《大行报告》中金料半导体迎国产化趋势 冀中资科技股抓住智能手机後物联网硬件创新窗口
中金发表研究报告,指回顾全球电子产业发展历史,看到价值链迁移是「常态」,全球电子产业沿美国,日本,韩国或台湾,内地,东南亚或南亚的路径不断迁移,分工不断深化,且常常伴随着新硬件品类的重大机会。
该行认为,低附加价值环节的迁移是自然趋势,中国企业已有相应布局,疫情对全球供应链面对危机的「韧性」提出新要求,或加速供应链区域化及本地化进程。对中国科技行业来说,半导体国产化及产品创新是两大发展机会。
展望未来,该行认为电子创新会沿人机交互方式变革(从AR/VR到脑机接口)、移动方式变革(服务机器人,转至无人驾驶,并到商业航天)两条主线进行。目前中国是全球少有的同时具备5G通信、机械、算法、电商渠道、精密制造等核心能力的国家,且已在手机光学(华为)、无人机(大疆)、AIoT(小米)等新品类展现创新能力,疫情期间美团(03690.HK)、京东(09618.HK)的无人配送亦表现出色。该行期待BAT、华为、小米(01810.HK)等中国科技企业抓住智能手机之後的AIoT硬件创新窗口,在AR/VR、无人驾驶、机器人等领域引领变革。
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