Key investment points
The policy focuses on the digital economy, and information technology innovation, intelligent manufacturing and the digital transformation of state-owned and central enterprises are the main investment lines this year: the 14th five year plan emphasizes creating new advantages of digital economy and giving full play to the advantages of Beijing Vastdata Technology Co.Ltd(603138) and enriching application scenarios. We believe that “counting from the east to the west” has taken the first step in the introduction of digital economy related policies, and all ministries and commissions will continue to introduce digital economy related policies this year. This year’s computer investment will focus on the forward-looking layout of policies. After combing and analysis, we believe that the possible digital economy policies include information innovation, intelligent manufacturing and digital transformation of state-owned and central enterprises.
Basic software and hardware are the foundation of digital economy, and the pace of localization is expected to accelerate: China National Software And Service Company Limited(600536) industry is concentrated in the application field, and the underlying core software technology is lacking. During the 14th Five Year Plan period, the state clearly proposed to concentrate on tackling basic software and hardware. The development of information and innovation industry is the top-level game between China and the United States in the field of information technology. The pace of policy promotion has been accelerated. The scale of the party and government information and innovation industry is expected to be maintained in 2022, the industry information and innovation is expected to more than double, and the localization of the financial and telecommunications industries takes the lead. In terms of marginal changes, the demand of industry Xinchuang for domestic CPU servers has increased significantly, and industry customers prefer x86 in IT infrastructure.
“Intelligent manufacturing” is an important breakthrough direction in the construction of digital economy, and industrial software ushers in accelerated development: the 14th five year plan for the development of deep integration of informatization and industrialization puts forward clear growth targets for all links of industrial software. The development of China’s industrial software is different in all links. Later, the state is expected to introduce more targeted policies to provide personalized support for industrial software in different links. MES and other production and manufacturing software have certain strength, and the marginal benefits of policy support are large. On the premise of clearly putting forward the development goal of industrial software, we expect MES and other production and manufacturing software to be the focus of follow-up policy support. We believe that with the policy support, the localization rate of MES and other manufacturing software will increase rapidly, and the performance of relevant companies is expected to usher in rapid growth.
Digital transformation at this stage will be dominated by state-owned enterprises, and cloud and localization in ERP are the main paths: state-owned enterprises have more basis for digital transformation at this stage, and there are two main realization paths: 1 Focus on intelligent manufacturing to promote digital transformation; 2. Promote digital transformation with the empowerment of Internet platform. ERP plays a key role in both paths. It is not only the key integration base of intelligent manufacturing, but also the main bearing platform of industrial interconnection. The localization of ERP in state-owned enterprises will be carried out with the cloud, and the cloud of enterprises gives an opportunity for the development of ERP localization. We believe that the policies related to the digital transformation of state-owned and central enterprises will be issued in the follow-up meeting, which is expected to be reflected in the specific index requirements such as the digital penetration rate of enterprise operation and management, the localization rate of ERP and the penetration rate of industrial Internet, and the domestic ERP leaders will benefit the most.
Investment opportunities and related targets: policies are intensive, emphasizing the digital economy, and computers usher in the main line of investment. Xinchuang: we believe that the localization of basic software and hardware is the primary problem to be solved in the construction of digital economy. Related subject matter: Chip: Dawning Information Industry Co.Ltd(603019) , Changsha Jingjia Microelectronics Co.Ltd(300474) , China Greatwall Technology Group Co.Ltd(000066) ; Complete machine: Digital China Group Co.Ltd(000034) it is recommended to pay attention to Inspur Electronic Information Industry Co.Ltd(000977) ; Operating system: China National Software And Service Company Limited(600536) , it is recommended to pay attention to Archermind Technology (Nanjing) Co.Ltd(300598) ; Database: Taiji Computer Corporation Limited(002368) , it is recommended to pay attention to Beijing Vastdata Technology Co.Ltd(603138) ; Middleware: Beijing Tongtech Co.Ltd(300379) , it is recommended to pay attention to Beijing Baolande Software Corporation(688058) ; Application software: Beijing Kingsoft Office Software Inc(688111) , Yonyou Network Technology Co.Ltd(600588) ; Peripherals: Ninestar Corporation(002180) . Industrial software: it is suggested to give priority to the industries mentioned in the policy, which already have certain strength and can be easily replaced. Related subject matter: Zhejiang Supcon Technology Co.Ltd(688777) , it is recommended to pay attention to Shanghai Baosight Software Co.Ltd(600845) and Guangzhou Sie Consulting Co.Ltd(300687) . Digitalization transformation of state-owned enterprises: Digitalization of state-owned enterprises takes the lead and ERP is the core track. It is suggested to give priority to large manufacturers with service capabilities. Related subject matter: Yonyou Network Technology Co.Ltd(600588) Inspur international, it is recommended to pay attention to Kingdee International.
Risk tips: 1) policy promotion is lower than expected; 2) The epidemic risk is higher than expected; 3) Changes in the world political and economic situation.
