Event: on January 20, according to the report of the securities times, the guidance on the digital transformation of the banking and insurance industry formulated by the CBRC was officially issued to the CBRC and the bancassurance institutions recently. The guiding opinions includes seven parts, including general requirements, strategic planning and organizational process construction, digitization of business operation and management, data capacity-building, scientific and technological capacity-building, risk prevention, organizational guarantee and supervision and management, with a total of 30 articles.
In 2025, the goal of digital transformation will be established to enable the operation and management system of banking and insurance industry in all aspects. 1) In terms of the overall plan, the work goal proposed in the guidance is to achieve remarkable results in the digital transformation of banking and insurance industry by 2025. 2) Among them, financial products and service methods, financial innovation, personalized products and services have been highlighted. Digital financial products and services have been widely popularized. Financial innovation based on data assets and digital technology has been carried out in an orderly manner. The development ability of personalized, differentiated and customized products and services has been significantly enhanced, and the quality and efficiency of financial services have been significantly improved. The digital operation and management system has been basically completed, data governance has been improved, scientific and technological capacity has been greatly improved, and the level of network security, data security and risk management has been comprehensively improved. In the past, banking it and insurance it were mainly built in the core system. We believe that the guidance is conducive to the banking and insurance industry to make up for their relative shortcomings in digital management, digital products and digital services, and their operation and management system is expected to realize the comprehensive empowerment of digitization. 3) Combined with the accelerated promotion trend of industry information innovation and digital RMB, we expect that financial it is expected to continue to rise under multiple boom factors, and relevant leading companies are expected to benefit from the core.
DCEP has been elevated to the national strategic level since 2019, and the landing process continues to exceed expectations. 1) In 2014, the central bank established a special research group on legal digital currency to carry out initial technical reserve and knowledge accumulation. “DCEP” was first proposed by Zhou Xiaochuan, then governor of the central bank, in March 2018. DC is digital currency; EP is electronic payment; 2) In August 2019, the central bank held a working video conference in the second half of 2019, pointing out that the pace of research and development of legal digital currency (DC / EP) should be accelerated in the second half of 2019, and the progress began to accelerate significantly. 3) In April 2020, DC / EP will conduct closed pilot tests in Shenzhen, Suzhou, xiong’an, Chengdu, etc. In addition to the four major state-owned commercial banks, the three major telecom operators also participated in the pilot. In July 2020, the US group, B station, Alipay, byte beating and others came out and established the “strategic partnership” with the digital Monetary Research Institute of the Chinese people’s Bank of China. From January to February 2021, Shanghai, Shenzhen, Suzhou, Beijing and other places launched digital RMB pilot projects. In December 2021, the working conference of the people’s Bank of China in 2022 pointed out that we should steadily and orderly promote the pilot of digital RMB research and development, and strengthen the top-level support for the development of digital currency. 4) On January 4, 2022, the digital RMB app was publicly launched in the application market for the first time, and individual users in pilot cities can download, open and use it. According to the consumer daily, the 2022 Winter Olympic Games will promote the pilot application of digital RMB in more scenarios. At present, 355000 scenarios have been successfully implemented, covering seven types of scenarios such as transportation, catering and accommodation, shopping and consumption.
Xinchuang is still a national strategy, and the industry Xinchuang will welcome the first year of large-scale development in 2022. 1) Since September 2021, although Sino US relations have eased to some extent, relevant frictions continue, and the strategic position of Xinchuang is not expected to change. 2) In terms of landing rhythm, party and government Xinchuang began to enter the large-scale landing stage in 2020. At present, there is still a large space in the sinking market; Xinchuang industry may usher in the first year of large-scale implementation in 2022, and the fields of Finance and telecommunications have taken the lead in launching. 3) Spatially, according to the 2021 China Xinchuang ecological report of Haibi Research Institute, the scale of China’s Xinchuang ecological market will be 161.7 billion yuan in 2020. It is expected that the CAGR will reach 37.4% in the next five years and close to 800 billion yuan in 2025.
Investment object:
Bank it: Yusys Technologies Co.Ltd(300674) , Northking Information Technology Co.Ltd(002987) , Shenzhen Sunline Tech Co.Ltd(300348) , Global Infotech Co.Ltd(300465) , Client Service International Inc(300663) , Yunnan Nantian Electronics Information Co.Ltd(000948) etc
Insurance it: Sinosoft Co.Ltd(603927) , Shanghai Newtouch Software Co.Ltd(688590) etc
Other breakdown leaders: Xgd Inc(300130) , Newcapec Electronics Co.Ltd(300248) , Newland Digital Technology Co.Ltd(000997) , Grg Banking Equipment Co.Ltd(002152) , Lakala Payment Co.Ltd(300773)
Risk tips: the promotion of the system is less than expected, the benefit of subdivided companies is less than expected, and the macroeconomic downside risk
