中证报中证网讯（记者 黄一灵）11月25日，上海交通大学上海高级金融学院（高金）发布《中国企业 数据资产入表情况跟踪报告》（2025年上半年报告）。 上市公司层面，根据A股上市公司披露的2025年半年度报告，在A股上市的5000余家企业中，有109家上 市公司披露了数据资源入表的相关事项，今年上半年共涉及入表金额26.40亿元，数据资产入表总体规 模稳健增长。 报告发现，今年上半年101家A股上市公司将数据资源计入无形资产，金额达17.06亿元。根据2025半年 报披露情况来看，大部分A股上市公司数据资源的摊销年限集中在3年-5年，且多以直线法为主。在行 业分布方面，A股上市公司中金融业入表企业数量显著增长，2025年半年报显示，共有12家金融业公司 完成数据资源入表，共涉及金额0.54亿元，主要集中在银行和证券公司。此外，三大电信运营商贡献突 出，2025半年报中入表金额合计达16亿元，占市场总规模的60.7%。此外，高市值上市企业入表数量持 续增多。 报告认为，尽管数据资产价值评估领域面临着诸多挑战，市场发展尚处初期，但近年来的发展成效已经 较为显著。在相关政策的强力支持下，数据资产评估已经成功从理论探索 ...

Core Viewpoint - The initial rights definition and minimization of transaction costs are prerequisites for establishing a unified national data factor market, which will drive the industrialization and fair pricing of data factors, ultimately benefiting the real economy [3][4]. Group 1: Basic Elements for Building a Unified Data Factor Market - The four basic elements for constructing a unified national data factor market are initial rights definition, transaction cost minimization, infrastructure development, and industrialization [4]. - Current obstacles to data factor market construction include unclear data property rights and high transaction costs, primarily due to the lagging property rights system behind technological advancements [4][5]. Group 2: Key Scientific Issues in Data Factor Market Construction - The initial rights definition of data resource development and utilization plays a foundational role in the construction of a unified data factor market, while transaction cost issues need urgent solutions [5]. - The construction of data circulation infrastructure introduces a technology trust mechanism, supporting data resource development, transaction pricing, and regulatory safety [5]. - The industrialization of data factors will act as an accelerator in promoting the construction of a unified national market [5]. Group 3: Data Property Rights Governance - The "Data Twenty Articles" propose a structural division of data property rights, which, while aligning with social equity from a legal perspective, presents significant logical conflicts from an economic standpoint [7]. - The classification and grading of data rights can increase transaction costs and complicate the sharing and trading of data resources, leading to data protectionism and monopolization [7][8]. - The initial rights to data resource development should ideally be assigned to the government, which can represent public interests and facilitate the efficient use of data resources [9]. Group 4: Transaction Cost Issues in Data Factor Market - Five key transaction costs affecting data factor flow include externality transaction costs, communication transaction costs, institutional transaction costs, intermediary service costs, and application delivery costs [11]. - High transaction costs hinder the incentive mechanisms for data resource circulation and utilization, necessitating government intervention to reduce these costs [12].

Core Insights - The integration of data resources into financial statements of listed companies is accelerating, with 119 companies reporting a total scale exceeding 2.8 billion yuan [3] Group 1: Financial Reporting - A total of 119 listed companies have incorporated data resources into their financial statements, surpassing 2.8 billion yuan [3] - The distribution of data resources in financial statements shows that intangible assets dominate with a scale of 1.79 billion yuan, accounting for approximately 64% [3] - Development expenditures rank second with a total scale of about 920 million yuan, representing around 33% [3] - Inventory accounts for only about 93 million yuan, making up just 3% of the total [3] Group 2: Industry Coverage - Data resources have been integrated into financial statements across 35 industry categories, indicating extensive penetration and empowerment effects of data elements [3] - Telecommunications companies lead the way in data resource integration, with China Mobile, China Telecom, and China Unicom reporting total data asset scales of 774 million yuan, 433 million yuan, and 396 million yuan respectively, together accounting for over half of the industry total [3] - The total scale of data assets for these three companies has increased by 17% compared to the 2024 annual report data [3] Group 3: Regional Distribution - Beijing leads with a total scale of 1.1 billion yuan in data resource integration, solidifying its position as a digital economy hub [4] - Hubei and Anhui follow with 200 million yuan and 142 million yuan respectively, benefiting from national digital economy development strategies [5] - These regions have actively fostered data industry ecosystems through policy support and industry guidance [5] Group 4: Securities Sector - The securities sector has also made progress in data asset integration, with seven brokerages reporting a total of 26.3366 million yuan, all categorized under intangible assets [5] - Guotai Junan and Haitong Securities, merged to form Guotai Haitong, reported the largest scale among brokerages at 11.96 million yuan [5]

Group 1 - The core viewpoint of the article highlights the increasing recognition and valuation of data assets among Chinese companies, as evidenced by the release of the "China Enterprise Data Asset Entry Tracking Report" at the forum [1] - According to the report, 100 A-share listed companies disclosed data resource entries in their 2024 annual reports, with a total entry amount of 2.164 billion yuan [1] - In the non-listed company sector, as of March 31, 2025, 330 non-listed companies have reported data resource entries, including 275 local state-owned enterprises, 45 private enterprises, 8 central enterprises, and 2 public institutions, with a total financing amount of 1.417 billion yuan [1]

Core Insights - The total national data production in China reached 41.06 ZB in 2024, marking a 25% year-on-year increase, with a per capita data production of approximately 31.31 TB, also reflecting a growth of 25.17% [2][3] Data Production and Growth - The national data production volume has surpassed 40 ZB for the first time, with a growth rate increase of 2.56 percentage points compared to the previous year [2] - The total computing power in 2024 reached 280 EFLOPS, with intelligent computing power accounting for 32% of this total, indicating a significant enhancement in data processing capabilities [2] Sector and Regional Distribution - Data production is concentrated in major economic provinces, with Guangdong, Jiangsu, Shandong, Zhejiang, Henan, and Sichuan accounting for 57.45% of the national total [4][5] - The financial sector remains a leader in data production, with the financial cloud market projected to reach $5.23 billion in the second half of 2024, reflecting an 11% year-on-year growth [6] Emerging Trends and Technologies - The rapid development of artificial intelligence has led to a 40.95% increase in data used for AI training and inference, with smart home and connected vehicle data growing at 51.43% and 29.28%, respectively [3] - New sectors such as low-altitude economy and robotics are emerging as significant contributors to data production, with growth rates exceeding 30% [3] Data Utilization and Market Dynamics - The report indicates that only 2.9% of the produced data is stored, highlighting a significant underutilization of data resources [7] - Active data utilization has improved, with a 22.73% increase in active data volume, and over 66% of leading enterprises have purchased data [8] Future Projections - The national data production is expected to continue growing, with projections indicating it may exceed 50 ZB by 2025, driven by emerging industries such as autonomous driving and low-altitude economy [9] - The data industry in China is anticipated to reach a scale of 7.5 trillion yuan by 2030, with over 190,000 related enterprises currently operating in the sector [9]

Core Viewpoint - The establishment of Shanghai's first Digital Public Service Center aims to facilitate the digital transformation of enterprises by providing accessible and cost-effective digital products and services [1][3]. Group 1: Digital Public Service Center Overview - The Digital Public Service Center was inaugurated on May 24 in the Caohejing Development Zone, Shanghai [3]. - The center addresses challenges such as fragmented digital services, high costs of computing power and data, and difficulties in supply-demand matching for enterprises [1][3]. Group 2: Services Offered - The service offerings include data resources, computing facilities, artificial intelligence, digital tools, and professional services [1]. - A consortium of 16 organizations, including universities and credit promotion centers, was formed to provide comprehensive services, covering both online products and offline services such as legal advice and talent training [3][5]. - The initial service package includes a "Newbie Package" offering free services for the first six months, which includes 280T FLOPS of computing power, 6TB of data resources, and access to various software tools and consulting services [3][4]. Group 3: Service Philosophy - The service philosophy emphasizes "integrated innovation" and "accompaniment service," focusing on matching enterprise needs with digital products to achieve scale effects [5]. - The service model aims for a one-stop solution that includes precise matching, quick deployment, and efficient operation, leveraging a public service cluster for rapid digital capability deployment [5].

Investment Rating - The industry is rated as "Strongly Outperforming the Market," indicating a positive outlook with expectations that the industry index will outperform the CSI 300 index over the next six months [16]. Core Views - The report emphasizes that despite external and internal disturbances, the Chinese economy is in a transition period with abundant policy reserves, and fiscal measures are actively supporting economic stability. The main trend remains a "slow bull market" characterized by fluctuations, suggesting that a strategy of "buy low and sell high" may be advantageous in the short term [2][8]. Summary by Sections A-share Market Overview - On a day when U.S. markets experienced declines, the A-share market demonstrated resilience, with the Shanghai Composite Index reaching a new high for the year, although it could not maintain the upward momentum and closed slightly lower, indicating ongoing market divergence [4][8]. - The market is currently facing pressure around the 3400-point level, which is a previous area of concentrated trading activity that needs to be resolved [2][8]. Sector Performance - The report highlights that the computing power sector saw significant activity, driven by events such as the AI and cloud computing industry conference in Hangzhou, which is expected to accelerate the development of the digital economy [6]. - The cultural media sector, particularly gaming and media, has shown strong performance, with a noted 42.75% increase in the first half of 2023, validating previous investment recommendations. However, regulatory changes have introduced volatility, necessitating a cautious approach moving forward [7]. Market Sentiment and Strategy - Overall market sentiment is described as moderate, with a general trend of more stocks rising than falling. The total trading volume reached 1.6838 trillion yuan, reflecting a stable but cautious investment environment [5]. - The report advises investors to remain vigilant regarding the performance of technology stocks, particularly in light of the upcoming earnings season, which will be critical for assessing the sustainability of high valuations [2][8].