The project of "counting East and counting West" is implemented, and the new infrastructure of digital economy is expected to exceed expectations. On February 17, 2022, the national development and Reform Commission and other departments jointly issued documents to build a total of 8 National Computing hub nodes and plan 10 national data center clusters in Beijing, Tianjin and Hebei, the Yangtze River Delta, Guangdong, Hong Kong and Macao Dawan District, Chengdu and Chongqing, Inner Mongolia, Guizhou, Gansu and Ningxia, marking the full launch of the national major strategic project "computing from the east to the west". Based on cloud computing and big data technology, the "East digital West computing" project guides the East Beijing Vastdata Technology Co.Ltd(603138) orderly to the west through the construction of a new computing network system integrating the data center, optimizes the construction layout of the data center, reduces the economic differences between the East and the west, and promotes the coordinated development of the East and the West. The implementation of the project is a specific measure of the new infrastructure, which is expected to promote the further development of industries related to the new infrastructure and bring marginal improvement in performance.
The data center industrial chain has benefited deeply, and the prosperity of IDC and energy-saving sub industries is expected to rise. "Counting from the east to the west" can directly drive a new round of construction of the data center, improve the relationship between supply and demand, and benefit the rapid development of the industry. From the perspective of industrial chain integration, 5g + cloud computing is the general trend, and enterprises' demand for cloud computing is increasing. At the same time, as the main medium serving cloud computing and data storage application end, data center provides IAAs / SaaS end and other services for the outside world, and the overall prosperity is expected to improve; From the perspective of environmental protection policy under the background of "double carbon", the distribution of data centers in China is demand-oriented. Under the general trend of changing operation to a third party, the demand of first-line and super first-line cities continues to release. Considering that the power consumption of data centers is high and the state has strict control over pue indicators, the overall scarcity of first-line cities and surrounding IDC will be further amplified with the increase of demand, The bargaining power of IDC company, which has mastered scarce resources, is expected to be enhanced and its concentration is expected to be improved.
With the growth of traffic and technology upgrading, ICT cornerstone optical network has ushered in new opportunities. The "East digital West computing" project has the characteristics of long-distance transportation, increased density of data centers and high computing power requirements. In the past, due to fewer network nodes and relatively backward transmission technology, the cross domain data circulation efficiency of the western network has been lower than that of the eastern developed areas. With the continuous promotion of "East digital West computing", on the one hand, the newly-built data centers and computing power facilities need the infrastructure support of ICT cornerstone optical network; On the other hand, in order to meet the needs of high efficiency, low carbon and capacity, traditional infrastructure needs to be further upgraded, which will bring further growth in the demand for optical networks, including optical modules and optical fiber cables, so as to open up new space in the industry market and improve the performance of relevant companies. Due to the strong technology intensive characteristics of optical modules and optical fiber cables, such as 400g, 800g, silicon optical technology and optical modules, companies that master such core technologies and make breakthroughs in research and development of new products will benefit first.
Investment suggestion: we believe that ICT infrastructure construction will usher in new opportunities for development, including IDC industrial chain, energy conservation and emission reduction under the "double carbon" background, such as computer room air conditioning industrial chain and related targets of optical communication, focusing on optical modules and optical fiber cables. In addition, as the carrier of "East digital West computing", communication operators also need to pay special attention. Recommended targets include: IDC target Beijing Sinnet Technology Co.Ltd(300383) ( Beijing Sinnet Technology Co.Ltd(300383) ), machine room temperature control target Shenzhen Envicool Technology Co.Ltd(002837) ( Shenzhen Envicool Technology Co.Ltd(002837) ), Nanjing Canatal Data-Centre Environmental Tech Co.Ltd(603912) ( Nanjing Canatal Data-Centre Environmental Tech Co.Ltd(603912) ); Optical module subject Zhongji Innolight Co.Ltd(300308) ( Zhongji Innolight Co.Ltd(300308) ), Eoptolink Technology Inc.Ltd(300502) ( Eoptolink Technology Inc.Ltd(300502) ); Subject matter of optical fiber cable Jiangsu Zhongtian Technology Co.Ltd(600522) ( Jiangsu Zhongtian Technology Co.Ltd(600522) ), Hengtong Optic-Electric Co.Ltd(600487) ( Hengtong Optic-Electric Co.Ltd(600487) ); And China Mobile, the leading operator (600941).
The uncertainty of the epidemic situation in Russia and Ukraine, and the risk of the construction of the data center.
