Core Insights - The "Data Element × Hong Kong-Shanghai Cooperation Open Data Competition 2025" was held in Shanghai, showcasing the results of data collaboration between the two cities and aiming to build a bridge for digital economy development [1][3] Group 1: Event Overview - The competition attracted over 80 teams, highlighting the achievements of data cooperation between Shanghai and Hong Kong [1] - This event has been held for three consecutive years, serving as an important platform for promoting data openness and innovation [3] Group 2: Government Initiatives - The Shanghai Data Bureau emphasized the importance of the competition in advancing the national data element strategy and fostering collaboration in digital economy and transformation [3] - A digital economy cooperation memorandum was signed in April, aiming to deepen collaboration in various fields [3][5] Group 3: Local Development - The Jing'an District is positioning itself as a key growth area for Shanghai's digital economy, housing nearly one-third of the city's data intelligence companies [6] - The competition focused on four major areas: smart travel, living, economy, and environment, generating innovative proposals for urban governance and industrial upgrades [6][9] Group 4: Future Directions - The event is expected to facilitate further collaboration in data flow and the creation of quality data sets, contributing to high-quality digital economic development [12][13] - The integration of technologies such as big data and IoT in Hong Kong is being utilized for environmental monitoring and management [13]

8月28日，2025中国国际大数据产业博览会在贵阳开幕，中国移动董事长杨杰发表主旨演讲。杨杰指 出，新一轮科技革命和产业变革深入发展，特别是人工智能取得突破式进展，人类社会加速迈 入"AI+"时代，数据要素的价值内涵也随之深化，主要体现在三个方面： 一是数据的规模质量，成为加速AI创新突破的"动力源"。随着AI技术能力、经济效益"两个规模效应"持 续释放，数据的基础性、战略性作用日益凸显，行业数据、交互数据、合成数据等新的数据源，正持续 推动AI从"能用"向"好用"跃升，进一步加快AI智能终端、智能网联汽车、智能机器人等应用的广泛落 地。 二是数据的融合应用，成为激发新经济形态的"催化剂"。海量多维数据能够深刻洞察用户行为特征，精 准牵引企业优化服务供给，高效满足深层次、融合化、个性化需求，加速情绪经济、体验经济等新型消 费崛起，有效释放内需潜力，为经济增长开辟新赛道。 三是数据的安全可信，成为构建数智社会的"压舱石"。随着新一代信息技术深度融入经济社会民生，数 据防护、隐私保护等需求日益迫切，亟须构筑全方位、立体化的数据安全治理体系，进一步统筹好数据 发展和安全，为全社会数智化转型保驾护航。 截至8月28日 ...

Core Insights - The construction of high-quality datasets is crucial for the advancement of artificial intelligence, as emphasized by the head of the National Data Bureau, Liu Liehong [1] Group 1: High-Quality Datasets - Over 35,000 high-quality datasets have been established across China, with a total volume exceeding 300PB, providing a solid data foundation for the rapid enhancement of AI model performance [2] - The cumulative transaction value of high-quality datasets in China has reached 4 billion yuan, with 3,364 trading institutions listing these datasets, totaling 246PB in scale [2] - There is a growing demand for data trading driven by AI model training, as various sectors are increasingly willing to invest in data resources to support the application of large models [2] Group 2: Regional Development and Initiatives - Guizhou Province has established a provincial-level data circulation trading platform and has cultivated over 200 data businesses, releasing more than 900 high-quality datasets in key sectors such as finance, manufacturing, healthcare, and commerce [3] - The province is actively promoting the synergy of computing power, data, and application industries, focusing on four key sectors: intelligent computing, high-quality data construction, AI large models, and digital information [3] Group 3: Strategic Initiatives - The launch of the high-quality dataset navigation plan marks a significant step in building the data element ecosystem and enhancing the supply of high-quality datasets [5] - The importance of high-quality datasets is underscored by experts, stating that without them, even the most advanced algorithms and powerful computing resources cannot achieve breakthroughs in AI [6]

Group 1: Overall Business Performance - In the first half of 2025, the company achieved operating revenue of 3.347 billion yuan, remaining stable year-on-year [3] - The net profit attributable to shareholders was 123 million yuan, representing a year-on-year increase of 65.16% [3] - The company’s overall gross margin stood at 21.93% [7] Group 2: Business Segmentation - Revenue from product and solution business was 742 million yuan, down 4.66% year-on-year [8] - Revenue from R&D engineering business reached 2.055 billion yuan, up 2.13% year-on-year [8] - IT operation and maintenance business generated 534 million yuan, down 4.58% year-on-year [8] Group 3: Industry Highlights - In the financial sector, the company maintained stable revenue of 880 million yuan, up 0.94% year-on-year [8] - Internet and high-tech sectors showed resilience, with internet revenue at 1.278 billion yuan, up 1.69% year-on-year [8] - New business areas in agriculture, energy, and chemicals have shown positive progress, with strategic partnerships established [4] Group 4: Innovation and AI Development - The company accelerated innovation in AI, achieving significant progress in AI applications and data elements [5] - AI-related projects have been implemented across various industries, including finance and education [11] - The company is actively exploring new paths for data marketization and AI empowerment through strategic collaborations [5] Group 5: Future Outlook - The company aims to enhance the scale and revenue of new and innovative businesses in the second half of 2025 [6] - There is a cautious optimism regarding overall performance growth, with expectations for new business orders to increase [9] - The focus will remain on leveraging AI and digital transformation to meet client needs and improve service capabilities [10]

Core Viewpoint - The speech by Yang Jie at the 2025 China International Big Data Industry Expo emphasizes the transformative potential of data in the "AI+" era, highlighting its role in driving innovation, economic growth, and ensuring data security. Group 1: Data's Role in AI Innovation - Data scale and quality are becoming the "power source" for accelerating AI innovation, with new data sources driving AI applications from "usable" to "well-used" [3] - The integration of data serves as a "catalyst" for new economic forms, enabling businesses to optimize services and meet diverse consumer needs, thus unlocking new growth avenues [3] Group 2: Data Security and Governance - Data security and trustworthiness are essential for building a smart society, necessitating a comprehensive data security governance system to balance data development and safety [3] - The company is committed to enhancing data supply, flow, and utilization while ensuring security, thereby maximizing the multiplier effect of data elements [4] Group 3: Company Initiatives and Innovations - The company is developing a high-quality data supply system, with over 2000PB of high-value data and a data analysis capability that processes over 100 billion instances annually [4] - The launch of the first industry data circulation infrastructure, the Data Sharing Network (DSSN), facilitates cross-industry and cross-region data connectivity, supporting over 100 million transactions monthly [4] - The company is enhancing data utilization across various sectors, including tourism and finance, with significant usage metrics, such as serving over 170 financial clients with more than 1.5 billion annual transactions [5] Group 4: Regional Development and Collaboration - Guizhou is positioned as a national innovation zone for digital economy development, with the company actively participating in key infrastructure projects to strengthen the region's digital economy [6] - The company aims to collaborate with various sectors to promote data aggregation, explore new pathways for data assetization, and establish a robust data governance framework [6]

Core Insights - The establishment and advancement of national data infrastructure is a significant measure in response to the rapid development of data technology and artificial intelligence [1] - The continuous maturation and organic integration of the data industry ecosystem is expected to attract more cross-domain participants, thereby fully unleashing the empowering role of data elements in high-quality economic development [4] Group 1: National Data Infrastructure - As of July 2025, 25 city nodes have been established, with interconnectivity achieved in 16 provinces, and the node scale is expected to expand to around 50 by the end of 2025, covering 80% of provinces [2] - The "three unifications" and nine supporting technical specifications outlined in the "National Data Infrastructure Construction Guidelines" aim to create a unified standard and technical architecture for data circulation across industries and regions [2] Group 2: Innovation and Collaboration - The National Data Bureau has initiated six technical routes to address challenges in data usage and circulation, achieving a 6.5 times increase in data processing efficiency through collaborative models [3] - This new collaborative paradigm is designed to be highly replicable and widely applicable, providing essential support and practical pathways for large-scale applications in related fields [3] Group 3: Application Ecosystem and Industry Empowerment - Over 2,000 entities, including data exchanges and developers, have connected to the data infrastructure, with more than 1,200 units participating in standard formulation [4] - Nearly 10,000 data products have been launched across various scenarios, contributing to decision-making in government and financial risk management, thus forming a collaborative industrial ecosystem [4] Group 4: Investment Opportunities - Companies to focus on include Inspur Information (000977), Taiji Co., Ltd. (002368), and Fubo Group (03738) among others, highlighting opportunities in the data element sector [5] - Additional companies of interest span various categories such as data aggregation, operation, circulation, asset inclusion, and security, indicating a broad spectrum of investment potential [6]

Group 1 - Guizhou is recognized as a national innovation zone for digital economy development and a comprehensive pilot zone for data elements, highlighting its strategic importance in the "AI+" era [1][3] - China Mobile has been actively advancing key projects such as the 400G "Jiuzhou" computing power optical network and the China Mobile Computing Power Hub (Guiyang) data center, under the guidance of the Guizhou provincial government [1][3] - The establishment of the China Mobile Big Data (Guiyang) Innovation Research Institute aims to enhance public data operations and innovative practices in data development and utilization [1][3] Group 2 - The chairman of China Mobile, Yang Jie, emphasizes that the new round of technological revolution and industrial transformation, particularly breakthroughs in artificial intelligence, are reshaping the value of data elements [3][4] - Data is seen as a "power source" for accelerating AI innovation, a "catalyst" for stimulating new economic forms, and a "new cornerstone" for building a smart society [3][4] - China Mobile plans to strengthen technological and industrial innovation in the data field, ensuring high-quality supply, efficient circulation, high-level utilization, and reliable security of data [3][4] Group 3 - China Mobile aims to leverage the opportunities in the "AI+" era by collaborating with various sectors to promote data element aggregation and solidify the foundation for AI innovation [4] - The company seeks to explore new paths for data assetization and capitalization while establishing a data governance system to support high-quality economic and social development [4] - Yang Jie invites all sectors to work together to unleash the unlimited potential of data elements, contributing to the formation of new productive forces and advancing Chinese-style modernization [4]

在深入实施"人工智能+"行动的背景下，今年的数博会充分展示数据要素与人工智能融合创新的最新成果， 同时举办数据标注、数字经济等供需对接活动。 （总台央视记者 吴勇军 刘柏煊 黄玮） 0:00 / 0:37 今天，由国家数据局主办、贵州省人民政府承办的2025中国国际大数据产业博览会在贵州贵阳开幕。本届 数博会以"数聚产业动能 智启发展新篇"为主题，设置数智领航、数智基建、数智服务、数智应用、数智创新、 数智体验6大主题展馆，吸引375家中外企业参展；围绕数据要素、数据产业、数字经济、数据基础设施、国际 合作5大核心板块，举办26场交流活动。 ...

证 券 研 究 报 告 计算机行业重大事项点评 推荐（维持） 国家数据基建提速，应用生态加速成熟 事项： ❑ 2025 年 8 月 14 日，国家数据局副局长夏冰在国新办"高质量完成'十四五' 规划"系列新闻发布会上介绍了国家数据基础设施的建设进展。他表示，国家 数据基础设施的提出与推进，是顺应数据科技迭代和人工智能快速发展的重要 举措，强调以释放数据价值为核心，重点建设运营数据流通与应用平台，并融 合网络、技术、标准与规范体系。 评论： 行业研究 计算机 2025 年 08 月 28 日 华创证券研究所 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 联系人：周楚薇 邮箱：zhouchuwei@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 337 | 0.04 | | 总市值(亿元) | 59,658.75 | 5.10 | | 流通市值(亿元) | 53,179.64 | 5.65 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | ...

Core Insights - The 2025 China International Big Data Industry Expo (2025 Data Expo) is being held from August 28 to 30 in Guiyang, Guizhou Province, showcasing the integration of data elements and artificial intelligence technology [1][3] - The theme of the expo is "Gathering Industrial Momentum, Smartly Opening New Chapters," aimed at promoting efficient aggregation and utilization of data resources to drive industrial transformation and high-quality economic development [3][5] - The expo emphasizes internationalization, specialization, and industrialization, serving as a platform for domestic and international supply-demand matching in digital economy innovation solutions [3][5] Event Highlights - The 2025 Data Expo features 26 exchange activities and 34 series of special events, with over 16,000 registered attendees and 375 participating enterprises from around the world [1][3] - Key thematic exhibition areas include Smart Navigation, Smart Infrastructure, Smart Services, Smart Applications, Smart Innovation, and Smart Experience, showcasing new technologies, products, solutions, and applications in the digital economy [3][5] Industry Focus - The expo focuses on five key areas: data elements, data industry, digital economy, data infrastructure, and international cooperation, with multiple enterprise and industry competitions planned [5][7] - Guizhou, as China's first national big data comprehensive pilot zone, is accelerating the development of its digital economy through initiatives aimed at building a leading computing power hub and exploring data resources [5][7][8] Data and Achievements - As of July 2025, Guizhou's computing power scale has surpassed 92 Eflops, with outbound bandwidth exceeding 60,000 Gbps, and the establishment of the world's first 400G all-optical network computing power channel [7] - Guizhou has been approved to build a national data element comprehensive pilot zone, with 49 key data centers under construction or in operation, and 19 public data authorized operation products launched [7][8] - The digital economy in Guizhou has been growing rapidly, with the electronic information manufacturing and software and information technology service industries both exceeding 100 billion RMB [7]