On Friday, December 22, the National Press and Publication Administration issued the "Measures for the Administration of Online Games (Draft for Solicitation of Comments)" to solicit opinions from the public, which immediately caused games and media to stage a big dive, Tencent Holdings once fell more than 15%, and NetEase once fell more than 28%. A number of game ETFs also crashed and stopped, and until ** did not improve.
A number of game media ETFs also collectively fell, with game ETFs, game animation ETFs, and game ETFs hitting the fall limit, and game media ETFs and entertainment media ETFs falling by more than 6%.
According to the interpretation of public offering**, the protection of minors, business units and the management of version numbers in the new regulations have not changed much compared with the previous regulatory model, but the supervision of game payment has exceeded expectations. At present, the supervision is still in the stage of the draft for comments, and it is expected that the follow-up supervision will also discuss with the industry for the draft for comments, and the final implementation may have room for relaxation. However, if it is implemented, it is expected that the short-term blow to game companies will be greater, which will actually affect profitability. For game developers and operators, if the new rules are implemented, they may need to adjust their game's business model to avoid the above-mentioned prohibited marketing strategies. This can lead to some short-term impact on their income.
It is worth mentioning that the blockbuster document was released, but also to the annual "champion base" competition has added some variables, at the juncture of the industry holding its breath, the active equity class ** performance ranking will be reshuffled again, and the current ranking of the top Taixin industry selection of the slight lead may be gone.
Interpretation of public offering: It is expected that the short-term blow to game companies will be greater.
On the afternoon of December 22, as a leading company in the game sector and the largest heavy stock in many game ETFs, the share price of Sanqi Mutual Entertainment fell vertically and closed the fall limit, as of **, the fall limit was about 6270,000 sell orders intended to flee, and the amount of closed orders was nearly 1.3 billion yuan based on the real-time stock price.
Among the game ETF heavy stocks, several gems** are even more miserable, with declines between 13% and 16%.
On the news side, on Friday, December 22, the National Press and Publication Administration issued the "Measures for the Administration of Online Games (Draft for Solicitation of Comments)" to solicit opinions from the public.
A public offering in North China believes that the document mentions that online games are not allowed to set inducing rewards such as daily login, first recharge, and continuous recharge, and all online games must set user recharge limits, and relevant provisions have been made in the anti-addiction system and the protection of minors.
The protection of minors, business units and the management of version numbers in the new regulations have not changed much compared with the previous regulatory model, but the supervision of game payment has exceeded expectations. At present, the supervision is still in the stage of the draft for comments, and it is expected that the follow-up supervision will also discuss with the industry for the consultation draft, and the final implementation may have room for relaxation. However, if it is implemented, it is expected that the short-term blow to game companies will be greater, which will actually affect profitability. For game developers and operators, if the new rules are implemented, they may need to adjust their game's business model to avoid the above-mentioned prohibited marketing strategies. This can lead to some short-term impact on their income.
But it is not without good news: on the 22nd, the National Press and Publication Administration announced a new batch of imported game version numbers, and 40 new games were approved. Perfect World's "One Punch Man: World", Gigabit's Thunder Network's "Candle Dungeon 2", Zhongqingbao's "Monster Train", and Kaiying Network's "About My Reincarnation as a Slime: New World" are listed.
However, the above news has not been digested by the market, and all of these companies except Zhongqingbao have fallen to the limit, and as of **, there has been no improvement.
Champion Basis" is a race for variables.
With 5 trading days left in 2023, the sharp decline in the game and media sectors has once again made the competition for the annual "champion base" changeable.
According to statistics, in the current performance ranking of active equity products, the top five are Taixin Industry Selection, Soochow Mobile Internet, Soochow New Trend Value Line, Oriental Regional Development, and Huaxia Beijing Stock Exchange Innovative Small and Medium-sized Enterprises Selected Two-year Scheduled Opening.
In the fourth quarter, the AI and media sectors resurged, and Taixin Industry Select took advantage of the strong net value of the first wind and also took advantage of the trend to the first place. As of the end of the third quarter, the ** heavy stocks include Wanda Film, Guangguang Media, China Film and other film and television stocks, and from the recent net value performance, the trend with related sectors is still convergent, which infers that the rebalancing in the fourth quarter is not large. As of December 21, the ** ended at 4451% of the temporary rise in the first place, but the same source of profit and loss, after the 22nd** heavy fall, the ** top ten heavy stocks (as of the end of the third quarter) fell to the limit of five, the slight lead or will be gone.
It is worth mentioning that the fourth-ranked Oriental Regional Development achieved considerable gains in the first half of the year with its heavy position in the AI sector, and the ** timely closed and adjusted its position at the high level of the AI sector, maintaining its hard-won cumulative gains, and ranked first for several months. At the end of the second quarter, it began to turn to the liquor sector that had fallen for a long time but gradually bottomed out, so the net value performance in the second half of the year was relatively stable, although the liquor with less elasticity at the end of the year appeared to be weak in the future, but the 22nd game plate fell again to verify the truth that Yan knows not to be blessed, according to **data, the top ten heavy stocks were mixed, and did not follow the game, media and film and television sectors fell heavily.
Recently, in order to compete for the throne of the annual "champion base", the top products have offered "killer features". For example, Taixin Industry Select Flexible Allocation Mix will pay dividends on December 22, and the product will be suspended from December 19 to 21 for large-scale subscription by institutional investorsThe current "leader" of the stock base, Golden Eagle Science and Technology Innovation**A, also paid dividends on December 8 after suspending large-scale subscriptions on December 4. But such efforts are slightly pale in the face of continuous adjustment, and after the heavy fall in game and media stocks, the ranking will undoubtedly be reshuffled again.
Some people believe that from the perspective of the historical ranking battle, in addition to the personal ability of the manager, the change of market style is also an important factor in determining performance in the short term.
Editor-in-charge: Wang Lulu.
Proofreading: Gao Yuan.