Core Insights - The Chinese data exchange system industry is experiencing structural growth driven by multiple strategic demands, with a projected market size of approximately 13.749 billion yuan in 2024, representing a year-on-year growth of 7.05% [1][5][6] - The industry is transitioning from traditional network connection devices to core computing infrastructure, propelled by the "East Data West Computing" national strategy, AI model training, and large-scale deployment of 5G edge computing [1][5] Industry Overview - Data exchange systems (DTP) are hardware and software combinations deployed across networks of varying security levels to facilitate cross-platform, cross-network, and cross-language data transmission, integration, and security control [2] - The primary goal is to resolve data interoperability issues between different systems through standardized data formats, transmission protocols, and interfaces [2] Core Functions of Data Exchange Systems - The systems utilize a dual-host architecture consisting of a Trusted Access Server (TAS) and an Untrusted Access Server (UAS) to ensure data security and compliance during transmission [4] - TAS acts as a secure gateway, while UAS handles data reception and distribution, supporting high concurrency and ensuring secure data transfer across different security domains [4] Industry Value Chain - The upstream of the data exchange system industry includes components like chips, optical devices, and software development tools, while the midstream focuses on manufacturing and integration [5] - The downstream applications span data centers, telecommunications, finance, and government sectors [5] Market Size - The data exchange system market in China is projected to reach approximately 13.749 billion yuan in 2024, with a year-on-year growth of 7.05% [1][5][6] - The growth is closely tied to the evolving demands of data centers, which are expected to reach a market size of about 277.3 billion yuan in 2024, growing by 15.21% year-on-year [5] Key Companies' Performance - New Morning Technology focuses on financial, air traffic control, and government sectors, with a revenue of 653 million yuan in the first three quarters of 2025, down 2.92% year-on-year [7] - Beijing Sanwei Tiandi's data exchange service platform supports various data transmission needs and reported a revenue of 134 million yuan in the first three quarters of 2025, up 5.85% year-on-year [9] Industry Development Trends 1. The evolution from "network connection" to "trusted circulation" emphasizes data sovereignty and security as core architecture [10] 2. The shift from "batch synchronization" to "real-time intelligence" is transforming data processing paradigms, with AI integration enhancing data handling efficiency [11] 3. The transition from "professional tools" to "inclusive services" aims to lower usage barriers, making data exchange systems accessible to non-technical users [12]