历次外部冲击后的信创股价复盘

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1] Core Viewpoints - The report emphasizes that the domestic information technology innovation industry (信创) is experiencing sustained prosperity due to the resonance of policies and external disturbances, with four major industry giants enhancing the domestic supply chain [4][6] - The report outlines the historical performance of the 信创 index, indicating that from March 1, 2018, to April 11, 2025, the index has outperformed the Shanghai and Shenzhen 300 index by 30 percentage points [21][19] Summary by Sections Section 1: 信创 as a Necessity for Independent Innovation - The 信创 industry is a strategic response to the need for self-reliance in information technology, evolving since the 1980s [10] - The industry comprises four main areas: basic hardware, basic software, application software, and information security, with significant contributions from cloud services and system integration [14][4] - Major players like China Electronics, China Electronics Technology Group, Huawei, and the Chinese Academy of Sciences have formed a relatively complete ecosystem through investments and strategic partnerships [17][4] Section 2: Stock Price Review - The report analyzes the stock price movements of the 信创 index, highlighting that external shocks have been catalysts while supporting policies and industry implementations determine market performance [18] - From 2018 to 2019, the 信创 index saw significant growth due to the U.S.-China trade tensions, with cumulative gains of 35.03% compared to the Shanghai and Shenzhen 300 index [27][19] - The period from 2020 to 2021 marked a peak in the index, followed by a slowdown in 2021 due to a lack of major policy catalysts [31][28] - The years 2022 to 2023 reflected a decline in the index, with a cumulative drop of 26.23%, although it slightly outperformed the broader market [33][32] Section 3: Investment Recommendations - The report suggests focusing on key players in the 信创 sector, including China Software, Dameng Data, and others, as well as domestic industrial software and computing power companies [4]