Hong Kong dining stocks surged in the afternoon, as of the time of publication,$HELENS (09869.HK)$up 23.14%, at 2.82 Hong Kong dollars,$XIABUXIABU (00520.HK)$up 6%, at 1.06 Hong Kong dollars,$JIUMAOJIU (09922.HK)$ up 4.17%, at 3.5 Hong Kong dollars,$HAIDILAO (06862.HK)$Rising by 1.79%, closing at HKD 15.96.
On the news front, recently, Deputy Minister of Commerce Sheng Qiuping of the country's Ministry of Commerce stated that the Ministry of Commerce will work with relevant departments to introduce a batch of new policies in the consumer sector. For example, they will study and introduce policies to promote initial economic development, promote the high-quality development of wholesale and retail trades, support the pilot construction of modern commercial circulation systems in 20 cities including Shanghai and Tianjin, launch pilot reforms in automobile distribution and consumption, and promote special actions for healthy consumption, among other policies.
Five cities will also introduce supporting policies. For instance, Shanghai and Guangzhou will introduce policies to support and reward first store openings, premier launches, and exhibitions. Beijing, Tianjin, Shanghai, and Chongqing will issue service consumption coupons for dining, culture and tourism, sports, among others. These policy measures will have a cumulative effect with consumption month activities.
Guosen Securities believes that the operating performance of catering sector companies in the first half of 2024 is under pressure. However, leading catering companies with strong supply chain foundations and strong brand consumer stickiness still have relative advantages in operating performance, recording good alpha growth. Considering the frequent combination of consumption promotion measures in recent times, the catering sector is expected to benefit from both fundamental and sector sentiment, balancing operational performance certainty and the gradual recovery of the consumption environment.
Editor/Lambor