通信行业深度报告：让数据更可信共享区块链发展永向前.pdf
1 / 26 2021 06 23 -700M 5G -2021.6.20 -5G ToB - 2021.6.19 - 5G -2021.6.18 S0790520030005 S0790120040005 UPS IDC BaaS / IT (002335.SZ) (002837.SZ) (688158.SH) (002518.SZ) -34% -17% 0% 17% 34% 51% 2020-06 2020-10 2021-02 3002 / 26 1 . 4 1.1 . 5 1.2 . 6 1.3 . 7 1.4 . 9 2 . 9 2.1 . 9 2.2 . 9 2.2.1 . 9 2.2.2 IDC . 10 2.2.3 UPS . 11 2.2.4 . 12 2.3 . 12 2.3.1 . 14 2.3.2 . 15 3 BaaS . 15 4 . 18 4.1 . 18 4.2 . 18 4.3 . 20 4.4 . 21 4.5 . 22 5 . 23 6 . 24 1 . 4 2 . 6 3 ECDSA . 6 4 . 7 5 2.0 . 8 6 3.0 . 9 7 GBT 4 . 10 8 . 11 9 UPS . 12 10 IPFS . 13 11 AWS Chia . 14 12 AWS . 15 13 DAPP . 16 14 AWS BaaS DIY . 17 15 . 173 / 26 16 Chainanalysis KYT . 18 17 . 19 18 + RFID . 20 19 . 21 20 . 21 21 . 22 22 . 22 23 + . 23 1 . 5 2 . 244 / 26 1 Previous Hash (Timestamp) (Merkle Tree Root) 15 / 26 1 PoW/PoS/DPoS 3-20 /S 1000-10000 /S 1000-20 /S 1.1 2 / RSA 2 257 337 RSA e=17 n=86609 d=65777 n=86609 C=Me mod n C M M=18537 n 86609 M C=1853717 mod 86609=12448 12448 12448 M=Cd mod n. M=1244865777 mod 86609=18537 / / /6 / 26 2 DocuSign 1 RSA 2048 2 G(ab) mod P=Z G ab P Z Z G(a) b G(ab)mod P=Z Z 3 A=BG,A B Ep B G nG=O B G A A G B B A ECDSA 3 ECDSA Kalafinaian 1.2 1999 Napster( ) BT Peer-to-Peer7 / 26 Gnutella,Chord Pastry Satoshi Nakamato Peer-to-peer P2P Gossip Kademlia. Gossip 1987 ACM Gossip, 4 1.3 1.0 1.0 2.0 2.08 / 26 5 2.0 3.0 5G9 / 26 6 3.0 1.4 2 2.1 2.2 IDC UPS IDC Bzz Fil POR IDC 2.2.1 POW SHA-256 CPU GPU10 / 26 SHA-256 ASIC ASIC Can.O SHA-256 ASIC Hyperbits Alpha Technologoy SCRPT ASIC Bzz Fil ASIC ASIC BitWats GBT 4 ASIC 7 GBT 4 Bitwats 2.2.2 IDC IDC IDC 2020 350 9.8% 216.49 X86 343.93 8.1% 208.23 2020 530 250 226 103 100 35.6% 16.8% 15.2% 6.9% 6.7% (000977.SZ) 2020 620 530 X86 517 2020 28.7% 35.6% 9.9% 15.8% AI 16.4% 2020 250 16.8% 2020 9 FusionServer Pro V6 202111 / 26 (000938.SZ) 2020 226 - - - - 5G 8 IDC IDC 2021-2025 257.31 410.29 12.5% 2.2.3 UPS UPS ICT (002518.SZ) UPS 2021Q1 4.73 95.70% 0.86 316.62% 23.90% 0.76 484.73% 43.76% (002335.SZ) UPS 35.60% 16.80% 15.20% 6.90% 6.70% 18.8012 / 26 2021Q1 9.70 42.26% 0.96 228.44% 9 UPS 2.2.4 PUE 1.3-1.4 PUE 1.4 PUE 1.3 PUE (002837.SZ) , IDC PUE 2021Q1 2020 2021 3.42 57.53% 0.31 195.62% 2.3 IDC /13 / 26 IPFS IPFS IPFS web3.0 web IPFS HTTP IPFS 10 IPFS / AI HPC SI DPI14 / 26 11 AWS Chia AWS 2.3.1 2009 AWS Azure 2020 Q4 40.6% Gartner 40.8% 19.7% 9.5% 6.1% 2020 Q4 11% 2013 C 30 ICT 2020 10 FusionInsight 60+ 3000+ IDC 2020 Q4 1115 / 26 12 AWS IDC (688158.SH) 31 11 UCloud 3 IaaS PaaS AI 2021 Q1 7.11 72.31% 2.3.2 Openstack Openstack 3 BaaS 40.60% 11.00% 11.00% 8.70% 6.00% 22.60% AWS16 / 26 100 2021 6 22 2000 NEO NEO BFT NEO Solidity NEO NEO 90% NEO 13 DAPP DappRadar BaaS: Blockchain-as-a-Service BaaS Azure BaaS BaaS SMS BaaS QLDB BaaS Hyperledger Fabric IBM BaaS IBM Cloud BaaS BaaS17 / 26 14 AWS BaaS DIY AWS tps 15 Chainalysis Chainalysis KYT18 / 26 16 Chainanalysis KYT Chainanalysis 4 4.1 2035 4.2 OA ERP19 / 26 17 2018 3 BaaS Kubernetes + RFID20 / 26 Crowdz CEO Payson Johnston B2B 77% EDI B2B 25 4 Crowdz B2B 18 + RFID 4.321 / 26 19 4.4 2022 / 26 21 + + KA 4.5 5 3-5 10000 2-3 22 2423 / 26 2016 25 35 P2P 23 + 5 UPS IDC BaaS / IT (002335.SZ) (002837.SZ) (688158.SH) (002518.SZ) (03888.HK)24 / 26 2 6 23 EPS( ) PE 2021E 2022E 2023E 2021E 2022E 2023E 002335.SZ 18.58 1.08 1.42 1.93 17.20 13.08 9.63 002837.SZ 19.37 0.94 1.21 1.34 20.61 16.01 14.46 002518.SZ 13.95 0.73 0.86 1.03 19.11 16.22 13.54 Wind Wind 625 / 26 2017 7 1 R3 C3 C4 C5 C3 C4 C5 Buy 20% outperform 5% 20% Neutral 5% 5% underperform 5% overweight Neutral underperform 612 A 300 50026 / 26 1788 1 10 200120 2030 1 45 518000 18 C2 16 100044 1 B 5 710065
