Analysis of the Impact of the National Data Bureau's Guidance on Long-Term Capital Investment in Data Technology Sector on A-Share Investments

Now let me provide a comprehensive analysis of the impact of the National Data Bureau’s policy on the A-share data technology industry chain.

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The National Data Bureau officially issued the “Implementation Opinions on Strengthening Data Technology Innovation” (Guo Shu Ke Ji [2025] No.70) on December 25, 2025, and publicly released it on December 27 [2]. This policy is an important guiding document in the data technology field, focusing on the medium and long-term goals of achieving phased breakthroughs by 2027 and establishing a complete data technology innovation system by 2030 [2].

The policy clearly proposes the following key initiatives [2][3]:

• Increase fiscal and financial support
  : Strengthen the leading role of government investment and guide financial institutions to support data technology innovation
• Guide long-term capital investment
  : Drive more long-term capital, patient capital, and high-quality capital to invest in the data technology sector
• Investment direction guidance
  : Encourage “investing early, investing in small enterprises, investing long-term, investing in hard technology”
• Collaborative investment mechanism
  : Form a sustained and stable investment mechanism with collaborative linkage between government, market, and society
• Policy incentive measures
  : Leverage policies such as tax incentives for high-tech enterprises and special guarantees for technological innovation to reduce the innovation costs of data technology enterprises

The data technology industry chain covers the following core links:

:

• Data center construction and operation
• Data storage equipment
• Network communication facilities
• Computing power infrastructure

:

• Big data analysis platform
• Data governance and security
• Data annotation and cleaning
• Data transaction and circulation

:

• Industry data applications (finance, medical care, government affairs, etc.)
• AI large model training
• Data element circulation
• Enterprise digital transformation services

Mainly covering the following细分领域:

• Data centers and infrastructure
  : Inspur Information (000977), Sugon (603019), Baosight Software (600845)
• Data platforms and software
  : Yonyou Network (600588), Dongfang Guoxin (300166), Glodon (002410)
• Data elements and circulation
  : E-Hualu (300212), NavInfo (002405)
• Communication equipment and networks
  : ZTE (000063)

According to brokerage API data, the performance analysis of the A-share data technology sector over the past 90 days (September 28 to December 27, 2025) is as follows [0]:

: The above chart shows the performance of the A-share data technology sector from September to December 2025. The top-left chart is a normalized stock price trend comparison, showing the price change of each stock relative to the initial period; the top-right chart is a bar chart of price changes during the period; the bottom-left chart is a comparison of annualized volatility; the bottom-right chart is the overall trading volume trend of the sector. Data source: Brokerage API [0].

[0]:

Indicator	Value
Average Price Change	-13.24%
Standard Deviation of Price Change	7.94%
Average Volatility	37.04%
Number of Rising Stocks	0
Number of Falling Stocks	9
Maximum Decline	-28.82% (Sugon)
Minimum Decline	-1.95% (NavInfo)

[0]:

Stock Code	Stock Name	Initial Price	Final Price	Price Change	Volatility
603019.SS	Sugon	120.55	85.81	-28.82%	48.73%
300212.SZ	E-Hualu	21.53	17.22	-20.02%	30.03%
600588.SS	Yonyou Network	15.32	12.88	-15.93%	36.86%
000063.SZ	ZTE	45.11	37.90	-15.98%	60.05%
002410.SZ	Glodon	13.93	12.47	-10.48%	25.79%
600845.SS	Baosight Software	23.04	20.70	-10.16%	17.73%
300166.SZ	Dongfang Guoxin	10.81	9.93	-8.14%	41.80%
000977.SZ	Inspur Information	72.60	67.00	-7.71%	43.48%
002405.SZ	NavInfo	9.23	9.05	-1.95%	28.85%

From the above data, we can see [0]:

1. Overall Pressure
   : The sector fell by an average of 13.24% over the past 90 days, with all sample stocks declining
2. High Volatility
   : The average volatility reached 37.04%, significantly higher than the market average
3. Obvious Differentiation
   : The difference between the largest decline (Sugon: -28.82%) and the smallest decline (NavInfo: -1.95%) is nearly 27 percentage points
4. Valuation Risk
   : Stocks with large previous gains and high valuations face greater correction pressure

:

• Policy Catalyst Effect
  : The National Data Bureau’s implementation opinions provide a clear policy support signal for the data technology sector, helping to improve market expectations for the industry’s prospects [2][3]
• Improved Liquidity
  : Policies guiding long-term capital and patient capital are expected to bring incremental funds and ease liquidity pressure on the sector
• Increased Risk Preference
  : The policy orientation of “investing early, investing in small enterprises, investing long-term, investing in hard technology” may increase market risk preference for small and medium-sized market capitalization, high R&D investment technology companies

: Taking Inspur Information (000977) as an example [0]:

• Technical Trend
  : In an upward trend (breakthrough day, to be confirmed), a buy signal appeared on December 22
• Key Price Levels
  : Resistance level at $68.39, next target at $70.63, support level at $63.79
• Technical Indicators
  : MACD is bullish, KDJ is bullish, but RSI indicates overbought risk
• Valuation Level
  : P/E ratio (TTM) is 39.78x, P/B ratio is 4.68x

:

• Valuation Pressure
  : The overall valuation of the sector is still relatively high, and policy benefits may have been partially or fully reflected in stock prices
• Profit-Taking
  : Stocks with large previous gains face profit-taking pressure
• Market Differentiation
  : Policy implementation takes time, and the market may show structural differentiation in the short term

(Next 3-6 Months):

1. Focus on Policy Implementation Rhythm
   : Closely track the release of supporting policies by the National Data Bureau and local implementation rules
2. Select High-Quality Targets
   :
   • Leading enterprises with reasonable valuations and high performance certainty (e.g., Baosight Software)
   • Hard technology companies with high R&D investment intensity and high technical barriers
   • Platform-type companies benefiting from the market-oriented reform of data elements
3. Control Position
   : The overall valuation of the sector is not low; it is recommended to布局 in batches and avoid chasing highs
4. Focus on Catalysts
   :
   • Local data bureau policy supporting measures
   • Progress of data element trading pilots
   • Commercialization of AI applications

(6-18 Months):

1. Focus on Performance Realization
   : Select companies that can convert policy dividends into actual orders and revenues
2. Layout Core Tracks
   :
   • AI computing power infrastructure (servers, storage, network equipment)
   • Data governance and security
   • Industry data applications
3. Emphasize Cash Flow
   : Select companies with sufficient free cash flow and sound financials
   • Inspur Information: Financial analysis shows low risk classification, but free cash flow is negative (-150 million yuan) [0]
   • Sugon: Financial analysis shows neutral attitude, low risk classification, free cash flow is positive (1.862 billion yuan) [0]

(Over 18 Months):

1. Grasp Industrial Trends
   : Focus on long-term trends such as AI large models, market-oriented data elements, and digital China construction
2. Accompany High-Quality Enterprises
   : Select leading enterprises with core technical advantages and excellent management teams for long-term holdings
3. Dynamic Adjustment of Allocation
   : Dynamically adjust investment portfolios according to changes in industry prosperity and technological progress rhythm

1. Risk of Policy Implementation Falling Short of Expectations
   : There is a time lag between policy formulation and actual implementation, and the effect may fall short of expectations
2. Technology Iteration Risk
   : Technologies such as AI and big data develop rapidly, and there is a risk of technology route iteration
3. Valuation Correction Risk
   : Some individual stocks are at historical high valuations and face correction pressure
4. Macroeconomic Fluctuation Risk
   : Macroeconomic fluctuations may affect enterprise IT expenditure
5. International Competition Risk
   : Intensified global technological competition may affect industrial chain security

[0]:

• Financial Attitude: Aggressive accounting policies, low depreciation/capital expenditure ratio
• Debt Risk: Low risk classification
• Free Cash Flow: -150 million yuan

[0]:

• Current Price: 67.00 yuan (December 26, 2025)
• Technical Trend: In an upward trend (breakthrough day, to be confirmed)
• Valuation: P/E ratio 39.78x, P/B ratio 4.68x
• Beta: 0.35 (relative to CSI 300)

:

• Leading AI server company, benefiting from the explosion of AI computing power demand
• Policy support for long-term capital investment helps improve the company’s financing environment
• Technical analysis shows a breakthrough signal, but attention should be paid to valuation level and performance realization

[0]:

• Financial Attitude: Neutral
• Debt Risk: Low risk classification
• Free Cash Flow: 1.862 billion yuan (sufficient)

[0]:

• 90-Day Decline: -28.82% (largest in the sector)
• Volatility: 48.73% (high volatility)

:

• More attractive valuation after overselling
• Sufficient free cash flow and sound financials
• Leading high-performance computing company, benefiting from national scientific research investment

1. Significant Policy Significance
   : The National Data Bureau’s implementation opinions provide clear policy support and funding guarantees for the development of the data technology industry, and are important catalysts for the sector [2][3]

2. Limited Short-Term Impact
   : The policy was released recently, and its actual impact on the market still needs to be observed; the recent overall weak performance of the sector (-13.24%) [0] reflects the market’s digestion of previous high valuations

3. Promising Medium-Term Space
   : Continuous investment of long-term capital and patient capital is expected to improve the sector’s liquidity and drive the industry’s prosperity to pick up

4. Clear Long-Term Logic
   : Data technology is an important part of the “new economy” and aligns with the general direction of China’s economic transformation and upgrading [5]

• Current Point in Time (End of December 2025)
  : The policy has just been released, and the market is still in the digestion period; it is recommended to be cautiously optimistic and pay attention to policy implementation and performance realization
• 2026 Outlook
  : According to online searches, 2026 will be a year of “valuation contraction + profit growth”, and enterprise profits are expected to become the core driving factor for stock prices [6]. It is recommended to focus on high-quality targets with high performance certainty

1. Hard Technology Direction
   : Companies that align with the “invest in hard technology” policy orientation and have core technical barriers
2. Data Element Direction
   : Companies benefiting from the market-oriented reform of data elements
3. AI Computing Power Direction
   : Infrastructure providers benefiting from AI large model training demand
4. Industry Application Direction
   : Companies with in-depth layout and application scenarios in vertical industries

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[0] Gilin API Data - A-share data technology sector market data, financial analysis, technical analysis
[1] China Launches National and Three Regional Venture Capital Guidance Funds to Patiently Cultivate Hard Technology Giants - Yahoo Finance
[2] National Data Bureau Issues “Implementation Opinions on Strengthening Data Technology Innovation” - SecRSS (https://www.secrss.com/articles/86462)
[3] National Data Bureau: Encourage Investing Early, Investing in Small Enterprises, Investing Long-Term, Investing in Hard Technology, Forming a Sustained and Stable Investment Mechanism with Collaborative Linkage Between Government, Market, and Society - Sina Finance
[4] Media Report | National Data Bureau: Guide High-Quality Data with Public Welfare Attributes to Enter Open Source Communities - National Data Bureau
[5] “This Time Is Really Different”, Global Top Investment Institutions Voice Out! - China Fund News
[6] Public Fund Annual “Report Card” Is About to Be Finalized, Active Equity Led the Rise in 2025, Long-Term Performance Becomes the Focus - Securities Times (https://stcn.com/article/detail/3552760.html)