Market Review
In the sixth week of 2022 (the actual trading day is 2022.02.7-2022.02.11), the Shanghai stock index rose 3.02%, the Shanghai and Shenzhen 300 index rose 0.82%, and the gem index fell 5.59%. The SW media index rose 3.23%, outperforming the gem index by 8.82pct, ranking 15th among the 28 industries in Shenwan level. Among the sub industries, publishing, advertising marketing and radio and television ranked among the top three, accounting for 8.90%, 6.95% and 6.64% respectively.
Media industry data
As of February 11, 2022, the top three cinema films are “shuimen bridge of Changjin Lake”, “the killer is not too calm” and “miracle stupid child”; The top three webcast films are “Li Mao as Prince”, “Changjin Lake” and “Yin and Yang watchman”; The top three film and television dramas are “the world”, “the river shines at dawn” and “Twinkle Twinkle”; The top three of the top ranked artists are “half lovers”, “happy fried dough twist” and “the band of light”. The top three of the anime are “the continent”, “the complete works of piggy page” and “the first seasons of the Arab League and the small bell”. The top three best sellers of IOS games are “glory of the king”, “peace elite” and “annals of the Three Kingdoms · strategic edition”; The top three in the list of popular Android games are “glory of the king”, “my sect” and “original God”.
Core view
This week, the local two sessions were held successively. More than 20 provinces (autonomous regions and cities) including Shanghai, Fujian, Sichuan, Hunan and Anhui defined the construction plans of 5g and data center in 2022, and proposed to further give full play to the scale effect and driving role of 5g and other “new infrastructure”. The Ministry of industry and information technology, the national development and Reform Commission and other departments made it clear that 5g Construction of new infrastructure such as data center; The State Administration of radio and television issued the “14th five year plan for the development of Chinese TV dramas”, which proposed to strengthen the whole chain protection of intellectual property rights in the field of TV dramas, enhance the awareness of the whole industry to respect and protect intellectual property rights, prevent the disorderly expansion of capital, encourage the benign interaction between capital and industry, and guide capital to serve the high-quality development of TV dramas. We believe that with the accelerated deployment of 5g new infrastructure and the continuous promotion of one network integration, smart radio and television will play an important role in the 5g era, and meta universe related businesses such as Ultra HD video, cloud games and VR / AR will also benefit from it; In combination with the previous policy documents such as the outline of strengthening the country with intellectual property rights, the 14th five year plan for the film industry and the detailed rules for the review of short video content, we believe that the protection of intellectual property rights is increasing, and we suggest paying attention to the leading enterprises with high-quality film and television copyright.
Investment advice
We continue to pay attention to the game sector and recommend head game R & D manufacturers with low valuation, Perfect World Co.Ltd(002624) , Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) ; In terms of new media sector, we strongly recommend the state-owned new media platform operation company Mango Excellent Media Co.Ltd(300413) , which is backed by Hunan Taiwan high-quality content production platform, has high performance growth and continues to benefit from the dividends of media integration reform; In the film sector, it is suggested to pay attention to the investment opportunities promoted by the introduction of the 14th five year plan, and the digital cinema and new media copyright business of Beijing Jetsen Technology Co.Ltd(300182) will benefit directly; In other sectors, it is recommended that Shanghai Fengyuzhu Culture Technology Co.Ltd(603466) the leading digital cultural and creative exhibition company benefiting from the “cultural infrastructure” and Beijing Fengshangshiji Culture Media Co.Ltd(300860) the large-scale producer of cultural and tourism performance programs committed to creating the output carrier of “cultural confidence”.
Risk tips
Regulatory policy uncertainty risk; Macroeconomic downside risks.
