[key points of investment]
Digital economy is an important part of China US economy. China’s digital penetration rate is higher than that of the United States, but there is still room for improvement in R & D and investment. In the future, we will take into account hard and soft technologies, b-end and C-end. According to OECD statistics, China’s digital economy is huge and growing. In 2018, China’s digital economy accounted for about 6% of China’s GDP, while that of the United States was about 7%. The development of China’s digital economy is analyzed from the two dimensions of innovation and use: 1) innovation dimension: China’s information industry R & D accounts for 0.27% of GDP and 0.94% in the United States. There is still a large gap between R & D and investment. 2) Use dimension: Chinese users’ online shopping behavior accounted for 81.6%, 7.8 percentage points higher than that in the United States; China’s single user mobile data usage is 13.34gb/month, about twice that of users in the United States. China’s Internet application field is more extensive and mature. With the rapid development of digital economy, digital infrastructure, digital element processing, digital application, digital internationalization and digital security have ushered in a golden period of development.
Different from the b-end of digital economy, the concept of meta universe is more inclined to the C-end; American Internet giants focus on VR, cloud computing and other infrastructure, and Chinese companies focus on NFT and digital people branches. Meta lost 10 billion dollars in overweight VR equipment, Microsoft made efforts to digitize the office and office scene of the meta universe, and epic held the illusory engine and the two meta universe killers of Fortress night. Chinese enterprises take the lead in commercializing NFT and digital people: 1) NFT trading platform with social and traffic advantages has more advantages. 2) For 2C digital human, content is the most critical factor to determine the success of a virtual digital human. For 2B digital people, channels and scenes are the key to win, and the first mover advantage is obvious. The infrastructure of yuancosmos and digital economy is basically the same, and the growth certainty of digital infrastructure such as 5g and cloud computing is high. VR is an important carrier of the meta universe. The output of auclusquest2 exceeds 10 million, the Chinese byte rate Pico is in, Sony and apple are also expected to launch a new generation of VR devices, and the hardware penetration is expected to usher in a rising period. For hardware and social networking, the first mover advantage is obvious; For content and games, the latter can also come first.
[configuration suggestions]
We believe that there are three directions involved in the field of media Internet, which has great development potential in the future: tiktok and its sea going industrial chain, VR and its social and content ecology, data processing and application fields. Be optimistic about Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) , be cautious about Saturday Co.Ltd(002291) , G-Bits Network Technology(Xiamen)Co.Ltd(603444) , and suggest paying attention to Merit Interactive Co.Ltd(300766) .
[risk tips]
Macroeconomic downside risk
Policy supervision risk
