文章来源：用益研究 在数字经济的浪潮中，数据被称为"21世纪的石油"，然而与真正的石油不同，数据具有非竞争性和非排 他性，同一数据可被多方同时使用而不减损其价值。这种特性使得数据的管理、流通与价值分配变得尤 为复杂。近年来，"数据信托"这一创新模式逐渐进入公众视野，被视为解决数据治理难题、释放数据价 值的一把"新钥匙"。信托制度具有财产独立、权益重构等独特优势，与我国数据要素市场建设的需求高 度契合，因此其实践探索也在不断走向深入。 一、数据信托的服务主体 目前数据信托实践并无统一模式，但从服务数据主体的角度可将数据信托划分为企业数据信托、公共数 据信托和个人数据信托。具体情况如下： （一）企业数据信托 企业数据信托是目前相对最为常见的类型。在数据所有人/数据持有人与数据使用人之间创设出信托关 系，其核心目标是建立一种可信赖的数据治理服务或数据流通交易或数据资本化架构，确保在治理、资 产化、资本化过程中产生价值。 在企业数据场景中，数据资产信托则更多地应用于企业数据资产的管理和运营以及跨行业、跨领域的数 据共享和交换。基于市场数据需求而成立的数据资产信托业务大部分属于数据资产服务信托，在数据资 产信托架构中， ...

具体来看，在养老金融领域，王欣表示，信托的制度属性使其天然适合承担长期稳定的资金管理和财富 传承功能。随着我国进入快速老龄化阶段，养老信托可以通过风险隔离机制保障老年人生活质量，通过 灵活分配机制实现跨周期资金供给，通过财富传承设计延伸家庭保障的边界。这种兼具金融与民生功能 的信托模式，正在成为"耐心资本"的重要实践路径，也为中国式养老提供了值得推广的制度创新参考。 在王欣看来，绿色金融同样是信托业转型的重要方向。他介绍称，近年来，包括平安信托在内的多家信 托公司通过设立公益、环保、碳中和主题的绿色信托，探索服务"双碳"目标的新途径。一些市场实践表 明，资本收益与社会效益并非彼此矛盾，信托工具可以在能源转型中充当"资本蓄水池"，引导资金向绿 色产业、可持续科技和生态治理领域流动。 "服务科技创新产业的发展，亦是信托行业的另一项使命。"王欣坦言，"人"与"数据"是科创企业的两个 关键生产要素，未来信托公司可以尝试通过薪酬福利服务信托、知识产权信托、数据信托等新型产品， 帮助科技企业构建长期激励机制和风险隔离结构，优化创新资源的配置。 王欣 ◎记者 马嘉悦 12月16日，在2025南通投资大会暨上证多层次资本市场 ...

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].