Review of market and sector trends: last week, the media sector index fell 0.70%, the Shanghai Composite Index fell 1.19%, the Shenzhen Component Index fell 2.08%, and the gem index fell 2.80%. Top three gainers in the sector: Shunya International Martech (Beijing) Co.Ltd(300612) (+ 21.18%), Hengxin Shambala Culture Co.Ltd(300081) (+ 8.51%), Beijing Fengshangshiji Culture Media Co.Ltd(300860) (+ 8.17%); The top three declines in the sector: Hangzhou Anysoft Information Technology Co.Ltd(300571) (- 8.13%), Omnijoi Media Corporation(300528) (- 7.57%), Jiangsu Phoenix Publishing & Media Corporation Limited(601928) (- 6.00%). Last week, the NASDAQ China technology index fell 2.75% and the Hang Seng China enterprise index fell 1.12%.
Since March, the media sector has gained the top three Hengxin Shambala Culture Co.Ltd(300081) (+ 33.36%), Shunya International Martech (Beijing) Co.Ltd(300612) (+ 26.99%), Duzhe Publishing&Media Co.Ltd(603999) (20.67%); The top three decreases are Focus Media Information Technology Co.Ltd(002027) (- 21.05%), People.Cn Co.Ltd(603000) (- 18.95%), Beijing Enlight Media Co.Ltd(300251) (- 15.48%). Hong Kong and US stocks rose by the top three Internet stores (+ 48.24%), Youxin (+ 40.78%), and tiger securities (25.28%); The top three declines were Youdao (- 30.78%), Yingke (- 26.24%) and Zhiwen group (- 25.29%). Monthly view: after the meeting of the finance committee, China’s policies are expected to improve marginally: the press release clearly mentioned that we should actively introduce policies beneficial to the market, carefully introduce contractive policies, and accelerate the rectification of the platform economy. Caixin news agency reported that the US side reiterated the need to review the audit drafts of all industries, and there are still technical difficulties in the audit drafts of China Overview, but China’s policy attitude has been clear, so the marginal improvement trend of the policy has been clear, and we look forward to the implementation of specific measures in the future.
The performance of China concept shares has been disclosed one after another. At present, the key still lies in the negotiation progress of China US audit draft and the flow of overseas funds. After the sharp decline of high-quality Internet companies, they have long-term investment value. Affected by macro factors and industrial policies, the performance of Internet companies represented by 21q4 Tencent is relatively flat, and the leaders of subdivided industries such as boss direct employment are more prominent.
After more than two months of correction at the beginning of the year, the A-share yuancosmos sector regained its safety margin, which has reflected the stabilization and recovery trend. We believe that yuancosmos sector is a continuous theme throughout 22 years, and we continue to suggest focusing on it. Recently, focus on Pico shipments, April yuan universe conference and other catalysis. In terms of hardware, the marketing effect of byte on Pico exceeded the previous expectation, and the original 22-year VR sales target was raised to more than 1.8 million units. The overseas version of tiktok2 attracted more than US $258 million in February. On April 20, the first meta universe conference hosted by China Mobile Communications Federation and co sponsored by Shanghai Communications Administration will be held. We continue to suggest paying attention to the high correlation of the meta universe [ Shanghai Yaoji Technology Co.Ltd(002605) , Three’S Company Media Group Co.Ltd(605168) , Visual China Group Co.Ltd(000681) , Fuchun, blue standard, Zhewen Interactive Group Co.Ltd(600986) , Beijing Fengshangshiji Culture Media Co.Ltd(300860) ]. The game sector continues to focus on the valuation repair opportunities brought by the progress of the version number, including [Panax notoginseng, perfection, G-Bits Network Technology(Xiamen)Co.Ltd(603444) , Zhejiang Century Huatong Group Co.Ltd(002602) (mobile game online of Qingnian), Hangzhou Electronic Soul Network Technology Co.Ltd(603258) ].
Key tips: 1) relatively high boom track, China stock market news (21-year net profit yoy + 79.0%); Short video [Kwai Fu (22Q1DAU is expected to exceed Bloomberg consensus 338 million)]; Medium video [beep beep beep]; Scientific and technological innovation [Xiaomi (21q4 adjusted net profit of 4.473 billion yuan, yoy + 39.6%), baidu]; Long video [mango], etc; Online recruitment [boss direct employment (21q4 adjusted net profit of 350 million yuan, yoy + 405.1%)], real estate margin improvement [shell (21q4 adjusted net profit of 42 million)], etc.
2) in the game sector, focus on the progress of version number recovery in the short term. Focus on the head [Tencent (21q4 adjusted net profit of 24.88 billion yuan, yoy-25.1%), Netease], China [Panax notoginseng, perfection, G-Bits Network Technology(Xiamen)Co.Ltd(603444) , Zhejiang Century Huatong Group Co.Ltd(002602) , giant, Fuchun, yao ji, Baotong, Caesar, Huali, Xinghui, Kunlun], Hong Kong stocks [heart, celadon (adjusted net profit of 422 million yuan, yoy + 154%), China Mobile Games, IgG, ZuLong, chizicheng], VR technology [Silk Road, Hengxin, Jiachuang], etc.
3) in the film sector, the short-term epidemic situation is repeated, waiting for the opportunity to repair the epidemic situation. Focus on animation film leader [light], cinema and content composite leader [Wanda], Internet platform [cat’s eye], entertainment broker [Lehua Entertainment (officially submitting listing application to the Hong Kong Stock Exchange)].
4) generation Z and community, maintaining high growth and high stickiness. Pay attention to [Bili], trendy play [bubble Mart] and [Chuang Meng, aofei], etc; Online reading and IP operation [reading], online Q & a community [Zhihu], online music [Netease cloud], etc.
Tiktok, Kwai tiktok, 5) the electricity supplier and industry chain, focusing on the electronic business platform [Jingdong (Jingdong logistics acquisition of debbond, 140 new warehouses, 30 thousand outlets), a lot of spells, Ali (box horse in the vicinity of on-line distribution service)] and live platform [vibrato (tiktok and Overseas Edition TikTok2 month suction gold over 258 million US dollars; on-line local life service platform “jitter”), fast chain, Saturday Co.Ltd(002291) , Yao Ji, gravity, etc. Marketing technology [focus, blue label, vision], etc., including [ Three’S Company Media Group Co.Ltd(605168) , Zhewen Interactive Group Co.Ltd(600986) ]; Community retail [meituan (21q4 adjusted net profit – 3.94 billion yuan, yoy-174%), daily Youxian, dingdong], etc; Wechat ecological e-commerce SaaS [youzan (Merchant Collection code function of its wangxiaodian products online), wechat alliance].
Risk warning: epidemic impact, economic and political environment risk, stricter supervision, goodwill impairment risk
