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.
Anxin Securities: technical path and investment opportunities for electronic ID card
We believe that the electronic license represented by ID card is expected to enter a rapid construction cycle, and relevant industries are expected to benefit.
First, CTID: "Internet plus" trusted identity authentication platform. The Internet plus trusted identity authentication platform (CTID platform) is a basic guarantee project of "Internet plus" major project organized by the Ministry of Public Security (First Research Institute of Public Security) under the guidance of the central network office, the State Development and Reform Commission and the Ministry of science and technology.
Ctid platform mainly provides two services: information comparison service (confirming the authenticity and validity of identity information) and network identity authentication service (generating QR code and electronic voucher corresponding to ID card). It has five characteristics: security, convenience, authority, jurisprudence and legality. At present, the main application fields of Ctid platform include: finance and insurance, government affairs and people's livelihood, telecom operators, Internet, transportation and hotel accommodation. According to the recommended list of trusted digital identity ecological products released by China shield Anxin (operator designated by Ctid), the listed companies involved in the industrial chain of Ctid platform include: Newland Digital Technology Co.Ltd(000997) , Beijing Certificate Authority Co.Ltd(300579) , Jilin University Zhengyuan Information Technologies Co.Ltd(003029) .
Second, Eid: network electronic identity. Eid is an identity authentication technology based on domestic independent password technology and with intelligent security chip as the carrier. It can not only identify natural persons online without divulging identity information, but also be used for offline identity authentication. Eid is led by the Third Research Institute of the Ministry of public security and has cooperated with many smartphone manufacturers.
From the perspective of using functions, Eid mainly includes three functions: online identity authentication, signature verification and offline identity authentication. From the perspective of application scenarios, Eid includes offline resident identity certificates, digital financial services, urban digital management, e-government services and data compliance circulation. Based on the official website of Eid and the investor Q & a information of listed companies, the listed companies involved in Eid include: Hengbao Co.Ltd(002104) , Wuhan Tianyu Information Industry Co.Ltd(300205) , Client Service International Inc(300663) .
China International Capital Corporation Limited(601995) : many core track manufacturers in relevant sectors of digital ID card industry chain are expected to benefit from resonance
The electronization of ID card is not to simply convert the physical ID card into digital form, but to ensure that the electronic ID information can mark the corresponding subject and distinguish it from other subjects without being intercepted, tampered and forged with the support of cryptography, identity authentication and other technologies. According to the white paper on Eid digital identity system issued by the Third Research Institute of the Ministry of public security, digital identity is a mark representing the set of identity attributes of the subject. Considering the similar functional attributes of digital ID and electronic ID card, we believe that electronic ID card is expected to continue the PKI technology context of Eid.
There are many related sectors in the digital ID card industry chain, and the core track manufacturers are expected to benefit. (1) Manufacturers of core technologies of identity authentication and recognition, including intelligent information collection and identity recognition manufacturers such as face recognition and fingerprint recognition, password solution manufacturers such as PKI, CA certification manufacturers, electronic signature manufacturers, etc; (2) construction of digital management platform for identity cards in public security departments, such as the Ministry of public security's citizen network identity recognition system, the Internet plus trusted identity authentication platform (CTID platform), etc. (3) Other auxiliary technology manufacturers, including smart chip hardware manufacturers, QR code recognition module manufacturers, and data security solution suppliers.
We believe that under the wave of electronic ID card, manufacturers in the core sector are expected to fully benefit from the industry dividend. (1) Recommended bottom technology suppliers for electronic signature and identity authentication: Shanghai Weaver Network Co.Ltd(603039) ; (2) It is recommended to pay attention to the manufacturer of QR code identification module: Newland Digital Technology Co.Ltd(000997) ; (3) It is suggested to pay attention to companies related to the identification industry chain: Shenzhen Emperor Technology Company Limited(300546) , Beijing Certificate Authority Co.Ltd(300579) , Synthesis Electronic Technology Co.Ltd(300479) , Linewell Software Co.Ltd(603636) , Hengbao Co.Ltd(002104) , Client Service International Inc(300663) (not covered above).
China Merchants Securities Co.Ltd(600999) : the implementation of digital ID card will become an important link to ensure the security of personal information
The implementation of digital ID card will become an important link to ensure the security of personal information. The operation mode of digital ID card may be similar to that of Ctid. We refer to the technical route of Ctid to sort out the industry.
In the Ctid route, the digital ID card, namely the resident identity network trusted certificate (Ctid), is the authoritative network identity certificate issued to individuals by the Ctid platform. The platform is the trusted platform for the construction of the "Internet plus" major project, which is built by the first Research Institute of the Ministry of public security. It is based on the legal identity document and provides a unified, authoritative and multi-level network identity authentication service for all industries. The platform provides the whole life cycle management of "online certificate QR code". Through the centralized code sending, code checking and security system, the platform realizes the anti tampering, anti repudiation and anti-counterfeiting of "online certificate QR code". Through the issuance and authentication of unified and trusted digital identity, it ensures the security and credibility of each link from end to end in the whole process, the clear text information does not fall to the ground and does not disclose personal privacy information at all, The transmission process is encrypted and signed, and the information is leak proof and tamper proof. We believe that the promotion of digital ID card will help to improve the security of personal information and will become an important part of personal data security.
The construction of digital ID card application scenario may mainly involve the upgrading of security chip, module, encryptor, signature verification server and related scenario software. Referring to the construction of Ctid application, according to the recommended list of trusted digital identity ecological products published in June 2021, the construction of digital identity card application scenario mainly involves four categories of products: trusted digital identity QR code security chip, trusted digital identity QR code module, trusted digital identity encryptor and platform signature verification server, mainly involving real identity verification Network certificate authentication and other functions. If the application scenario involves personal identity authentication and other requirements, it needs to purchase relevant equipment to connect with the platform, and the relevant software system also needs to be modified to carry out relevant business smoothly. As the digital ID card enters the accelerated popularization period, it will accelerate the docking of relevant business systems in government affairs, finance, medical treatment, operators and other industries, which is expected to bring incremental procurement demand.
Guosheng Securities: the interconnection level of electronic ID cards across the country is expected to improve the investment opportunities of electronic ID cards
The electronic identity card is based on the "identity card law", based on the data of ID card certification, and the electronic document that is uniquely corresponding to the entity identity card chip through the national Internet plus trusted identity platform. It is also the national legal certificate and identity document approved by the Ministry of public security.
Three advantages of electronic ID card: 1) protect personal information from disclosure. 2) Effectively solve the problems of lost and stolen ID cards. 3) Identity verification is more efficient. Identity check can be completed by mobile phone, which is more efficient. In the future, physical and electronic identity cards will coexist. After all, there are still a large number of elderly groups in China, and parallelism is a situation that may be maintained for a long time in the future.
The interoperability of electronic ID cards across the country is expected to improve. Previously, the Ministry of public security has developed two types of electronic ID cards. One is Eid, which was launched by the Third Research Institute of the Ministry of public security; The other is Ctid, launched by the first Research Institute of the Ministry of public security.
In terms of investment suggestions, in addition to the direct benefits of relevant electronic ID and privacy encryption manufacturers, electronic ID cards may reverse the continuous improvement of government informatization. To promote and solve the difficulties of expanding the application field of electronic licenses and national mutual recognition, it is necessary to improve the collaborative promotion mechanism of electronic license application and strengthen the collaborative development system of cross regional and cross departmental work of electronic license application. In addition to intuitively, listed companies such as Beijing Certificate Authority Co.Ltd(300579) as a leading provider of information security solutions in China, cooperated with the first Research Institute of the Ministry of public security to conduct research on electronic ID cards At present, 22 provinces have participated in the construction of electronic license system Westone Information Industry Inc(002268) as a complete manufacturer that has built chips, modules and platform systems in the field of identity authentication and encryption, it is expected to fully benefit. In addition, smart government manufacturers such as Beijing Egova Co.Ltd(300075) are expected to force cities to improve their electronic management and service capabilities under the background of the continuous improvement of the electronic level of licenses. Related companies: Westone Information Industry Inc(002268) , Linewell Software Co.Ltd(603636) , Beijing Certificate Authority Co.Ltd(300579) , Jilin University Zhengyuan Information Technologies Co.Ltd(003029) , Aisino Corporation(600271) , Newland Digital Technology Co.Ltd(000997) , Beijing Egova Co.Ltd(300075) , etc.
Haitong Securities Company Limited(600837) : current situation and future of electronic ID card Ctid and Eid
The electronic ID card has developed for a long time, and its profound accumulation is enough to support its rapid expansion. China has long made attempts in the electronization of ID cards. As early as 2010, the Third Research Institute of the Ministry of public security carried out pilot research on network identity management according to the instructions of the Ministry of public security, undertook major information security projects such as "domain space identity management" of the National 863 plan during the 12th Five Year Plan, developed "network electronic identity identification (ELD)" technology and formed relevant standard systems. Eid once released the identity authentication function of Eid electronic certificate.
Since 2015, under the direct leadership of the Ministry of public security, with the support of the central network office, the national development and Reform Commission and the Ministry of science and technology, the first Research Institute of the Ministry of public security has launched an active application of the Internet application of the ID card, and has organized the construction of the "Internet plus" trusted identity authentication platform (CTID platform), which helps to modernize the social governance in the new era. Ctid platform also launched the resident identity network trusted certificate (Ctid), which is the authoritative network identity certificate issued to individuals by Ctid platform. Ctid is based on the certificate making data of the legal identity document of the Ministry of public security, adopts the state secret algorithm, desensitizes and de identifies the identity information carried by the legal identity document by the Ctid platform, and uniformly generates data files that are irreversible, do not contain clear text information, and are mapped one by one with the legal identity document, which can realize online identity authentication without divulging the identity information.
We believe that China has accumulated profound technology and experience in the field of ID card electronization, and the rapid promotion of ID card electronization is expected to "come naturally" under the promotion of policies.
Huaxi Securities Co.Ltd(002926) : exposure of three advantages of digital identity and combing of main benefit targets
Compared with physical ID card, the advantages of electronic ID card mainly lie in its convenience, necessity and interactivity. The necessity is reflected in that at present, the electronic certificate is a necessary component for the public security organ to deeply implement the network service. It is an important way to solve the problems of "difficult work" and "false testimony". It is conducive to innovating the government work mode, further improving the administrative efficiency and service ability of the government, and creating a good development environment. We believe that with the deepening of policies, the digital economy, especially the electronic ID card close to people's livelihood, is expected to usher in rapid development.
Digital identity has many advantages, which is the only way for China's digital process. Three advantages of digital identity: (1) users can use personal information flexibly. (2) The service provider shall provide customized services. (3) The government communicates with citizens more efficiently. With the help of digital identity system, regulators can strengthen supervision and improve the pertinence and effectiveness of supervision. The electronization of ID card is the only way in the digitization process of China's 14th five year plan.
Along the main line of digital economy, we believe that the main beneficiaries are: 1) Beijing Certificate Authority Co.Ltd(300579) , the leader of electronic authentication service, which directly benefits from the electronization of ID card. The company mainly provides customers with electronic signature generation, electronic signature verification, electronic signature information management and other services 2) Jilin University Zhengyuan Information Technologies Co.Ltd(003029) , information security providers and leading enterprises in electronic authentication, and provides Beijing Certificate Authority Co.Ltd(300579) products for government, state-owned enterprises and other departments. 3) Westone Information Industry Inc(002268) , provider of government security products. For a long time, it has provided basic password products, general security products, industrial application products and products in emerging technology fields for customers such as party and government, central enterprises, finance and energy. 4) Synthesis Electronic Technology Co.Ltd(300479) , mainly engaged in identity authentication business, mainly providing identity card authentication terminal, interface software and industry application system software.
Wanlian Securities: it is expected that the industries related to electronic identification are expected to usher in explosive growth in demand
It is expected that the industry related to electronic identity is expected to usher in an explosive growth in demand, and the demand for information security protection related to electronic identity cards will also increase. With the new infrastructure as the core, accelerate the process of cloud, intelligence and digitization of enterprises, and recommend investors to pay attention to high-quality targets with strong performance certainty under the high-profile sector. From the market and valuation of 2021q1-q4, the valuation of the computer industry has rebounded at the bottom. From the allocation of fund positions in 2021q4, the allocation of the computer industry is still low. From the performance of 2021q1-q3, artificial intelligence, information innovation, construction informatization, cloud computing and other fields perform well. It is suggested to focus on the changes of orders and capital expenditure of relevant leading companies. We mainly recommend the fields of industrial Internet, industrial software, information innovation, intelligent driving and network security.
Bohai Securities: pay attention to the subdivided industries and targets with favorable policies! Optimistic about the concept of East number and West calculation and the concept of electronic ID card
From the perspective of PE (TTM, whole method, excluding negative value) valuation, the valuation of computer sector is at the lower middle level in recent three years. It is expected that with the release of system risk, the computer sector is expected to usher in a rebound. It is suggested to pay attention to the subdivided industries and targets with favorable policies. We are mainly optimistic about the concept of Eastern digital computing and Western computing and the concept of electronic ID card, maintain the shareholding increase rating of Unisplendour Corporation Limited(000938) , Digital China Information Service Company Ltd(000555) and Beijing Vastdata Technology Co.Ltd(603138) and give Shenzhen Emperor Technology Company Limited(300546) shareholding increase rating.
