Core view
Analysis of the computer industry: on February 25, China Telecom Corporation Limited(601728) released the announcement of the candidates for winning the bid of the centralized server procurement project from 2021 to 2022. A total of 200000 servers were purchased, including 53401 domestic chip servers, accounting for more than 25%.
The localization proportion of Telecom servers continued to increase. On February 25, China Telecom Corporation Limited(601728) released the announcement of the successful candidates of the centralized server procurement project from 2021 to 2022. A total of 200000 servers were purchased, including 53401 domestic chip servers, accounting for more than 25%. Previously, the bid opening results of the first batch of PC servers in 20212022 released by China Mobile showed that domestic servers accounted for 27.04%, and the Chinese production proportion of operator server bidding gradually increased. Among the domestic standard packages of Telecom, haiguang chip accounts for 72%, ahead of Kunpeng chip, reflecting the good connection ability of haiguang domestic x86 architecture in terms of performance and ecology.
Industry information innovation has accelerated in an all-round way. Since 2021, Xinchuang has expanded from Party and government Xinchuang to industry Xinchuang, and the telecommunications and financial fields have been the first to start. Previously, Xinchuang in the financial industry was relatively conservative and the pilot process was slow. However, the implementation of financial Xinchuang in 22 years is expected to accelerate, and the relevant catalogue and policy expectations are strong. In the industry’s information innovation market, haiguang of x86 architecture occupies a good share in the field of information innovation server by virtue of its ecological advantages, while Feiteng of arm architecture continues to break through in the industry’s information innovation market with the release of Tengyun S2500 new chip, and the shipment of Feiteng chip has reached new highs. In addition, in 2021, the shipment of the party and government information and innovation market is still guaranteed, and the business performance of Feiteng, haiguang, Qilin and related listed companies continues to improve.
Investment in “new infrastructure” is expected to continue to increase. “New infrastructure” is a concept relative to “old infrastructure”. On March 4, 20, the meeting of the Political Bureau of the CPC Central Committee pointed out that new infrastructure includes seven areas: 5g infrastructure, UHV, intercity high-speed railway and urban rail transit, charging pile of new energy vehicles, big data center, artificial intelligence and industrial Internet. On April 20, the national development and Reform Commission further elaborated that the new infrastructure includes three aspects: first, information infrastructure. It mainly refers to the infrastructure evolved based on the new generation of information technology, such as communication network infrastructure represented by 5g, Internet of things, industrial Internet and satellite Internet, new technology infrastructure represented by artificial intelligence, cloud computing and blockchain, and computing infrastructure represented by data center and Intelligent Computing Center. Second, integrate infrastructure. It mainly refers to the integration infrastructure formed by the deep application of Internet, big data, artificial intelligence and other technologies to support the transformation and upgrading of traditional infrastructure, such as intelligent transportation infrastructure, intelligent energy infrastructure, etc. Third, innovation infrastructure. It mainly refers to the public welfare infrastructure supporting scientific research, technological development and product development, such as major scientific and technological infrastructure, science and education infrastructure, industrial technological innovation infrastructure, etc. It can be seen that the digital economy is an important part of the new infrastructure. Under the current economic environment and policy background, steady growth is the primary goal set by the provinces and the state, and the old infrastructure is the first hand to achieve steady economic growth. With the gradual implementation of investment in the old infrastructure field, the new infrastructure is expected to become another key direction of government fiscal expenditure. Therefore, we recommend paying attention to the information and innovation field where government expenditure can dominate under the condition of relatively loose government finance.
In the context of digital economy, chip, operating system and other key areas have become key areas to make up for weaknesses: with the introduction of major strategic programs such as the 14th five year plan for the development of digital economy, the development of digital economy has become a consensus. In terms of digital industrialization, the plan focuses on complementing the shortcomings of key technologies, focusing on breaking through the key core technologies in the fields of high-end chips, operating systems, industrial software, core algorithms and frameworks, and strengthening the integrated research and development of general-purpose processors, cloud computing systems and software key technologies.
Wait for domestic breakthroughs to open up all links of the industrial chain. In the industrial chain of chip manufacturing, China has layout in important technical nodes and links. At present, China’s semiconductor equipment and materials companies have made breakthroughs in various fields. As the lithography link at the core of wafer manufacturing, Shanghai microelectronics is also actively promoting the localization research and development of more advanced lithography machines. Assuming that China will independently break through the mature process wafer manufacturing line represented by 28nm in the future, China’s “neck” situation in the semiconductor field will be alleviated, and the domestic information innovation industry will also usher in a new acceleration period.
Investment suggestions: focus on haiguang ecology Dawning Information Industry Co.Ltd(603019) , Kunpeng ecology Digital China Group Co.Ltd(000034) , Beijing Vastdata Technology Co.Ltd(603138) , Talkweb Information System Co.Ltd(002261) , other credit creation targets China Greatwall Technology Group Co.Ltd(000066) , Beijing Baolande Software Corporation(688058) , Beijing Tongtech Co.Ltd(300379) , etc.
Risk tip: the economy is down, and the government expenditure is less than expected; The strength of the policy was less than expected.
