更多一手调研纪要和海外投行报告加V：shuinu9870 更多一手调研纪要和海外投行报告加V：shuinu9870 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 更多一手调研纪要和海外投行报告加V：shuinu9870 Citi Research November 1, 2024 更多一手调研纪要和海外投行报告加V：shuinu9870 FX Flows Weekly See AppendixA-1 for AnalystCertification, Important Disclosures and ResearchAnalystAffiliations Citi Research is a division of Citigroup Global Markets Inc. (the "Firm"), which does and seeks to do business with companies covered in its research reports. As a result, investors should be aware thatthe Firm may have a co ...

Investment Rating - The report does not explicitly state an investment rating for the industry or company Core Insights - The report emphasizes the importance of brand marketing in a complex and changing economic environment, highlighting the need for brands to reassess their strategies and paths for brand building [6][9] - It introduces the "BRANDS" advertising capability matrix developed by JD to address the pain points faced by merchants in brand marketing throughout the entire cycle [20] - The report outlines the challenges faced by brand owners, including the need for effective integration of media resources, planning of media investments, alignment of consumer data, and measurement of advertising effectiveness [17][15] Summary by Sections Market Trends - The report notes that the consumer market is expanding, with a GDP growth of 5.0% in the first half of 2024 and a 5.4% increase in per capita disposable income [10] - Consumer sentiment is shifting towards more rational and planned purchasing behaviors, with 63% of consumers indicating they are more thoughtful about their purchasing needs compared to the previous year [11] Brand Trends - The significance of brand power is highlighted, with over 80% of young consumers stating that brand reputation influences their purchasing decisions [12] - The report discusses the need for brands to build loyalty and trust, with 27% of consumers indicating they are more loyal to familiar brands [12] Brand Owner Status - Brand owners are increasingly reducing marketing budgets for brand building in favor of performance-driven advertising, with 64% opting to increase effectiveness budgets [15] - The report identifies four main challenges faced by brand owners in advertising decision-making, including fragmented media usage and difficulties in measuring advertising effectiveness [17] Advertising Capability Matrix - JD's "BRANDS" matrix is designed to provide comprehensive support for brand owners, integrating insights, returns, assets, strategies, resources, and services [21] - The report emphasizes JD's strong supply chain capabilities, with a supply chain asset scale of 154.1 billion yuan and a 12% year-on-year growth [22] Marketing Efficiency Upgrade - The report introduces the ACME marketing efficiency framework, which focuses on user mindset, user stickiness, brand resonance, and marketing efficiency to help merchants evaluate their marketing capabilities [27] - It highlights the importance of a comprehensive evaluation system for brand advertising effectiveness, enabling brands to assess their marketing strategies and outcomes [31] Digital Product Matrix - JD has developed a digital product matrix to enhance marketing efficiency, focusing on user management, product lifecycle, and overall business perspectives [33] - The report discusses the integration of various advertising resources, including online and offline media, to create a comprehensive marketing strategy [34][35]