In this process, many of the high-tech stocks that had been popular for a while became the first to dive, whether because of the counterfeiting incident, or affected by the industry downturn, as the so-called high-tech sector of the main body of the IT stocks has cast a huge shadow in the hearts of many shareholders, so that the capital market to stay away from. The stock market is the weathervane of the national economy, then the stock market will stir up panic IT stocks, its real situation is what is it like? Those in the process of squeezing the bubble fell more than 90% of the IT stocks can truly reflect the status quo of China's IT industry? If so, the existing IT listed companies as a representative of the basic status of China's IT industry in the end how?
With such questions, Internet Labs carries out in-depth and detailed research and analysis of the current situation of domestic IT listed companies, hoping to analyze and estimate the IT listed companies with the vision of experts in IT consulting for many years, and to provide reference for all kinds of investors, managers and experts in the IT industry.
Before analyzing the overall status of IT listed companies in 2001, Internet Labs spent a lot of time and energy to reclassify and organize the data of the 2001 annual reports of 148 IT listed companies, including the company's basic status, share capital structure, the top ten shareholders, senior executives, the composition of the staff's academic qualifications, the composition of the staff's functions, the composition of the main business, the composition of the holding company, the situation of subsidiaries, fund-raising and non-fund-raising. Subsidiaries, use of raised and non-raised funds, litigation and arbitration, transfer of assets, major related transactions, performance of major contracts, major guarantees, financial situation and other aspects of the data into a database, and generate nearly 100 variables, through the generalization and collation, in addition to most of the individuality of the data, selected a part of the overall situation on behalf of the IT listed companies in the subindustry **** sexual indicators for analysis By removing most of the personalized data and selecting a part of them that can represent the overall situation of IT listed companies and sub-industries, we have analyzed the **** indicators, so that this report can reflect the basic status quo of IT listed companies comprehensively and objectively as far as possible, and make preliminary expectations and speculations on the future of China's IT industry and sub-industries in conjunction with our own IT consulting experience.
While organizing the data, we found that although the format of the annual report disclosure of each company is similar, the information content therein varies greatly, resulting in certain data missing and incomplete, thus making it impossible to conduct a complete and comprehensive analysis. Therefore, the Internet Lab can only describe the basic status of China's IT listed companies on the basis of data availability and usability.
Before studying listed IT companies, one should first define what is IT and which companies are IT companies? However, the answers to these two questions are widely divergent, and there are countless criteria to define them at home and abroad.
In recent years, with the development of the information technology industry, more and more companies involved in the IT this emerging hot industry. 99 years of network stocks hotter period, the market circulation and media reports on the network concept of the stock had once reached hundreds. Many companies are busy participating in stock, holding and IT, Internet-related companies, lest they lose the favor of the capital market. 2001 network stocks, IT concepts are no longer in the limelight, the capital market has been advocating the concept of rational investment, but the media are still often engaged in the traditional main business of certain companies claiming to enter the IT industry reports.
Can such companies be included in the scope of our research? How can we make our research truly reflect the level of the overall IT listed companies? This is the biggest difficulty and confusion we encountered at the beginning of our research on IT listed companies.
In response to these problems, the Internet Laboratory, by analyzing and comparing a large number of different national economic industry classification standards at home and abroad and combining them with the actual situation of China's listed companies, has developed a set of classification standards that meets both the general standards and the domestic reality and the purpose of our research after repeated debates.
Almost every country and region has its own national economic industry classification standards, the Internet Laboratory after reading and comparing a large number of standards, selected four of them as the basis for us to formulate the basis and foundation of the classification standards of the IT industry. These four standards are International Standard Industrial Classification (ISIC), Global Industry Classification Standard (GICS), National Economy Industry Classification Standard (NECS), and Guidelines for Industry Classification of Listed Companies. All of these standards are formulated and released by domestic and foreign authoritative organizations or senior investment companies in the industry. The following is a comparison of the classification of these four standards as they relate to the information technology industry respectively.
1.1 Comparison of existing classification standards
1.1.1 International classification standards
There are many different opinions on the classification of industries in the national economy. The two standards that are more common in the international are as follows:
l International Standard Industrial Classification (ISIC, International Standard industrial Classification of All Economic Activities), which was formulated and considered by the United Nations in 1989 and recommended to governments for international statistical data. The ISIC was developed and adopted by the United Nations in 1989 as a recommended statistical classification for use by governments in making international comparisons of statistical data. This standard provides countries with a basic framework for the comparison of various economic activities and serves as a tool for international statistical comparisons and exchanges. The following are the industrial classifications related to information technology:
Figure 1?1 Excerpt from ISIC
Category D: Manufacturing
30 Manufacture of office, accounting, and computing equipment
31 Manufacture of electronic equipment apparatus
32 Manufacture of semiconductors, televisions, and communications equipment
Source: International Standard Industrial Classification (ISIC) Classification
l Global Industry Classification Standard (GICS, Global Industry Classification Standard), published jointly by Morgan Stanley and Standard & Poor's in 1999. Morgan Stanley and Standard & Poor's are both senior financial investment firms in the United States, and the most developed region of the global information technology industry is also in the United States, so these two companies in 99 years published in the "Global Industry Classification Standard" will be the information technology industry in detail to categorize and classify the industry, and it is one of the most important references for the development of Internet Labs' classification standards for IT listed companies. The following is the classification of industries related to the information technology industry in the standard:
Chart 1?2 Excerpts from the Global Industry Classification Standard
Category Major category Medium category Minor category Description
45 Information technology 4510 Software and services 451010 Internet software and services 45101010 Internet software and services Companies engaged in the development and sale of Internet software and/or the provision of Internet services, including online databases and interactive services, Internet address registration services, database creation and Internet design services, excluding Internet retail businesses
451020 IT consulting and services 45102010 IT consulting and services Information technology service providers not classified in data processing services and Internet software & services, including IT consulting and information management services
451030 SOFTWARE 45103010 APPLICATIONS SOFTWARE Firms that design, develop, and produce specialized application software for the business or consumer market, including enterprise, technical, and entertainment software. Excludes companies that produce systems or database management software
45103020 Systems software Companies engaged in the development of software for the management of production systems and databases
4520 Technology Hardware and Equipment 452010 Telecommunications equipment 45201010 Networking equipment Manufacturers of computer networking equipment products, including local area networks (LANs), wide area networks (WANs) and routing equipment
45201020 Telecommunications Equipment Manufacturers of telecommunications equipment, including telephones, switchboards and exchanges. Excludes businesses in the Network Equipment subcategory
452020 Computers & Peripherals 45202010 Computer Hardware Manufacturers of personal computers, servers, mainframes, and workstations, including automated teller machines (ATMs), excluding photocopiers, facsimile machines, and related products
45202020 Computer Storage & Peripherals Manufacturers of electronic computer components and peripherals, . Includes data storage devices, motherboards, video, audio cards, monitors, keyboards, printers and other peripherals. Excludes semiconductor equipment
452030 Electronic equipment and devices 45203010 Electronic equipment and devices Electronic equipment or components manufactured and/or distributed. Includes electronic analysis, test and measurement tools, electronic components, and other connecting devices and equipment not elsewhere classified
452040 Office electronics 45204010 Office electronics Manufacturers of office electronic equipment, including photocopiers and facsimile machines.
452050 Semiconductor equipment and products 45205010 Semiconductor equipment Manufacturers of semiconductor equipment
45205020 Semiconductors Manufacturers of semiconductors and related products
50 Telecommunication services 5010 Telecommunication services 501010 Miscellaneous telecommunication services 50101010 Data conversion Provision of primarily high-speed broadband or fiber-optic network for communications and high-density data transfer services
50101020 Integrated communications services Major fixed communications network operators and companies that provide both unlimited and fixed-line communications services
501020 Wireless communications services 50102010 Wireless communications services Providers of cellular or wireless long-distance communications services, including call services
Source: Global Industry Classification Standards
1.1.2 Domestic Classification Standards
l China's current national economic industry classification standard is the National Economic Industry Classification Standard (NECS) published by the National Bureau of Statistics (NBS) in 1994, which was revised in May 2002, and the new NECS will be formally launched on October 1, 2002 onwards. In the new standard, the category of "information transmission, computer services and software industry" has been added, which is divided into 3 major categories, 10 medium categories and 14 sub-categories. Due to the limited information, we still use the study of the "National Economic Industry Classification Standard GB/T4754-94", the following is the classification of this standard related to the IT industry:
Figure 1?3 Excerpts from the National Economic Industry Classification Standard
Information Chemicals Manufacturing Industry, including photographic materials, magnetic recording materials, electronic materials, optical fiber communication with auxiliary materials, such as Photographic film, magnetic tape, disk, fluorescent powder, liquid crystal material production.
Transmission equipment manufacturing industry, including carrier equipment, microwave equipment, wireless equipment, satellite communications equipment manufacturing.
Switching equipment manufacturing industry, including long-distance telephone switching equipment, telephone switching equipment, data switching equipment, telegraph switching equipment manufacturing.
Communication terminal equipment manufacturing
Other communications equipment manufacturing
Electronic computer manufacturing industry, including large, small, miniature electronic computer manufacturing, excluding electronic calculator manufacturing.
Electronic computer peripheral equipment manufacturing industry, including output, input, graphics, tabulation and other external equipment, peripheral interface equipment manufacturing.
Electro-vacuum device manufacturing industry, including a variety of electronic tube manufacturing.
Television, video recorder, video camera manufacturing industry, including all types of color television sets, black and white television sets, video recorders, video camera manufacturing, camcorder manufacturing is also included in this category.
Radio, tape recorder manufacturing industry, including a variety of radios, tape recorders, sound machine manufacturing. The manufacture of gramophone and amplifier is also included in this category.
Electronic Calculator Manufacturing Includes the manufacture of pocket electronic calculators, desktop calculators, etc.
Electronic Equipment and Communication Equipment Repair Industry
Communication Equipment Repair Industry
Telecommunications Industry Includes the operation of telecommunication services such as telephone, telegraph, mobile communication, radio paging, data transmission, graphic facsimile, satellite communication, and telecommunication transmission activities (e.g., wire services, microwave terminus system units, etc.).
Software development consulting industry Includes the development of various computer software and its consulting activities.
Data Processing Includes various data processing and tabulation activities.
Database Services Industry Includes database development, data storage, database maintenance, network services, and external consulting services.
Computer Equipment Maintenance and Consulting Includes activities such as maintenance and simple repair of main and peripheral computer equipment, as well as consulting on types and configurations of hardware and software related to it.
Source: National Economic Industry Classification Standard
l "Guidelines for Industry Classification of Listed Companies", which was issued and implemented by the China Securities Regulatory Commission (CSRC), its purpose is to provide guidance for the relevant units and departments in the securities industry in the classification of listed companies in the statistical, analytical, and other related work, and for the classification of listed companies in the industry, which stipulates the principles of classification, coding methods, frameworks, and other relevant information. This standard specifies the principles, coding methods, framework and operation and maintenance system of listed companies. The classifications related to the information technology industry are as follows:
Figure 1.4 Excerpts of Industry Classification Standards of Guidelines for Industry Classification of Listed Companies
G Information Technology Industry
G81 Communication and Related Equipment Manufacturing
G8101 Communication Equipment Manufacturing
G8110 Radar Manufacturing
G8115 Broadcasting and Television Equipment Manufacturing
G8115 Radio and Television Equipment Manufacturing
G8120 Communication Equipment Repair Industry
G83 Computer and Related Equipment Manufacturing
G8301 Computer Manufacturing Industry
G8310 Computer Related Equipment Manufacturing Industry
G8335 Computer Repair Industry
G85 Communication Services Industry
G8501 Telecommunications Services
G8599 Other Communications Services
G87 Computer Application Services
G8701 Computer Software Development and Consulting
G8705 Computer Network Development, Maintenance and Consulting
G8710 Computer Equipment Maintenance Consulting
G8799 Other Computer Application Services
Source: Industry Classification Guidelines for Listed Companies
1.1.3 Comparison of the Four Classification Methods
The four industry classification standards listed above, which were obtained by domestic and foreign authorities after repeated research and practice, are representative and usable, and are the basic reference framework for us to study the classification of the IT industry.
Internet Labs compared the above four standards in the course of research and found that the standards formulated by the United Nations in '89 contained only the traditional IT manufacturing industry, while missing the classification of many emerging industries such as software and networking after the 1990s. In contrast, the Global Industry Classification Standard (GICS), the National Economic Industry Classification Standard (NECS) and the Guidelines for Industry Classification of Listed Companies (GICL) all contain specialized, more detailed and comprehensive classifications for the IT industry.
On the whole, the Global Industry Classification Standard is more comprehensive, which includes the IT consulting industry that is not found in other standards, but in our country, IT consulting can not be called an industry at present, and we have not found any similar listed companies in the process of the actual research, which also indicates that the latter two standards, i.e., the Standard Industrial Classification of the National Economy (SICNE) and Guidelines for Industry Classification of Listed Companies (SICGL) are more relevant to China's national conditions. Camera Manufacturing Yes Yes Yes Yes Yes
Computer Network Development, Maintenance and Consulting No Yes Yes Yes Yes
Information: Internet Lab
Consolidating the strengths and weaknesses of the above four classifications, the Internet Lab researched and formulated a classification standard for the IT industry.
1.2 Internet Laboratory IT industry classification standards
1.2.1 Classification of industries
Through in-depth research and analysis of the above four classification standards, and combined with the needs of the actual study, the Internet Laboratory has determined the classification standards for IT listed companies.
Figure 1-6 Classification Table for Each IT Industry
Major Classes Subclasses Description
Value-added IT Services Software Companies that design, develop, and produce specialized application software for the commercial or consumer market, including enterprise, technical, and entertainment software.
IT Services Trade Companies providing systems integration, IT media services, and trading of IT products
Internet Companies providing Internet services, including online databases and interactive services, Internet address registration services, database creation and Internet design services, and Internet retailing businesses.
IT Manufacturing Category Electrical Appliance Manufacturing Manufacturing Manufacturing of personal computers, servers, mainframes and workstations, and manufacturing of various types of information appliances
Communication Network Equipment Manufacturing Manufacturing Manufacturing of computer network equipment products, and manufacturing of telecommunication equipment
Electronic Component Manufacturing Manufacturing of electronic components, and production or distribution of electronic components.
IT Accessories Manufacturing Includes data storage devices, motherboards, video, audio cards, monitors, keyboards, printers and other peripherals.
IT Consolidation IT Consolidation Companies engaged in a variety of the above industries
IT Concepts IT Concepts Companies whose business includes the above industries, but whose business revenues do not account for the bulk of their total business revenues
Source: Internet Labs
Description:
1. Since the trend of informationization of home appliances is very obvious nowadays, we have included computer machine manufacturing and household appliance manufacturing together as the appliance manufacturing category.
2. See 1.2.2 Categorization Criteria for Listed IT Companies for specific definitions of IT integrated and IT concept companies.
This classification standard is developed specifically for China's IT industry, within the industry has a general universality, and adapt to China's national conditions, and the reality of one-to-one correspondence, the most important point is that this classification standard is in the IT industry chain has been shaped after the development of the future will not have much change in a long period of time, so that the standard has a relative stability. Therefore, we believe that this categorization method can achieve a clear definition of the industry for both our existing research and the scope of research that may be involved in the future, so that the research can be targeted.
After completing the development of classification criteria for the IT industry, it is also necessary to develop a set of categorization principles and criteria aimed at assigning listed companies to the most appropriate category when their business scope involves a variety of IT businesses. In the development of categorization standards, we have adopted the proportion of main business income commonly used in the standards as a standard, because the object of our research is domestic IT listed companies, so in the development of categorization standards, mainly based on the Securities and Futures Commission issued the "Guidelines for the Industry Classification of Listed Companies", and combined with the research and the actual need for certain adjustments, in order to most appropriately express the status quo of the domestic IT listed companies.
1.2.2 Categorization Methods
The categorization principles and standards are mainly based on the categorization principles and methods of the China Securities Regulatory Commission (CSRC) in the Guidelines for the Classification of Listed Companies.
l Classification Principles and Methods of the Guidelines for Industry Classification of Listed Companies:
Principle: The operating revenues of listed companies are the criteria for classification, and the financial data used are the consolidated statement data audited by accounting firms.
Classification method:
(1) When the proportion of operating revenue of a certain type of business of a company is greater than or equal to 50%, the company will be classified into the category corresponding to that business.
(2) When the company does not have a class of business whose share of operating income is greater than or equal to 50%, if the share of operating income of a class of business is 30% higher than the share of income of all other businesses, the company will be categorized into the industry category corresponding to this type of business; otherwise it will be categorized as a composite category.
Internet Labs has developed its own set of categorization criteria after adjustments to this standard, striving to be objective, fair and comprehensive to reflect the actual situation of listed IT companies.
l Principle: listed companies operating income as a categorization standard, the financial data used by the China Securities Regulatory Commission designated listed companies disclosure website published in the 2001 annual report of listed companies audited by accounting firms data.
l Internet Laboratory IT listed companies categorization standards:
(1) when a listed company of a class of IT business operating income proportion is greater than or equal to 50%, it will be classified into the corresponding category of the business;
(2) when the listed company does not have a class of business operating income proportion is greater than or equal to 50%, but if the proportion of the operating income of a certain type of IT business than the proportion of other business income are 15 percent higher than 15% more than the proportion of income from all other businesses, it will be classified into the corresponding category of the business;
(3) if the listed company has diversified business operations, no prominent main business, but the combined proportion of operating income from all IT businesses is greater than or equal to 50%, it will be classified into the category of IT integrated;
(4) if the listed company has diversified business operations, no prominent main business, all IT businesses' combined weight of operating revenues is less than 50%, but 15% higher than the weight of other business revenues, then it will be classified as IT consolidated;
(5) When the listed company's business involves the IT industry, but does not satisfy the above conditions, it will be classified as IT conceptual category.
It should be noted that:
a) In the second article of the above categorization method, the proportion of operating income is adjusted from 30% to 15% as stipulated by the SEC. As the research process, we found that the domestic IT listed companies are relatively young, the main business is more unstable, frequent changes, and there is a certain degree of diversification phenomenon, if the proportion of 30%, it will be too many companies will be classified as IT integrated enterprises, which is not conducive to reflecting the actual business situation, and is not conducive to analyzing and researching the situation of the various sub-industries, so taking into account the need to track the comparative study of the year-round, we have reduced this The ratio is reduced to 15%.
b) IT consolidated category is a special category, which is similar to the consolidated category mentioned in the Guidelines for the Classification of Listed Companies. IT consolidated companies have fragmented main business and no prominent main revenue, but a large portion of their revenue comes from the IT industry, so in order to conduct a comprehensive analysis of IT listed companies, we add up the revenue from the IT business of this type of company and compare it separately with the revenue from other businesses, which is in line with the above categorization principle (
). Comparison, in line with the above categorization principles (3), (4), under the IT integrated category.
c) The rest of the categorization methodology is basically consistent with the Guidelines for Industry Classification of Listed Companies issued by China Securities Regulatory Commission.
1.2.3 Categorization Results of Domestic IT Listed Companies
Based on the above categorization criteria, Internet Lab classified domestic IT listed companies at the end of 2001 into the following categories:
(1) IT value-added service category-***24 of them:
Software category: 9 Huitong Water Resources, TTI, Newland, Sinosoft, UFIDA Software,
Neusoft, Wave Software, Clearwire, Baoxin Software
IT service trade: 10 macro-intelligence technology, Unicom, Zhaowei Technology, Top Software, Yiyangtong
Zhejiang University, East China Computer, Guangdong Huadian, Saidi Media, BitTorrent
Internet category: 5 Digital Network, Longfa, Gehua Cable, Yanhuang Online, Joyou Network
(2) IT Comprehensive-***13:
IT Comprehensive: 13 Qingbird Tianqiao, Xintai Science & Technology, Ai Envoy, Tsinghua Purple, Feile Audio
Shen Huaqiang, Xiang Computer, Tsinghua Tongfang, Haixing Science & Technology, Dahang Science & Technology
ST Hefei Technology
Shen Huaqiang, Xiang Computer, Tsinghua Tongfang, Haixing Science & Technology, Dahang Science & Technology < /p>
ST Huangheke, Heguang Business, Chaohua Science and Technology
(3) IT Manufacturing-***71, of which:
Electrical Appliances Manufacturing: 24 Tianda Tiancai, Hongtu Hi-Tech, Hongsheng Science and Technology, Gan Changfeng A, Dongfang Electronics, Radio and Television Information, Shenzhen Konka, Great Wall Computer
Digital Source Technology, Labthink Technology, Xaxin Electronics, Hisense Electric, Fu Ri, Founder Technology, Qingdao Haier, Sida Computer
Sichuan Changhong, Xiamen Electronics, Tianjin Magneto, Nantian Information, Xionggong Group, Yuemei A, Shaan Changling, Sitong High-tech
Communication Network Equipment Manufacturing: 24 Xinyu Software, Shanghai Science and Technology, Fujian Fufa, China Science and Technology, Zhongkejian, ZTE Corporation, Tefal, TCL Telecom, Taikwang Telecom,
Telecommunications Network Equipment Manufacturing: 24 Xinyu Software, Shanghai Technology, Fujian Fufa, China Technology, Zhongkejian Telecom,
Zhongxun Technology, Changfeng Communications, Ning Communications, Yongding Optical Cable, Waveguide, Dingtian Technology, Datang Telecom, Changjiang Telecom
Fiberhome Communications, Nanjing Panda, Oriental Communications, SZXSDA, Qingdao Huaguang, Shanghai Post, Wave Information, Chang'an information
Electronic Components Manufacturing Category: 11 Zhenhua Science and Technology, Galaxy Science and Technology, Shanghai Bailing, Feiluo Stocks, Fenghua Hi-Tech, Century Light
Lianchuang Optoelectronics, SZHDFA, A Relay, ZDHNA, Xianyang Deflection
IT parts manufacturing category: 12 BOE, SZT, SZDT, SZTMA, SZSG, SAGE Samsung
Gemstone A, Fudi Science & Technology, Colorful Rainbow, Daxian, Ningbo Successful, Guoneng Group
(4) IT Concepts-***40
IT Concepts: 40 Peking University High-tech, Century Star Source, ST Dasheng, Makkot, Sea Rainbow Holdings, Nankai Gode, Qionghaide A, ST Golden Horse
Far Eastern Shares, Polaris, Xiamen Xindan, East China Science and Technology, Tibet Development, Meiyan Shares, Lonrun Shuangdeng, CITIC Guoan
Shanda Huatei, DGM, Fuxing Technology, Zhongguancun, Huagong Technology, Duojia, Luodun Development, Xishui Stock
ST Guojia, Aerospace Zhonghui, Zongyi, Aerospace Changfeng, Gongda Shouchuang, ST Zonghong, Rocket, Fubang Science and Technology
Lanbao Information, Aerospace Science and Technology, Shanghai Jining, Yongsheng Data, Xinlian Stocks, Shengfang Science and Technology, Bohai Logistics, Hudaxue Science and Technology
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