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2026-10-13 11:35:06 CMBI issued a research report stating that consumption momentum during the National Day holiday remained mild and generally consistent with the Dragon Boat Festival trend, while services consumption showed resilience. The broker maintained an "Outperform" rating on China's consumer sector. The broker noted that domestic tourism consumption totaled RMB738.4 billion during October 1-7, with daily average YoY growth of 4.3%. Tourist trips reached 826 million, with daily average YoY growth of 6.3%, outperforming the Dragon Boat Festival period. Per capita spending fell 1.9% YoY. Cross-regional passenger traffic totaled 2.142 billion trips, averaging 306 million trips per day, up 0.6% compared with 2025. Daily average revenue from consumer services rose 19.5% YoY. In services, trips lasting four days or longer accounted for more than 60% of domestic leisure travel for the first time since 2024. Smaller destinations including county-level regions, Dali and Dujiangyan recorded double-digit YoY visitor growth, while average length of stay also extended. Catering consumption may have outperformed overall consumption. Tax data showed catering revenue increased 9% YoY, including 15.5% growth in snack food and 30.6% growth in fast food. Beverage revenue surged more than 200% YoY, driven by freshly made tea drinks. Daily average movie box office revenue fell 27.4% YoY. Duty-free sales in Hainan offshore stores rose 5% YoY during October 1-5, while shopper visits increased 13%, though per capita spending was estimated to have declined 7.4% YoY and remained weak. For goods consumption, the fourth round of trade-in subsidy funds totaling RMB62.5 billion was distributed on September 30, supporting eligible categories including home appliances (up 40.6% YoY) and communication equipment (up 119.8% YoY). Demand for smart, green and health-related products remained strong, with smart glasses sales doubling YoY and outdoor sports equipment sales rising 10% YoY. The broker recommended focusing on consumer staples stocks with high earnings visibility, stable cash flow and attractive dividends, as well as oversold discretionary consumer and tourism stocks supported by holiday consumption activities. (da/ad)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |