Core view
Meta universe comprehensive dynamics: (1) the State Intellectual Property Office resolutely opposes and severely crack down on the malicious registration of trademarks such as “rubbing hot spots” and not hoarding for the purpose of use; (2) the release of the Convention on industrial self-discipline of the yuan universe (proposed by the first plenary session) puts forward that the yuan universe business should be based on the service of the real economy, and resolutely resist the use of the concept of the yuan universe hot spot for capital speculation, so as to avoid forming a market bubble. (3) The first meta Universe China Conference was successfully held in Wuxi; (4) The first global digital economy meta universe + Summit Forum was successfully concluded in Shanghai.
Content and platform: (1) Microsoft set up vortex studio to promote the process of metauniverse; Microsoft announced the acquisition of Activision Blizzard for us $68.7 billion; (2) Ar helmet developed by Google: code named “project iris”, which will be listed as soon as 2024; (3) Meta announced the world’s fastest AI supercomputer RSC, which is expected to promote the development of AR / VR technology; (4) Tencent plans to acquire Black Shark technology to build VR equipment; (5) We will launch the social app “Party Island”; (6) Unity acquired ziva dynamics to open and popularize the creation of virtual real-time roles; (7) Steam monthly live VR users exceeded the 3.4 million mark, and the proportion of quest users continued to rise.
Hardware side: (1) in the next few years, leading brands in the industry have successively launched new VR products, which is expected to promote the rapid growth of VR hardware sales dominated by entertainment (oculus, Sony, etc.), and lead the continuous upgrading of hardware, continuous enrichment of content and continuous optimization of user experience; (2) The participation of Chinese and foreign technology enterprises opens up more room for growth. On the one hand, North American technology giants are about to enter the market, and the innovation in product form and application fields is expected to promote the development of the industry in a more diversified direction. On the other hand, China’s industrial cooperation represented by byte headline’s acquisition of VR hardware brand Pico is expected to create China’s VR industrial ecology, Open up the market with broad potential in China; (3) The global VR / AR ecosystem has been gradually improved, with the organic combination of social, office, media, entertainment and other attributes. The application scenarios have been expanded to many fields such as to C and to B. the application content has gradually realized cross platform and cross hardware interconnection, so that VR / AR products have gradually become an important part of daily work and life, and the market space is huge.
Infrastructure construction end: (1) the yuan universe Industry Committee announced the list of the first 65 members; (2) The pilot version of digital RMB app was put on the shelves, and Tencent, meituan, Xiaomi and jd.com were connected to the digital currency ecosystem; (3) Digital RMB launched a new scenario of digital city application: Bank Of Communications Co.Ltd(601328) Shanghai Branch, together with Shanghai Pudong New Area employment promotion center and relevant streets, successfully issued digital RMB employment subsidies to help the people; Xiangcheng District of Suzhou also provides the option of digital RMB in the scene of paying legal fees.
Investment proposal and investment object
On the platform side, Tencent continued to promote the construction of VR equipment and meta universe content, the development of virtual anchor station B and mango, and the launch of mango digital collection. It is suggested to pay attention to Tencent holdings, BiliBili, Mango Excellent Media Co.Ltd(300413) .
On the content side, the advantages of the game track in interactivity and immersion make us optimistic about the first entry of the game company under the meta universe framework. It is suggested to pay attention to: Netease, Perfect World Co.Ltd(002624) , Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) .
On the hardware side, it is recommended to pay attention to the integration of Optics and the whole machine: Goertek Inc(002241) ; Manufacturers of optical and display components: Will Semiconductor Co.Ltd.Shanghai(603501) , Zhejiang Crystal-Optech Co.Ltd(002273) , Shunyu optical technology, Lianchuang Electronic Technology Co.Ltd(002036) , Wuhu Token Sciences Co.Ltd(300088) etc; Other component manufacturers: Shenzhen Everwin Precision Technology Co.Ltd(300115) (structural parts), Jiangsu Sidike New Materials Science & Technology Co.Ltd(300806) (OCA optical adhesive), etc.
For the infrastructure construction end, it is suggested to pay attention to the communication operators China Telecom Corporation Limited(601728) , China Mobile that have deployed the meta universe; Vertical NFT trading platform Visual China Group Co.Ltd(000681) ; Strategic partners with the digital RMB Institute of the people’s Bank of China Lakala Payment Co.Ltd(300773) , Zhejiang Zhengyuan Zhihui Technology Co.Ltd(300645) .
Risk tips
Policy supervision risk: metauniverse is a new thing and has strong supervision necessity, which may affect the development process of the industry.
Uncertainty risk of industrial pattern: the meta universe is in the early stage of development, and there is great uncertainty in the future of each link pattern.
Application expansion is not as expected: the meta universe application scenario is still in the process of continuous development, and there is a risk that the development is not as expected.
Valuation risk: some companies still contribute less revenue from related businesses of metauniverse, but due to the increase of market attention, the valuation has increased greatly, and there is a risk that high valuation can not be digested in the future.
