Portfolio: I. Mango Excellent Media Co.Ltd(300413) , Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) , Focus Media Information Technology Co.Ltd(002027) , G-Bits Network Technology(Xiamen)Co.Ltd(603444) , Shanghai Fengyuzhu Culture Technology Co.Ltd(603466) , Visual China Group Co.Ltd(000681) , Shanghai Yaoji Technology Co.Ltd(002605) , Alpha Group(002292) . Two, benefit groups, fast hands, Tencent, American League, heartbeat company, Kwai Meng world. 3、 Perfect World Co.Ltd(002624) , Zhejiang Daily Digital Culture Group Co.Ltd(600633) , China South Publishing & Media Group Co.Ltd(601098) , Southern Publishing And Media Co.Ltd(601900) , Chinese Universe Publishing And Media Group Co.Ltd(600373) , etc.
Investment theme: undervalued platform economy company, stable Northern United Publishing & Media (Group) Company Limited(601999) , sports, games and video.
Beneficiaries: overseas companies include Netease, reading group, BiliBili, bubble mart, ZuLong entertainment, China Mobile Games, Baiao family interaction, chizicheng technology, etc Zhejiang Century Huatong Group Co.Ltd(002602) , Kingnet Network Co.Ltd(002517) , Hangzhou Electronic Soul Network Technology Co.Ltd(603258) , Zhewen Interactive Group Co.Ltd(600986) , Shanghai Lisheng Racing Co.Ltd(002858) , Beijing Yuanlong Yato Culture Dissemination Co.Ltd(002878) , Cubic Digital Technology Co.Ltd(300344) , Silkroad Visual Technology Co.Ltd(300556) , etc.
Investment suggestion: the policy underpins the platform economy, the valuation of media interconnection is at the bottom, and the investment can be arranged in the medium and long term
Looking back on the past period of time, the market impact of the media Internet, in addition to the Russian Ukrainian war, epidemic changes and capital market capital flows, mainly focuses on the business disclosure of the first quarterly report of the annual report, antitrust policy, platform economic governance, data security, copyright issues, the management of practitioners such as Mingxing artist anchor, game version number issues, minors’ network addiction prevention, or some industry policy supervision. Among them, the concerns about the platform’s economic governance, version number approval, and some regulatory policies dominate. In view of the above problems, the meeting of the finance committee pointed out that with regard to the governance of the platform economy, the relevant departments should improve the established plan in accordance with the principles of marketization, legalization and internationalization, adhere to seeking progress in stability, steadily promote and complete the rectification of large platform companies as soon as possible through standardized, transparent and predictable supervision, and set up red lights and green lights to promote the stable and healthy development of the platform economy and improve international competitiveness. We believe that we should deeply understand the instructions of the financial commission, develop steadily and healthily and improve international competitiveness. Platform economy plays an important role in national economy, scientific and technological innovation and international market. Its healthy development and participation in international competition is the general trend. We believe that the development of the industry needs to be standardized, the policies have been implemented in an orderly manner, the investment understands the supervision, and the supervision aims at the steady and healthy development of the industry. The standardized development of the industry under supervision is a common demand, which can be optimistic. The industry will not die out, and there is a broader international market. At present, based on the whole year of 2022, especially the annual report and the first quarterly report window, we should strengthen the allocation, combine attack and defense, and grasp the opportunity of undervaluation in the industry.
Many companies passed on their confidence in development and grasped the layout opportunity of the first quarterly report of the media Internet undervalued annual report
Since this year, media Internet companies have begun to buy back. As of March 25, according to our incomplete statistics, 11 companies have launched repurchase, with a total repurchase amount of 956 million yuan. In terms of Hong Kong stocks and overseas, a number of large Internet companies have launched repurchases. Since this year, Tencent has repurchased a total of 5.6694 million shares at a cost of HK $2.496 billion, accounting for 96% of the total scale of last year. On March 22, Alibaba announced that it would increase the previous share repurchase scale from US $15 billion to US $25 billion, or about RMB 159.3 billion, or a record for the repurchase scale of Zhongyu shares. We believe that the valuation of media Internet is at the bottom, and the industrial repurchase shows the confidence of industry and company development, or more companies will gradually carry out repurchase. We believe that the policy has already been the economic development of the media platform. We should grasp the layout of the annual report and grasp the opportunity of underestimation of media interconnection. Tencent, Mango Excellent Media Co.Ltd(300413) , Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) , G-Bits Network Technology(Xiamen)Co.Ltd(603444) , Perfect World Co.Ltd(002624) , Shanghai Yaoji Technology Co.Ltd(002605) , Zhejiang Huace Film And Tv Co.Ltd(300133) , Kwai, Visual China Group Co.Ltd(000681) , Alpha Group(002292) , and heartbeat company, etc., are also benefiting from the relevant companies.
Suggestions on building a public service system for national fitness were issued, and opportunities for sports tracks such as national fitness were paid attention to
On March 23, 2022, the general office of the CPC Central Committee and the general office of the State Council issued the opinions on building a higher-level public service system for national fitness, which once again helped the cause of national fitness. It put forward 29 reform measures from eight aspects: a more balanced distribution of resources, richer event activities and stronger element support, so as to clarify the construction direction of the public service system for national fitness. 2022 is the great year of sports. Sports industry documents have been issued one after another to promote national fitness. Grasp the benefit targets related to sports Shanghai Lisheng Racing Co.Ltd(002858) , Shanghai Yaoji Technology Co.Ltd(002605) , Shuhua Sports Co.Ltd(605299) , Jiangsu Jinling Sports Equipment Co.Ltd(300651) , Hangzhou Electronic Soul Network Technology Co.Ltd(603258) , Wuhan Ddmc Culture & Sports Co.Ltd(600136) , Beijing Yuanlong Yato Culture Dissemination Co.Ltd(002878) , China Sports Industry Group Co.Ltd(600158) , etc.
Risk tips: repeated epidemics, less than expected technological development, goodwill risk, changes in regulatory policies, etc.
