China's temple visits more than quadruple compared to 2022

China's temple visits have mushroomed more than quadrupled this year compared with 2022, while lottery ticket sales surged in April to their highest level in a decade.

In April, the youth unemployment rate hit a record 20.4%, and multiple indicators showed that China's zero-COVID policy is beginning to lose steam after a slow start to China's economic recovery.

Investors took advantage of the contrasting information and snapped up relevant shares.

Both the Emei Shan Tourism Co and Anhui Jiuhuashan Tourism Development Co, the operator of the Mount Emei scenic spot, both saw their shares soar 10% to hit the daily limit for a second day on Thursday.

China's most famous temples and Buddhism relics attract millions of visitors annually to their temples and Buddhism culture relics.

China Sports Industry Group, the state-owned sports lotteries firm, also surged 10% for two consecutive sessions.

The surging stocks reflect a major macro-economy change this year - rising youth employment pressure, said Shi Pengfei, consumer analyst at Spring Capital.

I don't expect the youth unemployment rate to see an inflection point soon as the graduation season approaches, he said. As the summer holiday comes, the youth will have more time to travel. The sector-specific gains contrast with moves in the overall market. China's main stock benchmark has returned most of its gains since last November after a reopening rally and is down 1% year-on-year, as the economy missed expectations and geopolitical tensions rose.

In contrast, households are turning back to safer assets and are piling on bonds and deposits, while also looking to state-owned sectors such as banks, energy companies and telecoms which give reliable bond-like dividends.