BofA Global Research-China Watch Chart book series #139 Mar excavator sales imp...-107518625

AccessibleversionChinaWatchChartbookseries#139:MarexcavatorsalesimproveddespiteweakconstructionAbetterconsumptionrecoveryduringQingmingholiday11April2024Bothnumberoftouristsandtourismrevenue(112%and113%of2019level,Exhibit6)GEMEconomicscameinatabovepre-CovidlevelduringtheQingmingholiday(Apr4-6).Theimpliedper-AsiaChinacapitatourismspendinghasalsosurpassedthepre-Covidlevelforthefirsttime,suggestingaresilientrecoveryinservicesconsumption.BoxofficerevenuealsoroseBensonWuduringQingmingholiday(Exhibit7).Formeansoftravel,highwayandrailwaysawaChina&KoreaEconomistbetterrecoveryinpassengervolume(Exhibit5).AccordingtoCAAC,scheduledMerrillLynch(HongKong)internationalflightsinChinaisexpectedtoretoreto85%of2019'slevelinthenextsix+85235085047months,higherthanthecurrentrecoveryratioofsub-70%(Exhibit4).benson.wu@bofa.comHelenQiaoDomesticexcavatorsalesimprovedinMarchChina&AsiaEconomistMerrillLynch(HongKong)AccordingtoCCMA,monthlydomesticexcavatorsalesincreasedto15,188units(+9.3%+85235083961yoy),thehighestlevelin2years.Thisisusuallyaleadingindicatorforconstructionhelen.qiao@bofa.comdemand,andtobeakeytowatchifthesalesimprovementcanbesustained.Thatsaid,bothrebarandcoalconsumptionedgeddownsequentially(Exhibit9&Exhibit10),whileAbbreviations:cementshipmentratioincheddownamidweakeneddemandnegativelyimpactedbyrainyweatherinthepastweek(...