建设数字中国是数字时代推进中国式现代化的重要引擎，是构筑国家竞争新优势的有力支撑。加快数字中国建设，对全面建设社会主义现代化国家、全面推进中华民族伟大复兴具有重要意义和深远影响。
——《数字中国建设整体布局规划》
在数字中国顶层政策规划下，“组建国家数据局”成为国务院机构改革方案之一，各地也陆续出台数字经济相关政策。
与此同时，OpenAI 公司开发的 ChatGPT 发布，人工智能的 “iPhone 时刻”已经到来，AIGC 牵引数字内容领域全新变革。
在政策加码和技术突破的驱动下，数字经济相关投资机会受到市场重点关注。在此基础上，本文研究了 AIGC 技术催化下数字中国产业星图。
德邦这篇报告详细梳理了数字中国产业链，具体分为上游基础层、中游技术层和下游应用层三层次，并详细梳理了其产业内涵、行业发展概况和相关上市公司。
今日荐读报告
【德邦证券】数字中国专题系列一：数字中国投资图谱
【德邦证券】数字中国专题系列二：数字中国产业星图
一、报告摘要
2023 年 3 月 10 日，德邦在《数字中国投资图谱》中介绍了四化框架下我国数字经济发展情况，梳理了核心技术的内涵概念、技术特点、市场规模和产业链结构等内容，并提出随着新一代信息技术发展，我国数字经济将持续做强做优做大，数字经济产业蕴含丰富的投资机会。
第二篇报告重点研究了 AIGC 技术催化下数字中国产业星图。以产业链为脉络，并详细梳理了其产业内涵、行业发展概况和相关上市公司。
上游基础层
硬件、软件和通信设施构筑数字中国的设施基础。
硬件部分主要包括算力芯片（CPU、GPU、FPGA、ASIC）、存储芯片、PCB、温控设备、服务器、网络安全硬件平台以及芯片制造领域的技术革新（Chiplet、CPO）。
CPU 作为计算机系统的运算和控制核心，GPU 在 AI 计算中负责进行大规模的计算和数据处理。
FPGA 可对芯片硬件层进行灵活编译，且功耗远小于前两者， ASIC（专用芯片）可以针对专门任务进行架构层优化设计。
存储芯片是用于保存数据的记忆设备， PCB 是电子元器件的支撑体。
温控设备对于保障电池、服务器、芯片等原器件正常稳定运行具有重要的意义。
服务器是管理资源的计算机，网络安全硬件平台是保护网络安全的专业设备。
Chiplet 兼具设计弹性、成本节省、加速上市等优势。
CPO 技术能够极大地提高数据传输效率，解决通信带宽的瓶颈问题；软件部分包括操作系统、数据库、中间件以及通用软件等，操作系统是连接计算机系统软硬件资源的纽带。
数据库系统有组织、动态地存储大量数据，可为各类用户共享。
中间件主要用于实现资源、功能共享的目的，是介于应用系统和操作系统之间的一类软件。
通用软件包括 ERP、安全软件和办公软件等；通信设施部分包括光通信器件、光纤光缆以及交换机等。
光通信器件指光电子器件及配套半导体集成电路，核心元件包括光芯片和光模块。
光纤光缆是传送光波的介质波导，是我国互联网产业重要的基础设施。
交换机是为接入网络节点提供独享电信号通路的网络设备，具有扩展灵活、性价比高的特点。
中游技术层
物联网、5G、大数据、云计算和人工智能奠定数字中国建设技术基础。
物联网触达海量数据：核心技术架构可分为数据入口——进行数据感知和收集，数据联通和传输，数据处理和协同应用三个阶段。
2025 年物联网市场规模将超 2.7 万亿，近五年复合增长率 10%左右，投资机会主要在终端制造商以及生
态系统和技术平台提供商。
5G 是中游技术层的基础：具有高带宽、低时延、大连接、低能耗的显著特征，进入发展规模化时期，2030 年市场规模将达 6.6 万亿元，投资机会集中在 5G 运营商、技术服务商。
大数据和云计算用以数据存储和处理：预计 2024 年我国大数据市场规模将达到 1577 亿元，未来三年复合年增长率 22.6%；预计 2025 年我国云计算市场规模将突破 1 万亿元，2022-2027 年复合增长率将超 36%，大数据和云计算投资机会集中在互联网数据中心（IDC）服务商和云计算技术服务商。
人工智能核心三要素为数据、算力和算法，2022 年人工智能市场规模将近 2000 亿元，未来五年有望高速增长。
国内外大厂近几年相继布局 AI 模型以及 AIGC 领域，AI 核心赛道竞争进入白热化阶段，核心赛道竞争白热化，中美 AI 基本面仍存差距，人工智能国产替代机会主要集中在兼具中文数据资源、算力和模型优势以及流量话语权的企业中。
下游应用层
数字产业化推动产业数字化发展，实现降本增效并提高创新能力。
To B 端：软件端革新将赋能工业信息化和智慧建筑，实现降本增效，同时工业机器人的进步将提升生产效率；金融行业有望在资讯生成、虚拟客服以及数据报告等方面实现智能化；能源企业在优化资源配置、安全保障与智能互动能力受益。
To C 端：AI 有望赋能医疗服务、医疗器械以及医药研发；教育数字化有望通过 AI生成教学内容，实现自适应教学；传媒行业成为极具红利的 AIGC 主应用阵地，广告、影视、游戏、电商等细分板块有望受全面赋能。
To G 端：政务处理效率和精准化有望随政务云和 AI 的部署稳步提升。
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二、报告部分内容预览
翻译：
Building a digital China is an important engine for promoting Chinese-style modernization in the digital era and a strong support for building new competitive advantages of the country. Accelerating the construction of digital China is of great significance and far-reaching impact on comprehensively building a modern socialist country and advancing the great rejuvenation of the Chinese nation.
— Overall Layout Plan for the Construction of Digital China
Under the top-level policy planning of Digital China, the “establishment of a National Data Bureau” has become one of the institutional reform programs of The State Council, and various localities have also introduced digital economic-related policies.
At the same time, the ChatGPT developed by OpenAI company was released, the “iPhone moment” of artificial intelligence has arrived, and AIGC has led to new changes in the field of digital content.
Driven by increasing policies and technological breakthroughs, investment opportunities related to the digital economy have received key attention from the market. On this basis, this paper studies the digital China industrial star map catalyzed by AIGC technology.
This report of Deppon combed the digital China industrial chain in detail, which was divided into three levels: upstream base layer, midstream technology layer and downstream application layer, and combed its industrial connotation, industry development overview and related listed companies in detail.
I recommend reading the report today
Digital China Series 1: Digital China Investment Map
Digital China Series 2: Digital China Industrial Star Map
I. Summary of the report
On March 10, 2023, Deppon introduced the development of China’s digital economy under the framework of the Four Modernizations in the “Digital China Investment Map”, combing the connotation concept, technical characteristics, market size and industrial chain structure of core technologies, and proposed that with the development of a new generation of information technology, China’s digital economy will continue to grow stronger, better and bigger. The digital economy industry contains abundant investment opportunities.
The second report focuses on the digital China Industrial star map catalyzed by AIGC technology. Taking the industrial chain as the context, and combing its industrial connotation, industry development overview and related listed companies in detail.
Upstream base layer
Hardware, software and communications infrastructure form the infrastructure of digital China.
The hardware part mainly includes computing chip (CPU, GPU, FPGA, ASIC), memory chip, PCB, temperature control device, server, network security hardware platform and technical innovation in the field of chip manufacturing (Chiplet, CPO).
The CPU is the computing and control core of the computer system, and the GPU is responsible for large-scale calculation and data processing in AI computing.
Fpgas can be flexibly compiled for the chip hardware layer, and the power consumption is far less than the first two, and ASics (dedicated chips) can be optimized for the architecture layer for specific tasks.
The memory chip is a memory device used to save data, and the PCB is the support body of electronic components.
The temperature control device is of great significance to ensure the normal and stable operation of the original components such as batteries, servers, and chips.
The server is a computer that manages resources, and the network security hardware platform is a professional device to protect network security.
Chiplet offers design flexibility, cost savings, and speed to market.
CPO technology can greatly improve the efficiency of data transmission and solve the bottleneck of communication bandwidth. The software part includes the operating system, database, middleware and general software, etc. The operating system is the link between the hardware and software resources of the computer system.
The database system stores a large amount of data in an organized and dynamic way and can be shared by various users.
Middleware is mainly used to realize the purpose of sharing resources and functions, and is a kind of software between application system and operating system.
General software includes ERP, security software and office software. The communication facilities include optical communication devices, optical fiber cables and switches.
Optical communication devices refer to optoelectronic devices and supporting semiconductor integrated circuits, the core components include optical chips and optical modules.
Fiber optic cable is a dielectric waveguide for transmitting light waves, and it is an important infrastructure for China’s Internet industry.
Switch is a network device that provides exclusive electrical signal path for access network nodes. It has the characteristics of flexible expansion and high cost performance.
Midstream technical layer
The Internet of Things, 5G, big data, cloud computing and artificial intelligence lay the technological foundation for the construction of digital China.
The core technology architecture can be divided into three stages: data entry – data perception and collection, data connectivity and transmission, data processing and collaborative application.
In 2025, the size of the Internet of Things market will exceed 2.7 trillion, with a compound growth rate of about 10% in the past five years, and investment opportunities are mainly in terminal manufacturers and students
State systems and technology platform providers.
5G is the foundation of the midstream technology layer: it has the significant characteristics of high bandwidth, low delay, large connection and low energy consumption, and has entered the period of large-scale development, and the market size will reach 6.6 trillion yuan in 2030, and investment opportunities will be concentrated in 5G operators and technology service providers.
Big data and cloud computing for data storage and processing: China’s big data market is expected to reach 157.7 billion yuan in 2024, with a compound annual growth rate of 22.6% in the next three years; It is expected that the size of China’s cloud computing market will exceed 1 trillion yuan in 2025, and the compound growth rate of 2022-2027 will exceed 36%, and big data and cloud computing investment opportunities will be concentrated in Internet data center (IDC) service providers and cloud computing technology service providers.
The core three elements of artificial intelligence are data, computing power and algorithms. And the market size of artificial intelligence is nearly 200 billion yuan in 2022. And it is expected to grow rapidly in the next five years.
In recent years, domestic and foreign manufacturers have laid out AI models and AIGC fields, AI core track competition has entered a white-hot stage, core track competition is white-hot, there is still a gap between Chinese and American AI fundamentals, and artificial intelligence domestic alternative opportunities are mainly concentrated in enterprises with Chinese data resources, computing power and model advantages and traffic discourse rights.
Downstream application layer
Digital industrialization promotes the digital development of industry, achieves cost reduction and efficiency increase and improves innovation ability.
To B end: Software end innovation will enable industrial informatization and smart buildings to achieve cost reduction and efficiency increase, while the progress of industrial robots will improve production efficiency. The financial industry is expected to become intelligent in information generation, virtual customer service and data reporting. Energy companies benefit from optimizing resource allocation, security and intelligent interaction capabilities.
To C end: AI is expected to enable medical services, medical devices, and pharmaceutical research and development. Education digitization is expected to generate teaching content through AI to realize adaptive teaching. The media industry has become the main application position of AIGC with great dividends. And the sub-sectors such as advertising, film and television, games, and e-commerce are expected to be fully empowered.
To G end: The efficiency and precision of government processing are expected to steadily improve with the deployment of government cloud and AI.
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Ii. Preview of part of the report
