ET Net News Agency reported on the 6th: The Hang Seng Index rebounded significantly today, but shares of tourism platform companies continued to weaken. Ctrip (09961) is down 0.2% at HK$301; Tongcheng Travel (00780) is down 0.1% at HK$9.93.
Citigroup published a research report yesterday stating that although comprehensive statistics for the 'National Day' Golden Week holiday at the national level will not be released until October 8, preliminary data shows passenger traffic remained broadly flat; retail and tourism per capita spending is expected to weaken amid stable passenger flow; box office revenue dropped significantly due to the lack of blockbusters.
The brokerage pointed out that passenger volume during the first four days of the Golden Week rose only 0.1% year-on-year, consistent with the government's near-flat full-period forecast, but far below the 3.5% year-on-year increase seen during the 'May Day' holiday. Ministry of Commerce data showed that foot traffic and sales across 78 key commercial districts rose 3.4% and 5.3% respectively year-on-year during the first three days, lower than the 5% to 5.3% growth seen during the first four days of the May Day holiday.
In addition, cross-border travel stood out, performing better than domestic trends. Early provincial-level data on domestic tourism showed 'strong traffic, weak spending'; on the cross-border front, the number of mainland visitors to Hong Kong and Macau rose 8.4% and 12.7% year-on-year respectively from October 1 to 3.
The brokerage warned that the proximity of the Mid-Autumn Festival to the Golden Week complicates year-on-year comparisons, and early signals should not be overinterpreted. Pre-holiday government-announced micro-stimulus measures mainly focused on investment and real estate, with limited spillover to consumption. The brokerage expects no meaningful consumption stimulus measures in the fourth quarter of this year. Therefore, any improvement in consumption will be an additional positive factor for the remainder of the year. The brokerage believes consumption will rise in policy priority next year, especially if the export engine cools down.
Currently, the Hang Seng Index stands at 24,270, up 230 points or 1%, with turnover on the main board exceeding HK$11.1 billion. The Hang Seng China Enterprises Index stands at 8,126, up 74 points or 0.9%. The Hang Seng Tech Index stands at 4,213, up 29 points or 0.7%. (vs)
Citigroup published a research report yesterday stating that although comprehensive statistics for the 'National Day' Golden Week holiday at the national level will not be released until October 8, preliminary data shows passenger traffic remained broadly flat; retail and tourism per capita spending is expected to weaken amid stable passenger flow; box office revenue dropped significantly due to the lack of blockbusters.
The brokerage pointed out that passenger volume during the first four days of the Golden Week rose only 0.1% year-on-year, consistent with the government's near-flat full-period forecast, but far below the 3.5% year-on-year increase seen during the 'May Day' holiday. Ministry of Commerce data showed that foot traffic and sales across 78 key commercial districts rose 3.4% and 5.3% respectively year-on-year during the first three days, lower than the 5% to 5.3% growth seen during the first four days of the May Day holiday.
In addition, cross-border travel stood out, performing better than domestic trends. Early provincial-level data on domestic tourism showed 'strong traffic, weak spending'; on the cross-border front, the number of mainland visitors to Hong Kong and Macau rose 8.4% and 12.7% year-on-year respectively from October 1 to 3.
The brokerage warned that the proximity of the Mid-Autumn Festival to the Golden Week complicates year-on-year comparisons, and early signals should not be overinterpreted. Pre-holiday government-announced micro-stimulus measures mainly focused on investment and real estate, with limited spillover to consumption. The brokerage expects no meaningful consumption stimulus measures in the fourth quarter of this year. Therefore, any improvement in consumption will be an additional positive factor for the remainder of the year. The brokerage believes consumption will rise in policy priority next year, especially if the export engine cools down.
Currently, the Hang Seng Index stands at 24,270, up 230 points or 1%, with turnover on the main board exceeding HK$11.1 billion. The Hang Seng China Enterprises Index stands at 8,126, up 74 points or 0.9%. The Hang Seng Tech Index stands at 4,213, up 29 points or 0.7%. (vs)
