Key points
Recently, heavy news in the field of digital economy has frequently aroused market attention. On January 12, 2022, the first national special plan in the field of digital economy, the "14th five year plan for digital economy development", was issued, which proposed that "by 2025, the added value of core industries of digital economy will account for 10% of China's GDP"; ***
Policy keynote: give priority to encouragement, supplemented by norms. The two articles have made an overall layout of the whole industrial chain of digital economy during the 14th Five Year Plan period. From the perspective of the Internet: 1) on the one hand, the plan still reaffirms that "strengthen antitrust and prevent disorderly expansion of capital, and promote the healthy and sustainable development of platform economy", which means that the tone of standardized supervision of Internet platforms in the field of digital economy has not been shaken. 2) On the other hand, the plan clearly "encourages and supports Internet platforms and industry leading enterprises to open digital resources and capabilities based on their own advantages, help traditional enterprises and small and medium-sized enterprises realize digital transformation", and guides large Internet enterprises to contribute to China's digital economy.
The introduction of policies and high-level statements highlight the important strategic position of digital economy. The development of digital economy has a certain impact on Internet enterprises. At the same time, Internet enterprises will also play an important role under the guidance of the blueprint.
(1) the underlying infrastructure of the Internet industry is expected to be continuously optimized. The plan emphasizes "orderly promotion of intelligent upgrading of infrastructure, implementation of East digital West computing project, and promotion of cloud network coordinated development". As the underlying infrastructure of industrial digitization, cloud computing can solve the problem of high cost of data management for Internet enterprises. The development of "cloud network synergy" is to promote the cost reduction and efficiency increase of Internet enterprises. In the future, Internet enterprises will still develop with high quality.
(2) the penetration rate of industrial Internet platform is expected to increase. The plan "encourages industrial enterprises to use 5g, TSN and other technologies to transform and upgrade their internal and external networks", and puts forward the goal of "45% application penetration rate of industrial Internet platform by 2025", which will help accelerate the development of Internet platform layer.
(3) policies have given birth to diversified application scenarios, and the realization channels of Internet enterprises have been continuously widened. Under the policy empowerment, key emerging fields such as government services, smart cities, intelligent manufacturing, autonomous driving and language intelligence are developing continuously. The in-depth combination with the "smart +" field will help realize the products and services of Internet enterprises.
(4) virtual reality and augmented reality provide opportunities for the meta universe. We believe that, on the one hand, the most critical application scenario of metauniverse is the industrial scenario. The plan just puts forward "exploring and developing virtual industrial parks and industrial clusters across physical boundaries, developing new formats such as interactive video, immersive video and cloud games, and deepening the integration of artificial intelligence, virtual reality, 8K HD video and other technologies", It can be used as an important scene for the construction of meta universe; On the other hand, the increasing improvement of digital economic infrastructure will provide a key driving force for the "real virtual" of the meta universe industry.
(5) Internet enterprises help the digital economy move towards prosperity and maturity. The plan mainly involves seven key industries in the field of digital economy, all within the business scope of Internet giants; Under the current background of standardized supervision, Internet leading enterprises will usher in a new dawn, so as to make better use of new Internet technology to comprehensively improve traditional industries and give full play to the amplification, superposition and multiplication of digital technology on economic development.
Focus on: 1) Tencent Holdings (0700. HK): cloud computing and other enterprise service businesses have developed steadily and accelerated their entry into the market; 2) Netease (9999. HK): a developer of high-quality games, helping the implementation of yuanuniverse's first mover scene; 3) Kwai Fu (1024.HK): video based infrastructure, live e-commerce to promote e-commerce transactions scale steadily. 4) Mango Excellent Media Co.Ltd(300413) (300413. SZ), Beijing Enlight Media Co.Ltd(300251) (300251. SZ): scientific and technological progress and application implementation promote the development of new cultural formats and meet the spiritual consumption needs of residents; 5) Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) (002555. SZ): VR / AR technology brings new game scenes.
Risk tips: macroeconomic risk, policy supervision risk, intensified industry competition and user loss risk.
