China Galaxy Securities Co.Ltd(601881) 04 released a research report on 27 April, saying: maintain the recommended rating of the media Internet industry.
Event: as of April 25, 2022, the public fund 22q1 report has been disclosed. We analyzed the position and change trend of the fund’s media sector.
The proportion of industry allocation decreased: the proportion of the media industry in the heavy position of public funds in 2022q1 was 1.12%, which decreased compared with the previous quarter and the whole year of 2021. The total market value of 2022q1 fund’s heavy positions in A-share media industry was 36.158 billion yuan, a month on month decrease of 26.23% compared with the previous quarter; It ranks 20th among Shenwan’s 28 first-class industries, down four places compared with 2021q4.
The position concentration of media funds decreased: the position concentration of 2022q1 fund in the media industry (the proportion of companies with the top ten positions in market value) was 86.3%, down 3.5% from the previous quarter. In terms of the number of heavily held funds, the top five targets in 2022q1 are Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) ( Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) . SZ), Focus Media Information Technology Co.Ltd(002027) ( Focus Media Information Technology Co.Ltd(002027) . SZ), Beijing United Information Technology Co.Ltd(603613) ( Beijing United Information Technology Co.Ltd(603613) . SH), G-Bits Network Technology(Xiamen)Co.Ltd(603444) ( G-Bits Network Technology(Xiamen)Co.Ltd(603444) . SH), Mango Excellent Media Co.Ltd(300413) ( Mango Excellent Media Co.Ltd(300413) . SZ).
The proportion of over allocation decreased as a whole, and the proportion of advertising marketing / Internet over allocation ranked first: the proportion of over allocation in all segments of the media industry decreased in 2022q1. In terms of sectors, the proportion of advertising marketing and Internet over allocation is still in the forefront: the proportion of advertising marketing over allocation is 0.27%, down 63.88% month on month; The proportion of Internet over allocation was 0.16%, down 28.35% month on month. The proportion of over allocation in the game sector decreased by 70.08% to 0.09% month on month. Publishing fell 77.62% to 0.08% month on month.
The number of funds that are held in a heavy warehouse has a big increase: the number of funds that are held in a heavy warehouse in 2022q1. The top ten with the biggest increases in the number of funds that are held in a heavy warehouse in 2022q1. The top ten are respectively: Beijing United Information Technology Co.Ltd(603613) ;, Shanghai Ganglian E-Commerce Holdings Co.Ltd(300226) , Zhejiang Century Huatong Group Co.Ltd(002602) , Central China Land Media Co.Ltd(000719) ; The top ten with the biggest drop in the top ten are respectively: Mango Excellent Media Co.Ltd(300413) , Wanda Film Holding Co.Ltd(002739) .
The market value of the publishing sector is the largest: the 2022q1 fund’s position reduction media industry is mainly concentrated in the film and television sector, and the targets of position increase are mainly education and publishing companies. The ratio of education sector increased by 74.05% to 0.08% month on month, and that of publishing sector increased by 28.01% to 4.74% month on month.
Risk tips: the risk of intensified market competition, the risk of policy and regulatory environment, the risk of work content review or review, public health risk, etc.
