Core Insights - The "Action Plan" aims to leverage data to empower urban economic and social development, promoting comprehensive digital transformation in cities [1][2] - By the end of 2027, significant progress is expected in data-driven urban development, with the goal of establishing over 50 fully digitally transformed cities [1][2] - The plan outlines six major actions to achieve its objectives, including enhancing smart governance, improving digital living standards, and fostering digital economy integration [1][2] Group 1: Smart Governance - The plan emphasizes the need for a unified management system to enhance collaborative capabilities in emergency response [2] - It encourages the use of advanced models for rapid assessment of extreme weather events to improve disaster prevention [2] - The application of drones and robots in public safety and emergency rescue is also promoted [2] Group 2: Digital Living - The initiative supports the integration of various public services through a unified platform to enhance accessibility [2] - It promotes the use of artificial intelligence in education across all levels and encourages general education for society [2] - The plan aims to create new digital living scenarios in tourism, sports, and consumption through data empowerment [2] Group 3: Digital Economy - The plan seeks to stimulate new growth by integrating data industries with low-altitude economy, autonomous driving, and embodied intelligence [2] - It supports the development of data industry clusters in suitable regions and city groups [2] - The exploration of financial products like data insurance and data trusts is encouraged to nurture digital industry clusters [2] Group 4: Implementation and Coordination - The National Data Bureau will collaborate with relevant departments to guide and promote the digital transformation of cities in an orderly manner [2] - Emphasis is placed on inter-departmental collaboration and effective execution of key tasks [2]

Core Viewpoint - The National Development and Reform Commission, along with four other departments, has released an action plan to deepen the development of smart cities and promote comprehensive digital transformation, emphasizing the role of the digital economy in urban development [1] Group 1: Digital Economy and Urban Development - The plan aims to utilize digital technology to transform idle commercial buildings, old factories, and outdated neighborhoods into innovative entrepreneurial hubs [1] - It proposes the establishment of data innovation industry communities and business communities to foster digital economic growth [1] Group 2: Digital Public Service System - The initiative includes building a digital public service system based on industrial parks, creating a resource pool for digital transformation products and solutions [1] - It encourages the practical application of technological innovations from traditional, emerging, and future industries within urban settings [1] Group 3: Data Industry and Financial Services - The plan supports the development of data industry clusters in qualified regions and urban agglomerations, exploring financial products such as data insurance and data trusts [1] - It emphasizes the gradual cultivation of digital industry clusters to enhance economic resilience and innovation [1] Group 4: Collaborative Development - The action plan highlights the importance of digital collaborative development among modern urban clusters and metropolitan areas [1] - It supports the interconnectivity of data elements and the sharing of digital services across regions [1]

Core Viewpoint - The National Development and Reform Commission and other departments have issued a plan to deepen the development of smart cities and promote comprehensive digital transformation, emphasizing the role of the digital economy in urban development [1] Group 1: Digital Economy and Urban Development - The plan aims to utilize digital technology to transform idle commercial buildings, old factories, and outdated neighborhoods into innovative data-driven entrepreneurial hubs [1] - Establishment of data innovation industry communities and business communities is a key focus [1] - The initiative supports the development of data industry clusters in qualified regions and urban agglomerations [1] Group 2: Digital Public Service System - The plan includes the construction of a digital public service system based on industrial parks [1] - It aims to create a resource pool for digital transformation products and solutions [1] - The initiative encourages the practical application of technological innovations from traditional, emerging, and future industries [1] Group 3: Financial Services and Data Connectivity - The plan explores financial service products such as data insurance and data trust [1] - It emphasizes the need for digital factor interconnectivity and cross-regional sharing of digital services in qualified areas [1] - The initiative aims to strengthen the collaborative development of modern urban clusters and metropolitan areas [1]

Core Viewpoint - The trust industry is undergoing a transformation and is currently facing profitability challenges, with a significant decline in trust business income and net profit in the first half of 2025 compared to the same period in 2024 [1][10][11]. Financial Performance - As of the first half of 2025, 53 trust companies reported a total trust business income of 181.31 billion yuan, a year-on-year decrease of 11.38% from 204.59 billion yuan in the same period of 2024 [7][4]. - The net profit for these companies was 163.74 billion yuan, down 2.83% from 168.51 billion yuan in the previous year [7][4]. - Overall, the operating income for the industry decreased by 1.98%, and total profit fell by 3.72% year-on-year [2]. Business Structure Changes - The trust business is under pressure, with traditional high-yield trust business continuing to shrink, while proprietary business income has shown strong growth, increasing by 16.72% year-on-year [4][11]. - The decline in profit metrics is less severe than the drop in trust business income, indicating that trust companies are actively working on cost reduction and efficiency improvements [4]. Industry Challenges - The trust industry is transitioning from a traditional "interest margin-driven" profit model to a new model based on "management fees + performance sharing," which has led to a significant drop in trust business income [11][18]. - Increased compliance and operational costs due to stricter regulatory requirements are also impacting profitability [11]. - The industry is still dealing with legacy risk projects, which continue to erode profits [11]. Future Outlook - Experts believe that the trust industry, with its dual advantages in asset management and wealth management, has the potential for sustainable profitability and high-quality development as new business models are gradually adopted [1][17]. - The restructuring of profit models is seen as a critical necessity, with a focus on new business areas and enhancing active management capabilities [15][18]. - The industry is expected to stabilize and potentially recover as the proportion of new business increases and risk management continues [18].