Event overview:
On May 17, the CPPCC National Committee held a special consultation meeting on “promoting the sustainable and healthy development of digital economy” in Beijing. In his speech, Liu He, member of the Political Bureau of the CPC Central Committee and vice premier of the State Council, pointed out that we should strive to adapt to the all-round changes brought about by the digital economy, fight the battle of key core technologies, support the sustainable and healthy development of the platform economy and private economy, handle the relationship between the government and the market, support digital enterprises to be listed in the capital markets outside China, promote competition with openness and innovation with competition.
Platform economic policy recovery
This is the third time since the Politburo meeting on April 29 and the executive meeting of the State Council on May 5 that “supporting / promoting the healthy development of the platform economy” has been mentioned in an important meeting. After reviewing the important meetings in the past two years, we can see the change of policy attitude from “strengthening supervision” to “supporting development”. We believe that the current regulatory attitude has become clear. With repeated emphasis, the implementation of policies and measures to promote the healthy development of the platform economy can be expected, and the platform economy is expected to gradually get on track. We expect that under the main tone of steady growth, the policy warm wind is expected to continue, and the relevant policy stimulus may increase.
Digital economy ushers in the golden cycle
Policies guide the digital economy into the golden age. In terms of strength, since the beginning of the year, there have been intensive introduction of favorable policies related to the digital economy, which can clearly feel the strong support of the national level for the digital economy; Local governments responded one after another and accelerated the introduction of local support policies. In the direction, the supply and demand support for the “digital economy” goes hand in hand: on the one hand, guide and promote the integration of the digital economy and the real economy, and accelerate the digital transformation of small and medium-sized enterprises; On the one hand, establish digital industrial clusters to support the listing, opening and innovation of digital enterprises. We believe that the disorderly expansion of capital and the effective containment of platform monopoly can further release the competition and innovation vitality of small and medium-sized digital enterprises, and digital enterprises will usher in the golden development cycle.
Investment advice
We sort out the investment targets from three aspects: digital infrastructure, industrial digital applications and key technologies.
1. Digital information infrastructure: focus on recommending domestic server leader Dawning Information Industry Co.Ltd(603019) , domestic middleware leader Beijing Tongtech Co.Ltd(300379) , benefiting from Inspur Electronic Information Industry Co.Ltd(000977) , etc.
2. Industrial digital application: focus on recommending the energy digital leader in new energy it + the only platform of energy Internet Longshine Technology Group Co.Ltd(300682) , and the pioneer of distribution network dispatching Dongfang Electronics Co.Ltd(000682) ; Domestic CAD / CAE leader Zwsoft Co.Ltd(Guangzhou)(688083) , enterprise SaaS leader Yonyou Network Technology Co.Ltd(600588) , office software leader Beijing Kingsoft Office Software Inc(688111) ; Securities it in financial it Hundsun Technologies Inc(600570) , bank it double leaders Yusys Technologies Co.Ltd(300674) , Shenzhen Sunline Tech Co.Ltd(300348) , full license Internet brokerage Beijing Compass Technology Development Co.Ltd(300803) , etc.
3. Key technologies: recommend the voice leader in artificial intelligence Iflytek Co.Ltd(002230) ; Vehicle OS leader in intelligent driving Thunder Software Technology Co.Ltd(300496) , intelligent cockpit leader Huizhou Desay Sv Automotive Co.Ltd(002920) , high-precision map leader Navinfo Co.Ltd(002405) .
Risk tips
The implementation of policies is less than expected, the implementation of scientific and technological innovation policies is less than expected, China US game emergencies, market systemic risks, etc.
