Huaan Fund Digital Economy Weekly Report: The market continues to recover, and the digital economy index rose 4.36%

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Digital Economy Index Historical Valuation

Source: Wind, as of February 23, 2024

Last week, the Shanghai Composite Index rose 4.85%, the CSI 300 Index rose 3.71%, the Shenzhen Component Index rose 2.82%, the GEM Index rose 1.81%, and the Digital Economy Index rose 4.36%. In terms of industries, all 31 Shenwan first-level industries rose last week. The industries with the largest increases were mainly concentrated in media, computers, communications, etc., while the industries with the lowest increases were mainly concentrated in medicine and biology, agriculture, forestry, fishery, animal husbandry, and household appliances. Among digital economy-related industries, according to Shenwan’s primary industry statistics, computers ranked 2nd (11.59%), electronics ranked 13th (6.02%), and non-bank finance ranked 27th (2.80%).

The digital economy leads a new round of industrial efficiency revolution, and large models grasp the new productivity of economic development. The global economy is accelerating its transformation from an industrial economy to a digital economy, and developing the digital economy is a strategic choice to seize new opportunities in a new round of technological revolution and industrial transformation. As of now, the scale of the digital economy in 51 countries around the world has reached US$41,439.1 billion, and the penetration rate of the digital economy in the three major domestic industries has reached 9.1%, 24.7%, and 45.7%. The digital economy has become an important economic form leading the development of the global economy. Developing the digital economy is a strategic choice to seize new opportunities in a new round of technological revolution and industrial transformation. The party and the country have repeatedly proposed important documents to promote the development of the digital economy industry. AI is the key to the digital transformation of the industry. The resonance of data, computing power, and algorithms drives the development of the AI ​​industry to accelerate. Concepts such as AI + state-owned enterprises and Sora continue to be popular, helping large models grasp the new productivity of economic development. For large models, the demand for AI computing power continues. Gartner predicts that by 2026, more than 80% of enterprises will have access to generative AI or large models. Data has become a new production factor, and the cyclic strengthening effect with other factors helps the economy grow new productivity. Specific industry analysis is as follows:

　　1,computer:

Last week, the computer industry outperformed the broader market. The CSI 300 Index rose by 3.71%, and the S&W Computer Index rose by 11.59%. The industry as a whole outperformed the CSI 300 Index by 7.88 percentage points, ranking second among the S&W primary industries in terms of increase or decrease. , PE (TTM) is 54.48 times. The sub-sectors rose or fell last week: IT services II 14.46%, software development 10.58%, and computer equipment 9.86%. Overseas giants are still keeping pace, domestic AI+ central enterprises are revitalized, computing power demand is still rising, and AI industry applications are developing new directions: the State-owned Assets Supervision and Administration Commission held a meeting on “AI Empowering Industry Renewal” and proposed that central enterprises should put the development of artificial intelligence in their overall work The Central Government plans to accelerate the construction of a number of intelligent computing centers. At the meeting, 10 central enterprises jointly signed a proposal to open artificial intelligence application scenarios to the society. The AI+ central enterprise model has taken on new vitality. OpenAI released Sora, a large text-generated video model, triggering a new wave of craze in the artificial intelligence industry. Multi-modal AI continues to be popular, and may be expected to promote the reshaping of many AI+ media industries such as film and television/animation/self-media. The policy support of AI+ central enterprises and the addition of new open AI applications may bring high demand for computer computing power. The Index and Quantitative Investment Department of Huaan Fund believes that under the AI ​​wave, the domestic and foreign AI+ industries are glowing with new vitality, and it is recommended to pay attention to the domestic and foreign artificial intelligence sectors.

　　2,electronic:

Last week, the electronics industry outperformed the broader market. The CSI 300 Index rose 3.71% and the S&W Electronics Index rose 6.02%. The industry as a whole outperformed the CSI 300 Index by 2.31 percentage points, ranking 13th among the S&W primary industries in terms of increase or decrease. , PE(TTM) is 40.10 times. The sub-sectors rose or fell last week: other electronics II 12.96%, components 7.67%, optical optoelectronics 7.28%, consumer electronics 5.62%, semiconductors 5.09%, and electronic chemicals II 3.98%. Electronics giants hit new performance highs, and AI hot events continue to catalyze: NVIDIA’s performance continues to accelerate, reflecting the surge in global customers’ demand for computing power. With the accelerated iteration of large models such as Sora and Gemini1.5, as well as the promotion of commercial applications based on large models, it is confirmed that the demand for computing power is expected to continue. As the world’s leading AI chip manufacturer, NVIDIA has reached a critical point with the development of accelerated computing and AIGC, and is expected to continue to benefit. Large-model AI hot events such as Sora and Gemini1.5 continue to catalyze, and the demand for computer computing power they bring will once again detonate electronic hardware research and development hot spots. Huaan Fund Index and Quantitative Investment Department believes that the upgrade of AI computing power is inseparable from the support of AI GPU. Under the AI ​​wave, capital expenditures on domestic advanced processes and advanced packaging production lines are accelerating; technological directions such as semiconductors and heat dissipation are also expected to benefit.

　　3,non-bank finance:

Last week, the non-bank financial industry underperformed the broader market. The CSI 300 Index rose by 3.71%, and the S&W Non-Bank Financial Index rose by 2.80%. The industry as a whole underperformed the CSI 300 Index by 0.91 percentage points. The increase and decrease ranked first among the S&W primary industries. 27-bit, PE(TTM) is 15.06 times. The sub-sectors rose or fell last week: Diversified Finance 4.38%, Insurance II 3.39%, and Securities II 2.35%. Policies help regulate the market, supervision is intensive, and market confidence is expected to be restored: the China Securities Regulatory Commission website has successively published “Spokesperson of the China Securities Regulatory Commission Answers Questions from Interviewers on the Situation of Stock Pledges”, “Severely Punishes Manipulation of the Market and Malicious Short Selling to Effectively Maintain the Stable Operation of the Market”, Announcements such as “The spokesperson of the China Securities Regulatory Commission answered questions from interviewers on the relevant situation of the ‘two financing’ financing business” and “The spokesperson of the China Securities Regulatory Commission answered the questions of the interviewer on the relevant situation of the ‘two financing’ securities lending business” actively responded to market concerns. Supervision has been intensively vocal in a short period of time to enhance market standardization. As a result, the overall market has shown an obvious positive trend, and consumer confidence is expected to recover. As of February 2024, the scale of market securities lending was less than 46 billion yuan, with an average weekly decrease of 28%, and improper arbitrage and other behaviors have been significantly curbed. Under the circumstances of strict supervision and strong market reality, market confidence has gradually recovered.

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