China Restaurants_ Near-term recovery remains bumpy

_ China Restaurants Near-term recovery remains bumpy Catering growth decelerated in 3Q24 amid soft consumption sentiment, with average retail sales growth at 3% compared to 8% in 1H24, implying 115% of the pre-Covid level, which is a decline from 122% in 1H24. Entering 4Q, companies generally saw marginal improvements in National Day holiday sales thanks to the holiday effect (consumers tend to concentrate their spending during holidays/shopping festivals), healthy tourism traffic, and policy stimulus in se ...