消费行业研究报告：中金公司-可选消费热点问题专题讨论.pdfVIP

经济转型中的机遇与挑战 Opportunities and Challenges in Economic Transformation 郭海燕 Haiyan GUO 中金公司研究部，董事总经理 Managing Director, Research Department, CICC 可选消费热点问题专题讨论 The Hot Issues in Discretionary Consumption 郭海燕女士现任中金公司研究部董事总经理, 批发零售、纺织服装、家电行业研究员。 2001 年 7 月入职中金，此后不久便完成了第一份中国零售业的大型深度研究报告，奠定了 在研究领域的市场领先地位。 郭海燕女士率先预言和推广了大众品牌消费市场腾飞、中西部市场腾飞、渠道下沉、通 胀受益、保障房建设受益等主流投资方向，推荐的公司均获得了良好的股价表现。 郭海燕女士还覆盖了多家在香港上市、以大陆为主要运营市场的零售和品牌服装业领军 公司，并参与了李宁、百盛、百丽、宝姿、国药控股、高鑫零售等公司的 IPO 工作。 在研究中，郭海燕女士注重中国国情、行业发展趋势和个股基本面的深度挖掘，注重结 构性研究和中外对比，受到了市场的广泛认可。多次获得《新财富》评选的最佳行业分析师 称号。在 2010 年《亚洲货币》排名中，获得了最佳中国研究员第四名的优异成绩（在行业 研究员中排名第一）。在机构投资者（II ）2011 年 A 股分析师排名中，获得了非必须消费品、 必须消费品两个奖项的第一名。 郭海燕女士 2001 年毕业于复旦大学管理学院，获得金融工程硕士学位。 Ms. Guo Haiyan, now one of CICC Research’s Managing Directors, has been responsible for the fundamental analysis of retail, apparel and electrical appliance sectors and providing investment advisory services for both domestic and overseas investors since joining CICC in 2001. Ms. Guo was the first analyst to call the investment opportunities being presented by the emergence of branding and growing home appliance consumption that have emerged in response to income improvement, strong development of the retail market in China’s central western regions and lower-tier markets, the positive influence of inflation and policy housing. Companies she has recommended as beneficiaries of these trends have been performing very well. She covers more than sixty A-share, Hong Kong and Singapore listed companies and has a very thorough understanding of China’s consumption trends. Expect solid analysis of company fundamentals and insightful views on the structural changes in different sub-sectors. Ms. Guo took part in the IPOs of Li Ning, Ports Design, Parkson, Belle, Sinopharm and Sun Art. She has been awarded Best Analyst for the