Events
On May 17, the CPPCC National Committee held a special consultative meeting on "promoting the sustained and healthy development of digital economy" in Beijing. Wang Yang, member of the Standing Committee of the Political Bureau of the CPC Central Committee and chairman of the CPPCC National Committee, attended and delivered a speech. He stressed the need to seriously study and understand the important exposition of Xi Jinping general secretary on the development of digital economy, scientifically study and judge the situation, enhance development confidence, dialectically view and comprehensively grasp the relationship between development and security, Continue to strengthen, optimize and expand the digital economy, so as to better serve and integrate into the new development pattern and promote high-quality development. Meanwhile, vice premier Liu he said that the global digital economy is showing new features such as intelligence, quantization and cross-border integration. We should strive to adapt to the all-round changes brought about by the digital economy, fight for key core technologies, support the sustainable and healthy development of the platform economy and the private economy, handle the relationship between the government and the market, and support the listing of digital enterprises in the capital markets outside China.
Key investment points
As a new infrastructure under a stable economy, digital economy has a prominent strategic position and continuous favorable policies. Digital economy is a new infrastructure under the background of steady growth. After the release of the 14th five year plan for digital economy development in February 2022, the digital economy has risen to the national strategic position. By 2025, the added value of the core industries of digital economy will increase from 7.8% in 2020 to 10% of GDP. There is high certainty of industry growth. Under the background that the top-level plan has been implemented, the industrial support policies in the subdivided fields of digital economy begin to be implemented gradually, It has become the theme with high certainty this year. Among them, the policies in the subdivided fields such as Eastern digital computing and Western computing, digital RMB, electronic ID card, Yuan universe, digital security and digital city are constantly favorable, and there are many phased markets. We continue to be optimistic about the structural opportunities of various sub industries of the digital economy.
The platform economy was recognized by the policy again, market confidence began to recover, and continued to pay attention to valuation repair opportunities. More than 140 members of the CPPCC National Committee delivered their opinions at the meeting. Moreover, since the Political Bureau of the CPC Central Committee stressed on April 29 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", and Premier Li Keqiang pointed out in the executive meeting of the State Council on May 5 that "we should introduce specific measures to support the standardized and healthy development of the platform economy as soon as possible", This time, vice premier Liu he again proposed to support the platform economy and the listing of digital enterprises in the capital markets outside China, giving enterprises and investors great market confidence. At present, China's platform economy has "completed special rectification and implemented normalized supervision", and the policy has also changed from "strong supervision" to "promoting development". The industry policy has become clear, the uncertainty in the future has been greatly reduced, and the repressive factors of industry valuation have begun to ease. We can continue to pay attention to the repair opportunities of industry valuation.
Investment suggestion: as a key link of China's digital economy, the platform economy plays an extremely important role in the field of employment and consumption. At present, the industry supervision has turned, the support attitude is obvious in the future, and the repressive factors of industry valuation are beginning to ease. It is suggested to continue to pay attention to the structural and platform economy valuation repair opportunities in the subdivided field of digital economy.
Risk factors: the risk of intensified market competition; The cross-border accounting and audit policy consultation between China and the United States was not as expected; China's regulatory environment is becoming stricter; The epidemic situation in China has been repeated, and the pressure of economic downturn has increased.
