CITIC Securities has noted that on October 20, 2026, the National Data Group was formally established in Xiong'an New Area, Hebei Province. Designed as a market-driven entity for the advancement and utilization of national-level data assets, its mission is to foster enhanced cooperation on data resources among central and local government bodies, as well as across diverse sectors. The group, under the investor oversight of the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council, is set to boost data circulation and the development of data infrastructure. CITIC Securities anticipates that application companies with privileged access to scarce industry-specific data, such as medical insurance records, along with firms engaged in infrastructure projects—including the creation of secure data environments and data exchange platforms—will be the primary beneficiaries.