Summary of Key Points from the Conference Call Industry and Company Involvement - The discussion primarily revolves around the **Chinese economy** and its **capital markets**, with a focus on the implications of the "anti-involution" policy and macroeconomic trends. Core Insights and Arguments 1. **Anti-Involution as a Core Task**: The Chinese economic decision-making body has established "anti-involution" as a core task to end the downward price spiral and address corporate profit pressures and macro risks, indicating a more complex environment than a decade ago [2][4][6] 2. **Economic Transition**: The Merrill Lynch investment clock suggests that the Chinese economy may be transitioning from a deflationary quadrant, with a critical time window expected in the second half of 2025, as capital begins to anticipate future conditions and extend asset durations [2][5] 3. **Debt Levels**: Urban household debt in China is nearing 70%, significantly higher than a decade ago, necessitating stronger demand-side support for the anti-involution measures, potentially requiring unconventional counter-cyclical policies [2][10] 4. **Manufacturing Dominance**: The "Made in China 2025" initiative has largely been achieved, positioning China's industrial and manufacturing sectors with global dominance, which provides a strong governance foundation for the success of anti-involution policies [2][11] 5. **US-China Relations**: The strategic rivalry between the US and China has prompted the introduction of anti-involution policies to adapt to changes in the global economic landscape and to rebalance domestic policies with a focus on development and livelihood [2][12][14] Important but Overlooked Content 1. **Market Reactions**: Recent market trends indicate a significant shift, with the Shanghai Composite Index potentially breaking the 4,000-point mark, driven by the performance of cyclical assets [2][26] 2. **Investment Strategy**: Investors are advised to recognize market turning points, as the expansion window for deflationary assets is closing, and cyclical assets are expected to benefit significantly [23][25] 3. **Future Planning**: The upcoming 14th Five-Year Plan will focus on data assetization, establishing a circular economy, and utilizing blockchain technology for data capitalization, which are crucial for China's economic strategy [27][28][30] 4. **Technological Advancements**: China has made significant breakthroughs in recycling technologies and solid-state battery production, which could enhance its competitive edge in the global market [30][31] 5. **Demand-Side Policies**: Future effective demand-side policies may stem from income distribution adjustments and the digital economy, aiming to boost consumption and support the middle class [32] This summary encapsulates the critical insights and implications discussed in the conference call, highlighting the evolving landscape of the Chinese economy and its capital markets.

Group 1: Economic Outlook - The Chinese economy is at a sensitive point in the Merrill Lynch investment clock, likely transitioning away from deflation in the second half of the year, which could lead to a significant rise in the A-share market [1] - The expectation is that the A-share index could surpass 4000 points if price effects materialize, driven by strong momentum in cyclical assets [1] Group 2: Industry Trends - The first key industry trend is RDA logic, focusing on data assetization through blockchain technology, which is essential for ensuring the security and legality of data assets in the AI economy [2] - The second trend is the circular economy, which aims to address China's energy bottlenecks through technological innovation, particularly in converting waste plastics into alternative energy products [2] - The third trend is the industrialization of solid-state batteries, which is crucial for China's leadership in low-altitude economy and robotics, with expectations for large-scale commercialization in the next two years [3] Group 3: Global Economic Context - The U.S. faces significant risks with the dollar and treasury bond system, which may lead to a reliance on blockchain and stablecoins as a form of self-redemption [3] - The ongoing G2 strategic competition suggests that the current gold bull market could last longer and see greater gains than any previous cycle, making gold a favorable long-term investment [4]