This week’s view
Internet platform: the process of connectivity continued to advance, paying attention to the warming of Internet sentiment in China concept and Hong Kong stocks. 1) Taobao’s internal wechat payment is a substantive measure of interconnection, and the interconnection process of Internet companies is expected to accelerate. 2) Pay attention to the warming of the Internet sentiment of zhonggai and Hong Kong stocks. The deletion of the statement that “on-site inspection should be mainly conducted by Chinese regulators or rely on the inspection results of Chinese regulators” in the provisions on strengthening the confidentiality and archives management related to overseas securities issuance and listing is considered to be an important change in the risks related to the previous foreign company Accountability Act.
Impact of the epidemic: it is expected that the popularity of fresh e-commerce, online office and pan entertainment sectors will increase. 1) 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. 2) During the long-term cultivation of users’ habits in the first line of e-commerce, the demand for fresh users in the second line is expected to increase. 3) Affected by home office and isolation measures, the activity of online office business and pan entertainment sector is expected to increase. The epidemic may promote the rhythm of enterprises going to the cloud, and the penetration rate of Internet business at the tob end is expected to increase.
E-commerce sector: the basic price of e-commerce is highly related to the consumption boom, and the platform layout pursues long-term high-quality development. Summarizing the performance of major e-commerce platforms, the commonalities include: 1) the growth rate of revenue side slows down, and the growth rate of monetization rate may slow down, mainly due to the increased support for businesses. 2) Most of the user increment comes from the sinking market, and the long-term focus turns to user value mining. 3) Sales expenses are divided. Alibaba and jd.com increase their investment, stabilize their competitive position, strive for more, and vipshop controls fees and improves efficiency. Focus on the drive of high-quality growth in the later stage: 1) JD: the commercial side pays attention to the layout of real-time retail; At the supply chain end, efficient logistics further promotes the improvement of user experience and pays attention to the new volume brought by external customers of JD logistics. 2) pinduoduo: e-commerce business promotes branding, improves ARPU, and pays long-term attention to the business development of agricultural technology and community group purchase. The policy side pays attention to the policy changes of the US SEC on China concept shares. 3) Ali: pay attention to the layout and efficiency improvement of taocai and taote in the sinking market.
Investment advice
It is suggested to lay out high-quality Internet assets in the long term. 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: pay attention to the warming of the Internet mood of China concept Internet and Hong Kong stocks, focus on the long-term growth trend of high-quality Hong Kong stock Internet companies, and pay attention to Tencent and meituan. Launch Netease, the global IP mobile game Harry Potter, and Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) , with the P & S mode going through and subsequent SLG product iterations accelerating the performance of going to sea; 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 state Internet Information Office, the State Administration of Taxation and the State Administration of market supervision jointly issued the opinions on further standardizing the profit-making behavior of webcast and promoting the healthy development of the industry to further standardize the profit-making behavior of webcast.
Risk tips
Macroeconomic risk is lower than expected, policy risk, and meta universe technology iteration and application risk is lower than expected.
