乘数效应加速释放，关注数据要素投资机遇

Investment Rating - The industry investment rating is "Positive" and maintained [6] Core Viewpoints - The "Data Element ×" initiative is entering a practical phase, with potential for value reassessment across the entire industry chain, suggesting a focus on companies with vast data resources and strong capabilities in data processing, management, and analysis [2][9] - The enthusiasm for data development and utilization is increasing, with approximately 66% of leading enterprises having purchased data, indicating significant potential and space for the data element industry [9] - The 2025 "Data Element ×" competition emphasizes data governance, aiming to promote efficient and compliant data circulation, which may accelerate the construction of a data trading system [9] Summary by Sections Event Description - On May 29, the National Data Bureau held the first press conference on the "Data Element ×" initiative, discussing its implementation and the overall considerations for the 2025 competition [4] Industry Analysis - In the healthcare sector, as of May 26, 2025, the National Medical Insurance Bureau has collected 39.236 billion drug traceability records, ensuring traceability of each drug's source and flow [9] - In the industrial sector, leading enterprises have reduced product development and procurement cycles by over 30% through data integration, and inventory cycles have decreased from 3 months to 1 month [9] - In agriculture, data empowerment has led to a 5.5% increase in crop yield and a 5.3-fold increase in marine biological resources in aquaculture [9]