Event: July 29, 2009, "Communications World Weekly" reported that the Ministry of Industry and Information Technology, Development and Reform Commission and other triple play several ministries jointly issued the latest documents will clear both telecommunications and broadcasting to achieve a limited open field of telecommunications will Radio and Television in the Internet access level to open the content of radio and television play in the opening level to the field of telecommunications.
Comments: Triple play to accelerate the development of cable networks. Because: (1) cable network to provide broadband access services, cable networks to enhance efficiency; (2) IPTV is gaining market leading cable network industry, and network integration to speed up the progress; (3) two-way access is not only a limited open access is asymmetric, more biased in favor of broadcasting operators entering the field of telecommunications. We reaffirm our medium-term strategy to judge, faced with a new policy to support and competitive pressure, in 2009 ushered in the second half of cable industry may be new opportunities, recommended cable industry, in turn recommend Tianwei video (15.19,0.00,0.00%) / Song China Cable (12.96,0.00,0.00%) / Radio Network (8.60,0.00,0.00%).
A higher likelihood of asymmetric control. Industry began 10 years ago called triple play (September 5 Planning has been mentioned), with the telecommunications infrastructure network matures, the technical level, triple play opportunity has arrived. However, market and regulatory level, we believe triple play heavy, short-term policy will still protect the interests of radio and television operators. Because: (1) short-term inability to take 160 million telecom user's television transmission functions; to assume this function, to spend 320 billion for FTTX transformation (assuming conversion costs 2,000 yuan per household), but annual profits of more than 30 billion , as a listed company, is clearly unacceptable rate of 1% return on investment. China Telecom in 2009 39.2 billion capital spending plan, even if all inputs FTTX building (do not enter the 3G construction), also requires 8 years; (2) separation of stations and networks have not yet completed; considerable part of the separation of TV and cable networks had not been completed, television stations and highly consistent interest cable network, must provide the content of policy and preference cable network; (3) telecommunication network and cable network authorities inconsistent. SARFT authorities as cable networks, cable industry certainly can not sit by and watch the fall, similar to the U.S. set up the unified management of the telecommunications regulatory body the Commission is unlikely soon.
Internet access service is the most likely starting point. Both from radio and television telecommunications demand, radio and television licenses want ISP / Internet international export / VOIP licenses, telecommunications want IPTV license; but more likely is that the liberalization of telecommunications ISP licenses to radio and television, and other conditions remain unchanged. Because: (1) open ISP license will not fundamentally affect the pattern of the broadband access market. Carriers account for at least 90% of Chinese broadband market share, while cable operators market share of less than 5% in the existing network quality and operational advantages of the market, telecom operators and cable operators will not worry too much about grabbing market share; as long as the international export tightly grasp the Internet, the development of broadband cable access business is still constrained by telecommunications. (2) difficult to meet other needs. As relates to the fundamental interests of the industry, not to relax in the IPTV broadcasting license conditions (for the protection of cable operators) and telecommunications system obviously will not take the initiative to make concessions. Overall, in the country and accelerate convergence as the backdrop, the most open ISP licenses may be a starting point.
Wired network Internet access helps improve efficiency. Than carrying a single TV business, while not carrying TV and broadband services network in conjunction with increasing the proportion of depreciation and amortization, or in conjunction with network maintenance costs and increase the proportion of channels such as operating room costs, broadband access services will significantly enhance the efficiency of cable networks enhance the comprehensive margin. To Tianwei video as an example, if there is no broadband service, the company consolidated gross profit margin may be only about 26%, with broadband services, gross margin increased to 32%.
IPTV threat of accelerating the development of cable networks. Cable network goes without saying that the fear of IPTV, we found that once a city began to promote IPTV, cable suddenly speed up the progress of the overall conversion, bi-directional network reconstruction abruptly the sky. I am an expert from China Print Net, usually analyzes all kind of industries situation, such as oven and microwave combo , counter top microwave oven.
Related Articles -
oven and microwave combo, counter top microwave oven,
|
