Zhi Tong Cai Jing·2026-02-25 07:44Group 1 - The core viewpoint of the report is that the Lunar New Year holiday consumption performance is encouraging, with strong demand in the dining and tourism sectors [1] - The report suggests prioritizing stocks that benefit from dining and tourism demand, naming key companies such as Gu Ming (01364), Yum China (09987), Nongfu Spring (09633), Master Kong (00322), China Resources Beer (00291), and Kweichow Moutai (600519) [1] - There are initial signs of re-inflation in the Chinese economy, primarily driven by service consumption, reflected in price increases and reduced promotional activities in dining, tourism, transportation, and accommodation sectors [1] Group 2 - During the 2026 Lunar New Year, dining sales outperformed market expectations, with average daily revenue growth of 8.6% in the first four days compared to a 4.1% increase in the same period in 2025 [1] - Since Yum China indicated signs of improving consumer confidence in November 2025, the pace of demand recovery has continued to accelerate [1] - The report continues to favor Gu Ming and Yum China as top picks in the dining sector, noting that if the recovery in dining expands, alcohol consumption in dining venues may outperform market concerns [1]