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2026-10-13 12:03:17 JPMorgan published a research report stating that actual performance during the National Day Golden Week was better than the market's widespread expectation of "broad-based weakness", although the pace of recovery remained clearly divergent. In the beverage sector, NONGFU SPRING (09633.HK) delivered strong performance in 3Q26, with overall sales rising 18% YoY. The broker expected NONGFU SPRING to maintain resilient growth of 10-15% next year even without major category innovation. EASTROC (09980.HK)'s electrolyte water business grew 24% in 3Q26, but energy drink sales in Shenzhen declined 3% YoY. In contrast, traditional ready-to-drink tea products remained relatively weak recently, with TINGYI (00322.HK) posting 3% growth in 3Q26 while U-PRESID CHINA (00220.HK) recorded a 1% slide. For beer, BUD APAC (01876.HK) recorded a 5% slump and is shifting its product mix toward mainstream and economy inventory unit products. For discretionary spending, outdoor products and certain domestic sportswear brands performed best, although discount-driven sales remained common and product mix quality may have been relatively weak. The broker noted that most sportswear brands recorded mid- to high-single-digit growth in 3Q26, including ANTA SPORTS (02020.HK) up 8%, FILA up 15%, LI NING (02331.HK) up 8%, and adidas up 10%. Nike, Inc. (NKE.US) fell 12% in 3Q26, markedly behind peers and still relying heavily on discounts, with no clear turnaround yet seen. In jewelry, CHOW TAI FOOK (01929.HK) posted 14% YoY retail sales growth in 3Q26, with growth accelerating to 17% during Golden Week. POP MART (09992.HK) recorded 18% sales growth in 3Q26 and 19% growth during the holiday period. Experts guided that if there are no blockbuster new products in 4Q26, POP MART 's growth may slow to around 15%. ~ AASTOCKS Financial News Website: www.aastocks.com | |