Event: on January 12, the State Council issued the 14th five year plan for the development of digital economy (hereinafter referred to as the “plan”), which deployed eight key tasks such as optimizing and upgrading digital infrastructure, of which giving full play to the role of data elements has become an important direction. The document proposed to strengthen the supply of high-quality data elements, accelerate the market-oriented circulation of data elements Innovate the development and utilization mechanism of data elements.
As a new factor of production, data has become a key point of policy in recent years: the Fourth Plenary Session of the 19th CPC Central Committee in 2019 proposed to improve the mechanism of labor and other six factors of production to evaluate their contribution by the market and determine their remuneration according to their contribution, and juxtaposed data with traditional factors such as labor and capital for the first time; In 2020, the opinions of the CPC Central Committee and the State Council on building a more perfect system and mechanism for market-oriented allocation of factors stressed that we should accelerate the cultivation of data factor market, promote the opening and sharing of government data, enhance the value of social data resources, and strengthen the integration and security protection of data resources. The plan also proposes to accelerate the market-oriented circulation of data elements and cultivate and develop data trading platforms. We note that digital asset trading is one of the few “from 0 to 1” areas in the 14th five year plan for digital economy, and the factor market often has large market capacity and space, so the development prospects of relevant fields are worth looking forward to.
At present, data transaction is in its infancy in China, but the process is accelerating: with the penetration of digital technology in various fields and industries, data has been accumulated and precipitated in business development and operation, which contains high value. However, in the past, there were five difficulties in data asset transaction: power confirmation, pricing, mutual trust, admission and supervision, It restricts the transaction of digital assets and the mining of its value. In recent years, under the background of continuous improvement of the system, five data exchanges have started to operate, located in Guizhou, Shaanxi, Beijing, Shanghai and Hunan, while the trading centers in more provinces and cities such as Zhejiang are in the process of preparation. Taking Shanghai data exchange as an example, on the first day of its unveiling, Shanghai Electric Power Co.Ltd(600021) provided Industrial And Commercial Bank Of China Limited(601398) with “enterprise intelligent drawing” data products for enterprise credit investigation, while JD technology obtained China UnionPay “UnionPay intelligent policy” and other data resources.
Dbappsecurity Co.Ltd(688023) , Beijing E-Hualu Information Technology Co.Ltd(300212) and other listed companies actively participate in the data element business: Dbappsecurity Co.Ltd(688023) as a leading network security enterprise in China, it actively applies its technical reserves in the field of data security and actively participates in the data element market. On the one hand, as the initiator, the company holds 27% equity of Zhejiang Big Data Trading Center Co., Ltd. and deeply participates in its operation, On the other hand, the important investment of the company’s additional fund-raising in 2020 is the research and development and industrialization project of data security trading platform. Therefore, the company can share the dividends of digital asset trading by providing technical services and participating in operation; Beijing E-Hualu Information Technology Co.Ltd(300212) is the leader of China’s Blu ray data lake model. Relying on the natural advantages of data Lake in the field of massive cold data storage, the company actively explores data capitalization and data operation business, and puts forward the “data bank” model. As of the 2021 interim report, the company’s Fuzhou data bank has basically completed the development and deployment. Fuzhou city uses the data bank to complete the collection of micro data resources, provide services such as data asset confirmation, data resource circulation, data development and utilization, and realize the interconnection, open sharing and exchange of government and enterprise data. Moreover, the company plans to issue convertible corporate bonds of no more than 2.3 billion yuan (inclusive) to support the needs of data lake to provide efficient data management methods and data value mining services, urban brain, improve the scientific and technological service level of data lake and supplement working capital. We believe that the dominant position of the company in the field of data asset management is expected to be strengthened.
Investment proposal and investment object
We believe that digital asset trading is an important direction in the future. We recommend investors to pay attention to Dbappsecurity Co.Ltd(688023) (688023, overweight) of participating in the big data trading center and actively layout the data security trading platform, as well as Beijing E-Hualu Information Technology Co.Ltd(300212) (300212, buy) taking the storage and utilization of data assets as the core strategy.
Risk tips
The development of data asset trading industry is lower than expected risk, macroeconomic downturn and changes in financial pressure
