CLSA released a research report stating that while still awaiting more mainland Golden Week tourism consumption data, the firm observes divergent consumption trends during the holiday period. Tourism demand remained robust, with cross-regional total travel volume rising 6.9% year-over-year. The luxury goods sector continues to improve, benefiting from easier comparison bases, more targeted customer development, and increased promotional activities in shopping malls. However, CLSA noted weak performance in movie box office receipts and sportswear.

For gold and jewelry, sales benefited from rising gold prices, but overall sales volumes remained lackluster. CLSA's channel checks indicate that LAOPU GOLD (06181) continues to perform strongly. The firm also observed that while discount pressures persist in the gold and jewelry segment, brands have reduced their efforts to push inventory to dealers, resulting in eased sales pressure.

CLSA's preferred stocks include Paris-based LVMH, Swiss luxury goods company Richemont, ETERNAL BEAUTY (06883), and ANTA SPORTS (02020).