Investment Rating - The report maintains a "Positive" investment rating for the software and services industry [7]. Core Insights - The establishment of the Commercial Aerospace Administration is expected to accelerate the development of the commercial aerospace industry in China, simplifying approval processes and promoting high-quality growth [6][45][55]. - The report highlights the recent rebound in the computer sector, which saw a 3.14% increase, ranking 13th among major industries in the Yangtze River region [2][4][14]. - Key areas of focus include the construction of a national integrated data market, advancements in space computing capabilities, and the development of the low-altitude economy [5][18][37]. Summary by Sections National Integrated Data Market - The National Data Bureau aims to build an open, shared, and secure national integrated data market, enhancing the data industry ecosystem and stimulating market vitality [10][21]. - The data trading market is projected to grow significantly, with an estimated market size of 2,840.9 billion by 2025 and potentially exceeding 7,159 billion by 2030, reflecting a compound annual growth rate of 20.3% [25][27]. Space Computing - Beijing plans to establish a large-scale space data center in the 700-800 km twilight orbit, aiming to leverage solar energy for AI computing [28][30]. - Multiple projects are underway to develop space computing capabilities, with significant advancements expected in the coming years [30][36]. Low-Altitude Economy - Chongqing has introduced policies to foster the development of a high-quality low-altitude economy, with 17 measures aimed at supporting innovation and market demand [37][44]. - The low-altitude economy is anticipated to reach a market size of 15 trillion by 2025 and over 20 trillion by 2030, driven by policy support and industry growth [44].

Group 1 - French President Macron is set to visit China, indicating potential diplomatic and economic discussions between the two nations [1] - The Chinese government is urging Japan to retract its erroneous statements, which may impact bilateral relations and trade [1] - The National Bureau of Statistics of China is accelerating the construction of an open, shared, and secure national integrated data market, which could enhance data-driven decision-making in various industries [1] Group 2 - The infrastructure REITs project list has been expanded to include commercial office facilities and urban renewal facilities, suggesting growth opportunities in the real estate investment sector [1] - The market regulatory authority has officially accepted registration applications for infant formula liquid milk products, indicating a focus on improving product safety and quality in the dairy industry [1] - China's express delivery business volume has surpassed 1.8 billion packages annually for the first time, reflecting significant growth in the logistics and e-commerce sectors [1] Group 3 - Cryptocurrency prices have seen a significant decline, which may affect investor sentiment and market dynamics in the digital asset space [1] - All three major U.S. stock indices closed lower, with the Dow Jones Industrial Average dropping by 0.9%, indicating potential volatility in the U.S. equity markets [1]

Core Viewpoint - The 2025 "Data Element ×" competition's national finals highlighted the increasing circulation of data through open, shared, and authorized operations, emphasizing the importance of data trading centers and service platforms in building a unified national data market [1] Industry Development - The development of China's data market is still in its early stages, with ongoing evolution in the types and capabilities of data circulation service institutions [1] - The National Data Bureau plans to enhance the cultivation of various data circulation service institutions to enrich the data market ecosystem and accelerate the establishment of an open, shared, and secure national integrated data market [1] Future Initiatives - Support will be provided for data trading centers to explore the establishment of a comprehensive service system for data circulation transactions [1] - Data circulation service platform companies will be encouraged to expand new models for industry data integration and utilization [1] - Data vendors will receive support to further develop data products and enhance service capabilities [1]

21世纪经济报道记者李览青 上海报道 11月25日，为期两天的全球数商大会在沪开幕，本届大会以"数联全球 商通未来——乘数无界∞"为主 题，由上海市数据局、浦东新区人民政府指导，上海数据集团主办。 2021年11月25日，上海数据交易所作为我国首个全国性数据交易平台正式挂牌成立，意味着我国数据交 易市场化改革迈出新的一步。与传统数据交易场所不同，上海数交所在成立之初就提出"数商"概念，努 力培育数据经济、合规审核、资产评估、数据交付等数商全链条生态，全国首个数商协会在2022年11月 25日首届全球数商大会上正式揭牌。 在上海数交所成立5年、全球数商大会开立4年后，本届大会有何特色？ 记者了解到，与往年相比，本届数商大会创新性采用"赛会一体模式"，在开幕式上同期举办了2025 年"数据要素x"大赛全国总决赛颁奖仪式，同时还发布了"数据流通安全治理典型案例"总结业界实践做 法，探索形成了"制度+技术+场景"三位一体的解决方案。 在颁奖仪式上，国家发展改革委党组成员、国家数据局党组书记、局长刘烈宏在发言中提到，越来越多 的数据以开放、共享、授权运营，以及交换交易等形式流通起来，在场景应用中实现价值。 21世纪经济 ...

Core Viewpoint - The article emphasizes the importance of building an open, shared, and secure national integrated data market, highlighting the role of data circulation service institutions in fostering a vibrant data industry ecosystem and unlocking the value of data elements [1][2]. Group 1: Data Trading and Market Development - The government supports data exchanges in establishing a comprehensive service system for data circulation and trading, recognizing their role in product service incubation, compliance assurance, and standard development [2]. - Data exchanges are currently underperforming, with limited trading scale, and are in a developmental phase, needing to enhance their market positioning and service capabilities [2]. - The government encourages data circulation service platform enterprises to explore new models for industry data integration and utilization, focusing on value co-creation through data sharing and trading [2][3]. Group 2: Role of Internet and Data Service Companies - Internet platform companies are significant players in data production and utilization, acting as key organizers and participants in data circulation within the market [3]. - With the acceleration of data infrastructure development, industry internet platform companies and cloud service providers are emerging as vital forces in the data market, leveraging their industry insights to foster data circulation and value co-creation [3]. - Data merchants are encouraged to further develop data products and enhance service capabilities, actively gathering various data resources for circulation and trading [4].

Core Insights - The construction of a national integrated data market is driving rapid growth in the data industry while also enhancing efficiency and quality in the real economy [1][3] - The 2025 "Data Element ×" competition showcased significant advancements in core technologies such as blockchain, privacy computing, and artificial intelligence, with 183 award-winning teams recognized [1][4] Industry Growth - The "14th Five-Year Plan" emphasizes the deep integration of the digital economy with the real economy, accelerating the development of the national integrated data market [3] - By 2024, the number of data enterprises in China is expected to exceed 400,000, with the data industry projected to reach a scale of 5.86 trillion yuan, marking a 117% increase from the end of the "13th Five-Year Plan" [3] - The "Data Element ×" three-year action plan (2024-2026) aims to leverage data across 12 key industries, including manufacturing, agriculture, and healthcare, to maximize the value of data elements [3] Competition Insights - The 2025 "Data Element ×" competition attracted over 117,000 participants and featured more than 23,000 projects, with state-owned and private enterprises comprising over two-thirds of the participants [3][4] - Approximately 50% of the projects aimed to reduce costs and improve efficiency using data, while 22% focused on driving collaboration in supply chains [4] Case Studies - Weichai Power Co., Ltd. shared its project on "Trusted Data Empowering High-End Manufacturing," highlighting its success in breaking world records in engine thermal efficiency through extensive data collection [5][6] - The Shanghai Shenkang Hospital Development Center presented its medical AI training facility, which integrates high-quality data from 37 top-tier hospitals, significantly improving diagnostic accuracy for various conditions [6][7] Data Market Initiatives - Shanghai is actively promoting efficient and compliant data circulation to empower the real economy, with initiatives to explore replicable practices for a unified national data market [8] - The Shanghai Data Group has established a comprehensive data infrastructure and is leading the development of over 300 data products across various sectors [8][9] Investment and Innovation - A new blockchain innovation fund has been established with an initial target of 3 billion yuan, focusing on investments in core technologies and applications in the blockchain and data sectors [9]

Core Insights - The traditional industry remains the main battlefield for the release of data element value, with the construction of a national integrated data market driving cost reduction, efficiency enhancement, and quality innovation in the real economy [1][4] - The national data bureau aims to build an open, shared, and secure national integrated data market, focusing on nurturing various data circulation service institutions to stimulate market vitality and release the value of data elements [2][3] - The data industry is entering a period of rapid growth, with the number of data enterprises expected to exceed 400,000 and the industry scale reaching 5.86 trillion yuan by 2024, reflecting a 117% increase compared to the end of the 13th Five-Year Plan [3][4] Industry Developments - The "Data Element ×" competition attracted over 117,000 participants and more than 23,000 projects, with state-owned and private enterprises accounting for over two-thirds of the participants [3][4] - 50% of the projects in the competition aimed to reduce costs and increase efficiency using data, while 22% focused on driving industrial chain and supply chain collaboration [4][5] - The competition highlighted that traditional industries, particularly in manufacturing and healthcare, are leading in the application of data elements, with significant economic benefits observed [4][6] Technological Innovations - The conference showcased advancements in core technologies such as blockchain, privacy computing, and artificial intelligence, with multiple achievements announced, including the launch of a blockchain credit certificate application scenario [1][2] - Weichai Power Co., Ltd. shared its project on "trusted data empowering high-end manufacturing," which has led to significant breakthroughs in engine efficiency through extensive data collection and analysis [6][7] - The Shanghai Shenkang Hospital Development Center presented its integration of high-quality data and AI applications, achieving remarkable improvements in diagnostic accuracy for various medical conditions [7][8] Regional Initiatives - Shanghai is actively promoting efficient data circulation and utilization to empower the real economy, with plans to establish a trillion-level digital industry cluster in the Yangtze River Delta [8][9] - The Shanghai Data Group has developed a comprehensive data infrastructure based on blockchain and privacy computing, connecting over 300 data source units and leading the development of over 300 data products and services [8][9] - A new cross-border digital trust service was launched, facilitating online registration for Singaporean enterprises in Shanghai, significantly reducing the time and cost associated with document verification [9][10]

Group 1 - The core viewpoint emphasizes the new deployment by the 20th Central Committee for building an open, shared, and secure national integrated data market, which guides the acceleration of cultivating data circulation and trading service institutions [1] - The meeting highlighted the current diversity in data circulation and trading forms, indicating that the methods of data development and utilization are accompanied by corresponding data circulation and trading models [1] - It was stated that targeted policies should be implemented to further stimulate the enthusiasm and creativity of various data circulation and trading service institutions, supporting the exploration of diverse data circulation and trading forms to enrich and activate the data market ecosystem [1]

Core Viewpoint - The National Bureau of Statistics is accelerating the cultivation of a unified national data market and is studying the development experiences of technology markets to provide more references for data market development [1] Group 1 - On October 17, the Director of the National Bureau of Statistics, Liu Liehong, conducted an on-site investigation at the China Technology Exchange [1] - Liu Liehong listened to the introduction from the heads of the institution regarding the development of technology trading institutions and technology markets [1] - The initiative aims to enhance the development of the data market by systematically organizing and researching the experiences in cultivating technology markets [1]

Core Viewpoint - The article discusses the structural imbalance in the domestic data market and the initiatives being taken to address it, including the release of a national data product service demand directory to enhance supply-demand matching and improve market efficiency [1][2]. Group 1: Supply and Demand Imbalance - The data market currently faces a structural imbalance where supply exceeds demand, leading to low matching efficiency despite a high number of data products and demands [2][3]. - The national data product service demand directory is introduced as a quasi-public product to facilitate better matching between supply and demand in the data market [2][3]. Group 2: Data Trading Institutions - The "mutual recognition and communication among data trading institutions" is a key component of building a unified national data market, as outlined in the 2024 reform directives [2]. - In 2024, the Guizhou Data Exchange (贵数所) plans to collaborate with seven data trading institutions to release 196 mutually recognized data products, aiming to reduce data circulation costs [3]. Group 3: Infrastructure and Standards - Establishing a unified and interconnected circulation infrastructure and standardizing trading rules and data standards are essential for efficient data flow [3][4]. - The development of data trading institutions has seen cycles of growth and decline, with the current phase focusing on finding sustainable business models [4][5]. Group 4: Commercialization and Value Creation - Many domestic data trading institutions have yet to achieve profitability, with successful commercialization strategies focusing on systematic services around data marketization and value creation [4][5]. - Data trading institutions are expected to contribute to national strategies while balancing commercial and social value creation [5].