Core Insights - Data is recognized as the fifth production factor, with its value extraction process being more complex than traditional production factors due to its non-competitive, replicable, and infinite growth characteristics [1] - The development of a market for data elements is increasingly reliant on a clear policy framework and implementation pathways, with local data trading institutions and data merchants becoming central to this evolution [1][2] - The domestic data element market is expected to grow at a compound annual growth rate (CAGR) of approximately 20.26%, surpassing 300 billion yuan by 2028 [6] Current Status of the Data Element Industry - The data element market system is gradually improving, driven by policy guidance and industrial construction, focusing on data, technology, and infrastructure [2] - The digital economy's core industries are becoming significant drivers of the overall economic system, with the digital economy scale growing from 27.2 trillion yuan in 2017 to 53.9 trillion yuan in 2023, doubling in six years [6] Policy Analysis - The improvement of the policy framework for the data industry value chain and the establishment of local data systems are crucial for the circulation of data element value [4] - The introduction of the "Data Twenty Articles" policy has initiated the gradual improvement of the data element rights system, which is essential for efficient data value circulation [11] Market Size Estimation - The domestic data element industry is projected to reach approximately 200 billion yuan by 2025 and exceed 300 billion yuan by 2028, with data processing and analysis being the largest segment [6] Data Value Chain Circulation - The establishment of a data value circulation system is supported by advanced technology capabilities and regulatory compliance [8] - The data asset registration process is critical for ensuring the rights and interests of data participants, with a focus on public data as a core resource [13] Data Asset Capitalization - The entry of data assets into financial statements marks a significant step in the capitalization of data elements, with the implementation of relevant regulations starting in 2024 [19] - The market for data asset transactions is characterized by a "cold inside, hot outside" distribution pattern, with off-market transactions dominating due to their flexibility and customization [21] Industry Practices - The financial sector is expected to see a CAGR of approximately 19.06%, reaching over 100 billion yuan by 2028, driven by the integration of data elements [31] - The industrial manufacturing sector is projected to grow at a CAGR of about 24.22%, with a focus on high-quality data sets and trusted data spaces [34] Trends - The construction of high-quality data sets is becoming a key factor in advancing the artificial intelligence industry, with a focus on systematic data collection and processing [39] - The establishment of trusted data spaces is essential for ensuring the safe circulation and high-value application of data elements, with plans for over 100 such spaces by 2028 [42]

Core Insights - Data, as the fifth production factor, has unique characteristics such as non-competitiveness, replicability, and infinite growth potential, making its value extraction process more complex than traditional production factors [1] - The development of a market for data elements relies heavily on a clear policy framework and implementation pathways, with local data trading institutions and data merchants becoming key drivers [1][2] - The integration of government and industry is essential for establishing a robust ecosystem for data supply and usage, aiming for a phased goal of effective supply, fluid movement, good utilization, and security [1] Current Status of the Data Element Industry - The data element market system is gradually improving, driven by policy guidance and industrial construction, focusing on data, technology, and infrastructure [2] Policy Analysis - The improvement of the policy framework for the data industry value chain and the establishment of local data systems are crucial for the circulation of data element value [4] Market Scale Estimation - The domestic data element market is expected to grow at a compound annual growth rate (CAGR) of approximately 20.26%, surpassing 300 billion yuan by 2028 [6] - The digital economy's core industries are projected to contribute significantly to the overall economic development, with the digital economy scale increasing from 27.2 trillion yuan in 2017 to 53.9 trillion yuan in 2023, reflecting a CAGR of about 12.07% [6] Data Value Chain Construction - The construction of a data value circulation system is supported by advanced technology and regulatory compliance [8] Data Compliance and Rights Confirmation - The establishment of a data ownership system based on the "Data Twenty Articles" is crucial for ensuring efficient circulation of data value [11] - The legal framework for data rights confirmation is expected to evolve, addressing challenges such as data classification and compliance standards [11] Data Registration - Data registration is essential for asset ownership division and promoting data value release, with a "1+3" policy framework guiding public data resource management [13] Data Value Assessment - The data valuation policy framework is becoming more refined, with public data resource quantification standards emerging as important benchmarks [16] Data Asset Inclusion in Financial Statements - The inclusion of data assets in financial statements marks a significant step towards capitalizing data elements, with regulations coming into effect in 2024 [19] Data Asset Trading - The data market exhibits a "cold inside, hot outside" distribution pattern, with off-market trading dominating due to its flexibility and customization [21] Capitalization of Data Assets - Capitalization of data assets is becoming a core method for value release, optimizing the asset-liability structure of data-intensive enterprises [23] Data Asset Tokenization - Data asset tokenization represents the highest level of data value application, integrating physical asset digitization with digital asset monetization [25] Industry Practice: Market Size Breakdown - Data resource-intensive industries are central to the data element market, with finance and internet sectors collectively holding about half of the market share [28] Practical Scenarios: Financial Industry - The financial sector is expected to see a CAGR of approximately 19.06%, reaching over 100 billion yuan by 2028, driven by data element integration [31] Practical Scenarios: Industrial Manufacturing - The industrial manufacturing sector is projected to grow at a CAGR of about 24.22%, driven by the demand for high-quality data and cross-industry data resource sharing [34] Practical Scenarios: Healthcare Industry - The healthcare sector's data element scale is expected to grow at a CAGR of approximately 23.69%, surpassing 25 billion yuan by 2028 [36] Trends: High-Quality Data Set Construction - High-quality data sets are becoming key to driving AI industry development, with a focus on systematic data collection and processing [39] Trends: Trusted Data Space Construction - The establishment of trusted data spaces is essential for ensuring the secure circulation and high-value application of data elements [42]

Group 1 - Jianghe Group (SH 601886) announced its seventh fourth board meeting held on August 26, 2025, discussing the full and summary reports for the first half of 2025 [1] - For the first half of 2025, Jianghe Group's revenue composition was 93.82% from the decoration and renovation industry and 6.18% from the healthcare industry [1] Group 2 - The pet industry is experiencing a significant boom, with a market size of 300 billion yuan, leading to a surge in stock prices for related companies [1]