Industry core view:
Last week was the first trading week of A-Shares in 2022. The CSI 300 index fell 2.39%, and 13 of the 31 industries in Shenwan class rose and 18 fell. The overall trend of the communication industry was stronger than the market last week, down 2.19%, ranking 19th and second in the TMT industry. For the construction of remote sensing capacity, China Meteorological Administration issued the implementation plan for the construction of ground-based remote sensing vertical observation system in 2022. According to the plan, in 2022, in view of the demand for high-resolution high-altitude vertical observation data for disastrous weather early warning and forecasting services, and to fill the shortage of strong convective weather in Southwest China, northeast cold vortex, disastrous weather monitoring in the Yangtze and yellow river basins, and vertical visual observation of weather systems and key areas such as Xinjiang, China Meteorological Administration will build 29 sets of ground-based remote sensing vertical observation systems, Improve the vertical monitoring ability of meteorological elements such as temperature, humidity, wind, water condensate and aerosol. Previously, on December 15, 2021, the Meteorological Bureau, the Ministry of natural resources, the Ministry of emergency and other nine departments jointly issued the master plan for major national ecosystem protection and restoration projects (2021-2035), and the China Meteorological Administration also issued the ecological meteorological service guarantee plan (2021-2025) on December 31. Similarly, the same is true in the field of transportation. In November 2021, the Ministry of transport jointly issued the transportation meteorological support plan for the 14th five year plan. The goal is to significantly improve the ability of meteorological monitoring, prediction and early warning based on the impact of traffic safety in the five key directions of highway, railway, inland water transportation, maritime transportation and multimodal transport by 2025. According to the data, the scale of China's remote sensing satellite market exceeded 10 billion yuan in 2020, an increase of 62% compared with 2016. According to relevant policy guidelines, the market is expected to accelerate growth in the future, and continue to be optimistic about the development of remote sensing and Beidou industry in 2022.
Key investment points:
One week's industrial news: (1) nearly three components were obtained, and Unisplendour Corporation Limited(000938) Xinhua Group won the bid for centralized purchase of switches in China Mobile Data Center; (2) Huawei issues the first phase of medium-term notes in 2022: the term is 3 years and the fund raised is 4 billion; (3) China Mobile's centralized purchase of USIM card products from 2022 to 2023: the total scale is 318.195 million; (4) China Telecom Corporation Limited(601728) start the centralized purchase of 5g pre transmission equipment in 2022: lwdm enters the group procurement directory for the first time; (5) China's Meteorological "14th five year plan" has a heavy task, and the demand for satellite remote sensing has surged; (6) The official unveiling of star chart wisdom - Aerospace Information and digital economy innovation and development forum was successfully held in Qingdao; (7) The Yuan Dynasty was written into the local "14th five year plan" for the first time; (8) 3GPP launched the project of 6GHz IMT authorized spectrum standardization.
With the gradual advancement of 5g construction and the continuous high growth of cloud computing construction scale, the fundamentals of the communication industry may continue to improve in 2022. In terms of 5g construction, with the implementation of the development plan of the information and communication industry in the 14th five year plan, the future construction goal of 5g is clear. In the next three to five years, 5g construction will also maintain a stable pace of construction investment. However, with the gradual progress of construction, the downstream supporting applications will gradually mature, so as to drive the relevant construction of 5g again.
In the future when the structural market in the communication industry continues to evolve, we suggest paying attention to four investment tracks in the communication industry: (1) operators & equipment manufacturers: 5g construction continues to promote, and the prosperity of traditional communication business is rising. With the expansion of 5g construction, the performance of communication construction, operation and maintenance industry chain has increased significantly, The cloud network construction of data center and 5g2b service also opens new growth space for operators & communication equipment manufacturers. (2) Optical module: with a new round of demand growth and the promotion of optical module technology, the industry is expected to usher in a new round of development in 2022. It is suggested to pay attention to the leading optical module enterprises on the digital communication side. (3) Internet of things module: in the next two years, the Internet of vehicles module will still be one of the main directions of the future market growth of the Internet of things module. It is suggested to pay attention to the leading enterprises with deep layout in the Internet of vehicles industrial chain. (4) Temperature control: it is suggested to pay attention to some leading temperature control enterprises capable of transplanting the original data center liquid cooling technology to the energy storage system.
Risk factors: increased trade friction, China's 5g construction does not meet expectations, the slowdown of global cloud computing construction, and the price fluctuation of upstream raw materials.
