欧洲调研和路演反馈—英国长线基金对中国消费标的投资布局 European Tour and Marketing Feedback - UK Long-Term Funds Investment Strategy in China Consumer Sect

Investment Rating - The report indicates a positive investment outlook for premium consumer names in China, with UK long-term funds showing more aggressive allocation than market expectations [3][6]. Core Insights - The European tour involved visits to 22 companies across various sectors, including consumer, automotive, industrial, and healthcare, yielding valuable insights [1][5]. - L'Oréal is highlighted as a solid investment target due to its strong fundamentals and market position in the beauty sector, with a focus on product innovation and pricing strategies [2]. - AccorHotels and InterContinental Hotels maintain growth targets for revenue per available room (RevPAR) of 4-5% and 7-9% respectively, indicating resilience in the hospitality sector [2]. - Diageo's revenue distribution shows 50% from the US and 25-30% from Europe, with a new normal growth rate of around 3% expected [2]. - SAP is recognized for its robust growth driven by cloud services, contributing approximately 50% to its revenue with a growth rate of about 25% [2]. - UK long-term investors are increasingly optimistic about the A/H stock market, driven by low valuations and improving dividend yields [3][6]. Summary by Sections European Tour Insights - The tour covered Germany, France, and the UK, visiting cities like Munich, Paris, and London, and included meetings with major companies across multiple sectors [1][5]. - The focus was on identifying undervalued consumer investment opportunities in the A/H market [3][6]. Consumer Sector Highlights - L'Oréal, AccorHotels, and InterContinental Hotels are identified as high-quality assets with strong growth potential [2]. - The report ranks investor interest in consumer sub-sectors, with beer, sports, and wine being the most favored [3][6]. Investor Sentiment - UK long-term funds are showing a more positive stance towards Chinese consumer stocks compared to Asian investors, with a preference for H-shares over A-shares [3][6].