Review of market and sector trends: in the week before the festival, the media sector index fell 9.69%, the Shanghai Composite Index fell 4.57%, the Shenzhen Component Index fell 5.00%, the gem index fell 4.14%, and the yuan universe index fell 6.04%. The top three sectors with the least decline: Saturday Co.Ltd(002291) (- 0.39%), H&R Century Union Corporation(000892) (- 0.76%), Shanghai Film Co.Ltd(601595) (- 1.27%); The top three decline sectors: Inly Media Co.Ltd(603598) (- 37.09%), Zhejiang Daily Digital Culture Group Co.Ltd(600633) (- 25.32%), Zhewen Interactive Group Co.Ltd(600986) (- 18.50%). The NASDAQ China technology index rose 5.38% last week. The Hang Seng China enterprise index rose 4.56% last week.
One week’s view: the policy continues to support the meta universe, and the layout of Tencent bytes continues. On January 24, Liang Zhifeng, director of the small and Medium-sized Enterprises Bureau of the Ministry of industry and information technology, said that he supported the development of digital economy and cultivated a number of innovative small and medium-sized enterprises entering emerging fields such as meta universe, blockchain and artificial intelligence. Xiaohongshu yuancosmos and other yuancosmos trademark applications have been rejected for reexamination. At present, no company has been successfully registered. The State Intellectual Property Office said that the new technology cannot be monopolized by individuals as a trademark. Recommend [Tencent (testing 3D “super qq show”, which supports face pinching and dressing, QQ nest, paradise and other functions)]; It is suggested to pay attention to [byte beat (announcing four new products such as “Party Island” of metauniverse social app and “smart selection” of game community), meta (announcing the first VR / AR financial report, with a revenue of US $2.274 billion (YoY + 99.6%) and a loss of US $10.193 billion (YoY + 52.5%) in 2021].
XR and virtual human and other cutting-edge technologies support the interpretation of new media, and collide with the opening ceremonies of spring festival galas and Winter Olympic Games, presenting a gorgeous stage with virtual and real reality. Science and technology enabled art has become the mainstream path. The Spring Festival Gala of China Central Television integrates technologies such as XR, AR, holographic scanning and 8K naked eye 3D presentation to break through the limitation of time and space and present the high-tech stage. At the opening ceremony of the Winter Olympic Games, artificial intelligence, AR, naked eye 3D and other technologies were comprehensively used. The super large ground screen of the whole bird’s nest realized full led image for the first time to replace the traditional ground screen projection, and the image quality reached 16K; Virtual singer Luo Tianyi attended the opening ceremony of the cultural festival of the Beijing Winter Olympic Games; Recommend [ Bluefocus Intelligent Communications Group Co.Ltd(300058) (virtual person “Su Xiaomei” landing in Beijing Satellite TV Spring Festival Gala), Tencent (Tianya Mingyue swordsman tour holds an immersive cross dimensional virtual Spring Festival Gala)]; It is suggested to pay attention to [Yuanyu Technology (launch the first Yuanyu virtual audio live concert on Chinese New Year’s Eve), Beijing Fengshangshiji Culture Media Co.Ltd(300860) (create the official virtual Music Carnival “light night” of the Winter Olympic Games to create an immersive interactive virtual entertainment experience in the mode of “virtual + performance + Entertainment interaction”), unity (acquisition of virtual human technology developer zivadynamics), Intel (Customized Development) “Performance real-time special effect system based on artificial intelligence technology” applied to the opening ceremony of the Winter Olympic Games)]. The Winter Olympics ignited the sports sector, and the Hong Kong stock sporting goods index rose 5.99%. It is recommended to pay attention to [ China Sports Industry Group Co.Ltd(600158) ].
Key tips: 1) relatively high prosperity track, financial technology [Dongcai (expected to realize a net profit of 8.2-8.9 billion yuan, yoy + 71.62% – 86.27%) in 21 years]; Short video [quick Kwai (live recruitment platform “fast Recruitment”); Medium video [beep beep beep]; Technological innovation [Xiaomi, baidu]; Long video [Mango (estimated net profit yoy + 2.92% – 7.96%)]; Online recruitment [boss direct employment], marginal improvement of real estate [shell], etc.
2) in the game sector, the policy level pays attention to the progress of version number recovery, and the fundamentals pay attention to the launch of key products and subsequent profit release. Focus on the head [Tencent (holding 13.54% of the heroic sports sprint Hong Kong stock IPO) and Netease (forever robbery mobile game version) open the appointment], The expected net profit of China’s Qimu, Zhongyou and Baoji (300.043 billion yuan, {603.3 billion yuan, {603.3 billion yuan,} 600.043 billion yuan, {603.3 billion yuan, {603.3 billion yuan,} 600.043 billion yuan, {603.3 billion yuan,} 600.043 billion yuan, {603.3 billion yuan,} 600.043 billion yuan, {603.3 billion yuan, {602.3 billion yuan,} respectively, {600.043 billion yuan, {602.3 billion yuan,} respectively, {600.043 billion yuan, {100.043 billion yuan, {, Chuangxin, silk road technology, etc.
3) the epidemic situation has repeatedly affected the films of the Spring Festival, and the rise of ticket prices has promoted the box office revenue. As of February 5, the box office of the films of the Spring Festival has exceeded 5 billion, and the box office of “shuimen bridge of Changjin Lake” has led the others by 2 billion. It is suggested to pay attention to [ Wanda Film Holding Co.Ltd(002739) (the net profit attributable to the parent company is expected to be RMB 90-130 million in 21 years), Beijing Enlight Media Co.Ltd(300251) (the net profit attributable to the parent company is expected to be RMB 170-220 million in 21 years), cat eye entertainment, China Film Co.Ltd(600977) (the loss is expected to turn into profit in 21 years), Shanghai Film Co.Ltd(601595) (the loss is expected to turn into profit in 21 years)].
4) generation Z and community, maintaining high growth and high stickiness. Pay attention to [Bili], trendy play [bubble Mart] and [Chuang Meng, aofei], etc; Online Q & a community [Zhihu], online music [Netease cloud] [xiaohongshu], etc.
Tiktok Kwai, 5, the electricity supplier and the industrial chain, the electronic business platform [Jingdong (Spring Festival evening App red envelope interactive 69 billion 100 million times), many spells, Ali (live broadcast incentive plan, support China waist and new master’s growth)] and live broadcast platform [vibrato, fast hand (with CCTV China cooperation can watch Spring Festival Gala, 2 billion 200 million new year’s bonus)], industrial chain [ Saturday Co.Ltd(002291) , Yao Ji, gravity] and so on. Marketing technology [focus, blue label, vision], etc., byte benefit [ Three’S Company Media Group Co.Ltd(605168) , Zhewen Interactive Group Co.Ltd(600986) ], etc; Community retail [meituan (innovative cooperation with Starbucks on digital space), daily Youxian, dingdong], etc; Wechat ecological e-commerce SaaS [youzan (Gmv in small game market increased by more than 420% year-on-year), Weimeng].
Risk warning: epidemic impact, economic and political environment risk, stricter supervision, goodwill impairment risk
