UBS Investment Research Hong Kong Property Sector Five key investment themes in 2025 Mark Leung Analyst, mark.leung@ubs.com +852 2971 8636 John Lam Analyst, john-za.lam@ubs.com +852 2971 6358 Vera Gong Associate Analyst, vera.gong@ubs.com +852 2971 8950 Jan 2025 This document has been prepared by UBS Securities Asia Ltd. UBS does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the ...

29 November 2024 | 8:44PM GMT Global Rates Trader Fiscal Risks Not All One Way Narrative volatility around the US fiscal outlook has been notable over the last month. We are skeptical that the US deficit trajectory offers a reason to be bullish the long-end at this stage, instead viewing the fiscal picture as a factor that supports longer term yields remaining somewhat sticky under our baseline. In the near-term, labor news and the justification for Fed cuts should be more consequential to the market tone. ...

Asia Pacific Equity Research 19 November 2024 J P M O R G A N Tongcheng Travel Holdings Ltd First Take: 3Q24 – Yet another solid quarter Overweight 0780.HK, 780 HK Price (19 Nov 24):HK$17.70 Price Target (Jun-25):HK$19.00 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------ ...

Investment Rating - The report does not explicitly state an investment rating for the industry. Core Insights - The overseas video marketing landscape is undergoing a significant transformation, enhancing shopping experiences and enabling brands to expand globally. Video marketing is identified as a key tool for brand image building and value communication [3][4]. - Despite 73% of users preferring to search for products on social media, video ads have not significantly influenced overseas purchasing decisions due to low conversion efficiency and inadequate online shopping experiences. In contrast, offline stores provide a more memorable and personalized shopping experience, with conversion rates 7.2 times higher than online [3][4]. - The integration of video content marketing, user experience, and online shopping is crucial for improving sales performance in the online market. This integration can create a coherent and engaging shopping experience that stimulates consumer purchasing desire [3][4]. Summary by Sections Part 1: Overseas Video Marketing Revolution - Video has become the dominant content form, accounting for 82.5% of global internet traffic. In the U.S., daily social video viewing time has nearly doubled from 33 minutes in 2019 to 61 minutes in 2023 [9][10]. - 73% of consumers search for products and services through video, establishing a strong emotional connection with viewers. Video content is 1200% more shareable than text and link content combined [10][11]. - The younger generations, particularly Gen Z and Millennials, are leading the trend in video content consumption, with 58% of 18-34-year-olds watching videos daily [14][15]. Part 2: Addressing Marketing Pain Points - Relying solely on social media platforms for video content does not directly lead to user conversion. 40% of users believe Instagram videos have no impact on offline shopping decisions, while 60% acknowledge video content's significant influence on their purchasing decisions [20][21]. - The fragmented user experience on social media and the lack of trust in content hinder effective purchasing decisions. Brands need to create a seamless shopping experience that integrates content marketing and user interaction [23][30]. - Independent sites face challenges in effectively conveying brand essence and product advantages, often resembling static product displays rather than engaging platforms [26][27]. Part 3: Building a Growth Flywheel - The DTC model through independent sites is a core driver of profit growth, allowing brands to enhance customer lifetime value and profitability [33][34]. - Video marketing plays a crucial role in the user journey, influencing consumers from awareness to advocacy, thereby enhancing brand loyalty and engagement [35][36]. - The integration of video content with independent site value creates a robust business growth mechanism, driving user engagement and conversion rates [39][40]. Part 4: Comprehensive Upgrade of the Marketing Ecosystem - The report emphasizes the importance of creating an interactive and immersive shopping experience through video commerce, which can significantly boost conversion rates [42][43]. - Firework's Digital Showroom allows for continuous online product demonstrations, maximizing brand exposure and customer interaction [44]. - Interactive short videos enable users to shop seamlessly while engaging with content, enhancing the likelihood of immediate purchases [47].