Looking back to the big cycle, where are we now? The resonance of technological, political and monetary cycles, It is roughly due to the change of monetary policy in 2008 “Moderately loose, accelerate the development period of mobile Internet since 2012, and the Internet dividend will peak in 2019. Superimposed on the Sino US trade war, the epidemic will change the world pattern and the trend of three cycles in 2020. The science and technology will shift in 2021, but it still faces the clearance of three cycles. The dividend of TOC Internet has peaked in 2017-2019 and has entered the dividend return stage, and the digital economy is deepening Use, standardize development, benefit sharing.
Behind the all-round and rapid development of digital economy, five basic types of basic digital economy, resource-based digital economy, technical digital economy, integrated digital economy and service-oriented digital economy jointly promote the development of social and economic forms The digital economy in China will benefit from the national strategy, provincial and municipal deployment and the leadership of state-owned enterprises.
Three perspectives of Digital Economy: specific classification within the scope and related benefits of both supply and demand and outside the scope.
Digital economy can be divided into TOC digital economy, enterprise / industrial digital economy and urban digital economy. TOC digital economy has experienced two generations of computing platforms: Internet and mobile Internet. At present, it is in the post peak stage of mobile Internet dividend and the chaotic stage of metauniverse as a new computing platform; Enterprise / industrial digital economy is different from it and informatization in the past. Its core lies in the business digitization of production, management and market, that is, data drives production, management and market to realize data commercialization; Urban digital economy includes the transformation of digital infrastructure and the development of digital consumption in major cities.
The supplier of digital economy is the technology and service provider of digital technology and application innovation; The demand side of digital economy includes C-end users, enterprises / industries and governments (cities).
From the perspective of investment, behind the classification of digital economy, on the one hand, in many macro fluctuations, digitization is in the most definite benefit direction. Driven by the national strategy, the process of digitization is accelerating, and digitization has become the key to the future development and competition of enterprises (rather than icing on the cake, only enhancing a certain range of competitive advantage), Many companies with digital technology and application innovation have ushered in an opportunity period; On the other hand, non internet enterprises benefiting from digital technology and application innovation – data rich and understanding, able to protect and apply data – will usher in a real new growth curve.
Investment advice: we screen the target around three directions – the supply side that provides technology, products and services for the development of digital economy; The deepening application, standardized development and inclusive perspective of digital economy in the direction of C-end demand; Compared with traditional industries, it benefits from digitization and brings new growth curve. 1) Zwsoft Co.Ltd(Guangzhou)(688083) , Shanghai Hollywave Electronic System Co.Ltd(688682) of CAX software; Galan electronics and Huada Jiutian in EDA field (to be listed); Dingyang technology in the field of scientific instruments; Beijing Forever Technology Co.Ltd(300365) , Longshine Technology Group Co.Ltd(300682) , Ygsoft Inc(002063) of power informatization; Shanghai Baosight Software Co.Ltd(600845) , Zhejiang Supcon Technology Co.Ltd(688777) , Guangzhou Sie Consulting Co.Ltd(300687) , Digiwin Software Co.Ltd(300378) of intelligent manufacturing; Wisdom of people’s livelihood Zhejiang Heda Technology Co.Ltd(688296) , Runa Smart Equipment Co.Ltd(301129) ; The Piesat Information Technology Co.Ltd(688066) and Geovis Technology Co.Ltd(688568) of aerospace informatization. 2) Server and surrounding: Montage Technology Co.Ltd(688008) , Wus Printed Circuit (Kunshan) Co.Ltd(002463) , Shennan Circuits Co.Ltd(002916) , Shenzhen Honor Electronic Co.Ltd(300870) ; Hardware support: Gigadevice Semiconductor (Beijing) Inc(603986) , Changsha Jingjia Microelectronics Co.Ltd(300474) ; Sensors: Will Semiconductor Co.Ltd.Shanghai(603501) , Lianchuang Electronic Technology Co.Ltd(002036) , torch technology, etc; Internet of things: Amlogic (Shanghai) Co.Ltd(688099) , Rockchip Electronics Co.Ltd(603893) , Allwinnertech Technology Co.Ltd(300458) , Espressif Systems (Shanghai) Co.Ltd(688018) , etc. 3) Zte Corporation(000063) , China Mobile, Zhongji Innolight Co.Ltd(300308) , Shanghai Athub Co.Ltd(603881) , Guangdong Aofei Data Technology Co.Ltd(300738) , Yealink Network Technology Co.Ltd(300628) , Hangzhou Anysoft Information Technology Co.Ltd(300571) , Skyworth Digital Co.Ltd(000810) , Sichuan Tianyi Comheart Telecom Co.Ltd(300504) . 4) Content industry: Mango Excellent Media Co.Ltd(300413) , Silkroad Visual Technology Co.Ltd(300556) , Shanghai New Culture Media Group Co.Ltd(300336) , Jinzhou Jixiang Molybdenum Co.Ltd(603399) , Hengdian Entertainment Co.Ltd(603103) , Zhewen Pictures Group Co.Ltd(601599) , Omnijoi Media Corporation(300528) , Guangxi Radio And Television Information Network Corporation Limited(600936) , Guizhou Bc&Tv Information Network Co.Ltd(600996) , Shaanxi Broadcast & Tv Network Intermediary(Group)Co.Ltd(600831) , Shenzhen Topway Video Communication Co.Ltd(002238) , Sichuan Newsnet Media (Group) Co.Ltd(300987) , Hubei Radio & Television Information Network Co.Ltd(000665) , national Shanghai New Culture Media Group Co.Ltd(300336) , Offcn Education Technology Co.Ltd(002607) ; Hunan Huakai Cultural And Creative Co.Ltd(300592) 、 Inly Media Co.Ltd(603598) 、 Leon Technology Co.Ltd(300603) 、 Inmyshow Digital Technology (Group) Co.Ltd(600556) 、 Shunya International Martech (Beijing) Co.Ltd(300612) 、 Saturday Co.Ltd(002291) 、 Focus Media Information Technology Co.Ltd(002027) 、 Bluefocus Intelligent Communications Group Co.Ltd(300058) 、 Guangdong Advertising Group Co.Ltd(002400) 、 Beijing Zhidemai Technology Co.Ltd(300785) ； Zhejiang Century Huatong Group Co.Ltd(002602) 、 New Guomai Digital Culture Co.Ltd(600640) 、 Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) 、 Giant Network Group Co.Ltd(002558) 、 Chinese Universe Publishing And Media Group Co.Ltd(600373) 、 Perfect World Co.Ltd(002624) 、 Yoozoo Interactive Co.Ltd(002174) 、 Kaiser (China) Culture Co.Ltd(002425) 、 G-Bits Network Technology(Xiamen)Co.Ltd(603444) ； Tencent holdings, NetEase, Kwai Chung, Zu long entertainment, millet group, fast hand, soup, Baidu; Meta、Unity、Roblox、Sea、Nvidia、Sony、Amazon。
Risk tip: the development speed of digital economy is lower than expected, competition worsens, Sino US trade war and other international factors.
