Core Viewpoint - The inclusion of Guangzhou Kingmed Diagnostics Group Co., Ltd. in the first batch of trusted data space innovation development pilot projects signifies national recognition of its practices in medical data security and application, addressing the challenges of data sharing in the healthcare industry [1][2]. Group 1: Company Overview - Kingmed Diagnostics has over 30 years of experience in the medical testing industry, possessing a core asset of more than 3 billion medical testing data and a service network covering over 90% of the Chinese population [2]. - The company serves more than 23,000 medical institutions, positioning itself as a pioneer in the marketization of medical data elements [2]. Group 2: Industry Impact - The pilot project aims to break the long-standing data isolation issues in the medical industry, enhancing the value of data as a production factor and promoting compliant circulation of medical data [2]. - The trusted data space is viewed as a "data safe house," allowing different data providers to share data securely, which is crucial for the healthcare sector [1][2]. Group 3: Future Strategy - Kingmed Diagnostics plans to leverage the trusted data space as a key infrastructure for its "data + AI" strategy, aiming to create a second growth curve driven by data elements [2]. - The company intends to enhance the platform attributes and public service functions of the data space over the next five years, attracting more hospitals, doctors, and individuals to participate [2].

Core Viewpoint - The issuance of standardized contract templates for data circulation transactions aims to facilitate smoother and more efficient data trading among businesses, addressing existing challenges in the market [3][4][5]. Group 1: Contract Types - The standardized contract templates focus on four typical scenarios in data circulation: data provision, data entrusted processing, data fusion development, and data intermediary services [3]. - The data provision contract is designed for data providers to share data with recipients through various means, including paid transactions and licensing [3]. - The data entrusted processing contract allows data owners to delegate data processing tasks to third parties based on specific instructions [3]. - The data fusion development contract facilitates collaboration among parties to share data for creating platforms or pools, such as AI training zones [3]. - The data intermediary services contract pertains to the facilitation of data transactions through marketing, information dissemination, and contract establishment [3]. Group 2: Benefits and Efficiency - The standardized contracts include common clauses regarding data ownership, confidentiality, liability, and dispute resolution, which are tailored to the specific needs of data circulation transactions [4]. - The introduction of these templates is expected to significantly reduce negotiation costs and improve transaction efficiency by approximately 30% [4][5]. - The templates will help businesses avoid lengthy negotiations and unclear contract terms, which have previously led to disputes and increased costs [4][5]. Group 3: Market Implications - The availability of standardized contracts encourages businesses to treat data as a distinct commodity, enhancing participation from risk-averse entities like state-owned enterprises and financial institutions [6]. - The growing trend of data trading is reflected in the financial disclosures of listed companies, indicating a shift towards more structured and compliant data transactions [5][6].

Investment Rating - The industry investment rating is "Positive" and maintained [6] Core Viewpoints - The recent issuance of standard contract templates by the National Data Bureau and the State Administration for Market Regulation aims to facilitate data circulation and transaction efficiency, indicating a potential revaluation of data elements across the entire industry chain [2][4][5] - The introduction of these templates is expected to significantly reduce negotiation costs in data transactions, potentially increasing efficiency by 30% [9] Summary by Sections Event Description - The issuance of standard contract templates includes contracts for data provision, data processing services, data fusion development, and data intermediary services, aimed at promoting efficient and compliant data circulation [4][5] Event Commentary - The standard contracts focus on four typical scenarios in data circulation, addressing data ownership, confidentiality, liability, and dispute resolution, which are expected to enhance the efficiency of data transactions [5][9] Future Outlook - Pilot cities such as Beijing, Zhejiang, and Anhui are expected to lead the application of these standard templates, which will help establish a unified national data market and lower transaction costs [9] - The overall data element industry is anticipated to enter a practical implementation phase, benefiting companies with vast data resources and strong capabilities in data processing, management, and analysis [2][9]

Group 1 - The "Private Economy Promotion Law" will take effect on May 20, 2025, serving as a foundational law for the development of the private economy in China, providing strong momentum for technology-driven private enterprises [1] - The law is expected to accelerate the marketization of data elements and promote a virtuous cycle in the autonomous driving industry, aiding the large-scale implementation of Level 4 (L4) technology [1][2] - Recent policies have significantly boosted the confidence of private enterprises by optimizing the business environment, reducing taxes and fees, providing financing support, and enhancing market access [1] Group 2 - China is one of the largest automotive markets globally, and the autonomous driving sector has substantial market potential, showcasing significant competitiveness and influence on a global scale [2] - The autonomous driving industry is characterized by its cross-sector integration, involving automotive, transportation, energy, communication, big data, cloud computing, and artificial intelligence, which is crucial for reshaping the traditional automotive industry [2] - Current challenges in the autonomous driving sector include technology, policy, market acceptance, and the maturity of the industrial chain, necessitating further legal and regulatory improvements for commercial applications [2][3] Group 3 - The company has been focusing on autonomous driving technology research and development since its establishment in late 2016, with 85% of its workforce dedicated to R&D and maintaining high investment levels [3][4] - The latest seventh-generation autonomous driving system is the world's first to achieve L4-level fully autonomous driving capabilities based on automotive-grade chips, reducing the total cost of the autonomous driving kit by 70% compared to previous generations [3] - The company currently operates nearly 300 Robotaxis and over 190 Robotrucks, accumulating over 45 million kilometers of autonomous driving test mileage, with over 8 million kilometers of fully unmanned driving [4]

Group 1: Stock Performance and Market Activity - 20 stocks had closing orders exceeding 100 million yuan, with New Tonglian leading at 621 million yuan [2] - New Tonglian achieved a five-day consecutive limit-up, while Jida Zhengyuan had four consecutive limit-ups [2] - The top four stocks by closing order volume were Aijian Group, Heli Tai, New Tonglian, and Cangzhou Mingzhu, with volumes of 505,600 hands, 469,600 hands, 454,300 hands, and 350,600 hands respectively [2] Group 2: Industry Insights - New Tonglian operates in the packaging and printing industry and confirmed no undisclosed major information, including asset restructuring or significant transactions [2] - The military industry saw stocks like Guorui Technology and Beifang Navigation experience limit-ups, with Beifang Navigation focusing on dual-use products in navigation control and ammunition information technology [3] - The marine economy is targeted for growth, with Shenzhen aiming for a marine industrial added value of 215 billion yuan by the end of the 14th Five-Year Plan, growing at an average of over 12% annually [5] Group 3: Investment Trends - The RWA (Real World Assets) sector is gaining attention, with companies like Jingbeifang and Ketech Information actively engaging in blockchain and data management technologies [4] - The top net buying stocks included Chutianlong, Nord Shares, and Hainan Huatie, with net purchases exceeding 1 billion yuan [6] - Institutional investors showed significant interest in stocks like Yuyin Shares and Hainan Huatie, with net purchases of approximately 76.56 million yuan and 76.42 million yuan respectively [6]

Core Insights - The global data generation is projected to reach 213.56ZB by 2025 and exceed 527.47ZB by 2029, with China contributing 51.78ZB in 2025 and growing to 136.12ZB by 2029 [1][2] Group 1: National Data Element Comprehensive Pilot Zones - China has deployed 10 national data element comprehensive pilot zones to explore the integration of the digital economy and the real economy [2][3] - These pilot zones are strategically located in key development areas, facilitating regional collaboration and the establishment of a unified data market [3][4] Group 2: Individual Pilot Zone Highlights - **Beijing**: Focuses on a comprehensive data market reform, with over 7 trillion data entries aggregated and 2.4 trillion data shared across departments, supporting over 140 applications [5][6] - **Guizhou**: Home to the world's first big data exchange, with a trading volume of 7.395 billion yuan in 2024, and a significant computing power network with 48 data centers [7] - **Hainan**: Leverages free trade port policies to enhance digital economy development, with over 400 core digital economy enterprises generating over 200 billion yuan in revenue in 2024 [9][10] Group 3: Challenges and Future Directions - The pilot zones face challenges such as ensuring data security during cross-regional flows and addressing institutional differences across provinces [12][14] - The establishment of a unified data rights system is still in the early stages, with ongoing efforts to refine regulations and promote data circulation [15][16] - The pilot zones are seen as pioneers in creating a national data market, with the potential to contribute to global data governance [16]

Core Viewpoint - The issuance of the new policy is seen as a significant benefit for companies deeply engaged in digital technology and data elements, particularly for companies like WeBank Technology [1] Group 1: Company Overview - WeBank Technology, established in 2014, is a digital technology enterprise that received national enterprise credit registration in 2015 [1] - The company has developed financial solutions such as "Keqi Loan," which has served over 10,000 technology enterprises, and "Piaolian Loan," which has helped 17 banks achieve decentralized credit granting, providing over 30 billion yuan in financing to 20,000 chain-related small and micro enterprises [1] Group 2: Policy Impact - The new policy is expected to accelerate the large-scale application of technological achievements and scenario innovations, particularly in the data element reform area [2] - The policy supports Shenzhen in exploring data trading and trusted circulation mechanisms, aligning with WeBank Technology's practice of converting enterprise tax data into credit assets [2] - The new round of comprehensive reform trials is seen as a catalyst for the marketization of data elements, with WeBank Technology committed to empowering the real economy through this "new experiment" [2] Group 3: Technological Advancements - WeBank Technology has been utilizing artificial intelligence since its inception to overcome traditional credit data limitations and has recently embraced large models to enhance multi-modal data analysis capabilities [2] - The company is building a knowledge graph platform to improve fraud detection accuracy, with plans to extend its AI credit engine to more emerging industries in line with the new policy's exploration of rules in the AI sector [2]

Core Insights - The rapid growth of data in the AI era is highlighted, with global data expected to increase by 36% annually, surpassing 1 YB by 2030, marking the entry into the YB era [3][4] - In China, the annual data output reaches 41.06 ZB, but only 5.1% is effectively stored, indicating a significant opportunity for improvement in data utilization [4] - The establishment of data aggregation platforms is being promoted by national policies to transition data from fragmentation to centralization, enhancing the value of data elements [4] Group 1: Data Infrastructure Development - The concept of "storage power centers" is introduced as a new type of data infrastructure, focusing on comprehensive management of data through aggregation, governance, security, and application [4][5] - Huawei's Omni-Dataverse global file system facilitates efficient data flow across data centers and regions, ensuring data visibility and manageability [5] - The ModelEngine toolchain enhances data preprocessing efficiency and reduces model costs, accelerating AI application deployment [5] Group 2: Data Security and Governance - Huawei's storage centers implement a trusted data space with over 30 data control strategies and full-process logging to ensure secure and controllable data circulation [5] - The integration of end-to-end data enterprises within storage centers promotes a positive cycle from data collection to governance and application [5] Group 3: Strategic Goals for Data Utilization - The goal for China is to transition from a data powerhouse to a data stronghold by increasing the application of advanced flash storage across industries and encouraging innovation in new storage mediums [5] - There is a call for enhanced deployment of AI storage facilities and improved data disaster recovery coverage [5] - The official launch of the provincial advanced storage power center marks a new phase in data resource integration and value release, laying a foundation for market-oriented data element allocation [5]

Group 1 - The national data standardization technical committee is soliciting public opinions on seven technical documents related to integrated computing power network construction, including requirements for computing power networking and resource management [1][2] - The Central Committee and the State Council have issued opinions to deepen the market-oriented allocation of data elements, supporting Shenzhen in exploring data trading and trusted circulation mechanisms [2][3] - The National Development and Reform Commission emphasizes four key measures to promote high-quality development of the real economy through finance, technology, and data, while supporting Shenzhen's comprehensive reform pilot [3] Group 2 - Anhui Province has established a pricing mechanism for public data resources, allowing free access for public governance and charging fees for industrial use, with a focus on cost recovery and reasonable profit [4][5] - Shanxi Province is seeking public opinions on a draft implementation plan for data circulation safety governance, proposing specific safety management measures to ensure compliant data circulation [6][7] - Wuhan has released a three-year action plan for the development of the data labeling industry, aiming to establish several data labeling industrial parks and support small and medium-sized enterprises [7][8]

Core Viewpoint - The document outlines the opinions from the Central Committee and the State Council on advancing comprehensive reform pilot projects in Shenzhen, emphasizing the market-oriented allocation of data elements and the establishment of relevant trading rules and standards [1] Group 1: Data Market Reform - The reform aims to deepen the market-oriented allocation of data elements, supporting Shenzhen in exploring mechanisms for data trading, trusted circulation, and revenue distribution [1] - There is a focus on developing more institutional outcomes in compliance assessment and certification related to data [1] Group 2: Public Data Opening - The initiative promotes the gradual and lawful opening of public data in sectors such as transportation, geography, satellite remote sensing, meteorology, and healthcare, while ensuring safety [1] - It emphasizes the need to establish relevant management systems, service mechanisms, and standards for data sharing [1] Group 3: Urban Information Models - The plan includes improving the urban information model foundational platform and cautiously conducting pilot applications of three-dimensional land space models [1] Group 4: Data Security and Cross-Border Flow - There is an intention to enhance data security governance and regulatory capabilities, exploring efficient, convenient, and secure mechanisms for cross-border data flow, in compliance with legal and regulatory requirements [1]