Group 1 - Zhengzhou has been selected as one of the 13 national pilot cities for the "Innovative Development of Trusted Data Space" project, marking a significant breakthrough in the market-oriented allocation of data elements [2][3] - The pilot project aims to achieve at least 60% coverage of public data and 50% coverage from government, enterprises, and leading industries in Zhengzhou by 2027 [2] - The project is expected to generate profits within five years, driving the data transaction scale in Zhengzhou to exceed 10 billion and the digital economy scale to reach 800 billion [2] Group 2 - Zhengzhou Smart Technology Group has gained national recognition for its technical strength and practical achievements in supporting the construction of "Digital Zhengzhou" [3] - The group will focus on building a data service system that supports the city's digital transformation, with an emphasis on sectors such as finance, healthcare, logistics, agriculture, and AI [3] - The initiative aims to create a prosperous data ecosystem by attracting diverse data service providers and developing high-value application scenarios, contributing to the national construction of trusted data space [3]

Market Overview - The CSI All Share Index experienced fluctuations but ultimately closed up by 0.60% on July 4, 2025, with over 3,000 stocks rising, indicating a broad market rally[1] - On July 3, the Shanghai Composite Index rose by 0.18%, the Shenzhen Component increased by 1.17%, and the ChiNext Index surged by 1.9%[2] Capital Flow - On July 3, net inflows into the Shanghai Stock Exchange amounted to 6.79 billion yuan, while the Shenzhen Stock Exchange saw net inflows of 16.28 billion yuan[3] - The top three sectors for capital inflow were consumer electronics, components, and chemical pharmaceuticals, while the largest outflows were from diversified finance, state-owned banks, and marine equipment[3] Industry Insights - In May 2025, China's automotive exports reached $20.67 billion, marking a year-on-year increase of 12.2%[7] - The average monthly sales of electric bicycles through trade-in programs from January to June 2025 grew by 113.5%, with a total of 8.465 million units traded in, which is 6.1 times that of 2024[8] Future Projections - The low-code and no-code software market in China is projected to reach 12.98 billion yuan by 2029, with a compound annual growth rate (CAGR) of 26.4% over the next five years[9] Regulatory Developments - The China Securities Regulatory Commission emphasized the need to optimize capital market mechanisms to better support technological and industrial innovation[5] - The National Bureau of Statistics highlighted the importance of data resource circulation and market-oriented reforms to enhance urban economic vitality and governance[4]

Core Viewpoint - The Director of the National Data Bureau, Liu Liehong, emphasizes the importance of deepening the circulation and utilization of data resources and the market-oriented allocation of data elements to drive high-quality urban development and governance [1] Group 1: Urban Digital Transformation - Regions like Beijing are actively promoting comprehensive digital transformation, integrating data circulation and utilization throughout urban planning, construction, and operation processes to enhance economic vitality and governance levels [1] - The goal is to achieve high-quality development, efficient governance, and improved quality of life through coordinated urban digital transformation [1] Group 2: Data Resource Utilization - There is a focus on solidifying the development foundation by using cities as comprehensive carriers for advancing digital China, leveraging the multiplier effect of data elements [1] - The initiative aims to strengthen the synergy between technology and mechanisms, creating a unified digital infrastructure and data platform [1] Group 3: Application Orientation - The application-oriented approach highlights the critical role of data elements and digital technologies in urban emergency management, aiming to build more resilient urban lifelines [1] - The strategy includes promoting deep integration of industry and urban governance modernization through digital transformation [1] Group 4: Data Resource Reform - The continuous enrichment and aggregation of urban data resources are essential for deepening the circulation and utilization of data resources and reforming the market-oriented allocation of data elements [1] - This approach is expected to support innovative development in the digital economy, creating a virtuous cycle that better facilitates high-quality urban development [1]

Group 1 - The core event is the launch of smart parking data assets by Zhenjiang Transportation Industry Group at the Shanghai Data Exchange, marking a significant step in data-driven financial innovation and market-oriented data asset configuration [1] - Zhenjiang Transportation Industry Group aims to develop sustainable data application scenarios and enhance the value of its proprietary data, positioning itself as a leading comprehensive transportation industry group in the province [1] - The chairman emphasized the critical role of data elements in urban digital transformation and economic development, indicating that this initiative is a milestone in the market-oriented configuration of data elements [1] Group 2 - Shanghai Data Exchange is focused on cultivating a data market ecosystem, with a goal of achieving market-oriented value for data elements, and has established a data asset trading market with core functions including registration, valuation, listing, and disclosure [2] - In 2024, the Shanghai Data Exchange expects to surpass a data trading volume of 5 billion yuan and facilitate over 700 million yuan in credit services for enterprises [2] - The smart parking sector has prioritized the assetization and marketization of data, with previous successful listings of data products, indicating a significant breakthrough in data assetization [2] Group 3 - The Shanghai Data Exchange plans to continue advancing the construction of the data asset trading market, supporting financial institutions in digital financial innovation and facilitating the compliant and efficient circulation of data assets [3]

Group 1 - The AI-enabled Shenzhen Pharmaceutical and Medical Device Industry High-Quality Development Conference successfully took place, focusing on how data and algorithms can assist in drug and medical device research, precision medicine, and health management [1] - The conference marked the launch of the "Clinical Empowerment for Ten Million Population Scenarios" platform, establishing Shenzhen as a leader in creating an AI medical application ecosystem covering a super-large city population [1] - The platform aims to enhance the efficient collaboration of medical resources and accelerate the application of AI drug and medical device technologies from laboratories to real-life scenarios [1] Group 2 - The Shenzhen Data Exchange's establishment is a key initiative for implementing the Shenzhen Comprehensive Reform Pilot Plan (2020-2025), focusing on data empowerment for high-quality economic development [2] - The Shenzhen Data Exchange has created a full-process service system for data rights confirmation, pricing, trading, usage, and regulation, aiming to explore market-oriented data element allocation paths [2] - Five high-quality medical data products were listed at the event, focusing on public health, chronic disease management, vaccination, and treatment behaviors, providing a solid data foundation for AI drug and medical device companies [2] Group 3 - Huasheng Medical, the first certified data vendor in the medical device sector at the Shenzhen Data Exchange, has launched both data set and data tool assets, creating a complete value chain from "data raw materials" to "intelligent tools" [3] - The company aims to collaborate with China Unicom, Shenzhen Data Exchange, and hospitals to enhance hardware and data training, providing more intelligent devices [3]

Core Insights - The report presented by Professor Zhao Xi focuses on the national data infrastructure policy framework and introduces the "INDDIGO" industry data infrastructure prototype system, emphasizing the importance of data as a strategic national resource comparable to electricity and communication [1][2]. Group 1: National Data Infrastructure - Data is increasingly recognized as a strategic national resource, necessitating a coordinated approach to build an efficient and trustworthy infrastructure network for data circulation and value transformation [1]. - The report highlights the need for a top-level design and systematic implementation of data infrastructure to support large-scale data flow and value creation [1]. Group 2: INDDIGO Prototype System - The "INDDIGO" system integrates four technological frameworks: blockchain, token technology, privacy computing, and data governance, aiming to address key issues such as weak data supply willingness and unclear distribution mechanisms [2]. - The system is designed to facilitate a data value co-creation infrastructure, focusing on key technological breakthroughs and economic models for data circulation [2]. Group 3: Application and Collaboration - Several enterprises and institutions have expressed interest in collaborating on the implementation of the INDDIGO system in various sectors, including government data integration and healthcare finance [3]. - The development of the INDDIGO system is the result of over a decade of technological accumulation and policy observation, addressing the core issue of lacking foundational infrastructure for data value circulation [3].

Group 1 - Hubei Province has launched an action plan to promote the development of trusted data spaces, aiming for integrated development in construction, usage, management, and services by 2028 [1][4] - The plan targets the establishment of at least 30 effective trusted data spaces, the development of no less than 300 application scenarios, and the listing of over 2000 data products by 2028 [1][4] - Wuhan aims to become a data element hub city, with significant achievements in the data element sector, including being selected as a national pilot city for data circulation and utilization [2][3] Group 2 - The data annotation industry in Wuhan is rapidly developing, with over 60 key enterprises and a goal to exceed 50 billion in business volume related to data annotation by 2027 [3] - The action plan for the data annotation industry aims to introduce and cultivate two leading data annotation enterprises and generate over 100 billion in growth for related AI industries [3] - The national data bureau has set a target to establish over 100 trusted data spaces by 2028, with Hubei contributing to this goal through its action plan [4][5] Group 3 - The action plan outlines five key directions for data space construction: urban, enterprise, industry, cross-border, and personal trusted data spaces [5] - Support is provided for cities like Wuhan, Xiangyang, and Yichang to conduct pilot projects that enhance data management and interconnectivity [5] - The plan encourages state-owned enterprises and platform companies to develop enterprise trusted data spaces to accelerate digital transformation [5]

Core Viewpoint - Shenzhen is set to accelerate the implementation of 24 special measures to relax market access, as outlined in the recently issued "Opinions" by the central government, marking a significant reform initiative for the city as it approaches its 45th anniversary as an economic special zone [1][2]. Group 1: Key Reform Measures - The focus of the reforms includes the integration of education, technology, and talent systems to enhance innovation and attract diverse talent without geographical or background restrictions [2][3]. - Shenzhen aims to deepen the integration of financial, technological, and data resources to support high-quality development of the real economy, with specific initiatives to attract insurance funds for investment in technology innovation [2][3]. - The city will enhance its openness by promoting service trade and establishing a competitive edge in various sectors such as gaming, software outsourcing, and international logistics [2][3]. Group 2: Market Access and Regulatory Framework - Shenzhen will further relax market access by exploring new regulatory mechanisms in fields like artificial intelligence and smart connected vehicles, and will implement a "sandbox regulatory" approach in the medical device sector [4][5]. - The city plans to facilitate resource acquisition by breaking down departmental barriers and expanding public data resource availability, particularly in healthcare and finance [5][6]. - Shenzhen will align with international high-standard trade rules, using the Qianhai-Shekou Free Trade Zone as a testing ground for these standards [5][6]. Group 3: Business Environment Optimization - The city aims to create a first-class business environment characterized by efficient administrative processes, robust legal frameworks, and a supportive industrial ecosystem [6]. - Shenzhen has been recognized for its favorable business environment, with a significant number of operating entities, reflecting its status as a leading city for entrepreneurship in China [6].

Core Insights - The central viewpoint of the news is the issuance of the "Opinions" by the Central Committee and the State Council, which aims to deepen the reform and innovation of the data factor market in Shenzhen, promoting its role in the digital economy and enhancing data circulation mechanisms [1][2]. Group 1: Data Factor Market Development - The data factor market in China is projected to grow at a compound annual growth rate of over 20%, reaching 904 billion yuan in 2022 and expected to exceed 1,749 billion yuan by 2025 [1]. - The "Opinions" emphasize the need for market-oriented reforms in data factor allocation, supporting Shenzhen in exploring data trading, trusted circulation, and revenue distribution mechanisms [1][3]. - The establishment of a market-oriented mechanism for data factor allocation is crucial for the development of the digital economy, artificial intelligence, and digital transformation [1][4]. Group 2: Public Data Open Access - The "Opinions" propose a gradual and lawful classification and opening of public data in sectors such as transportation, geography, satellite remote sensing, meteorology, and healthcare, while ensuring safety [5][6]. - The introduction of market operators in public data access is suggested to enhance the marketization of public data, linking government data with market demand [4][6]. - The need for a sustainable mechanism for public data usage is highlighted, advocating for transparency and fairness in the public data ecosystem [6]. Group 3: Cross-Border Data Flow - Shenzhen's geographical proximity to Hong Kong and Macau creates a significant demand for cross-border data flow, which is essential for multinational enterprises [7]. - The "Opinions" call for improved data security governance and the exploration of efficient and safe cross-border data flow mechanisms [7]. - Shenzhen Data Exchange has initiated a cross-border data trading zone, offering over 200 cross-border data products to support the global expansion of enterprises in the Greater Bay Area [7].

Group 1 - The core viewpoint of the news is the issuance of the "Opinions" by the Central Office and the State Council to deepen reform and innovation in Shenzhen, aiming to enhance its role as a key engine in the Guangdong-Hong Kong-Macao Greater Bay Area and contribute to the modernization of the socialist country [1] - The Opinions outline four main areas for reform: integrating education, technology, and talent systems; empowering the real economy with finance, technology, and data; building a higher-level open economy; and improving governance models [1] - Shenzhen's comprehensive reform pilot has already yielded positive results, with 48 experiences promoted by the National Development and Reform Commission [1] Group 2 - The Opinions support the establishment of a financial integration pilot for technology industries in Shenzhen, including optimizing financing mechanisms for technology enterprises and promoting green finance reforms [2] - It emphasizes the need for a full-chain service system for the transfer and transformation of technological achievements and intellectual property [2] - The document encourages the exploration of new mechanisms for data trading and cross-border data flow, as well as the enhancement of digital currency applications in trade [3] Group 3 - The Opinions propose innovative measures for land and natural resource management, including reforms to idle land disposal mechanisms and linking idle land fees to the duration of idleness [3]