Core Insights - Data is recognized as the fifth production factor, characterized by non-competition, replicability, and unlimited growth potential, making its value extraction process more complex than traditional production factors [1] - The development of the data factor market relies heavily on a clear policy framework and implementation pathways, with local data trading institutions and data merchants emerging as key drivers [1] - The establishment of a robust supply and demand ecosystem is essential to achieve the goals of effective data utilization and security [1] Group 1: Industry Overview - The data factor market is currently in a critical phase driven by policies and practical explorations, with the establishment of the National Data Bureau marking a significant step towards a unified national data market [19][20] - By 2025, the market size is projected to exceed 200 billion, with a compound annual growth rate of over 25% [23] - The construction of a complete national data circulation system is planned over the next five years, aiming to facilitate the integration of data into the real economy and break data monopolies [27] Group 2: Evaluation of Service Providers - The selection of "Outstanding Service Providers in the Data Factor Industry" is based on comprehensive evaluations by iResearch and industry experts, focusing on the capabilities of data developers, operators, and IT technology providers [2][4] - The evaluation model includes four core dimensions: industry depth, product and technology capabilities, service capabilities, and ecosystem capabilities [4] - The top 30 data factor service providers are categorized into four types, reflecting their competitive strengths in various aspects [7] Group 3: Case Studies and Applications - Neusoft's City Data Value Empowerment Platform integrates data to enhance urban services in health, employment, and smart governance, creating a comprehensive service ecosystem [11][12] - The "Fujian Health Public Service Operation Platform" aims to provide a full lifecycle service system, while the "City Human Resources Development Platform" connects various stakeholders to promote employment and training [15] - The focus on high-quality data sets and specialized intelligent entities is expected to become mainstream, with ecosystem co-construction and scenario-building capabilities as core competitive advantages [20]

Investment Rating - The report does not explicitly provide an investment rating for the telecommunications industry during the "15th Five-Year Plan" period [4]. Core Insights - The telecommunications industry in China is undergoing a profound transformation during the "15th Five-Year Plan" (2026-2030), shifting from a traditional growth model centered on "connectivity" to becoming "intelligent service and value creators" [4][5]. - The report identifies three core survival crises: "bleeding pipelines" (value erosion from the volume-revenue gap), "heavy assets" (investment return challenges), and "capability gaps" (inability to meet future market demands) [5][14]. - The report emphasizes the necessity of transformation, leveraging four core strategic assets accumulated by operators: ubiquitous network assets, national-level computing power assets, high-value data assets, and deep customer and channel assets [5][21]. Summary by Sections Section 1: Unavoidable Turning Point - The "14th Five-Year Plan" laid a solid foundation for the digital economy, with significant achievements such as the establishment of the world's largest 5G network, comprising 4.486 million base stations and 223 million gigabit broadband users by May 2025 [13]. - The cumulative investment in 5G network construction exceeded 1.2 trillion RMB, leading to substantial asset return pressures [13][19]. Section 2: Strategic Landscape - The report identifies ten strategic opportunities for the telecommunications industry, categorized into foundational enablers, core strategic battlefields, and visionary bets [30][34]. - Core strategic opportunities include AI-native intelligent computing networks, data element value realization, and integrated vehicle-road-cloud systems, which are deemed critical for operators to focus their resources on [30][39]. Section 3: Core and Forward-looking Opportunities - The report provides a detailed analysis of seven core strategic and forward-looking opportunities, assessing their necessity, feasibility, adaptability, and urgency [56]. - The AI-native intelligent computing network is highlighted as a critical battleground for survival, with a projected market size exceeding 750 billion RMB by 2030, growing at a CAGR of over 30% [60][62]. - Data element value realization is identified as essential for unlocking dormant assets, with the data element market expected to reach 7.5 trillion RMB by 2030 [68][71]. Section 4: Strategic Paths - Six core development paths are proposed for operators, including autonomous innovation in cutting-edge technologies, deepening application scenarios, and upgrading business models [8]. - The report suggests prioritizing investments in AI-native intelligent computing networks and data element value realization, allocating 50% of strategic incremental resources to core capability areas [8][7].