Shanghai Securities: China National Data Group Officially Established, Market-Based Development of Data Elements Accelerates

Shanghai Securities released a research report stating that China National Data Group Co., Ltd. has been officially inaugurated. China is rich in data resources, and the National Data Group breaks through conversion bottlenecks to empower artificial intelligence. Its business model is rooted in data governance and "AI+" services: providing inclusive and secure data services for individuals, exporting platform tools for governments and enterprises, supplying high-quality data for the AI industry, and solving real-world pain points through scenario implementation. The bank believes that data element circulation and infrastructure construction are ushering in accelerated opportunities. The main viewpoints of Shanghai Securities are as follows: Positioning and Mission: The National Team for Data Elements Officially Takes the Stage According to the WeChat public account of People's Posts and Telecommunications News, as a wholly state-owned central enterprise directly managed by the central government, China National Data Group is jointly funded and established by the State Council, the Xiong'an New Area Management Committee, China Telecom Corporation, China United Network Communications, China Mobile Limited, State Grid, and China Southern Power Grid. It upholds "data, security, and technology" as its founding principles, positions itself as "the national team for data element services, the leader in data infrastructure interconnection, and the strategic force for national data science and technology innovation," and strives toward the goal of "building a world-class data technology enterprise." It shoulders the mission of "leading data technology, prospering the data industry, serving artificial intelligence, and building a digital China." According to the WeChat public account of CCTV News, the group was established to advance the development and utilization of data resources, unleash the value of data elements, serve the development of artificial intelligence, and prosper the data industry ecosystem. Equity Structure: Multi-party Shareholders Collaboratively Deploy Data, Computing Power, and Energy Resources From the perspective of equity structure, according to the WeChat public account of C114 Communications Network, the State-owned Assets Supervision and Administration Commission of the State Council contributed RMB6 billion, accounting for a 20% stake, making it the single largest shareholder; China Telecom Corporation, China Mobile Limited, and China United Network Communications each contributed RMB4.5 billion, each accounting for a 15% stake; State Grid and China Southern Power Grid each contributed RMB3.75 billion, each accounting for a 12.5% stake; China Xiong'an Group contributed RMB3 billion, accounting for a 10% stake. Telecom operators cover nationwide network, cloud computing, and computing power network resources, while power grids provide stable and reliable electricity energy guarantees for computing facilities, providing a complete resource foundation spanning data, computing power, and energy. Management Team: Combining Industrial Operations and Top-level Regulatory Experience From the perspective of the leadership team, according to the WeChat public account of Shangguan News, Jian Qin serves as Party Secretary and Chairman of China National Data Group, and Chen Ronghui serves as Deputy Party Secretary and General Manager. Jian Qin previously served as Deputy Party Secretary and General Manager of China United Network Communications; Chen Ronghui previously served as a member of the Party Group and Deputy Director of the National Data Administration. Implementation Carrier: Xiong'an Becomes a Super Test Ground for Data Element Reform From the perspective of location, according to the WeChat public account of People's Daily, the Xiong'an Urban Computing Center, known as the "Eye of Xiong'an," has aggregated more than 40 billion pieces of various data, over one million sensing terminals, and more than 500 kilometers of digital roads, and its data foundation has already taken shape. Beijing Vastdata Technology covers digital scenarios such as urban planning, construction, governance, and people's livelihood, providing an open "super test ground" for exploring data element reform and data governance. Industrial Value: Breaking Through Data Bottlenecks and Empowering AI Industry Development China is rich in data resources, and the National Data Group breaks through conversion bottlenecks to empower artificial intelligence. Relying on shareholders' integrated resource chain of data, computing power, and energy, it helps lower the threshold for data circulation and utilization. According to the WeChat public account of People's Posts and Telecommunications News, a report by the National Data Administration shows that in 2025 China's data industry scale will reach RMB6.78 trillion, with 482,000 related enterprises, and total data output ranks among the top in the world. At the same time, data is the fuel of the AI era, and data governance is the preceding process of AI development. At present, due to inconsistent standards and unclear rights and responsibilities, much data has long remained dormant, and the data governance stage lags behind. The establishment of China National Data Group fills the gap. On the one hand, it does a good job in the industrial "addition," linking all parties in the industrial chain to make the industrial pie bigger; on the other hand, it does a good job in the element "multiplication," relying on the reusable characteristics of data to realize multiple processing of one copy of data and release value in multiple scenarios. Its business model is rooted in data governance and "AI+" services: providing inclusive and secure data services for individuals, exporting platform tools for governments and enterprises, supplying high-quality data for the AI industry, and solving real-world pain points through scenario implementation. Risk Warning Downstream prosperity may fall short of expectations; policy advancement may fall short of expectations; technological innovation may fall short of expectations; industry competition may intensify.