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<Research>G Sachs Expects CN Appliance Data to Continue Facing High Base Pressure in Dec, See Improvement Next Yr
Recommend 2 Positive 2 Negative 4 |
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China's November appliance data further slowed down, with both retail sales and factory shipments growth falling below previous expectations, according to a Goldman Sachs research report. The National Bureau of Statistics reported that the YoY decline in retail sales of appliances and electronics deepened to 19%, compared to a 15% fall in October, seemingly affected by the early start of the Double 11 event and high base effects. Meanwhile, domestic factory shipments of air conditioners also saw a larger YoY drop of 40%. Looking ahead, Goldman Sachs expects December to continue facing growth pressure from high base effects, but 2026 may see improvement as it is likely that the consumer good trade-in policy will continue. Goldman Sachs remains bullish on MIDEA GROUP (00300.HK) and HISENSE HA (00921.HK), both holding a Buy rating. Stocks | Investment Ratings | Target Prices MIDEA GROUP (00300.HK) | Buy | HKD103 HAIER SMARTHOME (06690.HK) | Buy | HKD32 HISENSE HA (00921.HK) | Buy | HKD27 AAStocks Financial News |
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