36氪获悉，中国中免短线拉升涨超2%；消息面上，财政部发布关于海南自由贸易港岛内居民消费的进 境商品"零关税"政策的通知。 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | --- | | 601888 | 中国中免 | 91.49 | -0.12% | | 26.53万 | | 24.18亿 | 从资金流向上来看，当日旅游零售板块主力资金净流出7200.42万元，游资资金净流入1.43亿元，散户资 金净流出7122.28万元。旅游零售板块个股资金流向见下表： 证券之星消息，2月4日旅游零售板块较上一交易日下跌0.12%，中国中免领跌。当日上证指数报收于 4102.2，上涨0.85%。深证成指报收于14156.27，上涨0.21%。旅游零售板块个股涨跌见下表： | 代码 名称 主力净流入 (元) 主力净占比 游资净流入 (元) 游资净占比 散户净占比 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 601888 中国中免 | -7200.42万 | -2.98% | 1.43亿 | 5.92% | -7122.28万 | -2.95 ...

截至月份: 2026年1月31日 狀態: 新提交 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 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2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 | A 股份類別 ...

证券之星消息，2月3日旅游零售板块较上一交易日上涨2.98%，中国中免领涨。当日上证指数报收于 4067.74，上涨1.29%。深证成指报收于14127.1，上涨2.19%。旅游零售板块个股涨跌见下表： | 代码 名称 主力净流入（元） 主力净占比 游资净流入（元) 游资净占比 散户净占比 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 601888 中国中免 | 4.65 亿 | 11.17% | -1.91亿 | -4.59% | -2.74亿 | -6.58% | | WILL - A TT WILL CLASS | | | | | | | 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 从资金流向上来看，当日旅游零售板块主力资金净流入4.65亿元，游资资金净流出1.91亿元，散户资金净 流出2.74亿元。旅游零售板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | ...

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1月31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 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 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 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 116,383,500 0 116,383,500 增加 / 減少 (-) 0 0 本月底結存 116,383,500 0 116,383,500 足夠公眾持股量的確認(註4) 呈交日期: 2026年2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 ...

Core Viewpoint - China Duty Free Group (CDFG) is advancing its international strategy through the acquisition of DFS's Greater China business and a Hong Kong private placement involving LVMH, solidifying its position as a leader in the duty-free industry in China [1] Group 1: Company Overview - CDFG has developed core competitive advantages over 40 years, including channels, scale, refined operational management, and brand strength [1] - The company is expected to continue its efforts in expanding both domestic and international markets, enriching product categories, enhancing consumer experience, and optimizing store operations [1] Group 2: Financial Projections - The forecasted net profit attributable to shareholders for 2025, 2026, and 2027 is projected to be 3.686 billion, 4.267 billion, and 4.966 billion yuan respectively [1] - Corresponding price-to-earnings (PE) ratios for these years are estimated to be 50.16, 43.33, and 37.23 times [1] Group 3: Investment Recommendation - The company maintains a "Buy" rating, reflecting confidence in its innovative capabilities and stable growth trajectory [1]

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 证券之星消息，2月2日旅游零售板块较上一交易日下跌0.47%，中国中免领跌。当日上证指数报收于 4015.75，下跌2.48%。深证成指报收于13824.35，下跌2.69%。旅游零售板块个股涨跌见下表： 从资金流向上来看，当日旅游零售板块主力资金净流入3025.03万元，游资资金净流出2796.47万元，散户 资金净流出228.56万元。旅游零售板块个股资金流向见下表： | 代码 名称 主力净流入 (元) 主力净占比 游资净流入 (元) 游资净占比 散户净占比 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 601888 中国中免 LLL LED L LEWILLI LED LL MIN .. MILL 1 . L . MOLL 1 . 1 . MARL . 1 | 3025.03万 | 1.02% | -2796.47万 | -0.94% | -228.56万 | -0.08% | | 代码 | 名称 | 收盘价 ...

Core Viewpoint - The company is experiencing a narrowing decline in revenue for the third quarter, with expectations for a recovery in the fourth quarter due to the peak travel season and favorable tax policies [1][2]. Group 1: Financial Performance - The company's revenue for the first three quarters was 39.862 billion RMB, a year-on-year decline of 7.3%, while net profit was 3.052 billion RMB, down 22.1% [1]. - In the third quarter, revenue was 11.711 billion RMB, showing a slight year-on-year decline of 0.4%, which is an improvement compared to a 10% decline in the first half of the year [1]. - Sales from Hainan's duty-free shops from July to September totaled 5.402 billion RMB, a year-on-year decrease of 2.6%, with the decline narrowing by 1.6 percentage points compared to the previous quarter [1]. Group 2: Market Trends and Opportunities - The duty-free sales in Hainan are expected to see double-digit year-on-year growth from October to November, driven by the peak travel season and the opening of new city duty-free stores [1]. - The recent policy changes have expanded the duty-free shopping scope and customer base, allowing all travelers leaving Hainan to benefit from tax exemptions, which is anticipated to boost sales further [2]. - The company has acquired DFS's Hong Kong and Macau businesses for over 3 billion RMB, which is expected to enhance its store network and operational synergies in procurement, logistics, and customer management [2][3]. Group 3: Luxury Market Insights - There are early signs of recovery in the luxury goods market, positively impacting duty-free consumption, with some luxury brands showing improved sales in the Asian market [3]. - The market expects a compound annual growth rate (CAGR) of 12% for revenue and 26% for net profit from 2025 to 2027, with current valuations reflecting a price-to-earnings ratio of approximately 35 times for 2026 forecasts [3]. - If policies post-Hainan's closure are further optimized and tourism recovery exceeds expectations, there may be upward potential for the company's earnings growth and valuation [3].

证券之星消息，1月30日旅游零售板块较上一交易日下跌3.17%，中国中免领跌。当日上证指数报收于 4117.95，下跌0.96%。深证成指报收于14205.89，下跌0.66%。旅游零售板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 601888 | 中国中免 | | 89.37 | -3.17% | | 46.44万 | | 41.82亿 | 从资金流向上来看，当日旅游零售板块主力资金净流出5.66亿元，游资资金净流入2.47亿元，散户资金净 流入3.2亿元。旅游零售板块个股资金流向见下表： | 代码 名称 主力净流入 (元) 主力净占比 游资净流入 (元) 游资净占比 散户净占比 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 6 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the Hang Seng Index [7]. Core Insights - The company's revenue for the first three quarters was 39.862 billion RMB, a year-on-year decline of 7.3%, with net profit at 3.052 billion RMB, down 22.1%. However, the third quarter revenue showed a slight decline of only 0.4%, an improvement from the 10% drop in the first half of the year [2]. - The sales in Hainan's duty-free sector from July to September totaled 5.402 billion RMB, a year-on-year decrease of 2.6%, but the decline was less than the previous quarter. Notably, September saw a 3.4% year-on-year increase in sales, marking the first growth in 18 months [2]. - The upcoming peak travel season is expected to drive a recovery in revenue, with double-digit year-on-year growth anticipated in October and November due to new city duty-free store openings and favorable duty-free policies [2]. - The Hainan Free Trade Port officially commenced full island closure operations on December 18, 2025, expanding duty-free benefits to all travelers departing from Hainan. This policy change is expected to significantly boost consumer spending [3]. - The company has acquired DFS's Hong Kong and Macau businesses for over 3 billion RMB, which will enhance its store network in Greater China and create synergies in procurement, logistics, and customer management [4]. - The luxury goods market is showing signs of recovery, which positively impacts duty-free consumption. Sales for some luxury brands in Asia have stabilized, indicating improved consumer willingness to spend [5]. - Market forecasts predict a compound annual growth rate (CAGR) of 12% for revenue and 26% for net profit from 2025 to 2027. The current valuation corresponds to a projected price-to-earnings (PE) ratio of approximately 35 times for 2026 [6]. Summary by Sections Financial Performance - First three quarters revenue: 39.862 billion RMB, down 7.3% YoY; net profit: 3.052 billion RMB, down 22.1% YoY [2]. - Third quarter revenue: 11.711 billion RMB, down 0.4% YoY, an improvement from earlier declines [2]. Market Dynamics - Hainan duty-free sales from July to September: 5.402 billion RMB, down 2.6% YoY, with September showing a 3.4% increase [2]. - Anticipated double-digit growth in October and November due to peak travel season and new store openings [2]. Strategic Developments - Acquisition of DFS's businesses enhances store network and operational synergies [4]. - Expansion of duty-free benefits under Hainan's new policies expected to boost consumer spending [3]. Industry Outlook - Signs of recovery in the luxury goods market positively influencing duty-free consumption [5]. - Projected CAGR of 12% for revenue and 26% for net profit from 2025 to 2027, with potential for valuation re-rating [6].