中国可选消费必需消费：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

Group 1: European Tour Insights - The European tour lasted 11-12 days, covering 22 companies across various sectors in Germany, France, and the UK, including major consumer brands like L'Oréal, AccorHotels, and Diageo [1][5] - The tour provided valuable insights into the operational strategies and market positions of leading companies in the consumer sector, highlighting the importance of product innovation and market adaptability [2][5] Group 2: Company Performance and Outlook - L'Oréal is identified as a strong investment target due to its solid fundamentals, with a competitive edge stemming from its product innovation and superior product mix, maintaining growth above industry averages [2][3] - AccorHotels and InterContinental Hotels have set RevPAR growth targets of 4-5% and 7-9% respectively, indicating robust market positioning without downward revisions in growth expectations [2][3] - Diageo's revenue distribution shows 50% from the US and 25-30% from Europe, with a new normal growth rate of around 3% expected as inventory clearance phases out [2][3] Group 3: Investment Sentiment and Trends - UK long-term funds are showing a more positive allocation towards Chinese premium consumer stocks than previously anticipated, driven by low valuations and improving dividend yields [3][6] - Investor interest in various consumer sub-sectors ranks beer, sports, and wine as top priorities, with a notable shift towards travel-related investments prior to the recent market rally [3][6] - The overall sentiment among UK investors is more optimistic compared to Asian investors, particularly regarding H-share stocks over A-share stocks [3][6]