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.
open source Securities: firmly grasp the "four main lines" exposure of industrial chain targets
The conceptual framework of yuancosmos and its representative direction of the Internet may have become a market consensus. The current investment layout should give more consideration to its landing path and commercialization feasibility. Based on this, we once again suggest to focus on four main lines: Open World Games and UGC game platform, virtual personification, VR / AR / MR and NFT.
(1) Based on the common characteristics of openness, immersion, identity and economic system with the meta universe, open world games may become the earliest landing scene of the meta universe. As games, they already have mature business models such as time length and props payment. Large scenes, globalization, user UGC content creation and other open world characteristics make advertising O2o business model can be added, which is expected to enlarge the realization value; Among them, representatives include MIHA tour original God, Perfect World Co.Ltd(002624) magic tower, UGC sandbox game platform roblox, the code invested by byte beat, restart the world, which is being developed by Qiankun company, Tencent's self-developed game king glorifies the world, which has previously published recorded pictures, etc. in addition, due to the high R & D and operation threshold of open world games, Its development may further promote the headedness of the game industry.
(2) Virtual people may become an important part and important digital assets of the meta universe virtual world. The popularity of virtual people such as ayayi and Liu Yexi in 2021 may indicate that engine modeling and rendering, dynamic capture, real-life CG and other technologies can complete the creation of highly simulated virtual people, and the recent negative news of stars and head anchors may bring immeasurable losses to brokerage companies and businesses, The demand for virtual idols and virtual anchors is constantly increasing. Two factors may lead to the great development of the virtual human industry in 2022. At present, film and television content, advertising marketing and companies with advantages in light and shadow technology are laying out virtual humans. The subsequent operation ability may become the key to whether they can attract traffic and realize successfully through advertising, goods, etc MCN and content platform may have more advantages.
(3) The development of VR / Ar / MR industry may provide an important access port for metauniverse and greatly enhance the sense of immersion. It also needs to focus on the global shipment of C-end head equipment (such as oculusquest 3, Pico and Apple's subsequent products, etc.), which may first stimulate the demand for optical lenses and modules upstream of the industrial chain, with light and shadow technology and b-end large-scale holographic projection Companies with VR / AR project experience are more likely to win on the content side.
(4) In China, NFT is mainly used for the confirmation and Realization of digital assets. Photos, paintings and other works of art may benefit from its development and expand the realization value, and relevant trading platforms may also benefit. Based on the four main lines of metauniverse, it focuses on recommending Perfect World Co.Ltd(002624) and heart company, and the beneficiary objects include Tencent holdings, netease-s, Beijing Quanshi World Online Network Information Co.Ltd(002995) , Bluefocus Intelligent Communications Group Co.Ltd(300058) , Saturday Co.Ltd(002291) , Beijing Fengshangshiji Culture Media Co.Ltd(300860) , Shanghai Fengyuzhu Culture Technology Co.Ltd(603466) , Visual China Group Co.Ltd(000681) , roblox and unitysoftware. []
Zhongtai Securities Co.Ltd(600918) : the emergence of metauniverse is expected to make the realization of content possible the market space exposure of the main scenes of metauniverse
The emergence of the meta universe is expected to make the realization of content possible. In the era of mobile Internet, the final realization of any business model innovation is still traffic. There are two main reasons why the realization of content cannot be realized: 1) the realization of content requires pre payment, which requires that the content is non reproducible, and it is difficult to realize under the background of imperfect copyright legislation; 2) The user base corresponding to a single content form is not enough, so it is difficult to release potential demand.
In the era of meta universe, the Internet pattern will change greatly. The underlying logic is that the relationship between people and society has been reconstructed in the meta universe. Referring to the transformation from PC Internet era to mobile Internet era, a number of new giants such as meituan and today's headlines have been born. We believe that the evolution of the meta universe should not be simply understood as a linear deduction in the mobile Internet era, and its pattern may change greatly. We propose that the underlying logic of all this comes from the reconstruction of people by the meta universe The relationship between man and society.
In the era of mobile Internet, the content realization that is difficult to realize is expected to be realized in the meta universe. From the perspective of the income structure of global Internet giants, its realization mode is still dominated by advertising. We believe that the meta universe is the form selected by the public. Users can use the underlying technology to produce their desired content in the meta universe, breaking many frameworks for limiting scenes, contents and rules in the PGC era, and realizing the variable realization of the content itself. In this form, enterprises take providing underlying technology, scenes and IP as the basic disk, You can also participate in the process of content creation.
We have calculated the market space of the main scenes of the meta universe. It is expected that the revenue of games in the Chinese market will reach 2.06 trillion from 2022 to 2032, and the e-commerce is expected to achieve 43 trillion Gmv. In terms of the company, we suggest paying attention to the core underlying technology, NVIDIA, the content IP company that can be migrated to the meta universe, the reading group and Tencent holdings. []
new era Securities: looking forward to 2022, we should gradually strengthen the allocation of media Internet grasp the era of meta universe
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. []
Guosheng Securities: in the long run, there are a lot of investment opportunities in VR / AR, blockchain, virtual reality content production and other links
Baidu yuanuniverse "xirang" officially opened the internal test, and JD launched the Lingxi digital collection trading platform. On December 27, China's first meta universe product "xirang" will be open to all users, and Baidu AI developer conference will also be held. Xirang took the lead in realizing the interaction of 100000 people on the same screen and the restoration of "10000 concert level" real sound effect in China. On the policy side, at the economic work meeting of the Shanghai municipal Party committee held on December 21, Li Qiang, Secretary of the Shanghai municipal Party committee, stressed the need to guide enterprises to step up the research on the important platform for the interaction between the virtual world and the real society in the future, and make a timely layout and cut in.
We believe that giants at home and abroad focus on the multi-dimensional ecological layout of software, hardware and content around the meta universe, and the continuous landing of industries has brought about a plate catalytic market. Short term or partial theme investment. In the long term, there are a lot of investment opportunities in VR / AR, blockchain, virtual reality content production and other links. It is recommended to focus on high-quality companies with fundamental support and valuation flexibility: Shanghai Fengyuzhu Culture Technology Co.Ltd(603466) , Visual China Group Co.Ltd(000681) (main business recovery + NFT platform will be launched soon), Wuxi Boton Technology Co.Ltd(300031) (Industrial Internet), Hylink Digital Solution Co.Ltd(603825) , Bluefocus Intelligent Communications Group Co.Ltd(300058) (virtual live studio), etc. []
Anxin Securities: research framework of technology giants in the direction of meta universe layout exposure
Research framework of technology giants in the direction of meta universe layout: push back the necessary elements with experience upgrading as the end, and tear down the six components of meta universe research framework. The first is the hardware entrance (VR / Ar / MR / brain computer interface) and operating system to provide the meta universe experience, the second is the back-end infrastructure (5g / computing power and algorithm / Cloud Computing / edge computing) and underlying architecture (engine / development tool / digital Twin / blockchain) to support the smooth operation of the meta universe, the third is the core production factor (Artificial Intelligence) in the meta universe, which is finally presented as a hundred flowers bloom content and scene, And a large number of collaborators providing technology and services emerged in the process of ecological prosperity of the meta universe. Taking the meta universe research framework established by us as the main context, we will track the trends of science and technology companies at home and abroad, so as to determine the resource endowment, advantages and disadvantages, force path, etc. of each giant in the direction of meta universe layout. []
Shanghai Securities: before the soldiers and horses arrive, the grain and grass go first ! VR / Ar + IOT + HD display is the bottom foundation of " " "
Before the soldiers and horses arrive at the grain and grass, VR / Ar + IOT + HD display is the bottom foundation of the "meta universe". We believe that the initial stage of "meta universe" is the bottom construction of infrastructure, including chips, servers, network connections and terminal devices. VR / AR devices, IOT devices and high-definition display devices will be the cornerstone of the connection of all things and the underlying foundation for the realization of the "meta universe". With the continuous iteration of VR / AR technology, the gradual improvement of application ecology and the continuous upgrading of end products, the industry is expected to enter a period of rapid growth. IOT equipment and industry chain related enterprises represented by TWS headphones and smart watches usher in better development opportunities. Terminal displays such as mini, microled and OLED are expected to benefit from the "meta universe" and open new growth 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.
From the perspective of investment suggestions, grasp the repair opportunity of oversold leaders 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. []
Sinolink Securities Co.Ltd(600109) : suggest long-term layout of high-quality assets focus on the continuous iteration of meta universe technology
It is suggested to lay out high-quality assets in the long term and pay attention to the continuous iteration of meta universe technology. In terms of individual stocks, it is suggested to pay attention to the adjustment of organizational structure and focus on meituan in retail; In the game sector, there is an opportunity to go to sea. It is suggested to pay attention to the establishment of Tianmei F1 studio, Tencent holdings, which speeds up the overseas layout, launch Netease, a global IP mobile game Harry Potter, and Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) carried by the P & S model and subsequent SLG product iterations to accelerate the performance of going to sea; Absolute return target of a shares: it is recommended to focus on Mango Excellent Media Co.Ltd(300413) with the advantage of long video content, launch virtual hosts Xiaoyang and Yaoyao, and layout mango metauniverse.
