[Zhou's investment view]:
(1) the two sessions were successfully held. The core keywords in the field of communication are "digital economy, industrial Internet, new energy vehicles, wind power and new energy". We believe that the communication industry, as the base of the digital economy, has benefited from the development of the digital economy for a long time; At the same time, the industrial Internet has been written into the government work report for five times. This year, the first mention of "accelerating" the development of industrial Internet reflects the dual carbon era. The development of industrial Internet / intelligent manufacturing is imminent, which is the key technology for the digital intelligent transformation of traditional enterprises; New energy & Intelligent Internet connected vehicles are valued by the state. Xiao Yaqing, Minister of industry and information technology, said that the sales of new energy vehicles are expected to exceed expectations in 2022; The state vigorously promotes the development of new energy sources of wind power. Sea wind & submarine cable is our most promising direction. At the same time, it is suggested to focus on the reform and development of temperature control energy storage and other industries.
(2) the capital expenditure of Baidu and Alibaba in 2021q4 increased significantly year-on-year. Baidu's capital expenditure reached 4.237 billion yuan, with a significant year-on-year increase of 94.54% and a month on month increase of 59.05%. Alibaba's capital expenditure reached 9.253 billion yuan, with a year-on-year increase of 90.04%. Compared with 55.71%, - 18.66% and 5.88% from 2021q1 to 2021q3, the year-on-year growth rate increased significantly; Combined with aspeed's January 2022 data, the year-on-year growth rate in January 2022 increased significantly to 61%, and the Q4 capital expenditure of the five cloud giants in North America achieved a rapid growth in 2021. We are optimistic about the overall expectation of 2022. We judge that the cloud industry chain is expected to recover gradually, and we suggest focusing on investment opportunities in network equipment, optical devices, it equipment, temperature control and energy storage and other fields;
(3) according to the financial report of operators in January, the number of 5g users in China reached 758 million, and the foundation for 5g application development has been gradually consolidated. The Internet of things and intelligent networked vehicles are the application direction we are optimistic about for a long time, focusing on investment opportunities in industries such as controllers, optical lenses, lidar, connectors and modules.
[Industrial Dynamics & investment perspective]:
[Digital Economy] the government work report mentions the digital economy again. As the base of the digital economy, communication is expected to benefit in the long term. On March 5, 2022, the government work report again mentioned promoting the development of digital economy. At present, China is in a key stage of digital development. The further attention of the national strategy is expected to clarify the future development direction and actively promote the development of digital economy. The future development space of digital economy is broad. As the base of digital economy, the communication sector will benefit from the long-term core.
[industrial Internet / intelligent manufacturing] "industrial Internet" has been written into the government work report for five consecutive years. At present, the penetration rate is low and there is great room for development in the dual carbon era. In 2018, the government work report proposed to "develop the industrial Internet platform". Since then, from 2019 to 2021, the government work report has proposed to "develop the industrial Internet". We can see that this year's report proposed to "accelerate" the development of the industrial Internet, and proposed to cultivate large integrated circuits, artificial intelligence and other digital industries, By improving the innovation and supply capacity of key software and hardware technologies, we can see that the development of industrial Internet is imminent. At the same time, in the 5g era, the development of new technologies is expected to enable the development of industrial Internet to enter a new level. We are firmly optimistic about the long-term development prospect of industrial Internet industry. Key recommendations: [ Shanghai Baosight Software Co.Ltd(600845) ], [ Zhejiang Supcon Technology Co.Ltd(688777) ], [ Beijing Kingsoft Office Software Inc(688111) ], [ Nancal Technology Co.Ltd(603859) ], [ Guangzhou Sie Consulting Co.Ltd(300687) ], [ Unisplendour Corporation Limited(000938) ], [ Zte Corporation(000063) ], etc.
[new energy vehicles] New Energy & Intelligent networked vehicles are valued by the state and are the long-term deterministic growth direction. On March 5, 2022, the government work report again mentioned new energy vehicles. At the same time, Xiao Yaqing, Minister of industry and information technology, said in an interview at the Great Hall of the people that "the sales of Shanxi Guoxin Energy Corporation Limited(600617) vehicles in the first two months of this year were very good, more than doubled. It is expected that the expected target can be achieved this year, which may significantly exceed the expected target", reflecting the state's attention to new energy & Intelligent networked vehicles, It is expected to continue to bring deterministic investment opportunities. Key recommendations: modules [ Fibocom Wireless Inc(300638) ], [ Meig Smart Technology Co.Ltd(002881) ], [ Quectel Wireless Solutions Co.Ltd(603236) ], etc; Automobile controller [ Keboda Technology Co.Ltd(603786) ]; On board lens: [ Ningbo Yong Xin Optics Co.Ltd(603297) ], [ Zhejiang Crystal-Optech Co.Ltd(002273) ]; Key focus: lidar: [ju Guang Technology], [Shunyu optics], [ Lianchuang Electronic Technology Co.Ltd(002036) ], [ Dongguan Yutong Optical Technology Co.Ltd(300790) ], etc; The car connector \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\633], etc; Automobile controller [ Shenzhen H&T Intelligent Control Co.Ltd(002402) ], [ Ningbo Joyson Electronic Corp(600699) ], etc.
[new energy of wind power] submarine cable is a definite benefit link, and attention should be paid to the reform of temperature control and energy storage. The government work report points out that it is necessary to promote the planning and construction of large-scale wind and solar power bases and their supporting regulatory power sources, improve the consumption capacity of power grids for renewable energy power generation, promote the R & D, promotion and application of green and low-carbon technologies, and promote the transformation from "dual control" of energy consumption to "dual control" of total carbon emission and intensity, so as to release the state's attitude of actively promoting the development of new energy. In the new energy track, sea breeze is our most promising development direction. Among them, sea cable is the most deterministic benefit link of sea breeze. At the same time, the development of green and low-carbon technology brings new opportunities for temperature control and energy storage. Key recommendation: submarine cable [ Jiangsu Zhongtian Technology Co.Ltd(600522) ]; Key concerns: submarine cables [ Hengtong Optic-Electric Co.Ltd(600487) ], [ Ningbo Orient Wires & Cables Co.Ltd(603606) ]; Temperature controlled energy storage: [ Shenzhen Envicool Technology Co.Ltd(002837) ], [ Kehua Data Co.Ltd(002335) ], [ Guangzhou Goaland Energy Conservation Tech Co.Ltd(300499) ], etc.
[cloud computing] Baidu and Alibaba's 2021q4 capital expenditure increased significantly year-on-year, releasing the recovery signal of the cloud industry. In 2021, the capital expenditure of Q4 Baidu was 4.237 billion yuan, a significant increase of 94.54% year-on-year and 59.05% month on month; In 2021, the capital expenditure of Q4 Alibaba was 9.253 billion yuan, with a year-on-year growth rate of 90.04%. It released the overall warming signal of cloud business and paid attention to the recovery investment opportunities of cloud industry chain (IDC, switch router, optical module, server, cloud video, etc.). Key recommendations: [ Shanghai Baosight Software Co.Ltd(600845) ], [ Unisplendour Corporation Limited(000938) ], [ Zte Corporation(000063) ], [ Beijing Sinnet Technology Co.Ltd(300383) ], etc; Focus on the following: [ '' Eoptolink Technology Inc.Ltd(300502) ''\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ Suzhou Tfc Optical Communication Co.Ltd(300394) ], etc.
[sector trend]: this week (2.28-3.4), in the Shenwan industry, the communication (Shenwan) index fell 1.49%, ranking second in the TMT sector, with a dynamic P / E ratio of 37.93 and second in the TMT sector.
In terms of net inflow of LST, the top five inflow include Jiangsu Zhongtian Technology Co.Ltd(600522) (1721 shares), China United Network Communications Limited(600050) (1077 million shares), Shenzhen Topband Co.Ltd(002139) (8 million shares), Foxconn Industrial Internet Co.Ltd(601138) (616 million shares), Guangzhou Haige Communications Group Incorporated Company(002465) (3.84 million shares); In terms of net outflow of LST, the top five outflows include Hytera Communications Corporation Limited(002583) (- 11.62 million shares), Beijing Jetsen Technology Co.Ltd(300182) (- 7.01 million shares), Gohigh Data Networks Technology Co.Ltd(000851) (- 6.32 million shares), Wangsu Science & Technology Co.Ltd(300017) (- 6.07 million shares), and Hengtong Optic-Electric Co.Ltd(600487) (- 4.17 million shares).
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[key company] the industrial Internet / intelligent manufacturing of [key company] the industrial Internet of the [key company] industrial Internet / intelligent manufacturing ( Shanghai Baosight Software Co.Ltd(600845) \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\, Unisplendour Corporation Limited(000938) etc.); New energy & Intelligent networked vehicle The lens of Optics: the Shun optics, Hongda Xingye Co.Ltd(002002) 036'\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\; lidar: torch technology; Advanced Fiber Resources (Zhuhai) Ltd(300620) , Optowide Technologies Co.Ltd(688195) , Suzhou Tfc Optical Communication Co.Ltd(300394) etc.; on board module / module: Fibocom Wireless Inc(300638) , Quectel Wireless Solutions Co.Ltd(603236) , Meig Smart Technology Co.Ltd(002881) , Hangzhou Hopechart Iot Technology Co.Ltd(688288) Queclink Wireless Solutions Co.Ltd(300590) etc; Connectors: Electric Connector Technology Co.Ltd(300679) \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\etc; Navigation system: Shanghai Huace Navigation Technology Ltd(300627) etc.); "New energy +" (offshore wind power: Jiangsu Zhongtian Technology Co.Ltd(600522) , Hengtong Optic-Electric Co.Ltd(600487) ; liquid cooling temperature control: Shenzhen Envicool Technology Co.Ltd(002837) , Guangdong Shenling Environmental Systems Co.Ltd(301018) , Guangzhou Goaland Energy Conservation Tech Co.Ltd(300499) etc.; energy storage: Kehua Data Co.Ltd(002335) etc.); Internet of things / power Internet of things ( Willfar Information Technology Co.Ltd(688100) , Beijing Inhand Networks Technology Co.Ltd(688080) etc.); cloud computing (IDC: (IDC: 's Shanghai Baosight Software Co.Ltd(600845) \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ Eoptolink Technology Inc.Ltd(300502) , Zhongji Innolight Co.Ltd(300308) , Accelink Technologies Co.Ltd(002281) , Suzhou Tfc Optical Communication Co.Ltd(300394) etc.; SaaS: Beijing Kingsoft Office Software Inc(688111) , bleep bleep, Guangzhou Shiyuan Electronic Technology Company Limited(002841) , Yealink Network Technology Co.Ltd(300628) , sound network, Bizconf Telecom Co.Ltd(300578) , Montnets Cloud Technology Group Co.Ltd(002123) etc.); Military communication / Satellite Internet ( Guangzhou Haige Communications Group Incorporated Company(002465) , Tianjin 712 Communication & Broadcasting Co.Ltd(603712) , Jushri Technologies Inc(300762) , China Satellite Communications Co.Ltd(601698) etc.); Operators (China Mobile, China Telecom Corporation Limited(601728) , China United Network Communications Limited(600050) etc.).
Risk tips: 5g construction is not as expected, cloud computing development is not as expected, Sino US trade friction, covid-19 epidemic spread.
