Huaxi Securities' research report pointed out that firstly, the top-level layout is becoming increasingly mature, with cni data factor index deeply integrated with the real economy. At the national level, there is an unprecedented degree of attention driving the development of cni data factors, making data the core driving force for economic development in the new era. The issuance of the "National Data Standard System Construction Guide" witnessed the deep penetration of cni data factors from macro policies to local governments and enterprises. Secondly, the release of the potential of public cni data factors, where local governments and data companies work together to create new opportunities. Public data authorization operation has become a key path to building a cni data factor market and unlocking data dividends. Thirdly, the integration of data assets leads innovation, driving the creation of a high-value new territory. The formal implementation of the "Interim Provisions on Accounting Treatment of Enterprise Data Resources" marks the official entry of data resources into the era of assets, significantly accelerating the process of assetization of cni data factors for Chinese listed companies. It is recommended to focus on investment opportunities in three directions: 1) State-owned cloud and data developers (Taiji Computer Corporation, Deep Think Technology, etc.); 2) Three major operators (China Mobile, China Telecom, etc.); 3) Data operators and processors (Ucap Cloud Information Technology Co., Ltd., TRS Information Technology, etc.).