(Report Producer/Author: Soochow Securities, Zhang Liangwei, Liu Ruizhe)
. Metaverse Framework: Metaverse Overview and Soochow Metaverse Hexagonal Model What is Metaverse : Immersion and User-Created Content (UGC) ) Interactive promotion
Metaverse The word is composed of the prefix "meta" (meaning transcendence) and the root "verse" (inverted from the universe). The Metaverse was proposed by the science fiction novelist Neil Stephenson in the 1992 science fiction novel "Snow Crash". In the novel, the Metaverse is a universe that was born out of the real world, parallel to and influencing each other. , and an always-on virtual world. It's lifelike and immersive. People can do anything in this virtual world, except eating and sleeping; this is a higher-dimensional interactive experience than the existing virtual world.
What is the Metaverse? The understanding of the Metaverse is still at the stage of "blind people feeling the elephant": 1. Traditional game companies believe that the core of the Metaverse lies in the open world with customizable characters and scenes; 2. Blockchain practitioners believe that the focus of the Metaverse lies in decentralization, An economic system and governance model similar to the real world; 3. Major Internet companies and virtual reality-related companies believe that the Metaverse should focus on immersive experience and online and offline interactions.
We believe that the characteristics of the Metaverse are reflected in the improvement of immersion and user-generated content (UGC). This is a long-term process that requires simultaneous development with the improvement of chip computing power, popularization of software design engines, and the facilitation of VR/AR and other interactive devices, coupled with the continuous development of blockchain technology and related decentralized application ecology, in order to Reach the final form.
We believe that the development of the metaverse will bring new dimensions of interaction and bring greater social changes than the mobile Internet. Taking Bilibili as an example, Bilibili provides new interactive methods (posting barrages) and a more convenient video secondary creation platform, which enables Bilibili to form strong user stickiness and a new cultural phenomenon, and has achieved great results in the fierce competition among video platforms. Unique competitive advantage. As for the game field, many early games, such as , Warcraft, and also have map editors. The more popular MOBA gameplay is also based on player-made maps. However, compared with , Roblox, it has fewer game types and richness. It is low and lacks convenient means of interaction, making it impossible to expand beyond the game. We believe that the richer and more immersive interactive experience brought by the Metaverse will bring new imagination space to the fields of games, education, exhibitions, industrial manufacturing, design planning, and public services.
Why pursue the Metaverse: Virtual Reality Compensation/World Simulation Theory
Virtual Reality Compensation Theory: What people lack in the real world will strive to compensate in the virtual world.
world simulation theory: Assuming that a civilization’s impulse to create virtual worlds in order to obtain compensation is eternal, then in the long-term development, it will inevitably create virtual worlds one after another, and the world it lives in is also very likely to be an upper-level one. Made by designers.
Busia distinguished three stages in the history of human simulation: The first stage is counterfeit: it is believed that only the real world has value, and fictional activities must simulate, copy and reflect nature. The truth is distinct from its imitation. The second stage is production: value is governed by market laws, and the purpose is profit. Mass-produced imitations become equal to real copies. The third stage is simulation: at this stage, the simulacrum creates "hyperreality" and assimilates reality into itself, and the boundaries between the two disappear. The reality as the object of imitation no longer exists, the counterfeit becomes a copy of something without the original, and illusion is confused with reality.
Hexagonal model and market outlook of the metaverse
We believe that the metaverse is still in its early stages, and the industry development is showing a diversified momentum. The following six aspects deserve attention: 1. Computing power-GPU/CPU/ASIC chip : Provides computing power; 2. Algorithm--Platform software engine lowers the threshold for creating virtual worlds and promotes the prosperity of UGC-based content in the metaverse era; 3. Communication--5G: low latency is important to ensure immersion factors, and also guarantee the ready availability of the metaverse; 4. Interaction technology - VR/AR, brain-computer interface: as the connector between people and the virtual world, it greatly promotes the immersion of the virtual world; 5. Property rights rules - Blockchain: Convenient and efficient ownership authentication; 6. Application scenarios - pan-games, exhibitions, virtual humans, industrial design, remote operation.
. Online exhibition display: the authenticity and details are constantly improving, and the use scenarios are becoming more and more extensive. Online exhibition display: from offline to online, from obscure to clear at a glance.
For online exhibitions, there are rich Details and rendering effects will make the online display effect gradually approach that of offline or even gradually surpass offline. Superimposed on the restrictions of the epidemic on offline exhibitions, the form of online exhibitions will become more and more popular and recognized, and the form of online exhibitions will also Expanding the potential market space: Fengyuzhu is the leader in digital display. For the development of online exhibitions, Fengyuzhu not only has architectural data of many city pavilions and museums, but also has XR and rendering technology teams in reserve. We have invested in related technology companies and are optimistic about the second growth curve brought about by the company's expansion from offline display to online display and later online operations and maintenance.
online display will promote communication efficiency. For example, a realistically rendered virtual building has stronger information display capabilities than design drawings, or it may become like a portal in the Internet era, becoming a platform for major government enterprises and even small and medium-sized businesses. display window. As the epidemic develops people's online habits, online exhibitions will also usher in a period of rapid development: Cube Digital is an engineering digital cloud service provider. It used to mainly represent the Autodesk series of software, and later developed it based on Autodesk software. Related plug-ins suitable for Chinese architectural standards. Through these plug-ins, Cube Digital's software has better architectural rendering and display capabilities, providing a technical platform for digital twins in the metaverse era. Shanshui Bide focuses on the garden landscape design business. In order to better demonstrate the design effect to customers, it launched the digital intelligent product system "Landscape Intelligent Realm" to build virtual landscapes. Based on Unreal Engine, it creates a coverage of "planning-construction-management" Digital and intelligent landscape products throughout the life cycle, especially in the field of landscape garden models, have richer data resources and provide richer appearance scenes for the Metaverse world.
Feng Yuzhu: "Culture + Technology" creates a leader in the digital display industry.
company is a leading enterprise in China's digital display industry and is committed to becoming the leading digital experience service provider in China. Its main business types are the integrated creation of urban digital experience space, cultural and brand digital experience space, as well as digital products and services.
company's digital experience space business focuses on the core concept of "culture + technology", with creative design as the forerunner, technology as the basis, and cross-border general contracting as the means to provide comprehensive solutions for various venues and spaces. Digital products and services mainly use holographic imaging, naked-eye 3D, CGI special effects and other technical means, as well as AR/VR/MR, 4K/8K ultra-high-definition video and other media forms to provide customers and consumers with commercial exhibitions, digital art consumer goods and various other types of products. Digital Vision Services. The company's products and systems are widely used in many fields such as government services, urban cultural experience, digital display, cultural tourism, radio and television MCN, new retail experience and digital art consumption.
Cube Digital: A BIM service provider in the digital era
Cube Digital is committed to becoming a software provider for architectural model rendering. Virtual scenes in the metaverse era will have increasingly higher requirements for architectural details and rendering.The BIM (Building Information Modeling Technology) software independently developed by Cube Digital is based on Revit, which improves the work efficiency of the team using Revit software, adds more Revit modeling materials, and helps the construction industry to easily transform professional drawings into more intuitive digital model.
's traditional business mainly focuses on acting as an agent for Autodesk software and providing related consulting. The company's main business focuses on the field of building informatization, including agency sales of Autodesk software (of which the BIM software Revit is widely used), BIM (building information model) software development, and provision of BIM consulting services. The company has been deeply involved in the construction industry for more than 20 years, serving more than 10,000 customers, and its business covers more than 100 cities across the country. The company's software sales business is mainly the agency sales of Autodesk series software, and its customer base is mainly engineering design and construction units. The main customer groups of BIM consulting business are owners, engineering design and construction units, etc. The main service objects are engineering projects. The company's BIM technical team proposes preliminary solutions, and then confirms cooperative relationships with customers through business negotiations or bidding procedures.
Shanshui Bide: Deeply engaged in digitalization, empowering landscape design
Shanshui Bide is a comprehensive landscape design platform driven by innovative design. The company has formed three major business segments: Shanshui Community, Shanshui Cultural Tourism and Shanshui City, providing community landscape It provides comprehensive solutions in the four major fields of , cultural tourism, commercial space, and municipal public services. It has 10 design institutes and 6 major service centers across the country, and has implemented 3,000+ high-quality projects in 100+ cities. It has won the title of "Top Ten Garden Design Enterprises in the Country" "No. 1 in the competitiveness of real estate landscape design in China" and other honorary titles, its customers include governments at all levels and real estate, cultural and tourism developers across the country, and it has formed in-depth cooperative relationships with 90% of the TOP30 real estate groups. Shanshui Bide has long served China's urban and rural development and the construction of ecological civilization. It is committed to building a world-class landscape technology innovation platform based on new landscape theory, driven by innovative design, with digital technology as the core and the Shanshui Overall Theater as the carrier.
company attaches great importance to the research and development of digital technology , builds a landscape digital platform, and has achieved steady development in digital twin technology, full life cycle parametric design , virtual simulation technology, digital construction technology, forward design software, etc. It has truly achieved speed and efficiency in early analysis, design drawings, and process drawing review. At the same time, it has signed a strategic cooperation agreement with Zhongwang Software to jointly develop industrial software. Since its listing, Shanshui Bide has increased its focus on digital landscapes. R&D investment. The first three quarterly reports of 2021 show that Shanshui Bide achieved operating income of 406 million yuan, a year-on-year increase of 20.80%, and a net profit of 49.9214 million yuan, which will bring benefits to Shanshui Bide's continued research and development in the digital landscape sector in the future. (Report source: Future Think Tank)
. Virtual people: The company has brand value, and the creative process of the film and television entertainment industry is more standardized.Idol type + identity type + service type virtual people continue to expand the use scenarios of virtual people.
Virtual people not only enable the company to have trademarks Rights and brand value can also make the creative process of the film and television entertainment industry more scientific and standardized. We believe that with the rapid development of virtual human technology, the valuation of companies in the film, television, entertainment and advertising industries will be improved.
entertainment companies and major Internet companies have laid out the virtual idol industry. We believe that the virtual idol industry is already in a period of rapid growth. Alibaba launched the Juhuasuan Ten-Billion Subsidy Price Comparison Group; Tencent has the Infinite King Group; iQiyi created the first virtual idol talent show " Cross-Dimension Rising Stars "; B station is the domestic The largest virtual anchor (Vup) gathering place; Lehua Entertainment also launched the A-SOUL virtual idol group, and also received investment from Alibaba and ByteDance. iiMedia Consulting data shows that in 2020, the scale of China's virtual idol core industry was 3.46 billion yuan, a year-on-year increase of 70.3%, driving an industry scale of 64.56 billion yuan; it is expected that the core industry scale will reach 6.22 billion yuan in 2021, driving an industry scale of 107.49 billion yuan billion.
Virtual robot technology is becoming increasingly complete, AI helps reduce production costs
From a technical perspective, virtual digital humans have attracted a large number of users with their virtual image and interaction advantages. They can be divided into real-person-driven and computing-driven types. , the latter is the culmination of the development of multi-modal technology and deep learning in recent years, and is expected to reduce the production cost of virtual humans through the continuous upgrading of AI.
Real-person driven virtual human: Because there are real people operating behind it, it has obvious advantages in terms of movement flexibility and interactive effects. On the one hand, it can reduce production costs in the creation of film and television content, lower the threshold for the film and television industry, and promote film and television-level content. Convert to consumer grade. On the other hand, it is mostly used in virtual idols and important live broadcasts to help virtual digital people complete interactive and fragmented activities such as large-scale live broadcasts and on-site road shows. The core of the real-person-driven virtual human lies in its motion capture technology . Generally, inertial or optical motion capture technology is used in movies, which is more expensive and has better capture effects. With the development of technology, motion capture technology using ordinary cameras plus image recognition has also emerged, but the capture effect is not very good.
Multiple virtual humans have been launched one after another, and the commercial application prospects are worth looking forward to.
AYAYI: The first Metahuman launched by Ranmai Technology in May 2021. As of January 13, 2022, AYAYI’s first personal image has been published in Xiaohongshu. 110,000 likes and 14,000 collections. AYAYI has already reached cooperation with Guerlain , Porsche , Anmuxi and other brands. It has also joined Alibaba as a "digital employee" and became the digital manager of Tmall Super Brand Day.
Blue cursor: Virtual idol and virtual live broadcast projects are steadily advancing.
is actively deploying virtual people and virtual live broadcasts. The company's exploration in the Yuanverse business mainly includes: 1) The company has reached a strategic cooperation with Alibaba Damo Academy to jointly develop the application of virtual live broadcast technology and empower e-commerce trading venues. 2) Establish a wholly-owned subsidiary, Blue Universe Digital Technology Co., Ltd., to integrate the company’s existing resources and teams related to virtual live broadcast rooms and virtual IP operations. 3) Cooperate with the popular Qitian and its subsidiary Qile Wuxian to jointly explore the integration of online virtual space and offline physical space based on technology and product research and development in the field of virtual digital people and virtual space, as well as XR (Extended Reality) ) technology is more widely used in marketing scenarios. 4) Blue Cursor can support over 1 billion in capital investment to lay out metaverse-related tracks.
Jebsen Holdings : Taking the lead in deploying virtual humans, waiting for early investment results
Jebsen Holdings’ business includes new media copyright operations, audio and video technical services, and film and television content production and distribution. In terms of audio and video technology services, the company's audio and video technology solutions are mainly used in the domestic radio and television industry, news and publishing industry, and new media industry. Focusing on 4K/8K production and broadcast technology systems, three-dimensional sound technology, virtual and augmented reality (VR/AR) technology products, media asset management systems and all-media platforms in 5G application scenarios, we are at the leading level in the industry. The company's virtual human layout is mainly carried out through equity participation in Shiyou Technology.
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精选报告来源：【未来智库】。 Future Think Tank - Official website
