Portfolio: I, Mango Excellent Media Co.Ltd(300413) , Visual China Group Co.Ltd(000681) , Beijing Yuanlong Yato Culture Dissemination Co.Ltd(002878) , Shanghai Fengyuzhu Culture Technology Co.Ltd(603466) , Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) , Perfect World Co.Ltd(002624) , Focus Media Information Technology Co.Ltd(002027) , Ireader Technology Co.Ltd(603533) , Alpha Group(002292) , Zhejiang Huace Film And Tv Co.Ltd(300133) . Two, benefit groups, fast hands, Tencent, Kwai Chuang, Chuang Meng world. 3、 Shanghai Yaoji Technology Co.Ltd(002605) , Beijing Enlight Media Co.Ltd(300251) , G-Bits Network Technology(Xiamen)Co.Ltd(603444) , China Film Co.Ltd(600977) .
Investment theme: Winter Olympic sports industry, digital man, game metauniverse, exhibition, long and short video platform.
Beneficiaries: overseas companies include Netease, reading group, BiliBili, bubble mart, ZuLong entertainment, China Mobile Games, Baiao family interaction, chizicheng technology, etc. Bluefocus Intelligent Communications Group Co.Ltd(300058) , Beijing Jetsen Technology Co.Ltd(300182) , Zhewen Interactive Group Co.Ltd(600986) , Hylink Digital Solution Co.Ltd(603825) , Kingnet Network Co.Ltd(002517) , Hangzhou Electronic Soul Network Technology Co.Ltd(603258) , Guangzhou Wahlap Technology Corporation Limited(301011) , Silkroad Visual Technology Co.Ltd(300556) , Cubic Digital Technology Co.Ltd(300344) etc.
Investment suggestion: the supervision and guidance of the Internet are being implemented in an orderly manner. Based on 2022, we can strengthen the configuration of media interconnection. Antitrust and data security are important variables in the development of the Internet. We believe that this round of supervision has been basically implemented in an orderly manner, and the industry has developed in an orderly and standardized manner under Antitrust and data security. Looking forward to 2022, we should gradually strengthen the allocation of media Internet and grasp the era of meta universe. From the listing of roblox, the first stock of metauniverse, to the renaming of Facebook to meta, Microsoft released the enterprise metauniverse, NVIDIA continued to invest in metauniverse in technology, and then put forward the Quanzhen Internet from China Tencent, byte beating layout, VR track acquisition of Pico, Netease and Baidu released the metauniverse platform, and the establishment of yuanyuzhou Association. All walks of life continue to discuss and understand metauniverse. Metauniverse may be understood as the next generation Internet, which will generate different connections and experiences between people and things in time and space based on different terminals. The ultimate form will depend on the development of technology. At present, we believe that there are several directions we can grasp around the meta universe. First, new hardware terminals, consumer arvr devices, can be compared with the situation of mobile phones; Second, the new operating system or operating platform built on arvr devices, represented by Microsoft, Google, apple, wechat and other platform companies; Third, in addition to the transferred entertainment and enterprise industrial applications, or new applications with a volume of 100 million will be generated, and the business model will be extended by changing the new interaction mode of connection and experience. Although the current industrial development is at an early stage, it is developing rapidly. Early investment should grasp the digital entertainment content that has the most performance support and is most likely to be transferred to the meta universe, such as digital games, virtual people and idols, exhibitions, etc.
The Spring Festival epidemic and high ticket prices affect the box office of the schedule. It is expected that the film sector should be added with the improvement of the epidemic. On February 7, 2021, the national film administration disclosed data that the total box office of the Spring Festival in 2022 exceeded 6.035 billion yuan, equalling the data of 2019 before the epidemic, creating the second highest Spring Festival in film history, with 114 million film viewers and an average ticket price of 52.7 yuan. Among them, “shuimen bridge of Changjin Lake” took the lead at the box office of 2.569 billion yuan, and “the killer is not too calm” grossed 1.387 billion yuan. With the end of the holiday, ticket prices return to normal, and the box office of each film will continue to grow. We believe that the total box office of the Spring Festival in 2022 is less than 7.842 billion yuan in 2021 due to the impact of the epidemic on the returning population and high ticket prices, but the recovery of the whole year can still be expected. We believe that we should pay attention to the continuous improvement of the epidemic situation and look forward to the allocation of excellent films and cinemas throughout the year, benefiting the target China Film Co.Ltd(600977) , Beijing Enlight Media Co.Ltd(300251) , reading group, Alpha Group(002292) , Wanda Film Holding Co.Ltd(002739) , Hengdian Entertainment Co.Ltd(603103) .
The Winter Olympics will lead the investment opportunities of the sports industry throughout the year, pay attention to the franchise products of sports equipment and sports service events. On February 4, 2022, the Beijing Winter Olympics will be opened to drive relevant sports consumption. Among them, Bing dwen dwen, the Winter Olympic franchise, is hot and the world is in short supply. Consumers are everywhere, and relevant manufacturers start to supply supplementary supplies. For the sports industry, we believe that with the development of China’s economy and the policy guidance of the national sports industry, it should be laid out as one of the main investment lines in 2022. The first is sports related clothing, benefiting from Anta sports, Li Ning, etc; The second is service providers such as sports equipment and facilities, benefiting from Shuhua Sports Co.Ltd(605299) , Bingshan Refrigeration & Heat Transfer Technologies Co.Ltd(000530) , Jiangsu Jinling Sports Equipment Co.Ltd(300651) , China Sports Industry Group Co.Ltd(600158) and so on; The third is the providers of sports related event operation and marketing copyrights and franchised products, which benefit from Beijing Yuanlong Yato Culture Dissemination Co.Ltd(002878) , Profit Cultural & Creative Group Co.Ltd(300640) , Wuhan Ddmc Culture & Sports Co.Ltd(600136) , Rastar Group(300043) , Hangzhou Electronic Soul Network Technology Co.Ltd(603258) , Shanghai Lisheng Racing Co.Ltd(002858) , Beijing Fengshangshiji Culture Media Co.Ltd(300860) , Hylink Digital Solution Co.Ltd(603825) .
Risk tips: repeated epidemics, less than expected technological development, goodwill risk, changes in regulatory policies, etc.
