Portfolio: I, Mango Excellent Media Co.Ltd(300413) , Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) , Perfect World Co.Ltd(002624) , Focus Media Information Technology Co.Ltd(002027) , Iflytek Co.Ltd(002230) , East Money Information Co.Ltd(300059) , Visual China Group Co.Ltd(000681) , Alpha Group(002292) . Two, benefit groups, fast hands, Tencent, Kwai Chuang, Chuang Meng world. 3、 G-Bits Network Technology(Xiamen)Co.Ltd(603444) , Kunlun Tech Co.Ltd(300418) , Shanghai Fengyuzhu Culture Technology Co.Ltd(603466) , Guangzhou Wahlap Technology Corporation Limited(301011) , Beijing Enlight Media Co.Ltd(300251) , Zhejiang Huace Film And Tv Co.Ltd(300133) .
Investment theme: metauniverse arvr, game metauniverse, long and short video platform, ladder media, exhibition, etc.
Beneficiary targets: overseas companies include Netease, Yuewen group, BiliBili, bubble mart, ZuLong entertainment, China Mobile Games, Baiao family interaction, chizicheng technology, etc. Games Mingchen Health Co.Ltd(002919) , Kingnet Network Co.Ltd(002517) , Hangzhou Electronic Soul Network Technology Co.Ltd(603258) , Wuxi Boton Technology Co.Ltd(300031) , Shanghai Yaoji Technology Co.Ltd(002605) , Giant Network Group Co.Ltd(002558) , Zhejiang Century Huatong Group Co.Ltd(002602) , Yoozoo Interactive Co.Ltd(002174) , China Film Wanda, etc.
Investment suggestion: the regulatory guidance of the Internet is being implemented in an orderly manner. It is expected that media interconnection can be gradually configured in 2022
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 orderly and standardized 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 the metauniverse Association. All walks of life have constantly discussed and understood the metauniverse. Metauniverse may be understood as the next generation Internet, which will generate different connections and experiences of time and space between people and things based on different terminals. The ultimate form will depend on the development of technology. At present, we think there are several major directions that can be grasped around the meta universe. First, the new hardware terminal has a high probability of arvr devices and can be classified as 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. However, the current industrial development is in the early stage, but 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.
Meta opens the VR meta universe social platform, and Baidu will release the meta universe product “Xi soil” platform
On December 9, meta announced that its VR world “horizonworlds” was officially open to people over the age of 18 in the United States and Canada. They can register and log in by wearing oculusquest2vr head display. They no longer need to be invited as before. At present, on this VR social platform, users can create their own virtual image, play around in the virtual world, interact with other user avatars in the world and play games together. On December 10, baidu announced that it would release the meta universe product xirang app on December 27. The baidu AI developer conference in the same period will be held on this platform, which can accommodate 100000 people to interact on the same screen at the same time. We believe that the constant exploration of the meta universe has become the technical main line of the industry for 10-50 years. At present, the establishment of business model and technology transformation can be seen as virtual digital man, virtual idol, VR and open editable sandbox games, meta universe virtual conference, VR education and training, and VR industrial modeling. Focus on Mango Excellent Media Co.Ltd(300413) , Tencent holdings, Netease, byte beat, MIHA tour, Perfect World Co.Ltd(002624) , etc.
The central economic work conference put forward solid science and technology policies, and the Internet is expected to develop healthily and orderly in 2022
From December 8 to 10, the central economic work conference was held in Beijing to deploy the economic work in 2022, emphasizing stability. The meeting pointed out the need to solidly implement science and technology policies, implement the three-year action plan for science and technology system reform, strengthen national strategic science and technology forces, strengthen intellectual property protection, restructure national key laboratories, strengthen the dominant position of enterprise innovation, and encourage continued international science and technology cooperation. Looking forward to 2022, the policy will be gradually implemented, and the exploration of meta universe technology is in the ascendant. We believe that the downward trend of media Internet is limited and upward. On the basis of user penetration, IP value and single user value are expected to drive the company’s performance growth.
Risk tips: repeated epidemic, less than expected technological development, goodwill risk, changes in regulatory policies, etc.
