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) , Shanghai Fengyuzhu Culture Technology Co.Ltd(603466) , Alpha Group(002292) , Beijing Enlight Media Co.Ltd(300251) . 2、 Benefit combination: Tencent, meituan and Chuang mengtiandi. 3、 Beijing Enlight Media Co.Ltd(300251) , G-Bits Network Technology(Xiamen)Co.Ltd(603444) , Guangzhou Wahlap Technology Corporation Limited(301011) , Zhejiang Huace Film And Tv Co.Ltd(300133) . Investment theme: Digital man, arvr, game meta universe, exhibition, long video platform, ladder media, etc. Beneficiary targets: overseas companies include Netease, reading 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) , Mingchen Health Co.Ltd(002919) , China Film Wanda, Cubic Digital Technology Co.Ltd(300344) , etc.
Investment suggestion: the supervision and guidance of the Internet is being implemented in an orderly manner. Looking forward to 2022, the configuration of media interconnection can be strengthened. 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 in an orderly and standardized manner 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 believe that there are several directions that can be grasped around the meta universe. First, new hardware terminals and consumer arvr devices can be compared with the situation of 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. Although the current industrial development is at an early stage, 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.
China’s game revenue increased by 6.4% in 2021, of which the revenue from independently developed games increased by 16.59%
On December 16, China’s game industry report 2021 disclosed that the revenue of China’s game market in 2021 was 296.513 billion yuan, a year-on-year increase of 6.40%, of which the revenue of mobile games was 225.538 billion yuan, a year-on-year increase of 7.57%, accounting for 76.06% of the game market. Among them, the performance of Biyuan was excellent, and the actual sales revenue in 2021 was 28.425 billion yuan, an increase of 27.43% at the same time. In 2021, the number of game users in China reached 666 million, maintaining a stable growth, with a year-on-year increase of 0.22%. In 2021, the overseas revenue of China’s independently developed games reached US $18.013 billion, an increase of US $2.563 billion over 2020, with a year-on-year increase of 16.59%. The regions are mainly concentrated in the United States, Japan, South Korea and Europe, and the types of games are mainly SLG, MMO, shooting and elimination. We believe that there are obvious opportunities for the configuration of the game industry in 2022. First, 2022 may usher in the release of new numbers, and the launch of new products will be reflected. Second, there is still a broad market at sea, and many companies still have great prospects. Third, with the refinement of games, the long life cycle operation of games is reflected in many game products, Fourth, the continuous exploration of VraR game equipment and content in the metauniverse may be further reflected in 2022. Focus on Tencent, Netease, byte bounce, Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) , Perfect World Co.Ltd(002624) , G-Bits Network Technology(Xiamen)Co.Ltd(603444) , etc.
The new regulations on short video audit require that long videos shall not be edited without authorization to grasp the investment opportunities of virtual idols
On December 15, the detailed rules on the standards for the review of network short video content was issued, which clearly requires that short video programs shall not appear “unauthorized cutting and adaptation of various audio-visual programs and fragments such as movies, TV dramas and online film and television dramas”. It is beneficial to long-term video content production companies and platform companies, and it is suggested to seize the opportunity of virtual digital people. Focus on mango, Huace, Saturday Co.Ltd(002291) , Shanghai Fengyuzhu Culture Technology Co.Ltd(603466) , blue label, etc.
Risk tips: repeated epidemic, less than expected technological development, goodwill risk, changes in regulatory policies, etc.
