Core view:
On January 12, the State Council issued the notice of the 14th five year plan for the development of digital economy (hereinafter referred to as the plan), which defined the guiding ideology, basic principles, development objectives, key tasks and safeguard measures to promote the healthy development of digital economy during the 14th Five Year Plan period, and the computer industry will benefit as a whole.
Highlight 1: re emphasize the status of data elements, and the big data industry is expected to accelerate. The plan emphasizes that data elements are the core engine of the deepening development of digital economy, and the multiplier effect of data on improving production efficiency is becoming more and more prominent. It proposes to fully release the value of data elements, activate the potential of data elements, promote the efficient connection of all links of production, distribution, circulation and consumption with data flow, and promote data technology products, application paradigms Collaborative innovation of business model, system and mechanism. We believe that the core value of data productivity can be attributed to “data + computing power + algorithm = service”. On this basis, the new architecture based on “IOT + cloud + zhongtaihua + app” will gradually replace the traditional IT architecture, and the industrial digital intelligence based on the circulation of data elements will begin. It is estimated that the scale of China’s big data industry is expected to exceed 3 trillion yuan in 2025, with an average annual compound growth rate of about 25%.
Highlight 2: quantify the main indicators of digital economy development in the 14th five year plan, reflecting the acceleration trend of new digital infrastructure. The number of Gigabit broadband users is the most flexible, and the application penetration rate of industrial Internet platform is growing rapidly. The plan defines the main indicators of digital economy development: by 2025, the added value of core industries of digital economy will account for 10% of GDP; The number of IPv6 active users reached 800 million; The number of Gigabit broadband users has reached 60 million; The scale of software and information technology services reached 14 trillion yuan; The application penetration rate of industrial Internet platform has reached 45%; The national online retail sales reached 17 trillion yuan; The scale of e-commerce transactions reached 46 trillion yuan; The number of real name users of online government services has reached 800 million. Among them, the number of Gigabit broadband users with the greatest flexibility will reach 60 million in 2025 from 6.4 million in 2020, with a compound annual growth rate of 56%; Secondly, the application penetration rate of industrial Internet platform will increase from 14.7% in 2020 to 45% in 2025, with a compound annual growth rate of 25%.
Highlight 3: focus on the digital transformation of seven key industries, and the cloud rate of enterprises is expected to increase. In the plan, it is proposed to promote the inclusive service of “using data to enrich intelligence in the cloud”, promote enterprises to go to the cloud and platform, reduce technical and financial barriers, and accelerate the digital transformation of enterprises. Key industries include: Jiangsu Nonghua Intelligent Agriculture Technology Co.Ltd(000816) and water conservancy, intelligent manufacturing, industrial interconnection, e-commerce, intelligent logistics, finance, energy, etc.
Highlight 4: focus on making up the shortcomings of key technologies, taking the lead in layout, integration and innovation of cutting-edge technologies, and comprehensively benefit the information and innovation industry. The plan emphasizes to focus on breaking through the key core technologies in the fields of high-end chips, operating systems, industrial software, core algorithms and frameworks, and strengthen the integrated R & D of general-purpose processors, cloud computing systems and software key technologies. Focus on 5g, Internet of things, cloud computing, big data, artificial intelligence, blockchain and other fields, and break through technologies such as intelligent manufacturing, digital twins, urban brain, edge computing, brain computer integration and so on.
Highlight 5: improve the efficiency of “Internet plus government services”, enhance the government’s digital governance capability and network security protection capability. Comprehensively improve the functions of the national integrated government service platform, accelerate the unified authentication of digital identity and mutual trust and mutual recognition of electronic licenses, electronic signatures and electronic documents, promote the reform of electronic invoices, and promote government data sharing, process optimization and business collaboration; Improve network security situation awareness, threat discovery, emergency command, collaborative disposal and attack traceability.
Investment suggestions we believe that the 14th five year plan for digital economy development issued by the State Council constitutes an all-round and multi-level positive for the computer industry. In the future, the digital economy will enter a new development cycle from virtual to real. The new digital infrastructure is expected to accelerate its growth, release data elements and improve the cloud rate The promotion of industrial Internet application penetration will have relatively clear benefit targets. We recommend: Yonyou Network Technology Co.Ltd(600588) (600588. SH), Shanghai Baosight Software Co.Ltd(600845) (600845. SH), Beijing Kingsoft Office Software Inc(688111) (688111. SH), Beijing Tongtech Co.Ltd(300379) (600776), Runa Smart Equipment Co.Ltd(301129) (301129), State Grid Information&Communication Co.Ltd(600131) (600131), Trs Information Technology Co.Ltd(300229) (300229), Servyou Software Group Co.Ltd(603171) (603171).
Risk warning: Government it expenditure does not meet expectations; Supply chain risk; The R & D of new technology is less than expected; China US science and technology war and other risks.
