巴克莱美股投资策略微移动为智慧城市提供快速廉价和良好的解决方案201932088页

BarclaysCapitalInc.and/oroneofitsaffiliatesdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ThisresearchreporthasbeenpreparedinwholeorinpartbyequityresearchanalystsbasedoutsidetheUSwhoarenotregistered/qualifiedasresearchanalystswithFInRa.Pleaseseeanalystcertificationsandimportantdisclosuresbeginningonpage84.SIgnaTURE#disruptivemobility#energyrevolution#transatlanticSustainable&ThematicInvestingMicromobility:Fast,CheapandGoodSolutionfor‘SmartCities’Cityplannersneedtodevelopsmartercitiesthatcantransportanadditional2.7bnurbancommutersby2050.Bythemid-2020s,1.1tnpassengermiles(4%ofglobaltotal)couldswitchtomicro,electricvehiclesforurbantripsbelowfivemiles,representingan$800bnrevenueopportunityformicromobilityoperators.Sustainable&ThematicInvestingInvestmentSciencesKristinaChurchRyanPreclawBenMcSkelly+44(0)2031342199+12124122249+44(0)[e-mail]@[e-mail],UKBCI,USBarclays,UKEquityResearch20March2019Barclays|Sustainable&ThematicInvesting20March20192CONTENTSMICROMOBILITY:FAST,CHEAPANDGOODSOLUTIONFOR‘SMARTCITIES’..................................................................................................3EXECUTIVESUMMARY....................................................................................4THETHESISFORMICROMOBLITY:FASTER,CHEAPER,GOOD............8Micromobilityisfaster...................................................................................................................................8Micromobilityischeaper...........................................................................................................................11Micromobilityisgood.................................................................................................................................12Micromobilityisalreadybooming..........................................................................................................16Theopportunityislarge.............................................................................................................................18Risksremainthatmicromobilitywillbeonlyaniche........................................................................32HOWTOINVESTINMICROMOBILITY.......................................................39Infrastructure................................................................................................................................................40EuropeanProperty......................................................................................................................................40Leisure............................................................................................................................................................44USandEuropeanAutos.............................................................................................................................45EuropeanandUSSemis.............................................................................................................................47Payments.......................................................................................................................................................47Internet&E-Commerce.............................................................................................................................48FoodRetail.....................................................................................................................................................49Media..............................................................................................................................................................49Oil.....................................................................................................................................................................50BusinessServices–theAA.......................................................................................................................52Sustainable&Thematic–GenZ.............................................................................................................53Otherinvestmentopportunityinmicromobilitytoday.....................................................................54DEEPDIVE:MICROMOBILITY101..............................................................59Whatismicromobility?..............................................................................................................................59Formfactorsareevolving..........................................................................................................................60Legalconsiderationsformicromobility.................................................................................................61Chinaisleadingthewayon