Core logic
In 2022, Xinchuang officially launched large-scale application. Under the “2 + 8” independent innovation framework, a key change is to extend from Party and government Xinchuang to industry Xinchuang, among which financial Xinchuang bears the brunt.
Resume the process of financial information and innovation. In 2020 / 2021, phase I / II pilot projects will be implemented, OA & mail and other general systems will be preliminarily replaced, and the pilot selection of main business systems will be completed. It is judged that 2022 is the peak year of full investment (top-level setting and comprehensive acceleration of promotion).
2021: the investment of pilot institutions in information and innovation accounts for 15% of the annual it expenditure; 2022: the proportion will be increased to 30% (and the expansion of the number of pilot institutions will bring multiplier effect); 2023: complete the basic replacement of General Systems & some business systems; 2024-2025: core systems and key business systems with high replacement difficulty are expected to enter the replacement period.
Focus on the increment brought by the replacement of financial credit creation business orientation, rather than “credit creation for credit creation”. Distributed innovation, as one and two sides of business oriented financial information innovation, brings a total transformation increment of more than 50 billion yuan of core system + six peripheral systems, which will continue to be released before 2025. However, as banks gradually accept the empowerment of bank IT manufacturers in the fields of financial information innovation and digital RMB (recent strong Catalysis), the pattern will tend to be centralized and the real leader is ready to emerge.
Investment suggestion: Based on the current situation of undervalued & high prosperity (Policy & demand driven), the leading bank IT manufacturers Yusys Technologies Co.Ltd(300674) , Shenzhen Sunline Tech Co.Ltd(300348) , Digital China Information Service Company Ltd(000555) are the first to be promoted; Other beneficial objects include Northking Information Technology Co.Ltd(002987) , Tansun Technology Co.Ltd(300872) , Global Infotech Co.Ltd(300465) , etc. In addition, financial equipment manufacturers will also usher in large-scale transformation opportunities, Chutian Dragon Co.Ltd(003040) , Urovo Technology Co.Ltd(300531) , Newland Digital Technology Co.Ltd(000997) , Xgd Inc(300130) , Lakala Payment Co.Ltd(300773) , Grg Banking Equipment Co.Ltd(002152) are expected to benefit.
Risk tip: the maturity of domestic alternative technology is less than expected, and the promotion of digital RMB is less than expected.
