Daily theme strategy discussion, summarize the views of the eight securities companies, reveal the current situation of the industry, observe the market trend, and feel the pulse of A-Shares for you in advance.
new era Securities: grasp the era of meta universe! Around three directions
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. []
Southwest Securities Co.Ltd(600369) : under the potential long-term industrial trend of metauniverse it is suggested to pay attention to the game field and the prospect of virtual human is worth looking forward to
Yuanuniverse mainly includes three main development lines (hardware end + network end + content end); The three main lines may complement each other and promote each other's industrial upgrading, showing a spiral path of "technology + Network + content"; At the same time, in this process, it will probably copy various types of investment opportunities similar to the beginning of the mobile Internet era.
In 2022, we are optimistic about the main line of yuanuniverse technology. Specifically, the release of industrial policies is favorable, and the prospect of virtual human is worth looking forward to. We believe that the current technologies related to virtual human (motion capture, expression capture, real-time rendering, etc.) are relatively mature, the existing technical barriers show a downward trend, and there is still more room for the commercial application scenarios of related products; As one of the important applications in the virtual reality industry, virtual human is expected to enjoy the dividend release period brought by favorable policies. With technology upgrading, downward cost and large-scale volume, the application scenario of virtual human may expand from tob end to TOC end.
In addition, the game market continues to expand, and the industry policy has gradually bottomed out, waiting for the release of a new round of edition numbers. The introduction of the new anti addiction regulations for minors is more based on the protection of teenagers' health than on a specific game company. Stricter industrial policies will help the industry to be more standardized and transparent, and effectively protect the physical and mental health of teenagers from a correct perspective. In the medium and long term, it is conducive to the sound development of the whole industry.
From the perspective of investment suggestions, under the potential long-term industrial trend of yuancosmos, after the industrial policy bottoms out, it is recommended to pay attention to the rich product reserves in the game field, the high probability of fund explosion Perfect World Co.Ltd(002624) , Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) and Hubei Century Network Technology Inc(300494) of "Internet marketing + game" two wheel drive and cloud game technology; The field of virtual human focuses on Mango Excellent Media Co.Ltd(300413) with rich content reserves, strong IP operation capability and outstanding virtual reality technology. []
China Galaxy Securities Co.Ltd(601881) Securities: focus on the progress and investment opportunities of cloud computing and AI chips supported by Yuan universe computing power
Metauniverse is a new generation of Internet form with large traffic covering aiot based on network transmission reform (5g) + interactive mode reform (VR / AR) + computing power reform (AI chips such as GPU) + content Ecology (UGC). From 1g / 2G / 3G / 4G to 5g / 6G, from PC Internet, mobile Internet to metauniverse, each generation of Internet reform can bring a new round of technical dividend release, and give birth to new computing leaders (such as Intel and Qualcomm), algorithm leaders (such as Microsoft, Google and byte interaction), terminal dragons (such as Nokia and apple) and corresponding business forms. At this point in time, we focus on the progress and investment opportunities of cloud computing and AI chips supported by meta cosmic computing power. []
Anxin Securities: XR equipment is the hardware entrance of metauniverse the industry is experiencing rapid growth
XR equipment is the hardware entrance of metauniverse, and the industry is experiencing rapid growth. XR device is the general name of various video presentation and interaction modes such as AR (augmented reality), VR (virtual reality), Mr (hybrid reality) and HR (holographic reality). With the support of 5g, cloud computing, AI and other technologies, the capacity of XR industry is rising rapidly. According to the white paper on Zte Corporation(000063) 5g cloud XR application, the global investment in XR industry reached US $7 billion in 2018. In that year, the number of VR consumer applications was about 6200, AR content reached 3000 only in apple and Google stores, and Microsoft's Mr devices received orders from the U.S. military of US $480 million and more than 100000 units. In 2020, the total scale of AR / VR industry will reach 120 billion US dollars, of which AR accounts for 75%. From the perspective of geographical structure, Asian countries will share about 50% of the market, and China, Japan and South Korea are expected to become the main market of XR. The downstream applications of XR technology and products are concentrated in the live broadcasting of news / events / music venues, education, industrial manufacturing, smart grid, television and film, medical treatment, real estate, market and advertising, retail and other industries, especially the game industry. According to the research framework, the hardware products and technologies represented by XR hardware equipment are the most important part of the hardware entrance of the first component among the six components of the meta universe, which will directly determine the user scale of the meta universe. []
AVIC Securities: the fastest landing applications of metauniverse are games, virtual people, film and television and other industries
The future of the meta universe has come. The concept of meta universe began in the American science fiction avalanche in 1992. It is a virtual reality network world, which can map and interact with the real world and open a second life parallel to the real life. The underlying technical architecture of metauniverse includes network environment, virtual and real interface, data processing, authentication mechanism, content production and so on. Based on the current technological maturity, we believe that the fastest landing applications are games, virtual people, film and television and other industries, which can be analyzed from three dimensions: content, operation and channel. []
Soochow Securities Co.Ltd(601555) : metauniverse is expected to drive data traffic to maintain rapid growth 5g, laying the foundation for the maturity of metauniverse
The scale of cloud computing industry is growing rapidly, and operators actively layout cloud computing business. Cloud computing helps operators to break the impasse of traditional business inactivity, China Telecom Corporation Limited(601728) Tianyi cloud increases capital and shares and introduces four central enterprises, which will have the strength to impact the "iron triangle" pattern of Alibaba cloud, Tencent cloud and Huawei cloud in the public cloud market.
Metauniverse is expected to drive the rapid growth of data traffic, and 5g lays the foundation for the maturity of metauniverse. According to Ericsson mobile market report, mobile data traffic has increased nearly 300 times from 2011 to 2021. The emergence of metauniverse is expected to drive the data traffic to maintain a high growth. The continuous promotion of 5g network construction is expected to lay a foundation for the maturity of metauniverse.
The prosperity of optical modules is expected to improve, and 800g and silicon light will bring opportunities. The next generation of 800gb / s optical devices will be an important solution for ultra large capacity transmission. Lightcounting predicts that the global Ethernet optical module market will be close to US $7 billion in 2026, of which the sales of 400g / 800g high-speed optical modules will account for 60%. Silicon optical module has the advantages of low power, low cost, high integration and high rate, which is expected to usher in a larger market space. []
Guosen Securities Co.Ltd(002736) : seize the opportunity to repair the oversold leader continue to be optimistic about the possibility of meta cosmic catalysis
Metauniverse is expected to continue to catalyze plate performance. 1) VR and other hardware equipment experience continues to improve, the price continues to decline, 5g, cloud computing, blockchain and other infrastructure are gradually mature, and the content and application ecology are also developing rapidly driven by hardware and infrastructure; 2) "Media is information", as a more immersive and abundant media form, the meta universe will inevitably bring greater impact and reconstruction of human society and economy; With the acceleration of hardware and infrastructure, metauniverse is expected to mature at a faster speed. And bring new opportunities in platform ecology, hardware requirements, infrastructure, content form, etc; Driven by the head organization, the industrial ecology is expected to accelerate the landing and continue to catalyze the performance of the sector.
Grasp the opportunity to repair the oversold leader and continue to be optimistic about the possibility of Yuan universe catalysis. 1) the fundamentals are bottoming up and the policy expectations are stabilizing. The leading industry is expected to face the valuation and performance recovery. It is recommended that the leading Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) , Perfect World Co.Ltd(002624) , Mango Excellent Media Co.Ltd(300413) , Focus Media Information Technology Co.Ltd(002027) , G-Bits Network Technology(Xiamen)Co.Ltd(603444) , Beijing Enlight Media Co.Ltd(300251) , Wanda Film Holding Co.Ltd(002739) and other sub sectors should be listed. The Hong Kong stock concern about Tencent holdings, beep Kwai miles, bubble Matt, Fubo group, fast tech and other targets. 2) Metauniverse continues to catalyze the performance of the sector, and the segments are expected to continue to benefit: a) as the first landing scene of metauniverse, the game is expected to continue to improve its valuation and performance. It is recommended to recommend Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) , Perfect World Co.Ltd(002624) , G-Bits Network Technology(Xiamen)Co.Ltd(603444) , and pay attention to ZuLong entertainment, middle hand travel, Zhejiang Century Huatong Group Co.Ltd(002602) ; b) As an important carrier of the meta universe, VR is expected to accelerate its ground application and pay attention to Hangzhou Shunwang Technology Co.Ltd(300113) and other targets; c) NFT of digital assets is expected to generate more application fields, focusing on the leading targets with content and IP copyright advantages, such as Visual China Group Co.Ltd(000681) , Zhejiang Huace Film And Tv Co.Ltd(300133) , Fubo group, etc; d) The virtual digital human ushered in the application outlet, the bottom marketing company ushered in the possibility of upward valuation, and paid attention to Bluefocus Intelligent Communications Group Co.Ltd(300058) and other marketing industry chain targets. []
Shanxi Securities Co.Ltd(002500) : the construction of 5g network and meta universe related technologies bring more development opportunities to the content field
In 2021, the regulatory change came to an end, the periodic disturbance of the epidemic continued, the stock of monthly live users reached a record high, and the competition around the user duration and retention continued to intensify. The construction of 5g network and meta universe related technologies brought more development opportunities to the content field. 1) Video and games: changes in regulatory policies force the industry to adjust its supply side. Companies in the industry actively adjust and respond, optimize content production, seek to break the situation through going to sea and diversified layout business matrix, and are expected to return to the fast lane of development, pay attention to the value depression formed in the industry adjustment, and the leading companies have excellent cost performance. It is recommended to pay attention to Perfect World Co.Ltd(002624) , Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) , G-Bits Network Technology(Xiamen)Co.Ltd(603444) , Mango Excellent Media Co.Ltd(300413) , Zhejiang Huace Film And Tv Co.Ltd(300133) . 2) Publishing and film: in the short term, the repeated impact of local epidemic situation may continue. On the one hand, we can pay attention to the phased marginal improvement opportunities of the industry brought by the epidemic prevention and control effect, and at the same time, we can pay attention to the head companies that establish or strengthen the leading position by building content barriers and promoting channel reform in the process of combating the uncertainty of epidemic situation. []
