Industry Benefit Analysis and Investment Opportunities Driven by Data Element Policies

I have collected sufficient information, and now I will prepare a systematic and comprehensive analysis report for you.

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2026 has been designated as the “Year of Data Element Value Release”, marking the official transition of China’s data element market from the foundational stage of “leveling the land and building bridges and roads” to the harvest stage of “sowing, cultivating, blooming, and bearing fruit” [1][2]. Liu Liehong, Director of the National Data Administration, summarized the core goals of data value release with 16 characters: “

”, which accurately outlines the four key areas of data work in 2026 [4].

From a macro perspective, emphasizing “value release” in 2026 has profound strategic significance:

• Macroeconomic Demand
  : The marginal return of traditional factors is declining, while data elements can be reused without consumption and add value through combination, algorithms, and scenarios
• Conclusion of the 14th Five-Year Plan
  : Institutions and projects have reached their “delivery deadline”, requiring the conversion of “institutional dividends” into “industrial dividends”
• Driven by New-Quality Productivity
  : The development of large models, intelligent agents, industrial intelligence, etc., has brought structural changes to data demand, shifting from “having data” to “having high-value data”
• Need for a Unified National Market
  : Cross-regional, cross-departmental, and cross-industry data flow is a key piece of the unified national market puzzle [1]

According to data from iResearch, the scale of China’s data element market exceeded 200 billion yuan in 2025, and is expected to surpass 300 billion yuan by 2028. Driven by both institutional and technological forces, industrial practices are shifting from pilot exploration to large-scale implementation and in-depth value mining, and the hundred-billion-yuan blue ocean market is undergoing a qualitative change [4]. As of the end of Q3 2025, the total amount of high-quality datasets in China has exceeded 500PB, the total national computing power has reached 280EFLOPS, and intelligent computing accounts for 32% [5].

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:

• Two ministries jointly built an “integrated energy meteorological service system” to carry out monitoring and forecasting of distributed photovoltaic and decentralized wind power, and explore meteorological indices and insurance products for wind and solar power generation
• At least 5 of the 20 key tasks specified in the “Guiding Opinions” are directly related to wind and solar energy
• The Tianmu-1 Occultation Meteorological Detection Constellation is China’s first low-orbit meteorological satellite system built with a commercial model [7][8]

:
As a foundational support for new energy development, meteorological services will benefit greatly from this process. The layout of distributed photovoltaic and decentralized wind power requires accurate regional meteorological resource assessment, and the dispatch and operation of virtual power plants depend on refined wind and solar power generation forecasts [7]. New energy enterprises are willing to invest in high-quality meteorological services to ensure power generation stability and operational efficiency, and this supply-demand balance will drive continuous innovation and development of the market.

:

• Aerospace Development (000547)
  : Focuses on the commercial space-based meteorological data service market, builds a commercial low-orbit occultation detection satellite constellation, and operates the Tianmu-1 Occultation Meteorological Detection Constellation

:

• Public data products for analytical applications that do not involve personal privacy are expected to achieve large-scale supply first
• By 2025, the National Data Administration has released a total of 100 key demonstration scenarios for public data to “flow”, covering key sectors such as smart agriculture, healthcare, transportation and logistics [4][5]

:
In the livelihood sector, applications such as precise medical insurance services and certificate-free entry to scenic spots have been realized; on the industrial side, data opening in customs clearance, logistics, etc., helps enterprises reduce costs and increase efficiency [4].

:

• Financial risk assessment data products with clear commercial value will be accelerated
• The Beijing Financial Public Data Zone has accumulated more than 7.1 billion pieces of financial data, with an annual call volume exceeding 250 million times [9]

:
Financial institutions accurately outline enterprise portraits from the perspectives of enterprise operation status and industry competition trends, providing comprehensive support for enterprise financing services. It has provided data services to more than 60 financial institutions such as banks and guarantee companies, as well as over 800,000 market entities, totaling more than 560 million times [9].

:

• The Shenzhen-Hong Kong cross-border data channel has realized the mutual recognition of medical record data between the University of Hong Kong-Shenzhen Hospital and Hong Kong’s “Health Connect” platform
• Agricultural Bank of China Shenzhen Branch completed the first consumer loan disbursement to Hong Kong residents, solving the cross-border financing problem caused by the lack of credit information for Hong Kong residents in the mainland [11]

:

• Webank
  : Single-day financial transaction peak exceeds 1.4 billion, focusing on risk management and financial services
• Shenzhen Credit Reference
  : Collects 3 billion pieces of credit data, covering 4.6 million market entities in the city, and connects to national data resources

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• Data products with clear commercial value such as medical clinical auxiliary diagnosis will be accelerated
• Capital Information released a real-world research-level single-disease themed database and a large model for medical device registration and review [9]

:
Focusing on medical insurance data, it provides services such as credit-based healthcare, data query, data reports, and customized projects to insurance companies, pharmaceutical companies, and research institutions, and the “treat first, pay later” model is being promoted [9].

:

Company Name	Stock Code	Business Segment
Meinian Health	002044	Health Check-up Data
China Reform Health	-	Medical Insurance Informatization
Joinhand	002777	Medical Insurance Informatization
Createcom	-	Healthcare Informatization
Winning Health	-	Healthcare Informatization
Neusoft Group	600718	Healthcare Informatization
Gmed	-	Healthcare Informatization
Shanda Diwei	-	Medical Insurance Data [10]

:

• The application of data elements in the industrial field has achieved remarkable results; leading enterprises have shortened the R&D cycle of high-end products and procurement and delivery cycle by more than 30% by gathering industrial chain data
• Industrial Internet data products are opening up data services to upstream and downstream through trusted data spaces built by leading enterprises [4]

:
Trusted data space pilots have expanded to more than 900 application scenarios, covering 20 major industry sectors and 4 urban governance sectors [5]. Shandong Inspur Aulin Big Data Technology Co., Ltd. realizes value sharing and circulation within the industrial chain through the trusted data space built by leading enterprises, promoting global optimization and cost reduction and efficiency increase.

:

• The National Data Administration has deployed key work for 2026, proposing to deeply implement 6 special actions including strengthening foundations and expanding capacity, application empowerment, quality improvement and efficiency enhancement, management services, and value release
• Strive to form a number of benchmark datasets that meet AI readiness requirements and effectively train advanced models by the end of 2026 [10]

:

• As of the first half of 2025, 524 datasets have been built, serving 163 large models
• China Telecom’s high-quality dataset for network large models has created a 6TB high-quality dataset and hundreds of scenario-based knowledge bases, and was selected as one of the first batch of excellent construction results of high-quality datasets by central enterprises by the State-owned Assets Supervision and Administration Commission [5]

:

Company Name	Stock Code	Business Segment
Haitian Ruisheng	688787	Data Annotation & Processing
3D Tiandi	-	Data Quality Management
iFLYTEK	002230	Multilingual Large Model Data [10]

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These companies, backed by central or local state-owned assets, have unique advantages in data infrastructure and authorized operation of public data:

Company Name	Stock Code	Core Advantages	Recent Performance
Taiji Co., Ltd.	002368	Leading government IT provider, participates in data system construction across regions	+4.09%
Inspur Information	000977	Leading server provider, AI computing infrastructure	+2.78%
E-Hualu	300212	Data storage infrastructure, shareholder of data exchanges	+11.86%
People.cn	603000	Public opinion data, content risk control	+10.01%
Sunsundata	-	Digital Infrastructure
GRG Banking	-	Financial intelligent equipment, shareholder of data exchanges [10]

: As a leading local government IT provider, Taiji Co., Ltd. is deeply involved in data system construction across regions, with significant advantages in government and enterprise digitalization. The company is included in both data development and processing and government IT leader categories, reflecting its full-chain layout in data elements [10].

As of May 2025, government-led data exchanges (centers) have been optimized and reorganized to 33, forming a multi-level market pattern of “leading head, regional coordination, one exchange per province, and characteristic dislocation” [5].

:

• In 2025, on-site transaction volume increased by 167% year-on-year, with cumulative data delivery volume reaching 2500TB
• It has issued more than 800 asset registration certificates, and gathered more than 3500 high-value data products
• It has established 28 data element service centers in cooperation with local governments, adding more than 3000 market participants [9]

:

Company Name	Stock Code	Shareholding Status
Zhejiang Daily Digital Culture	600633	Shareholder of Hangzhou Data Exchange
DBAPPSecurity	-	Shareholder of data exchanges
Mobvista	-	Shareholder of data exchanges
E-Hualu	300212	Shareholder of data exchanges [10]

Full-process security assurance for data elements is an important prerequisite for value release:

Company Name	Stock Code	Business Segment
Haohan Deep	688292	Network Data Security
Jida Zhengyuan	003029	Data Security Certification
CETC Cybersecurity	-	Network Security
NavInfo	002405	Geospatial Data Security [10]

: It has been rated A-level in the Shenzhen Stock Exchange’s information disclosure evaluation for 8 consecutive years, promoting built-in cipher applications with Huawei, Hygon, etc., and is widely used in healthcare, banking and other fields [9].

:

• High-precision spatiotemporal data is in strong demand in scenarios such as autonomous driving and intelligent transportation
• Qianhai has built the country’s first new paradigm of “data carpooling” for crowdsourced sharing [9][11]

:

Company Name	Stock Code	Business Segment
SuperMap Software	300036	GIS Software
Surveying and Mapping Co., Ltd.	-	Surveying and Geographic Information
China Star Map	-	Digital Earth
Aerospace Hongtu	-	Remote Sensing Applications [10]

Company Name	Stock Code	Business Features
Shanghai Steelhome	300226	Commodity Data Services, +14.31%
iFind	300033	Financial Data Terminal, +1.37%
Zoeinfo	-	Cloud Services & Data Services
Intsig Information	688615	Intelligent Text Recognition, Data Going Global, -0.62%
Foxit Software	688095	PDF Office Software, Data Going Global
Kingsoft Office	688111	Office Software, Data Going Global [10]

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• Constructed and operates the 110,000-square-meter Shenzhen (Qianhai) International Data Industrial Park
• Established an initial 500 million yuan special fund for the data industry
• Put into operation the 500P Qianhai Shenzhen-Hong Kong Artificial Intelligence Computing Center
• Gathered more than 4,000 data enterprises [11]

:

• Registered capital increased to 6 billion yuan (from 3 billion yuan)
• Built a “1+4+1” business layout: government and enterprise digitalization as the basic business, focusing on four key businesses including data infrastructure construction, data resource development and utilization, data circulation and trading, and data industry ecosystem construction, while deploying artificial intelligence large model applications
• Accumulated more than 3,500 high-value data products, including nearly 700 high-quality datasets [9]

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• Realized the mutual recognition of medical record data between the University of Hong Kong-Shenzhen Hospital and Hong Kong’s “Health Connect” platform
• The Shenzhen-Hong Kong cross-border data verification platform has handled more than 2,300 businesses, helping small and medium-sized enterprises in the mainland raise more than HK$260 million in financing in Hong Kong
• Rated as one of the “Top 10 Institutional Innovation Cases of China (Shanghai) Pilot Free Trade Zone 2024-2025” [11]

:

• The first Guangdong-Singapore data circulation infrastructure
• Launched the first two-way verification scenario of enterprise owner personal credit reports
• Provided cross-border credit loan support to more than 2,000 two-way investment enterprises in both places [11]

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• Taiji Co., Ltd., Inspur Information, E-Hualu, Sunsundata, People.cn, etc.
• Logic: Main undertakers of authorized operation of public data, main participants in data infrastructure construction

• Medical Insurance and Healthcare Data: Meinian Health, China Reform Health, Joinhand, Winning Health, etc.
• Financial Data Services: Shanghai Steelhome, iFind, Orient National Information, etc.
• Meteorological Data Services: Aerospace Development, etc.
• Logic: The value of data ultimately needs to be realized through specific industry scenarios

• Databases: Dameng Data, Transwarp Technology, Mass Data, etc.
• Data Security: Haohan Deep, Jida Zhengyuan, CETC Cybersecurity, etc.
• Logic: Foundational support for data element circulation

• Intsig Information, Foxit Software, Kingsoft Office, etc.
• Logic: Data going global has important value, and the development potential of domestic data elements extends overseas [10]

According to the latest market data, data element concept stocks have performed actively recently:

• Orient National Information: +9.94%
• Winning Health: +7.94%
• Intsig Information: +12.40%
• E-Hualu: +11.86%
• Shanghai Steelhome: +14.31%
• Haohan Deep: +20.01% [10]

1. Uncertainty of Technical Route Changes
   : AI and big data technologies iterate rapidly, and changes in technical routes may affect the industry structure
2. Intensified Industry Competition
   : The number of participants in the data service market is increasing, which may lead to a decline in gross profit margin
3. Policy Implementation Progress
   : There is uncertainty in the progress of improving systems such as data property rights registration and pricing mechanisms
4. Data Security Risks
   : Security incidents such as data leakage and abuse may affect the development of the industry [10]

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2026, as the “Year of Data Element Value Release”, will be a critical period for the improvement of policy systems and the implementation of local practices.

will accelerate maturity with compliance advantages; data product supply in will also take shape rapidly driven by the market, jointly opening a new chapter of data elements empowering the real economy.

In terms of investment strategy, it is recommended to focus on three types of targets:

1. State-owned-backed leaders in data element sub-sectors
   : Taiji Co., Ltd., Inspur Information, E-Hualu, etc.
2. Leaders in vertical industry data applications
   : Leaders in sub-sectors such as medical insurance and healthcare, financial services, and meteorological services
3. Providers of data infrastructure and tools
   : Links such as databases, data security, and data annotation

With the establishment of a national integrated data market and the improvement of unified trading rules, registration systems, and evaluation systems, data holders will shift from a “cost center” mindset to a “profit center” layout, promoting the transformation of data resources into market-oriented products, and the data element market is expected to undergo a qualitative change from a “potted landscape” to a “scenic vista”.

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[1] Wuhan Municipal Government - From “Having Data” to “Having Productivity”: How to Realize the Value of Data Elements in 2026 (https://home.wuhan.gov.cn/sjkp/202601/t20260112_2710185.shtml)

[2] Securities Times - Multiple Regions Clarify Work Goals for the “Year of Data Element Value Release” (https://www.stcn.com/article/detail/3596043.html)

[3] 21st Century Business Herald - Goldman Sachs is Bullish on Chinese Stocks: Profit Growth Takes Over as the Driver (https://www.21jingji.com/article/20251224/herald/4f38cb6f737eee4cedd0282b047f7ed6.html)

[4] Securities Times - Accelerated Value Release of Data Elements: Hundred-billion-yuan Blue Ocean Market Undergoes Qualitative Change (https://www.stcn.com/article/detail/3598821.html)

[5] Wuhan Municipal Government - China Has Achieved Phased Results in the Market-oriented Allocation Reform of Data Elements (https://home.wuhan.gov.cn/mtbd/202601/t20260114_2711520.shtml)

[6] Global Law Office - Annual Report on Data Element Market Observation (2025) (https://www.glo.com.cn/Content/2026/01-04/0935093311.html)

[7] 21st Century Business Herald - Wind and Solar Energy are Predictable! Two Ministries Jointly Build an “Integrated Energy Meteorological Service System” (https://www.21jingji.com/article/20260116/herald/ffea9e92dcfe992b3689941b0f93e739.html)

[8] Eastmoney - Tianmu-1 Occultation Meteorological Detection Constellation is China’s First Low-orbit Meteorological Satellite System Built with a Commercial Model (https://caifuhao.eastmoney.com/news/20260113090606349889330)

[9] Beijing State-owned Assets System - Beijing Data Group’s Registered Capital Increased to 6 Billion Yuan (https://www.bsam.com.cn/newsInfo_b253497ce5cb4e4a970a66d170a292dd.html)

[10] Investing.com - Guolian Minsheng Securities: The State Strengthens Data Property Rights Registration, Emphasizing the Important Opportunity of “AI + Data” (https://hk.investing.com/news/stock-market-news/article-1266364)

[11] Qianhai Authority of Shenzhen Municipality - Take-off, Accelerate, Leap… Qianhai Achieves a “Three-level Jump” in Data Element Reform and Innovation (https://qh.sz.gov.cn/sygnan/qhzx/dtzx/content/post_12605385.html)