Investment Rating - The investment rating for the industry is "Positive" and is maintained [9] Core Insights - The 2025 China International Digital Economy Expo, themed "Empowering Industrial Development with Trusted Data," highlights the transition of China's data industry into a practical phase, with the potential for a reassessment of data element value benefiting the entire industrial chain [2][12] - The establishment of trusted data spaces is crucial for addressing data circulation challenges and promoting market-oriented reforms in data elements [12] - The government is accelerating the construction of trusted data spaces, with plans to establish over 100 such spaces by 2028, supported by various pilot projects across different sectors [12] Summary by Sections Event Description - The expo commenced on October 17, focusing on the theme of "Empowering Industrial Development with Trusted Data" [6] Event Commentary - The expo showcased practical cases from companies like 360 Group, iFlytek, China Unicom, and Kingsoft Office, demonstrating the significant value of data in enabling industrial upgrades across various sectors [12] - Local governments are expected to expedite the implementation of data industries, exemplified by the collaboration between Hebei Province and Tsinghua University to establish a public data authorization operation system [12] Policy Environment - The National Data Bureau has initiated the "Trusted Data Space Development Action Plan (2024-2028)," aiming for breakthroughs in operation, technology, ecology, standards, and security by 2028 [12] - The pilot projects launched in July 2025 include trusted data spaces for urban, industrial, and enterprise categories, indicating a robust policy framework to support data space development [12]

Core Viewpoint - The 2025 China International Digital Economy Expo is being held from October 17 to 19 in Shijiazhuang, Hebei, focusing on the theme "Empowering Industrial Development with Trustworthy Data" [2] Group 1 - The expo showcases trends and research achievements in the digital economy sector [2]