A data modulation method, a data demodulation method, and a method, include obtaining a target frequency band allocated to a transmitting terminal; calculating a precoding codeword index of spectrum shaping according to a codebook corresponding to a current radio scene and the target frequency band, where the codeword index corresponds to a return-to-zero subcarrier sequence, and the return-to-zero subcarrier sequence serves to calculate a precoding vector for modulating data; and sending the precoding codeword index out through broadcast.