Computer: focus on new infrastructure including counting from east to west. During the two sessions in 2022, digital economy has always been the focus of attention, including cloud computing, 5g, information innovation and network security, which are all core areas and are expected to become an important increment under the background of “carbon neutral” economy. In the process of Comprehensively Strengthening the new digital infrastructure, “counting from the east to the west” has become a key means to promote the regional coordinated development of China’s digital economy. The implementation of the East digital West computing project can optimize the spatial layout of digital infrastructure and applications, help to form a national factor market with free flow of data, on-demand allocation and effective sharing, and help to build a new digital economic growth pole in the central and western regions.
Electronics: focus on power semiconductors. Infineon issued a notice to inform the contradiction between supply and demand caused by the rapid development of demand in downstream industries and its inability to bear the rising cost burden. At the same time, Infineon expanded capital investment again Semiconductor Manufacturing International Corporation(688981) , China Resources Microelectronics Limited(688396) released the main business data from January to February 2022, and the performance growth rate is still high, indicating that the prosperity of the industry is still continuing. We continue to be optimistic about the domestic substitution opportunities brought by the imbalance between supply and demand in the semiconductor industry, and recommend Starpower Semiconductor Ltd(603290) , Zhuzhou Crrc Times Electric Co.Ltd(688187) .
Intelligent Manufacturing: pay attention to the domestic substitution opportunities of semiconductor etching equipment. Etching equipment is the key equipment of semiconductor manufacturing, with broad market space and centralized pattern. The global etching equipment market is nearly US $20 billion, with Fanlin / Tel / Amat accounting for 9%. With the maturity of technology and the expansion of production capacity of wafer factories in mainland China, it is time to replace domestic etching equipment. It is suggested to pay attention to the leading enterprises of domestic etching equipment Advanced Micro-Fabrication Equipment Inc.China(688012) and Naura Technology Group Co.Ltd(002371) .
Risk tips: 1) supply chain risk increases. 2) Policy support was less than expected. 3) Market demand may be lower than expected. 4) Domestic substitution is less than expected.
