Market Review
In the 13th to 14th weeks of 2022 (the actual trading day is 2022.3.282022.4.8), the Shanghai stock index rose by 1.23%, the Shanghai and Shenzhen 300 index rose by 1.35%, and the gem index fell by 2.58%. The SW media index rose 0.57%, outperforming the gem index by 3.15pct, ranking 13th among the 28 industries in Shenwan level. Among the sub industries, Internet services, publishing and radio and television ranked among the top three, up 3.96%, 3.74% and 2.15% respectively.
Media industry data
As of April 8, 2022, the top three films in the cinema are “the fall of the moon”, “spirit Hotel 4: the adventure of transformation” and “magical animals: the mystery of Dumbledore”; The top three webcast films are “Di Renjie’s contract with the gods”, “Changjin Lake” and “Di Renjie’s skeleton general”; The top three film and television series are “heart residence”, “please give more advice for the rest of your life” and “it’s a teacher!”; The top three in the variety show are “ace to ace Season 7”, “detective 7” and “the strongest brain season 9”; The top three of the anime are “the continent”, “the complete works of piggy page” and ” Perfect World Co.Ltd(002624) “. The top three best sellers of IOS games are “glory of the king”, “peace elite” and “dream journey to the west”; The top three Android game hits are glory of the king, original God and unknown: change.
Core view
Recently, the state Internet information office and other three departments issued the opinions on further regulating the profit-making behavior of webcast and promoting the healthy development of the industry, which clearly regulates webcast from the perspectives of platform subject responsibility, e-commerce carrying goods, tax evasion and tax evasion; The CSRC and other four departments issued a document to revise the provisions on overseas issuance and listing of domestic enterprises, and deleted the expression that “on-site inspection shall be mainly conducted by Chinese regulators or rely on the inspection results of Chinese regulators” in the original provisions.
We believe that in combination with the 2022 Qinglang campaign, the supervision of the live broadcasting industry will be the key issue, and the short video and live broadcasting platform will face various norms such as content, reward limit and personnel access, and the compliance cost of the platform will be increased; The adjustment of the CSRC’s audit regulations on China concept shares indicates the possibility of cross-border audit cooperation and joint inspection. China concept shares company is expected to be exempted from compulsory delisting and usher in valuation repair.
Investment advice
We are waiting for the version number policy to pick up and recommend the head game R & D manufacturers Perfect World Co.Ltd(002624) , Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) , whose beneficiaries include the leading game Netease; The policy of zhonggai shares has been adjusted, and the beneficiaries include Tencent holdings, an industry leader with rapid growth of science and technology services and low valuation, and Tencent music, a leader in streaming media; In terms of radio and television sector, the targets clearly benefiting from the integration of the first network include Guizhou Bc&Tv Information Network Co.Ltd(600996) , Wasu Media Holding Co.Ltd(000156) , Gehua online, Oriental Pearl Group Co.Ltd(600637) , Jiangsu Broadcasting Cable Information Network Corporation Limited(600959) , etc; In the film sector, it is suggested to pay attention to the high-quality film and television copyright company Beijing Jetsen Technology Co.Ltd(300182) , which signed a film and television copyright contract of 1.8 billion yuan with Tencent. Its digital cinema and new media copyright business directly benefit from the film’s 14th five year plan; In other sectors, it is recommended that the leading digital cultural and creative exhibition company Shanghai Fengyuzhu Culture Technology Co.Ltd(603466) benefiting from the “cultural foundation” and the large-scale cultural and tourism performance program manufacturer Beijing Fengshangshiji Culture Media Co.Ltd(300860) , which is committed to building the output carrier of “cultural confidence”.
Risk tips
Regulatory policy uncertainty risk; Macroeconomic downside risks.
