The strongest main line of the beginning of the year surfaced, under the 20cm rising tide, who is the next capital online? 丨 Research report gold panning

On February 17, the National Development and Reform Commission, the Central Cyberspace Administration, the Ministry of Industry and Information Technology, and the National Energy Administration recently jointly issued a document agreeing to start the construction of national computing power hub nodes in Beijing-Tianjin-Hebei, yangtze river delta, Guangdong-Hong Kong-Macao Greater Bay Area, Chengdu-Chongqing, Inner Mongolia, Guizhou, Gansu, and Ningxia, and planning 10 national data center clusters, including Zhangjiakou cluster. At this point, the national integrated big data center system has completed the overall layout design, and the "East Counting West" project has been officially launched.

In the following days, the concept stocks of "East Number West Calculation" shined brightly, and more than 10 stocks set off a rising and stopping tide, of which Capital Online 20CM rose and stopped for 3 consecutive days, Yimikang, Jialitu, Meiliyun 4 consecutive boards, and most of the other computing concept stocks contributed to the limit.

Many institutions believe that computing power has become an important infrastructure for the development of the national economy, and the "East Counting West Computing" project is expected to drive the overall improvement of the demand for computing power in the central and western regions and achieve the large-scale intensive development of national computing power. Coupled with the development trend of the global digital economy, the entire field of computing power is expected to form a certain opportunity.

丨 Brokerage Strategy

1. Guosheng Securities

Core view: The strategic position of the digital economy and the unprecedented speed of promotion (increase in holdings, maintain)

Data centers usher in a 20% + high growth phase. With the comprehensive and continuous penetration of digital technology into all fields of economy and society, the demand for computing power in the whole society is still very urgent, and it is expected to continue to grow rapidly at a rate of more than 20% per year.

It is expected that the new infrastructure of the digital economy is expected to continue to land, and enterprises that provide or use computing power will continue to benefit. For enterprises that provide computing power, it can accelerate the realization of cloud-network collaboration and improve the quality of computing power services, reduce the cost of network power, plan computing power resources more targeted and improve the efficiency of resource use, and for enterprises that use computing power, they can enjoy more convenient and easy-to-use computing power services, further reduce the cost of cloud usage and accelerate the realization of digital transformation.

Suggested attention: Sugon (603019), Inspur Information (000977), Baoxin Software (600845), Massive Data (603138), Guardian (002268), Longxin Technology (300682), iFLYTEK (002230), Hikvision (002415)

2. Haitong Securities

Core view: There is still a large space for the development of computing power, and the relevant industrial chain may continue to benefit (better than the market, maintained)

At present, the prosperity of the computing power industry is already at a high level, and in the future, with the rapid improvement of the application demand of the downstream industry in more emerging fields such as AI, cloud computing, and big data, the demand for the scale of computing power will also increase, and related upstream industries such as chips, servers and IDCs are expected to continue to benefit from the continuous construction demand of computing power.

"Counting from the East to the West" may effectively drive a number of science and technology industry chains, including information and communications, basic software, IT equipment manufacturing, green energy supply, etc., and related industries may obtain large industry dividends in the next few years.

Suggested attention: Baoxin Software (600845), Sugon (603019), Yihualu (300212), Inspur Information (000977)

3. Guosheng Securities

Core view: the logic of the digital pass side is determined, and the opportunity of new infrastructure construction is seized (increase holdings, maintain)

The comprehensive launch of the "East Number West Calculation" and the development direction determined by the superimposed digital economy will be a big opportunity for certainty for the entire digital pass side, the continuous high-speed growth of computing power and traffic is an inevitable trend, the continuous construction and expansion of supporting infrastructure is a rigid demand, and the next 3-5 years will have high certainty.

Combined with the current global technology development trend, technology giants at home and abroad have increased investment in the layout of the future, all pointing to the certainty opportunities of computing power and traffic, and the development of computing power, traffic and even applications will also drive the construction of mobile networks, and 5G and related industrial chains will continue to benefit as the core.

Suggested attention: China Mobile (600941), China Telecom (601728), China Unicom (600050), New Yisheng (300502), Tianfu Communications (300394), Zhongji Innolux (300308), Aofei Data (300738), Kehua Data (002335), ZTE (000063), Invic (002837)

4. Shenwan Hongyuan

Core view: Under the "East Counting West Calculation", servers, information security and other links will benefit (optimistic)

1) Server: The upstream core equipment of the data center. Policy + industrial resonance, the server is the cornerstone of science and technology, last year the price remained high, 22 years of server demand is likely to pick up.

2) Information security: the guarantee of safe circulation of data. The eastern and western calculations put forward higher requirements for the safe circulation of data and become a catalyst for the industry.

3) Digital transformation: the bottleneck of computing power is broken, and the digital transformation is accelerated. Through the "east counting and west counting", accelerating the construction of computing power will accelerate the process of industrial digitalization.

4) Intelligent Computing Center: Cambrian has undertaken a number of national projects. Cambrian data center training and inference chips are used in the project, and it is the first echelon company of domestic AI chips.

5) Energy informatization: help data center and energy layout linkage. The "East Counting West" project promotes renewable energy generation enterprises to supply power to data centers.

Suggestions to pay attention to: Inspur Information (000977), Tsinghua Unigroup (000938), Xinxin (300454), Tianrongxin (002212), Hikvision (002415), Dahua (002236), iFLYTEK (002230), Cambrian-U (688256), Longxin Technology (300682), Yuanguang Software (002063)

5. CITIC Securities

Core view: The East And West Computing Project is expected to drive the overall improvement of the demand for computing power in the central and western regions, and it is expected that the communication industry chain will focus on benefiting (stronger than the large market, maintained)

Optimistic about the demand drive of the East And West Computing Project for IDC, ICT equipment, optical modules, operators, temperature control equipment, optical communications and other fields, the communication sector as the core base of the East And West Computing Project is expected to benefit from the key benefits.

1) Operators: Operators cloud-network integration, cloud-edge combination of advantages highlighted; 2) temperature control equipment: data center green energy-saving development + PUE control is expected to continue to promote the demand for temperature control equipment; 3) ICT equipment & optical module: data center cluster construction + computing power demand is expected to promote the expansion and upgrading of servers, optical modules; 4) optical communications: optimistic about operators' optical fiber and optical cable collection volume and price rise to promote the industry's high-quality growth; 5) IDC: in-depth cooperation with Internet and cloud manufacturers The advantages of IDC's leading companies continue to be highlighted.

Suggestions to pay attention to: China Mobile (600941), China Telecom (601728), China Unicom (600050), Invic (002837), Jialitu (603912), Tsinghua Unigroup (000938), ZTE (000063), New Yisheng (300502), Baoxin Software (600845), Kehua Data (002335)

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The content of this article is representative of the views of the author only.

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