According to Zhizhong Finance APP, recently, six departments including the National Development and Reform Commission, the National Bureau of Data, the Ministry of Education, the Ministry of Finance, the Financial Regulatory Administration, and the China Securities Regulatory Commission issued the "Guiding Opinions on Promoting High-Quality Development of the Data Industry." The opinions clearly state that by 2029, the annual average compound growth rate of the data industry will exceed 15%, the structure of the data industry will be significantly optimized, the ability to innovate in data technology will reach a world-leading level, and the supply capacity of data products and services will be greatly enhanced, giving rise to a number of new products, services, and business models for intelligent applications, as well as a batch of internationally competitive data enterprises.

The opinions mention that incentives and measures should be developed for data collection and aggregation, computing storage, circulation trading, development and utilization, security governance, and the construction of data infrastructure, to optimize industry layout, cultivate competitive entities, promote technological innovation, and improve the industrial ecosystem, fully leveraging the decisive role of the market in resource allocation, and better utilizing government functions to help the growth of data enterprises, providing strong support for the cultivation of a national integrated data market, the development of new productive forces, and the creation of new momentum and advantages in development.

In terms of specific measures, the guiding opinions propose to strengthen data technology companies, fostering a number of technology innovation enterprises focused on data collection and aggregation, computing storage, circulation trading, and development and utilization; supporting enterprises in providing specialized services focused on data circulation and trading, particularly in business consulting, transaction matchmaking, compliance services, financial services, etc., cultivating a number of data service enterprises, and developing new models and new business types for data circulation and trading. Strengthening data infrastructure enterprises by nurturing a group of internationally competitive data infrastructure companies; supporting enterprises around industrial manufacturing, modern agriculture, commercial circulation, financial services, and green low carbon sectors to create typical scenarios of "CNI Data Factor Index X" to promote the deep integration of the real economy and digital economy.

Since the beginning of 2024, China's strategic layout for data has continually evolved, with relevant policies and systems being introduced intensively. On January 4, the National Bureau of Data and 17 other departments jointly issued the "Three-Year Action Plan for 'CNI Data Factor Index X' (2024-2026)" intended to fully leverage the multiplier effect of data factors to empower economic and social development. The action plan proposes that by the end of 2026, the application breadth and depth of data factors will be significantly expanded, with the multiplier effect of data factors becoming evident in the field of economic development, an average annual growth rate of the data industry exceeding 20%, and coordinated development of both on-exchange and OTC trading.

In September, the National Bureau of Data issued the "Guiding Opinions on Promoting High-Quality Development of the Data Industry (Draft for Comments)" and the "Opinions on Promoting the Development and Utilization of Enterprise Data Resources (Draft for Comments)", pushing enterprises to fully leverage the new momentum of data factors; in October, the National Bureau of Data issued the "Public Data Resource Authorization and Operation Implementation Specification (Trial)" (Draft for Public Comments), further constructing a more complete market-oriented allocation system and mechanism for data factors.

On October 9, the General Office of the CPC Central Committee and the General Office of the State Council issued the "Opinions on Accelerating the Development and Utilization of Public Data Resources," which is the first top-level design document at the central level setting rules and directions for public data development and utilization.

On December 25, the National Bureau of Data, the Ministry of Industry and Information Technology, the State-owned Assets Supervision and Administration Commission, and other five departments jointly issued the "Opinions on Promoting the Development and Utilization of Enterprise Data Resources," aimed at fully releasing the value of enterprise data resources and constructing a digital economy with data as a key element. The opinion particularly mentions encouraging enterprises to participate in co-building trustworthy urban data spaces, focusing on key scenarios such as smart transportation, smart culture and tourism, smart education, smart medical care, smart retirement, smart business circles, and digital villages, deepening the integrated application of public data and enterprise data to empower urban governance, public services, and industrial development, and optimizing the business environment. It is understood that data is generally divided into three aspects: public data, enterprise data, and personal data.

According to the data from the National Center for the Development of Information Security, the annual compound growth rate of the CNI Data Factor Index market exceeds 20%. In 2022, the market size of CNI Data Factor Index reached 90.4 billion yuan, and it is expected to exceed 174.9 billion yuan by 2025. According to calculations by China Academy of Information and Communications Technology, the contribution of the digital economy in China for 2023 is 2.05%, an increase of 0.99 percentage points compared to 2022.

CITIC Securities stated that with the establishment of the National Data Bureau, various top-level policies are being continuously implemented, and the inclusion of data assets into the balance sheet is progressing in an orderly manner. Initially focusing on the operation of public data authorization, enterprise data is also expected to enter the CNI Data Factor Index market for circulation, further stimulating the value of data. It is recommended to pay attention to enterprises with high-quality data resources and those capable of deeply participating in key links of data trading and circulation.

CITIC SEC also pointed out that the data industry chain has vast trillion yuan space and is expected to welcome a new round of rapid development under the support of policies, technology, supply and demand, and other factors. The three major industry trends of AI Infra, CNI Data Factor Index, and domestic innovation are expected to become core directions. In terms of investment strategy, the domestic data industry chain is still in the early stages of development. Currently, driven by the trends of AI Infra, CNI Data Factor Index, and domestic innovation, the data industry chain is expected to embrace a new round of development opportunities. It is predicted that the demand elasticity in three core areas—databases, data platforms, and basic data services—is significant and is likely to benefit first from the expansion of demand to open up market space.

Huajin Securities stated that the continued layout of CNI Data Factor Index is expected to continuously improve the realization mechanism of enterprise data rights, better cultivate the digital competitiveness of enterprises, empower industrial transformation and upgrading, and promote the high-quality development of the service economy and society.

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