Industry core view:
Last week, the media industry (Shenwan) fell 0.64%, ranking eighth in the market, outperforming Shanghai and Shenzhen 300. The official announcement of Yingjiao's new tour "tomorrow's Ark: the end land" continues the IP popularity of tomorrow's Ark. We believe that the game's integration of real-time + strategy + RPG is rare and innovative. Yingjiao network is constantly exploring new development directions and continuously outputting high-quality content with more mature technology and production mode, which indicates that the brand of "tomorrow's Ark" will step onto a new level and inject fresh vitality into China's mobile game market. In 2022, the "Qinglang" series of special actions focused on the problems with wide impact and great harm. We believe that the measures on the protection of minors have focused on rectifying the network chaos involving minors, promoting the strengthening of the protection of minors in the whole Internet industry, and striving to create a healthy, safe and clean network environment for minors; Once again, we emphasize the problem of the return of bad performers. We believe that the frequent rollover of popular artists is undoubtedly a heavy blow to the film and television industry. All the film and television dramas and variety shows that have been broadcast will be taken off the shelves, and those to be broadcast will face rectification and editing. The production cost of video platform content will rise, the storage of film and television content will be reduced, and the loss is difficult to estimate.
Key investment points:
Game: 1) the official announcement of Yingjiao's new tour "tomorrow's Ark: the end land" continues the IP popularity of tomorrow's Ark. "Tomorrow's Ark: the final destination" released its first concept CG and real-time video, and officially launched an appointment. The game is played by 3D real-time strategy RPG. 2) The overseas pre registration of apex Hero Mobile tour has been opened. 3) The "magic tower" international service will be tested in April and distributed by Tencent levelinfinite. The official push of "magic tower" announced that the work will be closed beta tested in the United States, Canada and other countries in April this year, and will be represented by Tencent's overseas distribution brand levelinfinite. 4) The demonstration of Hogwarts: heritage is open and will be launched at the end of 2022. 5) China Mobile Games took a stake in Shanghai zhoujing company and entered the basketball sports E-sports. China Mobile Games will build a "street basketball sports E-sports ecology" with national fashion characteristics around Code: basketball 3v3.
Internet: 1) National Network Information Office: online game, webcast and other network service providers shall not provide payment services inconsistent with their civil capacity to minors. The Internet information office again solicited public opinions on the regulations on the protection of minors' networks (Draft for comments). The opinion once again emphasizes the issues related to paid services for minors. 2) In 2022, the "Qinglang" series of special actions focused on the problems with wide impact and great harm. Specifically, it includes 10 key tasks, such as comprehensively rectifying the illegal return of bad performers, focusing on rectifying the Internet chaos involving minors, and focusing on rectifying internet violence. 3) We will draw up a hard science and technology breakthrough plan, "one center, four main lines". "One center" refers to the core AI technology, and "four main lines" extend to AI chip and server chip respectively; Apply AI to intelligent hardware, medical and enterprise services; Carry out basic research and frontier exploration of AI +; Consolidate the leading position, etc. 4) Taptap launched the creator program to attract game owners. Taptap announced the launch of the "taptap creator program" for all users, announcing that users can obtain creative income by publishing original video content on taptap after applying for certification as a creator.
Investment suggestion: comply with the strict regulatory environment of the policy, promote industrial reform, and grasp the innovation needs brought by the post epidemic era and Z era. 1) Game: the epidemic dividend has faded. It is suggested to pay attention to the individual stocks in the product line that are developed for the new generation of users, have well-known IP, have high expectations and good test feedback; At the same time, driven by the concept of "meta universe", it is expected that the ecological construction of VR content will become the focus of the market in 2022; 2) Film and television cinemas: focus on leading cinemas and individual stocks; 3) Film and television series: diversified theatres and mini dramas will be the focus of the development of the video industry. It is suggested to pay attention to individual stocks with strong content IP commercialization ability; 4) Advertising marketing: focus on individual stocks of ladder media.
Risk factors: stricter regulatory policies, delayed launch of Xinyou and its performance is lower than expected, and overseas business
