Core conclusion
In 2021, the advertising market increased by 11.2% year-on-year. According to CTR data, the advertising market continued to recover in 2021, and the overall advertising publication cost increased by 11.2% year-on-year. In terms of sub channels, except for traditional outdoor advertising, all channels are showing a recovery trend. In 2021, the cost of cinema video advertising showed a restorative growth, with a year-on-year growth rate of 253.2%. Advertisers in all categories fully resumed the release of cinema video, including 11 categories such as finance, home appliances and household appliances, with an increase of more than 1000%. The year-on-year growth rates of elevator poster and elevator LCD advertising in 2020 / 2021 reached 28.9% / 32.4% and 23.8% / 31.5% respectively, both maintaining a good growth trend. From the perspective of industry performance, the top 3 industries of elevator poster advertising expenses are commercial and service industries / beverages / IT products and services, with a year-on-year increase of more than 50%. The top 3 industries of elevator LCD advertising cost are beverage / food / post and telecommunications. The advertising cost of beverage industry doubled, and the food industry increased by more than 50% year-on-year. We believe that as an offline differentiated media scene, ladder media advertising has high recognition from advertisers and leads all media in prosperity. It is expected to continue the growth trend in the past two years. Theater advertising may benefit from the in-depth recovery and continuous growth of the film market. Focus Media Information Technology Co.Ltd(002027) ( Focus Media Information Technology Co.Ltd(002027) . SZ) has a leading market share in the above media field and has obvious advantages, And the cost side will remain stable due to the improvement of the competition pattern of ladder media points. It is recommended to pay attention to it.
Kwai Chung electric providers first released the trust construction annual report. March 4th Kwai Kwai electric supplier released the "2021 fast seller trust building annual report", which is the first time that the fast Kwai e supplier has systematically disclosed the platform's trust ecology construction and governance situation. The report pointed out that the Kwai Fu explicitly trusted the development strategy of the electricity supplier in 2021 and trusted governance based on the logic of "supporting the poor and the poor". In the "customer service" aspect, the Kwai TSE electric provider launched the service brand "trust purchase", and the opening of "trust shopping" businesses will provide consumers with many after-sales service protection rights including refund, no return, return freight and other freight services. The Kwai Kwai e-commerce platform will give priority to the recommendation of the trust buying business to encourage high-quality businesses to provide better products and services to consumers through the trust buying system. In 2021, nearly 5 billion orders were included in the "trust buying" guarantee of fast sellers, and the consumers' willingness to purchase the "refund not refund" protection rights increased by more than 20%. The re purchase rate of stores with trust rights and interests protection increased by 12%. In the aspect of "eliminating the inferior", we severely cracked down on the behavior of undermining the trust ecology, banned more than 210000 merchants and anchors, and the reporting rate of live delivery users decreased by 8.96% year-on-year. Kwai Kwai believes that the implementation of the trust business strategy will promote the healthy development of the fast business ecosystem. We hope that the GMV growth and liquidity efficiency of the Kwai Yue e-commerce providers will be improved. We suggest that we continue to focus on the fast -W (1024.HK).
Industry performance in one week:
The Shanghai Composite Index fell 0.11%, the Shenzhen composite index fell 1.97%, and the media (Shenwan) closed at 616.93 points, down 0.39%, underperforming the Shanghai Composite Index by 0.28 percentage points. Within the industry, the film and television index rose 1.04%, the animation index rose 3.34%, the game index rose 0.78%, the publishing index rose 0.83%, the radio and television index rose 2.26%, and the advertising and marketing index fell 3.10%.
Risk tip: policy risk, intensified competition, and the flow of the game does not meet expectations
