Core view
The investment in power grid has been renewed for 20 years, and the construction of intelligent distribution network and new power system has been accelerated during the 14th Five Year Plan Period: in terms of the total investment, the investment in the 14th five year plan of China Southern Power Grid and national household electrical appliance network has increased significantly compared with the 13th Five Year Plan period; In terms of investment structure, the two power grids will focus on power distribution network, power grid digitization and intelligence, and new power system construction during the 14th Five Year Plan period; It is recommended to continue to pay attention to the investment opportunities in the fields of distribution network intelligence related hardware and software system upgrading, new generation smart meters, power intelligence and information infrastructure.
Explore why the meta universe is a trend from all links of the industrial chain: the meta universe is a virtual world parallel to the real world built through digital technology. The concept of meta universe continues to catalyze, driving hardware infrastructure, software platform and content service providers to gradually benefit. XR, 5g, cloud computing and other underlying technologies continue to develop, creating the cornerstone of the meta universe; Computing power is the most important infrastructure of the meta universe. 5g / 6G network provides a high-speed, low delay and large-scale access transmission channel for the meta universe; Content creation is the core driving force for the continuation and expansion of the meta universe. Social demand will introduce huge traffic into the meta universe. In the future, commercial and industrial application scenarios as real-world test networks will reflect the greater value of the meta universe. We believe that operators have the ability to build a meta universe technology base, China’s 5g construction is progressing steadily, the three major operators and main equipment manufacturers actively layout cloud computing, and optical modules, IDC and servers are expected to become powerful hardware infrastructure support for the construction of meta universe.
Automobile intellectualization may start the next round of investment cycle of automobile industry chain: with the promotion of the development of automobile intellectualization industry, the demand for modules, connectors and wires will increase steadily. Meanwhile, with the steady improvement of the penetration rate of new energy vehicles, the product performance and value of all links of the industrial chain will continue to increase, which will drive the performance of all links of the industrial chain to rise steadily, and the superimposed prosperity will continue to rise. We are optimistic about the target performance and valuation of all links.
Recommended target (covered): Operator: China Telecom Corporation Limited(601728) , China United Network Communications Limited(600050) ; Energy Digitization: Longshine Technology Group Co.Ltd(300682) , Willfar Information Technology Co.Ltd(688100) ; Energy storage and supporting facilities: Shenzhen Envicool Technology Co.Ltd(002837) ; Internet of things / Internet of vehicles: Meig Smart Technology Co.Ltd(002881) , Thunder Software Technology Co.Ltd(300496) ; Optical module: Huagong Tech Company Limited(000988) , Suzhou Tfc Optical Communication Co.Ltd(300394) , Zhongji Innolight Co.Ltd(300308) ; 5g main equipment: Zte Corporation(000063) ; IC carrier board / PCB: Shenzhen Fastprint Circuit Tech Co.Ltd(002436) ; IDC： Beijing Highlander Digital Technology Co.Ltd(300065) ； Cloud / edge computing: Ucloud Technology Co.Ltd(688158)
It is suggested to focus on the target (not covered): Operator: China Mobile; Energy Digitization: Beijing Forever Technology Co.Ltd(300365) , State Grid Information&Communication Co.Ltd(600131) , Shanghai Holystar Information Technology Co.Ltd(688330) , Beijing Sifang Automation Co.Ltd(601126) , Beijing E-Techstar Co.Ltd(300513) , Ygsoft Inc(002063) ; Energy storage and supporting facilities: Guangzhou Goaland Energy Conservation Tech Co.Ltd(300499) , Shenzhen Honor Electronic Co.Ltd(300870) , Songz Automobile Air Conditioning Co.Ltd(002454) ; AI + industry: Hangzhou Hikvision Digital Technology Co.Ltd(002415) , Zhejiang Dahua Technology Co.Ltd(002236) , Iflytek Co.Ltd(002230) , Shangtang; Internet of things / Internet of vehicles: Fibocom Wireless Inc(300638) , Quectel Wireless Solutions Co.Ltd(603236) , Hangzhou Hopechart Iot Technology Co.Ltd(688288) , Vanjee Technology Co.Ltd(300552) , Telling Telecommunication Holding Co.Ltd(000829) ; Optical modules: Eoptolink Technology Inc.Ltd(300502) , Cig Shanghai Co.Ltd(603083) , Advanced Fiber Resources (Zhuhai) Ltd(300620) , Broadex Technologies Co.Ltd(300548) ; Connector / wire: Suzhou Recodeal Interconnect System Co.Ltd(688800) , Dongguan Dingtong Precision Metal Co.Ltd(688668) , Xinya Electronic Co.Ltd(605277) , Wenzhou Yihua Connector Co.Ltd(002897) , Electric Connector Technology Co.Ltd(300679) , Shenglan Technology Co.Ltd(300843) , Shanghai Laimu Electronics Co.Ltd(603633) ; Cloud computing / edge computing: Shenzhen Sed Industry Co.Ltd(000032) , Wangsu Science & Technology Co.Ltd(300017)
Risk warning: policy support is less than expected; 5g industry progress and network construction progress are less than expected; The development of VR / AR and other hardware is less than expected; The implementation of carbon neutralization policy is less than expected; The progress of energy digitization is less than expected.
