In the next five years, it will drive investment of 11 trillion yuan in new infrastructure and bring great opportunities.

　　Recently, the financial capital research platform, such as the Financial Research Institute, released a research report entitled "New Infrastructure, New Kinetic Energy, New Journey". The report pointed out that relevant enterprises have stood on the cusp of new infrastructure, and there will be incremental opportunities brought by the track upgrade, and there is huge room for imagination in the future.

　　For example, Guan Qingyou, president and chief economist of the Financial Research Institute, said that China’s development strategy has undergone a major change. Under the background of the establishment of a new development pattern with domestic big cycle as the main body and domestic and international double cycles promoting each other, the digital economy is the main focus of the double cycle, enabling industrial transformation and upgrading. New infrastructure is an important carrier of the digital economy, and the multiplier effect can be expected.

　　It is estimated that from 2020 to 2025, China’s new infrastructure can drive investment of 11 trillion yuan, with an average growth rate of 10%. A new generation of information technology and its application in line with the direction of industrial transformation and upgrading and high-quality development will be the main growth point of the future economy.

　　The report sorts out the participation of major enterprises in the seven industrial chains of new infrastructure, namely 5G, artificial intelligence, big data, industrial Internet, UHV, intercity high-speed rail and rail transit, involving about 500 enterprises. The report divides these enterprises into three categories. The first category is powerful comprehensive giants, represented by Huawei, Alibaba and Tencent. The second category is the old-fashioned strong players who upgraded the track, and the representative enterprises are Lenovo, BOE and Ziguang. The third category is the vertical cutting-edge enterprises that quickly rush to run, and the representative enterprises include Contemporary Amperex Technology Co., Limited, Iflytek, Huichuan Technology and Siweituxin.

　　What is the strength of the above 10 core representative enterprises? According to the report, among the 10 companies selected, except for unlisted Huawei, the market value of the other 9 listed companies reached 10.1 trillion yuan. If Huawei goes public and its market value is not less than 2.3 trillion yuan, the total market value of 10 companies will exceed 12.4 trillion yuan, equivalent to the total GDP of four urban areas in 2019, accounting for 12.5% of China’s GDP in 2019.

　　Although these enterprises are strong, they also show obvious differences. According to the report, with the rise of new infrastructure, integrated giant enterprises and vertically emerging enterprises are highly concerned and highly sought after in the secondary market, but the established strong ones are somewhat embarrassed. Generally speaking, the old and powerful players not only have traditional business as a solid moat, but also have incremental opportunities brought by the upgrade of the track. There is huge room for imagination in the future, but this has not been fully recognized by the market and needs to be re-examined and revalued.

　　Guan Qingyou believes that before this, the market regarded the old and powerful as processing and manufacturing companies or simple manufacturing companies and service companies. Today, they should be treated as digital economy companies or new infrastructure companies. The nature of the company has changed, and the valuation logic and valuation method of the capital market will also change accordingly.

　　In fact, behind the valuation changes is the deep transformation of enterprises. For example, Lenovo has transformed from a traditional hardware provider to a technology provider. In terms of 5G, we are deeply involved in 5G O-RAN, edge cloud and other fields. In terms of cloud computing and artificial intelligence, it provides super-large-scale data centers for public cloud customers and provides high-performance computing for the application of scientific computing and artificial intelligence. In terms of industrial internet, Lenovo has realized the complete autonomy and controllability of the software and hardware solutions of industrial internet.

　　Relevant industry experts said that infrastructure construction from highway to high-speed rail to informatization, corresponding economy from "world factory" to high-speed rail economy to digital economy, every time the infrastructure is upgraded, new formats, new models and new economies will be born. Established and powerful enterprises should seize the opportunity of the new infrastructure market, empower the intelligent transformation of the industry and realize their own transformation and development.

　　However, enterprises should also have a clear understanding of new infrastructure. Tong Fuyao, senior vice president of Lenovo Group and president of Enterprise Technology Group, said that we should also see that new infrastructure may bring more new challenges, such as data security problems brought by industrial Internet and edge computing, potential environmental protection problems in data center construction, and so on. This requires enterprises to better coordinate and cooperate, provide high-quality solutions for intelligent transformation, and jointly create a good new infrastructure market ecology.

　　In addition, Guan Qingyou also reminded that from the perspective of the capital market, new infrastructure is not a short-term concept or story, but has penetrated into all aspects of the national economy and is a long-term theme involving infrastructure upgrading. For enterprises, it is not necessary to scratch the concept, but to actively participate and become the main body of new infrastructure construction.