The meeting of the financial committee of the State Council boosted confidence, actively counter attacked and strengthened the layout of Internet targets for high-quality Hong Kong stocks
March 16, It was mentioned at a special meeting held by the financial stability and Development Commission of the State Council “With regard to China concept shares, the regulatory authorities of China and the United States have maintained good communication, have made positive progress, and are working to form specific cooperation plans. The Chinese government continues to support all kinds of enterprises to list abroad. With regard to platform economic governance, relevant departments should improve the established plans in accordance with the principles of marketization, legalization and internationalization, adhere to seeking progress while maintaining stability, and steadily promote and complete it as soon as possible through standardized, transparent and predictable supervision For the rectification work of large platform companies, both red and green lights should be set to promote the stable and healthy development of platform economy and improve international competitiveness. We should strengthen cooperation with Hong Kong’s financial institutions on the stability of the mainland and Hong Kong’s financial markets. “. We believe that in the early stage, due to the concerns of the market about the general delisting risk of China concept shares caused by the announcement of the U.S. Securities and Exchange Commission to include five Chinese companies in the provisional list of the foreign company Accountability Act, there was a significant adjustment in the U.S. stocks and China concept shares, and triggered a chain reaction in Hong Kong stocks. The meeting of the financial committee of the State Council may inject a “booster” into the development and market confidence of China concept Internet companies, For the subject matter of Hong Kong stock connect Internet, which is mainly affected by sentiment, the valuation has dropped significantly and the fundamentals are still strong, a better layout opportunity has been ushered in. According to the financial report of Q4 in 2021 released by Zhihu, the operating revenue of Q4 and the whole year in 2021 increased by 96% and 119% year-on-year respectively, of which the revenue of online advertising, commercial content solutions and paid members in 2021 was 1.161 billion yuan (year-on-year + 38%), 974 million yuan (year-on-year + 617%) and 669 million yuan (year-on-year + 109%) respectively. In 2021, the average number of Mau and monthly paid members in Q4 reached 103 million yuan (year-on-year + 36%) and 6.1 million yuan (year-on-year + 102%) respectively, It shows that while the number of users continues to grow rapidly, the commercialization of 2B and 2C is still advancing at a high speed, which also reflects that the subdivided Internet leaders with community barriers still have high growth potential. The performance and valuation of the head Internet platform have been suppressed by antitrust regulation and other factors for more than a year. However, the “red light and green light should be set well to promote the stable and healthy development of the platform economy” mentioned at the meeting of the financial committee of the State Council means that there are both supervision and encouragement support. Under the background of the impact of the market on antitrust regulation or full expectations, the valuation of the head Internet platform may have bottomed out, Under the supervision, its development goal may change from the pursuit of scale to the pursuit of efficiency. Although the high growth in the future is unpredictable, the investment in marketing and personnel expansion may be more rational, so as to make the profit more stable; The advantages of Internet platform traffic and talents are still obvious. Even with antitrust and other supervision, the moat is still deep, and its probability of success is higher in tracks representing the future direction of digital economy such as metauniverse. In summary, we continue to suggest that actively layout the Hong Kong stocks in the value depression area, and the Internet Quality segmentation of the high-quality Internet targets. We should focus on the fast -W, the reading group and the heartbeat company, including Tencent holdings, cloud music, micro alliance, Kwai Yu and Iqiyi.
Pay attention to the positive changes in the supply of imported films and actively layout areas with large marginal repair space after the epidemic
According to the cat’s eye entertainment edition, as of 17:00 on March 20, the imported film “new Batman” achieved more than 68.5 million box office on the third day of its release, while the two imported films “the fall of the moon” and “magical animal: the mystery of Dumbledore” with more than 100000 people who cat’s eye wanted to see were set on file respectively. The supply of imported films recovered significantly on March 25 and April 8. We judge by our judgment that after the outbreak in Shanghai and Shenzhen in Shanghai and Shenzhen, the movie box office is expected to get a boost at the box office after the wave of the epidemic in Shanghai and Shenzhen. Currently, we continue to suggest forward-looking layouts for films, electronic auctions, screenkilling, parent-child parks, offline training and other fields that have a larger marginal repair space after the outbreak, such as movies, electronic auctions, playkilling, playkilling, parent-child parks, offline training, offline training, and other areas, with a focus on dreamworld, Alpha Group(002292) 92 , Hangzhou Electronic Soul Network Technology Co.Ltd(603258) , Dalian My Gym Education Technology Co.Ltd(002621) Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) 。
Risk tip: the performance of the general standard of Hong Kong stocks is less than expected, and the progress of the epidemic and the recovery prospect of offline entertainment are uncertain.
