数据作为新型生产要素，是数字经济时代的重要生产力，但当前仍存在制约我国数据要素流通的堵点，造成高质量数据供给不足。近两年，我国高度重视数据要素市场的培育，数据要素顶层设计也在不断推进。近日国家发展和改革委发布《“数据要素×”三年行动计划（2024—2026年）（征求意见稿）》首提量化目标，有望开启数据要素产业蓝海市场。
近年来，我国数字经济快速发展，数字基础设施全球领先，数字技术和产业体系日臻完善，为更好发挥数据要素作用奠定了坚实基础。但与此同时，也存在场景释放不够、数据供给不足、流通机制不畅等问题。
国家信息中心公共技术服务部发展规划处处长王晓冬指出，当前制约我国数据要素流通的有四个突出堵点，造成高质量数据供给不足：
一是数据交易机制不成熟，供需匹配效率低。由于数据具有权属复杂性、价值相对性和内容时变性等特征，数据交易机构还面临着模式落地难、规模做大难、风险管控难、合规运营难等问题。一方面，数据合规成本高造成企业“不敢交易”。另一方面，数据合理定价难造成企业“不愿交易”，数据来源方交易数据的动力不足。 数字化转型网（www.szhzxw.cn）
二是产业数据分布不均衡，中小企业用数难。当前，我国互联网、金融、能源、电信、交通等重要领域的高质量数据主要集中在部分龙头企业手中，产业上下游中小企业难以获取和利用这些宝贵的产业数据资源，制约了产业数字化转型的空间。
三是公共数据开放不充分，民企用数门槛高。公共数据具有基础性、通用性、权威性强的优势，是赋能千行百业数字化转型的高质量数据供给源之一。近年来，各地持续加强公共数据开放和授权运营探索，取得了显著成效，但是仍然存在数据供给质量不高、授权运营模式不成熟等问题，还不能完全满足社会对公共数据的用数需求。
四是企业数字化转型不到位，自我造血能力弱。我国实体经济企业数字化转型的成功率还较低，产业互联网应用不充分，造成了我国实体经济企业的数据资源存量不足、应用水平不高，实体经济企业的数据开发利用还处于起步阶段。
一、数据要素顶层设计不断推进，首提量化目标
数据作为新型生产要素，是数字经济时代的重要生产力，我国高度重视数据要素市场的培育，数据要素顶层设计也在不断推进。2023年2月，中共中央、国务院印发的《数字中国建设整体布局规划》提出了关于数据资源规模和质量加快提升和数据要素价值有效释放的要求。8月，财政部制定印发的《企业数据资源相关会计处理暂行规定》，为企业数据资产“入表”提供了操作指引，并将于明年1月1日起施行。
10月，国家数据局挂牌。近日，国家数据局局长刘烈宏在第二届数字政府建设峰会开幕式上表示，国家数据局将大力推动公共数据资源开发利用，加快数据市场化配置改革；与此同时，广州、浙江、海南、安徽、青岛多地密集出台数据要素相关政策。
在此基础上，近日国家发展和改革委发布了《“数据要素×”三年行动计划（2024—2026年）（征求意见稿）》（以下简称“征求意见稿”）。征求意见稿指出，通过实施“数据要素×”行动，发挥我国海量数据规模和丰富应用场景优势，推动数据在不同场景中发挥千姿百态的乘数效应，促进我国数据基础资源优势转化为经济发展新优势。 数字化转型网（www.szhzxw.cn）
在此前11月25日2023全球数商大会开幕式上，国家数据局局长刘烈宏已透露下一步研究实施“数据要素×”行动，表示从供需两端发力，加强场景需求牵引，打通流通障碍、提升供给质量。
值得注意的是，三年行动计划首提量化目标，到2026年底实现：1）数据要素应用场景广度和深度大幅拓展，打造300个以上典型应用场景。2）数据产业年均增速超过20%。3）数据交易规模增长1倍，场内交易大幅提升，推动数据要素价值创造的新业态成为经济增长新动力。
同时，顶层设计也进行了进一步的细化，从12个领域展开重点行动。与2022年12月19日颁布的“数据二十条”相比，征求意见稿在数据要素的场景、供给、流通等领域的规划都更为细化，重点针对提升数据供给水平、优化数据流通环境、加强数据安全保障提出具体要求，比如在科研、文化、交通运输等领域打造高质量人工智能大模型训练数据集、支持在重点领域开展公共数据授权运营试点等。
同时，征求意见稿列举了“数据要素×”未来重点应用的12个行业，分别为：智能制造、智慧农业、商贸流通、交通运输、金融服务、科技创新、文化旅游、医疗健康、应急管理、气象服务、智慧城市、绿色低碳。
刘烈宏表示，数据具有规模报酬递增、非竞争性、低成本复制的特点，作用于不同主体，与不同要素结合，可产生不同程度的倍增效应。通过在各行业、各领域加快数据的开发利用，能够提高各类要素协同效率，找到资源配置“最优解”，突破产出边界，创造新产业新业态，实现推动经济发展的乘数效应。
二、数据要素产业蓝海市场有望开启，哪些细分领域率先获益？
根据麦肯锡测算，我国公共数据开放的潜在价值高达10万亿-15万亿元，占 2020 年全国财政收入的55%-82%。随着数据要素顶层设计和地方配套支持政策加速密集落地，有望开启数据要素产业蓝海市场。
目前来看，随着重磅政策的大力倡导和产业的持续探索，数据价值逐渐凸显，我国数据交易规模迅速扩大。2023年数据交易市场规模预估1198.5亿元，同比增长36.7%；预计2025年市场规模2046亿元，2021-2025年复合增速 34.9%。 数字化转型网（www.szhzxw.cn）
其中，根据中国信通院数据，2022年场内交易规模20亿元，占整体规模 2%；根据上海数据交易所数据，2025年场内交易规模预估204.6亿元，占比 10%，2030年场内交易规模1031.2亿元，占比20%，场内交易规模大幅提升。
值得注意的是，根据财政部今年8月发布的《企业数据资源相关会计处理暂行规定》，从2024 年1月1日起，数据资源将被视为一种资产纳入财务报表。数据要素纳入财报，也将打开巨大的市场空间。根据上海数据交易所的资料显示，国家社会面固定资产规模大概在1500万亿元，如果数据资产入表，可能再创造100万亿元新增资产规模。
北邮国家大学科技园元宇宙产业协同创新中心执行主任陈晓华表示，行动计划对于培育数据要素产业生态，夯实基础制度具有重要意义，同时也对数据治理体系、技术能力、法律法规和国际合作等多方面提出了更高要求，未来数据要素产业将迎来新的发展机遇。
“根据行动计划，目标到2026年底打造300个以上典型应用场景，参考重点行动方案，预计将带动包括智能制造、智慧农业、商贸流通、交通运输、金融服务等在内的多个行业和领域数据要素应用的蓬勃发展，促进数字经济与实体经济的深度融合。”陈晓华表示。
据不完全统计，在A股市场中，主营业务与数据要素相关的上市公司超过80 家。在政策密集出台的背景下，就投资而言，一些细分领域有望率先受益。
东吴证券明确表示，公共数据授权运营是当前最符合资本市场投资偏好的环节，因为数据的复购率高，可以获得稳定的现金流，而且数据产品本身可复制，边际成本极低，意味着这些可以参与地方政府公共数据授权运营的企业具备更强的盈利能力。 数字化转型网（www.szhzxw.cn）
华福证券也持类似观点，该机构认为公共数据运营有望尽快完成从0到1的跨越。东莞证券也表示，展望后续，公共数据的市场化流通或将率先落地。
国联证券指出，从计算机行业视角看，后续数据要素政策有望陆续发布，推动产业实践落地关注两大方向：一是公共数据的授权运营市场有望快速发展；二是数据要素的应用空间较为广阔。
华西证券认为，数据基础设施作为软硬件载体有望最先受益。数据基础设施的建设将与数据基础制度的落地和数据资源开发利用的实施一起，共同为数据要素产权确权、收益分配、交易流通、安全治理等核心问题的解决发挥作用。相关数据基础设施建设及数商服务有望加速落地。
翻译：
Which areas are the first to benefit from quantitative targets for data elements?
As a new production factor, data is an important productive force in the era of digital economy, but there are still blocked points restricting the circulation of data factors in our country, resulting in insufficient supply of high-quality data. In the past two years, China has attached great importance to the cultivation of data elements market, and the top-level design of data elements is also constantly advancing. Recently, the National Development and Reform Commission released the “Data Elements ×” three-year Action Plan (2024-2026) (Draft for Comments) “for the first time to set quantitative targets, which is expected to open the blue ocean market of data elements industry.
In recent years, China’s digital economy has developed rapidly, digital infrastructure has led the world, and digital technology and industrial system have become more and more perfect, laying a solid foundation for better playing the role of data elements. However, at the same time, there are also problems such as insufficient scene release, insufficient data supply, and poor circulation mechanism.
Wang Xiaodong, director of the Development Planning Department of the Public Technology Service Department of the State Information Center, pointed out that there are four prominent blocking points that currently restrict the circulation of data elements in China, resulting in insufficient supply of high-quality data: 数字化转型网（www.szhzxw.cn）
First, the data transaction mechanism is immature, and the matching efficiency of supply and demand is low. Due to the characteristics of data ownership complexity, value relativity and content variability, data trading institutions are also faced with problems such as difficult mode landing, difficult scale, difficult risk management and control, and difficult compliance operation. On the one hand, the high cost of data compliance makes companies “afraid to trade.” On the other hand, the reasonable pricing of data is difficult to cause enterprises to be “unwilling to trade”, and the motivation of the data source to trade data is insufficient.
Second, the distribution of industrial data is uneven, and small and medium-sized enterprises are difficult to use. At present, China’s Internet, finance, energy, telecommunications, transportation and other important areas of high-quality data are mainly concentrated in the hands of some leading enterprises, and it is difficult for upstream and downstream small and medium-sized enterprises to obtain and use these valuable industrial data resources, restricting the space of industrial digital transformation.
Third, the opening of public data is insufficient, and the threshold for private enterprises to use data is high. Public data has the advantages of basic, universal and authoritative, and is one of the high-quality data supply sources that enable the digital transformation of thousands of industries. In recent years, all localities have continued to strengthen the opening of public data and the exploration of authorized operation, and have achieved remarkable results, but there are still problems such as low data supply quality and immature authorized operation model, which cannot fully meet the needs of society for the use of public data. 数字化转型网（www.szhzxw.cn）
Fourth, the digital transformation of enterprises is not in place, and the self-hematopoietic ability is weak. The success rate of digital transformation of China’s real economy enterprises is still low, and the application of industrial Internet is insufficient, resulting in insufficient data resources of China’s real economy enterprises and low application level, and the data development and utilization of real economy enterprises is still in the initial stage.
First, the top-level design of data elements has been continuously promoted, and the first quantitative target has been proposed
As a new production factor, data is an important productivity in the era of digital economy. China attaches great importance to the cultivation of data factor market, and the top-level design of data factor is constantly advancing. In February 2023, the Overall Layout Plan for the Construction of Digital China issued by the Central Committee of the Communist Party of China and The State Council put forward requirements for accelerating the improvement of the scale and quality of data resources and effectively releasing the value of data elements. In August, the Ministry of Finance formulated and issued the “Interim Provisions on Accounting Treatment of Enterprise Data Resources”, which provides operational guidelines for the “entry of enterprise data assets into the statement”, and will be implemented on January 1 next year. 数字化转型网（www.szhzxw.cn）
In October, the National Data Bureau was established. Recently, Liu Liehong, director of the National Bureau of Data, said at the opening ceremony of the second Digital Government Construction Summit that the National Bureau of Data will vigorously promote the development and utilization of public data resources and accelerate the reform of market-oriented data allocation; At the same time, Guangzhou, Zhejiang, Hainan, Anhui and Qingdao have intensively introduced policies related to data elements.
On this basis, the National Development and Reform Commission recently issued the “Data Elements X” three-year Action Plan (2024-2026) (Draft for Comments) “(hereinafter referred to as the” draft for comments “). The draft for comments points out that through the implementation of the “data elements ×” action, we will give play to the advantages of China’s massive data scale and rich application scenarios, promote the multiplier effect of data in different scenarios, and promote the transformation of China’s data basic resource advantages into new advantages of economic development.
At the opening ceremony of the 2023 Global Digital Business Conference on November 25, Liu Liehong, director of the National Bureau of Data, has revealed that the next step is to study and implement the “data elements ×” action, saying that the force from both ends of supply and demand is to strengthen the traction of scene demand, open up circulation barriers, and improve the quality of supply.
It is worth noting that the three-year action plan puts forward the first quantitative target to achieve by the end of 2026:1) The breadth and depth of data element application scenarios are greatly expanded, and more than 300 typical application scenarios are created. 2) The average annual growth rate of the data industry exceeds 20%. 3) The scale of data trading has doubled, and the exchange trading has increased significantly, and the new business form that promotes the value creation of data elements has become a new driving force for economic growth. 数字化转型网（www.szhzxw.cn）
At the same time, the top-level design has also been further refined, from 12 areas to carry out key actions. Compared with the “Data Article 20” promulgated on December 19, 2022, the draft for comments is more detailed in the planning of the scenarios, supply, circulation and other fields of data elements, focusing on the specific requirements for improving the level of data supply, optimizing the data circulation environment, and strengthening data security. For example, in the fields of scientific research, culture, transportation and other fields to create high-quality AI large model training data sets, support in key areas to carry out public data authorization operation pilot.
At the same time, the draft lists 12 industries that will be the key applications of “data elements ×” in the future, namely: intelligent manufacturing, smart agriculture, business circulation, transportation, financial services, scientific and technological innovation, cultural tourism, medical and health care, emergency management, meteorological services, smart cities, and green and low-carbon.
Liu Lihong said that the data has the characteristics of increasing returns to scale, non-competitive, low-cost replication, acting on different subjects, combined with different elements, can produce different degrees of multiplication effect. By accelerating the development and utilization of data in various industries and fields, it can improve the synergistic efficiency of various factors, find the “optimal solution” of resource allocation, break through the output boundary, create new industries and new business forms, and achieve the multiplier effect of promoting economic development.
Second, the blue ocean market of data factor industry is expected to open, which segments will benefit first?
According to McKinsey, the potential value of public data opening in China is as high as 10 trillion to 15 trillion yuan, accounting for 55%-82% of the national fiscal revenue in 2020. With the acceleration of the intensive landing of the top-level design of data elements and local supporting policies, it is expected to open the blue ocean market of data elements industry.
At present, with the strong advocacy of heavy policies and the continuous exploration of the industry, the value of data has gradually become prominent, and the scale of data transactions in China has expanded rapidly. In 2023, the data transaction market size is estimated to be 119.85 billion yuan, an increase of 36.7%; The market size is expected to be 204.6 billion yuan in 2025, with a compound growth rate of 34.9% from 2021 to 2025.
Among them, according to the data of the China Institute of Information and Communications Technology, the exchange trading scale in 2022 will be 2 billion yuan, accounting for 2% of the overall scale; According to the data of Shanghai Data Exchange, the trading scale is estimated to be 20.46 billion yuan in 2025, accounting for 10%, and 103.12 billion yuan in 2030, accounting for 20%, greatly increasing the scale of trading on the floor. 数字化转型网（www.szhzxw.cn）
It is worth noting that according to the Interim Regulations on Accounting Treatment Related to Enterprise Data Resources issued by the Ministry of Finance in August this year, data resources will be considered as an asset to be included in financial statements from January 1, 2024. The inclusion of data elements in financial reports will also open a huge market space. According to the data of the Shanghai Data Exchange, the scale of fixed assets of the national society is about 1,500 trillion yuan, and if the data assets are added to the table, it may create another 100 trillion yuan of new assets.
Chen Xiaohua, executive director of the meta-Universe Industrial Collaborative Innovation Center of Beijing National University of Post and Telecommunications Science Park, said that the action plan is of great significance for cultivating the ecology of the data factor industry and consolidating the basic system, and also puts forward higher requirements for the data governance system, technical capabilities, laws and regulations and international cooperation, and the future data factor industry will usher in new development opportunities.
“According to the action plan, the goal is to create more than 300 typical application scenarios by the end of 2026, and with reference to the key action plans, it is expected to drive the vigorous development of the application of data elements in many industries and fields, including intelligent manufacturing, smart agriculture, trade circulation, transportation, financial services, etc., and promote the deep integration of the digital economy and the real economy.” Chen Xiaohua said.
According to incomplete statistics, in the A-share market, there are more than 80 listed companies whose main business is related to data elements. In the context of intensive policy introduction, in terms of investment, some segments are expected to be the first to benefit.
Soochow Securities made it clear that the public data authorization operation is the link most in line with the investment preference of the capital market at present, because the data re-purchase rate is high, you can obtain stable cash flow, and the data product itself can be copied, and the marginal cost is very low, which means that these enterprises that can participate in the public data authorization operation of local governments have stronger profitability. 数字化转型网（www.szhzxw.cn）
Huafu Securities also holds a similar view, which believes that public data operations are expected to complete the leap from 0 to 1 as soon as possible. Dongguan Securities also said that looking forward to the future, the market-oriented circulation of public data will be the first to land.
Guolian Securities pointed out that from the perspective of the computer industry, subsequent data element policies are expected to be released one after another, and two major directions are expected to promote industrial practice: first, the authorized operation market of public data is expected to develop rapidly; Second, the application space of data elements is relatively broad.
Huaxi Securities believes that data infrastructure as a hardware and software carrier is expected to benefit first. Together with the implementation of the data infrastructure system and the development and utilization of data resources, the construction of data infrastructure will play a role in solving core issues such as the property right confirmation of data elements, income distribution, transaction circulation, and security governance. Related data infrastructure construction and digital business services are expected to accelerate the landing. 数字化转型网（www.szhzxw.cn）
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