**:Sina**.
Historical valuation of the Digital Economy Index.
*: Wind, as of March 1, 2024.
Last week, the Shanghai Composite Index was **074%, CSI 300 Index**138%, SZSE Component Index**403%, GEM refers to **374%, Digital Economy Index **957%。In terms of industries, last week, there were 23 first-class industries** in Shenwan, and the industries with the highest gains were mainly concentrated in computers, electronics, communications, etc.; 8 industries**, with the largest decliners mainly concentrated in banking, transportation, utilities, etc. Among the industries related to the digital economy, according to the statistics of Shenwan's first-class industry, computers ranked first (753%), ranking 2nd in electronics (7.).02%), and non-bank finance ranked 21st (0.).41%）。
Recently, the Cyberspace Administration of China, the Ministry of Education, the Ministry of Industry and Information Technology, and the Ministry of Human Resources and Social Security jointly issued the "Key Points for Improving Digital Literacy and Skills for All in 2024". Compared with some deployments for digital transformation, computing power construction, and artificial intelligence research (such as the "AI Empowerment and Industrial Renewal" ** Enterprise Artificial Intelligence Special Promotion Conference on February 19, which focused on the digital transformation of central enterprises), the policy of improving the digital literacy of the whole people focuses more on the improvement of human capital, with the main goal of cultivating talents and bridging the gap, and the purpose is also to lay the foundation for digital construction, and ultimately realize the joint construction and sharing of digital development results by the whole people. The specific industry analysis is as follows:
1. Computer:
Last week, the computer industry outperformed, and the CSI 300 index was 138%, Shenwan Computer Index**753%, and the industry as a whole outperformed the CSI 300 Index by 615 percentage points, the rise and fall ranked first in the first-class industry of Shenwan, and the PE (TTM) was 5891 times. Sub-sector gains and losses last week: Computer equipment 969%, software development 694%, IT services 645%。Dell Technologies (NASDAQ:Dell) shares rose 316%, verifying that the global computing power boom is continuing to spread upstream and downstream. As of January 2024, more than 40 large models in China have passed the filing and approval. On February 19, the State-owned Assets Supervision and Administration Commission (SASAC) held an AI special promotion meeting to increase the construction of intelligent computing centers, which also reflected the urgency of China's development of artificial intelligence and AI computing power. In the face of the urgent need for the development of artificial intelligence and the uncertainty of the Nvidia ** chain, the domestic market is actively looking for a "second choice" for computing power, and the demand for domestic computing power such as Shengteng has surged. Huaan** Index and Quantitative Investment Department believes that accelerating the development of artificial intelligence technology is the core contradiction at present, and in the context of the current insufficient supply of computing power, overseas computing power such as domestic computing power or NV in the Chinese market is expected to achieve synchronous high growth. (The companies mentioned above are for illustrative purposes only and are not intended as investment advice).
2. Electronics: The electronics industry outperformed last week, and the CSI 300 Index was 138%, Shenwan Electronic Index **702%, the industry as a whole outperformed the CSI 300 Index by 564 percentage points, the rise and fall ranked second in the first-class industry of Shenwan, and the PE (TTM) was 4279 times. Sub-sectors rose and fell last week: semiconductors 844%, element 637%, consumer electronics 606%, electronic chemicals 569%, optical-optoelectronic 559%, other electrons 448%。Overseas AI large models accelerate iteration, and the pace of giant layout accelerates: two weeks ago, OpenAI's Wensheng **Sora just became popular around the world, and the competitor Google Deep Mind team released a new AI basic world model with 11 billion parameters on February 26, saying that it has opened the era of "image and text generation interactive world", and will also become a catalyst for the realization of universal AI agent, and the development trend of AI has become more and more clear. Huaan** Index and Quantitative Investment Department believes that while the ability of large models is further improved, the demand for computing power is also growing rapidly, driving NVIDIA's CY23Q4 performance to exceed expectations. Domestic companies are also accelerating the pace of computing power layout, such as Jingjiawei released the "quality and return double improvement" action plan to accelerate the layout of computing power, which is expected to open up a new market space. (The companies mentioned above are for illustrative purposes only and are not intended as investment advice).
3. Non-bank finance:
Last week, the non-bank financial sector underperformed**, and the CSI 300 Index **138%, Shenwan Non-Bank Financial Index**041%, and the industry as a whole underperformed the CSI 300 Index by 096 percentage points, the rise and fall ranked 21st in the first-class industry of Shenwan, and the PE (TTM) was 1512 times. Sub-sectors rose and fell last week: Diversified Finance 205%、*ii1.83%, insurance II-307%。As of March 1, 2024, the valuation of Oriental Fortune Flush and Hang Seng Electronics PE is 27x 51x 28x, and the historical valuation center in the past 20 years is 92x 85x 68x, and the valuation is expected to continue to repair in the future. From a fundamental point of view, AI has given rise to the development of new financial businesses. The continuous launch and continuous improvement of the financial model is expected to give birth to new business scenarios and applications in the financial field, promote the generation of new businesses in the financial industry, and promote the continuous development of the financial industry. (The companies mentioned above are for illustrative purposes only and are not intended as investment advice).
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