Analysis of the Impact of Data Property Right Registration System on the Investment Value of A-share Data Element Industry Chain

Based on the latest information I have collected, now I provide you with an in-depth analysis report on the impact of the data property right registration system on the investment value of the A-share data element industry chain.

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On January 11, 2024, the National Data Administration announced that it will further study and establish a registration system adapted to the characteristics of data, promote the circulation and use of data, and release the value of data elements [1]. This policy marks a new stage in the construction of infrastructure for China’s data element market.

Time	Policy Document	Core Content
January 2025	‘Implementation Plan for Improving Data Circulation Security Governance to Better Promote the Marketization and Valorization of Data Elements’	Promote compliant and efficient circulation and utilization of data elements
April 2025	‘Notice on Organizing and Launching the 2025 Pilot Work for the Innovative Development of Trusted Data Spaces’	Launch three types of trusted data space pilots for enterprises, industries, and cities
May 2025	‘2025 Action Plan for the Construction of Digital China’	Focus on the reform of market-oriented allocation of data elements
July 2025	‘Model Text of Data Circulation and Transaction Contract’	Standardize data transaction behaviors
October 2025	‘Implementation Plan for Strengthening Scenario Applications in the Pilot Construction of National Data Infrastructure’	Drive data infrastructure construction with scenario applications

• Promote the conclusion of the ‘Data Elements ×’ Three-Year Action Plan (2024-2026) and build more than 300 typical application scenarios
• The Supreme People’s Court will revise the ‘Provisions on the Cause of Action in Civil Cases’ and add an independent cause of action for ‘disputes over data and online virtual property’
• Study and formulate regulations for the construction of a unified national market, and improve the standards for data resource registration and transactions
• More than 30 national standards in the data field will be launched in 2026 [2]

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According to data disclosed by Liu Liehong, Member of the Party Leadership Group of the National Development and Reform Commission, Secretary of the Party Leadership Group and Director of the National Data Administration [3]:

Indicator	2024 Data
National Data Production Volume	41.06 Zettabytes
Number of National Data Enterprises	Over 400,000
Scale of Data Industry	5.86 Trillion Yuan

According to data from iResearch [3]:

• The scale of China’s data element industry will maintain rapid growth with a compound annual growth rate of about
  20.26%
• It is expected to
  exceed 300 billion yuan in 2028
• Sub-industry Forecasts:
  • Data element market in the financial industry: Exceed 100 billion yuan
  • Industrial manufacturing: Reach 30.2 billion yuan
  • Healthcare industry: Reach 25 billion yuan

Data Exchange	Cumulative Data Transaction Scale
Guiyang Big Data Exchange	2,697 listed products, transaction volume exceeding 5 billion yuan
Shenzhen Data Exchange	Cumulative transaction volume exceeding 15 billion yuan
Beijing International Big Data Exchange	Cumulative data transaction volume reaching 2250TB

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┌─────────────────────────────────────────────────────────────┐
│                  Data Element Industry Chain                │
├─────────────────────────────────────────────────────────────┤
│  Upper Stream: Data Collection, Data Storage, Data Processing│
│       ↓                                                       │
│  Mid Stream: Data Analysis, Data Trading Platforms, Data Right Confirmation and Registration │
│       ↓                                                       │
│  Lower Stream: Application Scenarios in Finance, Healthcare, Transportation, Meteorology, Industrial Manufacturing, etc. │
└─────────────────────────────────────────────────────────────┘

According to the ‘Opinions on Cultivating Data Circulation Service Institutions to Accelerate the Marketization and Valorization of Data Elements’ issued by the National Data Administration [3], three types of institutions form a ‘Value Creation Triangle’:

Institution Type	Functional Positioning	Core Value
Data Exchanges	Build a trusted ‘field’	Transaction matching and compliance supervision
Data Circulation Service Platform Enterprises	Deeply cultivate the ‘depth’ of the industry	Platform operation and technical support
Data Merchants	Responsible for the ‘exquisite craftsmanship’ of products	Data product development and services

According to industry research [5], A-share data element concept stocks mainly cover the following fields:

Sub-field	Representative Companies	Business Characteristics
Data Infrastructure	Yihualu (300212), Taiji Co., Ltd. (002368), Data Harbor (603881)	Data storage, IDC operation
Data Services and Platforms	People’s Daily Online (603000), Zhejiang Digital Culture Group (600633)	Operation of data trading platforms
Government Affairs Data	Taiji Co., Ltd., Digital Zheng Tong (300075)	Smart city, government affairs data
Data Security	DBAPPSecurity (688023), VenusTech (002439)	Data security and compliance
Operator Data	China Mobile (600941), China Telecom (601728), China Unicom (600050)	Massive user data resources

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• Establish a data property right registration system, clarify the ‘separation of three rights’ of data ownership, use right, and income right [6]
• Solve the biggest obstacles to data assetization – ‘ambiguous ownership’ and ‘restricted circulation’
• Provide a legal basis for the inclusion of data assets into financial statements

• Reduce Investment Uncertainty:
  After data right confirmation, the value of enterprises’ data assets can be quantified and audited
• Activate Data Asset Financing:
  After data property right registration, it can be used as collateral for financing from financial institutions
• Promote the Inclusion of Data Assets into Financial Statements:
  Enterprises can record data assets in the intangible assets item of financial statements

Impact Dimension	Specific Performance
Demand-side Growth	Strong demand for high-value data in fields such as finance, healthcare, and industry
Supply-side Activation	Continuous expansion of product portfolios of local data exchanges
Application Scenario Expansion	Shift from compliance verification to substantial release of economic utility

According to industry analysis [3], the business model of the data industry is undergoing profound changes:

Traditional Model: Project-based Development → Repurchasable Data Services

1. Property Rightization of On-Exchange Transactions:
   Data products are recorded as intangible assets after registration on exchanges
2. Lightweight Service Scenario Innovation:
   Such as ‘shared drone’ services that realize data value in real time
3. Public Data Operation with Government-Enterprise Collaboration:
   Governments purchase data services on demand, and enterprises obtain stable income

With the improvement of the data property right registration system, data assets will receive more reasonable valuations:

Valuation Dimension	Traditional Valuation	New Valuation
Asset Recognition	Not recorded or vaguely recorded	Clearly recorded as intangible assets
Value Assessment	Lack of unified standards	Multi-dimensional pricing model
Transaction Pricing	Lack of basis	Blockchain traceability + value assessment

• The data property right registration system is still in the exploratory stage, and specific implementation rules may be adjusted
• Regulatory policies such as data security and personal information protection may affect data circulation
• There is uncertainty in the connection between local and national policies

• The data element market is still in the early stage, and the commercialization model is not yet mature
• The data pricing mechanism has not been unified, and the price discovery function needs to be improved
• Intensified market competition may lead to a decline in profit margins

• Breakthrough progress has not yet been made in core technologies for secure data circulation
• Technologies such as blockchain traceability and multi-dimensional pricing models are still being improved
• The complexity of non-standard data governance restricts promotion

• The valuation of data asset value is subjective, which may lead to impairment risks
• The proportion of data business revenue in some enterprises is low, and the contribution to performance is limited
• The return cycle of R&D investment and output is uncertain

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Based on policy directions and market prospects, it is recommended to focus on the following tracks:

Priority	Track	Rationale	Representative Fields
★★★★★	Data Infrastructure	Clear policy support, underlying support for the data element market	IDC, data storage, trusted data spaces
★★★★★	Data Right Confirmation and Registration Services	Direct beneficiaries of system construction	Data registration, right confirmation services, compliance assessment
★★★★☆	Financial Data Services	Largest market scale (expected to exceed 100 billion yuan), mature applications	Financial risk control, intelligent investment research, data APIs
★★★★☆	Government Affairs Data Operation	Accelerated implementation of policies on authorized operation of public data	Smart city, government affairs cloud, inclusion of data assets into financial statements
★★★☆☆	Healthcare Data	Driven by both policies and demand, clear scenarios	Medical insurance data, health big data, pharmaceutical R&D

Screening Logic:
├── Have advantages in data resources (government resources, operator resources, industry data)
├── Have practices or clear plans for the inclusion of data assets into financial statements
├── Have layouts in data right confirmation, registration, and transaction links
├── High performance elasticity, with the proportion of data business expected to increase
└── Relatively reasonable valuation, with a margin of safety

Type	Allocation Recommendations
Core Allocation	Leaders in data infrastructure (Yihualu, Taiji Co., Ltd., Data Harbor)
Elastic Allocation	Data service and platform companies (People’s Daily Online, Zhejiang Digital Culture Group)
Value Allocation	Operator data assets (China Mobile, China Telecom, China Unicom)
Theme Allocation	Data security and compliance (DBAPPSecurity, VenusTech)

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Time	Catalyst	Expected Impact
Q1 2026	Implementation of the deployment of the National Data Work Conference	Policy clarification, valuation recovery of the sector
First Half of 2026	Intensive issuance of national standards in the data field	Accelerated industry standardization
Second Half of 2026	Conclusion of the ‘Data Elements × Three-Year Action Plan’	Large-scale implementation of application scenarios
End of 2026	Verification of data industry scale	Performance realization, emergence of leading enterprises

According to the deployment of the National Data Work Conference [7]:

• 2026:
  The year of data element value release, with the outbreak of large-scale applications
• 2027-2028:
  A unified national data market is initially formed
• 2029-2030:
  The data industry becomes an important pillar industry of the national economy

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The establishment of the data property right registration system has a

on the investment value of the A-share data element industry chain:

1. Institutional Level:
   The data right confirmation mechanism removes legal obstacles for data assetization, and the inclusion of data assets into financial statements will change from ‘optional’ to ‘mandatory’
2. Market Level:
   The market scale maintains rapid growth (CAGR of over 20%), and it is expected to exceed 300 billion yuan in 2028
3. Investment Level:
   Companies in the industry chain will gain new value growth points, and the valuation system will be reconstructed
4. Risk Level:
   Attention should be paid to the uncertainty of policy implementation progress, commercialization process, and technological breakthroughs

It is recommended that investors focus on core tracks such as data infrastructure, data right confirmation services, and financial data services, select leading enterprises with data resource advantages and first-mover business advantages, and accumulate positions on dips during valuation corrections to share the long-term dividends of the development of the data element market.

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[1] National Data Administration. Policy release on ‘Further Studying and Establishing a Registration System Adapted to the Characteristics of Data’. January 11, 2024
[2] Official website of the National Data Administration. ‘Progress in the Construction of National Standards in the Data Field’. January 2026. https://www.nda.gov.cn/
[3] Securities Times Network. ‘Exclusive Interview with Dong Xuegeng, Former Director of Hainan Big Data Administration: The Value of Data Elements is Expected to Burst on a Large Scale in 2026’. January 2026. https://www.stcn.com/article/detail/3585206.html
[4] Sina Finance. ‘Data Market ‘Strong Function’ Circulation Service Institutions Move Towards Differentiated Division of Labor’. January 10, 2026. https://finance.sina.com.cn/jjxw/2026-01-10/doc-inhftymc5469725.shtml
[5] Eastmoney.com. ‘Analysis of Data Center Concept Stocks: Which are the Leading Listed Companies in Data Centers’. 2024. https://baike.jfinfo.com/4052224.html
[6] Win Law Firm. ‘Must-Read Book in the Era of Data Assetization: From Resource to Capital’. 2024. https://www.winlawfirm.com/cn/Details/1000/3b394c8a84e0274d
[7] Global Law Office. ‘Heavy Release of the ‘Annual Report on Data Element Market Observation (2025)’’. January 4, 2026. https://www.glo.com.cn/Content/2026/01-04/0935093311.html