“数字经济”系列（一）：三大预期差把握数字经济投资线索

Investment Rating - The report indicates a positive outlook on the digital economy, highlighting significant investment opportunities driven by policy and technological advancements [2][8]. Core Insights - The digital economy is expected to experience growth beyond market expectations due to dual drivers of policy and technology, with the fourth industrial revolution centering on digital economic development [15][21]. - The report identifies three major expectation gaps that will reshape the digital economy landscape, including the anticipated strength of policy implementation, the strategic importance of the digital economy for national security, and the rapid expansion of digital infrastructure [2][21]. Summary by Sections 1. Reasons to Focus on the Digital Economy - Expectation Gap One: The driving force behind digital economy development will exceed market expectations, fueled by both policy and technology [15][21]. - Expectation Gap Two: The intensity of digital policy, particularly at the local level, will surpass market expectations, as highlighted by the "Digital China Construction Overall Layout Plan" [2][8]. - Expectation Gap Three: The strategic significance of the digital economy for national security will exceed market expectations, emphasizing its role in safeguarding economic and financial stability [21][36]. 2. Three Major Industry Trends - Trend One: The demand for data flow and computing power is expected to surge, benefiting core participants and foundational infrastructure [3][24]. - Trend Two: Local policy implementation will accelerate industrial digitization, integrating digital technology with traditional industries [10][29]. - Trend Three: The global competition for the digital economy will align more closely with national security objectives, as countries vie for leadership in this critical area [32][36]. 3. Three Investment Lines - Investment Line One: The foundational elements of the digital economy, including telecommunications operators, optical modules, and data centers/supercomputing centers, are poised to benefit from the surge in data flow and computing demand [3][12]. - Investment Line Two: Industries leading in digitization, such as media, internet, digital healthcare, and smart connected vehicles, will leverage digital technology to enhance efficiency and reduce costs [3][12]. - Investment Line Three: The core areas of domestic substitution, including industrial software and trusted computing, will see heightened urgency under current policies [3][12].