The circulation and trading of data factors as a key link in releasing the value of data factors is also being continuously improved. The policy system is improved, and the Data Exchange platform guarantees the more efficient and compliant circulation of data factors. The mutual recognition and interconnection of data trading institutions help to further activate the data factor market, and cross-border data flow is also a direction actively explored in China at present. It is recommended to pay attention to the value release of data elements through circulation and transaction channels, and pay attention to companies related to data circulation platforms such as the Data Exchange and data trading participants such as Cyberspace Administration of China.
The Zhixin Finance APP has learned that Wanlian Securities released a research report, stating that the formal landing of the "Data Element X" action plan has further stimulated the innovation vitality of data elements and promoted the rapid development of the data element market. The circulation and trading of data factors as a key link in releasing the value of data factors is also being continuously improved. The policy system is improved, and the Data Exchange platform guarantees the more efficient and compliant circulation of data factors. The mutual recognition and interconnection of data trading institutions help to further activate the data factor market, and cross-border data flow is also a direction actively explored in China at present. It is recommended to pay attention to the value release of data elements through circulation and transaction channels, and pay attention to companies related to data circulation platforms such as the Data Exchange and data trading participants such as Cyberspace Administration of China.
Industry core views:
Data elements have become a new driving force for the development of the digital economy. They are the key productive factors in the digital age, and the pathways for their input into production can be summarized as a three-stage value release process, of which data trading is an important means of realizing the three-stage value of data elements. In 2022, China's digital economy reached a scale of 50.2 trillion yuan, a nominal increase of 10.3% year-on-year, and its proportion of GDP rose to 41.5%. Data elements are the key productive factor in the digital age, promoting the construction of the data element market by empowering other traditional productive factors. The third value release of data elements is circulation empowerment, which allows data to flow to places where it is more needed and for high-quality data from different sources to converge and integrate in new business needs and scenarios, realizing win-win and multi-win value utilization. Data circulation can break through "data silos" and meet the value needs of both data supply and demand, while data trading is an important means of realizing the three-stage value of data elements. As the data element market continues to expand, ensuring an orderly and efficient data flow process is key to maximizing the value of data.
Investment Highlights:
Build a data basic institutional system and create an efficient and compliant data flow process. Circulation and trading is the necessary path for data resources to be transformed into data assets and fully release their value. The "Twenty Data Rules" strengthen the top-level design of data flow trading from circulation rules, trading markets, service ecology, and other aspects, establish standardized entry rules for data circulation, and explore the construction of a data quality standardization system. Optimize the national data trading place planning layout, issue data trading place management methods, and construct a multi-level market trading system. Cultivate two types of subjects, data merchants and third-party professional service organizations, to ensure the efficient and compliant flow of data elements.
The "Data Element X" action plan activates the potential of data elements and promotes the growth of data trading. The "Data Element X" action plan, aimed at activating the potential of data elements, invests data elements in twelve industries/fields in a diverse and innovative way, promoting the efficient flow of resources across multiple fields and improving production efficiency and resource allocation efficiency. Compared with the draft opinions, the official document has made some changes in some expressions, such as changing the expression "the scale of data trading will double and the on-exchange trading scale will increase greatly by the end of 2026" to "on-exchange and off-exchange trading will develop in a coordinated manner, and the scale of data trading will double". The requirements for fostering data merchants and third-party professional service organizations have changed from "having a large market influence" to "having good growth potential". In optimizing the data circulation and trading environment, there are higher requirements for cross-border data circulation, and there are higher requirements for the efficient and compliant circulation of data element trading.
The data exchange is an important platform for promoting the orderly circulation of data elements, releasing digital dividends, and promoting the development of the digital economy. The data exchange can better control risks in the data trading process by formulating data trading processes and regulations, enabling enterprises to obtain external data empowerment for digital transformation in a more compliant and efficient manner, and promoting the construction of the data element circulation market. Such as the Shanghai Data Exchange, Guiyang Big Data Exchange, Beijing International Big Data Exchange, Guangzhou Data Exchange, Shenzhen Data Exchange provide quality assessment, compliance assessment, asset assessment and other pre-trading services, joint inquiries, joint identification, joint building and other in-trading services, trading verification, arbitration disputes, and other after-trading services.
The data trading chain is officially in use, and mutual recognition and interconnection continue to be promoted. At the 2023 Global Data Merchant Conference held on November 25, 2023, the data trading chain was officially put into use. Regions joining the data trading chain can achieve "one place listing, full network mutual recognition," promoting the integrated development of cloud, chain, domain, bridge, and network for the national multi-level data element market of "data interconnection, inter-domain collaboration, intelligent scheduling, and trusted trading". On May 24, 2024, at the main forum of the Digital China Construction Summit, 24 data trading institutions jointly released the "Data Trading Institution Mutual Recognition and Interconnection Initiative" under the promotion of the National Data Bureau, with the aim of improving the efficiency of data circulation and trading, reducing the cost of compliant circulation and trading, and stimulating the vitality of the data element market. The 24 data trading institutions jointly released the "Initiative," in accordance with which, data trading institutions will promote the "one place on the shelf, national mutual recognition" of data products in the future; "one place demand, national response" for data requirements; "one set of standards, nationally common" for data trading; and "one place registration, national mutual trust" for participating entities, promoting the construction of a unified, open, active, and efficient data element market.
Actively exploring cross-border data flow, Shanghai Free Trade Zone has become a pilot. Domestically, rules for cross-border data flow are constantly being formulated; internationally, China is proactively connecting with CPTPP and DEPA. On December 7, 2023, the State Council issued the overall plan for high-level institutional opening of the China (Shanghai) Pilot Free Trade Zone to comprehensively connect with international high-standard economic and trade rules, creating a national institutional opening demonstration zone as China's response to CPTPP and DEPA.
Investment Advice: The official implementation of the "cni data factor index" action plan has further stimulated the innovation vitality of cni data factor index and promoted its rapid development. The circulation and trading of cni data factor index as a key link to release value is also constantly being improved. The perfect policy system and the efficient and compliant circulation of cni data factor index guaranteed by the data exchange platform, as well as the mutual recognition and interoperability among data trading institutions, are conducive to further activating the cni data factor index market. Cross-border data flow is also the direction that China is currently actively exploring. It is suggested to pay attention to the value release of cni data factor index through circulation and trading links, and specifically focus on enterprises related to data circulation platforms such as the Data Exchange and data trading participants such as data merchants.
Risk factors: Failure to implement policies as expected, insufficient ability to guarantee data security, and slower-than-expected growth in data trading volume.