中金:半導體迎國產化趨勢 中資科技股有望抓住物聯網硬件創新窗口
中金髮表研究報告表示,回顧全球電子產業發展歷史,看到價值鏈遷移是“常態”,全球電子產業沿美國,日本,韓國,內地,東南亞或南亞的路徑不斷遷移,分工不斷深化,且常常伴隨着新硬件品類的重大機會。
該行認為,低附加價值環節的遷移是自然趨勢,內地企業已有相應佈局,公共衞生事件對全球供應鏈面對危機的“韌性”提出新要求,這有望加速供應鏈區域化及本地化進程。對內地科技行業來説,半導體國產化及產品創新是兩大發展機會。
展望未來,該行認為電子創新會沿人機交互方式變革(從AR/VR到腦機接口)、移動方式變革(服務機器人,轉至無人駕駛,併到商業航天)兩條主線進行。目前中國是全球少有的同時具備5G通信、機械、算法、電商渠道、精密製造等核心能力的國家,且已在手機光學(華為)、無人機(大疆)、AIoT(小米)等新品類展現出創新能力,公共衞生事件期間,美團點評-W(3690.HK)、京東集團-SW(9618.HK)的無人配送也表現出色。該行期待BAT、華為、小米集團-W(1810.HK)等內地科技企業抓住智能手機之後的AIoT硬件創新窗口,在AR/VR、無人駕駛、機器人等領域引領變革。
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