Main points:
Yuancosmos has entered the stage of “compliance and orderly” development, leading the transformation of future industry + consumption scene. After the “savage growth” in 2021, yuancosmos has issued relevant policy support from the local governments of North, Shanghai, Shenzhen and Hangzhou. By February this year, the China Banking and Insurance Regulatory Bureau issued risk tips to guard against malicious speculation of yuancosmos real estate for money, China Mobile has gradually entered the development stage of “compliance and order” by issuing the industrial self-discipline convention jointly with the yuan universe Industry Committee. Developing the meta universe is not “from reality to emptiness”, but to realize the deep integration of digital economy and real economy and effectively enable the comprehensive upgrading of real economy. We believe that the application scenario of meta universe mainly lies in the upgrading of industrial scenario and the transformation of consumption scenario. It puts forward clearer requirements for basic technologies, such as the improvement and change of technological ecology such as XR, 5g, cloud computing and digital twin, which will accelerate the application of the concept of meta universe.
Scene upgrading of real estate industry: reconstruction of production factors and improvement of intelligence
The scene upgrading of the real estate industry mainly focuses on development and property management. During development, for example, in the process of real estate sales, customers can have an immersive purchase experience with the help of relevant technologies, and perfectly reproduce the sensory experience after check-in in in the virtual modeling; In the construction process, the design and construction threshold can be reduced, the paving can be done well, and the work efficiency can be improved. In the property management industry, meta universe technology can improve the degree of intelligent service. For example, by using “meta universe” related technologies to build a community full coverage virtual space, material enterprises can timely understand the regional reality, such as parking lot operation, personnel passage, abnormal conditions, etc., and can also cover the scenes of energy conservation, safety and disaster prevention, community pension and so on in old communities, so as to create information-based and intelligent regional management, which not only increases the management sensitivity, And achieve the purpose of reducing cost and improving efficiency.
Commercial real estate caters to the needs of new consumers, and the innovative operation mode has brought new momentum of development. After the epidemic, shopping malls have recovered significantly, and the “three new” consumer demand catalyzes change. According to the statistics of leju.com, there are 126 shopping malls in 29 cities (excluding Hong Kong, Macao and Taiwan), with a total sales of 502.59 billion yuan, of which 63 have sales of more than 20%, and only 5 have a year-on-year decline in sales. The increase in overall sales is mainly due to the relatively weaker impact of the epidemic compared with 2020, and some shopping malls have completed targeted upgrading or scale expansion in 2020 to meet the “three new” needs of “new consumers”, “new consumption formats” and “new consumption periods”, so as to improve the activity of shopping malls. Yuancosmos will become an important opportunity for offline consumption transformation and upgrading. It is expected to help businesses strengthen scene consumption, precision marketing and personalized services, further strengthen their competitiveness and drive market consumption demand, so as to accelerate the breaking of the era of commercial real estate stock. The shopping center uses virtual technology to create a “meta universe” shopping space and upgrade consumers’ shopping experience, which helps to expand the scope of customers and enhance the stickiness of existing customers. The introduction of “meta universe” in shopping malls brings novel interactive experience, which is expected to attract consumers by combining “point and surface”, such as launching full scene applications such as virtual idol, AR live navigation, AR landscape punch in, VR immersive game interaction, meta universe VR shopping, etc.
Cultural tourism real estate is in the period of transformation and upgrading. After the human landscape interaction, expansion of scenes or breakthrough, China’s epidemic situation has been effectively curbed, although the consumption demand of cultural tourism related markets has recovered slightly, the attraction of traditional cultural tourism is insufficient, and the industry urgently needs transformation and upgrading. According to the statistics of the data center of the Ministry of culture and tourism, during the Spring Festival holiday in 2022 (from January 31 to February 6), the total number of Chinese tourism trips in China was 251 million (- 2%), recovering to 73.9% in the same period in 2019; The per capita consumption was 1152 yuan, recovering to 93.1% in the same period in 2019. During the Spring Festival, in addition to the traditional ancient town tour and sightseeing tour, theme park tour, ice and snow tour and night tour gradually occupy the hot spot around the Spring Festival. As the final form of digital transformation, yuancosmos provides reference ideas for cultural tourism related scenic spots, theme parks, art centers and other carriers to strengthen human landscape interaction and expand strong experiential scenes. For example, China’s Zhang Jia Jie Tourism Group Co.Ltd(000430) scenic spot, Xi’an Datang sleepless city and Shenzhen AoYa blooming Digital Art Center, the transformation entry point is how to promote offline immersion in physical space with plot experience, provide synchronous construction of online virtual world through virtual technology combined with mobile terminal, and open third-party content interface simultaneously to create a meta universe cultural tourism project combining virtual and real, So as to enhance offline attraction and customer stickiness.
Investment advice
This report is based on the development status of yuancosmic industry and the existing technology accumulation, to explore its impact on the development trend of multiple real estate formats. With the gradual improvement of basic ecology such as consumption grade XR, 5g and digital twin, multiple application scenarios are gradually implemented, integrating and empowering the original offline commercial real estate, cultural and tourism real estate and other business models as well as shopping, office, entertainment, social networking and other scenes. With the technological change and the acceleration of investment and financing, and the further improvement of the hardware penetration of human-computer interaction terminal, the diversified real estate business, as the carrier to undertake the C-end market, will usher in new development opportunities. Attention: (1) diversified layout of real estate: Poly Developments And Holdings Group Co.Ltd(600048) , China Vanke Co.Ltd(000002) , Gemdale Corporation(600383) , Seazen Holdings Co.Ltd(601155) , Shenzhen Overseas Chinese Town Co.Ltd(000069) ; (2) High quality objects of property management: China Resources Vientiane life, country garden service, Baolong business, Jinke service, etc.
Risk tips
The risk of policy supervision, the development and application of new technologies are less than expected, and the demand caused by repeated epidemics is less than expected.
