[Today's Guide]
After the top-level design is completed, another regional government has expressed its opinion or joined the digital currency army;
The semiconductor shortage has spread to this upstream area and the delivery time has been extended to more than one year;
Bytedance’s advertising business aims to grow by over 40% this year and cultivate a “new leader” in the industry iteration; Millet, OPPO and other mobile phone manufacturers are aggressively grabbing orders;
Giants have stepped into this trillion-dollar "golden track", and the autopilot industry is accelerating its expansion under the catalysis of global new container ship orders;
China has won half of the global orders for new container ships.
[topic details]
After the top-level design is completed, another regional government expressed its position or joined the digital currency army
Regarding the development plan of digital currency, the Macau Monetary Authority responded that,The Macau SAR government is concerned about the development trend of "Central Bank Digital Currency" (Central Bank Digital Currency) around the world in recent years. Many central banks around the world are promoting the research and development of CBDC. Mainland China is in a leading position in related technologies and has entered pilot tests. stage. The SAR government will maintain communication with the People's Bank of China, follow up on the development of CBDC, and study the feasibility of launching a digital currency in due course.
Beginning in 2019, digital currency research and development and pilot projects have continued to advance, and progress has been continuously made. From the basic completion of the top-level design of research and development in early 2020, the six major banks have been piloted in multiple cities by 2021, and digital currency has continued to make progress. Minsheng Securities analysis pointed out that in the short to medium term, banks in pilot cities need to carry out related system transformations and add corresponding modules, including digital currency wallets, etc. Therefore, with the popularization of digital currency, bank IT companies are expected to usher in an increase in construction. In the long run, when digital currency is fully popularized, a new core system based on digital currency is expected to be formed in the bank, which will bring greater increments to the entire bank's IT industry.
Among A-share listed companies, China Information participated in the DCEP test work of a large state-owned bank, involving the electronic payment scenario of encrypted digital currency. The company developed its own digital wallet system, which has been implemented in China Construction Bank, China Guangfa Bank, and Bank of Beijing. In the process of digital renminbi pilot and promotion in 2020, Newland has undertaken the construction of digital renminbi acceptance systems at the head office level of some banks, and provided digital renminbi acceptance system construction services for provincial branches in various pilot cities. Kelan Software is participating in the development and optimization of related products such as digital renminbi application scenarios and cooperative bank promotion, focusing on the promotion of 2.5-layer digital currency application scenarios.
The semiconductor shortage has spread to this upstream area, and the delivery time has been extended to more than one year.
Under the global chip crisis, it is necessary to solve the chip production capacity and require more equipment for manufacturing chips. However, the machinery for manufacturing chips Chips are also needed, and the global semiconductor supply contraction is currently spreading to the chip manufacturing industry. According to media reports, the delivery time of certain key equipment has been extended to 12 months or more.
Since the fourth quarter of 2020,The demand for chips has increased and manufacturers have entered the passive destocking stage. The current shortage of chips has intensified, and chip manufacturers have also launched expansion plans, which further increase the demand for related equipment. In order to cope with the chip shortage, TSMC plans to spend 100 billion US dollars in the next three years to expand its chip manufacturing capacity. In addition, starting from 2022, TSMC will suspend wafer price cuts for one year, indicating that pressure on chip production capacity is expected to continue. West China Securities analysts pointed out that the foundry capacity has been in short supply and will continue into the second half of the year, and the 8-inch foundry capacity will continue to next year. At present, major foundries have plans for capacity expansion and product upgrades. It is expected to provide supporting space for the localization of semiconductor equipment.
Among A-share listed companies, North Huachuang etching machines, PVD, CVD, ALD, oxidation/diffusion furnaces and other products have achieved mass production applications in the fields of integrated circuits and pan-semiconductors. They have now entered SMIC, Yangtze River Storage and other customers In the supply chain. Zhichun Technology semiconductor wet equipment customers include SMIC, Beijing Yandong, TI, China Resources, etc. Huafeng Measurement & Control is the largest domestic supplier of semiconductor test systems. The company's self-developed STS8200 series products are the first domestic analog test system that realizes import substitution, and it has successfully entered the international packaging and testing supplier system.
ByteDance’s advertising business aims to grow by over 40% this year and nurture a “new leader” in the industry iteration
According to media reports, ByteDance’s goal is to increase its advertising sales by 42% this year, reaching 260 billion yuan; Douyin is active this year. The target number of users reaches 680 million.
According to CTR data, the advertising market in February 2020 was affected by the epidemic and showed a stressful decline. Therefore, compared with the same period last year, advertising spending in February 2021 showed a recovery growth year-on-year. The advertising market in February 2021 Expenses increased by 68.4% year-on-year. The differences in 2021 are as follows. First, the test of the epidemic has accelerated the promotion of global advertisers’ demands for digital advertising marketing, and strengthened the linkage between offline and online; second, the re-ranking of top media, such as the addition of Kuaishou Douyin b station To let advertisers see the new traffic. ByteDance relies on massive high-quality traffic portals and is monetized through advertising, games and other methods. The core monetization ability is advertising, and Huge Engine is its marketing service brand, integrating the marketing capabilities of Toutiao, Douyin, Watermelon Video, Diaochedi, Pangolin and other products.Favored by more than 80% of the advertisers in the investment. Guohai Securities stated that the layout and extension of Bytedance in the fields of advertising and marketing, games, large screens, and film and television content brokerage is expected to bring a second wave of growth dividends. We are optimistic about the growth of the Bytedance industry chain in the application of 5G, which will bring a win-win situation in the industry chain in the iteration of content and media.
Among A-share listed companies, Shengguang Group and ByteDance are long-term business partnerships, providing professional and global one-stop marketing services for corporate customers. Tianlong Group is an authorized agent for the advertising business of a large number of engines. Its products include Internet advertising sales business such as Toutiao, Douyin, Watermelon Video, Volcano Video, etc. Jinke Culture has reached business cooperation with the pangolin advertising platform under ByteDance.
prices rose more than 15% on the 5th. The stock replenishment market will be opened before the peak season.
According to the Shaanxi Coal Mine Safety Supervision Bureau, Shaanxi Province will launch a special super-capacity production project in the province’s coal mines from mid-April to mid-May According to inspections, subsequent production capacity release or restriction in Shaanxi Province. On April 16, the largest domestic thermal coal contract rose close to 4%, hitting 775 yuan/ton during the session, and rising 103 yuan/ton in the past 5 days, an increase of more than 15%. In addition, the Daqin line has also been overhauled recently. The coal inventory of Bohai Rim ports continued to decline this week, and the coal port inventory of Qinhuangdao Port and Caofeidian Port fell to 9.216 million tons.
Since the beginning of this year, the pressure on safety supervision and environmental protection in Inner Mongolia and other places has continued to increase, and the increase in domestic thermal coal supply has been limited. The electricity consumption of the whole society increased by 21.2% in the first quarter, of which the increase in March was 19.4%, and the electricity consumption of the tertiary industry increased by 42.9%. However, the substantial increase in international coal prices and freight costs has reduced the price gap between domestic and foreign coal prices, resulting in a year-on-year decrease of 33.7% in imports of thermal coal across the country from January to February. Guosheng Securities pointed out that taking into account the overall low social inventories, before the peak of summer coal consumption, it is difficult to avoid the centralized replenishment of downstream end users, and coal prices may continue to remain high. West China Securities pointed out that leading coal companies have excellent performance and cash flow and have no subsequent capital expenditures. The low valuation and high dividends of the coal sector are in line with recent capital allocation preferences.
Among A-share listed companies, as the only listed coal company in Shaanxi, Shaanxi Coal Industry has outstanding resources and location advantages, with 16 billion tons of coal reserves and 9.7 billion tons of recoverable reserves. The open-pit coal industry is the leading lignite coal industry in the eastern part of Inner Mongolia.The average price of lignite in Jinzhou Port increased by 11.29% compared with the first quarter of last year. The company's main coal business is expected to increase profits. In addition, the electrolytic aluminum business is also flexible.
giants have stepped into this trillion-dollar "golden track" one after another. Autonomous driving industry is accelerating expansion
DJI's intelligent driving business brand "DJI Automotive" has undergone 5 years of research and development. The official website of Xinjiang Automotive is officially launched today, and DJI will release related automotive products at the Shanghai Auto Show on the 19th of this month. "DJI Automotive" provides services such as R&D and production of intelligent driving systems and their core components, including hardware + software package solutions. According to people familiar with the matter, DJI Vehicles has been cooperating with car companies for delivery, and mass-produced vehicles equipped with DJI's intelligent driving system will land within this year as soon as possible.
In recent years, traditional and start-up car companies such as Baidu, Apollo, Ali, Tencent, and Guangzhou Automobile have entered the autonomous driving market one after another. my country's smart driving industry is booming driven by the new energy vehicle industry. According to Zhiyan Consulting, the size of my country's smart driving market will reach 137.6 billion yuan in 2020, and the growth rate of the smart driving market will remain at about 20% from 2020 to 2023. West China Securities pointed out that the smart car market has a trillion-dollar market space. After the entry of DJI and other giants, the positive impact on the industry has continued to catalyze the expansion of the industry.
Among A-share listed companies, Lianchuang Electronics is a manufacturer of optical high-pixel lenses, sports lenses, and automotive lenses. According to an institutional survey report in August last year, the company’s cooperation projects with DJI began to ship in the third quarter of 2020. Customers in the automotive field cover Tesla. Broadcom Integration's BK5870T new car-regulated ETC chip is the first domestic product to pass the international third-party laboratory car certification test and certification. DJI UAV is one of the company's customers. The company's related chip products can be used in the field of UAV flight control.
OLED panel is in short supply, Xiaomi, OPPO and other mobile phone manufacturers are aggressively grabbing orders
According to media reports, supply chain sources said that because Samsung Display has the most stable supply of OLED panels, Xiaomi, OPPO, VIVO, Apple Etna plans to sign a large number of OLED procurement contracts with Samsung Display in 2022.From the point of view of the intended order situation, Xiaomi is very aggressive and will purchase a large number of flexible OLED orders from Samsung Display, and it may fully develop the mid-to-high-end market in 2022.
OLED panels have become the first choice for high-end consumer electronics products. The flexible features of OLED screens are more suitable for the display needs of the Internet of Everything in the 5G era. Wearable devices, VR fields, automotive fields, smart homes, smart cities, etc. are all application scenarios. As the world's largest producer and consumer of consumer electronics products, China's active terminal application market has an increasing demand for OLEDs. Data show that China's mobile phone, computer and TV production accounted for more than 90%, 90% and 70% of the world's total output in 2019, ranking first in the world. Downstream terminal application demand is strong, but because the supply of OLED panels is mainly concentrated in South Korea, domestic OLED panels are in short supply. According to the latest report of Omdia, the global OLED panel market is expected to reach 38 billion U.S. dollars in 2021, an increase of 28.25%. Founder Securities said that the penetration of flexible OLED applications in the traditional mobile phone market will be a definite trend. It is expected that in the second half of 2021, more folding mobile phone products are expected to be launched globally, which will drive the gradual popularization of related products in the terminal market and is expected to bring about incremental production capacity demand.
Among A-share listed companies, Visionox products have entered the supply chain of many first-line brand customers, and domestic top brand customers have imported and delivered in batches. Xiaomi is an important partner of the company. Shentianma A flexible products have been delivered in stable batches to major mobile phone brand customers. The company said that the current industry boom continues to rise and customer demand is strong. From the company's first quarter orders and first half of the forecast, the company's orders continue to be in short supply. The main products of Zhongying Electronics are industrial control-level microcontroller chips and OLED display driver chips. The company's OLED driver chips have been mass-produced and sold.
Global new container ship orders explode. my country has won half of the global new container ship orders
According to statistics, global new container ship orders have increased significantly since the third quarter of last year, and the first quarter of this year has climbed to a new high in the past 13 years. . In this round of global new container ship orders, my country's shipbuilding companies have received nearly half of the orders.
CICC Liu Gangxian pointed out,At present, the ratio of global container fleet orders to capacity has rebounded from the lowest point of 8.3% to 15.4%, but it is still at a relatively low point in history. With the delivery of a large number of real ships, the future will attract more and more orders from international liner companies.
Among the listed companies, Guangzhou Shipbuilding International Co., Ltd., a subsidiary of China Shipbuilding Holding Corporation, has signed a number of 16000 TEU (20-foot standard container) container ships with subsidiaries of world-renowned liner companies, with a total contract value of approximately US$750 million (4.9 billion yuan), accounting for about 21% of the company’s audited revenue in 2019; Dalian Heavy Industry has launched the world’s first and the world’s largest 22,000 TEU container ship crankshaft (W12X92), and the production of large-scale marine crankshafts exceeded 500. The technical level ranks among the top four in the world.
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