Overview of the incident: On December 27, 2021, the Central Cyber Security and Informatization Commission issued the “Fourteenth Five-Year Plan” (hereinafter referred to as the “Plan”) to make arrangements for my country’s informatization development during the “14th Five-Year Plan” period arrange.
The top level sets the tone, leading the computer boom of the “14th Five-Year Plan”
The top-level tone of the “Plan”-8 aspects + 10 tasks.We believe that the “Plan” sets the tone for the IT construction path of “informatization→digitization→intelligence” during the 14th Five-Year Plan period. Many main tracks in the computer field are expected to become the focus of policy support: 1) Cloud computing, AIot Hongmeng-ubiquitous The cornerstone of Zhilian digital infrastructure; 2) Data security (network security), artificial intelligence-the “shield” and “mao” of the data element system; 3) Industrial software, Xinchuang-the “stuck neck” link of digital productivity; 4) Intelligent driving, energy Internet-the core support of the industry’s digital transformation (global breakthrough); 5) financial technology (digitalcurrency), medical IT, digital government affairs-mature scenarios of digital society/government/people’s livelihood.
How to realize the blueprint of the “14th Five-Year” informatization planning?The quantitative indicators are as follows: It is estimated that by 2025, the penetration rate of 5G users will reach 56% (15% in 2020); the number of users with bandwidth access above gigabit will reach 60 million, which is close to 10 times the end of 2020; IT project investment will account for all societyInvestment in fixed assetsThe proportion of the total amount will increase from 3.5% in 2019 to 5.8% in 2025 and so on. Prior to this, 17 supporting key projects have been launched, including the “5G Innovative Application Project”, the “Intelligent Networking Facilities Construction and Application Promotion Project”, and the “National Integrated Big Data Center System Construction Project”.
How to choose the track?From the “Planning” to see the industrial digital dual engine
The “Plan” is a programmatic document for my country’s informatization construction during the “14th Five-Year Plan” period, which will play a positive role in leading the development of the industry and investment. Combining the guidelines of the “Plan” with the development process of subdivided industries, we focus on recommending two core tracks-intelligent driving and energy internet. Both are the masters of multiple types of basic supporting technologies, and at the same time they are at the intersection of industrial policies and downstream demand. They are currently at the starting point of the explosion in the five-year dimension, and they are indeed the industrial twin engines of the “14th Five-Year” IT development.
Investment advice: After adjustments in 2021, leading companies have been adjusted sufficiently, and the valuation advantages of second-tier small market capitalization companies have been highlighted. Based on the “14th Five-Year Plan”, it is judged to deploy along the marginal changes of the subdivision track, and the key recommendations are:
1) Intelligent driving and energy IT core targets:Langxin Technology、Henghua Technology，Zhongke Chuangda、Desay SV、NavInfo。
2) Core targets of industrial software, SaaS, AI, and financial technology:Yonyou Network、Convinced、Hang Seng Electronics、ZWSoft、Kingsoft Office, Nengke shares,Dongfangtong、IFLYTEK、Everbright TechnologyWait.
Other beneficiary objects:HikvisionQi Anxin,Anheng Information、Venus Star、Straight Flush、SuperMap Software、Meyerbaaceae、Dongfang Electronics、Uboxun、Weining Health, Entrepreneurship Wellcome.
Risk warning: 1) Sino-US science and technology game exceeds expectations; 2) Science and technology-related policies are lower than expected; 3) The impact of epidemic factors, etc.
(Article Source:West China Securities）