Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>Outbound daily traffic during the long holiday down -15% vs 2019, and short of expectations</li>
<li>Total domestic trips up 4% vs 2019, but average daily trips -9% &amp; average daily spending -4%</li>
<li>Ten months in, the pace of China's 2023 tourism recovery remains disappointingly sluggish</li>
</ul>


Outbound daily traffic during the long holiday down -15% vs 2019, and short of expectations
Total domestic trips up 4% vs 2019, but average daily trips -9% &amp; average daily spending -4%
Ten months in, the pace of China's 2023 tourism recovery remains disappointingly sluggish


Quick Take on 'Golden Week' Headline Tourism Traffic: Limited Improvement, & Shy of Expectations

China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>TSLA/JD：JD.com will launch Tesla car ordering service ( + )</li>
<li>JD：JD.com launches "Enjoy now, pay later" service, with high barriers and limited impact (/)</li>
<li>ATAT/TCOM: Highway traffic during national holiday will reach historicalhigh（ +）</li>
</ul>


TSLA/JD：JD.com will launch Tesla car ordering service ( + )
JD：JD.com launches "Enjoy now, pay later" service, with high barriers and limited impact (/)
ATAT/TCOM: Highway traffic during national holiday will reach historicalhigh（ +）


China TMT Update(Oct.8)-TSLA/JD/ATAT/TCOM/3690.HK-JD.com Launches "Enjoy Now, Pay Later" Service

<ul>
<li>August outbound travel activity surged against easy 2022 comps, but offered no surprises</li>
<li>The pace of outbound capacity rebuild slowed in August -- what do airlines see ahead?</li>
<li>Is there really "pent-up" tourism demand among Chinese consumers? We don't think so</li>
</ul>


August outbound travel activity surged against easy 2022 comps, but offered no surprises
The pace of outbound capacity rebuild slowed in August -- what do airlines see ahead?
Is there really "pent-up" tourism demand among Chinese consumers? We don't think so


Monthly Chinese Tourism Tracker | 'Pent-Up' Travel Demand -- Does China Have Any? | (September 2023)

<ul>
<li>U:Unity to Adjust Previously Established Runtime Fees Due to Developer Pressure (/)</li>
<li>ATAT： Pre-booking travel volume on National Day continue to ramp up（+）</li>
<li>LI: New Wenjie M7 order volume exceeded expectations, continuing to threaten LI (-)</li>
</ul>


U:Unity to Adjust Previously Established Runtime Fees Due to Developer Pressure (/)
ATAT： Pre-booking travel volume on National Day continue to ramp up（+）
LI: New Wenjie M7 order volume exceeded expectations, continuing to threaten LI (-)


China TMT Update-U/ATAT/LI-Unity to Adjust Fees/Pre-Booking Travel on National Day/New Wenjie M7

<ul>
<li>JD/ AAPL/ 1810.HK: Apple launches new iPhones in China (-/-/+)</li>
<li>LI/NIO:Huawei AITO New M7 was launched today, limiting impact on LI auto(-)</li>
<li>Meituan/Ctrip.com/Atour: Thailand announced to implement a 5-months visa-free policy for Chinese tourists（+/+/-）</li>
</ul>


JD/ AAPL/ 1810.HK: Apple launches new iPhones in China (-/-/+)
LI/NIO:Huawei AITO New M7 was launched today, limiting impact on LI auto(-)
Meituan/Ctrip.com/Atour: Thailand announced to implement a 5-months visa-free policy for Chinese tourists（+/+/-）


China TMT Update-JD/AAPL/1810.HK/LI/NIO/Meituan/Ctrip/Atour-New IPhones in China;Thailand Visa-Free

China

Atour Lifestyle Holdings Limited operates as a holding company. The Company, through its subsidiaries, owns and manages midscale hotel chain through offline and online channels, including mobile application and weixin-wechat mini program. Atour Lifestyle Holdings serves customers in China.

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Atour Lifestyle Holdings (ATAT US)

Quick Take on 'Golden Week' Headline Tourism Traffic: Limited Improvement, & Shy of Expectations

Preliminary tourism activity data from the long Golden Week holiday period appear to show a frustratingly sluggish recovery in Chinese travel demand.

Tracking Traffic

China TMT Update(Oct.8)-TSLA/JD/ATAT/TCOM/3690.HK-JD.com Launches "Enjoy Now, Pay Later" Service

JD.com will launch Tesla car ordering service; JD.com launches "Enjoy now, pay later" service, with high barriers and limited impact; Highway...

Blue Lotus Research Institute

Monthly Chinese Tourism Tracker | 'Pent-Up' Travel Demand -- Does China Have Any? | (September 2023)

What is "pent-up" demand, and nine months into a recovery in travel activity, does China still have any? We review outbound activity, domestic...

Tracking Traffic

China TMT Update-U/ATAT/LI-Unity to Adjust Fees/Pre-Booking Travel on National Day/New Wenjie M7

U:Unity to Adjust Previously Established Runtime Fees (/)ATAT： Pre-booking travel volume on National Day continue to ramp up; LI: New Wenjie M7...

Blue Lotus Research Institute

China TMT Update-JD/AAPL/1810.HK/LI/NIO/Meituan/Ctrip/Atour-New IPhones in China;Thailand Visa-Free

JD/ AAPL/ 1810.HK: Apple launches new iPhones in China;LI/NIO:Huawei AITO New M7 was launched today;Meituan/Ctrip.com/Atour: Thailand announced to...

Blue Lotus Research Institute

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