五一假日重燃国内需求势头

1OVERWEIGHT(Maintain)FAN Junhaofanjunhao@htsc.com+(852) 3658 6000ZENG Junzengjun@htsc.com+(86) 21 2897 2228SHI Dishidi@htsc.com+(86) 755 8249 2388SectorperformanceSource: Wind, Huatai ResearchStock recommendationsCodeTP (LocalCurrency)Rating1318 HK127.89BUY2020 HK117.98BUY600398 CH10.15BUY2331 HK19.90BUY9987 HK452.25BUY325 HK154.00BUY9896 HK47.11BUYATAT US38.62BUY6969 HK16.25BUY1405 HK138.87BUY300888 CH60.06BUY301606 CH64.80BUY688475 CH42.61BUY688169 CH253.46BUYSource: Company data, Huatai Research estimatesJan-25May-25Consumer DiscretionaryCSI300 AnalystSAC No. S0570524050001SFCNo. BDO986AnalystSAC No. S0570523120004SFC No. BTM417AnalystSAC No. S0570524090003SFC No. BVO045CompanyMao GepingCosmeticsANTA SportsHLALi NingYum ChinaBloks GroupMinisoAtour LifestyleSmooreDPC DashWinner MedicalUgreenEZVIZ NetworkRoborock(21)(13)(4)13May-24Sep-24(%) This report must be read with important disclosuresand analyst certifications located on the end of the report.Hotel prices rebounded, couponsfueleddemandDriven by a tourism boom in lowertier markets and growing valueconsciousness,the hotel industry saw increases in both volume and price during the May Dayholiday. According to Innhome, the national average hotel booking price roseby2.3%yoy for 15 May,primarily led by budget hotels.Local consumption,represented by food and beverage (F&B), demonstrated clear holiday effects.Weixin Pay orders for F&B increasedby12.3% yoy, with brands such as Mixueand Haidilao ranking among the top searches (according to Weixins officialaccount). According to Meritco Services, Haidilaos table turnoverwas5.9 timesfor 14 May, upby69% vs the weekly average for 2430 April; Heyteas dailyaverage sales per storewasRMB14.6k, upby31% vs the weekly average for2430 April. In Hainan, various promotional coupon campaigns and taxrefundincentives continued, and we expect the yoy decline in offshore dutyfree salestonarrow further.InvestmentecommendationsAsproconsumption policies continue to roll out,we remain positive on theimproving fundamentals of the broad consumer sector andavaluation rerating forleading stocks in 2025. We recommend four key investment themes.1) Newconsumer trends amid the rise of domestic brands: Top picks include Mao GepingCosmetics, ANTA Sports, HLA, Li Ningand Yum China; also focus on GiantBiogene, Laopu Gold,and BTG Hotels2) Emotiondriven highgrowth consumersegments: Top picks include Bloks Group, Miniso, Atour Lifestyle, Smoore, andDPC Dash; also focus on Pop Mart and BaiCha BaiDao.3) Booming silvereconomy: Top pickisWinner Medical; also focus onBaiya; 4) AI + consumption:Top picks include Ugreen, EZVIZ Network,and Roborock; also focus on TCLElectronics,Goneo Group, and Kidswant.Industry risks: macroeconomic downturns or extreme weather impacting travelnumbers. This report must be read with important disclosures and analyst certifications located onthe end of the report.DisclaimersAnalyst CertificationI/We, FAN Junhao, ZENG Jun, SHI Di, hereby certify that the views expressed in this report accurately reflect the personal viewsof the analyst(s) about the subject securities or issuers; and no part of the compensation of the analyst(s) was, is, or will be,directly or indirectly, related to the inclusion of specific recommendations or views in this report.General Disclaimers and DisclosuresThis research report has been prepared by Huatai Financial Holdings (Hong Kong) Limited(hereinafter referred to asHFHL”).The information herein is strictly confidential to the recipient. This report is intended for HFHL, its clients and associatedcompanies. Any other person shall not be deemed a client of the Company merely from his or her receipt of this report.This report is based on information deemed reliable and publicly available by HFHL, but HFHL and its associated company(ies)(collectively, hereinafterHuatai”)makes no guarantee as to the accuracy or completeness of such information.The opinions, assessments and projections contained herein only reflect the views and judgments at the issuance date. Huataimay issue research reports that contain inconsistent views, assessments and projections with those set out herein at differenttimes. The prices, values and investment returns of the securities or investment instruments referred to herein may fluctuate.Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur.Huatai makes no warrants that the information in this report be kept up to date. The information contained in this report maybemodified without notice by Huatai, and investors shall pay attention to such updates or modifications when necessary.HFHL is not a U.S. Financial Industry Regulatory Authority(“FINRA”)member firm, and HFHL research analysts are notregistered/qualified as research analysts with FINRA.While every effort has been made by Huatai to ensure the content contained hereinis objective and impartial, the views,conclusions and recommendations in thi