Core view
Performance of the media sector this week: the concept of Yuan universe led the rise, and the industry rose 4.97%, outperforming the CSI 300 and gem indexes. This week (3.28-4.1), the media industry rose 4.97%, outperforming the CSI 300 (2.43%) and the gem index (1.10%). Among them, the top gainers are Hubei Radio & Television Information Network Co.Ltd(000665) , Qitian Technology Group Co.Ltd(300061) , Dinglong Culture Co.Ltd(002502) , Fuchun Technology Co.Ltd(300299) , Visual China Group Co.Ltd(000681) , etc; The top declines were st egger, St youjiu, St Shuzhi, Montnets Cloud Technology Group Co.Ltd(002123) , Zhejiang Sunriver Culture Co.Ltd(600576) . In terms of horizontal comparison, the media sector ranked sixth in terms of rise and fall among all sectors this week. The ranking was significantly improved compared with last week, and the concept of meta universe was outstanding.
Key focus: the CSRC issued the draft for comments on the provisions on confidentiality and archives management related to overseas listing. On April 2, the CSRC issued the provisions on strengthening the confidentiality and archives management related to overseas securities issuance and listing of domestic enterprises (Draft for comments). This revision is mainly intended to make the following adjustments to the original provisions: first, improve the legal basis and add relevant laws and regulations such as the accounting law of the people’s Republic of China, the law of the people’s Republic of China on certified accountants and so on as the superior law. Second, adjust the scope of application, link it with the administrative provisions of the State Council on the overseas issuance and listing of securities by domestic enterprises (Draft for comments), and clearly apply to the overseas direct and indirect listing of enterprises. Third, clarify the responsibility of enterprise information security, and provide clearer and clear guidance for domestic enterprises, relevant securities companies and securities service institutions in terms of confidentiality and file management in the overseas issuance of securities and listing activities of domestic enterprises. Fourth, improve cross-border regulatory cooperation arrangements to provide institutional guarantee for safe and efficient cross-border regulatory cooperation. The CSRC said that the state continues to support all kinds of qualified enterprises to list abroad and continuously deepen cross-border regulatory cooperation. It is believed that the revision of the regulations will further improve the compliance level of overseas listed enterprises and promote the healthy and orderly development of overseas listing activities..
Industry trends: the global meta universe conference will be held soon, which is expected to accelerate industrial development again. On April 20, the “global meta universe conference” will be held in Shanghai. The conference is jointly hosted by the Shanghai municipal government and China Mobile Communications Federation. The conference will be composed of meta universe theme report meeting, industrial leaders forum, industrial hard technology forum and industrial investment forum. In the conference, meta universe world declaration v1.0 and cosmic industry plan v1.0 will also be issued, which is expected to accelerate the process of industrial development again.
Investment suggestions: 1) under the policy bottom, the industry that keeps optimistic about the overfall industry and some of the beneficial policies will be upgraded to the higher level. It is recommended that the leading Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) , Mango Excellent Media Co.Ltd(300413) and Focus Media Information Technology Co.Ltd(002027) of the subdivision sector should be recommended. The Hong Kong stock recommends fast, beep, bubble and other targets and the overall underrated game board (recommended Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) , G-Bits Network Technology(Xiamen)Co.Ltd(603444) , Shanghai Yaoji Technology Co.Ltd(002605) , Kwai company, etc.). 2) The theme of yuancosmos has been fully adjusted, and it is expected to run through the whole year in the medium and long term. The segmentation continues to be optimistic: a) the game valuation and performance continue to improve, recommend Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) , G-Bits Network Technology(Xiamen)Co.Ltd(603444) , and pay attention to Perfect World Co.Ltd(002624) , Zhejiang Century Huatong Group Co.Ltd(002602) , Shanghai Yaoji Technology Co.Ltd(002605) ; b) As an important carrier of the meta universe, VR is expected to accelerate its application, focusing on Shanghai Fengyuzhu Culture Technology Co.Ltd(603466) , Hangzhou Shunwang Technology Co.Ltd(300113) , etc; c) NFT of digital assets is expected to generate more application fields, focusing on Visual China Group Co.Ltd(000681) , Zhewen Interactive Group Co.Ltd(600986) , Three’S Company Media Group Co.Ltd(605168) , Zhejiang Huamei Holding Co.Ltd(000607) , Duzhe Publishing&Media Co.Ltd(603999) , Zhejiang Huace Film And Tv Co.Ltd(300133) , Fubo group, etc; d) Virtual digital people usher in the application outlet, bottom marketing companies and film and television content companies usher in the possibility of upward valuation, and pay attention to Bluefocus Intelligent Communications Group Co.Ltd(300058) , Shanghai Fengyuzhu Culture Technology Co.Ltd(603466) , Saturday Co.Ltd(002291) , etc.
Regulatory risk: Policy tips; Performance risk; Goodwill and asset impairment risk.
