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].

国家数据局2月7日消息，国家数据局、工业和信息化部、公安部、证监会日前联合发布的《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，支持经营主体依托数据交易所（中 心）、数据流通服务平台企业等第三方开展数据供需对接和交付结算，降低数据流通交易成本，促进更 大范围数据流通交易。 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。 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。 意见表示，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。支持经营主体依托数据交易所（中心）、数据流通服务平台企业等第三方开展数据供需对接和 交付结算，降低数据流通交易成本，促进更大范围数据流通交易。 意见提出，创新数据产品和服务形态。聚焦数据赋能科技创新、产业发展、社会治理 ...

《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]

Group 1 - The National Data Bureau, Ministry of Industry and Information Technology, Ministry of Public Security, and China Securities Regulatory Commission issued an opinion on February 7 to clarify the functions of data circulation service institutions and enhance the efficiency of data circulation transactions [1] - The opinion encourages public data products and services to be traded through data exchanges, emphasizing the need for better management and optimization of data exchanges while controlling their number [1] - Dongwu Securities predicts that 2026 will be the "Year of Data Factor Value Release," with expectations for improvements in foundational systems regarding data property rights and circulation, leading to further exploration of the value of public and industrial data [1] Group 2 - Zhejiang Data Culture has initiated the Zhejiang Data Business Alliance and is responsible for the secretariat functions of the alliance through its subsidiary, Zhejiang Big Data Exchange Co., Ltd [2] - Guangdian Yuntong holds shares in Guangzhou Data Exchange Co., Ltd and leverages its subsidiary Guangdian Data Investment to promote and replicate digital government construction experiences across regions, empowering digital innovation ecosystems for governments and enterprises [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].

全球风险资产正经历一场剧烈的调整，高盛分析师将当前市场状况定性为"科技股灾难"。此次调整并非源于AI泡沫破裂，而是AI技术"过于成 功"地对传统软件及数据服务公司造成了颠覆性冲击。 在这场结构调整中，比特币回调最为显著，价格一度自历史高点腰斩，今年以来已暴跌逾20%。与此同时，美股科技板块显著承压：标普500指数 自前期高点回落近3%，而以科技股为主的纳斯达克综合指数跌幅达6%。 AI技术进步引发行业洗牌 市场动荡的核心根源在于人工智能技术展现出的颠覆性效能超出预期，投资者正在重新评估AI对现有产业格局的冲击。 近日，AI公司Anthropic推出的生产力工具加剧了市场忧虑，其技术路径预示着未来可能对大量依赖分析能力和软件业务的传统公司构成生存威 胁。高盛分析师Bell指出，软件、数据服务、金融信息、游戏等板块已因此遭遇大规模抛售。今年以来，美股软件板块重挫16%，而由传统行业 （如大宗商品、公用事业）主导的欧洲斯托克600指数则逆市上涨4%。 德意志银行分析师Jim Reid认为，市场已从科技股普涨的"狂欢阶段"转向残酷的"结构性分化"，科技行业内部正在经历"自我吞噬"式的优胜劣汰。 此轮调整标志着市场开始 ...

Core Viewpoint - The recent policy document aims to clarify the role of data circulation service institutions, enhance transaction efficiency, and promote the marketization and valuation of data elements, ultimately fostering a vibrant data market ecosystem [1] Group 1: Policy Objectives - The document outlines the goal of significantly improving the capabilities of data circulation service institutions by the end of 2029, with a more diverse range of transaction forms and enriched data products and services [1] - It emphasizes the need for increased willingness among various entities to supply and utilize data, leading to a noticeable improvement in the overall level of data circulation and utilization in society [1] Group 2: Current Landscape - Data circulation service institutions, including data exchanges, service platform enterprises, and data vendors, are crucial for linking data supply and demand, facilitating transactions, and advancing the marketization of data elements [1] - Despite the positive contributions of these institutions in optimizing data resource allocation and expanding application scenarios, challenges remain, such as unclear functional positioning, service capability gaps, and the need for improved supervision and management [1]

Group 1 - Nanjing Bank Yancheng Branch signed a contract with Yancheng Shurong Zhisheng Technology Co., Ltd. for the first "data intellectual property + data asset" dual pledge financing in the city, providing a special credit of 5 million yuan to the enterprise [1][2] - This innovative financing model marks a significant progress in promoting the market-oriented allocation reform of data elements in the city, opening new channels for the transformation of data element value [1][2] - The dual pledge financing indicates that the value of the company's data resources and intellectual property has been officially recognized by financial institutions, facilitating a complete process from data product registration to bank credit [2] Group 2 - Yancheng Shurong Zhisheng Technology Co., Ltd., established on February 28, 2022, is a high-tech enterprise focused on industrial data value services, aiming to drive the digital transformation of traditional manufacturing enterprises [2] - The company has developed a core model of "data platform + product ecosystem + offline services" and has been recognized as a "double-soft enterprise" in Jiangsu Province [2] - The successful implementation of the dual pledge financing creates a replicable and scalable experience for realizing the value of data elements, broadening financing channels for technology-based enterprises [2]

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 ...