Industry core view:
Last week, the media industry (Shenwan) fell 4.26%, ranking 29th in the market, losing 300 in Shanghai and Shenzhen. The meta universe Industry Committee of China Mobile Communications Federation released the “meta universe industry self-discipline convention” on its official website. We believe that with the increasing popularity of the concept of meta universe, a variety of products and enterprises advertised as “meta universe” emerge one after another, and the quality of good and bad causes chaos in the industry. The launch of the Convention is further strengthening the supervision of the yuan universe industry, guiding the public to form rational expectations, resolutely resisting the use of the concept of the yuan universe hot spot for capital speculation and avoiding the formation of market bubbles. Under the guidance of laws and regulations and supervision, the yuan universe can achieve the most stable and sustainable development. Tencent cloud and ICT academy jointly released the white paper on ultra low delay live broadcast. We believe that the release of the white paper aims to lay the foundation for the standardization of ultra-low delay live broadcasting technology, promote the innovative development of ultra-low delay live broadcasting technology, and promote the digital transformation and business innovation of all walks of life with the help of ultra-low delay audio and video technology, so as to bring better online interactive experience to the majority of users.
Key investment points:
Games: 1) hero entertainment launched a new brand of hero games, focusing on world-class quality local boutique games. With the vision of “world quality, creating difference”, the new brand hero game is committed to the research and development of high-quality global games, and defines three product tracks: gun battle sandbox games, high-quality content games and high-quality numerical games. 2) Tencent acquired the developer of the multiplayer survival game Nightingale, and the overseas layout deepened again.
Internet: 1) yuancosmos industrial self-discipline convention is released, and yuancosmos trademark should follow the principle of honesty and trustworthiness. It is pointed out that we should resist capital speculation, guide reasonable expectations, strengthen subject responsibility and stay away from illegal models. 2) Tencent cloud jointly issued the white paper on ultra low delay live broadcast. The white paper points out that as more and more online businesses need large-scale concurrency support and strong interactive experience, ultra-low delay will become the main direction of the development of the whole live broadcasting industry.
New media: Aowei mutual entertainment released the large screen user behavior report in January 2022. The daily operating scale of Ott was 114.43 million, up 4.7% month on month. The average daily startup rate of Ott terminal was 35.1%, up 1.1 percentage points month on month Guangdong South New Media Co.Ltd(300770) cloud audio-visual series occupies 4 and 3 seats respectively in the comprehensive ranking list of on-demand media and the ranking list of long video of on-demand media.
Investment suggestion: comply with the strict regulatory environment of the policy, promote industrial reform, and grasp the innovation needs brought by the post epidemic era and Z era. 1) Game: the epidemic dividend has faded. It is suggested to pay attention to the individual stocks in the product line that are developed for the new generation of users, have well-known IP, have high expectations and good test feedback; At the same time, driven by the concept of “meta universe”, it is expected that the ecological construction of VR content will become the focus of the market in 2022; 2) Film and television cinemas: focus on leading cinemas and individual stocks; 3) Film and television series: diversified theatres and mini dramas will be the focus of the development of the video industry. It is suggested to pay attention to individual stocks with strong content IP commercialization ability; 4) Advertising marketing: focus on individual stocks of ladder media.
Risk factors: stricter regulatory policies, delayed launch and less than expected performance of Xinyou, increased risk of overseas business, repeated epidemic risk and goodwill impairment risk.
