Daily theme strategy discussion, summarize the views of the eight securities companies, reveal the current situation of the industry, observe the market trend, and feel the pulse of A-Shares for you in advance.
Sealand Securities Co.Ltd(000750) : "counting from the east to the west" is the scope of new infrastructure, and enterprises in relevant industrial chains benefit from it
In "counting from the east to the west", the "number" refers to the data, and the "calculation" refers to the computing power, that is, the processing capacity and computing capacity of the data. Computing power, like water conservancy in the agricultural era and electricity in the industrial era, has become the core competence of the development of digital economy. Generally speaking, "counting from the east to the west" is to develop a data center in the western region and put the data and demand generated by economic activities in the eastern region into the western region for calculation and processing.
"Counting from the east to the west" is the category of new infrastructure, which will benefit enterprises in relevant industrial chains, especially bring obvious development opportunities to information technology enterprises such as computer, communication, optoelectronic devices, basic software, network security, cloud computing and big data.
For example, many data centers need to be built for the East digital West computing project, which often needs many high-performance computers, chips, communication facilities, etc. For example: 1) data center supplier: a third-party data center manufacturer with clustered data center operation and maintenance experience and sufficient later expansion capacity; 2) Optical communication supplier: high speed optical module or g-pon related stocks; Optical fiber and cable related stocks; 3) Hardware equipment manufacturers such as servers: realize technological innovation and mode innovation such as heterogeneous computing power integration, cloud network integration and data security circulation; 4) Digital industrial application; 5) Data security protection.
Founder Securities Co.Ltd(601901) : "counting from the east to the west" project will further catalyse investment opportunities in the cloud computing sector
We believe that the implementation of the project will promote the digital transformation of downstream enterprises and optimize the competition pattern of the cloud computing industry. The implementation of the project will promote the digital transformation of downstream enterprises and further boost the overall prosperity of the industry. At the same time, low-quality production capacity may be cleared up with the higher requirements of energy consumption and average utilization. The competitive pattern of the cloud computing industry is expected to be optimized: (1) with the data center changing from scale to quality and computing power, The construction of data center will change from resource driven to innovative value driven.
(2) in the future, "green" and excellent operation and maintenance capability will become the core competitiveness of IDC manufacturers. In addition, dual control of energy consumption may promote the supply side reform of the data center industry and accelerate the clearance of low-quality production capacity.
(3) 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 and other costs, plan computing resources more targeted and improve the efficiency of resource use; For enterprises using computing power, they can enjoy more convenient and easy-to-use computing power services, further reduce the cost of cloud usage and accelerate the realization of digital transformation.
Therefore, the "counting from the east to the west" project will further catalyze investment opportunities in the cloud computing sector: (1) an important branch of the cloud computing sector: the data center will benefit directly, and its construction is expected to usher in a high growth stage of 20%. The data center in eastern China has a tight demand for land, energy and other resources, and the Western China has abundant resources to undertake the demand for computing power. In the future, the demand with high network delay requirements will be deployed in the eastern hub, and the business with low network requirements will be deployed in the West. It is expected to drive direct investment to reach 10 billion and indirectly drive investment to 100 billion. Reducing energy consumption and improving the utilization rate of green electricity are important links of the new energy strategy. The data center has a long industrial chain and large investment scale. Through the construction of computing hub and data center cluster, it is expected to drive the upstream and downstream investment of the industrial chain and promote the balanced development of the region.
(2) "computing from the east to the west" project puts forward higher requirements for energy consumption and average utilization of cloud computing data center. Pay close attention to the completion of the construction goal, the shelf rate shall not be less than 65%, and the pue shall not be higher than 1.2 or 1.25 It is conducive to accelerating the construction of new data centers and improving the overall resource utilization level of the industry. Enterprises with high resource utilization rate are expected to increase market share.
Xiangcai Securities: computing power will be the new focus of the next global strategic competition! "Counting from the east to the west" provides an important starting point for steady growth
In 2020, the scale of China's digital economy was US $5.4 trillion, ranking second in the world, with a growth rate of 9.6%, ranking first in the world. At present, the scale of China's data center has reached 5 million standard racks, and the computing power has reached 130 eflops According to the prediction of the high technology department of the national development and Reform Commission, with the comprehensive and continuous penetration of digital technology into all economic and social fields, it will still grow rapidly at a rate of more than 20% every year. In 2020, the market scale of China's Internet Data Center (IDC) has reached 223.8 billion yuan, a year-on-year increase of 43.3%.
With the continuous breakthroughs in modern information technologies such as the Internet, big data, artificial intelligence and cloud computing, the digital economy is advancing in an all-round way in China. As the core productivity of the digital economy, computing power will be the new focus of the next global strategic competition. The positioning of the data center has changed, from information service and Internet to infrastructure for the whole society, and gradually towards openness. In order to effectively support the digital transformation in various fields and provide new momentum for high-quality economic and social development. Through the East-West layout of computing facilities, it can drive the effective transfer of relevant industries and inject new impetus into the transformation and development of the western region. "Counting from the east to the west" is not only a landing project for the development of digital economy, but also an important item of new infrastructure. It will become an important starting point for steady economic growth.
China Securities is expected to optimize the strategic allocation of China's economy
In the context of carbon neutrality, it is recommended to pay attention to IDC manufacturers with excellent energy efficiency control and upstream refrigeration equipment providers that play a key role in reducing energy consumption in the data center. In the context of carbon neutralization, data centers have more stringent requirements on energy efficiency. Pue requirements in western regions such as Gui'an, Qingyang, helingel and Zhongwei are lower than 1.2, and pue requirements in eastern regions such as Yangtze River Delta, Wuhu, Zhangjiakou, Tianfu, Chongqing and Shaoguan are lower than 1.25. At present, only about 40% of data centers in China have pue requirements lower than 1.4 At the same time, Beijing, Shanghai and other places have successively connected the power consumption of the data center to the monitoring, and adopted the way of increasing the electricity price for the data center with excessive energy consumption. The operating cost of the data center with high pue will be greatly increased. At the same time, it will face the risk of transformation and shutdown. The industrial capacity is expected to be cleared one after another, and the market share is expected to be concentrated in the data center with better energy efficiency control.
In addition, according to IDCC data, the energy consumption generated by the air conditioner in the machine room accounts for 40% of the total energy consumption of the data center. Reducing the energy consumption demand from the refrigeration end is the best solution. At present, the indirect evaporative cooling unit can achieve pue of 1.25, and the magnetic levitation phase change heat pipe can reduce pue to 1.09. In the future, advanced refrigeration technology is expected to become the mainstream of reducing energy consumption in the data center. It is suggested to pay attention to the upstream refrigeration equipment supplier of the data center.
From the perspective of investment suggestions, the digital economy has risen to a national strategy. As a key link in the national digital economy strategy, computing from the east to the west is expected to optimize the national computing power allocation.
In the context of the national carbon neutral strategy, the data center has more stringent requirements on energy efficiency. It is recommended to pay attention to IDC manufacturers with excellent energy efficiency control and upstream refrigeration equipment providers that play a key role in reducing energy consumption in the data center.
Zheshang Securities Co.Ltd(601878) : "counting from the east to the west" will directly promote the exposure of relevant targets in the whole industrial chain of the data center
"Counting from the east to the west" will directly drive the whole industrial chain of the data center. Among them, we mainly focus on the following links and opportunities of related targets:
Temperature control system: Shenzhen Envicool Technology Co.Ltd(002837) , Guangdong Shenling Environmental Systems Co.Ltd(301018) , Nanjing Canatal Data-Centre Environmental Tech Co.Ltd(603912) , Guangzhou Goaland Energy Conservation Tech Co.Ltd(300499) , etc; Power system: Shenzhen Kstar Science & Technology Co.Ltd(002518) , Kehua Data Co.Ltd(002335) etc; IDC operators: Shanghai Athub Co.Ltd(603881) , Kehua Data Co.Ltd(002335) , Guangdong Aofei Data Technology Co.Ltd(300738) , Shanghai Baosight Software Co.Ltd(600845) , Ucloud Technology Co.Ltd(688158) , Business-Intelligence Of Oriental Nations Corporation Ltd(300166) , China Mobile, China Telecom Corporation Limited(601728) , China United Network Communications Limited(600050) , etc; Cloud network integration: telecom operators, Unisplendour Corporation Limited(000938) , Ucloud Technology Co.Ltd(688158) , Sangfor Technologies Inc(300454) , Qingcloud Technologies Corp(688316) , etc; It equipment / light module / light module: it equipment / light module / light module:: 0 Shenzhen Zhenye(Group)Co.Ltd(000006) 3 \\\\\\\\\\\\\\\\\\\\\\ / module of it device / light module:: ofit device / light module / light module: 0000 Shenzhen Zhenye(Group)Co.Ltd(000006) 3\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ etc; Autonomous Control and safety: Beijing Vastdata Technology Co.Ltd(603138) , Dawning Information Industry Co.Ltd(603019) , Hangzhou Dptech Technologies Co.Ltd(300768) , Zte Corporation(000063) , Unisplendour Corporation Limited(000938) etc.
Wanlian Securities: the project of "counting East and counting West" was officially launched, and IDC industry welcomed new opportunities for development
With the gradual transfer of low-value businesses to the west, IDC manufacturers in the eastern region may usher in the liquidation. At present, IDC companies in the head of more hot spots are expected to obtain more high-value businesses, and the competition pattern of the market may be improved. For the western region, IDC is expected to usher in incremental demand. The project of "counting from the east to the west" clearly proposes that the average shelf rate of data centers in the cluster should reach at least 65%. At the same time, the Internet between the East and the West and the direct network between hub nodes should be optimized to provide basic supporting facilities for supply and ensure the effective implementation of demand. At present, there is still much room to improve the availability of IDC in the western region. With the improvement of network infrastructure driven by policies, the demand for low latency computing power in the East is expected to migrate to the western region on a large scale. We believe that manufacturers with IDC resource layout in the western region have certain first mover advantages and are expected to benefit first.
Great Wall Guorui Securities: the data center industry chain has a long investment cycle. It is recommended to pay attention to the leading enterprises with scale effect in all links
Recently, the national development and Reform Commission, the central network information office, the Ministry of industry and information technology and the National Energy Administration jointly issued documents, agreeing to start the construction of National Computing hub nodes in 8 places, including Beijing, Tianjin and Hebei, the Yangtze River Delta, Guangdong, Hong Kong, Macao, Dawan District, Chengdu and Chongqing, Inner Mongolia, Guizhou, Gansu and Ningxia, and planned 10 national data center clusters. This marks the completion of the overall layout design of the national integrated big data center system, and the official and comprehensive launch of the "century project" in the field of China's digital economy - "counting from the east to the west".
The data center industry chain is long and the investment scale is large, involving traditional civil engineering, software and hardware facilities, energy consumption and other aspects. Therefore, the large-scale data center cluster construction brought by "counting from the east to the west" will break through regional restrictions and effectively drive the upstream and downstream development of the whole industry chain. In addition, as the relevant policies of "counting from the east to the west" clearly require that the shelf rate of the cabinet shall not be less than 65% and the pue shall not be higher than 1.2 or 1.25, it is expected that the policy dividend will be transmitted to hardware terminals such as server manufacturers in the short term. At the same time, IDC manufacturers with mature energy-saving and consumption reduction technologies are also expected to take the lead in benefiting. On the whole, the investment cycle of the data center industrial chain is long. It is recommended that investors pay long-term attention to the leading enterprises with scale effect in all links.
Huaxi Securities Co.Ltd(002926) : "counting East and counting West" is coming! Chinese IDC enterprises and industrial chain related enterprises are expected to benefit
China's data center construction layout presents a situation of hot in the East and cold in the West. 79% of the existing cabinets and 75% of the new cabinets in 2021 are concentrated in Beijing, Shanghai, Guangzhou, Shenzhen and other Eastern first tier cities and their surrounding areas. Data is divided into hot data, warm data and cold data from high to low according to the access frequency. The requirements of data storage at different levels are different. According to business types, high-frequency business calls such as online games and financial settlement have high requirements for network delay, while background processing, offline analysis, storage and backup do not have high requirements for network delay. Data and services with low delay requirements are expected to take the lead in moving west China West Construction Group Co.Ltd(002302) data center has many advantages: sufficient energy supply, suitable climate conditions, low electricity price and land cost, sufficient energy consumption indicators, etc. The implementation of "counting from the east to the west" is conducive to improving the overall computing power of the country on the one hand; On the other hand, it is conducive to promoting green development and driving the development of relevant industries in the West.
From the perspective of investment suggestions, Chinese IDC enterprises and enterprises related to the industrial chain are expected to benefit: 1) IDC leaders Shanghai Baosight Software Co.Ltd(600845) , Beijing Sinnet Technology Co.Ltd(300383) , Guangdong Aofei Data Technology Co.Ltd(300738) , Shanghai Athub Co.Ltd(603881) , IDC enterprises with layout in the West Mcc Meili Cloud Computing Industry Investment Co.Ltd(000815) (Ningxia), Capitalonline Date Service Co.Ltd(300846) (Gansu). 2) Server beneficiary Enterprises: Dawning Information Industry Co.Ltd(603019) , Inspur Electronic Information Industry Co.Ltd(000977) . 3) Domestic operating system field: China National Software And Service Company Limited(600536) , Archermind Technology (Nanjing) Co.Ltd(300598) . 4) Domestic CPU chip field: China Greatwall Technology Group Co.Ltd(000066) . 5) Domestic GPU graphics card field: Changsha Jingjia Microelectronics Co.Ltd(300474) .
