SRv6-Based Data Processing Method and Related Network Device

A Segment Routing over Internet Protocol version 6 (SRv6)-based data processing method includes a first network device generating a slice locator, where the slice locator includes a target argument. The slice locator is used to identify an addressable destination address prefix in a slice supported by the first network device, and the target argument is used to indicate that the slice locator is associated with at least two slices supported by the first network device. The first network device sends the slice locator to a second network device, so that the second network device generates, based on the slice locator, at least two target slice locators corresponding to the at least two slices.