Key investment points
Market review: this week, the performance of the media sector was average, down 9.66%, underperforming the gem by about 5.52 percentage points (the gem index fell 4.14%); Underperformed the market by about 5.15 percentage points (CSI 300 fell 4.51%).
Industry segments: (1) game index underperformed the market: CITIC game index (ci005577) fell 10.76%, down 6.25% compared with CSI 300 index. (2) The advertising index underperformed the market: the CITIC advertising index (ci005847) fell 8.18%, down 3.67% relative to the CSI 300 index. (3) The sports index underperformed the market: the CSI sports index (399804) fell 9.43%, 4.92% lower than the CSI 300 index. (4) A-share education companies outperformed CSI 300, while Hong Kong stock education companies underperformed Hang Seng Index. CITIC education index (ci005816) fell 1.89%, outperforming CSI 300 index by 2.62%. The Hong Kong stock education index (887671) fell 19.02%, underperforming the Hang Seng Index by 13.35%.
Film and television: (1) no suspense about the box office champion of the spring festival film is “shuimen bridge of Changjin Lake”. According to lighthouse data, the total pre-sale box office of Spring Festival films has exceeded 380 million yuan. The powerful “shuimen bridge of Changjin Lake” took the lead steadily, with a pre-sale box office of 163 million yuan. (2) Circular of the State Council on printing and distributing the modernization plan of market supervision during the 14th Five Year Plan Period. Guide the orderly competition of platform economy and prevent “pinch point M & a”. Let “the market cycle be fully unblocked”.
Games: (1) stillfront acquired 100% equity of China’s old game manufacturer 6waves for us $201 million. 92% of the transaction amount will be paid in cash and the remaining 8% will be paid in stillfront’s newly issued shares. (2) Unity acquired zivadynamics, a developer of virtual human technology. The latter has participated in the visual effect production of many well-known film and television works, including “game of power”, “venom”, “where are the magical animals”, etc.
Sports: (1) the national football team lost to Japan and was determined not to be in the top two of the group. On January 27, China lost 2-0 in the 7th round of group B in the third stage of the 2022 Qatar world cup Asian qualifier against Japan. (2) Nutritional drinks brand athleticgreens received $115 million in financing, valued at more than $1 billion. According to techcrunch, this round of financing is led by alphawaveventures. The new investor is e-commerce entrepreneur mark Vadon, and the original investors sc. holdings and boltventures continue to follow.
Education: (1) the Ministry of Education held a symposium for heads of large enterprises in non disciplinary off campus training institutions to step up the current management of non disciplinary off campus training, standardize the management of non disciplinary off campus training and curb malicious price increases. (2) Homework help: cancel the live teaching of winter vacation. In order to further implement the requirements of the national double reduction policy, discipline training will not be organized on national legal holidays, rest days and cold and summer holidays. The Homework Helper will cancel the teaching arrangement of discipline live broadcast courses and start the refund of courses and fees from now on.
Key investment points: it is recommended to pay attention to Mango Excellent Media Co.Ltd(300413) (300413), Wuhan Ddmc Culture & Sports Co.Ltd(600136) (600136).
Risk tip: media policy tightening risk; Risk of business integration or less than expected; New business development is less than expected risk; The content response is less than the expected risk.
