NFC payment is a contactless payment service that allows people to transfer or receive money using smartphones, tablets, laptops, and other devices. Furthermore, numerous benefits provided by NFC payment devices service include high security, hassle free transaction, faster transaction processing speed, and others. In addition, various banks and financial institutions are providing NFC payment devices service as it provides bank customers with convenient, fast, and secure payment processing systems. This increases the adoption of NFC payment devices among people, thereby driving the growth of the market.

Pay TV is a subscription based television service. Pay TV generally includes subscription-based content such sport event, newly released movies and television serials. Pay TV includes different types of subscription services such as cable TV, satellite TV and IPTV. Cable TV offers its services through coaxial cables or fiber optic cables. Satellite TV is a type of television programming that is wirelessly delivered to TV sets across the world through network of radio signals, communications satellites, broadcast centers and outdoor dish antennas. IPTV uses Internet protocol (IP) based network to deliver TV channels to viewer’s set-top box. The prominent factors that drive the Pay TV market growth include increase in number of subscribers and the launch of new television channels. Moreover, increase in demand for IPTV in developed countries further fuels the growth of the market. However, emergence of OTT platforms such as Netflix, Amazon Prime, and Hotstar, are expected to restrain the growth of the pay TV market.

Discrete manufacturing is an industry term used for manufacturing of finished products that are distinct items capable of being easily counted, touched, or seen. In addition, PLM software is used by various industries to manage entire lifecycle of a product from its start through the engineering, design, manufacture, and disposal services of manufactured products. Moreover, PLM software provides companies with the ability to improve their production quality and also increases a company’s efficiency & productivity. Moreover, many manufacturing units across developing nations of Asia-Pacific and LAMEA are using this software to reduce prototyping costs while developing or innovating new products, which enhances growth of the market.

宏观形势放缓开始对电商和广告等互联网业务流产生影响。我们认为监管正 引导行业回归理性竞争，追求更高质量的长期增长。相比电商行业，网络游 戏行业受到的宏观影响较小，但监管收紧或将从4Q21 开始对网络游戏行业 产生影响。电商GMV 和广告支出增长随整体宏观形势放缓。消费互联网领 域的竞争依然激烈，我们看好具有成本优势的公司；几家头部互联网公司正 快速进军人工智能和企业互联网领域，以扩大长期可触达市场。重点推荐： 腾讯控股、阿里巴巴、腾讯音乐、京东、网易、美团、哔哩哔哩和百度。

9 月社会消费增长止跌回升。2021 年9 月我国社会消费品零售总额为 36833 亿元，同比增长4.4%（前值2.5%），两年平均增长3.8%（前值 1.5%）。其中，除汽车以外的消费品零售额33298 亿元，同比增长 6.4%。

上周沪深300指数上涨0.04%，申万传媒指数下跌1.25%，跑输沪深300 指数1.29个百分点。个股方面，上周涨幅较大的有万达电影（+8.23%）、 昆仑万维（+5.16%）、游族网络（+5.08%），跌幅较大的有芒果超媒 （-16.76%）。

一周观点：1）游戏龙头H2 拐点，新品表现不俗，内容储备丰厚，VR/AR 等新技术有望打开增长空间；2）工业B2B 电商龙头，国联股份持续高增长； 3）营销龙头分众传媒，优质点位持续增长；4）去中心化内容生态及产业链 迎电商旺季，平台及MCN 等服务商龙头等亟待关注。

我们认为互联网板块具备长期投资价值，当前是较好投资时点。受市场情绪 影响，当前互联网公司估值处于历史低位，当前互联网行业监管接近拐点， 如腾讯《英雄联盟手游》已经上线，美团的监管结果逐步落地，短期互联网 公司业绩稳步向好，中长期看，互联网行业投资逻辑与成长价值不变。推荐 关注有较强游戏内容研发能力的腾讯、心动公司、网易，推荐关注主业增长 空间广阔、新业务有序发展的美团，关注海外业务持续发展的小米。

这篇深度报告，核心解决了以下问题：全球短视频市场空间有多大？竞争格局如何？全球主要短视频APP用户数据对比？中国短视频出海背景？各主要出海地区有何特征？字节跳动、快手 和欢聚为代表的中国厂商短视频应用出海进展如何？各自海外运营策略？出海获客成本如何？潜在ROI有多少？商业化变现情况？

Q3 业绩环比逐渐改善，低估值游戏板块和优质流媒体有望获得更多关 注：核心公司Q3 爆款游戏表现较好，业绩环比有所回升，随着新产品 逐步进入变现期，其变现能力逐步显现；同时随着游戏出海的持续进 行，海外市场有望成为游戏公司发展的新驱动因素。优质流媒体公司随 着Q3-Q4 的热门综艺和影视剧持续推出，有望持续推动业绩增长。建 议关注标的：三七互娱、芒果超媒、吉比特、宝通科技。