The official return of 360 to A-shares, Foxconn's rapid meeting of A-shares, the new policy of unicorn IPO, and the implementation of listing reform on the Hong Kong Stock Exchange have made the new economic concept instantly popular in the A-share market, and Hong Kong stock technology stocks have also heated up rapidly.
According to the statistics of Zhitong Finance APP, the hang seng index has begun to stabilize and rebound since February 12, with a cumulative increase of 3.62% on March 6, while the Hang Seng Internet Technology Industry Index has risen by 9.6%, and even the super large-cap stock Tencent (00700) has a 7.66% increase. Investors seem to be vaguely feeling the emergence of new thematic opportunities.
The data shows that excluding suspended trading and the ChiNext board, a total of 79 technology stocks outperformed the market, and Tianxiatu Holdings (00402) ranked first in the rebound list with a 66.67% increase. The annual pass (03773) rose 44.09%, ranking second. In addition, Automatic Systems (00771), IGG (00799), and Vision Holdings (00862) all rose more than 30%.
If all Hong Kong technology stocks are classified and combined with recent hot spots, it can be roughly atmosphereed in three categories: 5G concept stocks, chip concept stocks, and industrial Internet concept stocks. Market participants believe that after the continuous heat of technology stocks, there may be differentiation in the future. The market's attention is expected to gradually shift to actual performance and valuation, and companies whose valuations and performance can match will have a higher probability of outperforming the market in the future.
It is worth mentioning that China's science and technology also has a broad space for growth. According to the Zhitong Finance APP, the US technology industry is still significantly ahead of China. From the perspective of the comparison of the market value of technology companies in the two countries, the total market value of US technology listed companies is 7.72 trillion US dollars per month, while China's value is only 208 million US dollars, and the total market value of US technology listed companies has exceeded China by 2.71 times. At present, China's economy has entered a new era, and the future will be more scientific and technological innovation and improve the quality of development. The scientific and technological content in the economy will be further improved, and the development space of the science and technology industry is still huge.
In addition, the valuation level of Chinese technology companies is moving closer to the United States after adjustment, and valuation attractiveness is beginning to appear.
The counterattack of the Chinese core
In recent years, with the dual support of policies and funds, the development of China's chip companies has achieved certain results.
In June 2014, the State Council issued the Outline for the Advancement of the Development of the National Integrated Circuit Industry, and 15 enterprises, including CdB Financial, China Tobacco and China Mobile, jointly established a state-level fund (hereinafter referred to as the "Big Fund") to provide financial support for key links such as design, packaging and testing and wafer manufacturing in the chip industry chain.
The initial planned size of the fund is 120 billion yuan, and the actual funds raised are close to 140 billion yuan. At the same time, the total scale of integrated circuit development funds established by local governments at all levels exceeds 300 billion yuan. Less than a year after its establishment, the "Big Fund" has invested 40 billion yuan in 25 projects, including a number of leading enterprises in the domestic chip field, such as Tsinghua Unigroup, SMIC (00981), ZTE (00763), Changdian Technology, etc. By the end of 2017, the National Integrated Circuit Industry Investment Fund had invested more than 70 billion yuan, of which about 60% of the funds were invested in the field of semiconductor manufacturing.
In 2017, China's chip industry also achieved some eye-catching achievements: Huawei HiSilicon released the world's first AI chip with 10nm technology; The supercomputer "Sunway Taihu Light", equipped with domestic chips, won the third consecutive championship in the field of world supercomputing; Tsinghua Unigroup and HiSilicon rank among the top ten chip design companies in the world, and Chinese companies occupy 11 seats in the top 50 chip design companies in the world; Huawei has also successfully used a large number of HiSilicon Kirin chips in high-end models, no longer subject to people.
Although compared with the international advanced chip technology, there is still a certain gap in the development level of China's chip industry. However, as the country increases investment in the semiconductor field, the competitiveness in chip design, chip manufacturing, semiconductor equipment and other aspects will gradually increase in the future, and the growth of related companies can be paid attention to. At the same time, from the valuation point of view, most of the PE of related companies in the United States in 2018 is within 20 times, and the valuation of a few leading companies is relatively high, such as NVIDIA as high as 50 times. Most of the relevant companies in China are about 30 times, and some companies are more than 20 times. The valuations of some of China's large-cap companies in the semiconductor industry have been in line with the United States, or close to the United States, and have become attractive.
Zhitong Finance APP recommends investors to pay attention to SMIC and Huahong Semiconductor (01347), a wafer foundry with a certain scale, and ASM PACIFIC (00522), a global semiconductor packaging and testing equipment manufacturer.
The 5G era is the first to come
"China Core" wants to truly counterattack, but it still needs to face many challenges, but 5G technology China has ranked among the world's "first echelon".
At the Mobile World Congress (MWC) 2018, which is being held in Barcelona, Spain, 5G became one of the hottest keywords. Compared with the 5G concepts, frameworks and possibilities that have been talked about more in the past, at this year's conference, a number of important breakthrough Chinese 5G products were "fresh" unveiled, and some increasingly mature technologies and application scenarios were also displayed in the exhibition, which means that Chinese companies are leading the way in the 5G field.
The state council report also clearly mentioned that it is necessary to accelerate the construction of a strong country and promote the development of the fifth generation of mobile communications and other industries. According to the news of operators and chip manufacturers in China, the United States, Japan and South Korea, 5G will enter large-scale commercial use in 2020, and as mainland operators enter 5G trial commercial use, it is expected that the capital expenditure of China's telecommunications industry will enter an upward cycle in 2019, and Hong Kong stocks ZTE and Changfei optical fiber cable (06869) will benefit.
The Industrial Internet has entered a practical period
On the 24th of last month, the website of the Ministry of Industry and Information Technology issued an announcement: In order to implement the "Guiding Opinions of the State Council on Deepening the "Internet + Advanced Manufacturing" to Develop the Industrial Internet", accelerate the innovative development of the Industrial Internet, and strengthen the overall planning and policy coordination of relevant work, after deliberation at the meeting of the Leading Group for the Construction of a National Manufacturing Power, it was decided to set up a special working group for the Industrial Internet under the Leading Group for the Construction of a National Manufacturing Power. "Industrial Internet" officially entered the national strategic model!
According to the Zhitong Finance APP, from the perspective of the development history of the Internet and industry, the two did not intersect at the beginning, and the link between the two is "big data", "big data" makes industrial manufacturing more intelligent, and Industry 4.0 has become industrial intelligent manufacturing, and has since entered the era of industrial Internet. As the carrier of "big data", the core link of the industrial Internet is the various "clouds" that are surging with modern science and technology. The cloud businesses of Kingdee International (00268) and China Software International (00354) have gradually become a new engine of revenue growth. In the middle of last year, Kingdee International had 26.82% of its revenue from cloud services, up 70% year-on-year!
On January 11 this year, Kingdee International announced that it signed a strategic cooperation agreement with Huawei Technologies Co., Ltd. To carry out all-round and in-depth strategic cooperation in cutting-edge fields such as cloud computing, big data, and artificial intelligence around the enterprise market, and cover specific cooperation projects such as market promotion, international business, and talent training, which means that Kingdee International's main business is expanding to the entire service module (SaaS) of the Industrial Internet!
It is worth noting that cloud service providers need to provide SaaS, that is, application software, A-share Yonyou Network and Kingdee International are well-known SaaS service providers in China. Yonyou's stock price has nearly doubled in the past month, while Kingdee International, which has more valuation advantages, has risen by less than 20% during the period.