Events
On May 17, the CPPCC National Committee held a special consultation meeting on "promoting the sustainable and healthy development of digital economy". Liu He, vice premier of the State Council, attended the meeting and said that he supported the sustained and healthy development of platform economy and private economy, and supported the listing of digital enterprises in capital markets outside China.
Comments
As a clear strategic development direction, digital economy is the main economic form after agricultural economy and industrial economy, and will become the key field of economic development in the future. The Special Consultative Meeting on "promoting the sustained and healthy development of the digital economy" emphasized the importance of developing the digital economy, firmly grasped the autonomy of developing the digital economy in their own hands, promoted the deep integration of the digital economy and the real economy, guided the digital transformation of small and medium-sized enterprises, fully tapped the development potential of the industrial Internet, and promoted the new generation of information technology to endow equipment, assign value to enterprises and empower industries. We should clarify the rights of data ownership, use right, operation right and income right, and stimulate the innovation vitality of enterprises on the basis of ensuring the security of national network and data. We should encourage international cooperation in the digital economy and actively participate in the process of global digital governance. According to the 14th five year plan for the development of digital economy, the proportion of the added value of core industries in the digital economy in GDP will rise from 7.8% in 2020 to 10% in 2025. Eleven special projects are defined, including the optimization and upgrading of information network infrastructure, the improvement of data quality, the pilot cultivation of data element market, and the digital transformation and upgrading of key industries.
On the other hand, it will also play an important role in promoting the operation efficiency of digital economy. 1) The platform has the attribute of linking various production factors, and "data" will become an important production factor in the development of digital economy. As the main body of the platform economy, Internet companies help to improve the efficiency of resource allocation of the whole society in the development process, and can play an important role in promoting the penetration of the national economic cycle, The development experience of C-end Internet also helps to expand to b-end in the process of industrial digitization and promote the development of industrial Internet. 2) Platform economy itself is an important part of digital economy. Openness and innovation will become the main development direction. The meeting proposed to support the sustained and healthy development of platform economy and private economy, study specific measures to support the standardized and healthy development of platform economy, and encourage platform enterprises to participate in major national scientific and technological innovation projects. We should properly handle the relationship between the government and the market, make overall plans, improve laws and regulations, increase direct government investment, improve the digital quality of the whole nation, and support digital enterprises to be listed in capital markets outside China. The development of digital economy must adhere to opening to the outside world, especially focus on people, focus on people, promote competition with opening and innovation with competition.
Be optimistic about the long-term value of the Internet platform and pay attention to the valuation and performance repair of the Internet company of the platform economic subject. On April 29, the meeting of the Political Bureau of the CPC Central Committee pointed out that we should promote the healthy development of the platform economy, complete the special rectification of the platform economy, implement normalized supervision, and introduce specific measures to support the standardized and healthy development of the platform economy. The business model of Internet companies is excellent, and the subsequent performance and valuation will be gradually repaired.
Investment advice
We are firmly optimistic about the social value and commercial value of Internet companies. At present, the safety margin of valuation level is high. It is recommended to lay out high-quality Internet assets in the long term. Compared with medium concept stocks, the attraction of Hong Kong stock Internet to investors is improved. The Hong Kong stock market may become an important scene for long-term configuration of Internet. It is suggested to pay attention to Tencent holdings with deep social moat, meituan-w, the leader of oto life service track, Jd.com, which has stronger self-supporting + supply chain advantage stability, and Kwai, which has continuously improved its commercialization efficiency. U.S. stocks suggest paying attention to the sinking market, which has obvious advantages, and social e-commerce with community group purchase business will fight a lot.
Risk tips
Industry policy uncertainty risk; The growth of Internet platform users is slowing down; Repeated epidemics have an impact on consumption and transportation capacity; Industry competition intensifies risks
