The national strategy is to build a network power and promote scientific and technological innovation. On the afternoon of April 19, the general secretary presided over the 25th meeting of the Central Committee for comprehensively deepening reform, deliberated and adopted the guiding opinions on strengthening the construction of digital government, the guiding opinions on further promoting the reform of the financial system below the provincial level, and the opinions on establishing and improving the audit and evaluation index system for the departure of natural resources assets of leading cadres Work plan for improving the financial support innovation system during the 14th Five Year Plan period and several opinions on improving the incentive mechanism of science and technology. Previously, the State Council issued the “14th five year plan” for the development of digital economy. The overall requirements and objectives: by 2025, the added value of core industries of digital economy will account for 10% of GDP. By 2025, the digital economy will move towards a period of comprehensive expansion. The added value of the core industries of the digital economy will account for 10% of GDP, the number of IPv6 active users will reach 800 million, the number of Gigabit broadband users will reach 60 million, the scale of software and information technology service industry will reach 14 trillion yuan, and the application penetration rate of industrial Internet platform will reach 45%.
This involves the computer sector, mainly in the field of digital government and financial technology, and encourages scientific and technological innovation. It is required to fully implement the network power strategy, widely apply digital technology to government management services, promote the digital and intelligent operation of the government, and provide strong support for the modernization of the national governance system and governance capacity. It is required to focus on the weaknesses of scientific and technological innovation in financial services, improve the financial support innovation system, and promote the financial system to better adapt to the needs of scientific and technological innovation in the new era. Facing the world’s scientific and technological frontier, the main economic battlefield and major national needs, we should create an incentive guidance for creating value, and create innovative students conducive to the continuous emergence of original achievements and the effective transformation of scientific and technological achievements,. Digital public services are more inclusive and equal. The 14th five year plan for the development of digital economy plans to reach 800 million real name users of online government services by 2025. The reform of the division of financial powers and expenditure responsibilities between the central and local governments may give birth to new digital government needs, such as the construction of bidding system, electronic ID card, grass-roots governance needs, etc.
As the base of digital economy, data security is expected to usher in the first year of industrial explosion. The personal information protection law, data security law and antitrust law constitute the three pillars of Internet regulation. The industry governance is still evolving, and there is still uncertainty about the impact on its business model and profitability. Sorting out the direction of data security regulation may be beneficial to understanding the investment in the Internet industry. The personal security law is similar to the European general data protection regulations (gdpr) in terms of ensuring users’ privacy, requiring Chinese companies to ensure compliance in data storage and processing. On the cost side, Internet enterprises will make more investment to meet the compliance requirements. On the business side, the original extensive operation loopholes such as “excessive data collection” and “consumer price discrimination” will be cracked down, and the regulatory power will be used to offset the inhibitory effect of capital pursuit of non-compliance income and super platform on market competition. In 2020, the anti-monopoly law was revised. At the end of the year, the central economic work conference proposed to prevent the disorderly expansion of capital. The data security law and personal information protection law of 2021 have been implemented. In October, the Internet Information Office publicly solicited opinions on the measures for data exit security assessment (draft for comments). It is expected that with the strengthening of users’ awareness of privacy and security, the spontaneous demand for data security of Internet manufacturers is urgent.
Encourage science and technology giants to face the needs of the national economic strategy and constantly innovate in the forefront of science and technology. The trend of Internet regulation is becoming more and more obvious, emphasizing the fight against monopoly and unfair competition in the field of platform economy. In the past, giants have continuously expanded their enterprise boundaries with the advantages of capital, data and talents. Antitrust may have a profound impact on China’s IT industry pattern and pay attention to the long-term benefit opportunities of B / g-end enterprises. 1) For TOC enterprises, the impact of giants on the competitive pattern of subdivided fields by virtue of traffic advantages may be gradually improved. For example, in the typical third-party financial management market, the competitive pressure faced by China stock market news and Hithink Royalflush Information Network Co.Ltd(300033) may be reduced; 2) In the competition with giants, some tob and tog enterprises often face the pressure of flow interface, talent competition and channel promotion investment. The real implementation of antitrust will benefit the leading enterprises in many subdivided fields to a certain extent, such as Beijing Kingsoft Office Software Inc(688111) , Hundsun Technologies Inc(600570) , Glodon Company Limited(002410) , etc; 3) AI is entering the industrialization stage from the past algorithm competition. Manufacturers expand application scenarios through “self research + M & a”, such as Baidu Apollo open platform architecture to feed its driverless ecology. Tesla accumulates road measurement mileage through “autopilot + shadow mode”, accelerates the deployment speed of robotaxi applications, and is rapidly building barriers. Antitrust policies are expected to promote ecological diversity, benefiting Hangzhou Hikvision Digital Technology Co.Ltd(002415) , Thunder Software Technology Co.Ltd(300496) and Iflytek Co.Ltd(002230) to a certain extent; 4) It service providers will welcome broader development space. Taking the cloud computing security market as an example, Chinese IAAs manufacturers have different understanding of cloud ecology from overseas giants. They tend to establish their own security service system and continuously improve the self-sufficiency rate of standardized cloud security products. Under the background of antitrust, consumers have more choices. At the same time, the trend of mixed cloud will provide broader development space for cloud security products of independent third-party manufacturers.
Related objects: Westone Information Industry Inc(002268) , Xindian software, Linewell Software Co.Ltd(603636) , Dawning Information Industry Co.Ltd(603019) , Taiji Computer Corporation Limited(002368) , Beijing Egova Co.Ltd(300075) etc.
Risk warning: industry competition intensifies the risk; The policy strength is less than the expected risk; Macroeconomic risks.
