Portfolio: one of the portfolio: one of the portfolio: one of the Mango Excellent Media Co.Ltd(300413) \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\, Alpha Group(002292) . Two, benefit groups, fast hands, Tencent, Kwai Chuang, Chuang Meng world. 3、 China South Publishing & Media Group Co.Ltd(601098) , Jiangsu Phoenix Publishing & Media Corporation Limited(601928) , Southern Publishing And Media Co.Ltd(601900) , Xinhua Winshare Publishing And Media Co.Ltd(601811) , etc.
Investment theme: steady growth of publishing and building media, long track streaming media and game opportunities.
Beneficiaries: overseas companies include Netease, reading group, BiliBili, bubble mart, ZuLong entertainment, China Mobile Games, Baiao family interaction, chizicheng technology, etc Kingnet Network Co.Ltd(002517) , Hangzhou Electronic Soul Network Technology Co.Ltd(603258) , Zhewen Interactive Group Co.Ltd(600986) , Shanghai Lisheng Racing Co.Ltd(002858) , China Sports Industry Group Co.Ltd(600158) , Jiangsu Jinling Sports Equipment Co.Ltd(300651) , Beijing Yuanlong Yato Culture Dissemination Co.Ltd(002878) , Cubic Digital Technology Co.Ltd(300344) , Silkroad Visual Technology Co.Ltd(300556) , etc.
Investment suggestion: the regulatory guidance of the Internet is being implemented in an orderly manner. The valuation of media interconnection is at the bottom. Antitrust and data security are important variables in the development of the Internet. We believe that this round of regulation 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 yuanyuzhou Association. All walks of life continue to discuss and understand metauniverse. Metauniverse may be understood as the next generation Internet, which will generate different connections and experiences between people and things in time and space based on different terminals. The ultimate form will depend on the development of technology. At present, we believe that there are several directions we can grasp around the meta universe. First, new hardware terminals, 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.
The government work report pays attention to the construction of sports venues and facilities and the opportunities for the rapid development of sports
On March 5, 2022, Premier Li Keqiang made a government work report and proposed that this year's sports and sports focus on "building sports venues and facilities around the masses". According to the data of the National Bureau of statistics, the total output of the national sports industry in 2020 is 2.74 trillion yuan, which is clear compared with the total scale of 5 trillion yuan in 2025 proposed in the national fitness plan; By the end of last year, the number of stadiums nationwide had increased by 258000 compared with the end of last year, and the conditions for national fitness continued to improve. With the in-depth implementation of the national fitness and health China strategy and driven by events such as the Beijing Winter Olympic Games and the Asian Games, the sports industry is expected to make progress under the guidance of policies. Relevant beneficial objects include Shanghai Lisheng Racing Co.Ltd(002858) , Shanghai Yaoji Technology Co.Ltd(002605) , Shuhua Sports Co.Ltd(605299) , Jiangsu Jinling Sports Equipment Co.Ltd(300651) , Hangzhou Electronic Soul Network Technology Co.Ltd(603258) , Wuhan Ddmc Culture & Sports Co.Ltd(600136) , Beijing Yuanlong Yato Culture Dissemination Co.Ltd(002878) , China Sports Industry Group Co.Ltd(600158) , etc.
Qualcomm cooperates with byte to develop XR ecology, media investment in the short term, and grasp the medium and long-term layout of the Internet in a stable sector
On March 1, 2022, Qualcomm announced that it had reached a strategic cooperation with byte beat, and the two sides would cooperate to develop XR devices and software. "We are very pleased to cooperate in hardware, software and technology roadmap to realize Pico's ecosystem," said Liang Rubo, CEO of Pico China's major manufacturers continue to explore the development of hardware and other technologies. We believe that the future of metauniverse can be expected. Considering the macro trend, the investment in the media industry should focus on stability, layout the publishing sector with high score and stable growth, and the Internet sector with in-depth adjustment in the medium and long-term layout. Better allocation opportunities may be after the first quarterly report. We believe that the Internet opportunity of undervaluing the long track has gradually emerged, and the relevant benefit targets are Tencent, Netease, Mango Excellent Media Co.Ltd(300413) , Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) , G-Bits Network Technology(Xiamen)Co.Ltd(603444) , Zhejiang Century Huatong Group Co.Ltd(002602) , etc.
Risk tips: repeated epidemics, less than expected technological development, goodwill risk, changes in regulatory policies, etc.
