Definition of computer industry
Since the 1950s, the rapid development of computer technology has opened the third industrial revolution. Digital technology with computer software, hardware and network as the core has caused changes in the global economy.
Computer industry classification:
Hardware: CPU, GPU, complete machine, storage
Software: basic software, application software
Services: industry solutions, software outsourcing, cloud services
Characteristics of computer industry: high research cost and many structural opportunities
The downstream is scattered and there are many sub industries. Many times, a company is a subdivision track, unlike other industries, which form a clear industrial chain. Therefore, the research cost of computer companies is high, and it is not easy to confirm with the upstream and downstream.
Judicial Informatization: Beijing Thunisoft Co.Ltd(300271)
Hotel Informatization: Beijing Shiji Information Technology Co.Ltd(002153)
Board software: Fujian Foxit Software Development Joint Stock Co.Ltd(688095)
On board OS: Thunder Software Technology Co.Ltd(300496)
Hot concepts emerge one after another. Because it represents an important direction of future scientific and technological development, some new sectors or new logic will appear every year, so that the computer industry will have some structural opportunities every year.
2018: Medical Informatization
2019: it application innovation
2020: intelligent manufacturing
2021: energy informatization, Huawei Hongmeng
Characteristics of computer industry: stronger than attack and great flexibility
The beta value of the computer industry is very high, which is more affected by the market risk preference. Therefore, when recommending the configuration of computer companies, it is often necessary to judge the market sentiment.
The stock price fluctuation of the computer industry mainly comes from valuation changes. Selecting the computer (Shenwan) index and P / E ratio from January 2014 to June 2021, we find that the correlation coefficient between the change of computer (index) and P / E ratio PE (TTM) is as high as 0.83.
The computer industry is flexible and aggressive. In many bull markets, the rise of computer sector ranks in the forefront of Shenwan primary industry, with strong offensive attribute. At the same time, the computer industry shows polarization every year.
Theme hype is one of the most prominent features of the computer industry. Because the marginal cost of software enterprises that have been produced or cloud is very low, the imagination brought by this nonlinear growth makes computer companies explosive in the stock price trend.
