简单来说，可以将其比作一个高度安全的"数据协作俱乐部"或"数据共享保险库"。在这个"空间"里，数 据本身不搬家，只是"使用权"在授权下安全流转。政府部门和企业将数据"存入"空间后，可自主设定数 据的使用范围、对象和时限。其所有数据的访问、交换与使用记录均通过加密方式存证，不可篡改，以 确保数据流通的合规与安全。 "这解决了数据共享的两大核心痛点，一个是怕数据泄露，不愿共享；一个是怕权益受损，不敢共 享。"郑州空港数字城市开发建设有限公司副总经理魏文普介绍，可信数据空间的上线，实现了数据价 值的挖掘，又确保了数据本身不泄露、不失控，对数据要素市场化配置具有重要意义。 平台建好，更要用起来。活动现场，空港数字城市与中电（郑州）数据产业有限公司、浙江蚂蚁密算科 技有限公司等6家企业现场签约，涉及个人信用、健康医疗、金融风控等多个领域的数据应用场景。 同样的个人信息，办不同业务时要重复提交；各个部门的数据像一个个孤岛，难以形成合力……如今， 这些制约数字经济发展的难题，在郑州航空港经济综合实验区被破局。11月20日，我省首个城市级可信 数据空间在河南空港智算中心正式上线。 "这不仅是河南深入推进数据要素市场化配置改革 ...

证券日报网讯华泰股份（600308）11月14日在互动平台回答投资者提问时表示，华泰股份软件著作权， 核心围绕"造纸产业大脑"建设与可信数据空间应用两大主线，聚焦自身主业数字化转型。其中，智能制 造与生产管理方面：包括产业大脑驱动的生产计划、智能制造、设备管理、质量检测、计量称重等系 统，覆盖"采购-生产"全流程数字化管控；业务协同与管理优化方面：涵盖财企直联收款、银行对账、 报销、项目全生命周期、网络招投标等系统，打通财务、供应链协同环节；数据驱动与营销赋能方面： 以可信数据空间为核心，包含营销业务管理、数字营销智能化服务等系统，实现产销研联动与精准营 销。公司通过可信数据空间技术保障数据安全流通，依托产业大脑构建数据中台，最终提升生产效率、 降低产业链成本。 ...

Core Insights - Taiji Technology, established in 1987 and listed in 2010, is a leading digital service provider in China with comprehensive digital service capabilities and extensive industry experience [1] Group 1: Business Performance - For Q3 2025, Taiji Technology reported revenue of 4.865 billion yuan, ranking 15th in the industry, surpassing the industry average of 2.833 billion yuan but significantly behind the top competitors [2] - The net profit for the same period was 11.4292 million yuan, ranking 57th in the industry, below the average of 25.9607 million yuan [2] Group 2: Financial Ratios - The asset-liability ratio stood at 63.48%, a decrease from 65.75% year-on-year but still above the industry average of 38.93% [3] - The gross profit margin was 26.74%, lower than the industry average of 29.96% [3] Group 3: Executive Compensation - The president, Zhong Kai, received a salary of 1.1567 million yuan in 2024, an increase of 192,800 yuan from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 0.21% to 54,800, while the average number of shares held per shareholder increased by 0.21% to 11,300 [5] - Major shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with both reducing their holdings [5] Group 5: Strategic Outlook - The company is in a strategic transformation phase, with increased investments leading to short-term profit pressure, but overall performance is on a recovery path [5] - Key highlights include nearly 3 billion yuan in contracts signed driven by the acceleration of the "Xinchuang" initiative and significant growth in AI-related projects [5][6] - The company’s revenue forecast for 2025-2027 is adjusted to 316 million, 428 million, and 495 million yuan respectively, maintaining a strong recommendation rating [5][6]

Core Insights - The company is experiencing short-term profit pressure due to increased investments during its strategic transformation, but overall performance is steadily recovering [1][2] - The company reported a revenue of 4.865 billion yuan for the first three quarters, a year-on-year increase of 12.15%, while the net profit attributable to shareholders was 4 million yuan, up 114.31% year-on-year [1][2] - In Q3 alone, the company generated a revenue of 1.083 billion yuan, a year-on-year decline of 37.18%, and a net profit of -600,000 yuan, down 104.29% year-on-year [1][2] Financial Performance - For the first three quarters, the company achieved an operating cash flow of -1.809 billion yuan, a year-on-year decrease of 13.22% [1] - The company’s R&D expense ratio increased by 4.50 percentage points year-on-year due to heightened investments in databases, data elements, and artificial intelligence [2] Strategic Developments - The company has signed contracts nearing 3 billion yuan driven by the acceleration of the "信创" initiative, with new contracts for the "金仓" project doubling compared to the previous year [2] - The company is actively participating in various AI projects and has launched products such as a trusted data space and a low-code development platform, contributing to a strong start in data and intelligent business [2] Investment Outlook - The company maintains a "strong buy" investment rating, with projected net profits attributable to shareholders of 316 million yuan, 428 million yuan, and 495 million yuan for the years 2025 to 2027 [3]

Core Viewpoint - Taiji Computer Co., Ltd. reported steady recovery in revenue for the first three quarters of 2025, with significant growth in its subsidiary, Electric Science and Technology JinCang [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 4.865 billion yuan, with a net profit attributable to shareholders of 4.0465 million yuan. This represents an increase of 1.083 billion yuan in revenue compared to the first half of 2025, although net profit decreased due to rising costs, expenses, and taxes [1]. - The current operating revenue is approaching the level of the same period in 2023, indicating a steady recovery since the first half of 2024 when the company reported its first loss [1]. Business Development - The company is advancing its "one body, two wings, three engines" strategy, with Electric Science and Technology JinCang showing outstanding performance. In the first three quarters of 2025, new contract amounts for JinCang grew over 100% year-on-year, and operating revenue increased by nearly 50% [2]. Data and AI Initiatives - Data and AI are identified as core transformation directions, with significant investments in data elements, AI models, and applications. The company has launched several products and secured contracts for AI projects with major state-owned enterprises [3]. - The company is actively involved in the development of a trusted data space, intelligent central systems, and low-code development platforms, contributing to various national projects [3]. Electric Science and Technology JinCang Performance - JinCang has achieved significant market expansion, winning contracts for database replacement projects across various sectors, including energy and healthcare. It ranks among the top three in sales of domestic transaction-oriented database management systems [3]. - The company is focusing on time-series data, developing a comprehensive solution that integrates multiple models to enhance efficiency and business value [3]. Trustworthy Innovation Business - The company has signed contracts nearing 3 billion yuan in the trustworthy innovation sector, establishing a product matrix that integrates various computing capabilities and supports clients in addressing compatibility, performance, security, and intelligence issues [3].

Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 4.865 billion CNY and a net profit attributable to shareholders of 40.465 million CNY, reflecting an increase of 1.083 billion CNY in revenue compared to the first half of 2025 [2] - Despite the revenue increase, net profit decreased due to rising costs, expenses, and taxes, but overall performance shows steady recovery since the first loss in 2024 [2] - The operating revenue is approaching the level of the same period in 2023 [2] Business Development - The company is increasing investment in database, data elements, and artificial intelligence (AI), implementing the "one body, two wings, three engines" strategy [2] - In the first three quarters of 2025, the subsidiary, Electric Science and Technology JinCang, signed contracts with a growth of over 100% compared to the same period last year, with revenue growth of nearly 50% [2] - The AI business has successfully entered multiple central enterprise markets, establishing a solid foundation for transformation [3] Product and Market Strategy - The company has launched products such as trusted data space, intelligent hub, and low-code development platform, actively participating in major AI projects [3] - The subsidiary Electric Science and Technology JinCang has seen significant market expansion, winning contracts in various sectors, including healthcare and transportation [3] - The company has signed contracts nearing 3 billion CNY in the new trust business, occupying advantageous positions in multiple provinces [4] Technological Advancements - The company is focusing on time-series data, optimizing its database to handle high real-time demands and integrating various models for better data processing [3] - The strategy includes deep integration of heterogeneous computing power to enhance product offerings and improve user experience [4]

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 Points - The 2025 World Intelligent Connected Vehicles Conference will be held from October 16 to 18 in Beijing, focusing on the theme "Gathering Wisdom and Energy, Connecting the Infinite" [1] - The conference will feature an upgraded "3+3+6+N" framework, including three plenary sessions, three roundtable discussions, six thematic forums, and multiple side meetings [1] - Over 200 domestic and international policymakers, representatives from international organizations, academicians, and entrepreneurs will participate to discuss cutting-edge technologies, industry trends, application practices, and innovative achievements in the intelligent connected vehicle sector [1] Group 1 - The conference will focus on the application of cutting-edge technologies such as artificial intelligence, information communication, data utilization, and chips in the automotive industry [1] - International cooperation will be emphasized through events like the International Cooperation Conference for the automotive industry and activities involving foreign ambassadorial delegations [1] - Nearly half of the speakers at the conference are expected to be international guests, highlighting the global nature of the event [1] Group 2 - Reports on the achievements of "vehicle-road-cloud integration," network technology, trusted data space, and "artificial intelligence + automotive" will be released during the conference [2] - The conference aims to showcase the development achievements of intelligent connected vehicles during the 14th Five-Year Plan period, presenting new technologies, products, models, and ecosystems [2]

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 Insights - The establishment of the Kunming International Data Exchange and the launch of the Kunming Artificial Intelligence Industry Alliance mark significant advancements in the market-oriented allocation of data elements and the development of the AI industry in Yunnan [1][3]. Group 1: Data Exchange and Innovations - The Kunming International Data Exchange released the "Data Product Development Practice White Paper," which outlines a comprehensive standard framework for data product development based on Yunnan's resource endowments and industrial characteristics [3]. - The "Caiyun Data Creation - High-Quality Data Product Empowerment Zone" provides end-to-end support for data service providers, facilitating the transformation of raw data into tradable assets and aligning with customer needs [3]. - The "Trusted Data Space," leveraging China Mobile's core technology, integrates advanced technologies such as privacy computing and blockchain, ensuring data usability while maintaining privacy [3]. Group 2: Market Impact and Achievements - Since its launch in March 2025, the Kunming International Data Exchange has focused on Yunnan's unique data resources, registering 284 products and facilitating transactions worth 5.9 million yuan, establishing a data circulation service system centered around Kunming [4]. - The newly formed Kunming Artificial Intelligence Industry Alliance aims to consolidate resources across the industry chain, promoting the widespread application and innovative development of AI technology in Kunming and Yunnan [3][6].