国泰海通证券发布研报称，2025年12月29日至30日，全国数据工作会议在北京召开，会议围绕明晰数据 流通服务机构功能定位、提升数据流通交易服务效能、繁荣数据市场生态进行了专题部署，并明确提出 2026年是"数据要素价值释放年"，要求着力畅通数据流动和资源配置渠道，激活数据市场供给和需求， 繁荣市场生态，进一步推动数据"供得出、流得动、用得好、保安全"，促进数据要素全面融入经济价值 创造过程，更好赋能经济社会发展。 2026年是"数据要素价值释放年"。2025年12月29日至30日，全国数据工作会议在北京召开，会议围绕明 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、繁荣数据市场生态进行了专题部署，并明 确提出2026年是"数据要素价值释放年"，要求着力畅通数据流动和资源配置渠道，激活数据市场供给和 需求，繁荣市场生态，进一步推动数据"供得出、流得动、用得好、保安全"，促进数据要素全面融入经 济价值创造过程，更好赋能经济社会发展。 2024年以来政策落地节奏加快，构建数据要素制度闭环。2020年，中共中央、国务院发布《关于构建更 加完善的要素市场化配置体制机制的意见》，正式把数据列为"第五大生产要素" ...

2019年，党的十九届四中全会明确将数据列为生产要素。2022年，《中共中央国务院关于构建数据基础 制度更好发挥数据要素作用的意见》对构建我国数据基础制度进行了全面部署。2026年1月25日，《中 华人民共和国国有资产法（草案）》结束公开征求意见，数据——这个数字经济时代的"石油"，首次在 国家基本法律层面被明确定义为"资产"。如这部法律能正式出台，将意味着数据的估值、入表、交易、 抵押有了根本大法的依据，长期制约数据要素市场发展的"产权之困"有了坚实的法律基础。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：中国经济时报 为数字中国立标 为全球治理探路 开栏的话 为此，我们开设《数智湃》专版，将从制度演进、法规落地、市场实践、产业创新、技术前瞻与国际比 较等多个层面，持续追踪这场深刻变革的进程，解读数据要素化背后的制度创新与时代脉动，记录中国 数字化建设的重要历程。敬请关注。 > 数智政解 < 数据要素化进程中的里程碑事件——《国有资产法（草案）》首次将数据资产纳入法律监管范畴。 ■中国经济时报记者 刘晨曦 1月25日，《中华人民共和国国有资产法（草案）》（以下简称《国有资 ...

Core Insights - The data factor market is experiencing a dual trend of "policy system improvement" and "local practical implementation" at the beginning of the new year [1] - Multiple policy documents focusing on the value extraction of data factors have been released, indicating a strong national directive towards data utilization [1] - By 2026, it is designated as the "Year of Data Factor Value Release," highlighting the government's commitment to enhancing data's role in the economy [1] Policy Developments - Several policy documents have been issued this year that emphasize the importance of data factor value extraction [1] - Local governments are actively advancing practical explorations, such as Shanxi's implementation plan for comprehensive digital economy development [1] - The first national transaction of "embodied intelligent data sets" was completed in Jiangsu, showcasing local initiatives [1] Market Trends - Experts predict that public data products, such as meteorological and statistical analysis, will mature quickly due to their compliance advantages [1] - The supply of data products in the financial and healthcare sectors is expected to rapidly develop under market-driven conditions [1] - These developments are set to empower the real economy through data factors, marking a new chapter in economic growth [1]

Group 1 - The China Securities Regulatory Commission (CSRC) emphasizes the importance of maintaining a stable market as a primary task for capital market reform and development in 2026, with targeted policies expected to be introduced to support this goal [1] - The State Administration of Customs highlights the need to balance export expansion with appropriate import growth during the 14th Five-Year Plan period, aiming to enhance domestic and international circulation [2] - The State Council's recent meeting calls for accelerating the cultivation of new growth points in service consumption, with increased policy support across various sectors including the silver economy and green consumption [3] Group 2 - The People's Bank of China and financial regulators have announced a reduction in the minimum down payment ratio for commercial real estate to 30%, aimed at addressing inventory issues in the commercial property market [5] - Insurance companies are optimistic about the equity market in 2026, planning to enhance asset allocation strategies focused on "hard technology" investment opportunities [6] - Recent disclosures from high-performing funds indicate a shift in holdings towards sectors with favorable industry conditions, particularly in AI-related industries and innovative pharmaceuticals [7][8] Group 3 - The data factor market is experiencing significant changes, with numerous policy documents focused on data value extraction being released, indicating a growing emphasis on digital economy development [9] - The Ministry of Industry and Information Technology has expanded the scope of its nurturing program to include technology-based small and medium-sized enterprises, enhancing support for innovative businesses [11] - The China Securities Regulatory Commission has initiated an investigation into Rongbai Technology for potentially misleading statements regarding significant contracts, aiming to uphold market integrity [12] Group 4 - Several small and medium-sized banks have recently raised deposit rates, with specific increases noted in products such as the "Fuman Deposit" [13] - The bank wealth management market is seeing a rise in demand for fixed-income products and gold-linked structured deposits, with expectations of a market growth of 3.83 trillion yuan in 2026 [16] - Three securities investment consulting firms have been penalized and barred from taking on new clients due to regulatory violations, reflecting ongoing scrutiny in the sector [17]

Core Viewpoint - The data factor market is characterized by both "policy and institutional improvement" and "local practical implementation" at the beginning of the new year, with a clear national directive aiming for 2026 to be the "year of data factor value release" [1] Group 1: Policy Developments - Multiple policy documents focusing on the value extraction of data factors have been issued since the beginning of the year, indicating a strong governmental push [1] - Local initiatives, such as Shanxi's implementation plan for the comprehensive development of the digital economy, demonstrate practical efforts to advance this agenda [1] Group 2: Market Trends - The first national transaction of "embodied intelligent data sets" was completed in Jiangsu, showcasing the market's evolving landscape [1] - Experts predict that public data products, particularly in meteorology and statistical analysis, will mature rapidly due to their compliance advantages [1] Group 3: Industry Implications - The financial and healthcare sectors are expected to see a rapid formation of data product supply driven by market forces, contributing to the empowerment of the real economy through data factors [1]

Group 1 - The core viewpoint of the articles highlights the dual characteristics of "policy system improvement" and "local practice implementation" in the data factor market at the beginning of the year, with a clear national directive aiming for the "release of data factor value" by 2026 [1] - Multiple policy documents focusing on the value extraction of data factors have been issued, and local practices are advancing, such as the implementation plan for the comprehensive development of the digital economy in Shanxi and the first national transaction of "embodied intelligent data sets" in Jiangsu [1] - Experts predict that public data products, particularly in meteorology and statistical analysis, will mature rapidly due to compliance advantages, while data products in finance and healthcare will also form quickly under market-driven forces [1][2] Group 2 - The value of data factors is expected to accelerate, with public and enterprise data serving as the two main carriers, entering a phase of rapid value release, which is crucial for market transformation by 2026 [2] - By 2025, China's data infrastructure construction will enter a practical phase, achieving breakthroughs in resource registration, operational authorization, and pricing mechanisms [2] - Public data applications have already demonstrated effectiveness in various sectors, including smart agriculture and healthcare, with applications like precise medical insurance services and seamless entry to scenic spots [2] Group 3 - The analysis indicates that public data products not involving personal privacy are likely to achieve large-scale supply first, while commercially valuable data products in financial risk assessment and clinical diagnosis will accelerate their market entry [3] - Industrial internet data products are being developed through trusted data spaces established by leading enterprises, facilitating value sharing and circulation within the industry chain [3] Group 4 - The current market faces multiple collaborative obstacles that hinder the full release of data factor value, stemming from a lack of coordinated governance and resulting in fragmented rules and unclear responsibilities [4] - The existing management structure, with multiple departments overseeing data resources, complicates unified resource allocation and rule formulation [4] - Issues such as "products without demand" highlight the need for a vibrant data factor market, where demand is essential for realizing data value [4] Group 5 - To facilitate the smooth release of data factor value, addressing collaborative obstacles is crucial, focusing on resolving issues of coordination, fragmented rules, and unclear responsibilities [5] Group 6 - The national data work conference emphasizes accelerating the cultivation of a unified national data market, enhancing top-level design to promote cross-regional and cross-industry rule interoperability [6] - The focus of policies will shift from "establishing rules" to "implementing and promoting collaboration" as 2026 approaches, with a unified transaction rule and registration system expected to transform data holders' perspectives from "cost centers" to "profit centers" [6] Group 7 - Establishing standards for measuring data value is essential for the long-term development of the market, with a focus on quantifying data circulation and transaction scale [7] - The future assessment system should measure the actual benefits of data in digital transformation and its contribution to the core industries of the digital economy [7] - The data factor market in China is projected to exceed 200 billion yuan by 2025 and is expected to surpass 300 billion yuan by 2028, driven by institutional and technological advancements [7]

突出应用牵引，打造典型场景。开展"数据要素×"行动，举办"数据要素×"大赛山东分赛，建设数据开放 创新应用实验室328个，打造授权运营典型场景141个、"数据要素×"典型案例194个，13个项目在 2025"数据要素×"大赛全国总决赛中获奖。聚焦人工智能发展，在工业制造等领域打造90个高质量数据 集，2个入选国家高质量数据集典型案例，4个入选国家行业高质量数据集建设先行先试名单。 突出平台搭建，促进高效流通。搭建数据供需对接平台，组织开展"数据市场建设暨供需对接齐鲁行"活 动，上线"数据大集"，撮合数据交易额3318万元。搭建数据流通交易平台，推动数据交易机构和行业性 数据流通交易平台协同发展，截至今年三季度，省内2家数据交易机构累计交易额达3.5亿元，其中山东 数据交易公司今年以来数据交易额同比增长169%；海洋、卓创资讯（301299）大宗商品等14家行业性 平台交易额突破15.7亿元。搭建数据流通利用基础设施，高质量推进"隐私计算"国家试点，分类推动可 信数据空间建设，为数据合规高效流通提供基础支撑。 齐鲁晚报·齐鲁壹点记者 李文璇 12月24日上午，山东省人民政府新闻办公室举行新闻发布会，邀请省大数据 ...

Core Viewpoint - The launch of the Digital Outbound Action Plan in Shanghai's Pudong New Area aims to promote the market-oriented allocation of data elements and facilitate the secure and orderly cross-border flow of data, serving as a model for deepening digital economic cooperation and exploring new paths for global data element allocation in Shanghai and nationwide [1] Group 1 - The Digital Outbound Action Plan was officially launched on December 22 [1] - Pudong New Area will focus on reforms related to the market-oriented allocation of data elements [1] - The initiative aims to enhance data security and promote orderly cross-border data flow [1] Group 2 - The plan is expected to play a leading role in deepening digital economic openness and cooperation [1] - It seeks to explore new global allocation paths for data elements [1]

Group 1 - The Shandong Provincial Big Data Bureau has officially announced the list of innovative achievements for the 2025 provincial data element market-oriented allocation reform, marking a key initiative in advancing the construction of the national data element comprehensive pilot zone and accelerating data element market-oriented allocation reform [1][2] - Data is recognized as a new production factor and the core engine for the development of the digital economy, making the promotion of data element market-oriented allocation reform significant for activating data potential, driving industrial transformation, and enhancing governance efficiency [1] - The Shandong Provincial Big Data Bureau has focused on key bottlenecks and challenges in data element market-oriented allocation, leading to a series of innovative achievements in areas such as data rights confirmation, data circulation and trading, data security governance, and data value transformation [1][2] Group 2 - The announcement of the innovative achievements aims to build a platform for exchanging and promoting results, encouraging the replication and dissemination of quality innovative experiences across the province [2] - The next steps include deepening data element market-oriented allocation reform, enhancing tracking and application promotion of innovative achievements, and improving the data element market system to address challenges related to data usage [2] - A list of innovative projects has been compiled, covering various aspects such as data property protection, data governance, public data resource practices, and data circulation and trading technology innovations [3][4]

Core Viewpoint - The Tianjin municipal government has made significant progress in the development of the digital economy during the "14th Five-Year Plan" period, focusing on data element marketization, digital economy growth, and smart city construction [1] Group 1: Data Element Value Release - The city has implemented a unified management system for public data, creating a resource directory of 54,000 entries and launching over 30 data products and services [2] - The "Automotive Industry Trusted Data Space" has been selected as a national pilot for trusted data space innovation, and four scenarios have been recognized as demonstration scenarios for public data [2] - A total of 604 high-quality industry data sets have been developed, with some being widely used in national data service platforms and supporting various industry model training [2] Group 2: Digital Economy Development - The core industries of the digital economy in Tianjin have maintained rapid growth, with revenue from large-scale enterprises increasing by 12.3% year-on-year in the first three quarters of this year [3] - The city has established 400 smart factories and digital workshops, leading the nation in the integration of information technology and industrialization [3] - Internet platform enterprises, such as those in flexible employment and network freight, have seen a revenue increase of 10% year-on-year [3] Group 3: Data Infrastructure Construction - The city has optimized its computing power resources, with a total computing power scale exceeding 14,000 PetaFLOPS, supporting over 9,000 national key projects [4] - The first integrated provincial computing power scheduling service platform in northern China has been put into operation, gathering 6,000 PetaFLOPS of intelligent computing power [4] - Policies supporting computing power vouchers have been introduced, with a total contract amount of 260 million yuan, effectively promoting AI development and industrial digital transformation [4] Group 4: Digital Economy International Cooperation - The 2025 Shanghai Cooperation Organization Digital Economy Forum was successfully held, attracting over 1,500 participants and resulting in the signing of 12 key cooperation projects [5] - The China-Shanghai Cooperation Organization Digital Economy Cooperation Platform has been established in Tianjin, with joint laboratories and cross-border data service platforms now operational [5] Group 5: Future Development Plans - The city aims to further promote the marketization and value realization of data elements, enhancing public data sharing and utilization [6] - Plans include high-level construction of the China-Shanghai Cooperation Organization Digital Economy Cooperation Platform and the National Digital Economy Innovation Development Pilot Zone [6] - The city will optimize data infrastructure layout and deepen smart city construction, focusing on integrated data platforms and digital governance [6]