According to a report from CLSA, although more specific data on travel spending during China's Golden Week is yet to come, the broker has already picked up a divergence in the overall spending trend.

During the holiday period, travel demand remained strong, with total cross-regional trips increasing by 6.9% YoY. The luxury goods sector continued to improve on a lower comparison base, more targeted customer development, and aggressive mall promotional activities.

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On the flip side, CLSA noticed the sluggish performance of the movie box office and sportswear sectors. Overall sales of the gold jewelry sector were also dull despite a rise in gold prices.

CLSA's top picks included Paris-based LVMH, Swiss luxury goods company Richemont, ETERNAL BEAUTY (06883.HK)  +0.070 (+3.333%)   , and ANTA SPORTS (02020.HK)  -1.700 (-1.906%)    Short selling $278.18M; Ratio 17.062%   .

Stock | Investment Rating | Target Price
LVMH | Outperform | EUR636
Richemont | Outperform | CHF178
ETERNAL BEAUTY (06883.HK)  +0.070 (+3.333%)   | Outperform | HKD3.82
ANTA SPORTS (02020.HK)  -1.700 (-1.906%)    Short selling $278.18M; Ratio 17.062%   | Outperform | HKD116
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-10-10 16:25.)

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