This week’s view
Epidemic impact: the popularity of takeout, fresh e-commerce, online office and pan entertainment is expected to increase. 1) During this period, the fresh e-commerce and takeout business in the first and second tier cities are popular, and the cultivation of user habits is expected to improve the long-term improvement of user activity in subsequent related sectors. 2) Affected by home office and isolation measures, the activity of online office business and pan entertainment sector is expected to increase. 3) The epidemic may promote the rhythm of enterprises going to the cloud, and the penetration rate of Tob end Internet business is expected to increase. 4) The social circle of acquaintances with wechat as the core has advantages under the circumstances of “difficulty in grabbing vegetables” online during the epidemic. The private domain traffic operation of merchants is becoming more and more important. The combination of follow-up and applet is expected to improve the social based business value of wechat.
Internet platform: 1) the bottom signal of policy is gradually emerging, and attention is paid to the arrival of reversal. Internet regulation has been normalized and is expected to usher in a policy inflection point. However, from the current fundamentals, the short-term internal and external pressure is still on, and it remains to be seen when the real reversal will be realized. We believe that some substantive policy relaxation may be the signal of the real reversal. 2) Changes in Internet personnel: layoffs still exist, but are not expected to affect the company’s core profitable business. At present, most Internet companies still have layoffs, and some layoffs are also affected by policies. We believe that the current policies will not have a great impact on the advantageous core business of Internet companies if they are not targeted at a specific industry segment. The basic situation of the company can still be guaranteed, but it may have a great impact on marginal business or newly expanded business.
Investment advice
It is suggested to lay out high-quality Internet assets in the long term and pay attention to the continuous iteration of meta universe technology. 1) Compared with zhonggai shares, the attraction of Hong Kong stock Internet to investors is expected to improve, and the Hong Kong stock market may become an important scene for long-term Internet configuration. From the perspective of employees and organizational structure, Internet companies will focus more on their main business and pay attention to fine and high-quality development in the future. Game section: the game going to sea is the future trend. Pay attention to the release dynamics of the game company’s version number. 2) Individual stocks: it is suggested to pay attention to the adjustment of organizational structure and focus on meituan in retail; In the game sector, it is suggested that Tencent holdings, which focuses on the establishment of Tianmei F1 studio and speeds up the overseas layout, launch the global IP mobile game Netease of Harry Potter, as well as the Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) , which is carried by the P & S mode and subsequent SLG product iterations; Target of absolute return of a shares: it is recommended to focus on Mango Excellent Media Co.Ltd(300413) , which has the advantage of long video content, layout mango metauniverse and new track of content e-commerce + offline entertainment scene.
Industry highlights
The Sixth Batch of acceptance list of yuancosmic industry committee was announced. On March 23, the yuan universe Industry Committee of China Mobile Communications Federation announced the Sixth Batch of acceptance list. This batch accepted 3 individuals and 18 units (including Kingnet Network Co.Ltd(002517) , Capitalonline Date Service Co.Ltd(300846) , Hubei Century Network Technology Inc(300494) , Shenzhen L&A Design Holding Limited(300949) , Shenzhen L&A Design Holding Limited(300949) 4 Chinese Listed Companies and 1 foreign listed company of Hexun Huagu), with a total of 21 companies / person.
The European Union’s digital giant Apple Technology Act and other restrictions on the market. The European Commission announced on the 25th local time that the European Parliament, the European Council and the European Commission had reached an agreement on the digital market act. Media pointed out that the bill aims to restrict technology giants such as apple, Microsoft, Google and Amazon. The bill will prohibit these enterprises from using their scale and market advantages to put advertisements on users.
Baidu MEG great transformation: the sales system is fully adjusted and divided into nine departments. Baidu mobile ecological business group (MEG) recently launched a comprehensive adjustment of the sales system. Baidu MEG sales system will be divided into nine parts, focusing on four industry departments: mass consumption, general health, content consumption and business services, as well as nine departments including channel ecological cooperation department, channel sales development department, marketing service contact center, sales management department and sales service department.
Risk tips
Macroeconomic risk is lower than expected, policy risk, and meta universe technology iteration and application risk is lower than expected.
