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【出版时间及名称】：2010年4月中国消费行业研究报告
【作者】：三星证券
【文件格式】：pdf
【页数】：39
【目录或简介】：
Four major areas of change in consumption
China's consumption mainstream is changing faster than ever before amid
transformations in consumer, region, and company demographics. A new perspective is
essential for those wishing to understand the market and formulate new investment
strategies that factor in such changes and the country's emerging middle class.
Consumer evolution—middle class expanding: Consumption in China is driven
by its middle class—a rising force behind the country's drive toward domestic demand
growth and a structural shift in the consumer market. The middle class has expanded
from its first generation (those born between 1945 and 1965) to include: 1) a "little
emperor" group—born in the 1980s after the introduction of a one-child policy; and 2)
new consumers susceptible to incentive-driven pull-forward demand. It is time to
observe subsequent changes in the consumption paradigm.
Strength of local firms—competition heading into round two: Round two of
competition has begun for companies trying to win over the Chinese consumer market.
While the first round one had something to offer for both domestic and global players,
round two should be affected by oversupply and strong growth at local firms—
presenting new challenges for Korean players.
Government policy—diverse range of industries affected: The Chinese
government is taking a visible role in boosting domestic consumption—across a diverse
range of industries from TVs to high-speed railways—by providing state support for
low-income families, establishing an infrastructure for urbanization, and reforming its
social security system.
Effect of Shanghai Expo: Costing an estimated USD42b and attracting around 70m
visitors, this year's World Expo in Shanghai will have a marked impact on China's
domestic consumption.
Four new investment strategies for Korean plays in China
We are bullish on consumption growth prospects in China, but believe new criteria must
be used in defining consumption plays given excess capacity in the country, the rise of
local firms, and government policies that favors them. The new major prerequisites for
favored Korean plays are: 1) strength in the mass market; 2) customer and business
diversification; 3) localized operations; and 4) exposure to the outbound travel boom.
CONTENTS
China in transformation p2
Issue 1: Consumer evolutionanalysis
of the middle class
p3
Issue 2: Local firms striking
back- competition heading into
round two
P10
Issue 3: Government policya
visible hand in the market
P20
Issue 4: Shanghai 2010 Expopositive
event effect
P27
Four investment strategies P30
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