Portfolio: I, Mango Excellent Media Co.Ltd(300413) , Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) , Iflytek Co.Ltd(002230) , East Money Information Co.Ltd(300059) , Focus Media Information Technology Co.Ltd(002027) , 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) , Perfect World Co.Ltd(002624) , 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 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) , Zhejiang Daily Digital Culture Group Co.Ltd(600633) , Wanda Film Holding Co.Ltd(002739) , 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. Looking forward to 2022, we should gradually configure the 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 proposed Quanzhen Internet from China Tencent, byte beating layout, VR track acquisition of Pico, Netease registered the trademark of metauniverse, the establishment of metauniverse Association, etc., all walks of life continued to discuss and understand metauniverse. Metauniverse can 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 specific form will depend on the development of technology. We believe that there are several major directions that can be grasped around the meta universe. First, the new hardware terminal has a high probability of arvr equipment. Second, the new operating system based on arvr equipment. Third, in addition to the transferred entertainment applications, new applications with a volume of 100 million may be generated. However, the current industrial development is in the early stage. 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, digital streaming media, exhibitions, etc.
The Mango Excellent Media Co.Ltd(300413) subsidiary signed a cooperation framework agreement with Migu culture to strengthen cooperation and jointly explore the meta universe
On November 28, the company announced that the wholly-owned subsidiary happy sunshine and Migu culture planned to sign an overall cooperation framework agreement: from the signing date to January 2024, the two sides will conduct in-depth cooperation in multiple businesses, The cooperation amount shall not be less than 3.5 billion yuan (including the trial operation in 2021, the estimated cooperation amount is about 800 million yuan); promote the large screen business cooperation, promote the implementation and maintenance of mango TV in the large screen channel of China Mobile's families; explore 5g innovative business cooperation, build a 5g joint laboratory, and promote new media integration modes such as VR production and broadcasting and ultra-high definition content production; in the equity business cooperation, Migu culture supports mango TV's membership rights and interests through 5g equity pool, and Strengthen bilateral e-commerce cooperation. The cooperation will help both sides complement each other's resource advantages in many fields, strengthen the expansion of new tracks under the background of mango 5g, and explore the meta universe with the advantages of China Mobile, which is conducive to the long-term development of both sides.
Pay attention to the technical exploration of meta universe game illusion and unity engine, and the hero League mobile game won the annual mobile game award
On December 2, 2021 illusory engine technology day was held in Shanghai to share many technologies and game special effects. At the same time, it was disclosed that illusory engine 5 may be released next year. Epic officially defines illusory 5 as "the crystallization of the development experience of illusory engine in the past 20 years", which has made great progress in lighting, rendering and interactive effects. Illusory 5 is more targeted for next-generation games, real-time visualization projects and immersive interactive experience. The further industrialization of the game industry is also conducive to the construction of meta universe scenes. On December 2, hero League mobile game was selected as appstore021 game of the year and best competitive game. According to appannie, its total global revenue has exceeded US $150 million in the past year. After the first season of hero League IP drama "battle of two cities" was broadcast, Douban scored 9.2 points, and IP derivation made great progress. We believe that in the United States, IP reflects its influence through film and television dramas, and IP value expands around games in China. At present, games and the Internet are basically at a low level. Looking forward to next year, the configuration opportunities are obvious, and the configuration can be strengthened.
Risk tips: repeated epidemic, less than expected technological development, goodwill risk, changes in regulatory policies, etc.
