Media sector policy expectations or structural opportunities

Golden Lark Investment Qin Hong yesterday a A-share market trend of low open high, which media stocks in the media, Sadie Media and other varieties have a good trend.　　However, the power of the media, song Hua cable, such as high prices in the media stocks slightly less than some of the trend, then, how to view the strength of the media stocks? Stock prices are facing a rising chance. The policy information of the cultural industry is taking effect, which is not consistent with the current trend of the media stocks. Industry insiders believe that this may have a greater correlation with the stock price elasticity of the media stocks, because the majority of the former media stocks are medium and low price stocks, and in the course of the plunge last year had a deep correction, so the relatively optimistic price elasticity, a fundamental policy stimulus, the share price will be active.　　But for the medium and high prices of media stocks, because of relatively stable performance, the growth trend is relatively determined, so the institutional capital position is more stable, the price shock range is relatively limited, the sensitivity of the subject is not strong. However, we believe that with the advent of new themes, the media unit or bring some investment opportunities. Because the media reported in Monday, in the Last China (Shenzhen) international "Wen Bo", the Propaganda department reform Office deputy Director Kaoshong revealed that the cultural industry revitalization planning has been reported to the State Council for approval. At the same time, the national cultural industry layout Planning and "Twelve-Five" cultural development planning is also actively formulated.　　Among them, the important content of "cultural industry revitalization plan" includes the backbone enterprise cultivation plan, the cultural industry base construction plan, and enlarges the support strength to the cultural enterprise, including the tax policy preferential treatment, solves the financing difficulty and so on, and vigorously promotes the cultural enterprise to go public. This leads to two inferences, one is the current performance growth trend of the media listed companies or because of the change of industrial policy has the possibility of speed up. Not only because the preferential tax policy is conducive to improving the profitability of the listed companies, but also because of the reform of the party organ distribution system, radio and television broadcasting, broadcast transmission network integration, cultural market comprehensive law enforcement reform and other information, means that the current media listed companies have released the trend of performance,　　thereby enhancing its valuation premium advantage. Second, it means that the media listed companies will usher in a new integration of the subject of expectations. Due to the current regulatory mechanism of the media industry, the media listed companies in a-share market have the situation of the separation of news editing and distribution, and many media listed companies only have the distribution, advertising assets listed, which indicates that the assets of the media listed companies are not complete, so the related transactions are unavoidable and the performance is difficult to release.　　However, with the introduction of industrial support policy, "vigorously promote the listing of cultural enterprises," the emergence of information means that industry integration has become the trend, the future of the overall listing and other topics are expected to be relatively determined, which is conducive to the active media stocks.　　or present structural opportunities from the industry Analyst's research report, the current a-share market media listed companies are also facing the uneven development of the characteristics of the industry, the media industry revitalization plan, short-term or difficult to compensate for this unbalanced characteristics. This mainly refers to two aspects: first, the paper media in the network, digital television and other emerging mediaUnder the impact of the obvious atrophy of the situation, especially newspapers and other media media growth space is obviously inferior to the network and other emerging media, so, whether in advertising business revenue or publishing revenue and so on, both with the emerging media there is a big gap　　The second is that institutional reform may also make those sectors that are now relatively profitable, a certain degree of profit weakening trend, such as the copyright bidding, the electronic teaching materials and recycling, will affect the teaching and learning market revenue and profitability, which will undoubtedly affect the relevant stock valuation premium advantage. But after all, the industry revitalization plan brought about by the subject premium expectations, as well as the future of the overall listing of the extension of the development, business integration and other advantages brought about by the connotation of the development of the media stocks short-term or face a certain structural opportunities. Among them, the opportunity of two kinds of stocks can be tracked, one is the stock that has the overall listing anticipation. For example, the electric media in the last year, a one-time suspension of planning for the acquisition of high-quality assets, but later because of a variety of constraints. But after all, to the market to show the company's management of the overall market efforts, so, do not rule out further integration of the possibility of follow-up, can be tracked.　　Similar stocks are still in the media, Sadie Media and so on. The second is a stock with resources advantage. Mainly refers to the cable network type listed companies, because the current cable network is basically a network, therefore, the population has become the resource advantage of cable TV network, so those who have the rapid progress of digital television, income stable growth of the regional cable television unit, there is a relatively high certainty of growth advantages, can track Tianwei video, song Hua Cable, Citic Guoan and so on.