麦格理-中国-媒体与娱乐业-中国媒体与娱乐业：欢迎进入新纪元

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1、GREATERCHINAChinamedia&entertainmentWelcometotheneweraWeinitiatecoverageofChina’smedia&entertainmentsectorwithourpreferredsegmentsbeingqualityTVdramaproducerHuaceandvaluableIntellectualProperty(IP)ownerAlphaGroup.Botharebenefittingfromrisingdemandfrominternetcompanieshungryforqualityan

2、dexclusivecontentontheirvideoplatforms.ThestrongChineseNewYearmovieboxofficere-affirmsourpositiveviewonChina’smovie-goingdemand,butwearewaryofexcesstheatresupply.Weprefermoviedistribution(ChinaFilm)andthepremiumformat(IMAXChina).InsideWatchinternetgiantsintheOTTera…Stickingtotheblockbu

3、sterstrategy9WeareatthestartofaparadigmshiftfromtraditionalplatformssuchasTVtoRegulatorychangestobenefitqualityonline.NetworkproviderEricssonexpectsmobilevideo,amongallapplicationstudios/IPs14categories,willgrowfastestintermsoftrafficconsumption(50%CAGRin2016-Movie–focusonpremiumformat

4、1622E,followedby38%forsocialnetwork).ThisisunderscoredbyrelentlessTroughvaluation;goodtimingtorevisit22investmentinthespace,andthenextmovebyiQiyi/Youku/TencentVideotoAppendices26increaseexclusivecontentshouldhaveaprofoundimpactonthesector.WeexpectqualityTVdramastudiosandIPlibrariestobe

5、thebiggestbeneficiaries.ZhejiangHuaceFilm&TV(A-Share)31AlphaGroup(A-Share)52…andsticktotheblockbusterstrategyChinaFilm(A-Share)74Incontrasttosomemainstreamviewsthatlong-tailcontentwillbenefitfromtheIMAXChinaHoldings94over-the-top(OTT)era,wearebelieversintheblockbusterstrategy.ThisWanda

6、Film(A-Share)102heavily-watchedcontentisgainingshareintheChinamediasector.Thetop10SMIHoldingsGroup108TVdramastook74%ofviewershipin2017,upfrom53%/64%in2015/2016.Chinamedia&entertainmentvaluationsPrincessAgents(楚乔传)episodeswereviewed47bntimesin2017,impressive3-yrgrowthvsTheLegendofChusen

7、’s(青云志)26bnviewsin2016,andLegendofRa-Up-PERPEREPSCompanyTickertingside18E19ECAGRMiYue’s15bnin2015.Formovies,thetop5grossingfilms,ledbyWolfWarriorHuace300133CHOP47%26.220.528%II,took27%oftheboxofficein2017,upfrom19%in2016.AlphaGroup002292CHOP25%31.222.0185%ChinaFilm600977CHOP23%26.422