$美团-W(03690.HK)$released the consumption data on its platform during the May Day Golden Week holiday. On the first 3 days of the holiday, national consumption of local life services increased by 25% YoY, and national dine-in orders hiked by 73% YoY. Among them, Shanghai ranked first in terms of spending on local life services. On the tourism front, data showed that tourism orders (including scenic spots, ac...
In 1Q24,$字节跳动(临时代码)(FT0001)$Douyin Life Service (mainly comprising of in-store catering, in-store integrated & wine tourism businesses) recorded a sales before write-off of over RMB100 billion, with a YoY growth rate of more than 100%, flat QoQ, as compared with the sales of$美团-W(03690.HK)$'s in-store business, which stabilized at around RMB200 billion in the past 2 quarters, according to LatePo...
The negative outlook revision reflects increasing risks to China's public finance outlook as the country contends with more uncertain economic prospects amid a transition away from property-reliant growth to what the government views as a more sustainable growth model. Fitch forecasts GDP growth to moderate to 4.5% in 2024. $碧桂园(02007.HK)$$龙湖集团(00960.HK)$$中国恒大(03333.HK)$$地产发展商(LIST1019.HK)$$MSCI中国非必需消费ETF-Global X(CHIQ.US)$
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Just read this news “The Asian Development Bank (ADB) on Thursday raised its forecast on China's 2024 economic growth to 4.8% from 4.5% previously, citing stronger household consumption”.
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China's annual PPI dropped as the resumption of post-holiday industrial production led to a relatively sufficient supply of industrial products. International import factors have driven up the prices in domestic oil and non-ferrous metal-related industries. The prices of oil and natural gas extraction industry, and oil, coal, and other fuel processing industry rose by 1.1% and 0.2% respectively. The price of the non-ferrous metal smelting and rolling processing industry increased by 0.6%, among which the prices of gold smelting and copper smelting rose by 2.2% and 1.6% respectively. The overall supply of coal is stable with decreasing demand for heating coal, resulting in a 1.6% drop in the prices of the coal mining and washing industry. Affected by the sluggish property market, the demand for industries such as steel and cement is recovering relatively slowly, leading to a 1.2% decrease in the prices of both ferrous metal smelting and rolling processing industry and cement manufacturing. The prices of lithium-ion battery manufacturing and new energy vehicle manufacturing have decreased by 0.9% and 1.3% respectively, and computer communication and other electronic equipment manufacturing remained flat.
March CPI experienced a seasonal decrease, due to the drop in post-holiday consumer demand and an overall sufficient market supply. The core CPI rose by 0.6% y/y, vs 1.2% y/y in Feb, increased modestly. Food prices dropped by 3.2% y/y, expanded by 2.3 percentage points, due to weaker demand after the holiday. Pork prices dropped by 6.7% y/y, vs +0.2% y/y in Feb. Vegetables and fruits have declined by 11% and 4.5% from February. $MSCI中国非必需消费ETF-Global X(CHIQ.US)$$纳斯达克中国金龙指数(.HXC.US)$$阿里巴巴(BABA.US)$$阿里巴巴-SW(09988.HK)$$小米集团-W(01810.HK)$$比亚迪股份(01211.HK)$$美团-W(03690.HK)$
On the tourism front, data showed that tourism orders (including scenic spots, ac...
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Retail sales of goods were 3.5 trillion yuan, which rose by 2.7%y/y; (narrowed)
Total revenue for the catering industry was 396 billion yuan, which rose 6.9%. (narrowed)
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Long-term positive trend of the Chinese economy unchanged.
MOF is working on resolving local government debt risks.
Local hidden debt is reducing gradually.
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Fitch forecasts GDP growth to moderate to 4.5% in 2024.
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PPI -0.1% m/m, with a -0.1% input prices and producer prices for consumption goods remained at -0.1%.
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The core CPI rose by 0.6% y/y, vs 1.2% y/y in Feb, increased modestly.
Food prices dropped by 3.2% y/y, expanded by 2.3 percentage points, due to weaker demand after the holiday.
Pork prices dropped by 6.7% y/y, vs +0.2% y/y in Feb.
Vegetables and fruits have declined by 11% and 4.5% from February.
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