20231009-华鑫证券-传媒行业动态研究报告_从Citywalk看体验经济新探索_5页_235kb

Citywalk and Experience Economy

Citywalk is an activity originating from London, involving slow, immersive exploration of cities through walking or cycling, emphasizing reconnecting with urban culture and history. In 2023, this trend emerged as a response to post-internet and pandemic influences, highlighting a new consumer demand for real-life, experiential activities that blend virtual and physical elements. It underscores the rise of the experience economy, driving innovations in tourism and urban development, with examples like cultural events in China that promote heritage and modernity.

• Business Innovations in Experience Economy: Companies are exploring VR and IP-based exhibitions to create immersive experiences, such as global VR projects and virtual theaters. These advancements, supported by technologies like VR, AI, and 3D content, are transforming media and culture industries by offering new consumer touchpoints and commercial opportunities. For instance, projects like the "Wind Rises" VR experience demonstrate how digital tools enhance storytelling and engagement.

• Policy and Urban Renewal Context: National policies, such as those in Beijing and Shanghai, prioritize city renewal and cultural preservation through urban planning. Initiatives like historical building restoration and public art projects, led by companies like Fung Yuchen, drive B-end business growth and sustainable development. This strategy ensures that city updates integrate cultural heritage with modern technology, fostering new markets in public and commercial spaces.

Investment Recommendation

The media industry is recommended, focusing on user demand shifts and technological advancements. Companies with strong content creation or tech application potential are favored, including Blue Dragon (SZ: 300058), Huace Film (SZ: 300133), Mango Media (SZ: 300413), Huayi Brothers (SZ: 300413), Zhejiang Publishing (SH: 600986), New Classics (SH: 603096), and King Kong Film (SH: 603466). Media firms can benefit from immersive technologies and cultural IP, supporting broader sectors like urban renewal.

• Key Investment Drivers: Generational changes in consumer preferences and innovations like AR/XR create revenue opportunities. Enterprises that develop engaging content or leverage AI for user experiences are particularly promising, underpinning growth in the experience economy.

Risk Factors

Risks include policy shifts, company performance failures, increased competition, slow technology adoption, public health events, and economic volatility, which could impact industry growth and stock performance.