Huatai Securities: Continue to be optimistic about the improving fundamentals of the large consumption sector and the revaluation of leading valuations.

Huatai Securities research report pointed out that the May Day holiday consumption continued to rebound, with steady growth in holiday consumption in most provinces and cities, remarkable performance in trade-ins and emotional value consumption. In terms of tourism, the willingness to travel has increased, and cultural and tourism consumption has become more diversified; the outbound tax refund policy has boosted inbound tourism vitality. In terms of hotel duty-free catering, hotel prices have stabilized and rebounded, consumption vouchers have stimulated demand, and the vitality of the sinking market has become stronger. With the continuous implementation of policies to boost consumption, the fundamentals of the consumer sector in 2025 are expected to gradually improve and the valuation of leading companies is expected to be reassessed.