瑞信-中国能获得科技独立吗？（亚太地区科技行业）-2019.11.4-.pdf

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1、4November2019EquityResearchAsiaPacificAsiaTechnologyStrategyChina:Canitgaintechindependence?Technology

2、StrategyCICSpecialFigure1:Chinatechnettrade(importsminusexports)waterfall,2018(USDbn)TheCreditSuisseChinaInvestmentConference250(CIC)isoneofthemoste

3、xclusivebusiness126gatheringsintheGreaterChinaregion,bringingtogetherbusinessleadersandentrepreneursfrom200aroundtheregion,aswellasglobalinstitutionalandprivateinvestors.Thisyear,theCreditSuisseChina150InvestmentConferencewillexplorethethemeof‘GreatEx

4、pectations’–atopicthatembracesthe80100continuedprogressionofChinaandthe(141)advancementofsomeofthecountry’smost50(36)8dynamiccompaniesagainstthecurrentgeopolitical1211andmacroeconomicbackdrop.(25)(3)-ResearchAnalysts(52)(20)(50)ManishNigamSPEDisplaySe

5、mi-Semi/ICexMobileTelecomDisplayPrintedPassiveOthersTotalTechEquipMemoryMemoryHandsetEquipmentCircuitsComponentNetImports85221017067manish.nigam@credit-suisse.comSource:CEIC,CreditSuisseestimatesRandyAbrams,CFA■TechisthelargestChineseimport;localizati

6、onanationalpriority.Technology886227156366sectorformsthelargestpartofChina'simportbasket(21%)andsemiconductorsaccountrandy.abrams@credit-suisse.comfor70%ofallitstechimports.ThisisdespitethefactthatChina'sownproductionofKeonHansemiconductorshasgrownata

7、20%CAGRsince2011.Thisheavydependenceon82237073740technologyimportshasledtoseveralpolicyinitiativessince2000fromtheChinesekeon.han@credit-suisse.comgovernmenttohelpgrowthedomestictechnologyindustryformultiplereasonsincludingKynaWongnationalsecurity,ass

8、uredsupplyavailability,andaninteresttocontinueeconomicand85221016950humancapitaladvancementgrowingcapabilityinhighervalueadd/IPareas.Risingkyna.wong@credit-suisse.comgeopoliticalissueshaveaddedurgencytotheseefforts.ChaolienTseng■Adeep-divereport.Inthi

9、sin-depthreport,leveragingourglobaltechnologyanalystteam,85221016795weoutlinethecurrentmarketstructureofvariouskeytechsub-sectors,highlightChina'schaolien.tseng@credit-suisse.comgameplantolocaliseproductionandthenprovideourconclusionsaboutthel