This week's view
Internet platform: the game version number is loose, which is expected to benefit the advertising business of platform Internet companies. We believe that the release of edition numbers is a substantive policy relaxation and a signal of sector reversal. We believe that the release of the number will bring substantial incremental growth to the game industry and advertising industry. Tencent, byte beating, fast hand and beep Kwai can benefit from the platform. Games are the head industry of Internet advertising. The resumption of distribution of version numbers will accelerate the online rhythm of new games, and then positively affect platform companies through advertising business cards.
Game sector: the release of version number is officially restarted, and attention is paid to the recovery of the valuation center of the game sector. The release of version number is restarted again, or it reflects the gradual stabilization of relevant regulatory measures. We believe that the restart of the version number may reflect the effective promotion of juvenile protection measures and the continuous standardization of the approval process, and the relevant management measures are expected to gradually stabilize in the future. High quality game companies represented by Tencent are still at a low valuation level. We believe that with the resumption of the distribution of edition numbers and the continuous promotion of the game going to sea, we suggest paying attention to the recovery of the valuation center of high-quality game companies.
E-commerce sector: during the epidemic period, the group purchase demand continued to be strong, and the just needed consumption was transferred to the fresh e-commerce with stronger timeliness. It is expected that the e-commerce channel may undertake more consumer demand in April. In March, the activity of e-commerce platform did not weaken significantly, but the time when consumers placed orders and arrived was faced with greater uncertainty, the transformation was restrained, and the growth rate of Gmv fell. In terms of just needed food and beverage categories, e-commerce platforms are differentiated, and the growth rate of JD is higher than that of other platforms, among which dairy products, convenient fast food and grain, oil and rice noodles rank first. In the environment of multi-point spread of the epidemic, residents in non epidemic areas may have moderate hoarding behavior in advance. It is expected that the demand for food, daily necessities and other daily necessities in April may be higher than the daily situation, and e-commerce channels may undertake more consumer demand.
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 State Press and Publication Administration officially issued the approval letter of domestic online games in April 2022. On the evening of April 11, the State Press and Publication Administration released the approval information of domestic online games in April 2022. After September, a total of 45 game products have obtained the version number.
Alibaba cloud personnel changes: the president of China resigned and several senior executives resigned. On the afternoon of April 12, Alibaba cloud made a new round of organizational structure adjustment and announced that Huang Haiqing, vice president of Alibaba group and vice president of Alibaba cloud intelligent business group in China, would succeed Ren Geng, vice president of Alibaba group and President of Alibaba cloud in China, and manage 16 war zones in China.
Tencent grey test Tencent digital RMB wallet applet. Recently, after wechat opened the digital RMB support in all pilot areas, it launched the "Tencent digital RMB wallet" applet, which has the corresponding currency functions such as scanning, money transfer, collection and payment, bank card and so on. At present, the applet is in the gray test stage, and users cannot enter the interface through normal search.
Risk tips
Macroeconomic risk is lower than expected, policy risk, and meta universe technology iteration and application risk is lower than expected.
