On February 17, the national development and Reform Commission issued documents jointly with multiple departments, agreeing to start the construction of National Computing hub nodes in 8 places, including Beijing, Tianjin and Hebei, Yangtze River Delta, Guangdong, Hong Kong and Macao Dawan District, Chengdu and Chongqing, Inner Mongolia, Guizhou, Gansu and Ningxia. At the same time, it is further planned to set up 10 national data center clusters in the computing hub to specifically undertake the construction of large and super large data centers, It marks the official launch of the project of "counting from the east to the west".
Affected by this news, on Friday, the "counting from the east to the west" sector led the increase, reaching 10.23%. In this regard, analysts generally believe that "counting from the east to the west" will drive the development of data centers and related upstream and downstream industries, expand industrial investment, and benefit the five subdivided fields of IT equipment manufacturing, information and communication, basic software, green energy supply and civil engineering in the medium and long term, and is expected to become an advantageous track.
IT equipment manufacturing computer equipment demand will be greatly increased
With the official launch of the "counting from the east to the west" project, the IT equipment manufacturing industry chain, as one of the beneficiaries, has become one of the focus of the market. Specifically, "number" refers to data and "calculation" refers to computing power in the "calculation from the east to the west". The calculation from the east to the west is about to transmit the data from the east to the West for calculation and processing. The demand for computer equipment in the project has become the focus.
Huachuang Securities believes that the "East digital West computing" project needs to form cloud network integration by optimizing the construction of network infrastructure, strengthening the integrated design of data center and power network, and guiding technological innovation, so as to finally realize the overall construction of the national integrated big data center system.
Yuan Huaming, general manager of Huahui Chuangfu investment, who was interviewed by the reporter of Securities Daily, said that the rapid development of China's digital economy has driven the construction needs of infrastructure fields such as data transmission, storage and computing. The project of "counting from the east to the west" also plays a role in the coordinated economic development of eastern and western regions and the realization of the goal of double carbon energy conservation. In the current window period of steady growth, the project of "calculating from the east to the west", which plays the role of "making up for weaknesses" and "promoting upgrading", is expected to become the key direction of capital investment. The demand for computer equipment in this field will be greatly improved.
Since the beginning of this year, the computer equipment sector has fallen by 7.65%, underperforming the Shanghai Composite Index (down 4.09%) in the same period. 29 stocks in the sector have outperformed the market, accounting for nearly 40%.
Yuan Huaming believes that recently, most emerging industries are facing downward pressure on prosperity and adjustment pressure on sector overvaluation. However, the digital infrastructure sector, including computer equipment and software development, may become a market hotspot for some time in the future.
In terms of performance, as of February 18, 43 listed companies in the sector had issued performance forecasts for 2021, and 16 companies were expecting good performance, accounting for nearly 40%. Among them, Szzt Electronics Co.Ltd(002197) , Xgd Inc(300130) , Zhejiang Zhengyuan Zhihui Technology Co.Ltd(300645) , Shanghai Huahongjitong Smart System Co.Ltd(300330) , Shanghai Weihong Electronic Technology Co.Ltd(300508) and other five companies are expected to exceed 115% of the upper limit of net profit growth in 2021, with excellent performance.
Guotai Junan Securities Co.Ltd(601211) suggests that while focusing on profit growth, technology companies also need to continuously invest in R & D to build a moat. Enterprises need to carefully weigh the relationship between growth and profitability. Excessive reduction of investment will also reduce the company's core competitiveness. Compared with traditional industries, computer is a typical technology industry, and the R & D strength determines the future growth height.
In terms of investment opportunities, Minsheng Securities said that the region with strong policy support and institutional positions at the bottom of history is the most important core advantage of the computer sector. It pays attention to the "center" of the digital economy (Digital Government), "brain" (smart car and AI), "root bone" (domestic digital base), "blood" (Financial IT), "main vein" (cloud and SaaS).
information communication
layout, computing power and traffic of domestic and foreign technology giants
The project of "counting from the east to the west" was fully launched. According to the news released by the official wechat of the national development and Reform Commission, information and communication will be one of the main industrial chains driven by development. At the same time, the capital market, as an information driven market, stock prices often respond quickly to major policy information.
Over the years, major policy messages have a more obvious impact on the trend of the information and communication sector. Take 5g as an example. On October 31, 2019, the Ministry of industry and information technology announced the official launch of 5g commercial. Subsequently, the information and communication index continued to rise. From October 31, 2019 to March 11, 2020, the information and communication index increased by 15.63% and reached a new high since November 2017.
Then, accelerating the construction of the integrated computing power system of "counting from the east to the west" will also have a great impact on the information and communication sector. According to the comrade in charge of the high technology department of the national development and Reform Commission, we should strengthen the connection of network facilities. Speed up the opening of the direct data connection channel between the East and the west, and create a number of demonstration lines of "counting from the east to the west". Optimize the communication network structure, improve the network node level of the national data center cluster, and improve the network transmission quality.
Song Jiaji, an analyst at Guosheng securities, believes that in combination with the current global science and technology development trend, science and technology giants at home and abroad have increased investment, and the layout points to the deterministic opportunities of computing power and traffic, which will drive the construction of mobile networks, and the information communication and related industrial chains represented by 5g will continue to benefit.
Data show that individual stocks within the information and communication sector have been the first to start. As of February 18, Hengbao Co.Ltd(002104) year's cumulative increase was as high as 102.65%, ranking sixth in the A-share market increase list. In addition to the ' Wuhan Tianyu Information Industry Co.Ltd(300205) \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ Shenzhen Sed Industry Co.Ltd(000032) , Fujian Star-Net Communication Co.Ltd(002396) , Sichuan Tianyi Comheart Telecom Co.Ltd(300504) and other stocks rose by more than 20% during the year.
From February 18 alone, gem information and communication stocks Leon Technology Co.Ltd(300603) , Nova Technology Corporation Limited(300921) , Beijing Sinnet Technology Co.Ltd(300383) , Zhejiang Zhaolong Interconnect Technology Co.Limited(300913) and other stocks rose by more than 10%. Main board Runjian Co.Ltd(002929) , Dr.Peng Telecom&Media Group Co.Ltd(600804) , Yangtze Optical Fibre And Cable Joint Stock Limited Company(601869) , Nanjing Panda Electronics Company Limited(600775) and other stocks rose more than 5%. Individual stocks such as Henan Shijia Photons Technology Co.Ltd(688313) , 3Onedata Co.Ltd(688618) on the science and Innovation Board increased by more than 3%.
In terms of investment target, "we are optimistic about the demand drive of East digital West computing project in IDC, ICT equipment, optical modules, operators, temperature control equipment, optical communication and other fields." Citic Securities Company Limited(600030) analyst Huang Yayuan predicted that the communication sector, as the core "base" of the "counting from the east to the west" project, is expected to benefit mainly. At present, relevant operators have a large-scale computing power layout in the central and western regions, and the public cloud and edge cloud models are growing rapidly, which is expected to continue to improve operating efficiency.
basic software ushers in rapid and systematic changes
As an important digital infrastructure construction, the "East digital West computing" project enables the computing power resources in the west to more fully support the computing of data in the East and better empower the digital development. In this process, the basic software industry chain will continue to benefit, which also makes the industry chain a hot spot in the market.
\u3000\u3000 "The overall planning of" computing from the east to the west "mainly focuses on the overall planning and layout of China's computing power. It is expected that the new infrastructure of digital economy is expected to continue to be implemented. For enterprises providing computing power, it can accelerate the realization of cloud network collaboration, improve the service quality of computing power, reduce the cost of network power, plan computing resources more targeted and improve the efficiency of resource use; for enterprises using computing power For the industry, it can enjoy more convenient and easy-to-use computing services, further reduce the cost of cloud data and accelerate the realization of digital transformation. " Guosheng Securities pointed out in the research report.
China National Software And Service Company Limited(600536) industry revenue maintained good development. In its research report, Caixin Securities pointed out that in 2021, China National Software And Service Company Limited(600536) and information technology service industry operated well, software business income maintained rapid growth, profitability improved steadily, the number of employees increased by 7.4% year-on-year and total wages increased by 15.0% year-on-year. In each segment, the growth rate of software product revenue declined slightly, and the prosperity of cloud computing, big data services, e-commerce, integrated circuit design and other fields was good. On January 12, the State Council issued the "14th five year plan" for the development of digital economy. It is expected that by 2025, the added value of core industries of digital economy will account for 10% of GDP, and the scale of software and information technology services will reach 14 trillion yuan.
In terms of market performance, since this year, the software development sector has retreated greatly, with a cumulative decline of 9.46% during the period, underperforming the Shanghai Composite Index in the same period (down 4.09%). There are 45 shares in the sector with 45 shares within the sector that beat the big sector, accounting for 38.79% of 38.79%. Specifically, Beijing Baolande Software Corporation(688058) \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\morethan 20%.
As of February 18, 62 listed companies in the software development sector have issued performance forecasts for 2021, and 31 companies are expecting positive results, accounting for 50%. Among them, Shenzhen Ysstech Info-Tech Co.Ltd(300377) , Guochuang Software Co.Ltd(300520) , Jiahe Meikang, Shenzhen Guohua Network Security Technology Co.Ltd(000004) , Glodon Company Limited(002410) , Talkweb Information System Co.Ltd(002261) and other six companies are expected to exceed 100% of the upper limit of net profit growth in 2021.
In terms of investment opportunities, Long Hao, chairman of Jinding assets, said in an interview with the reporter of Securities Daily that the "East data and West computing" project will promote the collaborative cooperation between the East and the West in the new network system of data center, cloud computing and big data integration, improve the layout of network transmission channels across regions and guide the intensification of data centers, Large scale and green development, while the data center has a long industrial chain and large investment scale. The construction of computing hub and data center cluster will help drive the investment of upper and lower industrial chains and promote the balanced development of regions. There are great opportunities for coordinated development in land, water, electricity, energy and other resources in the eastern and western regions, It is more conducive to listed companies in software development and other related sectors in the A-share market.
green energy supply
undervalued green power current layout opportunity
Recently, the person in charge of the high technology department of the national development and Reform Commission said that the implementation of the project of "counting from the east to the west" is conducive to promoting green development. Increasing the layout of the data center in the West will greatly increase the proportion of green energy use, absorb green energy in the West nearby, and continuously optimize the energy use efficiency of the data center through technological innovation, large for small, low-carbon development and other measures. Strengthen the integrated design of data center and power network, and promote renewable energy power generation enterprises to supply power to the data center; Support data center clusters and supporting renewable energy power stations; For the data center projects that have achieved outstanding results in the implementation of "counting from the east to the west", priority shall be given to the support of energy consumption indicators.
In this regard, Chen Li, chief economist of Chuancai securities and director of the Research Institute, who was interviewed by the reporter of Securities Daily, said, "The full launch of the project is another major positive for the development of the digital economy, which has raised the strategic position of the digital economy to a higher level. The digital economy is expected to become an important engine for steady economic growth and high-quality development. In addition, the full launch of the project, combined with the policy tone of steady growth, can undoubtedly drive a large number of digital foundations Facility construction and development of related industries‘ The project of "counting from the east to the west" has a large investment scale and involves a wide range of industries, which plays a positive role in the development of traditional infrastructure, energy infrastructure, information and communication and other industries. Among them, the "counting from the east to the west" project will provide demand opportunities in the field of green energy supply, including optoelectronics and photovoltaic, and the relevant sub circuits have great development potential in the future. "
Ma Cheng, chairman of juze investment, said, "On February 17, the state announced the launch of" counting from the east to the west "and planned 10 national data center clusters. Combined with the" nine national energy bases "established in China's 14th five year plan in March 2021, it can be clearly seen that the sites of the eight national computing hub nodes currently launched are in addition to the developed areas of Beijing, Tianjin, Hebei, Yangtze River Delta, Pearl River Delta and Chengdu Chongqing , the rest are located in Inner Mongolia, Ningxia, Gansu and Guizhou. These areas are rich in new wind energy and photovoltaic energy. The computing power operation of superimposed data needs to consume a lot of electricity. Therefore, this will further stimulate the rapid development of wind power and photovoltaic. "
It can be seen that the profits of Listed Companies in the green power sector continue to improve. According to the data, up to now, 45 listed companies in the green power sector have disclosed the annual performance forecast of 2021, and 18 companies are expected to have good performance, accounting for 40%. Among them, nine companies are expected to double the annual net profit in 2021.
It is worth mentioning that since this year, the green power sector has retreated by nearly 10%. At present, the dynamic valuation of the sector is 27.71 times, and the valuation of the sector is at a historical low. Among them, the latest dynamic P / E ratio of 32 concept stocks is lower than this level, accounting for nearly 40%.
Yang Ziyi, research director of Zhongrui Heyin, told reporters, "The shift of power load from the east to the West in the 'calculation from the east to the West' project is just in line with the regional characteristics of wind power and photovoltaic power generation in the future. It is also more conducive to the consumption of wind power generation and reduce the wind and light rejection rate, resulting in a larger installed capacity of wind power and photovoltaic. In terms of investment opportunities for green power, we are optimistic about some high-quality sub circuits in the wind power industry chain, as well as the availability New energy power operators with price increase, industry concentration and valuation reshaping logic. "
civil engineering company's performance shows a steady growth trend
"The state has raised the status of 'counting from the east to the West' to be comparable to the status of major projects such as' South-to-North Water Diversion ',' West to East power transmission ',' West to East Gas Transmission ', which shows the strong determination of the central government to allocate national resources and further establishes the strategic position of digital economy." Huachuang Securities said.
Fu Zezheng, senior researcher of Yuanrong investment stock department, told the reporter of Securities Daily: "'counting from the east to the West 'will drive the construction of digital infrastructure, including servers, communication equipment, high-efficiency data center, etc. of course, as the carrier of the data center, the construction of the data center industrial park will also drive the demand for the field of civil engineering and bring considerable performance increment to the architectural decoration industry.
”
Since this year, the field of civil engineering is showing three characteristics: centralized release of policy dividends, good market performance and obvious improvement of industry concentration, which is worthy of investors' attention.
First of all, the favorable policies in the field of civil engineering continue to catalyze and basically face the good. Since the central economic work conference set the tone of "steady growth" at the end of 2021, in January 2022, all ministries and commissions have stepped up the implementation of relevant policies, including the national development and Reform Commission accelerating the approval of major projects, the Ministry of finance supervising the issuance and fund allocation of special bonds, and the central bank encouraging commercial banks to increase loans for infrastructure projects. In February, many places across the country began to accelerate the implementation of early-stage reserve projects, relevant infrastructure projects are advancing rapidly, and the performance of some leading companies is accelerating the improvement.
"The project of 'counting from the east to the West' has a long industrial chain and large investment scale. Only the construction of computing hub and data center cluster, the annual investment scale is expected to reach 400 billion yuan, which will inevitably bring a certain amount of new performance to the field of civil engineering, and 'add fire' to the field of civil engineering on the basis of 'steady growth'." Liu Yan, chairman of anjue assets, told the Securities Daily.
Secondly, the market performance of stocks in the field of civil engineering is very prominent. Taking shenwanyi architectural decoration industry as an example, since 2022, as of February 18, the architectural decoration industry index has increased by 8.42%, significantly outperforming the Shanghai Composite Index (down 4.09%). Among the secondary sectors under the architectural decoration industry, the housing construction sector increased the most during the period, reaching 14.22%; The engineering consulting service sector has also increased by 11.64% this year; In addition, the infrastructure sector increased by 11.08%.
Finally, the industry concentration in the field of civil engineering is high, which is conducive to the healthy development of the industry. "The field of civil engineering has developed well in the past two years. In addition to the continuous support of policies such as' steady growth ', the main logic is that the industry concentration has increased significantly. With the advent of the digital infrastructure era of' counting East and counting West ', industry leaders have ushered in better development opportunities," Liu Yan said
For investment opportunities in the field of civil engineering, Liu Yan said, "The concept of 'counting from the east to the West' is becoming a hot spot in the market. It is not only expected to boost the continuous strengthening of the stock market performance in the field of civil engineering, but also further strengthen the certainty of the track of 'steady growth and new infrastructure'. From the performance of Companies in the field of civil engineering, it has shown a steady growth trend step by step in the past two years. It can be seen that the investment value of excellent enterprises has increased in the process of industry reshuffle Begin to appear. "
