Core Insights - Data is recognized as the fifth production factor, characterized by non-competition, replicability, and unlimited growth potential, making its value extraction process more complex than traditional production factors [1] - The development of the data factor market relies heavily on a clear policy framework and implementation pathways, with local data trading institutions and data merchants emerging as key drivers [1] - The establishment of a robust supply and demand ecosystem is essential to achieve the goals of effective data utilization and security [1] Group 1: Industry Overview - The data factor market is currently in a critical phase driven by policies and practical explorations, with the establishment of the National Data Bureau marking a significant step towards a unified national data market [19][20] - By 2025, the market size is projected to exceed 200 billion, with a compound annual growth rate of over 25% [23] - The construction of a complete national data circulation system is planned over the next five years, aiming to facilitate the integration of data into the real economy and break data monopolies [27] Group 2: Evaluation of Service Providers - The selection of "Outstanding Service Providers in the Data Factor Industry" is based on comprehensive evaluations by iResearch and industry experts, focusing on the capabilities of data developers, operators, and IT technology providers [2][4] - The evaluation model includes four core dimensions: industry depth, product and technology capabilities, service capabilities, and ecosystem capabilities [4] - The top 30 data factor service providers are categorized into four types, reflecting their competitive strengths in various aspects [7] Group 3: Case Studies and Applications - Neusoft's City Data Value Empowerment Platform integrates data to enhance urban services in health, employment, and smart governance, creating a comprehensive service ecosystem [11][12] - The "Fujian Health Public Service Operation Platform" aims to provide a full lifecycle service system, while the "City Human Resources Development Platform" connects various stakeholders to promote employment and training [15] - The focus on high-quality data sets and specialized intelligent entities is expected to become mainstream, with ecosystem co-construction and scenario-building capabilities as core competitive advantages [20]

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]

资金面上，食品饮料ETF(515170)持续获得大资金青睐，10月累计"吸金"超18亿元。从估值方面来看， 食品饮料板块估值仍处低位，当前或为较好配置时机。 距离"924"行情已经过去13个月，上证指数已从2700点攀升至3800点以上，总市值首破100万亿元，超过 1500只个股实现区间股价翻倍。 尽管市场整体向好，但"结构性分化"仍是过去一年最突出的特征，代表未来发展方向的科技、数字经济 板块"一骑绝尘"：人工智能产业链年内平均涨幅超120%，半导体设备与材料板块涨幅突破90%，工业 互联网、数据要素等数字经济细分领域涨幅也均超过80%；与之相对，传统周期类板块如煤炭、钢铁、 地产产业链等涨幅普遍在10%-20%之间，表现温和。 食品饮料板块始终低迷，尤其是白酒板块，但极度悲观下却催生了行业触底反弹的机会。食品饮料行业 处于"低预期、低估值、低拥挤度"的位置，若是秉承着以时间换空间的思路来看，食品饮料赛道的胜率 或许是较高的。 从数据上看，本轮成长类赛道整体表现非常突出，在创新药出海、芯片国产替代等多重利好的刺激下， 包括北证50、科创50、创业板指在内的多个成长类指数，收益率直接翻倍。而港股的恒生科技， ...

Core Insights - RDA (Real Data Assets) emphasizes the integration of data with physical assets, recognizing data as a new production factor in the digital economy, which can be measured, traded, and monetized as a strategic resource [1] Part 1: RDA Capitalization - Incorporating data resources into financial statements allows companies to understand the scale, quality, and value of their RDA, leading to better management strategies and value realization [2] - Conditions for RDA to be included in financial statements include legal ownership, expected future economic benefits, and reliable measurement of cost or value [2] Part 2: Legal Basis and Practical Cases for RDA Investment - The Chinese government has initiated policies to explore new models for RDA inclusion in financial statements, with a focus on data-intensive industries like transportation and fintech [4] - New laws allow shareholders to use data and virtual assets as capital contributions, facilitating innovative financing models for digital economy development [4] Part 3: RDA Financing - RDA financing is a financial realization stage for data value, with various models including RDA-linked loans and RDA pledge financing [11][12] - The first RDA-linked loan was issued in September 2024, demonstrating the innovative financial products tied to RDA value [12] Part 4: RDA Insurance - The first RDA loss insurance was issued in June 2024, marking a significant step in protecting data assets [15] - Various insurance products have been developed to cover data security and compliance risks [15] Part 5: RDA Securitization - RDA can be packaged into securities for capital market circulation, with the first RDA-backed asset-backed securities (ABS) issued in June 2025 [16][17] Part 6: RDA Trust - Data trust is an emerging asset management model that allows RDA to be managed by professional institutions, ensuring specialized management and value development [19] - The first data trust project was launched in April 2023, showcasing the potential for professional management of RDA [19] Part 7: Exploration of Overseas RWA Models - RDA is a key subset of RWA (Real World Assets), focusing on valuing and trading data as independent assets [21] - The RDA layer is essential for the subsequent technological transformation and value circulation in RWA [23] Part 8: Conclusion - The integration of technology, institutional innovation, and market dynamics is reshaping the competitive landscape of the digital economy, with RDA serving as a core resource for businesses [31]

日前，国家数据局举办"数据要素×"系列新闻发布会第三场，介绍各地在推进"数据要素×"行动实施的有 关情况。 国家数据局政策和规划司负责人、局新闻发言人栾婕表示，自启动"数据要素×"三年行动计划以来，10 多个省市已出台这一行动整体或者具体领域工作方案，配套制定财政资金奖补等政策。下一步，将继续 支持地方先行先试、大胆探索，印发数据要素场景指引。 发布会上透露，广东作为全国经济大省，正聚焦实数深度融合一条主线，通过供给公共数据、多源数据 和行业数据，提供数据政策、设施建设与数据安全等多重保障，以及培育数据流通交易平台、企业、人 才等数字经济生态，多维度实施"数据要素×"行动。同时，发挥"数据要素×"大赛牵引作用，激活数据要 素潜能，助推实体经济发展。 "数据要素×"的广东行动 粤港澳大湾区市场主体众多、产业发展活跃、数据资源丰富、应用场景广阔，基于这些综合优势，广东 在实施"数据要素×"行动上作了众多探索。 发布会上，广东省政务服务和数据管理局党组书记、局长王天广表示，近年来广东通过多维度供"燃 料"、全方位强"根基"、多载体培育"生态"，推动数据要素价值释放驶入快车道。 广东分赛呈现"三个更多" 去年，首届" ...

Group 1 - Multiple regions in China have made significant progress in public data sharing applications, with Jiangsu launching a unified public data authorization platform and developing 86 public data products across various sectors [1] - Shandong has conducted over 52 billion data sharing instances and created over 90 high-quality datasets focused on AI development in industrial manufacturing and transportation [1] - Guangdong has opened over 27 billion public data records to the public, supporting efficient service delivery [1] Group 2 - Lexiang Technology has completed a 200 million yuan financing round, led by Zhongding Capital, with existing investor IDG Capital also participating [2] - The funds will be used for R&D of core components, development of robotic body and motion control technology, and iteration of consciousness bionic models, aiming to accelerate the commercialization of consumer-grade intelligent products [2] - This financing indicates strong market confidence in the consumer robotics sector, although high R&D costs and technical bottlenecks may impact profitability [2] Group 3 - The scale of the metaverse-related industries in Shanghai has surpassed 300 billion yuan, with over 30 XR terminal manufacturing companies and a significant share of core component production [3] - Future initiatives will focus on technological breakthroughs in AI, spatial computing, and digital content, as well as promoting large-scale applications in various sectors [3] - Local government support for emerging industries is expected to facilitate the transition of the metaverse from concept to tangible economic impact, attracting more capital and enhancing company valuations [3]

9月28日，在国家数据局"数据要素×"系列发布会第三场上，国家数据局政策和规划司负责人、局新闻发 言人栾婕表示，将继续支持地方深化实数融合，释放数据要素乘数效应。 栾婕透露，截至目前，今年"数据要素×"大赛已顺利完成地方分赛阶段的激烈角逐，全国报名队伍突破 2.2万支，各地共遴选出900多个项目入围全国总决赛。将于10月中下旬在北京、上海两地举办相关赛道 的全国总决赛评审，并于11月在上海举办颁奖仪式。 （文章来源：新京报） 首先是支持政策有效，行动落实更有保障。各地加强政策对接，结合实际完善政策，不断夯实"数据要 素×"行动实施政策保障。截至目前，山东等10多个省市已经出台了"数据要素×"行动整体或者具体领域 工作方案，配套制定了财政资金奖补等专项支持政策。许多地方结合"数据要素×"行动的实施编制了"四 库全书"，也就是"项目库、场景库、案例库、专家库"，对入库企业实施"一企一策"，既加大投资，也 帮助解难题，还帮助宣传推广，让企业更有获得感。下一步，国家数据局将指导地方持续推进行动走深 走实，全面完成行动任务和目标。 其次是基层探索有力，价值释放图景更加显现。各地统筹推进试点建设、大赛牵引、案例推广、场景 ...

据介绍，许多地方结合"数据要素×"行动的实施编制了"四库全书"，也就是"项目库、场景库、案例库、 专家库"，对入库企业实施"一企一策"，既加大投资、也帮助解难题，还帮助宣传推广，让企业更有获 得感。 栾婕还表示，"数据要素×"三年行动计划以来，价值释放图景更加显现。比如，今年办赛动员期间，很 多地方请去年大赛企业"现身说法"。在企业数据方面，企业用好内部数据实现降本增效，以产业链供应 链数据进一步带动链上企业协同优化，以及融合外部数据创新应用的路径愈加清晰。在公共数据方面， 用于提升政府治理效能和公共服务水平，以及通过授权运营开放数据并推进与各方面各领域数据的融合 应用，带动一批新应用。 [ 责编：袁晴 ] 中新网北京9月28日电(记者 吴涛)"截至目前，今年'数据要素×'大赛已顺利完成地方分赛阶段的激烈角 逐，全国报名队伍突破2.2万支，各地共遴选出900多个项目入围全国总决赛。" 28日，在国家数据局举行的新闻发布会上，国家数据局政策和规划司负责人、局新闻发言人栾婕表示， 近日国家数据局将印发"数据要素×"大赛总决赛通知，将于10月中下旬在北京、上海两地举办相关赛道 的全国总决赛评审，届时将通过线上初评、 ...

中国经济网北京9月28日讯(记者李方)9月28日上午，国家数据局举办"数据要素×"系列第三场新闻发布 会。广东省政务服务和数据管理局党组书记、局长王天广在会上回答中国经济网记者提问时表示，广东 发挥大湾区市场主体众多、产业发展活跃、数据资源丰富、应用场景广阔等综合优势，聚焦实数深度融 合一条主线，全力开展数据要素价值全生命周期探索。 王天广介绍，广东重点开展了三方面工作，首先是多维度供"燃料"。建立全省公共数据目录"一本 账"，"一网共享"平台累计服务2342个部门的26万个数据需求，"开放广东"平台向社会开放公共数据超 270亿条，为"高效办成一件事"提供坚实数据支撑，以基础"燃料"助力广东政务服务惠民生显温度。 其次，全方位强"根基"，先后出台了省数字经济促进条例、政务服务数字化条例、公共数据资源开发利 用实施意见、公共数据管理办法和省"数据二十条"等政策文件，目前正在加快《广东省数据条例》立 法。国家数据局首批可信数据空间创新发展的63个试点中，广东占有6席。 第三，多载体培育"生态"。通过发挥广州数据交易所等平台作用，畅通数据流通利用大动脉，在陶瓷、 能源、海洋渔业等领域，以数据要素破解了传统产业难题 ...

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-oriented system, represented by local data trading institutions and data merchants, is becoming the core driver for the growth of the data factor market [1][2] - The establishment of a clear policy framework and implementation path is crucial for enhancing the value of data elements, aiming for a well-functioning ecosystem of data supply and usage [1][4] Current Situation Analysis - The data factor 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 for the overall economic development in China, with the data factor market expected to grow at a compound annual growth rate (CAGR) of approximately 20.26% to exceed 300 billion by 2028 [6] Policy Analysis - The improvement of the policy framework for the data industry value chain and the establishment of local data systems are essential for the circulation of data factor value [4] Market Size Calculation - China's digital economy has grown from 27.2 trillion in 2017 to 53.9 trillion in 2023, with a CAGR of about 12.07% [6] - The data processing segment, focusing on data processing and analysis, is expected to become the largest sub-industry within the data factor market, reaching approximately 144 billion by 2028 [6] Data Value Chain Circulation - The establishment of a data ownership system based on the "Data Twenty Articles" is crucial for ensuring efficient circulation of data value [11] - 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] - The data valuation policy framework is becoming more refined, with public data resource quantification standards emerging as important benchmarks [16] Capitalization of Data Assets - The entry of data assets into financial statements marks a significant step in the capitalization of data elements, with regulations coming into effect 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 by 2028, driven by the integration of diverse data [30][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] - The healthcare sector's data element scale is expected to grow steadily, with a CAGR of about 23.69%, emphasizing the importance of data compliance and security [36] Trends - High-quality data sets are becoming key to driving the artificial intelligence industry, with a shift from "single-point breakthroughs" to "holistic development" [39][40] - The construction of trusted data spaces will be crucial for ensuring the circulation and high-value application of data elements [42]