事件：2月27日，中共中央、国务院印发《数字中国建设整体布局规划》，提出到2025年基本形成横向打通、纵向贯通、协调有力的一体化推进格局，数字中国建设取得重要进展。

我们研读政策要点，提炼3条投资主线，分别为：数据要素主线、数字场景落地主线、数字内容主线。

Digital China blueprint calls for coordinated effort by horizontal & vertical markets

A plan released jointly by the Communist Party Central Committee and State Council on 27 Feb 2023 rallies the country to build a Digital China. The policy document, which is entitled, Holistic Structural Plan for the Building of Digital China, proposes a coordinated promotional effort with the integration of both horizontal and vertical markets so that the buildout of Digital China will make headway. We studied the key points of the policy and extrapolated three focal investment themes: (1) data resources; (2) digital scenario monetization; and (3) digital content.

一、数据要素主线：政策暖风频吹，相关布局公司或可乘行业东风。《规划》提到要夯实数字中国建设基础，一是打通数字基础设施大动脉；二是畅通数据资源大循环，推动公共数据汇聚利用，建设公共卫生、科技、教育等重要领域国家数据资源库，释放商业数据价值潜能，建立数据要素按价值贡献参与分配机制。

建议重点关注：【浙数文化】数据要素领先布局，投建浙江大数据交易中心；【每日互动】数字新基建深度参与者，积极参与浙江省大数据联合计算中心建设；【卓创资讯】与国务院发展研究中心信息中心签署战略合作协议，合力挖掘卓创资讯“富矿”数据资源。

1. Data resources: companies gain from rising China market and policy tailwinds 

The first step of the Digital China roadmap involves setting a firm foundation by opening up access to the main highways of digital infrastructure. The second step is to smoothen data resource cycles, streamline the usage of public data, and build national data resource banks for key industries like public health, science and technology, and education, harness the potential value of commercial data, and establish a mechanism to distribute data resources according to participants’ value contributions.

Stock idea

•Zhejiang Daily Digital Culture Group (600633 CH, BUY): data resource network leader and it has invested into the construction of Zhejiang Big Data Trading Center.

二、数字场景落地主线：支持数字经济做强做优做大，关注数字化转型相关受益公司。《规划》提到培育壮大数字经济核心产业，研究制定推动数字产业高质量发展的措施，打造具有国际竞争力的数字产业集群。此外，《规划》提到将数字中国建设工作情况作为对有关党政领导干部考核评价的参考。

建议重点关注2大板块：

1）数字文化板块：【人民网】通过大数据平台和 SaaS 化产品，向用户提供舆情大数据分析、舆情咨询研究、卫星数据应用等垂直领域的智能化、个性化、多功能、安全性数据服务；【新华网】推出在大数据智能分析基础上的系列服务和产品，以网络大数据采集、智能分析和研判为基础，提供智库类高端产品服务；【中国科传】拥有多个期刊数字化产品和知识服务平台。

2）ARVR/AIGC板块：【风语筑】中国数字展示行业的⻰头企业，搭建主题馆、博物馆、科技馆等公共文化空间数字化场景以及沉浸式文旅体验场景；【锋尚文化】持续探索虚拟演艺创意设计及制作服务；【大丰实业】文体旅产业新基建的重要参与者之一。

2. Scenario monetization: digital economy push benefits digitalization players

China hopes to cultivate and strengthen core markets in the digital economy, research and formulate measures that drive the quality growth of its digital industry, and create an internationally competitive digital industry clusters. The policy blueprint said the buildout of Digital China will also provide reference points to assess and evaluate party and government leaders. We focus on two major markets: digital scenarios, and virtual and augmented reality/artificial intelligence generated content (VRAR/AIGC).

VRAR/AIGC stock idea

•Beijing Funshine Culture Media Group (300860 CH, BUY; initiation): it explores creative design and production services related to virtual performances.

三、数字内容主线：数字文化自信繁荣，关注内容领域优秀产品力公司。《规划》提到大力发展网络文化，加强优质网络文化产品供给，推进文化数字化发展，深入实施国家文化数字化战略，建设国家文化大数据体系，形成中华文化数据库。提升数字文化服务能力，打造若干综合性数字文化展示平台，加快发展新型文化企业、文化业态、文化消费模式。

建议重点关注2大板块：

1）游戏板块：【恺英网络】传奇品类实力深厚，前瞻性布局VR硬件+内容侧；【三七互娱】游戏出海标杆企业，研运能力优秀；【神州泰岳】游戏产品长生命周期运营，深入布局NLP领域。

2）影视内容板块：【芒果超媒】综艺内容创新能力突出，全产业链上下游联动优势；【华策影视】持续稳定的规模化头部内容输出。

3. Digital content: competitive content providers that build Chinese digital culture

The plan aims to grow an internet culture by boosting the supply of quality internet culture products, promoting a digital culture, implementing a rigorous strategy for national culture digitalization, building a national culture big data system and forming a Chinese culture database. Other initiatives include improving digital cultural service capabilities, creating a number of comprehensive digital cultural display platforms and accelerating the development of new cultural enterprises, cultural formats and cultural consumption models. We focus on two major sectors: games, and film and TV. 

Gaming stock ideas

•Kingnet Network (002517 CH, BUY): its competitive strength is in its Legend series of games; forward-looking portfolio of VR hardware and content.

•37 Interactive Entertainment Network Technology Group (002555 CH, BUY): a benchmarking company for the export game market; strong research and operational capabilities.

Film and TV content stock ideas

•Mango Excellent Media (300413 CH, BUY): innovative and outstanding variety show content; a competitive advantage is its integration of both upstream and downstream markets to cover the whole supply chain.

•Zhejiang Huace Film & TV (300133 CH, BUY): continuous and stable large-scale leading content output. 

Other market players: not rated

- Merit Interactive (300766 CH): digital infrastructure player involved in the construction of Zhejiang Big Data Joint Computing Center. 

- Sublime China Information (301299 CH): signed a strategic cooperation agreement with the Information Center of the Development Research Center of the State Council.

- People.cn (603000 CH): big data platform and SaaS products; smart, personalized, multi-functional and secure data services in vertical markets such as public opinion big data analysis, public opinion consulting research and satellite data applications. 

- Xinhuanet (603888 CH): services and products based on smart analysis of big data, products and services based on big data network collection.

- China Science Publishing & Media (601858 CH): periodical digital products and knowledge service platforms.

- Shanghai Fengyuzhu Culture Technology (603466 CH): leading player in the Chinese digital display industry, digital scenarios in public cultural spaces such as themed pavilions, museums, and science and technology museums, cultural tourism immersive experience scenarios.

- Zhejiang Dafeng Industry (603081 CH): a key player in the new infrastructure of the cultural, sports and tourism industry.

- Beijing Ultrapower Software (300002 CH): gaming products with long life-cycle operations; NLP network.