软件与服务：数据要素系列深度：回看来时多歧路，数据要素入通途

Investment Rating - The report maintains a "Positive" investment rating for the industry [9]. Core Insights - The rapid development of information technology has led to the integration of data with various industries, transforming data into a new production factor that can generate economic benefits for its owners or users [3][5]. - China's data factor has evolved through several stages, including incubation, implementation, and deepening, supported by top-level design and specific policies [6][7]. - The market for data factors is expected to continue expanding, with increasing participation from various entities, highlighting the strategic importance of data as a foundational resource [7][100]. Summary by Sections Data Factors: A New Era of Production Factors - The explosive growth of data is driven by advancements in technologies such as big data, cloud computing, and artificial intelligence, with global data volume projected to reach 393.8 ZB by 2028, a 9.8-fold increase from 2018 [44]. - China's data volume is expected to grow from 23.88 ZB in 2022 to 76.6 ZB by 2027, with a CAGR of 26.3%, making it the largest globally [44]. Development History: Leading the Way - The recognition of data as a production factor began in 2014, with significant policy developments leading to the establishment of a structured data factor market [67][68]. - The "Data Twenty Articles" policy framework aims to facilitate efficient data circulation and usage, establishing a foundational system for data factors [73]. Future Outlook: Continuous Exploration - The data factor market in China is projected to exceed 200 billion yuan by 2025, driven by the explosion of data volume and the ongoing improvement of market mechanisms [100]. - The market is expected to face challenges related to value, support, and policy layers that need to be addressed for further growth [113]. Investment Recommendations: Rapid Industry Expansion - The report suggests focusing on companies with a competitive edge in public data operation authorization, as the construction of public data platforms is expected to accelerate [8]. - From 2022 to mid-2024, approximately 700 public data platform projects have been tendered, indicating significant growth potential in this area [8].