Key investment points
This week’s market: this week, the media sector rose 0.84%, outperforming the gem (- 5.74%), CSI 300 (- 2.39%), small and medium-sized board (- 3.20%), and the decline of the sector is in the middle of the whole industry. From the media segments, the sub segment radio and television rose the first this week, at 4.37%; Animation rose the second, at 4.02%; Other advertising marketing rose the third, at 2.59%. According to the industry classification of CITIC, as of the closing on January 7, 2022, the index of the media sector has increased by 0.84% since the beginning of the year, and the P / E ratio of the sector is 35.53.
He invested in Li Weike, a manufacturer of XR glasses. Hangzhou liweike Technology Co., Ltd. announced that it was invested by Beijing quantum leap Technology Co., Ltd., an affiliated company, which holds 20% of the shares. Li Weike is currently laying out the XR track and plans to launch mass-produced XR glasses this year.
Station B issued the first digital art Avatar “Gede”, limited to 2233. On the evening of January 5, station B announced its official entry into NFT and announced the first digital art Avatar – Gede. This Gede series avatar is composed of 2233 digital art avatars established on the high-energy chain. It is carefully selected, produced and distributed by BiliBili, and has collection value. Among them, 2000 (No. 101-2100) are issued to users, and 233 BiliBili are reserved (including up main customization). Each pigeon head has a unique number and style, and contains rare models.
In 2021, the total box office of China Film Co.Ltd(600977) market reached 47.258 billion. According to the data released by the state film administration, the total box office of China Film Co.Ltd(600977) market reached 47.258 billion in 2021, firmly ranking the largest ticket warehouse in the world. However, due to the epidemic situation and normalized epidemic prevention, the number of urban film viewers in 2021 was 1.167 billion, down 563 million from 1.73 billion in 2019, almost one third. In 2022, a total of 10 films were released for the Spring Festival, including “miracle”, “Four Seas” and “the killer is not too cold”. Due to post production reasons, super family announced to withdraw from the Spring Festival on the 5th.
National Copyright Administration: all record companies, song and lyrics copyright companies and digital music platforms shall not sign exclusive copyright agreements except under special circumstances. The State Copyright Administration interviewed major record companies, song and lyrics copyright companies and digital music platforms in Beijing. The interview stressed that all record companies, song and lyrics copyright companies and digital music platforms should adopt the authorization mode in accordance with the law of music dissemination, the principle of fairness and reasonableness and the rules of international practice, and should be settled through the minimum deposit plus actual usage sharing mode. Except under special circumstances, they shall not sign a separate copyright agreement; Improve the internal copyright management system, authorize music works with clear catalogue and clear copyright ownership, and safeguard the legitimate rights and interests of music copyright owners and relevant rights holders.
Tencent accesses digital RMB, and wechat supports digital RMB payment. On January 6, the digital RMB app was upgraded and updated, and the wechat payment digital RMB wallet was launched. After opening the wechat payment digital RMB wallet with your real name, you can use the digital RMB app or wechat for payment.
Investment suggestions:
Our recent proposal focuses on the commercialization of virtual human and the investment trend of NFT industry.
Virtual human field: we believe that virtual human is one of the representations of digital assets in the future. With the emergence of super realistic virtual human, it has the opportunity of business value revaluation. We divide virtual human into five categories: super realistic virtual human, two-dimensional virtual human, film and television virtual human, functional virtual human and character digital separation. The commercialization of virtual human can be divided into four directions: (1) the IP commercialization of super realistic virtual human, such as advertising endorsement; (2) Brand customized virtual human, such as brand virtual human image, virtual live broadcast demand, etc; (3) Virtual human peripheral product development, such as online digital assets and offline physical goods; (4) Future C-end virtual human image needs. It is suggested to focus on three main lines of virtual human investment: (1) related companies with virtual human IP operation capability: Mango Excellent Media Co.Ltd(300413) ; (2) Digital marketing companies with rich advertisers: Bluefocus Intelligent Communications Group Co.Ltd(300058) , Hylink Digital Solution Co.Ltd(603825) , Zhewen Interactive Group Co.Ltd(600986) ; (3) Related companies that can provide virtual human creation technical support: Beijing Jetsen Technology Co.Ltd(300182) .
NFT: we think the future is based on Web 3 0, which can be read, written and owned by users will become the mainstream development trend. The uniqueness and non tampering and copying of blockchain technology is conducive to the copyright confirmation of digital assets. NFT is the core embodiment of digital assets on the chain and can be bound with commodities in real life. It is suggested to focus on two main lines of NFT Investment: (1) companies with NFT online platform operation capability: Visual China Group Co.Ltd(000681) ; (2) Related companies with content copyright to launch NFT digital assets: Beijing Enlight Media Co.Ltd(300251) , Alpha Group(002292) , Zhejiang Huace Film And Tv Co.Ltd(300133) .
At the same time, we continue to suggest paying attention to four types of industry investment opportunities: 1) pay attention to the game sector with clear online rhythm and policy trend of new games, and the short-term theme investment is highly catalytic. Key recommendations: Perfect World Co.Ltd(002624) , Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) , Netease, heart company, G-Bits Network Technology(Xiamen)Co.Ltd(603444) ; 2) It is recommended to pay attention to Focus Media Information Technology Co.Ltd(002027) , Mango Excellent Media Co.Ltd(300413) for the leading companies that are currently in the undervalued range, have a certain safety cushion, and the competitive strength of the company’s business in the industry continues to increase; 3) For industries in line with the entertainment consumption trend of young people, such as trendy play and script killing, it is recommended to pay attention to bubble mart; (4) Near the end of the year and the Spring Festival next year, the film market is active. It is recommended to pay attention to Guomai Culture & Media Co.Ltd(301052) , Wanda Film Holding Co.Ltd(002739) , Beijing Enlight Media Co.Ltd(300251) .
Risk tip: the risk of content online performance not meeting expectations, the risk of intensified industry competition, policy risk, uncertain development of emerging industries and high valuation.
