HSBC-中国软件行业-拥抱数字化和软件本地化浪潮-2022.4.13-23页

HSBCEquities·SoftwareQianhai13Aprl2022Exhibit 2.Digital economy's contribution in GDP rose to 39%in 2020(from 14%in 2005)45%4039%40%3533%34%35%30%225%25%19%20%1514%15%15%010%265%0%20052008201120142017201820192020Digital economy size (RMB tm)as of GDPSaroe:CACT,HSBC Cianhai SecritiesExhibit 3.The digital economy as ofExhibit 4.The digital economy's value-addGDP in 2020CAGR is 11%in 2021-25e0%70%3004%50%25864200USGormanyK200202120720730202207Vdueaddof China's dgtal econany (RMB tn)Source:CACT.HSBC Cianhai SecuritiesSorce CASS,HSBCCianhsi Secrties esimatesExhibit 5.Software's contribution to China's digital economy is getting bigger50.0r10.0%9.8%98%40.09.6%30.09.3%9.4%$.2%92%20.09.0%8.8%88%10.08.6%2.42.9333.827.231.335.839.28.4%82%2017201820192020Software and IT service GDP (RMB tm)Digital economy size (RMB tm)-as of digital economySaurce:CACT,MIT,HSBC Ciarhai SecuriiesSpecifically,we expect a strong policy push for cloud migration,which will likely benefitSaaS providersStrong policy support.The Chinese government has been promoting enterprise digitalisationover the past decade;the development of the cloud industry has been identified as a majorstrategic priority and mentioned prominently in both the 12 and 13 five-year plans.In therecently released 14th five-year plan for the development of the digital economy,the governmenthas introduced series targets.such as:1)an increase in the penetration of industrial loT to 45%3