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"Earlier this year, the central government urged local authorities to offer some financial aid to car buyers, but so far we have not seen such moves," said Xu.

"During the process, many foreign companies will spend more than 3 percent of their total revenue on digital transformation. Chinese firms, on the other hand, may spend 1 percent to 1.5 percent of their revenue for the same," Sun said. "It is a good thing that more and more Chinese companies now consider digital transformation a priority. But it will still take a long time for them to increase the IT spending and finally enter the mature period when the integration of IT and the firm's business will foster new opportunities and generate new revenue streams."

"Different universes" are meeting as traditional carmakers find high-tech firms like Google or Alibaba, mobility services firms like Uber and Didi and even telecoms firms racing to set industry-wide standards.

"Enterprises, especially Chinese companies, will usher in a period … where difficulties and opportunities coexist after experiencing the pain of the epidemic and the rebound in the recovery period. China's success in fighting the epidemic has not been accidental. It has not only shown the success of the system and policies, but also reflects the persistence and innovation of the people," he said.

"Despite the increasing number of cloud security companies, China still needs to expand its investment in combating internet crimes and attacks," said Wu Zechao, an analyst from China Investment Securities, in an industry report.