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<Research>M Stanley: Overall Demand During Mainland Golden Week Has Not Yet Recovered; Consumer Stocks Like POP MART Preferred
Recommend 28 Positive 42 Negative 18 |
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Compared to August 2025, the growth trend in retail sales during this year's National Day/ Mid-Autumn Festival holidays slackened faintly, Morgan Stanley said in a research report. Even with an additional day off, per capita travel spending was largely flat YoY. Although travel intentions were higher, it did not translate into spending proportionally, indicating that overall demand would not recover imminently. Based on feedback from Morgan Stanley's channel checks, during this holiday, consumption activities appeared to have shifted more towards tourism, affecting gathering/ gift demand. Therefore, liquor/ liquid milk did not show a major "holiday effect". Dining demand was uneven, with stores in tourist destinations benefiting, but possibly not enough to offset the loss of footfall in residential and office areas. In light of the varied potential momentum across categories, Morgan Stanley stayed cautious on consumption stocks, favoring growth stocks POP MART (09992.HK) and GIANT BIOGENE (02367.HK); turnaround stocks SHENZHOU INTL (02313.HK), CHINA RES BEER (00291.HK), and Yili (600887.SH); and stocks with balance of return and value, like Yum China (YUMC.US) and ANTA SPORTS (02020.HK). Morgan Stanley further stated that its gaming and lodging team preferred WYNN MACAU (01128.HK), GALAXY ENT (00027.HK), and H World Group Limited (HTHT.US). AASTOCKS Financial News Website: www.aastocks.com |
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