Main points:
The policy continues to develop the digital economy, and the construction of data factor market is the key
On May 17, the National Committee of the Chinese people’s Political Consultative Conference (CPPCC) held a special consultation meeting on “promoting the sustained and healthy development of the digital economy”. In his speech, vice premier Liu he pointed out that “we should strive to adapt to the all-round changes brought about by the digital economy and improve our comprehensive national strength and international competitiveness. We should fight hard for key core technologies, improve the level of basic research, and pay attention to the research, development and promotion of advanced and applicable technologies”. Since the 14th five year plan for digital economy in 2022 raised the digital economy to the national level, policies of all parties have been implemented rapidly. In March 2022, the project of “counting from the east to the west” was officially launched; The government work report emphasizes the key nodes of digital economy such as digital information infrastructure and industrial Internet. In April, the opinions of the State Council on accelerating the construction of a national unified market proposed to speed up the cultivation of data factor market. At the same time, the first key task in the big data industry development plan of the 14th five year plan is to speed up the cultivation of data factor market. We believe that under the requirement that the added value of core industries of digital economy will account for 10% of GDP in 2025, the importance of rights confirmation, circulation and protection of data assets continues to increase, and the construction of data market is an important foundation for the development of digital economy.
The construction of digital economy infrastructure has been steadily promoted, and there is a long-term development space of one billion. At present, China has established more than 30 data trading centers, including Beishu, of which Beijing, Shanghai and Guiyang are expected to become national data exchanges. 31 provinces have successively put forward their own digital transformation routes. For example, Beijing has launched 20 major application scenarios, including artificial intelligence, extended reality, etc; Jiangsu province carried out the pilot of central bank digital currency in Suzhou; Hunan Province should optimize the layout of computing power algorithm and big data center, and upgrade the National Supercomputing Changsha center; Henan Province will build a new generation of artificial intelligence innovation and development pilot area and 10 provincial digital transformation promotion centers. According to the target calculation, the scale of industrial digitization is expected to reach 70 trillion during the 14th Five Year Plan period.
Digital industrialization lays a solid foundation and industrial digitization opens up space. Under the digital economy, digital industrialization is the foundation, and industrial digitization brings huge market space. Specifically: 1) power informatization: digitization is the best means to solve the problem of new energy grid connection, peak shaving and valley filling. During the “14th five year plan” period, the investment in intelligent power grid is expected to reach 400 + billion yuan; 2) Financial it: the upgrading of financial system represented by digital RMB opens up new space for financial it. IDC expects that the scale of Bank Of China Limited(601988) it transformation in 2022 will be about 6.5 billion US dollars; 3) Smart car: the penetration rate of DMS and ADAS is still low. As the key point of differentiated competition of cars in the future, both of them have a market space of 100 billion; 4) Artificial intelligence: AI + scenarios are accelerating in the whole industry. IDC expects the scale of China’s AI market to be about US $11.9 billion in 2024; 5) Network security: network security ensures the safe and effective operation of digital economy. The Ministry of industry and information technology aims that China’s network security industry will reach 250 billion yuan in 2023, with an annual compound growth rate of more than 15%.
Suggested concern
Artificial intelligence: Pci Technology Group Co.Ltd(600728) , Iflytek Co.Ltd(002230) , Zhejiang Dahua Technology Co.Ltd(002236) , Hangzhou Hikvision Digital Technology Co.Ltd(002415) , Opt Machine Vision Tech Co.Ltd(688686) . Electric power informatization: Longshine Technology Group Co.Ltd(300682) , Ygsoft Inc(002063) , China Southern Power Grid technology, Zhiyang Innovation Technology Co.Ltd(688191) . Network security: Qi An Xin Technology Group Inc(688561) , Sangfor Technologies Inc(300454) , Topsec Technologies Group Inc(002212) , Dbappsecurity Co.Ltd(688023) , Venustech Group Inc(002439) . Smart car: Thunder Software Technology Co.Ltd(300496) , Arcsoft Corporation Limited(688088) , Huizhou Desay Sv Automotive Co.Ltd(002920) , Autel Intelligent Technology Corp.Ltd(688208) , China Transinfo Technology Co.Ltd(002373) . Fintech and Xinchuang: Grg Banking Equipment Co.Ltd(002152) , Yusys Technologies Co.Ltd(300674) , Hundsun Technologies Inc(600570) , Inspur Electronic Information Industry Co.Ltd(000977) .
Risk tips
1) the epidemic situation intensifies and reduces the expenditure of enterprise informatization; 2) Fiscal and monetary policies are lower than expected; 3) The fluctuation of supply chain increases, which affects the development of science and technology industry.
