Core view
Latest viewpoint 1 The performance of the Spring Festival was flat, and the box office was lower than expected. The overall box office output of the Spring Festival in 2022 was 6.039 billion, a year-on-year decrease of 23%, which was the same as that in 2019 before the epidemic. The number of shows reached a record 3.148 million, and the attendance rate was not optimistic, 29.7%. Among them, the box office of "shuimen bridge of Changjin Lake" reached 640 million on the first day of release, and has exceeded 2.5 billion, becoming the champion of the Spring Festival in 2022. Microsoft invested heavily in the "meta universe" and absorbed blizzard, a game giant, for $68.7 billion. On the evening of January 18, Beijing time, Microsoft acquired Activision Blizzard, a game production company, for all cash at the price of $95 per share, including all franchise rights of Activision. The total transaction value is $68.7 billion, which is expected to be completed in fiscal year 2023. This move will strengthen Microsoft's competitive strength in the meta universe track with games as the starting point. 3. During the Winter Olympics, it is suggested to pay attention to the relevant subjects of the media sector. The 24th Winter Olympic Games, namely the Beijing Winter Olympic Games, will be held from February 4 to 20, 2022. The general secretary of Xi Jinping said that he would promote the sustainable development of China's ice and snow sports and promote sports power. We suggest to pay attention to the media sector related to the Winter Olympics, such as Beijing Yuanlong Yato Culture Dissemination Co.Ltd(002878) (002878. SZ) and Beijing Fengshangshiji Culture Media Co.Ltd(300860) (300860. SZ). Among them, Beijing Yuanlong Yato Culture Dissemination Co.Ltd(002878) won precious metals of Beijing Winter Olympic Games; Badges, key chains and other non precious metal products; Production qualification of Winter Olympic licensed commodities in the three popular categories of plush and other materials toys; Beijing Fengshangshiji Culture Media Co.Ltd(300860) in view of the fact that there is no audience for the Winter Olympic Games caused by the epidemic, we have created the first winter ice and snow sports IP virtual concert.
Investment suggestions: in the long run, the game industry still has good growth. It is suggested to focus on those with excellent R & D capabilities: Tencent Holdings (0700. HK), netease-s (9999. HK), Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) (002555. SZ), ZuLong Entertainment (9990. HK) and heart company (2400. HK); China's outbound social platform is developing well overseas, with increasing influence and leading role. It is suggested to pay attention to chizicheng Technology (9911. HK) and happy gathering (YY. O); In addition, policy dividends are continuously released to promote the high-quality development of cross-border e-commerce. It is suggested to pay attention to Alibaba SW (9988. HK) and sheen (unlisted); At present, some Chinese manufacturers have reached the international leading level in the short video area, and China's Kwai Fu -W (1024.HK) is recommended.
Risk tips: the risk of intensified market competition, the risk of policy and regulatory environment, the risk of work content review or review, public health risk, etc.
