Digital economy welcomes the east wind of policy.
On February 8, the people's Bank of China, the State Administration of market supervision, the China Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission issued the 14th five year plan for the development of financial standardization, proposing to steadily promote the construction of financial science and technology standards.
Boosted by this news, digital currency, Internet Finance and cloud computing concepts continued to rise on that day.
On February 9, digital currency took the lead, and the sector set off a frenzy of limit trading, Beijing Cuiwei Tower Co.Ltd(603123) (603123) and Hengbao Co.Ltd(002104) (002104) were connected to the board, and the multi share 20cm limit was raised.
On February 10, Beijing Cuiwei Tower Co.Ltd(603123) (603123) broke the board, Hengbao Co.Ltd(002104) realized five board connections, Jc Finance & Tax Interconnect Holdings Ltd(002530) (002530), Szzt Electronics Co.Ltd(002197) (002197), Guangzhou Kingteller Technology Co.Ltd(002177) (002177) and other stocks rose the limit.
Institutional analysts believe that "the ability of digital innovation to lead development has been greatly improved, the integration of digital technology and the real economy has achieved remarkable results, the digital economy governance system has been improved, and the competitiveness and influence of China's digital economy have been steadily improved."
"Nuggets" core industry investment opportunities
Some brokerage analysts said that the release of the plan once again provided strong support and specific implementation path for the construction of "Digital China". The "Digital China" has entered a comprehensive construction period and related industries have entered a period of rapid development.
At the level of individual stocks, Guosen Securities Co.Ltd(002736) analyze the investment opportunities of digital economy from four directions: Digital RMB, industrial digitization and agricultural digitization.
It is understood that the digital RMB, as the cornerstone of the digital economy, is advancing in an orderly manner. At present, the "10 + 1" pattern of digital RMB 10 cities and Winter Olympic scene pilot has been formed, and the pilot involves all aspects of life.
For financial it, digital RMB brings increment to it construction in the aspects of issuance, operation and circulation payment, mainly involving system construction, it services, POS machines and the upgrading of ATM machines and tools. Judging from the inventory of IT companies in various banks, companies in the industry are in a high business boom,
Guosen Securities Co.Ltd(002736) pointed out that the companies involved in this field mainly include: Yusys Technologies Co.Ltd(300674) (300674), Global Infotech Co.Ltd(300465) (300465), Shenzhen Sunline Tech Co.Ltd(300348) (300348), Northking Information Technology Co.Ltd(002987) (002987), Tansun Technology Co.Ltd(300872) (300872), Newland Digital Technology Co.Ltd(000997) (000997), Xgd Inc(300130) (300130), Grg Banking Equipment Co.Ltd(002152) (002152), etc.
In addition, Guosen Securities Co.Ltd(002736) also said that industrial digitization meets the needs of manufacturing transformation. "Under the background of rising labor costs in the manufacturing industry and the transformation of national economic structure, industrial digitization is imperative."
Industrial digitization, the design link before production is mainly reflected in the field of R & D and design software. This field is in the process of domestic substitution in China. The production link is mainly reflected in the fields of MES and industrial Internet. MES is the core of intelligent manufacturing, and the industrial Internet brings together AI and big data capabilities, which is a new upgrade of MES.
Among them, the companies involved in industrial digitization mainly include: Zwsoft Co.Ltd(Guangzhou)(688083) (688083), Yonyou Network Technology Co.Ltd(600588) (600588), Shanghai Baosight Software Co.Ltd(600845) (600845), Zhejiang Supcon Technology Co.Ltd(688777) (688777), Nancal Technology Co.Ltd(603859) (603859), Guangzhou Sie Consulting Co.Ltd(300687) (300687) and Hefei Gocom Information Technology Co.Ltd(688367) (688367).
It is worth mentioning that the recent agricultural digitization is more mentioned than before, and the policies are constantly favorable. The main connotation of agricultural digitization includes Jiangsu Nonghua Intelligent Agriculture Technology Co.Ltd(000816) , rural e-commerce, new rural business forms, rural scientific and technological innovation supply and rural digital Inclusive Finance.
For this sector, Guosen Securities Co.Ltd(002736) pointed out that at present, the digital application in the agricultural field is still in the exploration stage, and some companies have given priority to exploration, such as the bank agriculture direct connection system of Digital China Information Service Company Ltd(000555) (000555) and the agricultural digital SaaS solution of Hcr Co.Ltd(688500) (688500).
In addition, the development prospect of government digitalization is also worth looking forward to. According to the digital economy plan of the 14th five year plan, the scale of real name users of online government services is expected to increase from 400 million users in 2020 to 800 million users in 2025.
Guosen Securities Co.Ltd(002736) believes that in the development process of government digitization, information manufacturers focusing on the field of government affairs will benefit. The companies involved are mainly Xindian software (688232), Fujian Boss Software Corp(300525) (300525), etc.
the value of telecom operators is expected to reshape
In addition, with the advent of the digital economy era, a number of brokerage practitioners told the 21st Century Business Herald that the valuation of telecom operators is also expected to be reshaped. It is reported that on February 9, China Mobile (600941), which had once swam on the edge of breaking, unexpectedly raised the limit, which became a major event in the capital market at the beginning of the year of the tiger.
According to the analysis of China Securities Co.Ltd(601066) Research Report, in recent years, the industrial digital business of telecom operators for government and enterprise customers has increased rapidly. In the first half of 2021, China Telecom Corporation Limited(601728) industry digital business revenue was 50.1 billion yuan, a year-on-year increase of 16.8%; China Mobile's ICT revenue was 33.4 billion yuan, a year-on-year increase of 59.8%; The Internet business revenue of China United Network Communications Limited(600050) industry was 28 billion yuan, a year-on-year increase of 23.6%.
"Among them, the cloud business of telecom operators grew rapidly. In the first half of 2021, China Telecom Corporation Limited(601728) (601728), China Mobile and China United Network Communications Limited(600050) (600050) achieved revenue of 10.3 billion yuan, 9.7 billion yuan and 2.8 billion yuan respectively, with a year-on-year increase of 122%, 118.1% and 38.9% respectively." According to the research report, industrial digitization is in the ascendant, and the industrial digitization business of telecom operators is still expected to maintain a rapid growth rate during the 14th Five Year Plan period, and the value needs to be revalued.
Sinolink Securities Co.Ltd(600109) analyst Luo Lu believes that the fundamentals of China Mobile show a trend improvement. Since 2011, the strong supervision cycle for operators has come to an end. With the repositioning of central enterprises to become a national strategic scientific and technological force, the policy ceiling space is expected to be opened. In the 5g era, the industry cycle attribute is weakened, the pressure of capital expenditure is reduced, and the investment intensity of operators (capex / revenue) will gradually decline from the peak of 41% and stabilize at about 20%.
"At the same time, operators have entered the era of stock operation, the pressure of oligarch competition has weakened, the price competition has no business foundation, and the ARPU value of the company has rebounded from the bottom. In the era of digital economy, with the ecological changes of ICT industry, the company will move from TOC to tob, and hBN (family, government and enterprise and new business) in 2025 The proportion of revenue is expected to reach 50%, and the H / B / N business is expected to increase by 81.37%, 121.08% and 181.41% respectively in 21-25 years.
”She said.
Guosheng securities also said that after setting the tone of the digital economy, the communication industry, as a supporting industry providing data transmission for the society, will become the hardware base of the digital economy. The substantial growth of subsequent traffic is a deterministic direction, and the continuous construction and expansion of supporting infrastructure is a rigid demand, with high certainty in the next 3-5 years. The two industrial chains of Telecom side and digital communication side will benefit from the sustainable development of digital economy.
In terms of investment suggestions, Guosheng securities suggests paying attention to: core asset operators China Mobile, China Telecom Corporation Limited(601728) , China United Network Communications Limited(600050) ; High quality leading companies on the flow bearing side: Eoptolink Technology Inc.Ltd(300502) (300502), Suzhou Tfc Optical Communication Co.Ltd(300394) (300394), Zhongji Innolight Co.Ltd(300308) (300308); Internet of things high prosperity and high growth company Meig Smart Technology Co.Ltd(002881) (002881), Fibocom Wireless Inc(300638) (300638), Yealink Network Technology Co.Ltd(300628) (300628); Green communication related companies Jiangsu Zhongtian Technology Co.Ltd(600522) (600522), Hengtong Optic-Electric Co.Ltd(600487) (600487), Shenzhen Envicool Technology Co.Ltd(002837) (002837); IDC fields Guangdong Aofei Data Technology Co.Ltd(300738) (300738), Kehua Data Co.Ltd(002335) (002335), Beijing Sinnet Technology Co.Ltd(300383) (300383). And Zte Corporation(000063) (000063), Fujian Star-Net Communication Co.Ltd(002396) (002396) in the field of communication infrastructure. Industrial Internet Nancal Technology Co.Ltd(603859) (603859).
In terms of the industrial chain, Haitong strategy held at the end of January that according to the announcement of listed companies that had disclosed the performance forecast and express of the annual report of 2021 as of January 25, the two-year annualized growth rate of the net profit attributable to the parent in the fourth quarter and the third quarter of 2021 was 65% and 35% respectively.
the development of digital economy enters the deep water area
At present, digital economy is becoming a key force to restructure factor resources, reshape economic structure and change competition pattern.
Previously, on January 14, the State Council issued the "14th five year plan" for digital economy development (hereinafter referred to as the "plan"), which proposed the development goal of "by 2025, the added value of core industries of digital economy will account for 10% of China's GDP".
From the content of the plan, eight major tasks have been deployed, including "optimizing and upgrading digital infrastructure, giving full play to the role of data elements, vigorously promoting industrial digital transformation, accelerating digital industrialization, continuously improving the digital level of public services, and improving the digital economy governance system".
The plan also defines the main indicators for the development of Digital Economy: by 2025, the number of IPv6 active users will reach 800 million; The number of Gigabit broadband users has reached 60 million; The scale of software and information technology services reached 14 trillion yuan; The application penetration rate of industrial Internet platform has reached 45%; The national online retail sales reached 17 trillion yuan; The scale of e-commerce transactions reached 46 trillion yuan; The number of real name users of online government services has reached 800 million.
According to the China Internet development report 2021 released by China cyberspace Research Institute, the scale of China's digital economy will reach 39.2 trillion yuan in 2020, with a year-on-year increase of about 9.7%.
From a macro perspective, the development of digital economy and international competition and cooperation have become the key strategic development direction of China's 14th five year plan, and local governments have successively issued specific development plans such as digital economy and meta universe.
According to the economic information daily, the local two sessions have been held one after another recently, and the digital economy has become a "hot word" in the work reports of many governments. Many places are accelerating the deployment of new infrastructure construction to consolidate the foundation of digital economy development. At the same time, they are focusing on big data, artificial intelligence, ultra-high definition video and other fields to cultivate digital industry clusters, so as to speed up the construction of a highland of digital economy development.
Shanxi Securities Co.Ltd(002500) pointed out on February 9 that it is suggested to grasp the investment opportunities under this trend opportunity, combine the specific cyclical and growth characteristics of the sector, and focus on the layout from the aspects of technical advantages and performance cashability.
