The electron trade pays close attention to the innovative enterprises of technology
After the electron trade grew at top speed in 03- 06, most electronic manufacturers have already entered middle and later periods when productivity has shifted, under the influence of all sorts of unfavourable factors outside China, Chinese electron trade grows up ability and earning power glide. We think only technology upgrading can bring and offer a new opportunity of development to the trade, target will transform from investing in the driving type, cost driving type into the driving type of the craft and direction of the technology driving type investment.
Technology upgrading is a main thinking
On the initial stage that the productivity is shifted, Chinese enterprises possess comparatively obvious cost and price advantage, face substituting the space in the obvious inlet at the same time, enterprises possess the higher earning power and growth. But as the productivity is shifted and entered later period, the introduction of new technology and new product becomes keys, because the new technology corresponds to greater market share and better competitive environment, enterprises can enter the new round of productivity and shift cycle through technology upgrading. So, we think technology upgrading is main thinkings which invest in the electron trade.
We think most enterprise have, raise, throw project or productivity, open 08 year, listing new stock, sub-new stock enter, raise, throw harvest time such as event too 06- 07 year very, so long-term needn't getting more pessimistic too about electron trade,it is short-term risk merit attention.
The investment driving trade taking semiconductor, faceplate trade as typical representative faces the problem that it is excited to expand producing in the manufacturer, for example the expenditure of the greater fixed capital makes the manufacturer pay attention to the stability of the output rather than price even more, so though the trade enters barrier great, present the competitive state of the price by a wide margin easily. The trade products of the driving type of the cost are often high in canonicalization, the difference is relatively weak. Enterprise's competitive method is competed for and competes with price for the simplex cost.
Technology upgrading mainly includes driving type of the craft and technology driving type. The craft driving trade needs the longer time craft to accumulate and improve products quality and products high quality ratio, so enter the relative great of the barrier. And it is technology research and development and product design that the technology driving trade is most central, possess the great and enter the barrier too. In terms of rival, driving type of technology and craft driving trade rival rely mainly on good at technical day, American manufacturering, the trade substitutes the space bigger, the majority is in initial stage or middle period when productivity is shifted, it is a direction of investment value in the future.
Four major characteristics announce the innovative trade
Technological innovation trade possesses technology lasting staging, much technology crossing, good industry chains and visits four high-quality characteristics of relation and sharp competition pattern from head to foot, and these four high-quality characteristics have guaranteed more quick development speed and enterprise's stable earning power of the trade.
It is the lasting staging of the technology at first, employs and expanding constantly. Whether technically or on the products, technological innovation trade products sustainability are strong, employ and expand the space greatly, the trade is in product life cycle in early days more, the speedup is very fast in the future; Secondly, many trades, many technology cross. Whether no matter financial electron, electroacoustic device, safety protection trade or apparatus trade, all the crossing of many technology, many trades; Moreover, have good visiting industry's chain relation from head to foot. Look from upstream angle, different from traditional manufacturing industry, technological innovation enterprises upstream and often relying mainly on electronic devices and components industry process the industry, this kind of trade falling tendency year by year of product cost, so technological innovation enterprise's original material cost is often lower, look from downstream angle, the technological innovation enterprises of enterprises create value for the downstream customer directly or indirectly through security, stability and efficiency. Good visiting industry's chain relation from head to foot is the technological innovation value place of enterprise investment; Finally, the competition pattern is clearer, the native manufacturer occupies the advantage.
We have an optimistic view of technological innovation trade, think future have more high-quality technological innovation enterprise through list investment visual field to enter us at the same time.
ATM potentiality of rising is enormous
China ATM is at faster speedup stage across the trade of walking, following high growth in the past few years of Beijing, Shanghai, Shenzhen, Zhejiang, Jiangsu, Shandong, Henan and other places enter more than 50% of the speedup stages.