This week’s view:
Over the past week, the digital RMB market has remained strong, and the heat has escalated again with the support of the digital economy. We believe that in the field of digital economy, in addition to cloud computing, Xinchuang / basic software and network security that the market has paid full attention to, digital RMB is indeed an important component of undervaluation, which can be called the finishing touch of digital new infrastructure.
The number of digital users increased sharply, and the number of wallet exceeded 260 million. The growth trend was comparable to that of Alipay in 13-15 years. Since its launch on January 4, as of January 19, the cumulative number of downloads in each application market has been close to 25 million. In addition, the number of users pushing the app wallet on meituan platform increased by up to 20 times in a few days, and the average daily increase of relevant transaction orders / amount was about 25%. In addition, under the caliber of the central bank, there have been more than 8.0851 million digital RMB pilot scenarios, 261 million personal wallets have been opened, and the transaction amount is 87.565 billion yuan (by the end of 2021). If Alipay is analogous to the two era of mobile payment, the 2013-2015 year will be the critical period for Alipay expansion and the monthly turnover will be 100 million.
In the short term, the Winter Olympic Games, digital RMB from display to commercial starting point. Digital RMB is an important part of the infrastructure of the Winter Olympic Games, which may be fully displayed in early February. At present, digital RMB has carried out three large-scale digital RMB pilot activities, with 403000 landing scenes and a transaction amount of 9.6 billion yuan. As a direct payment tool, soft / hard wallet has attracted much attention. In short, soft wallet services are provided through digital RMB app; Hard wallet can be obtained through Bank Of China Limited(601988) outlets, Hard Wallet self-service exchange machines, designated hotels and other channels. At present, the physical Winter Olympics exclusive products such as cards and bracelets corresponding to the hard wallet are named “ice core” and “snow ring” respectively. In terms of the increment of industrial links, it is suggested to pay attention to the bank IT manufacturers benefiting from the cooperation in the field of soft wallet, such as Northking Information Technology Co.Ltd(002987) , Digital China Information Service Company Ltd(000555) , Tansun Technology Co.Ltd(300872) , Shenzhen Sunline Tech Co.Ltd(300348) , Global Infotech Co.Ltd(300465) ; In the field of hard wallet, POS machines and ATMs mainly benefit from Urovo Technology Co.Ltd(300531) , Newland Digital Technology Co.Ltd(000997) , Xgd Inc(300130) , Lakala Payment Co.Ltd(300773) , Grg Banking Equipment Co.Ltd(002152) . The beneficial manufacturers of hardware wallet include Chutian Dragon Co.Ltd(003040) , Feitian Technologies Co.Ltd(300386) , Eastcompeace Technology Co.Ltd(002017) , etc.
Looking at the digital economy in the long run, digital RMB is the new base of digital payment. *** Industry digitization is an important dependence of China’s economic digitization. As a key infrastructure industry, the financial industry bears the important task of leading industrial informatization, and the IT investment is good for a long time. More importantly, as a revolutionary innovation pilot project in the financial IT industry, digital RMB is reconstructing the whole financial payment ecology and bringing a longer-term logic of industrial expansion – the market has not yet fully recognized this. From the perspective of long-term logic, digital RMB will open up the C-end / b-end / g-end and bank it digital economy payment base. With the approaching of the Winter Olympic Games, the process of digital RMB industry is accelerating. Judging the probability of C-end consumption scenario is only the beginning, and the inclusion of g-end and b-end is only a matter of time. The payment base of the national digital economy is taking shape, and the relevant IT investment (bank side and circulation side) will rise for a long time.
Computer – overall investment proposal, focusing on six main lines:
1. Main line of cloud computing SaaS: focus on recommending enterprise SaaS leader Yonyou Network Technology Co.Ltd(600588) , office software leader Beijing Kingsoft Office Software Inc(688111) (joint coverage with small and medium-sized disks), and super Integration Leader Sangfor Technologies Inc(300454) .
2. Main line of financial technology: focus on recommending securities it Hundsun Technologies Inc(600570) and life payment Longshine Technology Group Co.Ltd(300682) (joint coverage of communication group). In addition, Shenzhen Sunline Tech Co.Ltd(300348) , Hithink Royalflush Information Network Co.Ltd(300033) are all rising in the boom.
3. Main line of intelligent driving: it is recommended to focus on the on-board OS leader Thunder Software Technology Co.Ltd(300496) , the intelligent cockpit leader Huizhou Desay Sv Automotive Co.Ltd(002920) (joint coverage of vehicle groups), and the high-precision map leader Navinfo Co.Ltd(002405) as the key beneficiaries.
4. Main line of artificial intelligence: the intelligent voice leader Iflytek Co.Ltd(002230) is recommended. Meanwhile, yunzhisheng and other companies that will be listed soon are also the beneficiaries.
5. Main line of network security: focus on recommending emerging security double leaders Qi An Xin Technology Group Inc(688561) + Sangfor Technologies Inc(300454) , Dbappsecurity Co.Ltd(688023) as a subdivision of emerging security leaders will also benefit in depth. Other benefit targets include: Venustech Group Inc(002439) , Xiamen Meiya Pico Information Co.Ltd(300188) .
6. Main line of Xinchuang: domestic WPS leading manufacturer Beijing Kingsoft Office Software Inc(688111) (jointly covered with small and medium-sized disk groups), domestic middleware leading Beijing Tongtech Co.Ltd(300379) , domestic PDF leading Fujian Foxit Software Development Joint Stock Co.Ltd(688095) , and domestic server leading Dawning Information Industry Co.Ltd(603019) .
Risk tips:
Systemic risks, the landing of scientific and technological innovation policies is less than expected, and the game between China and the United States is intensified.
