Industry views and key recommendations
According to the official account number of the State Council, the "14th Five-Year" digital economic planning was officially issued. We accepted that this document was the beginning of the policy landing. At a high level, this document significantly exceeded expectations.
The document proposes that "digital economy is the main economic form after agricultural economy and industrial economy" and "the key force to reshape the global economic structure and change the global competition pattern". We believe that in the period of global technological change, the digital economy is expected to become another engine that will help China's economy and industry overtake in the curve after new energy. As for the document itself, we summarize the five main points as follows:
1) general objective: "the added value of core industries in digital economy accounts for 10% of GDP".
2) infrastructure: optimize information infrastructure and accelerate 5g network planning and deployment.
3) core elements: data resources have become the key elements, and the "data element market has been preliminarily established".
3) supply side: make it clear that "make up for the shortcomings of key technologies", including basic software and industrial software.
4) demand side: "accelerate the process of industrial digitization", including agriculture, industry and other fields.
As for the computer industry, we believe that industry information creation (basic software), industrial software and cloud computing are the three key areas covered in the document (corresponding to the fourth and fifth points above respectively). Taking the industry Xinchuang as an example, the document mentioned to achieve key technological breakthroughs in the form of "being the leader". The position of industry Xinchuang in the digital economy can also be seen from the ranking of previous top-level speeches.
We are still saying that "computers at the end of the 21st century are like semiconductors at the end of the 18th century". Industry Xinchuang is expected to become the core main line in the next three years, and industry Xinchuang takes financial Xinchuang as the pioneer. At the beginning of the year, we released the report "in the name of finance, the feast of industry localization opened", and organized 12 series of financial it teleconferences.
Based on this, it is suggested to focus on the main line of financial it ("winners and losers of annual computer investment"), undervalued value + performance inflection point + industrial acceleration (digital currency + financial innovation), and three links: bancassurance it + OA + basic software. At the same time, bargain hunting continued to focus on investment opportunities in industrial software and cloud computing (report "deduction of annual computer market").
Risk tip: the macro-economy is depressed, major changes have taken place in sector policies and major changes have taken place in the international environment.
