Macro theoretical level: data elements have become key and significant production factors, and 2022 will be the first year of data elements. Data has four unique characteristics: non scarcity, heterogeneity, non exclusivity and privacy sensitivity. As a labor object, data has value and use value through collection, processing, storage, circulation and analysis, and then as a labor tool, it can improve production efficiency through integrated application. Data elements have become the core engine for the development of digital economy, which plays a significant role in the confirmation of the 14th five year plan for the development of digital economy, the refinement of supporting policies, and the resonance of changes in market demand / business model / product technology. 2022 is expected to be the first year of the development of data element industry.
Meso role level: Data factor market cultivation and value mining, and investment opportunities appear. (1) Frequent policy planning to help industrial development. Data element quality cultivation, market circulation and other contents have been frequently mentioned in top-level policy planning, local government industrial guidance and industrial development planning. With the strengthening of efforts, national and regional data exchanges have set up and improved online products, and state-owned enterprises and central enterprises are also strengthening the construction of their own data element system. (2) The market scale is expanding rapidly. According to the calculation data of the National Center for Industry and information security, the market scale of data elements in China will reach 54.5 billion yuan in 2020. The compound growth rate of market scale will exceed 30% during the 13th Five Year Plan period, and will exceed 174.9 billion yuan during the 14th Five Year Plan period, and the market scale will expand rapidly.
Micro practical operation level: service shops, roads and digital exchanges. The industrial chain of data elements can be divided into seven links: data collection, data storage, data processing, data circulation, data analysis, data application and ecological protection. For the computer industry, we predict that the link that will bring significant value increment changes lies in “data processing, circulation, analysis and application”, taking software service providers and digital exchanges as examples. (1) Software service providers are laying the road of data elements. Data is becoming a necessary means to drive the market. After the data is capitalized and resourced by dam, the later circulation can be carried out only after the asset measurement confirmation is obtained. From the perspective of technological innovation, blockchain technology is applied to data privacy and security, and “returning the number to the people” is realized through regional chain. We use Dareway Software Co.Ltd(688579) , three-dimensional world and Shanghai New Centurion Network Information Technology Co.Ltd(605398) to demonstrate that software service providers lay the road of data elements through technical means. (2) The data exchange builds a data element circulation platform. Data trading market is essentially a matchmaking mechanism for data supply and demand. At present, 23 data exchanges have been established in China and are moving into the era of data exchange 2.0. Typical representatives, such as Shanghai data exchange, Guiyang big data exchange and Beijing international big data exchange, have launched data trading products one after another to promote the market-oriented circulation of data elements, Among them, platform service providers and data element dealers deserve attention.
Investment strategy: the importance of data elements is becoming increasingly prominent, the industrial scale is increasing, and more important participants will be born in the industrial chain. The industry is in the early stage of development and deserves key participation and attention. The huge investment opportunity of data security in 2021 has provided opportunities for medium and long-term reference. We predict that the data element industry will become an important part of the development of science and technology industry and provide important reference for investment opportunities. (1) From the perspective of data flow accumulation, state-owned enterprises and central enterprises are the main force of data production. Enterprises that conduct data service management for such data producers will greatly benefit from industrial expansion, such as Dareway Software Co.Ltd(688579) (688579) that gradually changes into “digital quotient” through blockchain technology innovation, and three-dimensional world (301159), dam data asset management software service provider, Smart operation and maintenance management platform (siops) and application performance management platform (APM) have rich reserves of Shanghai New Centurion Network Information Technology Co.Ltd(605398) (605398), etc. (2) From the perspective of the industrial chain of data exchange, the types of data products will increase day by day in the future, and the data production process and security identification are very important. We mainly recommend the national data security team Westone Information Industry Inc(002268) (002268) with significant industrial status, the Pansoft Company Limitid(300996) (300996) enabling the digital transformation of central enterprises and state-owned enterprises Through the construction of Taiji Computer Corporation Limited(002368) (002368) for successful data operation of government cloud, we believe that the commercial application level platform Yonyou Network Technology Co.Ltd(600588) (600588) will also benefit. (3) Specifically, for the subdivided application industry, the companies that enable the traditional industry with data flow and software algorithm model and achieve significant effectiveness will continue to explore the market. We mainly recommend Zhejiang Heda Technology Co.Ltd(688296) (688296) for the water conservancy information industry with data flow, and Beijing E-Hualu Information Technology Co.Ltd(300212) (3003212) for the traditional industry (Finance / transportation, etc.) with data Lake mode.
Risk tip: major changes have taken place in industry policies, business model exploration has been bent, technological progress is less than expected, and data security risks have led to the reversal of industry development.
