Impact Analysis of Transportation Public Data Opening Policy on Smart Transportation Industry Chain Companies

The Ministry of Transport recently issued the “Implementation Opinions on Accelerating the Development and Utilization of Transportation Public Data Resources” [1][2], which is the first systematic special policy in China targeting the development and utilization of public data resources in the transportation field. The

of this policy include:

• By 2030
  , the management and technical system for the development and utilization of transportation public data resources will be more mature, a high-quality data resource system for the industry will be fully established, the level of integrated innovative application of data will be significantly improved, and public data will become an important driving force for promoting the high-quality development of transportation [2]

• Establish an open list and dynamic update mechanism
  : Prioritize opening data closely related to people’s livelihood and in urgent social demand, improve the timeliness, completeness and accuracy of open data [1]
• Standardize authorized operation of public data
  : Clarify authorization conditions, authorized objects, data scope, operation mode, operation period, exit mechanism and safety management responsibilities [1]
• Promote cross-industry data integration application
  : Build typical demonstration scenarios around areas such as serving public travel, ensuring smooth traffic, reducing logistics costs and increasing efficiency, multimodal transport, green low-carbon, and financial services [1]

The traditional business model of smart transportation companies mainly relies on

. With the implementation of the public data opening policy, the business model is undergoing profound changes:

• Companies can obtain public data through
  authorized operation
  , process it with their own data to form data products and services [1]
• For example,
  EHualu
  , as the core smart transportation enterprise under Hualu Group, is exploring a digital transportation strategic layout deeply linked by a control service platform and a data service platform, with “large model + digital intelligence base” as the core carrier [3]

• Data can be traded and circulated through
  data exchanges
  , forming new revenue sources
• According to data from the China Academy of Information and Communications Technology, the scale of the data transaction market is expected to exceed
  220 billion yuan by 2025
  [4]

• ETC issuance and electronic toll collection
  : By the end of 2024, the company had developed more than
  26 million ETC users nationwide
  , covering 31 provinces and cities [5]
• Data element business
  : Relying on data elements accumulated in ETC scenarios, integrate products such as banking, insurance, and factoring to build models, providing cooperative institutions with collaborative services such as
  customer acquisition channel expansion, product operation optimization, and risk management measures
  [5]
• Smart parking business
  : Pioneered the “electronic fence” technology overall solution, with more than
  2,400 ETC parking lots in operation in Jiangsu Province
  , covering nearly 210,000 parking spaces [5]

• The company’s transportation business covers core areas such as
  smart transportation, smart traffic management, smart parking, and smart road networks
  [6]
• Cultivate new growth points for data elements, and continue to layout in areas such as expressway toll auditing in collaboration with partners like the Road Network Center [6]
• Layout
  global traffic data elements
  , covering many areas of the full life cycle management of road networks such as data integration and dispatch command [6]

• From January 1, 2024, the “Interim Provisions on Accounting Treatment Related to Enterprise Data Resources” was officially implemented, and data assets will be formally included in the scope of enterprise valuation [4]
• Data asset valuation methods
  include three basic methods: income method, cost method and market method [4]
• The
  cost
  of data assets refers to the reasonable cost required to form data assets in the process of collection, storage, processing, mining, protection or research and development [4]

1. Revenue diversification
   : Data element monetization becomes a new revenue growth point
2. Profit margin improvement
   : Data products and services usually have high gross profit margin characteristics
3. Asset appreciation
   : Data resources enter the balance sheet as new assets, increasing the company’s net assets
4. Valuation system reconstruction
   : Shift from traditional PE valuation to multi-dimensional valuation such as
   PEG, PS, and data asset value

• Market capitalization
  : 18.6 billion yuan
• Current stock price
  : 11.77 yuan
• Valuation characteristics
  : P/B is 1.57x, relatively reasonable [0]
• Data element potential
  : As a leading smart transportation company, it has deep data accumulation in the transportation field, and the potential of smart operation is promising [6]

• Market capitalization
  : 12.56 billion yuan
• Current stock price
  : 17.45 yuan (+3.87%) [0]
• Valuation challenges
  : The company is currently in a loss state, with P/E of -4.51x and ROE of -530.79% [0]
• Transformation expectation
  : The company is transforming from traditional smart transportation to “smart transportation + data elements + integrated storage and computing” [3]

Factor	Positive Impact	Potential Risk
Data resource quality	High-quality data sets increase valuation premium	Uneven data quality affects value realization
Data application scenarios	Diversified application scenarios increase revenue expectations	Scenario implementation falls short of expectations
Policy support intensity	Policy dividends accelerate industry development	Uncertainty in policy implementation intensity and progress
Technical capability	Data processing and AI capabilities enhance competitiveness	Increased short-term pressure from technical R&D investment
Compliance and safety	Compliant operation gains market recognition	Rising costs of data security and compliance

• Benefit degree
  : ★★★★☆
• Main logic
  : Data opening demand drives the construction of sensors, roadside equipment and communication infrastructure
• Representative enterprises
  : Qianfang Technology (Uniview Technology), Hikvision, etc.

• Benefit degree
  : ★★★★★
• Main logic
  : Data opening policy directly benefits data processing, data transaction and data service enterprises
• Representative enterprises
  : EHualu (data element business), Tongxingbao (ETC data application)

• Benefit degree
  : ★★★★☆
• Main logic
  : Public data opening spawns new application scenarios for smart transportation
• Representative fields
  : Smart parking, vehicle-road collaboration, intelligent driving, etc.

1. Short-term (within 1 year)
   : Focus on smart transportation leaders with
   rich data resource reserves
   and
   strong technical capabilities
2. Medium-term (2-3 years)
   : Focus on companies with
   clear data element monetization models
   and
   formed data assets
3. Long-term (3-5 years)
   : Focus on platform-type enterprises with
   perfect data ecosystem layout
   and
   strong cross-industry integration capabilities

1. Policy implementation falls short of expectations
   : Policy implementation intensity and progress may affect market expectations
2. Data security and compliance risks
   : Rising costs of data security and compliance may affect short-term profits
3. Technology iteration risks
   : Rapid iteration of technologies such as AI and large models requires continuous high R&D investment
4. Increased market competition
   : The data element market has large space but also faces fierce competition
5. Business model verification risks
   : Data element monetization models are still in the exploration stage, with uncertainties

The introduction of the transportation public data opening policy marks that China’s smart transportation industry has entered a new development stage

. For smart transportation industry chain companies, this is both an and a .

, companies with rich transportation data resources and strong technical capabilities will benefit first, such as Qianfang Technology, EHualu, Tongxingbao, etc. , companies that can effectively realize data element monetization and form data assets will obtain valuation premiums. , platform-type enterprises that build a complete data ecosystem and realize cross-industry integration will truly benefit from the arrival of the data element era.

Investors should focus on key factors such as the company’s

, , , and , and select high-quality enterprises that truly have core competitiveness in the data element era.

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[0] Jinling API Data - EHualu (300212.SZ) Company Overview and Real-time Market
[0] Jinling API Data - Qianfang Technology (002373.SZ) Company Overview
[1] China News Service - Ministry of Transport issues implementation opinions to accelerate the development and utilization of public data resources (https://www.chinanews.com.cn/gn/2026/01-04/10545420.shtml)
[2] Ministry of Transport - Ministry of Transport issues “Implementation Opinions on Accelerating the Development and Utilization of Transportation Public Data Resources” (https://www.mot.gov.cn/jiaotongyaowen/202601/t20260104_4195717.html)
[3] Hualu Group - Hualu Group showcases high-quality data set achievements at the 2025 Digital Expo (https://www.ehualu.com/newsInfo_3892.html)
[4] Cinda Securities - Data elements: Top-level policies continue to be implemented, and business models in the transaction link are gradually improved
[5] Jiangsu Tongxingbao Smart Transportation Technology Co., Ltd. - Investor Relations Activity Record Form (http://pdf.dfcfw.com/pdf/H3_AN202309181599030191_1.PDF)
[6] Minsheng Securities - Undervalued leader in large model + traffic data elements + autonomous driving new infrastructure (https://pdf.dfcfw.com/pdf/H3_AP202307161592323341_1.pdf)
[7] China Academy of Information and Communications Technology - Data Element Development Report (2025) (https://www.caict.ac.cn/kxyj/qwfb/ztbg/202511/P020251128616212191150.pdf)
[8] Deloitte China - Data resources are about to be included in the balance sheet, new logic for enterprise valuation (https://www.deloitte.com/cn/zh/services/consulting-financial/perspectives/digital-asset-valuation-portion.html)