China Weekly Kickstart MXCN gained 1 while A shares lost 1

Portfolio Strategy Research 10 October 2026 | 12:05AM HKT

MXCN gained 1% while A-shares lost 1%; Solid outbound travel demand during Golden Week; HSTECH consultation results announced

MXCN gained 1.0% while CSI300 lost 0.9% this week. MCT (-2.4%) & New China (-2.0%) lagged Kinger Lau, CFA | announced that China recorded 826mn domestic tourist Goldman Sachs (Asia) L.L.C. Earnings and valuations (Pages 12-16) Timothy Moe, CFA trips and Rmb738bn in tourism spending during the Golden | Week holiday, up 6.3% and 4.3% yoy, respectively. Outbound n MXCN/CSI300 12m forward P/Es are 9.8x/12.4x Goldman Sachs (Singapore) Pte

travel was stronger than expected. Chinese Commerce Si Fu, Ph.D. n I/B/E/S consensus 2026/27E EPS growth is 17%/17% | Minister Wang Wentao met with EU trade chief Maros Goldman Sachs (Asia) L.L.C. and 25%/17% for MXCN and CSI300, respectively Sefcovic in Beijing. PBoC released a statement on its Kevin Wang, CFA | exchange-rate policy stance, reiterating that China has no n Real Estate/Energy were revised up the most Goldman Sachs (Asia) L.L.C.

intention of weakening its currency to gain a trade off/onshore advantage. The US FCC announced an Oct 29 vote on Flows (Pages 17) restricting Chinese laboratories from testing electronics for the US market. Huawei and Qualcomm announced a n Southbound: US$57bn ytd multi-year patent license agreement across a range of Key reports technology fields. HSI Company announced consultation results for the HSTECH index and will increase the number of n Global Strategy Paper: Investing in a differentiated Asia constituents from 30 to 50, effective at the Dec 2026 rebalancing. Southbound Connect had US$0.9bn inflows this Policies and news week. n MOHRSS released draft measures to protect workers in Performance (Pages 7-11) new forms of employment for public consultation.

n H: Energy (2.6%) & Value (4.8%) outperformed, Health Key charts: National Day, 3Q Earnings & Barometers Care (-3.2%) & Growth (-4.5%) lagged n A: Energy (4.3%) & DY + growth (2.4%) outperformed, IT

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Goldman Sachs China Weekly Kickstart

Charts of the Week: National Day Holiday

Exhibit 1: Domestic tourism volume and revenue Exhibit 2: The muted year-on-year growth in Exhibit 3: 2026 National Day holiday Chinese appeared largely stable during the National Day cross-region passenger flows during the National outbound travel breakdown Golden Week Day Golden Week was driven by a decline in self-driving traffic Chinese outbound by destination Percent of pre-pandemic level Percent of pre-pandemic level Percent change Percent change mn 2026 2025 YoY National Domestic Visitor Trips and Tourism Revenue in National Day Total cross-region passenger flows and breakdown by transportation approach No. of holidays 7 8 12 during National Day Golden Week 12 140 Nationwide domestic visitor trips 140 Tourism revenue 10 2025 yoy 10 Total outbound (mn) 4.4 4.6 9% 120 Reopening 120 2026 yoy Tourism revenue per head starts 8 8 HK 1.4 1.4 9% 100 100 Macau 1.0 0.9 11% 6 6 Other destinations 2.1 2.2 5% 80 80 4 4

2 Flat 2 60 60 yoy 0 0 40 40 -2 -2

-6 -6 0 0 Total passenger Road (self- Airline Road (public Waterway Railway flows driving) transportation)

Source: Ministry of Culture and Tourism, Data compiled by Goldman Source: MOT, Data compiled by Goldman Sachs Global Investment Outbound yoy% is calculated on a daily basis. Sachs Global Investment Research Research Source: NIA, GOV.HK, GOV.MO, Goldman Sachs Global Investment Research

Exhibit 4: Total air pax carried by Chinese airlines Exhibit 5: Golden Week holiday air passenger traffic Exhibit 6: Daily movie box office revenue during the was +2% yoy to 128% of 2019’s level in 2026 Golden breakdown National Day Golden Week this year was below Week holiday 2023-25 levels RMB mn RMB mn vs. 2019% China holiday air pax traffic YoY% China holiday Chinese carriers air pax traffic by Int'l and domestic 1400 1400 vs. 2019% Int'l vs. 2019 Domestic vs. 2019 YoY% Air pax traffic vs. 2019 % Air pax traffic YoY % (RHS) Daily…