【出版时间及名称】：2010年2月中国消费行业研究报告
【作者】：高盛
【文件格式】：pdf
【页数】：41
【目录或简介】：
Table of contents
Picking the Chinese consumption winners 3
Goldman Sachs/Gao Hua Top 10 consumer names 5
China Offshore Favorite Consumer Themes CAT (GSSZCNCO) 6
China A-Share Favorite Consumer Themes CAT (GSSZCNCA) 7
A framework to pick consumer stocks 8
Where does China stand in terms of its consumption level, product ASP, and profitability relative to its
regional and global peers? 10
Sector analysis: A common theme but different investment cases 11
Airlines: Favorable sectoral tailwinds 13
Autos: A classic China growth story 14
Beer: Will the Chinese consume more beer when incomes rise? 15
Clothing: Basic demand is met; focus on upgrade needs 16
Energy: Greener GDP is the trend 17
Footwear: Differentiation and quality the keys to future success 18
Healthcare: A secular theme 19
Insurance: Twin engines in motion 20
Internet: Winners are likely to keep winning 21
Meat: Will the fat become fatter? 22
Milk: A proxy for rising health consciousness 23
Mobile phones: When a discretionary item becomes a necessity... 24
Noodles: A typical consumer staple 25
Personal computers: Growth catalysts remain in place 26
Real estate: Upgrade needs drive future growth 27
Telecommunication services: Underappreciated GARP exposure 28
Wine (grapes): A more expensive drinking game? 29
Appendix 1—Macro backdrop: A favorable setup 30
Appendix 2—Key assumptions and methodology 32
Appendix 3: SEHK-listed China Autos CAT and A-share Healthcare Liquid Sector 36
Disclosures 38