① continue to maintain the two minority judgments given during the Spring Festival: the market rebound brought by the good start of credit, and the style has changed from steady growth to growth. ② In the main line of growth, the digital economy will become another main line after last year’s double carbon. There are three key issues: strength, grasp and direction. ③ What is the difference between the digital economy and the present: the Political Bureau has shifted from contact learning to active control and given a higher positioning. It has entered the national planning system for the first time, and the financial support will be greatly improved. In the medium and long term, it will become a new driving force to stimulate economic vitality, which is in line with the demand for stable growth in the short term. ④ Specific focus on Digital Economy: 8 major tasks and 11 projects. The core focus is infrastructure (national integrated big data center system, East digital West Computing), industrial digitization (focusing on Jiangsu Nonghua Intelligent Agriculture Technology Co.Ltd(000816) , smart logistics, financial it and industrial digitization) Digital industrialization (improve 5g, integrated circuits, new energy vehicles, artificial intelligence, industrial Internet and other supply chain systems). ⑤ Investment direction of Digital Economy: infrastructure, digitization, intellectualization and localization. Infrastructure: telecom operators, IDC industry chain; Industrial Digitization: cloud, information innovation, ERP and intellectualization; Digital Industrialization: integrated circuit and basic software.
Text summary
The digital economy is raised year after year. What’s the difference now. The digital economy has entered the national planning for the first time, and has developed from strict supervision to seeking development. ① The Political Bureau’s attitude towards the digital economy has shifted from contact learning to active control. This is the most macroscopical and systematic study of digital economy at the political bureau level. The previous five times focused on subdivided areas. This reflects the continuous deepening and mastery of senior management’s understanding of the digital economy, and the subsequent relevant policy supervision will be more in line with the development law of the industry and promote healthy development. ② The digital economy has entered the national planning system for the first time. In January 2022, the State Council issued the “14th five year plan” for the development of digital economy, which entered the national planning system for the first time, which means that the financial support will be greatly improved. In the medium and long term, it will become a new driving force to stimulate economic vitality. In the short term, it will meet the demand of stable growth and become the main line of A-Shares throughout the year.
Specific focus of Digital Economy: 8 major tasks and 11 projects. ① The national “14th five year plan” for the development of digital economy puts forward 8 major tasks and 11 projects, covering specific tasks. The core focus is infrastructure, industrial digitization and digital industrialization. ③ Task 1: optimize and upgrade digital infrastructure. It is proposed to build a national integrated big data center system. Task 2: give full play to the role of data elements. Data confirmation, pricing and trading are the core of this round of platform economic data supervision. Task 3: industrial digital transformation. Enterprise / platform / Park tripartite promotion, focusing on agriculture, logistics, finance, it and industrial digitization. Task 4: promote digital industrialization. Focus on: 5g, integrated circuits, new energy vehicles, artificial intelligence, industrial Internet. Task 5: improve the digital level of public services. Accelerating the extension of urban intelligent facilities to rural areas is likely to be a new starting point for steady growth this year, and the villages around big cities may become the focus. Task 6: improve the digital economy governance system. The proposal of “exploring the pilot of cross scenario, cross business and cross department joint supervision” means that the supervision has changed from the storm of various ministries and commissions in the past year to normalization and coordination, and the regulatory risk exposure has narrowed. Task 7: strengthen the security system of digital economy; Task 8: expand international cooperation in digital economy.
Investment direction of Digital Economy: infrastructure, digitization, intellectualization and localization. ① Infrastructure: telecom operators, IDC industry chain. As the main force of infrastructure construction, telecom operators are expected to fully benefit from business growth, competition and cost optimization. In addition, IDC industrial chain will also benefit from the increase in the number of cabinets, the improvement of operating efficiency and the liquidation of the industry. ② Industrial Digitization: cloud, information innovation, ERP, intellectualization. The 14th five year plan points out that “enterprises will be promoted to the cloud”, and the cloud of state-owned assets will usher in accelerated development under the transformation of state-owned enterprises. The digital transformation of traditional enterprises needs the cooperation of application end software. Among them, ERP (enterprise basic management software) can effectively improve business efficiency. At the same time, Xinchuang, especially the industry Xinchuang, will also benefit from the wave of localization. “Significantly enhance the level of intelligence by 2025” is also the goal of the 14th five year plan. Intelligent vehicles and intelligent power grids are the key directions under the dual carbon goal. ③ Digital Industrialization: integrated circuit and basic software. Localization substitution in key areas is medium and long-term logic.
Risk warning: global epidemic spread risk and vaccine effectiveness; Macroeconomic growth is less than expected; Inflation soared sharply in the short term and monetary policy tightened rapidly; Historical experience does not represent the future.
