The 14th five year plan for the development of digital economy was issued to clarify the policy guidance signal. The State Council recently issued the “14th five year plan” for the development of digital economy, which defines the guiding ideology, basic principles, development objectives, key tasks and safeguard measures for promoting the healthy development of digital economy during the 14th Five Year Plan period. The plan has deployed eight key tasks, including optimizing and upgrading digital infrastructure, giving full play to the role of data elements, vigorously promoting industrial digital transformation, accelerating digital industrialization, continuously improving the digital level of public services, improving the digital economy governance system, strengthening the digital economy security system, and effectively expanding international cooperation in the digital economy, Focusing on the eight tasks, the plan also defines eleven special projects such as the optimization and upgrading of information network infrastructure, and puts forward development expectations for digital economy indicators, specifically covering the added value of core industries of digital economy, the number of IPv6 active users, the number of broadband users, the application penetration rate of industrial Internet platform, the scale of software and information technology service industry, etc.
The Gigabit broadband network will be upgraded, and a large number of broadband equipment will be available soon. In terms of information infrastructure construction, according to the deployment requirements of the plan, we will further promote the expansion and speed-up of optical fiber network, accelerate the large-scale deployment of 5g network, promote the large-scale deployment of IPv6 and accelerate the upgrading of spatial information infrastructure. It is expected that by 2025, the number of Gigabit broadband users will increase from 6.4 million in 2020 to 60 million, The number of IPv6 active users will increase from 460 million in 2020 to 800 million. The popularity of Gigabit broadband network will promote the comprehensive upgrading of network communication equipment. The market demand for a new generation of communication equipment represented by 10g PON optical access equipment is huge. From the recent centralized procurement of telecom operators, Gigabit penetration has penetrated on a large scale, providing rapid development opportunities for manufacturers in the industrial chain.
Digital infrastructure is further improved, and emerging applications are expected to blossom in an all-round way. With the improvement of dual Gigabit Network and digital infrastructure, it provides the foundation for diversified digital applications. Represented by VR / AR and AI, following the improvement of industrial maturity, it is expected to usher in an inflection point in 2022, which will become an important foundation for building the development of the meta universe, drive the large-scale hardware equipment, mature application ecology and give birth to multi business forms.
Investment suggestion: during the 14th Five Year Plan period, the contribution of digital core industry to GDP will be increased from 7.8% to 10%, and the digital economy will develop in an all-round way. Among them, the continuous upgrading of information and communication infrastructure has brought significant marginal changes; The IT industry in various vertical fields will develop and deepen under the guidance of policies; More applications and formats will be cultivated to stimulate new economic growth vitality. Key recommendations: intelligent terminal leader and network equipment supplier Skyworth Digital Co.Ltd(000810) , industrial Internet platform enterprise Beijing United Information Technology Co.Ltd(603613) .
Risk warning: policy promotion is not as expected; Customer investment in telecommunications and other industries is less than expected; The industry competition intensifies and the profit level is lower than expected.
