the data element is expected to start a 30-year golden development period, and the overall scale may exceed 60 trillion yuan. China is expected to usher in the first year of data elements with the recent heavy policy landing. According to experts from the National Development and Reform Commission, the input and output of the whole chain of data elements, as well as the evaluation, pledge, financing and other derivative markets around data assets, the overall size may exceed 60 trillion yuan, and is expected to usher in a 30-year golden development period. Since December 2022, China has successively released the draft for comments on the entry of enterprise data assets into the table, the top-level design "Data 20", the "Digital China Overall Layout Plan", and announced the establishment of the National Data Bureau. With the release of a number of important documents at the national level to point out the direction for the development of China's data element industry, data element basic system rules, local government and enterprise practice is expected to continue to advance. China is expected to usher in the first year of data elements.

public data authorization operation has become the key to the development of data elements, "data finance" is expected to take over "land finance". Public data accounts for about 80% of the total social data resources and is the main component of China's data. In addition, the relevant policies and regulations are not perfect, public data opening can be used as a starting point, the establishment of fault tolerance mechanism, to attract and drive commercial data to participate in the circulation. According to McKinsey, the potential open value of China's public data is 10 trillion -15 trillion yuan. Changsha has also written "data finance" into its policy, and "data finance" is expected to take over "land finance" and empower the healthy development of the local digital economy.

with reference to land elements, the release of public data value adopts a "first-hand collection and then release" approach: state-owned enterprises act as "first-level developers" to ensure data security and enable data circulation, and several merchants act as second-level developers to dig deep into the value of data elements. Similar to land resources, in the process of releasing the value of public data, the process of "receiving first and releasing later" will also be adopted, which is also divided into primary and secondary markets. Primary market: State-owned background to ensure data security, the original data into a circulating resource. Secondary market: Digital merchants develop a variety of data products for different application scenarios and provide them to the community, ultimately releasing the value of data elements.

public data authorization operation is a blue ocean that needs to be developed urgently. Local governments should try to explore various ways of public data authorization operation. The relevant system, theory and practice of public data authorization operation are not mature. The central government has not yet issued relevant policies, but all parties have seen the huge opportunities in this blue ocean and are actively trying. Among them, the more prominent ways are: regional leading mode, regional scene traction mode, industry-led mode and "central co-construction" mode.

We believe that the central and local relevant systems are expected to be introduced one after another, and public data authorization operations are expected to be the first to land.

Companies involved in regional public data licensing operations, industry-linked public data licensing operations, providing a secure and trusted environment, and private computing technology support are expected to continue to benefit. We believe that in the process of public data authorization operation, there are two major categories of enterprises can benefit. The first is a subject that is or is expected to participate in public data operations in the future. Among them, there are subjects such as Shen Sangda, Yi Hualu and Yin Zhijie who are or are expected to participate in regional public data operation in the future, as well as subjects such as Long Yinhai, Tax Friends, Zhongke Jiangnan and Daily Interaction who have knowledge of industry scenes, know-how ability and are or are expected to participate in industry vertical public data operation in the future.

the second is in the public data authorization operation, to provide a secure and trusted environment, such as privacy computing and other key technical support enterprises, such as daily interaction, Anheng information.

Regional Public Data Authorization Operations: It is recommended to pay attention to Deep Sanda A(000032, unrated), Yi Hualu (300212, unrated), Tai Chi (002368, unrated), Yunsai Zhilian (600602, unrated), Yinzhijie (300085, unrated), etc.

industry vertical public data authorized operation areas: it is recommended to pay attention to zhongke Jiangnan (301153, unrated), desheng technology (002908, unrated), tax friends shares (603171, unrated), long yinhai (002777, unrated), shanda diwei (688579, unrated), nanwei software (603636, unrated), etc.

technical service support: recommend anheng information (688023, overweight), suggest to pay attention to chianxin-U(688561, unrated), shanda diwei (688579, unrated), xinghuan technology-U(688031, unrated), daily interaction (300766, unrated), meiyaboco (300188, buy), youkide-W(688158, unrated).

Risk Tips

Data elements fall short of expectations; industry competition intensifies.