中国消费者（HA）_中国仍在消费不足吗_神话与真相_46页_1mb

Analysis Summary

China is not under-consumed; this perception stems from high goods and service volumes coupled with low pricing. Consumption volumes are comparable to global peers, with higher education and urbanization driving growth potential. Nominal consumption values are suppressed by low prices, influenced by deflation and structural factors like China being the world's factory and intense competition.

The economy faces some upside in higher-quality and experience-based services, such as healthcare, education, leisure, and entertainment. Corporate China's "E2SG" opportunities (Efficiency, Experience, Service & Global) offer growth strategies:

• Efficiency: Supply chain optimization (Midea, PDD).
• Experience & Service: Emotional value creation (Pop Mart, Nongfu).
• Globalization: International expansion (Pop Mart, Geely, H World).

Stock universe picks include:

• Pop Mart: Strong IP platform and overseas expansion.
• Midea: Global leadership and efficiency.
• Geely: Rapid EV growth and export.
• H World: Franchising and asset-light model.
• Trip.com: Online travel and international expansion.
• Tencent: AI and digital entertainment resilience.
• Damai: Live entertainment and IP licensing.

Key risks include macroeconomic sensitivity, competition, and execution challenges for globalization.

Summary

China's consumption is not under, driven by high volumes but low prices. E2SG themes provide Corporate China's growth path, with globalization and efficiency as key strategies.