This week (22.3.14-22.3.18 this week), the Shanghai Composite Index, Shenzhen Component Index, gem index and media board index fell 1.8%, 1.0%, 1.8% and 0.5% respectively.
This week, the top three stocks in the sector rose Hangzhou Anysoft Information Technology Co.Ltd(300571) (15.1%), Everyday Network Co.Ltd(300295) (14.8%), Borui communication (14.7%), and the last three ST Chenxin (- 7.8%), Tangde film and television (- 7.6%) and St Longyun (- 7.6%).
Stocks in the overseas media sector rose this week, with the top three didi travel (116.4%), douyu (58.9%), interesting headlines (58.0%), the last three bubble Mart (- 8.2%), Ali film (- 7.5%), and Huiliang Technology (- 7.3%).
This week's view
According to the financial sector, this week's meeting of the Finance Committee (March 16) released positive information, of which two points are conducive to the media industry: (1) relevant departments should earnestly assume their responsibilities, actively introduce policies conducive to the market and carefully introduce contractive policies. All policies that have a significant impact on the capital market should be coordinated with the financial management department in advance to maintain the stability and consistency of policy expectations. (2) With regard to China concept shares, at present, the regulatory authorities of China and the United States have maintained good communication, have made positive progress, and are working to form a specific cooperation plan. The Chinese government continues to support all kinds of enterprises to list abroad. The media and Internet industry is strictly regulated by policies. At the same time, it belongs to an industry with high iteration and continuous innovation. The stability and consistency of policies are important factors to maintain the profitability of the media sector. We believe that the benefit logic is mainly as follows:
1. Industries that are strictly regulated by policies and have good business models, such as the Internet and games.
(1) Internet: affected by liquidity, Sino US game and strong regulatory expectations, the Internet sector has been killed sharply. This financial committee meeting expressed a clear signal of stable growth and risk reduction, and the delisting risk of zhonggai shares has decreased significantly in the short term, which benefits the Internet sector. (2) Games: the second edition number has been suspended for more than half a year, the expectation of opening the edition number as soon as possible is enhanced, and game companies with stressed performance are expected to benefit.
2. New contents and formats that have not been touched by the supervision, such as metauniverse. The expectation of the introduction of supporting policies of the meta universe is enhanced, and the pace of the implementation of new content and new business forms is strong. The pace of regulatory implementation is stabilizing and slowing down, focusing on the virtual exhibition field where the fundamentals are first implemented.
Investment advice
(1) influenced by liquidity, China US game and strong regulatory expectations, Internet leaders continue to kill and have entered the oversold range. This week's policy positive is expected to boost market sentiment, and we continue to look forward to the new opportunities of the Internet 3 era, focusing on Kwai -W, -W, beep, Tencent holdings, etc.
(2) 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.
(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. It is suggested to 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.
