---
title: "Daiwa Capital Markets: The consumption momentum during the Spring Festival holiday is improving, with a preference for ANTA, CHINA RES BEER, HAIDILAO, and YUM China"
description: "Daiwa Capital Markets released a research report indicating that the growth momentum of the consumption market during the Spring Festival holiday is improving, showing initial signs of recovery in con"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/276852178.md"
published_at: "2026-02-25T07:35:53.000Z"
---

# Daiwa Capital Markets: The consumption momentum during the Spring Festival holiday is improving, with a preference for ANTA, CHINA RES BEER, HAIDILAO, and YUM China

> Daiwa Capital Markets released a research report indicating that the growth momentum of the consumption market during the Spring Festival holiday is improving, showing initial signs of recovery in consumer markets. The firm is optimistic about industries such as dining, services, and experiential consumption, with top picks including ANTA SPORTS, CHINA RES BEER, HAIDILAO, and YUM China, all rated as "Buy." At the same time, it adjusted the target prices for some stocks, raising HAIDILAO's target price to RMB 19.7, LI NING to RMB 21.6, and Kweichow Moutai to RMB 1,682

Daiwa Capital Markets published a research report indicating that compared to last year's two Golden Weeks, the consumption data during this year's Spring Festival holiday (February 15 to 23) reflects a positive growth momentum in the domestic consumption market, which can be seen as a preliminary sign of overall recovery in consumer sentiment, with particular attention on tourism, culture, and dining performance.

The firm is optimistic about industries showing initial recovery, involving structural consumption growth drivers in China, potential policy support, and overseas growth opportunities, including dining, services, and experiential consumption. Their top picks are ANTA (02020.HK), CHINA RES BEER (00291.HK), China Duty Free Group (601888.SH), HAIDILAO (06862.HK), Midea Group (000333.SZ), and YUM China (09987.HK), all rated as "Buy," and they maintain an "Overweight" rating on the domestic consumption sector.

Based on consumption and travel data during the Spring Festival holiday, Daiwa Capital Markets adjusted the target prices for some stocks, raising HAIDILAO's target price to RMB 19.7, LI NING (02331.HK) to RMB 21.6, Kweichow Moutai (600519.SH) to RMB 1,682, and Wuliangye (000858.SZ) slightly to RMB 115.1

### Related Stocks

- [YUMC.US - YUM China](https://longbridge.com/en/quote/YUMC.US.md)
- [00291.HK - CHINA RES BEER](https://longbridge.com/en/quote/00291.HK.md)
- [06862.HK - HAIDILAO](https://longbridge.com/en/quote/06862.HK.md)
- [09987.HK - YUM CHINA](https://longbridge.com/en/quote/09987.HK.md)
- [02020.HK - ANTA SPORTS](https://longbridge.com/en/quote/02020.HK.md)
- [02331.HK - LI NING](https://longbridge.com/en/quote/02331.HK.md)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.