20230504-招银国际-China_Internet_Release_of_pent-up_demand_aids_robust_travel_and_consumption_recovery_3页_536kb

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The Bloomberg China Internet Sector Update maintains an OUTPERFORM rating for the sector, highlighting robust recovery in travel and consumption following the Labor Day holiday. Pent-up demand drove strong performance, with domestic tourism volume reaching 119.1% of 2019 levels and spending at 100.7%, compared to lower figures in 2022. Consumer services recovered significantly, evidenced by a 18.9% year-on-year increase in retail sales GMV and high growth on platforms like Meituan and Alipay. This trend is expected to persist through the summer holiday period in 2023. Stock recommendations include buying Trip.com Group (TCOM) for its exposure to long-haul travel recovery, Alibaba for its valuation and e-commerce strength, and Meituan due to its competitive landscape. Key factors to monitor include ongoing competition and GMV growth momentum.