Zhongjin: Mainland young people drive consumption on the anniversary of National Day and Golden Week, focusing on self-indulgence and long-term layout. Recommend trendy products such as electronic cigarettes.

Zhongjin released a research report stating that the consumption data for the National Day and Mid-Autumn Festival holidays in 2025 have been gradually released. Overall, with the boost of longer holiday periods, both domestic and inbound travel activities have been thriving, and consumption data has shown impressive performance. Trends such as youthfulness and emphasis on experiences are evident, and optional product categories such as home appliances and outdoor sports have performed well. According to Zhongjin, the Ministry of Transport of China reported a 6.2% year-on-year increase in the average daily inter-regional passenger flow in China from October 1st to 8th. Data from Fliggy show a 14.6% year-on-year increase in the average order value for holiday travel. Zhongjin believes this is mainly due to the continued recovery of inbound tourism, as well as the increasing share of domestic "long-distance travel" and "segmented travel". On the domestic front, the Ministry of Commerce monitored 78 key business districts, showing a 4.2% and 4% year-on-year increase in customer flow and turnover over the first three days of the holiday, respectively. On the international front, data from the National Immigration Agency shows that the daily average number of inbound and outbound passengers across the country has exceeded 2 million, a 15% year-on-year increase. Zhongjin stated that it is focusing on long-term consumption layout and recommends sectors such as trendy toys and e-cigarettes, including companies like POP MART (09992), BLOKS (00325), and SMOORE INTL (06969). It also recommends companies focusing on the rise of domestic brands in the beauty and personal care sectors, such as MAO GEPING (01318), GIANT BIOGENE (02367), and Shanghai Jahwa United (600315.SH). Additionally, it suggests paying attention to sectors benefiting from policy support, such as the retail sector under the combined catalysis of domestic demand policies and the peak season.