00700.HK BABA 01810.HK 09992.HK 01364.HK 02097.HK 00325.HK

CN consumer demand has deteriorated across the board. This is no longer just a property problem or weakness confined to a few discretionary categories. Proxies across CN's consumer and growth complex are sending the same message: domestic demand is weak, confidence in CN growth is weak, and neither is improving.

CN's innovation and AI complex is still growing, but domestic-demand-exposed sectors are not. Government subsidies can no longer provide the same lift, and the charts confirm that the deterioration is broad-based across the entire complex.

700 (Daily, as of 2026-09-11)

BABA (Daily, as of 2026-09-11)

1810 (Daily, as of 2026-09-11)

9992 (Daily, as of 2026-09-11)

1364 (Daily, as of 2026-09-11)

2097 (Daily, as of 2026-09-11)

325 (Daily, as of 2026-09-11)

1024 (Daily, as of 2026-09-11)