Original title: Media Week Views Issue 10: The rise in risk appetite is expected to bring the overall performance of the media sector
The media sector has come out of its trough: 1) After 17, 18, 19 years of dividend-taking in film and television, games and other content, superimposed on the impact of the 2020 epidemic on movies and interference with games, new logic will be iterated from 2021, namely EpisodesbusinessMode optimization, movie productionindustryThe single logic driven by the rapid development of mobile games and games. In addition, 5G acceleration brings distributionmarketValue chain reshaping, good content CP; 2) Looking atthe Internet, The dividend of the mobile Internet has peaked (2017-2019), and the current short video giants (Toutiao, Kuaishou, video account, etc.) have increasedFast quotientIndustrialization brings structural dividends and realizes the part of the logical lineadvertising,gamethe company, Benefit from this; 3) Internet giants accelerate “involution”,industryTighter policies,capitalThe tightening of market preferences isriskExposure；4)IP/Animation IndustryIn the past 7 years, it has developed rapidly, but the release of industrial value is lower than expected.consumptionThe rise of related new business formats is expected to amplify the value of the IP industry.
We believe that a new round of market conditions is imminent,Risk appetiteThe rise of the media sector is expected to bring about the overall performance of the media sector. We believe that the sector will usher in the recovery of the market. We follow the following three aspects: 1) The fundamentals are better; 2) From December 25th to February 10th, a decrease of 13% Above; 3)Market valueBetween 4 billion and 20 billion, 12 high-quality stocks were selected:Palm Reading Technology、CITIC Publishing、Huayang Lianzhong、Insay Group、Yuanlong Yatu、Palm Fun Technology、Yao Ji Technology、Chinese film、Aofei Entertainment、Doushen Education、Mei Jim、Purple Optical。
Market performance last week
The top three gains in stocks in the sector last weekHuakai Creative(8.05%)、Century Huatong(6.76%)、New classic(6.22%); last threeOneNet One Creation(-20.16%)、Doushen Education(-19.49%)、*ST contemporary(-18.33%)。
Hong Kong stocksTop three gainers in the sectorKK culture(25.00%)、China Sansan Media(12.35%), BC Technology Group (10.97%); last threeFengdeli Holdings(-22.37%)、ITP HOLDINGS(-19.50%)、Orange Sky Golden Harvest(-17.22%)。
Risk warning: the risk of internal governance being magnified, the risk of local policy supervision becoming stricter
(Article source: AnxinSecurities）
(Editor in charge: DF545)
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