Main points:
Third generation semiconductor: the stock demand remains high, and the incremental demand focuses on 2022h2
Industry catalyst in the future: the cost of SiC SiC devices further decreased and detonated downstream demand. In terms of key data, the third generation semiconductor industry index fell 12.8% in March, which was lower than the gem; The demand side of the downstream stock is still strong. In March, the sales volume of Byd Company Limited(002594) · Han EV was 9291, and the wholesale sales volume of Tesla Motors China in March was 65914, both of which remained high in absolute terms; In terms of new downstream demand, Weilai et7 officially opened small-scale delivery at the end of March, and Cadillac lyriq is expected to open formal pre-sale in May. The subsequent new demand can focus on the centralized delivery / mass production of electric vehicles using SiC in 2022h2. In terms of industrial capital changes, Baishi electronics, a third-generation Semiconductor R & D provider, received a round of financing of more than 300 million yuan. In terms of events and policies, on March 23, according to Taiwan media reports, Foxconn‘s parent company Hon Hai Group will acquire 40% equity of fastsic and cooperate to develop sicmosfet for electric vehicles; On March 22, American microchip technology company announced the launch of 3.3kV silicon carbide power devices, which can achieve higher efficiency and reliability.
Central bank digital RMB: the index has outperformed the gem for six consecutive months, and the third batch of pilot projects have been implemented
Future industry catalyst: accelerated capacity expansion in pilot areas and major update of pilot app.
In terms of key data, the index of digital currency issuing end and circulation encryption end rose by – 7.2% and 3.9% respectively in March, outperforming the gem for six consecutive months; The pilot version of the digital RMB app is less updated. In terms of events and policies, the third batch of digital RMB pilot projects were officially launched. On April 2, the people’s Bank of China held a symposium on the pilot work of digital RMB research and development. The meeting proposed to add six cities hosting the Asian Games in Tianjin, Chongqing, Guangzhou, Guangdong, Fuzhou, Xiamen and Zhejiang as the third batch of pilot areas of digital RMB.
VraR virtual reality: the performance of the industry index is poor, and the investment and financing in the primary market is still relatively active
Future industry catalyst: phenomenal VR / AR application appears.
In terms of key data, the middle and upper reaches indexes of VraR industry significantly lost the gem in March. In March, the upstream parts manufacturing and the midstream module OEM fell by 18.4% and 22.4% respectively, both significantly below the benchmark of – 7.7% on the gem. In terms of changes in industrial capital, on March 11, Quanzhen Internet developer Yuanxiang xverse obtained a round of 120 million US dollars of a + financing invested by Sequoia China and Hillhouse venture capital; On March 20, rokid, an R & D company of AR / MR glasses, received a round C investment of 700 million yuan from Fosun Group; On March 30, AR / MR glasses developer nreal received Alibaba’s $60 million C + round investment. In terms of events and policies, on March 30, IDC recently released the quarterly tracking report on the global AR / VR head display market in the fourth quarter of 2021. The report predicts that the global VR / AR head display volume will exceed 15.73 million units in 2022, with a year-on-year increase of 43.6%.
The tracking and analysis of four-dimensional system is expected to be an explosive scientific and technological frontier
Science and technology frontier, as the core direction of industry watch, takes the future oriented and innovation driven as the main line. According to the recent investable value of the secondary market, it is divided into three categories: basic exploration (class I), gradual application (class II) and expected explosion (Class III). The investment value is low, medium and high in turn. For three different types of scientific and technological frontiers, we plan to establish different tracking and research systems and frameworks. For the “expected outbreak category”, we have established a four-dimensional tracking system of key data changes, industrial capital changes, inventory of hot events and evolution of relevant policies, trying to capture its investment value on the eve of its outbreak.
As the ninth chapter of “expected explosion” in the frontier of science and technology, it first briefly introduces the four-dimensional tracking framework, and then promotes the four-dimensional tracking, research and analysis in the three directions of the third generation semiconductor, the digital currency of the Central Bank of China and VraR virtual reality.
Risk tips
The development of the industry is less than expected; Data change tracking is not timely; Adjustment of index sample target
