Group 1 - FTSE Russell announced the new candidate stocks for the FTSE China 50 Index, which include China Aluminum (601600)(02600), China Duty Free Group (601888)(01880), Hansoh Pharmaceutical (03692), Shandong Gold (600547)(01787), and Sanhua Intelligent Control (002050)(02050) [1] - The quarterly review changes for the FTSE China Index Series were announced, with adjustments effective after the market close on March 20, 2026 [2] - The FTSE China 50 Index will include New China Life Insurance (601336)(01336) and Weichai Power (000338)(02338), while excluding Minsheng Bank (600016)(01988) and ZTE Corporation (000063)(00763) [2]

Core Viewpoint - The report from China Galaxy Securities indicates that during the 2026 Spring Festival, both the number of domestic travelers and total consumption reached historical highs, driven by an increase in holiday duration [1] Group 1: Spring Festival Data - During the 9-day Spring Festival holiday, domestic travel reached 596 million trips, a year-on-year increase of 19%, with an average of 66 million trips per day, up 5.7% [1] - Total domestic travel expenditure amounted to 803.5 billion yuan, also a 19% year-on-year increase, with an average daily spending of 89.3 billion yuan, up 5.5% [1] - Per capita spending remained stable at 1,348 yuan, while daily per capita spending decreased by 11.3% to 150 yuan, attributed to factors such as weather conditions and consumer behavior adjustments due to the longer holiday [1] Group 2: Post-Festival Travel Trends - The first week after the Spring Festival showed stronger travel data compared to the pre-festival period, indicating an upward trend in service consumption during the off-peak season [2] - Average growth rates for cross-regional travel, rail, and civil aviation during the first week post-festival were 5.0%, 12.5%, and 9.2% respectively, compared to 3.0%, 2.8%, and 4.4% in the 13 days before the festival [2] - Domestic economy class ticket prices increased significantly post-festival, averaging an 8.3% growth compared to a 2.0% increase before the festival [2] Group 3: Policy and Demand-Supply Dynamics - The government has emphasized expanding domestic demand and enhancing service consumption as key priorities over the past two years, focusing on optimizing systems and releasing quality supply to drive consumption [3] - After over two years of supply-demand rebalancing, both consumers and businesses have adapted to a rational consumption environment, with a focus on providing cost-effective and emotionally valuable products [3] - High-end consumption remains unaffected by policy changes, with the appreciation of the yuan and geopolitical shifts driving high-end consumption towards the Greater China region [3] Group 4: Related Companies - Recommended companies include China Duty Free Group, ShouLai Hotel, Jin Jiang Hotels, Gu Ming, and others [4] - Companies to watch include Mijue Group, Haidilao, Yum China, and others [4]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國旅遊集團中免股份有限公司 FF301 呈交日期: 2026年3月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01880 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 116,383,500 | RMB | | 1 RMB | | 116,383,500 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 116,383,500 | RMB | | 1 RMB | | 116,383,500 | | 2. 股份分類 | 普通股 | 股份類別 | ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國旅遊集團中免股份有限公司 呈交日期: 2026年3月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01880 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 116,383,500 | RMB | | 1 RMB | | 116,383,500 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 116,383,500 | RMB | | 1 RMB | | 116,383,500 | | 2. 股份分類 | 普通股 | 股份類別 | ...

Core Viewpoint - China Duty Free Group (01880) has seen a significant decline in stock price, dropping nearly 5% recently and over 30% since the holiday period, indicating market concerns over its competitive position following the loss of exclusive rights at key airports [1] Group 1: Stock Performance - As of the latest report, the stock price of China Duty Free Group is at 73.1 HKD, with a trading volume of 138 million HKD [1] - The A-shares of China Duty Free Group fell by 14.86% last week, attributed to previously high market expectations and delayed negative news rather than a trend reversal [1] Group 2: Market Dynamics - The recent bidding results for duty-free operations at Beijing and Shanghai airports have disrupted the long-standing monopoly held by China Duty Free Group [1] - The company has acknowledged the loss of operational rights at Shanghai airport, which has contributed to the stock price decline [1] Group 3: Sales and Consumer Behavior - The sales growth during the Spring Festival did not expand compared to January due to capacity limitations at duty-free stores, making it difficult to increase sales further during peak season [1] - Recent reductions in duty-free discounts have led to a decrease in purchasing intentions and a drop in the number of purchases made through agents [1] - There was an early release of consumer demand for duty-free shopping prior to the holiday, impacting sales performance [1] Group 4: Competitive Landscape - The acquisition of duty-free operating rights by Wangfujing and Dufry at Beijing T3 and Shanghai Pudong T1 airports has sparked discussions in the market, although the overall impact on China Duty Free Group is considered limited [1]

Core Viewpoint - China Duty Free Group (01880) has seen a significant decline in stock price, dropping nearly 5% recently and over 30% since the holiday period, primarily due to the impact of the recent bidding results for duty-free operations at Beijing and Shanghai airports, which have disrupted its long-standing monopoly [1] Group 1: Stock Performance - As of the latest report, the stock price of China Duty Free Group is at 73.1 HKD, with a trading volume of 138 million HKD [1] - The A-share price of China Duty Free Group fell by 14.86% last week, attributed to previously high market expectations and the delayed release of negative news, rather than a trend reversal [1] Group 2: Market Dynamics - The sales growth during the Spring Festival did not expand compared to January, mainly due to the capacity limitations of duty-free stores, which hindered further growth during peak season [1] - Recent reductions in duty-free discounts have led to a decrease in purchasing intentions and a drop in the number of purchases made through agents [1] - The demand for duty-free consumption was largely released prior to the holiday, impacting overall sales performance [1] Group 3: Competitive Landscape - The loss of operational rights at Shanghai Airport has been confirmed by the company, which has previously issued announcements regarding this matter [1] - The recent acquisition of duty-free operating rights by Wangfujing and Dufry at Beijing T3 and Shanghai Pudong T1 airports has sparked market discussions, but it is believed that the overall impact on China Duty Free Group will be limited [1]

Core Viewpoint - China Duty Free Group (中国中免) has experienced a significant decline in stock price, dropping nearly 5% recently and over 30% since the holiday period, primarily due to the loss of exclusive operating rights at major airports [1] Group 1: Stock Performance - As of the latest report, the stock price is down 3.56%, trading at HKD 73.1, with a trading volume of HKD 138 million [1] - The A-share price fell by 14.86% last week, attributed to previously high market expectations and delayed negative news rather than a trend reversal [1] Group 2: Market Dynamics - The recent decline in sales growth during the Spring Festival compared to January is linked to the capacity limits of duty-free stores, which hinder further growth during peak seasons [1] - A reduction in duty-free discounts has led to decreased purchasing intentions and a drop in the number of purchases through agents [1] - There has been a pre-release of duty-free consumption demand before the holiday, impacting sales performance [1] Group 3: Competitive Landscape - The recent bidding results for duty-free operating rights at Beijing and Shanghai airports have sparked discussions in the market, particularly regarding the new rights awarded to Wangfujing and Du Fu Rui [1] - Despite these developments, the overall impact on China Duty Free Group is considered limited [1]

Group 1 - China Duty Free Group (01880) has seen a decline of over 4%, with a cumulative drop of nearly 30% since the holiday period [1] - As of the latest report, the stock price fell by 4.31% to HKD 75.5, with a trading volume of HKD 188 million [1] - According to Haikou Customs, during the 2026 Spring Festival holiday, the total duty-free shopping amount was CNY 2.72 billion, an increase of 30.8% compared to the previous year [1] Group 2 - The number of sales items reached 1.997 million, reflecting a year-on-year growth of 21.9% [1] - The number of shoppers was 325,000, which is a 35.4% increase year-on-year [1] - Daily average shopping amount during the holiday increased by 16.5% compared to the previous year [1] Group 3 - Guotai Junan Securities noted that the recent stock price drop of 14.86% was due to previously high market expectations and delayed negative news, rather than a trend reversal [1] - The slower sales growth during the holiday compared to January is attributed to the limited capacity of duty-free stores, reduced discounts, and pre-holiday consumption [1]

Group 1 - China Duty Free Group (中国中免) shares fell over 4%, with a cumulative decline of nearly 30% since the holiday [1] - As of the report, the stock price dropped 4.31% to HKD 75.5, with a trading volume of HKD 188 million [1] - Haikou Customs reported that during the 2026 Spring Festival holiday, the total duty-free shopping amount was CNY 2.72 billion, a year-on-year increase of 30.8% [1] Group 2 - The number of sales items reached 1.997 million, representing a year-on-year growth of 21.9% [1] - The number of shoppers was 325,000, which is a 35.4% increase compared to the previous year [1] - Daily average shopping amount during the holiday increased by 16.5% year-on-year [1] Group 3 - Guotai Junan Securities noted that the recent 14.86% drop in China Duty Free's stock price was due to previously high market expectations and delayed negative news, rather than a trend reversal [1] - The slower sales growth during the holiday compared to January is attributed to capacity limits at duty-free stores, reduced discounts, and pre-holiday consumption release [1]

Core Viewpoint - China Duty Free Group (01880) has seen a significant decline in stock price, dropping over 4% recently, with a cumulative drop of nearly 30% since the holiday period [1] Group 1: Stock Performance - As of the latest report, the stock price of China Duty Free Group is down 4.31%, trading at HKD 75.5, with a trading volume of HKD 188 million [1] - The stock experienced a notable decline of 14.86% last week, attributed to previously high market expectations and delayed negative news rather than a trend reversal [1] Group 2: Holiday Sales Performance - During the 2026 Spring Festival holiday, Haikou Customs reported that the total amount of duty-free shopping reached RMB 2.72 billion, representing a year-on-year increase of 30.8% [1] - The number of sales items reached 1.997 million, showing a year-on-year growth of 21.9% [1] - The number of shoppers was 325,000, which is a 35.4% increase compared to the previous year [1] - The average daily shopping amount during the holiday increased by 16.5% year-on-year [1] Group 3: Market Analysis - Guotai Junan Securities noted that the slower sales growth during the holiday compared to January is due to several factors: limitations in the reception capacity of duty-free stores, reduced discounts leading to decreased purchasing intent, and pre-holiday release of consumption demand [1]