This week's market
This week (22.2.28-22.3.5), the Shanghai Composite Index, Shenzhen Component Index, gem index and media board index rose by - 0.1%, - 2.9%, - 3.8% and - 0.4% respectively. The top three stocks in the sector rose this week were Hengxin Shambala Culture Co.Ltd(300081) (23.1%), Shunya International Martech (Beijing) Co.Ltd(300612) (13.7%), Col Digital Publishing Group Co.Ltd(300364) (13.2%), and the last three were Guizhou Bc&Tv Information Network Co.Ltd(600996) (- 12.8%), Jc Finance & Tax Interconnect Holdings Ltd(002530) (- 11.3%), Lecron Industrial Development Group Co.Ltd(300343) (- 10.6%). The top three stocks in the overseas media Internet sector rose this week were China youzan (10.6%), Aurora (7.8%), bubble Mart (4.9%), and the last three were Youdao (- 27.0%), pinduoduo (- 20.1%) and interesting headlines (- 19.4%).
This week's view
In the early development of metauniverse, the b-end project is expected to produce large-scale economic benefits before the C-end content / application. Yuancosmos is a digital virtual space independent of the physical world. Large and medium-sized b-end projects such as virtual exhibition hall, digital experience space and multi-dimensional art space can be understood as digital virtual subspaces. Ideally, such subspaces will realize interconnection and eventually develop into a large-scale virtual world that includes everything. Referring to the discussion of Xiangxin technology on the development of virtual digital human industry (Q qubit), we believe that the development of metauniverse will go through three stages: g-end / b-end large-scale project and application promotion, BtoC application popularization, C-end application and content Popularization:
(1) large scale implementation of g-end / b-end projects and applications: the relevant software, hardware and infrastructure of yuancosmos are in the early stage of development, and the relevant construction costs are high. G-end / b-end preliminary attempts to embrace new technologies and new business forms, especially the implementation speed and progress of g-end projects are faster.
(2) BtoC application is becoming more and more popular: large-scale g-end / b-end projects promote the development of metauniverse technology, and the related costs are gradually reduced. At the same time, consumer habits begin to form gradually. Metauniverse application begins to show the potential of large-scale commercialization and has certain economic benefits. At the same time, manufacturers begin to pay attention to the possibility of C-end content and technology realization. The profitability of BtoC project has gradually improved.
(3) large-scale popularization of C-end applications and contents: with the further strengthening of relevant technologies and commercialization capabilities, the large-scale popularization of C-end users' access to meta universe channels and terminals, C-end applications and contents have the potential for large-scale commercialization, and meta universe will enter the stage of general prosperity. We believe that metauniverse will first generate large-scale demand for large-scale g-end / b-end projects, and the demand is expected to maintain sustained high growth. Virtual exhibitions and digital cities are important landing scenes.
Investment advice
(1) immersing in the Internet is the future development trend. Metauniverse is in the initial stage of development. Compared with the implementation of C-end applications (requiring the popularization of access terminals), we believe that g-end / b-end projects are expected to be implemented first. At present, various countries and local governments have gradually introduced relevant policies of the meta universe. City pavilions, exhibition halls, theme pavilions, enterprise pavilions and cultural tourism performance activities are expected to become the first application scenarios for virtual cultural and creative projects. Pay attention to the creative design leaders of the exhibition hall [ Shanghai Fengyuzhu Culture Technology Co.Ltd(603466) ], cultural and tourism activities [ Beijing Fengshangshiji Culture Media Co.Ltd(300860) ], [ Silkroad Visual Technology Co.Ltd(300556) ], etc.
(2) we are optimistic about the basic of the game industry for a long time, and the short-term policy disturbance is expected to promote the development of the game industry. The company has determined the layout before and after the release of the version number, the value of the company has been determined, the distribution of the version number has been determined, and the time of the release of the version number has been determined. At present, the company has long-term value. Pay attention to [ Perfect World Co.Ltd(002624) ] with high-quality R & D ability and end-to-end tour of Zhuxian world; [ Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) ] with strong operation ability, proven high-quality game R & D ability and sea distribution ability; Focusing on research and development, small and beautiful [ G-Bits Network Technology(Xiamen)Co.Ltd(603444) ]; [netease-s] and [Tencent holdings] with rich product matrix and strong risk resistance.
Risk tips
The risk of stricter policy supervision exceeding expectations, the development progress of metauniverse is less than expected, and the decline of game companies is more than expected.
