Daily theme strategy discussion, summarize the views of the eight securities companies, reveal the current situation of the industry, observe the market trend, and feel the pulse of A-Shares for you in advance.
open source Securities: digital economy planning release layout opportunities are gradually coming
On January 12, the State Council issued the "14th five year plan" for the development of digital economy, which requires that by 2025, the added value of core industries of digital economy will account for 10% of GDP. The 14th five year plan for the development of digital economy involves digital infrastructure, industrial Internet, network security, digital government and other aspects, and the computer sector benefits directly. In terms of valuation, as of January 14, 2022, the P / E ratio TTM of the computer sector was 51.96, and the average value in the past five years was 57.17. The valuation of the sector is at a low level. By the end of the third quarter of 2021, the allocation ratio of the fund to the computer sector was 2.7%, also at a historical low. Recently, a number of plans have been issued. Under the catalysis of policies, the layout opportunities of the computer sector are gradually coming.
Driven by technology and catalyzed by policy, many computer segments are in a high boom growth stage. (1) Industrial Internet: the market is broad, and the domestic catalytic industry accelerates its development; (2) Financial it: high certainty, benefiting from digital transformation and financial information innovation; (3) Intelligent networked automobile: "electrification, intelligence and networking" accelerate the penetration and drive the reconstruction of industrial value chain; (4) Energy it: usher in historic opportunities under the trend of carbon neutrality; (5) Military yuan universe: the penetration rate has increased rapidly, and the downstream market is booming; (6) Medical it: new demands for public health, medical insurance and internet medical care continue to be released; (7) Network security: the industry is growing rapidly, focusing on marginal changes. []
Capital Securities: focus on information innovation, network security, industrial Internet, digital government and other sectors that are highly related to the construction of digital economy
The 14th five year plan for the development of digital economy was released. Focus on making up the shortcomings of key technologies, and strengthen the layout of advantageous technologies and cutting-edge technologies for rescue. Vigorously promote industrial digital transformation and digital industrialization. In terms of digital industrialization, it focuses on complementing the shortcomings of key technologies, focusing on breaking through the key core technologies in the fields of high-end chips, operating systems, industrial software, core algorithms and frameworks, and strengthening the integrated R & D of general-purpose processors, cloud computing systems and software key technologies. At the same time, strengthen the layout in 5g, big things cloud movement, blockchain and other fields, and break through integrated technologies such as intelligent manufacturing, digital twins and urban brain. It also focuses on emerging technologies such as quantum communication and next-generation communication technology.
We will strive to strengthen the security system of the digital economy. Section 9 of the plan focuses on strengthening the security system of digital economy, and puts forward three requirements: ① enhance the ability of network security protection, focus on the simultaneous planning, construction and use of security and informatization, strengthen the construction of network security infrastructure, improve emergency response ability, promote the safety and reliability of network security, and strengthen the application of new technologies and applications; ② Improve the level of data security and emphasize the whole life cycle security when mining data value; ③ Effectively prevent all kinds of risks.
In terms of investment suggestions, it focuses on sectors such as information technology and innovation, network security, industrial Internet, energy informatization and digital government, which are highly related to the construction of digital economy, and focuses on Longshine Technology Group Co.Ltd(300682) , Thunder Software Technology Co.Ltd(300496) , Quectel Wireless Solutions Co.Ltd(603236) , Hundsun Technologies Inc(600570) , Yonyou Network Technology Co.Ltd(600588) , Kingdee International, Glodon Company Limited(002410) , Sangfor Technologies Inc(300454) , Beijing Kingsoft Office Software Inc(688111) , 360 Security Technology Inc(601360) , Topsec Technologies Group Inc(002212) , China Reform Health Management And Services Group Co.Ltd(000503) , B-Soft Co.Ltd(300451) , Qi An Xin Technology Group Inc(688561) , Iflytek Co.Ltd(002230) Beijing Supermap Software Co.Ltd(300036) etc. []
Everbright Securities Company Limited(601788) : " Digital China " has entered the comprehensive construction period focus on four directions from the ideological suggestions of top-level planning
On January 12, the State Council issued the "14th five year plan" for the development of digital economy (hereinafter referred to as the "plan"), and the digital economy entered a period of comprehensive expansion. The release of the plan once again provides strong support and specific implementation path for the construction of "Digital China". The "Digital China" has entered a comprehensive construction period and related industries have entered a period of rapid development. The plan points out that by 2025, the proportion of the added value of the core industries of the digital economy in China's GDP will increase from 7.8% in 2020 to 10%; The scale of software and information technology service industry increased from 8.16 trillion to 14 trillion; The application penetration rate of industrial Internet platform increased from 14.7% to 45%; The national online retail sales increased from 11.76 trillion to 17 trillion; The number of real name users of online government services increased from 400 million to 800 million.
From the perspective of national government standard and from the perspective of top-level planning, it is suggested to focus on four directions: 1. Digital government is the core base of "Digital China", and enterprises that help the government's digital infrastructure will benefit first. It is recommended to Beijing Kingsoft Office Software Inc(688111) , Taiji Computer Corporation Limited(002368) , Beijing Tongtech Co.Ltd(300379) , Unisplendour Corporation Limited(000938) , and it is suggested to focus on Beijing E-Hualu Information Technology Co.Ltd(300212) , Inspur Electronic Information Industry Co.Ltd(000977) , Wonders Information Co.Ltd(300168) .
2. Digital industry. Industrial digitization is an extension of "digital government". Enterprises that realize digital transformation for enterprises deserve attention. It is recommended to pay attention to Hundsun Technologies Inc(600570) , Glodon Company Limited(002410) , Beijing Seeyon Internet Software Corp(688369) , Shanghai Weaver Network Co.Ltd(603039) , Zhejiang Supcon Technology Co.Ltd(688777) , Zwsoft Co.Ltd(Guangzhou)(688083) , Beijing Longruan Technologies Inc(688078) , Hefei Gocom Information Technology Co.Ltd(688367) , and it is recommended to pay attention to Beijing United Information Technology Co.Ltd(603613) , Ygsoft Inc(002063) , Winning Health Technology Group Co.Ltd(300253) , Guangzhou Sie Consulting Co.Ltd(300687) .
3. Information security is an inevitable requirement after the accelerated development of "Digital China", which is on the eve of rapid development. It is recommended to Topsec Technologies Group Inc(002212) , Qi An Xin Technology Group Inc(688561) , Sangfor Technologies Inc(300454) , Dbappsecurity Co.Ltd(688023) , and pay attention to Jilin University Zhengyuan Information Technologies Co.Ltd(003029) .
4. Internationalization of digital economy. The "Introduction" and "going out" of digital economy will give birth to new market demand for industrial chain companies. Companies related to digital currency infrastructure construction have good development opportunities. It is suggested to pay attention to Xgd Inc(300130) , Grg Banking Equipment Co.Ltd(002152) , Lakala Payment Co.Ltd(300773) , Shenzhen Sunline Tech Co.Ltd(300348) , Yusys Technologies Co.Ltd(300674) . []
Southwest Securities Co.Ltd(600369) : " digitization " will become the core development main line ! the computer industry welcomes overall benefits domestic software manufacturers or take the lead in benefiting
Digital economy is a strategic focus at the national level. With the introduction of the top-level plan, subsequent regulations and policies will be gradually implemented. "Digitization" will become the core development main line of the whole industry during the 14th Five Year Plan period. The computer industry has ushered in an all-round good, and relevant domestic software manufacturers are expected to take the lead in benefiting.
1) Digital technology base: major breakthroughs are expected in key technology fields such as industrial Internet, AI and cloud computing. It is recommended to pay attention to Zhejiang Supcon Technology Co.Ltd(688777) , Zwsoft Co.Ltd(Guangzhou)(688083) , Guangzhou Sie Consulting Co.Ltd(300687) , Huada Jiutian, Shangtang, etc; 2) Industrial Digitization: the high boom in key areas such as finance, electric power and industry continues, so it is recommended to pay attention to Yusys Technologies Co.Ltd(300674) , State Grid Information&Communication Co.Ltd(600131) , Yonyou Network Technology Co.Ltd(600588) ; 3) Public service: the digital transformation of government affairs continues to deepen, and the marginal change of medical it is obvious. It is recommended to pay attention to Beijing Kingsoft Office Software Inc(688111) , Fujian Boss Software Corp(300525) , Winning Health Technology Group Co.Ltd(300253) , Sichuan Jiuyuan Yinhai Software Co.Ltd(002777) , etc; 4) Network security: the energy on the demand side gradually appears, and key network security manufacturers usher in an inflection point. It is recommended to pay attention to Dbappsecurity Co.Ltd(688023) , Qi An Xin Technology Group Inc(688561) , Beijing Infosec Technologies Co.Ltd(688201) , etc. []
Huaan Securities Co.Ltd(600909) : " 14th five year plan " digital economy development plan points out the direction for science and technology track investment from a medium-term perspective
The "14th five year" digital economy development plan points out the direction of efforts from the transformation of economic structure and is expected to become a forward-looking guide from the medium-term perspective of science and technology growth and investment. In the medium term, China's digital economy has entered a new stage of high-end, service-oriented and making up for weaknesses. In the process of business transformation, relevant "old" companies will see their performance gradually realized. In the short term, the emerging areas focused by the planning will support the breakthrough of "new companies" from 0 to 1, and there will also be phased theme investment opportunities, especially the "specialized and special new" related companies, which may enjoy a certain premium of valuation.
From a medium-term perspective, we suggest focusing on three main lines. 1) In terms of infrastructure, attention should be paid to structural upgrading and weaknesses, such as F5G, data center supply and demand rebalancing, cloud network integration, communication + space infrastructure, communication + new energy, etc. it is recommended to pay attention to Zte Corporation(000063) , Unisplendour Corporation Limited(000938) , Broadex Technologies Co.Ltd(300548) , Accelink Technologies Co.Ltd(002281) , Zhongji Innolight Co.Ltd(300308) , Hangzhou Anysoft Information Technology Co.Ltd(300571) , Sichuan Tianyi Comheart Telecom Co.Ltd(300504) , Skyworth Digital Co.Ltd(000810) , Shanghai Baosight Software Co.Ltd(600845) , Piesat Information Technology Co.Ltd(688066) , China Spacesat Co.Ltd(600118) .
2) industrial digitization pays attention to the opportunity of "old trees and new flowers". Re examining the development of old computer companies, we believe that they have a more profound accumulation of technology and a stable fundamentals forged by years of deep cultivation. At the same time, they are also expected to usher in the upsurge of spin off and listing of subsidiaries. It is recommended to pay attention to Yonyou Network Technology Co.Ltd(600588) , Grg Banking Equipment Co.Ltd(002152) , Longshine Technology Group Co.Ltd(300682) , Yusys Technologies Co.Ltd(300674) and Opt Machine Vision Tech Co.Ltd(688686) , Zwsoft Co.Ltd(Guangzhou)(688083) , Zhejiang Heda Technology Co.Ltd(688296) , Runa Smart Equipment Co.Ltd(301129) of new opportunities in traditional industries.
3) digital industrialization pays attention to new tracks and opportunities. During the "14th five year plan" period, domestic substitution is the most deterministic logic, and new opportunities for relevant new tracks continue to emerge. We suggest paying attention to leading companies in high-end logic chips, core link semiconductor equipment, core semiconductor materials, high-end industrial equipment and biotechnology, such as Naura Technology Group Co.Ltd(002371) , Advanced Micro-Fabrication Equipment Inc.China(688012) , Quantumctek Co.Ltd(688027) , Longxin Zhongke (application), Shengke communication (application) Shanghai Anlogic Infotech Co.Ltd(688107) , Maxscend Microelectronics Company Limited(300782) , Aojie Technology (registered to be issued), etc. []
Soochow Securities Co.Ltd(601555) : focus on investment opportunities in 5g applications, smart cars and cloud computing
The 14th five year plan for digital economy development was issued, focusing on investment opportunities in 5g applications, smart cars, cloud computing and other directions. First, the construction of network infrastructure is accelerating, and the potential of 5g, 6G and optical fiber networks is expected to be fully released: the plan proposes to orderly promote the expansion of backbone networks and jointly promote the construction of gigabit optical fiber network and 5g network infrastructure. By 2025, the number of IPv6 active users and Gigabit broadband users in China is expected to reach 800 million and 60 million, and the construction of network infrastructure is expected to accelerate. Second, the development of cloud computing is further accelerated. "Industrial cloud" helps the transformation and upgrading of Intelligent Manufacturing: the plan proposes that the application penetration rate of industrial Internet platform will reach 45% by 2025, and emphasizes promoting enterprises to go to the cloud and promoting cloud network collaboration and computing network integration. The development of cloud computing is expected to be further accelerated, and cloud infrastructure providers are expected to benefit.
Third, the global data volume continues to expand, and the data element market is expected to accelerate its development: the plan points out that the data element is the core engine for the deepening development of the digital economy, and the multiplier effect of data on improving production efficiency continues to highlight, becoming the production element with the most characteristics of the times. According to the prediction of the national industrial information security development research center, during the 14th Five Year Plan period, the scale of China's data element market will reach 174.9 billion yuan. []
Ping An Securities: the level of digital industrialization continues to improve the localization of industrial software and other fields is expected to accelerate
Since the fourth quarter of 2021, relevant plans for digital economy have been continuously issued to support and guide the leapfrog development of digital economy through key projects, special projects, finance, taxation and other supporting measures. We believe that during the "14th five year plan" period, investment in infrastructure areas such as 5g and fixed line broadband will be promoted in an orderly manner, and the layout of data centers will be optimized; The level of digital industrialization continues to improve, the localization of integrated circuits, operating systems, industrial software and other fields is expected to accelerate, and the supply chain integrity of key industries such as 5g, integrated circuits, new energy vehicles, artificial intelligence and industrial Internet will be improved; Industrial digitization also faces great opportunities, and the digital transformation in manufacturing, agriculture, commerce, logistics, finance and energy will be accelerated. At the same time, the demand for information security products and services will also maintain rapid growth. Strongly recommend Thunder Software Technology Co.Ltd(300496) , Glodon Company Limited(002410) , Venustech Group Inc(002439) , recommend Yonyou Network Technology Co.Ltd(600588) , Iflytek Co.Ltd(002230) , Beijing Kingsoft Office Software Inc(688111) , Sangfor Technologies Inc(300454) , Dbappsecurity Co.Ltd(688023) and Hundsun Technologies Inc(600570) , and pay attention to Yusys Technologies Co.Ltd(300674) . []
Sealand Securities Co.Ltd(000750) : adhere to promoting digital industrialization and industrial digitization, and Internet enterprises continue to contribute to the construction of Digital China
The 14th five year plan for the development of digital economy highly affirmed the digital enabled economic and social achievements during the 13th Five Year Plan period, made it clear that the 14th five year plan will continue to promote digital industrialization and industrial digitization, enable the transformation and upgrading of traditional industries, provide strong support for the construction of digital China, and first mention the stage goal that the added value of digital economy industry accounts for 10% of GDP.
Compared with the "expanding network economic space" in the 13th five year plan, the "14th five year plan" emphasizes the comprehensive economic and social digital construction, puts forward seven key industries of digital economy and ten digital application scenarios, and further improves the attention to digital economy.
For industrial digitization, cloud based, artificial intelligence technology intelligence enabled, industrial Internet scale application, and digital security system escort. IDC, optical communication, SaaS and other cloud computing related industries will directly benefit; Demand driven, favorable policies, computing power and algorithm data support the artificial intelligence industry into a high-speed development stage; Industrial Internet applications such as intelligent manufacturing, smart energy and smart logistics will be accelerated, and the platform layer will accelerate its development; Network security, cloud security and data security ensure the rapid development of digital economy.
For digital agriculture, comprehensively improve the digital level of the core links of agriculture, and join the giants to jointly help achieve the "first kilometer".
Among them, agriculture related fields pointed out that 1) it is necessary to accelerate the digital transformation of planting, animal husbandry, fishery and other fields, strengthen the in-depth application of big data, Internet of things, artificial intelligence and other technologies, improve the digital level of agricultural production and operation, promote the comprehensive information services of "agriculture, rural areas and farmers", innovate and develop Jiangsu Nonghua Intelligent Agriculture Technology Co.Ltd(000816) , and improve agricultural production, processing, sales Digital level of logistics and other links; 2) We need to vigorously develop smart logistics and accelerate the digital transformation of traditional logistics facilities to promote the integrated development of modern logistics industry, agriculture, manufacturing and other industries, including accelerating the construction of cross industry and cross regional logistics information service platform to realize the real-time sharing of demand, inventory and logistics information; Build an intelligent storage system and improve the automation and intelligence level of logistics storage.
In addition, Internet enterprises play an important role in the national digital economy strategy and will continue to contribute to the development of China's digital economy in the future. With the trend of the integration of digital technology and the real economy, major Internet enterprises have launched digital transformation service supply, which has played an important role in promoting the industrial Internet and helping the real economy. According to the data of China Academy of information and communications, the proportion of software and Internet industry in China's digital industry increased from 30% to 60% from 2012 to 2020. Internet companies represented by Tencent, Alibaba, meituan, Jingdong, Baidu and pinduoduo continue to give full play to their digital capabilities and enable the online process of all walks of life. []
