Investment Strategy - AI application data continues to improve, with high prosperity in edge applications. The monthly active users of ChatGPT reached 655 million in June, showing a year-on-year growth of 5.9%, surpassing X (formerly Twitter). Other notable AI applications include Quark, Baidu Cloud, and Doubao, which have entered the global top ten [12][20] - Initial orders have been released, indicating a resonance in domestic and international computing power demand. China Mobile's AI computing device procurement project for 2025-2026 has been initiated, with bids exceeding 3.2 billion yuan. The establishment of the China Mobile AI Technology Company with a registered capital of 2 billion yuan further supports this trend [13][16] - The supply side is continuously upgrading, with domestic computing power manufacturers entering the IPO stage. Companies like Huida and domestic chip manufacturers are advancing their products, with IPOs for companies like Muxi and Moer Thread being accepted, aiming to raise 3.9 billion yuan and 8 billion yuan respectively [14][18] Industry News - China Mobile's AI server procurement project has been announced, with a total of 7,058 AI servers expected to be procured across six packages, with the largest package exceeding 3.2 billion yuan [16][26] - The "Trusted Data Space Standardization Research Report" seminar was successfully held, emphasizing the importance of standardization in data trading and the development of a robust data space standard system [17] - The demand for AI applications continues to grow, with ByteDance's Cici becoming the fastest-growing overseas application, achieving 24.01 million monthly active users with a growth rate of 17.56% [20][21] Weekly Review and Focus - The communication sector saw a slight decline of 0.16% this week, while the Shanghai Composite Index rose by 1.40%. The overall performance of the communication sector was weaker than the index, suggesting a focus on AI computing power investment opportunities [21][22] - Recommended focus for the upcoming week includes companies in the AI computing chain such as Cambrian, Haiguang Information, and Shenghong Technology, as well as long-term attention to major operators like China Mobile and China Telecom [25][26]

Group 1 - The Shanghai Municipal Government has issued measures to promote the high-quality development of the software and information services industry, focusing on activating the endogenous development power of the data factor industry [1] - The measures include the introduction of a public data authorization and operation management approach to accelerate the cultivation of public data usage scenarios in sectors such as healthcare, education, finance, and research [1] - Financial institutions are encouraged to pilot data asset pledge loans, which could enhance liquidity and investment in the data sector [1] Group 2 - The government plans to implement major demonstration projects for new infrastructure, including blockchain technology applications and medical data empowerment trials [1] - There is an exploration of establishing a corpus risk investment fund and piloting new investment models such as equity stakes in data assets [1] - The initiative aims to support the construction of trustworthy data spaces in industrial manufacturing and the online new economy sectors [1]

Group 1 - The National Data Expert Advisory Committee held its first plenary meeting in 2025, focusing on the strategic goals and major tasks for digital China construction during the 14th Five-Year Plan period [1] - Discussions included the challenges and solutions related to public data development and utilization, as well as how data work can better support the development of the artificial intelligence industry [1] - Recommendations were made to build an ecosystem for innovative technology and talent development, enhancing the new generation of data resource systems [1] Group 2 - The committee suggested promoting a "government-enterprise collaboration" model for public data authorization and operation, aiming to create inclusive data service platforms to foster the growth of data industry entities [1] - There is a call to establish foundational facilities for data circulation and utilization, accelerating the implementation of national high-quality AI data set construction projects [1] - The design of fair and transparent data value assessment, pricing, transaction, and revenue distribution models was recommended, including the use of smart contracts to define data usage parameters and ensure traceability [1]

Core Viewpoint - The China Academy of Information and Communications Technology (CAICT) announced the results of the "Trusted Data Circulation Assessment Test," where JD Cloud's Trusted Data Space Service Platform successfully passed the evaluation, highlighting its leading position in the industry for trusted data space platform construction [1][2]. Group 1: Trusted Data Space Platform Features - The platform has a comprehensive trusted space technology architecture that effectively collaborates with access connectors to build the infrastructure for data circulation, supporting regional/industry functional node adaptation and cross-domain trusted data circulation [2]. - It offers efficient trusted computing performance, achieving full-process coverage from data access to computing inference, capable of elastic support for trusted computing at a scale of hundreds of billions of data [2]. - The platform provides multi-scenario integrated data services, ensuring secure circulation and trusted computing of cross-scenario and cross-source data under a "visible but not seen" security paradigm [2]. Group 2: Industry Context and Future Directions - With the rapid development of large models and other technologies, the role of data in enterprise operations, technological innovation, and decision-making is increasingly prominent, necessitating solutions for data resource sharing and privacy protection [1]. - JD Cloud aims to continue deepening its technological advancements in the trusted data space sector, promoting an open and collaborative ecosystem to enhance performance and cost-effectiveness, thereby assisting more enterprises in reshaping AI productivity [2].

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 Insights - Jiangsu Province has launched the first batch of 40 projects under the "123+" initiative to develop a trusted data space, marking a significant step in building a high-quality trusted data ecosystem [1][2] - The trusted data space aims to create a secure environment for data circulation, addressing issues of reluctance and inability to utilize data effectively, thereby enhancing the value of data elements [1] - The initiative focuses on ten key areas, including digital transformation of enterprises and advanced manufacturing, with a goal to establish over 10 national benchmarks and 20 provincial models by 2028 [1][3] Project Selection Criteria - The selected projects align closely with national strategies, with 9 enterprise trusted data spaces, 20 industry trusted data spaces, 7 city trusted data spaces, and 4 cross-border trusted data spaces [2] - For example, the Nanjing city trusted data space focuses on resilient city construction and precise urban governance, facilitating the integration of public, enterprise, and personal data [2] Industry-Specific Features - The projects reflect Jiangsu's industrial characteristics, with a focus on the "1650" industrial development system and "51010" strategic emerging industries [3] - Notable projects include the steel industry chain collaboration data space, which aims to integrate supply chain data to promote digital transformation and upgrade of traditional industries [3] Sustainability and Business Models - The trusted data spaces are encouraged to develop sustainable business models, exploring new revenue streams through user engagement and product offerings [4] - For instance, the Jiangsu healthcare industry trusted data space plans to implement a dual evaluation system based on contribution and transaction volume, projecting a return on investment of over 20% within two years [4] Future Management and Development - The Jiangsu Provincial Data Bureau will implement dynamic management of selected projects, regularly assessing progress and outcomes to ensure effective demonstration and leadership [4] - The initiative aims to encourage more innovative entities to participate, contributing to the overall development of the trusted data space in Jiangsu and providing a model for national data space system construction [4]

□ 中国宏观经济研究院 徐 策 中国经济信息网 左登基 □ 在新一轮科技革命和产业变革背景下，可信数据空间将成为最大化释放数据要素价值的关键抓手。作 为构建全国一体化数据市场的重要载体和实现数据要素价值共创的应用生态，可信数据空间将成为未来 数字经济发展的关键数据基础设施 □ 根据国家数据局的相关工作部署，到2028年，我国将建成100个以上可信数据空间。未来，可信数据 空间建设将迎来爆发式增长的黄金机遇期，在新型基础设施建设、数商生态体系、创新应用场景等方面 持续发力，激活数据要素市场万亿元空间，成为数字经济发展新兴动能和有力支撑 □ 未来一段时期，建议根据全国一体化数据市场、数据要素市场化配置改革需求，针对可信数据空间建 设初期面临的数据供需脱节及"数据壁垒"等问题和风险，坚持适度超前部署数字基础设施建设原则，加 强国家可信数据空间战略议题研究，加快实现数据在不同主体间"可用不可见""可控可计量"，助力网络 强国、数字中国建设 可信数据空间是基于共识规则，联接多方主体，实现数据资源共享共用的一种数据流通利用基础设施， 是数据要素价值共创的应用生态，是支撑构建全国一体化数据市场的重要载体，是深化数据要素市场 ...

深圳商报·读创客户端首席记者 吴蕾 5月28日，"2025 深圳企业家前瞻峰会暨第五届新生代创新创业风云人物颁牌盛典"在深圳大学丽湖校区文汇礼堂举办。现场，出席活动的领导与特邀嘉宾 一同为第五届"新生代创新创业风云人物"颁发荣誉金牌，表彰他们"敢闯敢干、睿智创新"的精神和在新时代浪潮中为深圳经济发展注入新质生产力所做出 的贡献。 本次活动以"创新创业 创领未来"为主题，历届行业领军人物、十大杰出女企业家、新生代风云人物代表，深圳500强企业和质量百强企业代表及深圳企联 会员董事长、总经理、高管，知名投资人、产业专家、高校创业导师、媒体代表等近500人齐聚一堂、共话发展。活动由深圳市企业联合会、深圳市企业 家协会主办，深圳大学联合主办，深圳大学管理学院、深圳市中小企业公共服务示范平台承办，深圳大学MBA教育中心、深圳会邦科技有限公司协办， 相关单位支持。 企业家是经济发展的核心力量，深圳青年企业家更是城市创新引擎。"深圳新生代创新创业风云人物"推选自2012年启动，每三年一届，至今已举办五届， 广受政府与社会认可，对深圳青年企业家群体影响深远，助力城市发展，发挥示范作用。 深圳企联党委副书记、执行会长康永魁以" ...

Core Insights - The year 2025 is anticipated to be a breakthrough year for trusted data spaces, with over 80 projects actively being implemented across at least 13 provinces in China, driven by significant investments ranging from millions to billions [1][3] - The concept of "trust" is central to the appeal of trusted data spaces, which address inefficiencies and security risks in traditional data transmission methods by allowing data to be processed without revealing the original data [1][3] Group 1: Industry Development - The first systematic layout for trusted data spaces was introduced at the national level in November 2024, leading to a rapid increase in the number of projects by December [3] - By April 2025, the Trusted Data Space Development Alliance was established, releasing several key documents to guide the construction of data infrastructure [3][5] Group 2: Regional Insights - Jiangsu province leads in the number of trusted data space projects, accounting for 59% of the total, followed by Guangdong with 11% [7][9] - The construction in Jiangsu is predominantly government-led, with state-owned enterprises operating over 70% of the data spaces, focusing on various industries including advanced manufacturing [9][12] Group 3: Sector-Specific Insights - The health and medical sector has the highest concentration of trusted data space deployments, with significant projects in Beijing and Guangzhou aimed at facilitating data sharing while protecting sensitive information [13][15] - Trusted data spaces are also being developed in various other sectors, including insurance, marine, and cultural tourism, with a focus on creating high-value industry databases [13][20] Group 4: Urban Development - More than ten cities, including Shenyang and Jinan, have initiated the construction of urban trusted data spaces, aiming to integrate public, enterprise, and personal data for innovative applications [17][18] - Guangzhou is particularly focused on the healthcare sector, establishing multiple trusted data spaces to enhance data flow and integration across various fields [18][20] Group 5: Support for SMEs - The development of trusted data spaces is seen as a means to promote the participation of small and medium-sized enterprises (SMEs) in data circulation, with policies aimed at reducing data access costs for these businesses [20]

Group 1 - The Trusted Data Space Development Alliance was established on April 29, 2025, to promote the construction of a national integrated data market and accelerate the practical promotion of trusted data space [1] - Digital China Holdings Limited and its subsidiary, Shenqi Digital Co., Ltd., were approved as members of the alliance, recognizing their achievements in data security, trusted circulation, and digital transformation [1][2] - The alliance aims to focus on industry pain points and practical needs, promoting the development of key results and cultivating significant benchmarks in trusted data space [1] Group 2 - Digital China Holdings has a unique first-mover advantage in the data element field, with its Yanyun DaaS product covering the entire data lifecycle [2] - The company has launched Yanyun Infinity in collaboration with Peking University, creating a value loop from "Data for AI" to "AI for Process" [2] - The company's trusted data space solutions have been applied in various sectors, including government, supply chain, and finance, and are actively promoting the establishment of trusted data space standards [2] Group 3 - The company initiated a logistics data open interconnection initiative with Beijing Jiaotong University and China Data Union Logistics to accelerate the release of data element value in the logistics sector [3] - Trusted data space is seen as a key lever for the marketization and valuation of data elements, providing a safer and more efficient infrastructure for market allocation [3] - Membership in the Trusted Data Space Development Alliance offers opportunities for expanding the data element market, enhancing ecological cooperation, and promoting industry standard formulation [3]