Market Overview: CITIC's primary media sector fell 2.89% this week, and the core target of yuanuniverse sector was significantly adjusted. Last Sunday evening, Qiushi magazine published "constantly strengthening, optimizing and expanding China's digital economy", which raised the development of digital economy into a national strategy. We believe that the media, as the application sector of digital economy, will usher in the sector market of the whole year. After experiencing the impact of intensive policies in 2021, the valuation of the media sector is at the bottom of history. However, according to our calculation, the impact of the policies on the income of some industries (such as games and long video Membership Business) is limited. After the subsequent normalization, the fundamentals are strong, and the company is expected to resume stable performance growth, Stocks with good fundamentals for a long time have reached a better price position from the perspective of medium-term allocation. It is suggested that investors gradually pay more attention to them.
[yuancosmos] XR touxian's shipment volume will exceed 100 million units in 2025, and the policy continues to benefit yuancosmos. According to the latest report of counterpoint, it is estimated that the volume of XR head display will increase from 11 million units in 2021 to 105 million units in 2025, an increase of about 10 times; It is expected that as apple enters the artethered field, the field will become the fastest-growing and second-largest appearance form by 2025 (the first is the VR all-in-one machine led by Quest). On the policy side, relevant departments in Shanghai, Wuhan and other places have issued documents to support the development of the yuan universe. We believe that domestic and foreign giants focus on the multi-dimensional ecological layout of software, hardware and content around the meta universe, and the continuous landing of industries has brought about a sector catalytic market. In the long run, there are a lot of investment opportunities in VraR, blockchain, virtual reality content production and other links. It is suggested to pay attention to high-quality companies with fundamental support and valuation flexibility: [ Visual China Group Co.Ltd(000681) ] (NFT platform), [ Hylink Digital Solution Co.Ltd(603825) ] (virtual human), [ Bluefocus Intelligent Communications Group Co.Ltd(300058) ] (virtual human), [ Shanghai Fengyuzhu Culture Technology Co.Ltd(603466) ] (XR + yuancosmic infrastructure + virtual human + NFT), [ Three'S Company Media Group Co.Ltd(605168) ] (cooperate with Beijing Cultural Exchange).
[game] Microsoft acquired Activision Blizzard for us $68.7 billion to build the basic universe, and Netease's mobile game reservation of "eternal robbery" was opened. Microsoft's Xbox game console and enterprise MR head display hololens have strong influence, with more than 25 million Xbox game pass subscribers; Activision Blizzard has core IP such as call of duty and world of Warcraft. There are nearly 400 million game Maus in 190 countries / regions. The combination of hardware and content will jointly create a game ecosystem and make efforts in the fields of content, community and cloud games. As a form of content presentation with strong interaction and immersion, the underlying technology and presentation form of the game have something in common with the development of the meta universe. The attitude of the industrial giant has further verified the value of the game content. The continuous landing of superimposed meta universe technology and application is expected to bring the beta market of the sector. At present, the valuation of the leading companies in the sector in 2022 is lower than 20x, which highlights the cost performance. They focus on the game going to sea and the distribution of version numbers, and focus on recommending [ Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) ] (overseas business continues to make efforts, and a number of new games are launched online, and Douluo mainland: soul master duel enters the payback period) [ G-Bits Network Technology(Xiamen)Co.Ltd(603444) ] (Yinian Xiaoyao + asking questions continue to be outstanding).
[cinema] the Spring Festival is coming, and the pre-sale box office of the film has exceeded 100 million yuan, driving the overall recovery of the cinema sector. According to the professional version of cat's eye, there are eight films in the Spring Festival (January 31 - February 6), namely "shuimen bridge of Changjin Lake" (produced by China Film and Shanghai Film), miracle stupid child (produced by China Film and Wanda), four seas (produced by China Film and cat's eye), this murderer is not too calm (produced by cat's eye) Bear haunt · return to the earth (produced by Hengdian film and China Film), Sniper ( Beijing Enlight Media Co.Ltd(300251) ), joy and grey wolf out of the future (produced by aofei film), little tiger pier hero. It is suggested to pay attention to ticketing platform company [cat's eye entertainment] and cinema leading company [ Wanda Film Holding Co.Ltd(002739) ].
Short video] Kwai Kong Electric providers continue to exert their strength in local life. Kwai Kwai and the US group have reached a strategic cooperation in local life. Recently, they have reached business cooperation with the city of SF and moved the category of shops that involve local stores to the fast shop, which helps local businesses to achieve closed-loop operation in the fast Kwai ecology and expand the new cash realisation scenario. For the current short video platform, the traffic dividend has come to an end, and the advertising cash flow has gradually adapted to the new regulation. China's live e-commerce sector still maintains a high view, and going to sea may become a new driving force for user growth and commercialization cash flow. It is recommended that we focus on short video platform [fast technology], live Kwai MCN[ Saturday Co.Ltd(002291) ] and [ Jiangsu Zitian Media Technology Co.Ltd(300280) ].
Investment suggestions: the game section focuses on Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) , Perfect World Co.Ltd(002624) , Jiangsu Zitian Media Technology Co.Ltd(300280) ; Video Kwai continues to recommend Mango Excellent Media Co.Ltd(300413) , fast tech and Saturday Co.Ltd(002291) . Bubble mart and Guangzhou Wahlap Technology Corporation Limited(301011) are recommended in the field of fashion play. The yuan universe sector focuses on Visual China Group Co.Ltd(000681) , Hylink Digital Solution Co.Ltd(603825) , Shanghai Fengyuzhu Culture Technology Co.Ltd(603466) , Bluefocus Intelligent Communications Group Co.Ltd(300058) .
Risk tips: policy supervision risk, increased competition risk, and the impact of the epidemic exceeds the expected risk.
