Citi published a research report stating that although comprehensive statistics for the "National Day" Golden Week holiday and nationwide figures will not be released until October 8, preliminary data indicates passenger traffic remained broadly flat; retail and tourism per capita spending is expected to weaken despite stable footfall; box office revenues plunged significantly due to a lack of blockbuster films.
The brokerage noted that passenger traffic during the first four days of the Golden Week rose only 0.1% year-on-year, consistent with the government's forecast of near-flat growth for the entire period, but far below the 3.5% year-on-year increase seen during the "May Day" Labor holiday. Ministry of Commerce data showed that foot traffic and sales across 78 key commercial districts rose 3.4% and 5.3% respectively during the first three days, below the 5% and 5.3% recorded during the first four days of the Labor holiday.
The bank cautioned 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 focused mainly on investment and real estate, offering limited spillover to consumption. The bank expects no meaningful consumption stimulus measures in the fourth quarter of this year, so any improvement in consumption will represent additional upside for the remainder of 2023. The bank believes consumption will rise higher on policy priorities next year, especially if the export engine slows.
The Hang Seng Index stood at 24,221, up 181 points or 0.8%, with main board turnover reaching nearly HK$56.9 billion. The Hang Seng China Enterprises Index stood at 8,116, up 64 points or 0.8%. The Hang Seng Tech Index stood at 4,220, up 36 points or 0.9%.
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| Anta Sports (02020) | 71.3 | Down 2.66% |
| Shenzhou International (02313) | 33.54 | Up 0.18% |
