This week's market
This week (22.3.7-22.3.13), the Shanghai Composite Index, Shenzhen Component Index, gem index and media board index fell by 4.0%, 4.4%, 3.0% and 4.3% respectively. The first three stocks in the sector rose this week Changjiang Publishing & Media Co.Ltd(600757) (14.2%), Zhejiang Sunriver Culture Co.Ltd(600576) (14.2%), Time Publishing And Media Co.Ltd(600551) (13.9%), and the last three Dalian Morningstar Network Technology Co.Ltd(002447) (- 17.7%), Beijing Yuanlong Yato Culture Dissemination Co.Ltd(002878) (- 16.5%) and Chengdu B-Ray Media Co.Ltd(600880) (- 16.3%). Stocks in the overseas media sector rose this week, with the top three vipshop (0.0%), vipshop (0.0%), Lexiang group (- 1.8%), followed by sanbaozun e-commerce (- 30.1%), Fubo group (- 25.3%) and BiliBili (- 25.3%).
This week's view
Pay attention to the implementation and promotion of meta universe digital exhibition hall, digital entertainment experience space and digital city. Earlier, several representatives and members made suggestions at the two sessions to speed up the top-level design of yuanuniverse. For example, Kong Fulong, deputy to the National People's Congress and Secretary of the Party committee and chairman of Jiangxi Rural Credit Union, said that strengthening the top-level design by relevant national departments can better layout the new track of digital economy and seize the new highland of digital economy. It is suggested to establish a national yuanuniverse R & D organization; Liu Wei, a member of the National Committee of the Chinese people's Political Consultative Conference, said that at present, there are no cases with mature standards to follow. What's more, the government needs to take the lead in demonstration and guidance to enable it to embark on the road of enabling real industries and expanding the digital economy from the beginning, so as to lay a foundation for China to seize the frontier of science and technology in the future. Combined with our judgment on the development process of meta universe (first g / b end, then BtoC end, and then c end), g-end meta universe projects are expected to benefit first. In particular, it is expected that the relevant demand will increase significantly in 2022. Pay attention to the implementation process of virtual digital space projects.
Focus on the oversold Internet sector. This week, the SEC of the US Securities Regulatory Commission listed five Chinese concept companies in the provisional list of the foreign company Accountability Act. Affected by this news, Chinese concept shares fell sharply. This week, Internet leading shares continued to fall, and Baidu, -W, Alibaba, Kwai -W and Tencent holdings fell -19.24%, -17.84%, -11.09%, -9.78% and -8.78% respectively, respectively, in. We believe that the overseas Internet has entered the oversold range due to the impact of risk aversion and liquidity depletion. We continue to be optimistic that the Internet will enter the 3.0 era under the grand logic of the meta universe, and pay attention to the oversold Internet sector.
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. Core recommendations include [ Shanghai Fengyuzhu Culture Technology Co.Ltd(603466) ], creative design leaders of cultural and tourism activities [ Beijing Fengshangshiji Culture Media Co.Ltd(300860) ], [ Silkroad Visual Technology Co.Ltd(300556) ], etc.
(2) affected by risk aversion and liquidity depletion, the Internet leader continued to kill and has entered the oversold range. We continue to look forward to the new opportunities of the Internet 3 era, and focus on the Internet leading Kwai -W, -W and Tencent holdings.
(3) 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. From the layout time point, focus on grasping before and after the release of the version number. At present, the share price of the game company has experienced a deep correction. There is a short-term game value before the release of the version number, and the certainty is established after the release of the version number, which has a long-term investment 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] with rich product matrix and strong risk resistance.
Risk tips
The development progress of yuanuniverse is less than expected, the improvement of overseas liquidity is less than expected, the policy supervision is stricter than expected, and the decline of game companies affected by the version number is more than expected.
