汇丰：中国消费行业研究：银发经济、她经济与 Z 世代风格的三维透视 - 2109（中译版）（41页）.pdf

1、Disclosures&Disclaimer:This report must be read with the disclosures and the analyst certifications inthe Disclosure appendix,and with the Disclaimer,which forms part of it.Title of reportMonth 20 xxEquities/SubcategoryBy:Katharine Song(S1700517120001),Li Quan(S1700520030002)China ConsumerSilver dol

2、lars,the she-economy,and Gen-Z styleThe latest census data reveal growth opportunities for consumer spending as the structure of the population changesWe introduce a“3S”investment framework:silver dollars,the she-economy,and style differentiation by Generation ZWe highlight 11 stocks that stand to b

3、enefit from these themesDemographicsEquity Research ReportChinaThematic September 2021 1 Demographics Equities September 2021 Chinas latest national census data make interesting reading for investors who keep a keen eye on the countrys large consumer market.While the census data confirm trends that

4、are well understood China is ageing as population growth slows the data also reveal growth opportunities in a number of areas as the structure of the population changes.This report introduces a“3S”investment framework silver dollars,she-economy,and style differentiation by Generation Z that supports

5、 our view that premiumisation will only accelerate as more consumers spend more money on higher quality products.The elderly population is rising in both numbers and spending power,creating a powerful silver dollar economy.The she-economy is driven by Chinas large female workforce,making millions of

6、 women more financially independent.At the same time,Generation Z those born in 1995-2010 are starting to make their mark.They are tech savvy,like local brands,love to differentiate themselves,and are electric vehicle friendly.We highlight 11 Buy-rated stocks,which we think are likely to benefit fro