HK Stock Market Move | Catering stocks rebounded in the morning session, with multiple places announcing the issuance of catering consumption vouchers. The growth rate of the catering industry has accelerated compared to the first quarter.

In the morning trading session, the catering stocks rebounded. As of the time of publication, XIAOCAIYUAN (00999) rose by 6.8% to HK$9.27; XIABUXIABU (00520) rose by 6.15% to HK$0.69; NAYUKI (02150) rose by 4.35% to HK$0.96; HAIDILAO (06862) rose by 3.94% to HK$16.36. On the news front, various local governments have introduced measures to stimulate consumption. Recently, Beijing issued the first batch of catering consumption vouchers for 2023, planning to distribute them in five rounds. Shanghai, Guangzhou, and other places have also introduced their own catering consumption voucher policies. Shanghai's "Enjoy Shanghai" dining vouchers are distributed through an "online registration, lottery draw" method, with various denominations covering different consumption levels. Guangzhou distributes catering consumption vouchers through platforms such as UnionPay Cloud QuickPass to encourage citizens to dine out. Founders point out that the U.S. tariffs are higher than market expectations in terms of magnitude and intensity. Against the backdrop of pressure on exports, more proactive fiscal and monetary support policies are worth looking forward to. Subsequent policies to stimulate consumption and boost domestic demand are expected to continue to ramp up, driving the domestic economy to stabilize and improve. Changjiang notes that since the first quarter, the growth rate of the catering industry's income has accelerated month-on-month, but the structure is differentiated, with mass catering performing better than mid-to-high-end, a trend that continues. In the context of rational consumption, it is recommended to focus on catering companies with a brand positioning that offers extreme value for money, fine-tuned operations management, resilient same-store data, a fast store opening speed, and gradually realized scale effects leading to performance growth.