先给大伙儿拆解外围市场对A股的影响。美联储最新表态说关税问题让降息没戏，美元指数又冲到104以上，全球资金避险情绪升温。不过中概股的强势表 现说明，外资对咱A股科技板块的兴趣还在。欧洲市场的分化也值得注意，德国制造业数据向好支撑DAX指数创新高，但法英经济疲软拖累股市，这种分化 可能让外资在配置A股时更谨慎。 再看看技术面，上证指数最近在3300点到3400点之间反复震荡，今天早盘的关键支撑位在3380点。日线MACD绿柱持续缩短，空方动能衰竭明显，但3400点 上方套牢盘压力不小。创业板指今天可能继续领涨，但2050点附近有强压力位，要突破得看科技成长股能不能持续发力。成交量是关键，早盘半小时要是有 效放大，今天冲击3400点的概率就大；要是缩量到1.1万亿以下，可能得回踩3350点支撑位。 消息面上今天有三大看点。第一，央行开展1000亿买断式逆回购，银行、券商这些高负债板块今天可能表现不错。第二，国家数据局在10个地方搞数据要素 试验区，数据交易、云计算板块可能迎来炒作机会。第三，印尼宣布购买咱们的歼-10战斗机，军工板块今天可能闻风而动。不过也要注意利空因素，美国 钢铝关税涨到50%，钢铁、汽车出口企 ...

Core Viewpoint - The digital economy is emerging as a key driver of global economic growth, characterized by digital industrialization, industrial digitization, and digital trade, reshaping industrial structures and enhancing economic efficiency [1] Group 1: Digital Economy Foundation in Hainan - Hainan has favorable conditions for digital economy development, including policy incentives like data cross-border flow trials and low tax rates [2] - The establishment of digital economy industrial clusters, such as the Haikou Revitalization Internet Information Industry Park, has begun to form competitive industry chains in areas like blockchain and smart tourism [2] - Hainan is actively engaging in international cooperation to enhance data flow, technology collaboration, and trade innovation, positioning itself as a significant player in the global digital economy [2] Group 2: Strategies for Digital Economy Development - Promoting the marketization of data elements is essential, including establishing an international data trading center and developing data asset trading mechanisms [3] - Enhancing digital infrastructure, such as 5G and cloud computing, is crucial for Hainan to become an international data hub [4] - Encouraging digital financial innovation through the application of blockchain technology and exploring digital currency in international trade can foster integration with the real economy [5] Group 3: Digital Transformation of Traditional Industries - Hainan aims to digitize traditional industries like tourism and agriculture, utilizing technologies such as AI and IoT to improve operational efficiency and market competitiveness [6] - The development of smart tourism and agricultural practices, including blockchain for product traceability, is a focus area for enhancing industry competitiveness [6] Group 4: Institutional Framework and Business Environment - Establishing a comprehensive digital economy regulatory framework is necessary to optimize the business environment, including data governance and intellectual property protection [7] - Strengthening international cooperation and aligning with global standards can enhance Hainan's influence in the global digital economy governance system [7]

我国拥有14亿多人口、全球最大的中等收入群体、超1.8亿户民营经营主体，是极具增长潜力的超大规 模市场。今年以来，全国统一大市场建设向纵深推进，各地加快打破小循环、畅通大循环，为释放内需 潜力、巩固经济回升向好奠定坚实基础。 今年以来，全国统一大市场建设向纵深推进。各地加快打破小循环、畅通大循环，为释放内需潜力、巩 固经济回升向好奠定坚实基础。专家认为，在央地联动中，我国正在加快推动全国统一大市场建设走深 走实，让物流、数据流、资金流等各类要素高效配置，不断巩固和增强超大规模市场优势，为构建新发 展格局提供坚强支撑，推动经济高质量发展。 国家税务总局最新数据显示，今年前4个月，全国省际贸易销售额占全部销售收入比重为40.4%，较上 年同期提高0.6个百分点，这表明全国统一大市场建设促进了区域间的贸易往来，畅通了国内大循环。 多点开花 在当今中国的庞大市场中，每一秒钟发生的变化都令人惊叹：在实现互联互通后，电商平台的服务效率 在不断提升，每秒钟会有5000多个快递进入寄递渠道；24家数据交易机构开启互认互通，数据流通成本 大幅降低，每秒钟会有超过143万 GB的数据在云端传输…… 我国，拥有14亿多人口、全球最 ...

Core Points - Beijing has issued a comprehensive implementation plan to accelerate the construction of a unified national market, focusing on addressing urgent issues raised by the public and market entities [1][3] - The plan includes 55 specific tasks across six areas, emphasizing the removal of market access barriers and the establishment of a standardized regulatory framework [1][3] Group 1: Market Access and Regulation - The implementation plan aims to clean up market access barriers and establish a negative list for market entry, ensuring that anything not prohibited is allowed [3] - A green channel for major patent infringement disputes will be established, along with the release of guidelines for overseas intellectual property rights protection [3] - The plan includes a comprehensive review of 2,247 local standards to eliminate those that restrict competition [6] Group 2: Data and Technology - Beijing will promote a national integrated data market and explore a model for data products that allows for "one location listing, local mutual recognition" [4][5] - The city has opened 18,000 public datasets to society, enhancing the availability of high-quality data for various applications [2] Group 3: Standardization and Fair Competition - The city will implement measures to align local standards with international practices, particularly in service quality and product certification [6] - A focus on fair competition will be maintained through the establishment of a transparent review process for local policies and regulations [3][6] Group 4: Open Collaboration and Cross-Regional Cooperation - The plan emphasizes the importance of open collaboration, aiming to facilitate cross-regional cooperation in areas such as administrative services and credit regulation [7][8] - Specific initiatives include the mutual recognition of qualifications and the establishment of a unified platform for cross-border trade facilitation [8]

Core Insights - The event "Walk Through China" highlighted the rapid development of the digital economy in Inner Mongolia, showcasing key projects in Hohhot and Ulanqab [1][5] - The Inner Mongolia Data Trading Center has established itself as a significant data circulation hub, with 503 data products and a computing power of 67,000 P, which is recognized internationally for its impact on capital market efficiency [1][5] - The Chahar High-tech Development Zone aims to achieve a computing power of 120,000 P by 2025, with a planned investment of 7.5 billion and a revenue target of over 10 billion [5] Data Hub: Core Engine for Value Activation - The Inner Mongolia Data Trading Center, operational since October 2024, has developed a diverse product matrix across various sectors, including finance and transportation [1] - The center's computing power is noted to be at a world-class level, enhancing the efficiency of financial transactions and data transmission [1] - The center is part of a national initiative to promote data trading and integration across the country [1] Virtual and Cultural Innovation - The Cloud Valley Exploration Port in Hohhot serves as a platform for digital cultural experiences, utilizing VR technology to enhance cultural dissemination [2][3] - The port has attracted numerous visitors and aims to become a renowned digital exhibition landmark [3] Computing Power: A Global Benchmark for Intelligent Computing Industry - The Chahar High-tech Development Zone has implemented 16 major data projects, supporting a computing power system of 58,000 P with 440,000 servers [5] - The zone is home to significant enterprises like Huawei and Alibaba, focusing on large-scale model training and inference [5] - Future plans include expanding computing power and investment in the big data industry, with ambitious revenue goals [5]

Core Insights - The Northern Big Data Trading Center (referred to as "Beishu") has officially launched a points data trading section, enhancing its platform capabilities and driving innovation in the national data factor market [1] Group 1: Innovative Model - Beishu has developed the first domestic trading platform for consumer points data, named "Shufen Tong," utilizing cutting-edge technologies such as blockchain and smart contracts [2] - The platform allows users to freely transfer idle points through a "real consumption + smart listing" model, ensuring transparent and trustworthy transactions, thus creating a virtuous cycle of "consumption - points - trading - re-consumption - data value enhancement" [2] - The brand "Jindian Yichong," operated by Beijing Jindian Chuangzhi Technology Co., Ltd., is the first practitioner of this cycle, focusing on building a nationwide intelligent charging network for electric bicycles and cars, serving over 1.4 million customers [2] - The trading volume of "source power value" has exceeded 80,000, demonstrating market vitality in the circulation of consumer data [2] Group 2: Ecological Collaboration - Beishu plans to collaborate with operators, financial institutions, and consumer merchants to deeply integrate points trading with derived services from consumer data [3] - By activating points circulation, high-value data products such as consumer behavior analysis and regional consumption trend forecasting will be developed to empower precise decision-making for enterprises [3] - Beishu aims to expand multi-industry cooperation and explore innovative scenarios for points consumption data applications and data trusts, establishing a unified national market for consumer data [3] - The company is committed to contributing to the construction of a digital China with its "Tianjin solution" by leveraging technology and compliance for high-quality development [3]

Core Viewpoint - The restructuring and optimization of data trading institutions in China is progressing steadily, driven by multiple factors including policy, market conditions, and internal development needs [3]. Group 1: Policy Influence - The national strategic planning for the digital economy is promoting the standardization and improvement of the data factor market, as highlighted by the approval of the decision to cultivate a unified national technology and data market [1]. - The restructuring of local data trading institutions is necessary to align with national strategic directions and integrate into a nationwide data market system [1]. Group 2: Market Conditions - The current construction of data trading venues is diverse, including government-led, enterprise-based, and independent operations, which, while stimulating market vitality, has led to ambiguities in the public service and profit-driven goals of institutions [2]. - The integration and restructuring of data trading institutions are seen as key to resolving deep-seated contradictions, enabling a low-cost, high-efficiency trading environment and establishing a scientific data pricing mechanism [2]. Group 3: Internal Development - The competition landscape of the data trading industry is being reshaped by technological advancements and security demands, with emerging technologies like AI and blockchain requiring higher standards for technical architecture and security capabilities [2]. - Through restructuring, the industry can concentrate technical resources to develop unified data trading technology standards and security systems, facilitating a comprehensive upgrade from data rights confirmation to risk management [2]. Group 4: Differentiated Development - The optimization and restructuring process is not merely about homogenization; data trading institutions must leverage their existing product characteristics and advantages to achieve differentiated development [3]. - Institutions are encouraged to accurately position their strengths and develop unique data products and services, contributing to a rich and collaborative data trading market system [3].

5月9日，广州数据交易所（汕尾）服务基地（下称"汕尾服务基地"）正式揭牌运营，标志着全省一体化 数据要素市场进一步发展壮大。 这为数据要素市场的蓬勃发展提供了重要平台，也是汕尾主动融入数字经济发展浪潮、对接粤港澳大湾 区数据产业协同布局的重要举措。近年来，汕尾创新构建"政府引导+市场运作"模式，推动广州、深圳 数据交易所在汕尾设立服务基地，成为粤东西北唯一拥有2家数据交易所服务基地的地市。 深圳数据交易所汕尾数据要素服务工作站于2024年8月揭牌成立，是深圳数据交易所在粤东地区设立的 首个数据要素服务工作站。汕尾服务基地是广州数据交易所在粤东片区设立的首个数据服务基地，于去 年11月成立，5月9日正式挂牌。 汕尾服务基地构建了"3+8+N"数据服务体系，将围绕汕尾市重点发展规划，聚焦文旅康养、海洋牧场、 数字经济、新能源、数字金融、数字农业等领域精耕细作，不断创新数据要素服务领域的新产品、新业 态。该基地依托自主研发的从数据采集到应用全链条的一站式服务平台，实现数据"通、治、管、用、 营、安"全生命周期管理，挖掘和孵化特色数据产品。同时，其为市场主体提供基础配套、会员管理、 数据资产合规登记指引等三大基础服务 ...

Group 1 - The strategic cooperation agreement was signed between the Astana Data Exchange (ADX) and the Shanghai Data Exchange (SDE) to enhance cross-border data circulation and collaboration [1][2] - Kazakhstan is a key partner for China and has been strengthening digital infrastructure connectivity under the Belt and Road Initiative, aiming to deepen regional digital economy cooperation [1] - The cooperation is seen as a significant practice in building the "Digital Silk Road," with ADX aiming to become a leading national data trading platform in Central Asia [2] Group 2 - The partnership will focus on creating a trusted data exchange platform in Central Asia, involving cross-border data sharing, standardization, technical integration, and compliance governance [2] - Both exchanges aim to establish an efficient, secure, and trustworthy data trading mechanism to enhance China-Central Asia digital economic cooperation [2] - The collaboration is expected to leverage China's large market size and advanced experience to provide mature solutions for international data circulation [2]

Group 1 - The core viewpoint is that data elements have evolved from a technological resource to a strategic resource, becoming a key engine for building a unified national market in the context of the digital economy [1][4] - The National Development and Reform Commission and other departments have initiated a market access barrier cleanup action to eliminate local protectionism and promote the construction of a unified national market [1][4] - The construction of the data element market is closely related to the market access environment, and a well-developed data element market will enhance the multiplier effect on economic growth [2][4] Group 2 - The Shenzhen Data Trading Center has established an ecosystem of "data merchants - data brokers - data investment banks," with a transaction volume exceeding 5 billion yuan in 2023 [2] - The Ministry of Industry and Information Technology has developed 694 product data standards covering 12 industries, which will facilitate cross-system data recognition [2] - By the end of 2024, the Beijing International Big Data Exchange is expected to issue over 370 data asset registration certificates, expanding its business to 22 provinces and cities nationwide [2] Group 3 - The construction of the data element market requires institutional innovation, technical support, and regional collaboration to clear market access barriers [3] - The Hainan Free Trade Port has implemented simplified approval processes for cross-border data flow, significantly reducing approval times [3] - The "East Data West Computing" project aims to lower data circulation costs, with Shenzhen establishing a data security early warning platform using AI technology [3] Group 4 - The current cleanup of market access barriers and the construction of the data element market form a policy synergy that drives high-quality economic development [4] - The innovative exploration of platforms like the Shenzhen Data Trading Center and the Beijing International Big Data Exchange is continuously lowering circulation costs and improving allocation efficiency [4] - The ongoing process of institutional innovation, technical support, and regional collaboration will create a unified national market with smooth access for data elements, injecting strong momentum into high-quality economic development [4]