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Roundup | Asia CNY: Trend Tracker #1 Round Up 22 Feb 2026 19:55:39 ET Citi Asia Research AC +852-2501-2751 RoundUp China Economics - Solid CNY Spend Sets the Stage; NPC Policy Catalysts Next The Chinese New Year (CNY) holiday delivered a broadly firm demand signal, with upbeat retail sales, resilient mobility & travel and improved home sales. The slump in the box office is not a concern, given the lack of blockbuster releases. This better-than-expected household spending suggests a steady economic start. Wi ...

Vi e w p o i n t | CITI'S TAKE We continue to see resilient leisure travel demand during the CNY holiday. The domestic travel trend has been largely on track so far. Nationwide passenger throughput rose by 9.3% yoy on comparable lunar basis during the first 7 days of the CNY Golden Week (15-21 Feb) and 5.5% yoy during the first 20 days of the Chunyun period (2-21 Feb), based on data from Ministry of Transport. Growth accelerated to double-digit yoy during 19-21 Feb. Per Haikou Customs, Hainan offshore duty- ...

分组1 - Innovative Industrial Properties (IIPR) reported quarterly funds from operations (FFO) of $1.88 per share, exceeding the Zacks Consensus Estimate of $1.81 per share, but down from $2.22 per share a year ago, representing an FFO surprise of +4.06% [1] - The company posted revenues of $66.66 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 0.31%, but down from $76.74 million year-over-year [2] - Over the last four quarters, the company has surpassed consensus FFO estimates two times and topped consensus revenue estimates four times [2] 分组2 - The stock has underperformed the market, losing about 3.5% since the beginning of the year compared to the S&P 500's gain of 0.9% [3] - The current consensus FFO estimate for the coming quarter is $1.78 on revenues of $65.95 million, and for the current fiscal year, it is $7.33 on revenues of $272.06 million [7] - The Zacks Industry Rank for REIT and Equity Trust - Other is currently in the bottom 35% of over 250 Zacks industries, indicating potential challenges for stock performance [8]

The European hospitality industry continues to grapple with significant labour shortages and skills gaps, according to a January 2026 position paper published by HOTREC, the umbrella organisation for hotels, restaurants, bars and cafés in Europe. The report, Skills and Labour Shortages in Hospitality – A Roadmap for Action, highlights persistent workforce challenges and proposes policy recommendations to support workforce development and labour supply across the sector. Labour and skills shortages persi ...

Core Insights - The "Happy Shopping Spring Festival" campaign led by the Ministry of Commerce has resulted in a significant increase in retail and dining sales during the first two days before the Spring Festival, with a 10.6% growth compared to the same period in 2025 [1] Retail and Dining Performance - Daily average sales of key retail and dining enterprises increased by 10.6% compared to the same period in 2025 [1] - Foot traffic and sales in 78 monitored pedestrian streets saw a rise of 23.2% and 33.2% respectively compared to the first day of the previous year's Spring Festival [1] Consumer Demand Trends - The "trade-in for new" consumption model has been notably successful, benefiting 26.9 million people and generating sales of 190.51 billion yuan [1] - Specifically, 604,000 vehicles were traded in, leading to new car sales worth 98.99 billion yuan [1] - There is a strong demand for green, smart, and healthy products, with sales of smart wearable devices increasing by 130%, and sales of smart blood pressure monitors and blood glucose meters rising over 60% [1] - Organic food sales also saw a significant increase of 52% [1] Service Consumption Growth - Reservations for New Year's Eve dinners increased by 80.7%, while hotel accommodation transactions grew by 32.7% [1] - Car rental orders surged by 54%, and spending on ice and snow tourism rose by 120%, with winter vacation spending increasing by 68% [1]

Core Viewpoint - The Yongxing County Taxation Bureau is implementing a series of service measures to support individual businesses during the upcoming Spring Festival, aiming to enhance the business environment and tax services for local taxpayers [1] Group 1: Service Initiatives - The Yongxing County Taxation Bureau has introduced a "tax benefit package" and "service spring breeze" for individual taxpayers to stimulate market vitality [1] - Tax officials are conducting one-on-one guidance for businesses in the agricultural sector, focusing on invoice issuance and preferential policies for self-produced and self-marketed agricultural products [3] - The bureau is providing timely online and offline services for invoice requests, particularly for industries with high demand during the festive season, such as home appliances and restaurants [3] Group 2: Community Engagement - Young tax officials are actively engaging with local businesses, delivering tax knowledge and operational guidance to ensure orderly tax declarations [4] - The bureau is distributing a letter titled "Safe Double Festival with Controlled Fireworks" to promote a civilized and harmonious festive atmosphere [4] Group 3: Ongoing Support - The Yongxing County Taxation Bureau plans to continuously focus on consumer hotspots in the New Year market, enhancing policy promotion and service measures to support the growth of the individual economy during the Spring Festival [5]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Chinese Consumer and Tourism Sector - **Event**: 2026 Chinese New Year (CNY) Tourism Preview Core Insights - **Growth in Experiential Consumption**: The structural growth of Chinese experiential consumption is expected to continue, with solid leisure travel demand anticipated during the upcoming CNY holiday [1] - **Passenger Throughput Growth**: The Ministry of Transportation estimates a +5.3% year-over-year growth in nationwide passenger throughput during the 40-day Chunyun period from February 2 to March 13, 2026 [1] - **CNY Holiday Impact**: The 9-day longer CNY holiday is expected to encourage leisure travel, positively impacting Hainan duty-free sales for China Tourism Group Duty Free and hotel RevPAR trends for Atour and H World [1] Duty-Free Sales Insights - **Hainan Duty-Free Sales Growth**: Hainan offshore duty-free sales grew by +45% year-over-year to RMB 4.53 billion in January 2026, driven by a +21% increase in the number of buyers and a +20% increase in per capita spending [2] - **Future Sales Expectations**: Solid duty-free sales trends in Hainan are expected to persist during the upcoming CNY Golden Week and winter peak season, supported by favorable duty-free policies and festival promotions [2] - **Chunyun Sales Performance**: During the first week of the Chunyun period (February 2-8), Hainan offshore duty-free recorded sales of RMB 1.106 billion, up +6.3% week-over-week [2] Lodging and Travel Trends - **Hotel Room Rates**: Encouraging Average Daily Rate (ADR) trends were observed in major destinations, with some lower-tier cities exceeding expectations in room sales [3] - **Leisure Travel Demand**: Solid leisure travel demand and inbound travel momentum are expected to benefit hotel RevPAR trends in China during the CNY Golden Week [3] - **Outbound Travel Trends**: Mixed trends are anticipated in Chinese outbound travel, with demand for Japan significantly down, potentially shifting to other Asian destinations and domestic tourism [4] Risks and Challenges - **Travel-Related Risks**: Key risks include potential impacts from natural disasters or pandemics, prolonged economic downturns, intense competition, and regulatory risks [30][32][34][36] Company-Specific Insights - **Atour Lifestyle Holdings Ltd**: Target price set at US$45.00 based on a 14x 2026E EV/EBITDA, reflecting faster growth and product competitiveness [30] - **H World**: Target price set at HK$38.50 based on a 14x 2025E EV/EBITDA, with industry leadership justifying the premium [33] Additional Observations - **Local Demand Optimization**: The unlimited "pick-up upon purchase" policy is expected to unleash local demand, enhancing convenience for Hainan residents [2] - **Product Diversification**: The optimization of product categories and inclusion of certain domestic products are set to diversify offerings in Hainan, catering to varying consumption dynamics [2]

分组1: Company Earnings - Spotify Technology SA reported fourth-quarter revenue growth of 13% year-on-year on a constant-currency basis, exceeding earnings expectations despite mixed revenue comparisons [1] - Marriott International Inc posted fourth-quarter revenue of $6.69 billion, slightly beating estimates, although adjusted EPS came in just below consensus [1] - The Coca-Cola Company experienced a 2.8% decline in shares after reporting its first quarterly revenue miss in five years, despite adjusted EPS of $0.58 beating forecasts [2] - Ferrari reported fourth-quarter net revenue of €1.8 billion, exceeding market expectations, leading to a 9% increase in shares [2] - Datadog Inc's shares jumped 16% after reporting fourth-quarter revenue up 29% year-on-year to $953 million, with non-GAAP EPS of $0.59, both surpassing Wall Street expectations [3] - ON Semiconductor posted fourth-quarter earnings with revenue of $1.53 billion, aligning with estimates despite a decline from the previous year [2] 分组2: Market Trends and Economic Indicators - The Dow finished at 50,188, up 52 points or 0.1%, while the S&P 500 fell 23 points, or 0.3%, indicating mixed market performance [7] - Consumer spending appears to be slowing, aligning with weak consumer sentiment, as December retail sales came in flat against expectations of a 0.4% rise [11][18] - The NFIB Small Business Optimism index slipped in January, ending a two-month streak of gains, with fewer firms expecting economic improvement [13] - The US Employment Cost Index rose 0.7% in Q4, slightly below the 0.8% forecast, indicating a moderating labor market [18][19] - Investors are focusing on upcoming economic reports, including the January jobs report, which is expected to provide clarity on labor market conditions [6][24]

Marriott, speaking of shares spiking after the hotel giant beat on Revpar, which is revenue per available room for the industry metric, and issued solid 2026 guidance, though it did miss on earnings expectations. Joining us now first on CNBC is Marriott CEO Tony Capayano. Tony, good morning.Welcome. >> Hi Sarah, good to see you. Thanks for having me.>> So, so I guess that you know the street is sort of celebrating a lot in here. The the revpar numbers, I think the pipeline, the loyalty. How do you describe ...