Core Points - The National Bureau of Statistics has approved the establishment of national digital economy innovation development pilot zones in Jiangsu and six other provinces, with Jiangsu taking on 31 of the 158 reform items, ranking second nationwide [1] - Jiangsu has developed a "gradient division of labor and functional complementarity" model for digital economy development, focusing on local characteristics [1] - The provincial data bureau is planning to implement pilot projects for digital economy innovation to pave the way for the national pilot zone construction [1] Specific Measures - The plan emphasizes artificial intelligence, aiming to promote the development of a data industry ecosystem and transform the data industry into a core carrier for enhancing the digital economy [2] - Jiangsu will deepen the market-oriented allocation of data elements, establish a unified data trading hub, and explore data pricing models [2] - A three-year action plan will be implemented to convert data elements from a "policy concept" into a "core engine" for releasing digital economy value [2]

Core Insights - During the "14th Five-Year Plan" period, China has significantly enhanced its integration of information technology and industrialization, leading to a notable improvement in technological innovation capabilities and the emergence of high-tech products [1][2] Group 1: Technological Innovation - Key breakthroughs in network information technology have been achieved, particularly in artificial intelligence (AI), with a continuous increase in the number and scale of AI enterprises in China [2] - China's AI patent count accounts for 60% of the global total, indicating a substantial leap in comprehensive AI capabilities [2] - The launch of the Qwen3-Max model by Alibaba, featuring over one trillion parameters, showcases advancements in programming and intelligent tool usage [3] Group 2: Digital Economy Development - The digital economy is entering a phase of comprehensive expansion, with the core industry value added expected to reach 10.4% of GDP by the end of 2024 [6][7] - The number of 5G base stations has reached 4.598 million, facilitating widespread application in various sectors such as mining and manufacturing [5] - The digital transformation of the manufacturing sector has shifted from leading benchmarks to large-scale promotion, with over 35,000 basic-level and 230 excellent-level smart factories established [5][7] Group 3: Data Development and Utilization - The annual data production in China is projected to reach 41.06 ZB by 2024, reflecting a 25% year-on-year growth [8][9] - The number of data trading enterprises has surpassed one million, with total data transaction amounts exceeding 22 billion yuan, marking an 80% increase [9] - The establishment of a national-level data infrastructure is underway to support the development of the digital economy and technological innovation [10]

Core Viewpoint - The development of urban trusted data spaces is driven by policies, technology, and demand, aiming to ensure the credible, secure, and compliant circulation and utilization of data to support industrial development and modern urban governance [4][6][14]. Group 1: Background of Urban Trusted Data Space - Urban trusted data space is defined as a government-led, multi-party collaborative data infrastructure that ensures credible, secure, and compliant data circulation and utilization [4][5]. - It serves as a key carrier for promoting the development and utilization of urban data resources, integrating scattered data across various fields to support urban planning, construction, management, and services [4][5]. Group 2: Development Drivers Policy - Since 2019, China has introduced a series of top-level designs and strategic plans to promote the market-oriented allocation of data elements, encouraging the construction of trusted circulation infrastructure [6]. - The "Trusted Data Space Development Action Plan (2024-2028)" aims to create urban trusted data spaces, with a target of establishing over 100 such spaces by 2028 [6]. Technology - The introduction of privacy computing and blockchain technology addresses the issues of data owners being reluctant to share data, creating a trusted circulation channel [8]. - Privacy computing allows processed data to flow out while keeping original data secure, while blockchain ensures trust through immutable records and automated rule execution [8][10]. Demand - Urban areas face challenges in data resource development and utilization, with approximately 40% of data produced remaining unused [14][15]. - Urban trusted data spaces are essential for activating data resources, enhancing urban governance efficiency, and promoting the integration of public data with industry, enterprise, and individual data [14][15]. Group 3: Value of Urban Trusted Data Space - Urban trusted data spaces aim to resolve issues related to trust mechanisms, value attraction, and circulation inefficiencies in urban governance, facilitating efficient data flow and utilization [17][18]. - They enhance public service accessibility and precision in urban governance through the development and utilization of public data, while fostering collaborative governance among government, market, and society [17][18]. Group 4: Current State of Development - The overall framework of urban trusted data spaces is built around a foundational infrastructure, enabling secure data access and supporting various applications such as government services, financial inclusion, and healthcare [21][22]. - The core capabilities include trusted control, resource interaction, and value co-creation, ensuring real-time monitoring and traceability of data circulation [26][28][30].

Core Viewpoint - The report emphasizes the significance of the urban trusted data space as a key infrastructure for data governance, driven by urbanization and digital transformation, facilitating secure and compliant data circulation for urban management and industrial empowerment [1][8]. Group 1: Development Background - The urban trusted data space is defined as a city-level infrastructure led by the government, primarily utilizing public data to break data circulation barriers and enhance urban governance [11][12]. - The development is supported by a series of national and local policies encouraging the establishment and pilot projects of trusted data spaces, aiming for large-scale implementation [13][20]. Group 2: Current Development Status - The urban trusted data space is built on a government cloud foundation, incorporating data circulation support systems and two main platforms for data management and utilization [28][30]. - The core capabilities include trusted control, resource interaction, and value co-creation, ensuring secure data flow and promoting interconnectivity and value transformation [35][36]. Group 3: Application Scenarios and Case Studies - In government services, the urban trusted data space facilitates cross-departmental data sharing, enabling integrated governance and service delivery [30][31]. - In inclusive finance, it merges government and financial data to create dynamic risk control models, addressing financing challenges for small and micro enterprises [30][31]. Group 4: Development Trends - Technological advancements, particularly AI, are expected to drive data governance towards automation, intelligence, and dynamism, enhancing governance efficiency [8][20]. - The development will follow a "pilot - demonstration - promotion" pathway, evolving from city-level trials to a nationwide integrated ecosystem, attracting industry and enterprise participation [8][20].

Group 1: Public Data Sharing Progress - Multiple regions in China have made significant advancements in public data sharing applications, with Jiangsu launching an integrated public data authorization platform and developing 86 public data products across various sectors including financial services and low-altitude economy [1] - Shandong has conducted over 52 billion data sharing instances and created over 90 high-quality datasets focused on artificial intelligence in industrial manufacturing and transportation [1] - Guangdong has opened over 27 billion public data records to society, supporting efficient service delivery [1] Group 2: Investment in Robotics - Lexiang Technology has completed a 200 million yuan financing round, led by Zhongding Capital, with existing investor IDG Capital also participating [2] - The funds will be used for research and development of core components, robot body and motion control technology, and consciousness bionic model iteration, aiming to accelerate the large-scale deployment of consumer-grade intelligent products [2] - The financing reflects strong market confidence in the consumer robotics sector, although high R&D costs and technical bottlenecks may impact profitability [2] Group 3: Metaverse Industry Growth - The scale of Shanghai's metaverse-related industries has surpassed 300 billion yuan, with over 30 XR terminal manufacturing companies and a significant share of core component production [3] - Future efforts will focus on technological breakthroughs and application trials in areas such as physical AI, spatial computing, digital humans, and 3D digital content [3] - The local government's strong support for emerging industries is expected to facilitate the transition of the metaverse from concept to tangible economic impact, attracting more capital and enhancing company valuations [3]

Group 1 - Multiple regions in China have made significant progress in public data sharing applications, with Jiangsu launching a unified public data authorization platform and developing 86 public data products across various sectors [1] - Shandong has conducted over 52 billion data sharing instances and created over 90 high-quality datasets focused on AI development in industrial manufacturing and transportation [1] - Guangdong has opened over 27 billion public data records to the public, supporting efficient service delivery [1] Group 2 - Lexiang Technology has completed a 200 million yuan financing round, led by Zhongding Capital, with existing investor IDG Capital also participating [2] - The funds will be used for R&D of core components, development of robotic body and motion control technology, and iteration of consciousness bionic models, aiming to accelerate the commercialization of consumer-grade intelligent products [2] - This financing indicates strong market confidence in the consumer robotics sector, although high R&D costs and technical bottlenecks may impact profitability [2] Group 3 - The scale of the metaverse-related industries in Shanghai has surpassed 300 billion yuan, with over 30 XR terminal manufacturing companies and a significant share of core component production [3] - Future initiatives will focus on technological breakthroughs in AI, spatial computing, and digital content, as well as promoting large-scale applications in various sectors [3] - Local government support for emerging industries is expected to facilitate the transition of the metaverse from concept to tangible economic impact, attracting more capital and enhancing company valuations [3]

Group 1 - The Fourth Global Digital Trade Expo opened in Hangzhou, where Dean Diagnostics signed a strategic cooperation agreement with Hangzhou Data Group to co-build a trusted data space for the city [1] - The collaboration aims to create advanced and secure infrastructure for the trusted data space, explore market-oriented data allocation mechanisms, and promote efficient data circulation to enhance the regional digital economy [1][2] - Dean Diagnostics will leverage its high-quality data resources in the medical diagnostics field to establish a trusted data sub-space for the industry, facilitating compliant data circulation and commercial applications [1][2] Group 2 - Dean Diagnostics has developed high-quality data sets across various fields, including oncology, infections, chronic diseases, and maternal and child health, based on over 20 years of service to more than 22,000 medical institutions [2] - The company plans to transition from a data provider to a data operator and value co-creator, establishing a closed-loop ecosystem of "data-service-application" [2] - The launch of the "Smart Inspection Link - Integrated Management Platform for Regional Testing/Pathology" aims to address challenges in regional healthcare, enhancing digital capabilities in grassroots medical services [3]

Core Viewpoint - The strategic partnership between Dian Diagnostics and Hangzhou Data Group aims to establish a trusted data space in Hangzhou, focusing on the efficient circulation of data elements and promoting high-quality development of the regional digital economy [1][2]. Group 1: Strategic Collaboration - Dian Diagnostics signed a strategic cooperation agreement with Hangzhou Data Group to co-build a trusted data space infrastructure in Hangzhou [1]. - The collaboration will leverage Dian Diagnostics' extensive medical testing data to create a compliant trading platform for medical data elements [2]. - The partnership aims to develop high-quality medical data sets and AI medical products, enhancing public health monitoring services for government departments [2]. Group 2: Data Utilization and Innovation - Dian Diagnostics plans to transition from a data provider to a data operator and service enabler, creating a closed-loop ecosystem of "data-service-application" [3]. - The company will enhance AI model optimization in areas such as auxiliary diagnosis and health management through deep operation of medical data assets [3]. - The initiative aims to integrate medical data with digital technology and public services, contributing to Hangzhou's goal of becoming a "digital health capital" [3].

Core Insights - The article discusses the strategic importance of "trusted data spaces" as a key infrastructure for the marketization of data elements, aligning with the national goal of establishing over 100 trusted data spaces by 2028 [12][22]. Policy Opportunities - The adjustments in the special bond policy for 2025 are creating a favorable financing environment for trusted data space projects, including expanded investment areas and simplified approval processes [16][17]. - The new policy allows for a negative list management approach, meaning projects not on the list can apply for special bond funding, thus broadening the scope for trusted data space financing [16][17]. Project Application Key Points - Not all trusted data space projects qualify for special bonds; they must meet four hard indicators: compliance of the applicant, project standards, alignment with investment areas, and technical qualifications [18][19]. - The investment scale must be at least 20 million, with a minimum of 5 million planned for the current year, and projects must be in construction or planned with a completion timeline by December 2027 [19]. Financing Implementation - The application for special bonds is a systematic process requiring early planning, including project feasibility studies and compliance with technical standards [20][21]. - The financing process involves multiple steps, including initial review, expert evaluation, and entry into the local special bond project library, with a focus on demonstrating project value and compliance [20][21]. Future Trends - The period from 2025 to 2028 is identified as a "golden period" for special bond support for trusted data space projects, with significant expected growth in bond issuance [22][23]. - The integration of technologies such as privacy computing, blockchain, and AI is anticipated to accelerate, enhancing the operational innovation of data asset management [23][24].

Core Viewpoint - Jiuyuan Yinhai (002777) is actively engaging in the development and implementation of data products, capabilities, and services in the public welfare sector, contributing to the construction of a digital government and digital economy in China [1] Group 1 - The company is leveraging government public data to innovate in data products and services [1] - The focus areas include healthcare insurance, digital governance, and smart city data value extraction [1] - The initiatives aim to promote the high-quality development of the data factor market [1]