据介绍，决赛期间，各赛道按领域分组推进，采用"10分钟路演+5分钟答辩"的公开评审模式，选手 详细阐述项目核心创新点与数据赋能实效，在答辩环节由评委结合实际案例提问、选手进行回答，公证 人员全程记录评审过程，保障赛事公信力。 2025年"数据要素×"大赛陕西分赛以"数据赋能 乘数而上"为主题，由国家数据局、陕西省人民政府 指导，陕西省数据和政务服务局主办。陕西分赛以应用为引领，包括工业制造、现代农业、商贸流通、 交通运输、金融服务、科技创新、文化旅游、医疗健康、应急管理等行业领域的13个赛道和1个开放性 创新赛道，旨在挖掘一批示范性强、显示度高、带动范围广的典型应用场景；凝聚各方专家、企业和机 构智慧，针对痛点难点问题，推进技术突破；培育创新主体，催生新产品新服务，构建数据要素新业态 新模式；发挥数据要素协同优化、融合创新作用，推进数实融合赋能实体经济，实现数据要素价值。 省数据和政务服务局负责人表示，后续将充分利用大赛优秀成果，梳理大赛中涌现的创新经验与典 型模式，不断激发全省数据创新活力，为陕西数字经济高质量发展注入新动能。（记者：孙鹏） 记者9月15日从省数据和政务服务局获悉：2025年"数据要素×"大 ...

来源：招商证券 政策预期方面，当前有八大政策预期，涉及货币、消费等领域。国内政策上，新型储能建设方案出台， 建议持续关注。行业稳增长方案中还有七个行业尚未印发。此外，下周中美将在西班牙举行会谈，涉及 Tiktok 等议题；美国对七国集团施压要求对中国印度加征关税。另外，本周证券时报、中国证券报分别 发文聚焦重启国债买卖操作，央行重启国债买卖操作预期升温。 国内专题一：政策预期更新-八大政策预期。我们在此前政策周报中提到，从8 月中旬开始到9 月中旬将 会成为政策密集落地的重要窗口期。我们梳理了当前的政策预期，发现有八方面的政策预期，涉及重启 国债买卖、新型政策性金融工具、服务消费政策、整治内卷、十大行业稳增长、脑机接口、自动驾驶以 及数据要素。 周度总量政策梳理（0908-0912）：本周证券时报、中国证券报分别发文聚焦重启国债买卖操作，央行 重启国债买卖操作预期升温；财政部部长蓝佛安出席国新办新闻发布会介绍"十四五"时期财政改革发展 成效。 周度产业政策梳理（0908-0912）：本周其他产业政策方面，重点关注公用事业、人工智能、数据要 素、整治内卷、卫星通讯等，公用事业方面，发改委就《输配电定价成本监审办 ...

数据要素行业丨研究报告 核心摘要： 数据作为第五生产要素由于其非竞争、可复制、无限增长与供给的特性，其价值挖掘流程的复杂程度远高于 其他传统生产要素，从数据来源的合法性、权属划分到后续的价值评估与增值管理，数据要素价值的提升对 于政策明晰的制度框架与实施路径有较高依赖，随着市场化体系的健全，以地方性数据交易机构、数商为代 表的产业模式正逐步成为推动数据要素市场发展的核心，以"政产联动"建立良好的供数、用数生态，促 进"供得出、流得动、用得好、保安全"的阶段性目标达成。 近况解读：国内数据要素行业现状分析 规模核算：中国数据要素行业市场规模 在政策指导与产业建设的共同作用下，以数据、科技与基建为核心的数据要素市场体 系逐步完善，推动行业向更高价值的"政产联动"迈进 政策剖析：近年数据要素行业政策解读 数据产业链价值流通体系的政策性完善与地方性数据体系 的健全成为国内数据要素 价值链流通的重要保障，数字产业进入"质量提升"新阶段 数字经济核心产业成为推动国内整体经济体系发展的重要驱动，预计国内数据要素 市场 将以约 20.26% 的复合增长率于 2028 年突破 3000 亿元 近年国内数据要素产业发展呈现稳步增 ...

近日，北京数据集团即将挂牌的消息不胫而走，成为全国数据集团建设浪潮中的最新注脚。记者了解 到，这家公司将成为首都数据要素市场的核心运营主体，承担公共数据授权运营、数据资产管理与市场 化运作等职能。 这并非孤例，一场由国资央企主导的数据要素市场建设浪潮正席卷全国。《华夏时报》记者从多方获 悉，截至目前，全国已有超过100家数据集团陆续组建，中央企业已成立数字科技类公司近500家。从东 南沿海到西部内陆，从经济重镇到新兴枢纽，"数据兵团"正以惊人速度集结。 港股100强研究中心顾问、经济学家余丰慧在接受《华夏时报》记者采访时表示，数据集团陆续组建将 为数字经济发展注入新动能，主要体现在三方面：第一数据赋能，通过深度挖掘分析行业数据，助力企 业精准决策与商业模式创新；第二技术创新驱动，加大大数据处理、数据安全等技术研发投入，推动行 业技术升级；第三跨界融合促进，利用庞大数据资源，推动工业互联网、智慧农业等新兴业态发展，促 进产业深度融合。 数据军团全国布局 "数据作为新型生产要素，是价值创造的重要源泉。国资央企在数据要素赛道的大规模布局，体现了国 家层面对于数据驱动经济增长的战略决心。"余丰慧对记者表示。 记者梳理 ...

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]

Core Insights - The establishment and advancement of national data infrastructure is a significant measure in response to the rapid development of data technology and artificial intelligence [1] - The continuous maturation and organic integration of the data industry ecosystem is expected to attract more cross-domain participants, thereby fully unleashing the empowering role of data elements in high-quality economic development [4] Group 1: National Data Infrastructure - As of July 2025, 25 city nodes have been established, with interconnectivity achieved in 16 provinces, and the node scale is expected to expand to around 50 by the end of 2025, covering 80% of provinces [2] - The "three unifications" and nine supporting technical specifications outlined in the "National Data Infrastructure Construction Guidelines" aim to create a unified standard and technical architecture for data circulation across industries and regions [2] Group 2: Innovation and Collaboration - The National Data Bureau has initiated six technical routes to address challenges in data usage and circulation, achieving a 6.5 times increase in data processing efficiency through collaborative models [3] - This new collaborative paradigm is designed to be highly replicable and widely applicable, providing essential support and practical pathways for large-scale applications in related fields [3] Group 3: Application Ecosystem and Industry Empowerment - Over 2,000 entities, including data exchanges and developers, have connected to the data infrastructure, with more than 1,200 units participating in standard formulation [4] - Nearly 10,000 data products have been launched across various scenarios, contributing to decision-making in government and financial risk management, thus forming a collaborative industrial ecosystem [4] Group 4: Investment Opportunities - Companies to focus on include Inspur Information (000977), Taiji Co., Ltd. (002368), and Fubo Group (03738) among others, highlighting opportunities in the data element sector [5] - Additional companies of interest span various categories such as data aggregation, operation, circulation, asset inclusion, and security, indicating a broad spectrum of investment potential [6]

Core Viewpoint - The Guangzhou urban trusted data space has been selected as the only city-level pilot in the Guangdong-Hong Kong-Macao Greater Bay Area for the 2025 Trusted Data Space Innovation Development Pilot Program, highlighting its significance in the national digital economy strategy [1][2]. Group 1: Pilot Program Overview - The pilot program aims to cultivate a number of resource-rich, innovative, and effective trusted data spaces over two years, focusing on data resource development, secure circulation, value co-creation, and institutional innovation [2]. - A total of 13 cities have been selected for the urban trusted data space pilot, including major cities like Shanghai, Chongqing, and Guangzhou [2]. Group 2: Guangzhou's Trusted Data Space Development - Guangzhou's trusted data space has achieved the supply of 21.8 billion public data entries and has collected over 170 application scenarios, with 120 typical scenarios selected across key areas such as healthcare, green finance, and smart transportation [4]. - The initiative has identified 12 major industry zones and 37 high-value scenarios, with an expectation to create over 2,500 data products during the pilot period [4]. - More than 400 data element enterprises have been integrated into the space, and the membership of the data element industry association has grown to over 140, fostering a collaborative ecosystem among government, enterprises, and research institutions [4]. Group 3: Future Work Directions - Future efforts will focus on establishing rules, standards, and methodologies in collaboration with the Trusted Data Space Development Alliance, aiming to create a replicable and auditable city-level implementation plan [5]. - The initiative will enhance connectivity within the Greater Bay Area, exploring cross-city collaboration mechanisms to improve resource allocation efficiency [5]. - There will be an emphasis on expanding high-value applications in key industries and developing data products and service capabilities, completing a closed loop of "standards—products—transactions—revenue" to unlock additional value in the digital economy [5].

Company - Nvidia's Q2 revenue reached $46.74 billion, a 56% year-over-year increase, with net profit at $26.42 billion, up 59%, exceeding market expectations; however, data center revenue fell short for two consecutive quarters, leading to a post-market drop of over 5% [1] - Nvidia forecasts Q3 revenue at $54 billion, excluding H20 sales [1] Industry - The Ministry of Industry and Information Technology (MIIT) aims to promote satellite communication business, targeting over 10 million users by 2030, with support for direct satellite connections from mobile devices [2] - The Ministry of Commerce and Jiangsu Province are focusing on breakthroughs in innovative drugs and high-end medical device technologies, as part of a development plan for the biopharmaceutical industry [3] - Shanghai is accelerating urban village renovation efforts, with financial support from local governments and banks to facilitate loans for these projects [4]

Group 1: Market Dynamics - The market is witnessing a fierce competition between retail investors and institutional players, with 81 stocks on the leaderboard and over 700 million yuan being traded [1] - Retail investors are primarily focused on military and computing sectors, while institutions are offloading real estate and home appliance stocks [1] Group 2: Key Players and Strategies - "Zhang Mengzhu" invested 332 million yuan in "turnaround" stocks, notably buying 131 million yuan of Huasheng Tiancai, which is facing institutional sell-offs [3] - "Quantitative trading" has aggressively purchased stocks worth 441 million yuan, including 146 million yuan in Guangqi Technology, driven by rumors of military contracts [4] Group 3: Industry Trends - Military new materials are gaining consensus, with Guangqi Technology's production capacity utilization exceeding 90%, indicating strong performance potential [6] - The computing sector is showing resilience, with Langchao Information's AI server overseas orders increasing by 70% quarter-on-quarter [8] Group 4: Risks in Traditional Sectors - The white goods sector is under pressure, with Hai Li股份 facing significant sell-offs and high inventory levels [10] - The real estate sector is also struggling, with 华丽家族 having a debt ratio of 87%, indicating high financial risk [11]

Market Potential - The structural advantages of China's super-large market are accelerating, with the number of registered business entities reaching 189 million by the end of 2024, a 3.1% increase from the end of 2023, indicating strong economic resilience and potential [3] - The number of private enterprises has grown from 10.857 million in 2012 to 56.707 million by January 2025, a 5.2-fold increase, with private enterprises now accounting for over 92% of national high-tech enterprises [3][4] - The index for the development of small and medium-sized enterprises reached 89.5 in Q1 2025, the highest since 2020, driven by further relaxation of market access restrictions [4] Consumption Data - In the first half of 2025, China's GDP grew by 5.3% year-on-year, with domestic demand contributing 68.8% to economic growth [6] - The total retail sales of consumer goods reached 24.5458 trillion yuan in the first half of 2025, a 5.0% increase year-on-year, with 19 provinces exceeding the national average growth rate [6] - Online retail sales have maintained the world's highest position for 12 consecutive years, with a total of 15.5 trillion yuan in 2024, a 31% increase from the end of the 13th Five-Year Plan [6] Logistics and Supply Chain - The total social logistics volume reached 360.6 trillion yuan in 2024, a 5.8% increase year-on-year, with logistics costs as a percentage of GDP decreasing from 18% in 2012 to 14.4% in 2023 [7][8] - The government aims to reduce the logistics cost-to-GDP ratio to around 13.5% by 2027, indicating ongoing efforts to enhance logistics efficiency [8] Energy Market - The volume of market-based electricity transactions increased from 1.1 trillion kWh in 2016 to 6.2 trillion kWh in 2024, with the proportion of market transactions in total electricity consumption rising from 17% to 63% [9] Fair Competition - The implementation of the Fair Competition Review Regulations in August 2024 has led to a decrease in identified issues by 2.78 percentage points year-on-year, enhancing the competitive market environment [11] - In the first half of the year, market regulators investigated 11 cases of monopoly agreements and abuse of market dominance, imposing fines totaling 632 million yuan [11] Consumer Environment - In 2024, market regulators handled 39.239 million consumer complaints, with 18.625 million being complaints, resulting in economic losses of 5.16 billion yuan being recovered for consumers [12]