Group 1: Digital Infrastructure and Development - China's digital infrastructure is leading globally in scale and technology, with 4.55 million 5G base stations and 226 million gigabit broadband users as of June 2023 [1] - The total computing power ranks second in the world, significantly driving economic and social development [1] Group 2: Digital Services and Public Welfare - The number of internet users in China has reached 1.123 billion, with an internet penetration rate of 79.7%, enhancing public services [2] - Over 1 billion people have used internet hospitals, and more than 1.2 billion users have accessed health insurance codes, facilitating cross-province medical settlements for 560 million instances [2] - 1.07 billion people have adopted electronic social security cards, covering over 75% of the population [2] Group 3: Social Governance and Efficiency - The "One Network for All Services" initiative is improving the convenience of public services, with enhanced data sharing across departments [3] - Smart governance applications, such as natural disaster early warning systems, are being effectively implemented [3] Group 4: Data Application and Market Growth - The number of new data products launched by major data trading institutions reached 3,328 in the first half of the year, a 70% increase year-on-year [7] - High-quality data set products in the artificial intelligence sector saw a 2.8 times increase in the same period [7] - The construction of national data infrastructure is underway, focusing on high-quality standards and large-scale deployment [8]

Core Viewpoint - The rapid development of data trading and infrastructure in China is significantly enhancing the digital economy and facilitating the integration of data resources across various sectors, particularly in artificial intelligence [1][3][29]. Group 1: Data Trading and Infrastructure Development - In the first half of the year, 3,328 new data products were launched by major data trading institutions, marking a 70% year-on-year increase, with a notable performance in the artificial intelligence sector [1][29]. - By the end of this year, the number of data circulation node cities is expected to expand to around 50, covering 80% of provinces and regions, establishing a solid foundation for large-scale cross-domain data circulation [1][20]. - The cumulative transaction volume of high-quality data sets reached nearly 4 billion yuan by the end of June, with new models being piloted in cities like Shanghai and Tianjin to convert high-quality data into equity [1][20][25]. Group 2: Digital Infrastructure and Technology Innovation - As of June 2025, the number of 5G base stations has increased fivefold compared to 2020, reaching 4.55 million, while gigabit broadband users have grown 34 times to 226 million [4]. - The digital infrastructure investment has stimulated significant market demand, fostering the development of the information and communication technology industry chain [4]. - The integration of digital technology and the real economy has deepened, with software revenue expected to grow by 80% by the end of 2024 compared to 2020 [6]. Group 3: Data Resource Development and Utilization - The data industry is projected to reach a scale of 58.6 trillion yuan by 2024, with the number of data enterprises exceeding 400,000, reflecting a 117% increase from the end of the 13th Five-Year Plan [10][36]. - The average R&D investment of listed data companies is expected to increase by 79% compared to the end of the 13th Five-Year Plan, indicating a sustained enhancement in innovation vitality [10]. - The development of high-quality data sets has been prioritized, with over 35,000 high-quality data sets constructed by June, totaling more than 400 petabytes [25]. Group 4: Public Services and Social Governance - Digital public services have become more accessible, with over 1 billion services provided through internet hospitals and more than 1.07 billion electronic social security cards issued [15][16]. - The integration of data resources has improved social governance efficiency, with initiatives like "one network for all services" enhancing public service delivery [16]. - The application of data in various sectors, such as agriculture and healthcare, has led to significant improvements in operational efficiency and service delivery [6][16]. Group 5: Market and Policy Environment - The establishment of clearer institutional rules has facilitated the growth of the data market, with over 50 supporting policies implemented since the introduction of the "data twenty articles" [28]. - The data supply has become more abundant, with a 2.8-fold increase in high-quality data products launched in the first half of the year [29]. - The market ecosystem has diversified, with nearly 500 new digital technology companies established by central enterprises, and over 2,600 new supply and demand entities added in the second quarter alone [30].

Core Insights - The domestic data factor industry is evolving towards a higher value "government-industry linkage" model, driven by policy guidance and industrial construction [1] - The digital economy's core industries are becoming significant drivers of the overall economic system, with the data factor market expected to exceed 300 billion yuan by 2028, growing at a compound annual growth rate (CAGR) of approximately 20.26% [6] - The establishment of a data value circulation system is crucial for the efficient flow of data assets, with a focus on compliance and rights confirmation [11][13] Policy Analysis - The improvement of the data industry value chain and local data systems is essential for the circulation of data factors, marking a new phase of quality enhancement in the digital industry [3] - The "Data Twenty Articles" policy has initiated the construction of a data ownership system, which is vital for the efficient circulation of data value [11] Market Scale - The digital economy in China has grown from 27.2 trillion yuan in 2017 to 53.9 trillion yuan in 2023, with a CAGR of about 12.07% [6] - By 2025, the overall scale of the data factor industry is expected to reach around 200 billion yuan, with data processing and analysis becoming the largest segment, projected to reach 144 billion yuan by 2028 [6] Data Value Chain Circulation - The construction of a data value circulation system is supported by advanced technology and regulatory compliance, focusing on the phased development of data value [8] - Data asset registration is crucial for the division of ownership and promoting the market circulation of data assets [13] - The establishment of a data evaluation policy framework is necessary for the accurate assessment of data value, which is essential for market circulation [16][17] Capitalization of Data Assets - The entry of data assets into financial statements marks a significant step in the capitalization of data factors, with the implementation of regulations starting January 1, 2024 [19] - The market for data asset transactions is characterized by a "cold inside, hot outside" distribution pattern, with off-market transactions dominating due to their flexibility [21] Industry Practices - The financial sector is expected to see a CAGR of approximately 19.06%, reaching over 100 billion yuan by 2028, driven by the integration of diverse data [32] - The industrial manufacturing sector is projected to grow at a CAGR of about 24.22%, with a focus on high-quality data sets and trusted data spaces [35] - The healthcare industry is anticipated to grow at a CAGR of around 23.69%, emphasizing the compliance and security of personal health data [37] Trends - The construction of high-quality data sets is crucial for the development of the artificial intelligence industry, transitioning from "point breakthroughs" to "holistic development" [40] - The establishment of trusted data spaces will be fundamental for ensuring the circulation and high-value application of data factors [43]

Core Insights - The data trading market has shown signs of recovery in July, with a total of 315 data products launched by seven data trading institutions, reflecting enhanced competitiveness and standardized construction of data trading platforms [3][4] - The "element density" score increased significantly by 14.25% from 3.72 to 4.25, indicating a shift towards a more diverse and complete product system driven by data [3][4] - The "application potential" score decreased by 2.62%, highlighting the need for data trading institutions to improve product lifecycle management and update efficiency [4] Element Density - The "element density" scores of various data trading institutions have generally maintained high levels, with Zhengzhou Data Trading Center showing a remarkable increase of 62.9% in "data participation" score from 2.25 to 3.67, indicating a focus on structured data resources [8] - Guangzhou Data Trading Center's score in "data integration" rose significantly from 3.79 to 5.00, reflecting improvements in data type and comprehensiveness [8] Transparency - The scores for "basic information disclosure" and "price transparency" showed significant divergence, with Zhengzhou Data Trading Center achieving a score of 3.00, a 200% increase from June [10] - Overall, the "price transparency" scores remained low, ranging from 1.00 to 2.06, indicating shortcomings in pricing logic and comparison mechanisms in the data trading market [10] Stability Coefficient - The "stability coefficient" dimension showed varied performance, with Zhengzhou Data Trading Center nearing full marks in "data grading," indicating strong governance in data classification [13] - Shanghai Data Exchange, Beijing International Data Exchange, and Guangzhou Data Trading Center led in "data source" scores, reflecting high compliance in data collection and original data tracing [13] Application Potential - The "application potential" scores are composed of update frequency, attention, and reusability, with attention scores generally high, indicating active market exposure [16] - However, the update frequency scores were notably low, suggesting that the current product iteration mechanisms are inadequate, which may hinder the vitality of data product lifecycles [16]

Core Viewpoint - Shaanxi Silk Road Data Trading Center, led by Shaanxi Big Data Group, has signed a strategic cooperation agreement with Shanghai Shujike Digital Technology Co., Ltd, launching the first "Science and Technology Innovation Data Zone" in the country [1] Group 1 - The "Science and Technology Innovation Data Zone" will initially introduce multiple data products covering fields such as biomedicine, smart agriculture, smart transportation, and cross-border trade [1] - This zone serves as a platform integrating data products, services, and solutions, providing data support and decision-making references for government departments, financial institutions, enterprises, universities, and research institutes [1] - The collaboration signifies a new model for deep integration of data elements and technological innovation between Shanghai and Shaanxi [1] Group 2 - Future plans include establishing a cross-regional collaborative mechanism for science and technology innovation data, aiming to overcome data bottlenecks in the industrialization of laboratory results [1] - The initiative will focus on building a digital technology ecosystem, accelerating the process of data elementization in industries, and promoting efficient circulation of data elements in a unified national market [1] - The goal is to empower the deep integration of the real economy and digital economy [1]

Core Insights - The National Data Bureau has announced the establishment of 10 national data element comprehensive pilot zones in various regions, including Beijing, Zhejiang, and Anhui, with progress being reported at a recent press conference [1][4] - Local governments are actively developing data infrastructure and integrating data elements with industries to unleash multiplier effects, achieving significant advancements [2][3] Group 1: Progress in Data Infrastructure - Beijing has developed six core capabilities, including intelligent retrieval and cross-chain interoperability, and has launched over 4,500 data products across 18 industry sectors [2] - Anhui has created seven specialized industry zones focusing on new energy, smart connected vehicles, and artificial intelligence, with 1,084 products launched and significant investment in data center clusters [2] - Hubei has innovatively allowed doctors to practice remotely, improving access to pathology services in county hospitals from 58% to 92%, resulting in substantial savings in medical costs [3] Group 2: Application and Impact - Shandong has implemented AI detection capabilities at 30% of highway monitoring points, achieving a 95% accuracy rate in event detection and significantly improving response times to incidents [3] - Guizhou is enhancing the tourism sector through data empowerment, utilizing AI to create personalized travel experiences and streamline services for tourists [3] - The National Data Bureau emphasizes the need for a combination of top-level design and practical experimentation to develop suitable institutional rules for the evolving data landscape [4]

Core Insights - Data is a key production factor in the digital economy and is becoming an important engine for high-quality economic and social development [1] - Data trade is rapidly developing as a significant new driver of global trade, with innovative business models emerging [2][4] - Strengthening policies and mechanisms to leverage data resources is essential for creating new advantages in data trade [1][5] Industry Overview - Data trade, as a cross-section of digital and service trade, focuses on transactions involving data products and services, which is crucial for releasing economic growth potential [2] - The global information service export related to data trade increased from approximately $40.9 billion in 2018 to about $63.8 billion in 2023, indicating significant growth potential in the data trade market [2] - The number of companies in the data sector exceeds 190,000, with the industry scale surpassing 2 trillion yuan, expected to reach 7.5 trillion yuan by 2030 [5] Development Opportunities - Developing data trade can effectively gather global data resources and enhance domestic and cross-border data governance capabilities, promoting high-quality development of the data industry [3] - The integration of data trade with artificial intelligence technologies is crucial for driving breakthroughs and industrial transformation [3] Global Competitive Landscape - Different countries have varying positions in the global data trade value chain, with the U.S. leading in data service exports, while Europe has established a robust regulatory framework [4] - Early planning and systematic layout of data trade development can help China move towards the high end of the global value chain [4] Challenges and Bottlenecks - There are challenges in data ownership rights, pricing mechanisms, and the need for mature trading models, which hinder the development of data trade [6][7] - Compliance costs for data export remain high, and there is a lack of global unified data standards, leading to increased processing costs and risks [7] Strategic Recommendations - Strengthening top-level design and international cooperation in data trade is essential for high-quality development [8] - Establishing high-standard data trade rules and a cross-border security protection system is necessary to ensure data safety while promoting trade [8] - Encouraging the development of international data service cooperation zones and fostering competitive data service providers will enhance global competitiveness [9][10]

Core Insights - The Inner Mongolia Data Trading Center is accelerating ecological aggregation and has joined the National Data Trading Institution Alliance, establishing service bases in seven leagues and cities to promote interconnectivity in data trading ecosystems [1] - By the end of 2025, the center aims to exceed 1,000 data merchants, over 1,000 data products, and a cumulative transaction volume of over 100 million yuan, positioning itself as a core engine for digital development in Inner Mongolia [1] - The center plays a crucial role in the market-oriented allocation of data elements and the development of the digital economy in the region [1] Industry Overview - Currently, 596 various trading entities are participating in on-site transactions, covering 15 industries including healthcare, transportation, energy, industry, agriculture, computing power, finance, and artificial intelligence, with over 80% being state-owned enterprises, internet companies, and tech innovation firms [1] - Data trading applications have expanded from risk control and precision marketing to areas such as AI model training, medical diagnosis, transportation, agriculture, finance, scientific research, and computing power, highlighting the increasing significance of data elements in promoting technological research and the development of the real economy [1] Resource Coverage - The scope of high-quality data trading is gradually expanding across seven emerging sectors, including public data, enterprise data, and industry-specific data, with enterprise data being widely used for credit investigations, supply chain collaboration, and financing [2] - As of now, over 500 data products have been launched, gathering 276 high-quality datasets and addressing over 300 application scenarios, establishing 15 data zones in sectors like energy, transportation, finance, healthcare, agriculture, and computing power [2] - The trading center has issued over 300 data asset registration certificates and completed the first data asset pledge financing loan of 10 million yuan in the region, achieving a transaction volume exceeding 66 million yuan, indicating a growing demand for trading, diverse product offerings, active participants, and rapid scale growth [2]

Group 1: Core Policy Initiatives - The State Council issued a notification to replicate and promote 77 pilot measures from the Shanghai Free Trade Zone (FTZ) to enhance institutional innovation and open up the economy at a higher level [1][4] - Among the 77 measures, 34 will be replicated in other FTZs and 43 will be implemented nationwide, focusing on high-level trade and investment facilitation [1][4] Group 2: Financial Sector Innovations - The People's Bank of China emphasizes the importance of financial innovation in the FTZ, with initiatives including optimizing cross-border cash pools for multinational companies and promoting international payment services [2][3] - Future support policies will include the development of offshore bonds and comprehensive reforms in offshore trade finance services [3] Group 3: Trade Facilitation and Market Opening - The measures aim to enhance customs efficiency and reduce costs for enterprises, such as optimizing international transit operations and integrating customs management with port operations [4] - Nearly half of the measures focus on areas like intellectual property protection, government procurement reform, and labor rights protection, contributing to a transparent and predictable institutional environment [4] Group 4: Digital Trade and Economy - The Shanghai FTZ is actively aligning with international digital trade standards, focusing on data cross-border flow and expanding data sharing [5][6] - In 2024, Shanghai's digital trade imports and exports are projected to reach $109.53 billion, accounting for 30.1% of the national total, with a year-on-year growth of 4.9% [6] Group 5: Customs Efficiency for Consumer Goods - The General Administration of Customs is enhancing the efficiency of customs clearance for imported consumer goods, particularly fruits, by developing data recognition systems with exporting countries [7] - Simplified domestic quarantine measures have shown positive results in the Shanghai FTZ and are being promoted nationwide to improve trade safety and convenience [7]

Group 1 - The State Council issued a notification to promote the replication and promotion of high-level institutional opening-up pilot measures from the Shanghai Free Trade Zone to other regions [1][2] - The notification includes 77 pilot measures focusing on enhancing service trade openness, improving the convenience of goods trade, implementing high-standard digital trade rules, strengthening intellectual property protection, and reforming government procurement [2][3] - The measures aim to help enterprises reduce costs and increase efficiency by optimizing customs operations and enhancing the transparency and predictability of the institutional environment [2][3] Group 2 - The Shanghai Free Trade Zone has implemented 80 pilot measures that have led to significant improvements in trade and investment facilitation, with a focus on digital trade innovation and "post-border" management reforms [4] - The international transit and consolidation operation model has been optimized, reducing overall operation time by 50% and increasing the proportion of international transit consolidation cargo at Yangshan Port from 12.6% to 18.6% [4] - The customs authority has simplified inspection measures for imported fruits that have already undergone quarantine abroad, facilitating the import process for 10,500 shipments [5] Group 3 - The Shanghai Free Trade Zone's import and export value exceeded 900 billion yuan in the first five months of the year, accounting for over 26% of the total import and export value of all free trade zones in China [5] - The customs authority has also worked to lower the cost of bonded fuel for international shipping, enhancing the competitiveness of China's international shipping industry [5] - The establishment of a data trading alliance chain in Shanghai has enabled the trading of over 5,000 data products, highlighting the focus on cross-border data flow management [4]