Review of market and sector trends: last week, the media sector index rose 3.47%, the Shanghai Composite Index rose 0.60%, the Shenzhen Component Index rose 1.00%, the gem index rose 0.78% and the yuan universe index rose 0.42%. The top three sectors Rose: Zhewen Interactive Group Co.Ltd(600986) (+ 35.97%), Oriental Pearl Group Co.Ltd(600637) (+ 13.99%), Three’S Company Media Group Co.Ltd(605168) (+ 12.67%). The top three declines in the sector: Shunya International Martech (Beijing) Co.Ltd(300612) (- 17.03%), Wuxi Boton Technology Co.Ltd(300031) (- 8.14%), Col Digital Publishing Group Co.Ltd(300364) (- 6.85%). Last week, the NASDAQ China technology index rose 0.23% and the Hang Seng China enterprise index rose 0.42%.
Monthly view: in December, the [wind yuan universe index] rose 4.27% monthly (27.48% for the whole year). In the early stage, we focused on [blue standard (December + 54.8%, year + 80.5%), vision (December + 31.6%, year + 84.1%), Zhewen Interactive Group Co.Ltd(600986) (December + 86.5%, year + 96.5%), and Jebsen (December + 33.5%, year + 96%)] monthly and annual increases, with obvious excess returns. We commented last week [Zhejiang Culture (up 36% weekly, state-owned assets will increase by 200 million to promote virtual anthropomorphic Development)] led the rise.
At the beginning of the new year, in the report “strategies for 2022: turning the tide, looking forward to marginal improvement in pessimism” in December, we stressed that we should pay attention to the main line of the meta universe in 2022 and comprehensively lead the wave of science and technology from hardware to content. As of December 30, more than 12000 trademark applications with the name “yuanuniverse” had been filed in China. Last week, China’s multi policy encouraged the development of metauniverse Technology: in the “14th five year plan for the development of science and technology for radio, television and network audio-visual”, the State Administration of radio, film and television encouraged industries to explore the application of virtual images such as video anchor, digital network red, live broadcast and goods in program interaction, The 14th five year plan for the development of Shanghai’s Electronic Information Industry issued by Shanghai Economic and Information Technology Commission proposes to strengthen the forward-looking research and development of the basic ability of the core technology at the bottom of the meta universe; In addition, the overseas VraR industry has made progress. The [meta (FB)] quest2 virtual reality helmets are selling well at the end of the year. The downloads / daily active users of oculus application on Christmas day have increased by 70% / 90% respectively compared with the same period of last year. The [apple] organizing team is responsible for the release and marketing of AR or VR headsets; For Chinese industry, [Baidu] AI developers conference was held in Xitu virtual space, and announced that it had reached strategic cooperation with [blue label (super realistic virtual personification of independent IP “Su Xiaomei” online)] to jointly promote the development of meta universe industry. In addition, continue to pay attention to the business development of [Vision (digital collection trading platform meta vision online)] and other companies in meta universe related fields.
Internet regulation and economic pressure are still the core influencing factors of zhonggai shares. On the supervision side, Zhang Gong, director general of the market supervision administration, Kwai said that setting up the “traffic light”, defining the bottom line of rules and regulations, improving the rules of fair competition system, and strengthening the supervision and law enforcement in key areas such as platform economy and technological innovation. In addition, the National Copyright Administration issued the “14th five year plan” for copyright work, which requires to continuously improve the network governance capacity of copyright network; On the economic front, the commerce department made clear in the meeting that next year we should upgrade the traditional consumption level and accelerate the development of new consumption. We should pay attention to [Kwai Fu (launching the “one-stop open platform”, the industrial belt), Ali (Li Jiaqi, according to the requirements of the Zhejiang Consumer Protection Commission for rectification), the US group (the flash store store business), and so on in the new business areas such as direct seeker, new retail, and so on.
Key tips: 1) key sub tracks, financial technology [Dongcai (A-share turnover hit a record high in 21 years)]; Science and technology innovation [millet and Baidu (after December 27th) has been open to all users, intelligent digital human platform, Baidu Intelligent Cloud XL release]] Online recruitment [boss direct employment], marginal improvement of real estate [shell], etc.
2) The game sector focuses on [Tencent, Netease, middle hand games, IgG, chizicheng technology, etc.], China [perfect, Panax notoginseng, G-Bits Network Technology(Xiamen)Co.Ltd(603444) , Zhejiang Century Huatong Group Co.Ltd(002602) (building a legendary meta universe community), Baotong, Caesar, giant (establishing a long-term layout of meta universe games), Fuchun, Yaoji, Huali], VR technology [Silk Road, Hengxin, Jiachuang], etc.
3) In the film and television sector, the Spring Festival is approaching and the pattern of long-term video platform is improving. The total box office (including pre-sale) of new films on New Year’s day in 22 years exceeded 1.2 billion. The Spring Festival file focuses on [light (about 30-35 million yuan from the revenue of manslaughter 2)], as well as [Wanda, China film, cat’s eye], etc; Long video platform members’ price increase [iqiyi, mango] is conducive to the improvement of the overall ARPU of the industry; TV dramas and artist brokers pay attention to [Huace, huanrui].
4) Generation Z and community maintain high growth and high stickiness. Pay attention to the community [Bili] [xiaohongshu] [Zhihu]; Tide play [bubble Mart] and [chuangmeng, aofei, Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) ]; Online music [Netease cloud music], etc.
5) Kwai Tel and the industrial chain, the electronic business platform [Jingdong (share repurchase authorization increased from 2 billion US dollars to 3 billion US dollars), spelled a lot of [Ali]] and live platform [shake voice, fast hand], industrial chain [ Saturday Co.Ltd(002291) , Yao Ji, gravity], marketing technology [sub tiktok, blue print, vision, Huayang], etc., word Festival benefits [ Three’S Company Media Group Co.Ltd(605168) , Zhewen Interactive Group Co.Ltd(600986) ], etc. Community retail [meituan, daily Youxian, dingdong], etc; Wechat ecological e-commerce SaaS [youzan (user in store conversion increased by 19.1%, transaction conversion increased by 12%), wechat alliance].
Risk warning: epidemic impact, economic and political environment risk, stricter supervision, goodwill impairment risk
