Industrial policy fostering digital economy boom bypass professional threshold investors should be indexed layout

2022-05-14 0 By

Red weekly special | Liang Xing recent central bank excess sequel MLF, MLF and cut in 10 bp, OMO also cut in 10 bp.Follow-up in the steady growth of the tone, more easing policies may be implemented.Recently, the concept of digital economy is hot. “The 14th Five-year Plan for the Development of Digital Economy” was issued, which has a comprehensive and overall significance for the development of China’s digital information industry, and puts forward quantitative goals to support the long-term development space of computer, communication and other industries.A series of recent central bank operations, the overall degree of easing beyond market expectations.Institutional investors have already expected the central bank to cut interest rates in the first quarter, but the window is generally believed to be in February.In addition, data released by the CENTRAL bank last Thursday showed that the LPR for the one-year maturity fell by 10 basis points and that for the five-year maturity and above fell by 5 basis points from the previous period, to 3.7% for the one-year maturity and 4.6% for the five-year maturity.It was the first rate cut since April 20, 2020.Overall, LPR declined asymmetrically, basically in line with market expectations.It is worth noting that the decline in the 5-year LPR helps to lower the incremental personal home loan interest rate and better meet reasonable housing consumption demand.Combined with economic data, December pressure data reflected in the first quarter this year steady economic growth, on the one hand is the property of the downlink has not seen a turning point, in the first quarter is likely to continue downward drag on economic growth and employment, on the other hand, the negative effect on the consumption continues to highlight is quarter consumption also has a lot of pressure.In the follow-up, although the Fed’s interest rate hike is expected to lead to market adjustment, more policies to stabilize domestic growth are expected to be implemented.Disk, digital economy concept heat is higher, in the near future to usher in a heavy policy good.Recently, The State Council issued the “14th Five-year Plan for the Development of digital Economy”, which has deployed eight key tasks including optimizing and upgrading digital infrastructure, giving full play to the role of digital elements, promoting industrial digital transformation, and accelerating the promotion of digital industrialization.On January 16, top officials stressed that digital economy is a strategic choice, and China’s digital economy should be strengthened, improved and expanded.The development of digital economy will contribute to the future development of computer, communication and other sectors from the two aspects of tackling key problems in core technology and combining digital technology with traditional industries.Among them, the 14th Five-year Plan for The Development of Digital Economy has a comprehensive and overall significance for the development of China’s digital information industry, and puts forward a quantitative target, namely, from 2020 to 2025, the value added of the core industry of the digital economy should account for 10% of GDP, and the number of active IPv6 users should increase from 460 million to 800 million.The number of gigabit broadband users increased from 6.4 million to 60 million, the scale of software and information technology services increased by 71.6 percent to 14 trillion yuan, and the application rate of industrial Internet platforms increased from 14.7 percent to 45 percent.At present, with the recovery of chip capacity and the stabilization of shipping prices, the negative factors in the early stage of the industry have been fully reflected. 2022 will also be expected to become a year of full recovery and accelerated development of the computer and communication industry.In the computer industry, Internet, cloud computing, big data, artificial intelligence and other technologies are accelerating integration with various industries, helping customers in downstream industries reduce costs, improve quality and efficiency, and even building a platform-based and ecological development model.Under the background of the accelerated development of digital economy, the digitalization of industries such as manufacturing and public utilities will accelerate, and we are optimistic about the intelligent enterprises of industrial Internet and energy and public utilities.The computer industry can be subdivided into hardware, software and service industries, among which the software industry uses one or more production tools (programming platform, design tools) and production means (computers, servers, etc.). The products produced are software products, which can also be provided to end users through cloud services.Driven by home-grown alternatives, enterprise cloud and various new applications, software is growing faster or more resilient in the computing sub-industry.In terms of the communications industry, the cycle of 5G and other communications network equipment is an important part of the new infrastructure and new economy. The current expectation is low, but in 2022, benefiting from the digital economy plan, it is possible to exceed the expectation.In addition, the industry has entered the application innovation stage, behind which are investment opportunities in hardware infrastructure, Internet of Things industry chain, intelligent manufacturing and other fields.From a valuation perspective, the computer and communications sectors have a lot of room for repair.Through the adjustment of the past two years, plate valuations are relatively low.As of January 26, the csi computer theme index PE valuation of 48.20 times, located in the history of 25.81% sub;China Securities software index PE valuation of 79.65 times, located in the history of 48.97% sub;The CSI All Index of communication equipment PE is estimated at 32.41 times, located in the historical 7.06%.In horizontal comparison with other technology growth sectors, computer and communication sectors have high safety margins in both absolute valuation and historical quantile, or relatively safe choices in the case of rapid market style change.From the historical performance, the computer and communication industry is not as elastic as new energy, chips, military industry, but with the advent of recent policy catalysis, there may be a certain plate market.Optimistic about the computer and communication market investors, might as well through the computer ETF, software ETF and communication ETF layout.(This article was published in Red Weekly on January 29. The views in this article represent the author’s personal views and do not represent the position of Red Weekly. The fund mentioned is only for example analysis, not for investment advice.)