Internet advertising is the process of using the internet as a medium to deliver marketing or promotional messages to an identified as well as intended audience. It helps to attract website traffic & brand exposure and is designed to encourage the targeted consumer to engage in a specific action such as making a purchase. It is one of the most effective ways for all size of businesses to find new customers, expand their reach, and diversify their revenue streams. The businesses are using internet advertising (such as banners, pay-per-call ads, payper- click ads, and pop-ups) in e-newsletters, on search engines, on compatible websites, and in online versions of magazines and newspapers as a way of reaching people who uses the internet for shopping or to gather information. Internet advertising not only helps brands to find the right audience but also helps keep the target audience engaged as it is a fast and easy way of advertising

Medical tourism can be defined as travel across international borders to avail medical treatment of some form, which may or may not be available in the traveler’s home country. This treatment may include a wide array of medical services; however, the most frequently availed services include dental care, cosmetic surgery, elective surgery, and fertility treatment. The motive behind the travel can be one or more among the following major factors:

海南在岛免税清单有望在春节前落地，岛民免税消费有望全面启动，具体细则和清单商品品类将一定程度上决定近5 年海南在岛免税消费的市场空间以及竞争格局。海南“一负三正”四张清单逐步落地，将对离岛免税新政形成良好补充，成为海南建设国际消费中心的重要支持；华住发布2020 年第四季度及全年的酒店经营初步业绩，数据端看，2020Q4 公司经营数据几乎恢复至去年同期水平，华住中国净开业279 家酒店。2020 年全年经营效率保持稳健，华住中国全年RevPAR 为149 元，同比下降24.5%，恢复程度较突出。

共享经济公司依赖于大量的外部资本来扩大其网络，推广其服务，快速地向新市场扩张。人们对旅行需求提升，叠加国际化拓展与多业务扩张有望带动TAM增长。对公司而言，能否作为一个共享经济公司，获得超越行业的增长，关键在于能否提升市占率。而公司市占率的提升主要驱动因素为：多样化业务与用户/房主体量提升，横向拓宽与纵向延伸。我们认为公司品牌持续获得用户与房主的认可是驱动公司成长最核心要素，而以服务为主导的企业文化与优秀研发能力是其品牌的支柱也是核心竞争力所在。未来随着旅行需求的恢复，国际化拓展与多业务扩张将成为公司继续扩张市场份额的增长点。高黏性社区带来的内生增长能够大幅减少营销开支，提升整体资本效率。根据我们测算，未来Airbnb间夜数预计有望达到2-4倍的上涨空间，短租市场GBV预计有望达到2-5倍的上涨空间，公司有望借此持续领先的打开全球市场。

18 年全球轻医美项目中肉毒占比更高（48%），我国占比偏低，供给有限、价格断层是重要制约因素，19 年我国正规肉毒市场36 亿元。肉毒作为入门级医美项目，可联合玻尿酸/光电医美等提供综合方案，市场提升潜力大，20 年Dysport、Hugel 新入中国，爱美客/华东医药/复星医药亦联合海外企业布局国内，供给扩容有望加速成长，我们预计至2030 年我国肉毒市场规模可达440-840 亿元（医疗+医美）。不同于韩国因监管宽松、内需有限等因素导致的“内卷”型市场，我国医美人口基数庞大、渗透率处快速提升期，且市场分层、需求多样化，有序竞争中参与者共享总蛋糕扩大红利。