2023年全國碩士研究生考試考研英語一試題真題（含答案詳解+作文范文）_第1頁
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1、AnitaYiu85229787200|anita.yiu@GoldmanSachs(Asia)L.L.C.ShoKawano81(3)64379905|sho.kawano@GoldmanSachsJapanCo.Ltd.TimothyZhao6566545771|timothy.zhao@GoldmanSachs(Singape)PteSoYoungLee85229787098|soyoung.lee@GoldmanSachs(Si

2、ngape)Pteconsumerinthefmofdeliverytargetedlocationssttobenefitinourview.3)Millennialsoncooking:Nothanksnotyet35%ofrespondentsinaTencentsurveywerewillingtorentahomewithoutakitchen.Wheneatingoutexperienceisnowthetoprankedf

3、actfrestaurantchoicesurprisinglyabovefoodsafetywhichisprobablywhyLuckincomplementsitsdeliverystationswithfullservicestes.KeystocksElevatadvertisinggiant:FocusMedia(Buy)nConvenientlylocatedsnackstes:ZhouHeiYa(Buy)nClearde

4、liverystrength:YumChina(Neutral)nFooddelivery(Ele.me):Alibaba(BuyonCL)nWhatelsesurprisedusthismonthTraveltoKea13%yoyinMarchthefirstpositivenprintsincethegrouptourbanin2017.Weexpectcontinuedreboundahead.Wealsoexpectoutbou

5、ndtraveltoHKtoremainhealthyatMSDin2018E.ChinaConsumerPulseCheck:From0to5mn:WhattheexplosivegrowthofonecoffeebrrevealsaboutChineseconsumers16May2018|4:59PMHKT3trendsrelevantfadvertisingretailingfoodservicesInjust7monthsLu

6、ckinCoffee(Privatelyheld)hatapultedfromnonexistencetoselling5mncupsofcoffeeinthe4monthtrialoperationperiodendingMay8.Wedonottakeaviewonthelongertermsuccessofitsbusinessmodelbutwethinkthebr’ssurgingpopularityhighlightsthr

7、eetrendsthatarerelevantfourcoveredcompanies:1)Gettingattention:Realwldpresence(still)criticalThere’snodoubtthatdigitalmarketingisimptantbutwebelieveitwouldbeamistakefcompaniestoigneofflinepresence.InparticularLuckinhighl

8、ightedthatelevatadvertising(industryc.20%yoyin2017)hashelpeditrapidlybuildbrawareness.WealsoexpectmedevelopmentinNewMarketingwiththegrowingintegrationofonlineofflinewlds.2)Convenience:BringingproductstoconsumersLuckinman

9、agementflaggedthelackofconvenienceasakeypainpointftoday’scoffeecustomer.IndeedconsideringChina’slongwkinghourscommutingtimeconvenienceisvaluedincreasinglyexpecteduniquelyaffdableamongconsumersinChina(US$0.8deliveryfee).C

10、ompaniesthatbringtheirproductstotheGoldmanSachsdoesseekstodobusinesswithcompaniescoveredinitsresearchrepts.Asaresultinvestsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisrept.Invests

11、shouldconsiderthisreptasonlyasinglefactinmakingtheirinvestmentdecision.FRegACcertificationotherimptantdisclosuresseetheDisclosureAppendixgotoresearchhedge.html.AnalystsemployedbynonUSaffiliatesarenotregisteredqualifiedas

12、researchanalystswithFINRAintheU.S.Premiumcosmeticscompaniescontinuetogofromstrengthtostrength.Shiseido(BuyonCL)’sChinaHKcFXsalesnacceleratedto27%yoyin1Q18.Visitourptaltoseeourfullcoverage.16May2018GoldmanSachsChinaConsum

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