Core Viewpoint - The National Development and Reform Commission (NDRC) is systematically promoting the market-oriented allocation of data elements through a comprehensive set of policies, aiming to transform vast data advantages into new national competitive advantages [1] Group 1: Data Infrastructure and Policy Development - In terms of improving data infrastructure, the NDRC introduced 21 policies last year focused on the development and utilization of public data resources, with over 10 additional systems related to data property rights expected to be launched this year [1] - The NDRC supports local initiatives to trial circulation and utilization infrastructure, thereby strengthening the foundational facilities for data development and utilization [1] Group 2: Data Utilization and Market Development - The NDRC is driving data development and utilization by leveraging scenarios to fully release the value of data elements, implementing the "data element ×" initiative, and establishing demonstration scenarios for public data [1] - A number of data enterprises focused on data aggregation, sharing, and utilization are emerging, with standards and norms being continuously introduced, leading to an increasingly active data trading environment and the accelerated construction of a national integrated data market [1]

Core Viewpoint - Wuxi is actively developing its data factor market, focusing on maximizing the value of "data assets" to enhance cash flow for enterprises and promote high-quality development of the digital economy [1][5] Group 1: Data Asset Market Development - Wuxi has registered 487 data service providers and listed 465 data products, with a total of 4.95 billion open data entries across 4,035 categories [1] - The establishment of the Wuxi Data Exchange in March 2022 aims to facilitate compliant data trading, emphasizing that "non-compliant data will not be listed" [5][6] - The Wuxi Data Group is implementing a series of regulations and practical guidelines to enhance data asset operation and monetization capabilities [1][6] Group 2: Financing Innovations - Wuxi's first data asset financing lease was successfully executed for 10 million yuan, marking a significant step in the market [2] - The financing lease involved both data assets and physical assets, ensuring a safety net while exploring the potential for standalone data asset transactions in the future [3] - The leasing company is exploring asset securitization products to further activate data assets, potentially increasing financing scale beyond 150 million yuan [3] Group 3: Future Goals and Regulations - By May 2025, the Wuxi Data Exchange aims to have 492 data service providers and 524 data products listed [6] - The Wuxi government has set ambitious targets for the data factor market, including a transaction scale exceeding 2 billion yuan and the establishment of 600 data service entities by 2026 [6][7] - The Wuxi Data Group is focusing on creating a blockchain-based integrated data circulation platform to support the market's infrastructure [7]

Group 1 - The core viewpoint of the articles emphasizes the rapid development and exploration of data factor markets in China, particularly through the establishment of national data factor comprehensive pilot zones in various provinces [1][5][6] - The importance of data as a new production factor in the digital economy is highlighted, especially with the rise of generative AI technologies [1][2] - Hubei province has made significant strides in building a high-quality data supply, including the establishment of a cervical cancer screening sample database with over 1,400TB of data and more than 10 billion marked cervical cells [3][4] Group 2 - The data labeling industry is identified as a critical component in the development of large models, with Hubei supporting the growth of this sector through action plans focused on park construction and enterprise introduction [2] - Various regions, including Shandong, are addressing challenges in data circulation by creating practical scenarios that enhance data flow and economic development, exemplified by the integration of public data resources in the rose industry [4] - Anhui province has established specialized industry zones for data products and has launched over 1,084 products, while also creating a public data utilization policy framework [5][6]

Core Viewpoint - Shenzhen is set to deepen its comprehensive reform pilot program, as highlighted in the recent policy document issued by the central government, which aims to enhance high-quality development and provide replicable experiences for other regions in China [1][2][6]. Group 1: Reform Acceleration - The new policy document represents a "second acceleration" of Shenzhen's comprehensive reform pilot, building on the achievements of the previous five years [2][3]. - Shenzhen has implemented 48 reform measures that have been promoted by the National Development and Reform Commission, showcasing its role as a model for reform [2][3]. Group 2: Key Areas of Focus - The document emphasizes four key areas: integrated reform of education, technology, and talent systems; empowering the real economy through finance, technology, and data; establishing a higher-level open economy; and improving governance models [3][5]. - The first focus area highlights the need for efficient collaboration between education, technology, and talent, aiming to create a comprehensive mechanism for talent cultivation, technological research, and industrial transformation [3][4]. Group 3: Financial and Economic Empowerment - Specific measures include enhancing financial services for the real economy, innovating support mechanisms for emerging industries, and deepening market-oriented reforms for data elements [5][6]. - The document aims to optimize trade and improve the facilitation of personnel movement, reflecting Shenzhen's strategic focus on adapting to new foreign trade conditions [6][7]. Group 4: Contribution to National Strategy - The policy aims to create more replicable and scalable experiences that can contribute to the construction of a modern socialist country and enhance Shenzhen's role in the Guangdong-Hong Kong-Macao Greater Bay Area [6][7]. - The document also indicates a shift towards deeper integration of financial markets, allowing companies listed on the Hong Kong Stock Exchange to also list on the Shenzhen Stock Exchange, which could enhance capital market connectivity [7].

Group 1 - The trend of data asset value realization is becoming more prominent, with more data being transformed into high-value assets, supported by financial market innovations that open diverse financing channels for related companies [1] - Experts predict that the market-oriented allocation mechanism for data factors will continue to improve, accelerating the process of data value release, which is expected to become a core engine driving high-quality development of the digital economy [1] Group 2 - Aopu Mai Biotechnology Co., Ltd. announced plans to acquire 100% of Pengli Biopharmaceutical Technology (Shanghai) Co., Ltd. through a combination of share issuance and cash payment, highlighting the importance of data as a valuable resource for companies [2] - Companies are increasingly focusing on building comprehensive data management systems to enhance data quality and extract data value, with many establishing specialized data management teams [2][3] Group 3 - A growing number of listed companies have appointed Chief Data Officers to strengthen data strategy and promote deep integration of data resources with business operations [3] - Companies are leveraging professional systems to achieve intelligent and refined data asset management, utilizing data asset management platforms and AI technologies to maximize data value [3] Group 4 - The process of data asset capitalization is crucial, with the inclusion of data assets in financial statements providing solid support for the confirmation, measurement, and disclosure of data value [4] - In the first quarter of 2025, 91 A-share listed companies included data assets in their financial reports, with a total scale of 4.402 billion, marking a significant increase in both the number of participating companies and the scale of inclusion compared to the previous year [4] Group 5 - Data asset inclusion in financial statements enhances resource allocation efficiency and facilitates precise capital market resource allocation, allowing for better monetization of data assets [5] - The successful listing of data assets, such as the smart parking data asset from Zhenjiang Transportation Industry Group, demonstrates the potential for data assets to be valued and traded in the market [5] Group 6 - The process of data capitalization has accelerated significantly under the drive of financial innovation, with examples such as the issuance of asset-backed securities based on operational and public service data [6] - The approval of the first data center REITs in the country further enriches the practice paths for data capitalization, injecting new momentum into industry development [6] Group 7 - The Chairman of the China Securities Regulatory Commission indicated ongoing support for technology companies to utilize intellectual property and data assets for asset securitization and REITs, signaling future policy support and financial innovation to promote the development of the data factor market [7] - Standardization of entity economic data is essential for transforming it into data required by capital markets, which is a primary task of financial technology [7]

Core Insights - The central viewpoint of the news is the issuance of the "Opinions" by the Central Committee and the State Council, which aims to deepen the reform and innovation of the data factor market in Shenzhen, promoting its role in the digital economy and enhancing data circulation mechanisms [1][2]. Group 1: Data Factor Market Development - The data factor market in China is projected to grow at a compound annual growth rate of over 20%, reaching 904 billion yuan in 2022 and expected to exceed 1,749 billion yuan by 2025 [1]. - The "Opinions" emphasize the need for market-oriented reforms in data factor allocation, supporting Shenzhen in exploring data trading, trusted circulation, and revenue distribution mechanisms [1][3]. - The establishment of a market-oriented mechanism for data factor allocation is crucial for the development of the digital economy, artificial intelligence, and digital transformation [1][4]. Group 2: Public Data Open Access - The "Opinions" propose a gradual and lawful classification and opening of public data in sectors such as transportation, geography, satellite remote sensing, meteorology, and healthcare, while ensuring safety [5][6]. - The introduction of market operators in public data access is suggested to enhance the marketization of public data, linking government data with market demand [4][6]. - The need for a sustainable mechanism for public data usage is highlighted, advocating for transparency and fairness in the public data ecosystem [6]. Group 3: Cross-Border Data Flow - Shenzhen's geographical proximity to Hong Kong and Macau creates a significant demand for cross-border data flow, which is essential for multinational enterprises [7]. - The "Opinions" call for improved data security governance and the exploration of efficient and safe cross-border data flow mechanisms [7]. - Shenzhen Data Exchange has initiated a cross-border data trading zone, offering over 200 cross-border data products to support the global expansion of enterprises in the Greater Bay Area [7].

Core Viewpoint - Shenzhen is positioned as a "vanguard" in the comprehensive reform pilot, receiving new policy empowerment from the central government to further deepen reforms and promote modernization in China [1][4]. Group 1: Reform Background - The issuance of the "Opinions" on June 10 marks a significant policy boost for Shenzhen, reflecting the central government's expectations for this reform pilot area [1]. - Since the implementation of the comprehensive reform pilot in 2020, Shenzhen has made substantial progress in various key reform measures, with 48 experiences promoted by the National Development and Reform Commission [3][4]. Group 2: Significance of the New Opinions - The new "Opinions" serve as a "second acceleration" for Shenzhen's reform efforts, affirming past achievements and outlining future measures [4]. - The "Opinions" are seen as an upgraded version of the previous framework, aiming to enhance Shenzhen's role in national strategies and provide replicable experiences for other regions [4][10]. Group 3: Key Areas of Focus - The "Opinions" emphasize four main areas: integrated reform of education, technology, and talent systems; empowering the real economy through finance, technology, and data; establishing a higher-level open economy; and improving governance models [6]. - The first focus area highlights the need for efficient collaboration between education, technology, and talent, aiming to create a comprehensive mechanism for talent cultivation, technological research, and industrial transformation [6]. Group 4: Financial and Data Empowerment - Specific measures include enhancing financial services for the real economy, innovating support mechanisms for emerging industries, and deepening market-oriented reforms for data elements [7][8]. - Shenzhen is recognized as a "testbed" for data market reforms, having established comprehensive management and regulatory frameworks to support data trading [8]. Group 5: Open Economy Initiatives - The "Opinions" outline initiatives to optimize trade, enhance service trade, and facilitate personnel movement, reflecting Shenzhen's proactive approach to new trade dynamics [8][10]. - The document encourages the integration of international high-standard trade rules, positioning Shenzhen as a pioneer in national high-level opening-up [10]. Group 6: Contribution to National Development - The "Opinions" aim to create more replicable and scalable experiences for national reform, enhancing Shenzhen's role as a key engine in the Guangdong-Hong Kong-Macao Greater Bay Area [10][11]. - The focus on financial collaboration within the Greater Bay Area is expected to strengthen regional financial integration and support the broader capital market reforms in China [11].

Core Viewpoint - Data elements are a new type of production factor in the digital economy era, serving as a core engine for the development of new productive forces and an important strategic resource for the country [1][2] Group 1: Macro Perspective - The transition from factor-driven to innovation-driven growth in various sectors of the economy relies on data elements, which can exist independently as production materials and also act as a "connector" to optimize resource allocation efficiency [1] - High-quality data flows can eliminate information silos across the industrial chain, enhancing deep collaboration within the industry [1] Group 2: Meso Perspective - The cultivation of emerging industries heavily depends on data to explore market demands, optimize business processes, and provide personalized services, particularly in strategic emerging industries like artificial intelligence [1][2] - Data sovereignty is becoming a new battleground for industrial discourse power, as the development and utilization of data resources are crucial for future industries [1][2] Group 3: Micro Perspective - The non-competitive nature and positive externalities of data elements break the traditional marginal returns of factors, alleviating efficiency losses and market failures caused by information asymmetry [2] - There is a lack of high-quality data resources, with issues in data collection integrity and accuracy due to the absence of intelligent data collection modules and unified standards [2] Group 4: Policy and Infrastructure - The "East Data West Computing" project has been implemented for three years, establishing national computing power hub nodes and data center clusters to rationally allocate data resources [3] - To further unleash the potential of data elements, it is essential to advance the "East Data West Computing" project, optimize mechanisms, and promote the integration of existing data centers [3] - Accelerating the digital transformation of traditional industries and enhancing data collection capabilities are critical for establishing a foundation for high-quality data collection [3]

Core Viewpoint - The issuance of the "Opinions" by the Central Committee and the State Council marks a significant policy empowerment for Shenzhen, reinforcing its role as a "reform pilot" and providing a clearer path for high-quality development and reform innovation [1][2] Group 1: Reform Acceleration - Shenzhen's comprehensive reform pilot program, initiated in 2020, has seen significant advancements, with 48 experiences promoted by the National Development and Reform Commission [2][3] - The latest "Opinions" serve as a "second acceleration" for Shenzhen's reform efforts, emphasizing the ongoing nature of reform [2][3] Group 2: Key Areas of Focus - The "Opinions" prioritize four key areas: integrated reform of education, technology, and talent systems; empowering the real economy through finance, technology, and data; establishing a higher-level open economic system; and enhancing governance models [4][5] - The emphasis on integrating education, technology, and talent reflects a systematic approach to fostering innovation and economic development [4] Group 3: Financial and Data Empowerment - Specific measures include improving financial services for the real economy, innovating support mechanisms for emerging industries, and deepening market-oriented reforms for data elements [5][6] - Shenzhen's data trading platform has established comprehensive management and regulatory frameworks to support data market transactions, positioning it as a national pilot for data element marketization [5] Group 4: Open Economic System - The "Opinions" outline initiatives to optimize trade, enhance service trade, and facilitate personnel movement, aiming to position Shenzhen as a leader in high-level openness [6][7] - The focus on aligning with international trade rules indicates Shenzhen's strategic role in national economic integration [6] Group 5: Contribution to National Development - The "Opinions" aim to create replicable and scalable experiences that can contribute to the broader national strategy of modernization and reform [7][8] - The inclusion of measures for cross-border financial cooperation and dual listings for companies in the Greater Bay Area signifies a move towards deeper financial integration [8]

Core Insights - China is accelerating the reform of data factor marketization, aiming to establish a unified national data market by 2025 [1][2][3] Group 1: Policy and Strategic Goals - The National Data Bureau is developing policy documents to foster a national integrated data market, focusing on new characteristics of data market development [1][2] - By 2025, the National Data Bureau plans to refine data circulation and trading rules, promote data resource and product development, and establish a monitoring system for data market operations [2][3] Group 2: Challenges and Considerations - The construction of a national integrated data market faces challenges such as inconsistent rules, lack of trust, and the need for unified standards [3][4][7] - Key challenges include balancing data sharing needs with ownership clarity, ensuring data value release while managing security risks, and protecting corporate interests while fostering data collaboration [7][8] Group 3: Expected Outcomes and Innovations - The establishment of a national integrated data market is seen as crucial for enhancing digital economic development and achieving high-quality growth [4][9] - There is an emphasis on fostering operational entities, improving market infrastructure, and promoting innovative data applications across various industries [8][9]