Foreword
“Computers at the end of the 21st century are like semiconductors at the end of the 18th century”, “financial it, the winner and loser of annual investment”. The Tianfeng computer team took a clear-cut stand at the beginning of the year and looked at more computers. Focusing on computer and financial it, we have done work in four aspects since the beginning of the year:
1. In depth research: 85 pages of prospective release and 12 reports update logic
2. Systematic research: Eleven financial it teleconferences were organized in total
3. Industrial chain research: Research on 100 CIOs, including in-depth research on the financial industry
4. Data research: financial IT industry database, series in progress
Affected by the external situation, the sector has adjusted recently, but we are more optimistic! Take financial it as an example. At present, we are optimistic about the overall outlook of Q1. At the same time, three logics can not be ignored:
1. Current undervalued value
2. High performance flexibility
3. Strong industrial trend
We specially launched a series of financial IT data research to deeply explore the industrial trend.
Financial information creation data research series 3: server chip
1. At present, domestic chip manufacturers include haiguang, Kunpeng and Feiteng, which apply x86, arm and other architectures respectively. X86 is the mainstream of market application, so the development cost of supporting software for domestic chip replacement under the same architecture is low. Domestic manufacturers using this architecture include Haiguang and Zhaoxin. Arm and MIPS architectures have the advantages of low power consumption and easy expansion respectively, corresponding to domestic manufacturers such as Kunpeng.
2. In 21 years, the scalar and bid winning amount of servers equipped with domestic chips increased by 90% and 1205% year-on-year. With the continuous deepening of the reform of Xinchuang, we expect the procurement scale of domestic chips to continue to increase.
The localization rate of large and medium-sized servers in China is 33%. Verify that in the financial industry, domestic chips have been put into use on a large scale.
4. Banks are the main source of domestic chip procurement in the financial industry, accounting for 81%.
5. In the financial industry, x86 chips have accounted for more than 70% in the past two years, and the proportion of arm has gradually increased. In the year of domestic x86, scalar accounts for more than 70%. At the same time, the application of domestic arm chips is also gradually spreading, accounting for about 25% in 20 years and 38% in Q1 in 22 years.
6. The pattern of domestic chips is concentrated, and Haiguang and Kunpeng occupy about 94% of the market. According to the statistics of public bidding in the past 20 years, among the domestic chips, the scalar proportion of Haiguang and Kunpeng chips is 52% and 42% respectively, and the combined proportion of them exceeds 90%. It is verified that the competitive pattern of the domestic chip industry has been formed, and the two major manufacturers of Haiguang and Kunpeng have obvious advantages.
Attention: we are optimistic about the Haiguang and Kunpeng industrial chain created by financial letter, and we suggest to pay attention to Dawning Information Industry Co.Ltd(603019) , Digital China Group Co.Ltd(000034) , Talkweb Information System Co.Ltd(002261) , Inspur Electronic Information Industry Co.Ltd(000977) , Jiangsu Eazytec Co.Ltd(688258) .
Market and sector trend review:
Last week, the computer sector fell 5.23%, the gem index fell 4.26% in the same period, the rise and fall of Shanghai and Shenzhen 300 were flat, and the sector underperformed the market.
Risk tip: the macro-economy is depressed, major changes have taken place in sector policies and major changes have taken place in the international environment.
