Offline payment scenario is a big trend, optimistic about merchant resources

Since the end of October, we have continued to be optimistic about the consumer finance and offline payment segments, and first proposed that "Is it possible to start paying attention to Internet finance?" First, it emphasizes that the industry is policy-driven. From special rectification to strict information disclosure and negative lists, supervision has been the strictest, and next year, it is expected that policies will be warmed up. The work report summary for special rectification will be completed in the first quarter. Second, from the industrial level. Looking at the industry's prosperity and industrial capital attention is still strong.

For the offline payment market, with the arrival of Apple Pay in China at the beginning of the year, the entire market was detonated, and the number of connected smart POS machines and offline payment transactions increased rapidly. Samsung, Xiaomi and Huawei also joined the competition, and the second half of the year The issuance of the Payment Business Specification (Draft for Comment) and the UnionPay QR code payment standard officially launched by China UnionPay recently marked the beginning of a new pattern for mobile payment. At the same time, the official implementation of the “96 fee reform”, the market profit of the acquiring market seems to be compressed, in fact, the market is formalized, driving the industry in the offline payment industry to improve. It is also to see the potential value-added benefits contained in it, and the major banks continue to launch various promotional activities, and even pay for the brand.

Paying scenes is a big trend, optimistic about companies with strong merchant resources and mobile payment potential

With the increasingly fierce competition in mobile payment "flash payment" and "scan code", the quality of the payment scenario has become the key, the position of merchant resources in the entire industry chain is prominent, and the flow value of offline merchants will gradually be realized. Such as WeChat payment holds a strong social resource, but its realization is inseparable from strong merchant resources, and the first batch of merchants of Alipay AR Reality Red Packets include Coca-Cola, Procter & Gamble, Uniqlo, Hungry, etc. It is Alipay who sees the importance of merchant resources across the mobile payment side.

The emergence of Alipay AR Reality Red Packets ignited the LBS scenario application + merchant payment application scenario. For mobile payment, expanding the geographically dispersed merchants in the future can greatly enhance the interest of real-life payment. It is believed that another giant WeChat will also launch the corresponding layout, and the integration industry will continue to improve. For computer companies, those strategic lines that focus on the offline payment industry chain, with intelligent offline POS and other important offline user diversion and data collection port card line offline traffic, with strong merchant resources and companies with mobile payment potential, it is worthy of attention .

Strategy and direction: Focus on offline payment & consumer finance, IT security, cloud computing

(1) Offline payment & consumer finance: The bottom of the Internet financial policy has emerged. From special rectification to strict information disclosure and negative list, the supervision of policies has been the strictest, and the policy is expected to warm up next year. Opportunities in the future industry standardization are asset-side innovations, such as consumer loans, SME credit, and other development trends, and second, strong merchant resources and companies with mobile payment potential. It is recommended to pay attention to Omar Electric, New World, 2345, Winning Time, New Country, etc.

(2) IT security: The overall growth rate of the industry is above 25%, and the policy catalysis will be more obvious next year. The security needs of downstream industries such as telecommunications and military and the investment in IT security will continue to grow. In addition, under the new IT trend, security requirements in new areas such as cloud security, timely, intelligent services, and industrial security will also become stronger. At present, the overall sector corresponds to a 17-year valuation of about 30 times, the valuation is at a historical low, and is optimistic about leading companies such as NSFOCUS and Venus.

(3) Cloud computing big data: The localization operation of the IaaS layer is a foregone conclusion. As the infrastructure of the IT industry, the development of the cloud began to enter the stage of performance and growth. I am optimistic about Neusoft Group, Dongfangtong, Inspur Information, Zhongke Shuguang, and the mobile side is optimistic about Tongding Internet.

(4) Artificial intelligence: In the PC era, the mobile Internet era and the AI ​​era, the main lines of the computer investment framework of the three eras are obvious; in addition, the deep learning of a large number of parallel local operations makes new computing architectures such as GPUs appear. At present, I am most optimistic about the direction of biometrics, and think that it is like a camera to the security industry for artificial intelligence. Refer to our 50-page depth "Biometrics, Outbreak of Artificial Intelligence Industry". Recommended targets: Yuanfang Optoelectronics, Sitron Medical Hui, Jiadu Technology, Jingjiawei.