主题投资：有意识的消费者：投资者指南与行业影响

Conscious Consumer: InvestorGuidebook & Sector Implications SIGNATURE The Conscious Consumer theme is expanding as health,wealth and values gain focus. Working with 30+ sector teams,we identify 250+ public & private companies across nine Thematic Investing Amy Lian+44 (0)20 3134 0179amy.lian@barclays.comBarclays, UK Katherine Ogundiya+44 (0)20 3134 1391katherine.a.ogundiya@barclays.comBarclays, UK Listen Hiral Patel+44 (0)20 3134 1618hiral.patel@barclays.comBarclays, UK Laia Marin i Sola, CFA+ 44 (0)20 3134 2531laia.marin@barclays.comBarclays, UK Siddharth Gupta+91 22 6175 2540siddharth.gupta1@barclays.comBarclays, UK William Thompson+1 212 526 8641william.s.thompson@barclays.com We appreciate your5-star votein the2026 Extel Developed Europe Research Surveyin theTHEMATIC RESEARCHcategory. View our analysts → Vote for Barclays → Hannah Greenberg+1 212 526 2457hannah.greenberg@barclays.comBCI, US To support the launch of our Conscious Consumer thematic deep dive, in thisaccompanying report we identify 250+ public and private companies with exposure to thenine distinct sub-themes that we think underpin Conscious Consumer behaviours.H/M/L Barclays Capital Inc. and/or one of itsaffiliatesdoes and seeks to do business with companiescovered in its research reports. As a result, investors should be aware that the firm may have aconflict of interest that couldaffectthe objectivity of this report. Investors should consider this This research report has been prepared in whole or in part by equity research analysts basedoutside the US who are not registered/qualified as research analysts with FINRA. CONTENTS Executive Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3 Investor Guidebook. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 The Conscious Consumer in 30 seconds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5Barclays Conscious Consumer Framework and Opportunity Map. . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Company Landscapes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Investing in the nine Conscious Consumer sub-themes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8250+ companies across three core drivers & nine distinct sub-themes. . . . . . . . . . . . . . . . . . . . . . . 111) Faith-based consumption – 40 companies across four buckets. . . . . . . . . . . . . . . . . . . . . . . . . . . 122) Nutrition & gut health – 30+ companies across four buckets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163) Clinical beauty – 30+ companies across three buckets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 214) Fitness economy – 50+ companies across four buckets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Executive Summary It's time for consumer strategies to evolve, as the rising focus on wellness,affordabilityand values is driving a structuralshiftin how consumers are balancing theirpriorities. Thisshiftvaries meaningfully by region and demographic cohort, from GenAlpha through to the Silver Economy. In our view, this growing emphasis on Health & To further explore these opportunities presented in our deep dive, this accompanyingInvestor Guidebook identifies three potential investment strategies and presentsdetailed company landscape sectionsfor nine sub-themes. Working in collaborationwith 30+ sector teams, we highlight 250+ companies exposed to the theme, key topicsfor company engagement and sector-specific implications across EU Transport, EU Of our nine sub-themes, we see three as priority areas for investors: 1) Faith-basedconsumption, 2) Nutrition & gut health and 3) Clinical beauty. We see pockets of opportunityin the Fitness economy, Smart spending, Clean living and Cost-conscious, but remainbalanced in our outlook given various risk overhangs across these four sub-themes. For the Investor Guidebook – Three potential investment strategies: The breadth of the Conscious Consumer can make itdifficultfor investors to distinguishimpactful long-term demandshiftsfrom short-term trends. To help investors navigate theseevolving dynamics, in this report we present a universe of 250+ companies and identify three 1.Focus on a specific sub-theme:We present company landscape sections for all of ournine sub-themes, spanning Faith-based consumption, Nutrition & gut health, Clinicalbeauty, Fitness economy, Smart spending, Clean living, Cost-conscious, Family-first and Mental wellbeing. We highlight names throughout the value chain– for example, within Faith-based consumption, we flag companies exposed to Food (e.g.MBRF), Tourism (e.g.Accor,IAG), Finance (e.g.HSBC) and Pharmaceuticals & beauty (e.g. 2.Increase breadth across the Conscious Consumer:H/M/L revenue tagging allowsinvestors to focus on name