高盛：欧洲饮料行业海尼克恩将从欧洲杯中受益;利润由欧洲、巴西和成本投入驱动。 ...

谢谢各位好我是向云国际新闻研究分析师郑明康以下我们会跟大家一同介绍我们下半年的展望当中光谱的部分是由我们团队的文号跟大家介绍的首先我们从一个 紫行业顺序跟大家介绍一下其实我们对于紫行业的编号的话我们觉得在电影改的背景之下我们觉得还是跟运营商那边的利好会多一点然后光谱方面的话我们从叶元熙多星归以及 光谱玻璃上的资本块当中的话我们觉得还是看好那个联名器方面的一个就是在未来那个发展会好一点简单说一下其实我们对于 运营商方面的话 我们觉得现在国家已经是出台了就是有两个文件去协调一下新生装机方面的利用率虽然是对于全年商务来讲的话会是有下调的可能性但是 这部分腾出来的空间的话对于一些装机速度跟规模比较快的一些就是投入企业来讲的话相对应来讲的还是一个利好能确保就是以后的营利增长及发电量的上升这一方面的话我觉得还是会 对于运营商来讲的话还是比较有利的另外就是在分红政策方面的话我们觉得就是运营商来讲的话管理层总体来讲的还是比较重视美股分红的那个同比增长所以这方面的话也是能满足一些比较常见的投资者的一个角度对于光谱来讲的话我们觉得 独裁能不能比例太来的话还是一个比较关键的一个情景我们觉得在双方人来讲的话我们看到光谷玻璃有一个比较 ...

谢谢,各位好,我是佳云国际新能源分析师郑明康,以下我们会跟大家一同介绍我们下半年的展望的,就是帮中光谱的部分是由我们团队的文豪跟大家介绍的,首先我们从一个就是, 紫行业顺序跟大家介绍一下因为我们对于紫行业的编号的话我们觉得在电影改的背景之下我们觉得还是跟运营创那边的利好会多一点然后光谱方面的话我们从叶元熙 座金贵以及 光伏玻璃上的资本块当中的话我们觉得还是看好裂变器方面的一个在未来发展会好一点简单说一下其实我们对于运营上方面的话我们觉得现在国家已经是出台了两个文件去协调一下新增装机方面的利用率 虽然是对于权量项目来讲的话会是有萧条的可能性但是这部分腾出来的空间的话对于一些就是装机速度跟规模比较快的一些就是投入企业来讲的话相对应来讲的还是一个利好能确保就是以后的那个盈利增长以及那个发电量的那个上升这一方面的话我们觉得还是就是会 对于运营上来讲的话还是比较有利的另外就是在政策方面的话我们觉得就是运营上来讲的话管理层总体来讲的还是比较重视美股分红的那个经济增长所以这方面的话也是能满足一些比较常见的投资者的一个角度对于光谱来讲的话我们觉得 独裁能不能比一切来的话还是一个比较关键的一个情景我们觉得就是在上半年来讲的话我 ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 Goldman Equity Sachs Research 12 June 2024 | 2:11AM PDT Oracle Corp. (ORCL) F25 Could Possess Notable laaS Growth, Double Digit Revenue Growth CapEx Requirements Likely Pressure Profitability shuinu987 12m Price Target: $137.00 Price: $123.88 Upside: 10.6% Kash Rangan 415)249 -73181 ngan@gs.con We reiterate our Neutral rating and raise our price target to $137 报数据加V (from $130) following ORCL's F4Q24 print, partiallyliunderpinned by ORCL's already elevated EV / FCF versuspeers ( ...

Industry Overview - The report highlights the significant growth potential in lower-tier markets, which account for 70% of China's population (approximately 1 billion people) and cover 300 prefecture-level cities, 2,800 counties, and 40,000 townships [7] - The GDP of county-level economies accounts for 38% of the national GDP, with the top 100 counties contributing 10% of the national GDP despite occupying less than 2% of the land and 7% of the population [8] - The report identifies key sectors such as food & beverage, retail, healthcare, and education as having substantial penetration opportunities in lower-tier markets [16] Consumer Behavior in Lower-Tier Markets - Consumers in lower-tier markets prioritize family and health, with children and health being the most significant factors in spending decisions [21] - Brand loyalty is strong, with consumers preferring high-quality, trusted brands that enhance their quality of life [25] - Information channels in lower-tier markets are more reliant on personal relationships, as consumers in these areas have fewer opportunities for passive connections compared to urban areas [21] Business Models in Lower-Tier Markets - Lower-tier markets exhibit longer store lifecycles and more stable business operations, but face stronger competition from independent stores [28] - E-commerce platforms, community group buying, and live streaming are the primary channels for product purchases in these markets [24] - The report notes that while chain stores face intense competition, they also benefit from the stability of lower-tier markets [28] Case Study: Cosmetics Industry - The cosmetics industry in lower-tier markets is characterized by high demand for affordable, high-quality products, with domestic brands gaining market share [35] - Skincare products, particularly sets, contribute nearly one-third of facial care sales, with a notable recovery in demand post-pandemic [34] - Domestic brands like KANS and Proya are outperforming international brands in the mid-to-low price segments, with KANS achieving rapid growth through innovative marketing strategies [39][43] Case Study: Outdoor Apparel Industry - The outdoor apparel industry is experiencing rapid growth, with penetration rates increasing post-pandemic, particularly in categories like jackets and sportswear [67] - The "mountain style" trend, which blends outdoor functionality with urban fashion, is gaining popularity among young consumers in lower-tier markets [71] - Brands like CAMEL are leveraging their supply chain advantages to offer high-value products at competitive prices, catering to the price-sensitive nature of lower-tier markets [79] Case Study: Coffee Industry - The coffee industry in lower-tier markets is driven by the need for affordable, convenient options, with brands like Luckin Coffee adopting low-price strategies to penetrate these areas [106] - Coffee consumption in lower-tier markets is more focused on leisure and shopping centers, contrasting with the office-centric demand in urban areas [110] - The report highlights the importance of community stores and transportation hubs as key locations for coffee brands expanding into lower-tier markets [110] Case Study: Burger Industry - The burger industry in lower-tier markets is highly competitive, with brands like Wallace and Tastien adopting unique strategies to differentiate themselves [125][128] - Wallace focuses on a cooperative franchise model and low pricing to meet the demand for affordable meals, while Tastien emphasizes innovation in product offerings, such as handmade burger buns [125][128] - The report notes that the burger market is highly saturated, with brands needing to focus on either penetration through cost advantages or differentiation through product innovation [132]