Core Viewpoint - The tourism retail sector experienced a significant increase of 6.87% on December 1, with China Duty Free Group leading the gains [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3914.01, up by 0.65% [1] - The Shenzhen Component Index closed at 13146.72, up by 1.25% [1] Group 2: Stock Performance - China Duty Free Group (stock code: 601888) closed at 84.46, with a rise of 6.87% [1] - The trading volume for China Duty Free Group was 736,300 shares, with a transaction value of 6.094 billion yuan [1] Group 3: Capital Flow - The tourism retail sector saw a net inflow of 344 million yuan from institutional investors, while retail investors had a net outflow of 540 million yuan [1] - The net inflow from speculative funds was 195 million yuan [1]

Market Performance - On the first trading day of December, A-shares opened higher with the Shanghai Composite Index returning above 3900 points, closing up 0.65% at 3914 points, the Shenzhen Component Index rising 1.25%, and the ChiNext Index increasing by 1.31% [1] - The total market turnover reached 1.89 trillion yuan, an increase of 291.7 billion yuan compared to the previous trading day, with nearly 3400 stocks rising [1] Tourism Sector - Tourism concept stocks performed strongly, with Emei Mountain A shares hitting the daily limit, and China Duty Free Group rising over 6%, driving the tourism ETF up more than 3% [2] - The tourism ETF, which tracks the CSI Tourism Index, covers sectors such as air transport, tourism retail, and natural scenic spots, with holdings in companies like China Duty Free Group and Emei Mountain [3] Emei Mountain Shareholder Benefits - Emei Mountain announced a shareholder reward program for those holding over 500 shares from December 1, 2025, to January 31, 2026, offering free admission to the scenic area and discounts on various services [4] - The current share price of Emei Mountain is 12.87 yuan, meaning an investor holding 500 shares would have a cost of 6435 yuan, while the entrance ticket price is 160 yuan per person [4] Consumer Market Trends - The Ministry of Industry and Information Technology and other government bodies issued a plan to enhance the adaptability of consumer goods supply and demand, promoting diverse interest consumption products and expanding low-altitude tourism and automotive aftermarket consumption [5] - The Hainan Free Trade Port is approaching a zero-tariff policy, which will cover approximately 6600 products, significantly reducing tax costs for imported equipment [5] Duty-Free Sales Growth - According to Industrial Securities, high-end consumption recovery, strong sales in 3C categories, and the peak tourism season in Hainan have led to double-digit growth in duty-free sales from October to November [6] - The optimization of duty-free policies and the opening of new city duty-free stores are expected to enhance sales coverage and customer reach, indicating a positive outlook for the duty-free sector [6]

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: 2025年11月30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: 2025年12月1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 (-) | | | | | | RMB | | | | 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 | A ...

Core Viewpoint - The report from Credit Lyonnais highlights the focus on opportunities in the segmented development of the Chinese consumer sector, with expectations of recovery driven by relaxed monetary policy, improved stock market conditions, and increased offshore financing [1] Group 1: Consumer Sector Outlook - The outlook for the Chinese consumer sector emphasizes the recovery of high-end consumption, supported by favorable monetary policies and market conditions [1] - Credit Lyonnais predicts that consumer sentiment and CPI data will remain moderate, allowing companies to capture opportunities in market segmentation and global expansion [1] Group 2: Preferred Stocks - The report identifies three preferred stocks: Anta Sports (02020), Yue Yuen Industrial (00551), and Samsonite (01910), with Yue Yuen's target price raised from HKD 16 to HKD 18 [1] - The firm also suggests monitoring the earnings improvement of Li Ning (02331), Yingtong Holdings (06883), and China Duty Free Group (601888) (01880) [1] Group 3: Industry-Specific Predictions - Credit Lyonnais forecasts a 3% to 4% year-on-year growth in China's sportswear retail sales for the coming year, attributing this to major brands optimizing retail channels and enhancing product functionality [1] - The cosmetics industry is expected to see low to mid-single-digit growth in the next year [1] - In the gold and jewelry sector, while price increases may offset VAT cost pressures, retail jewelers' sales are still anticipated to be affected [1] - In the collectible toy segment, the next catalyst for Pop Mart (09992) may come from IP developments beyond Labubu [1]

Group 1 - The core viewpoint of the report is that the Chinese consumer sector is expected to focus on opportunities in niche markets and high-end consumption, benefiting from relaxed monetary policy, improved stock market conditions, and increased offshore financing [1] - The report predicts that consumer sentiment and CPI data will remain moderate, with companies poised to capture opportunities in market scaling, globalization, and the recovery of high-end consumption [1] - The report highlights three preferred stocks: Anta Sports (02020), Yue Yuen Industrial (00551), and Samsonite (01910), with Yue Yuen's target price raised from HKD 16 to HKD 18 [1] Group 2 - The forecast for China's sports apparel retail sales is a year-on-year growth of 3% to 4% for next year, with major brands optimizing retail channels and enhancing product functionality [1] - The cosmetics industry is expected to see low to mid-single-digit growth next year [1] - In the gold and jewelry sector, while product price increases may offset VAT cost pressures, retail jewelry sales volume is still expected to be affected [1] Group 3 - In the collectible toy sector, the next catalyst for Pop Mart (09992) may come from IP development beyond Labubu [1] - Investors are also advised to pay attention to the earnings improvement of Li Ning (02331), Yingtong Holdings (06883), and China Duty Free Group (01880) [1]

Core Viewpoint - The A-share market's duty-free shop sector experienced a significant afternoon rally, with notable gains in several companies [1] Company Performance - China Duty Free Group saw its stock price increase by over 8% [1] - Caesar Travel's stock rose by more than 4% [1] - Other companies such as Wangfujing, Guangbai, and Zhuhai Duty Free Group also experienced upward movement in their stock prices [1]

Group 1 - The duty-free shop sector experienced a significant afternoon rally, with China Duty Free Group rising over 8% [1] - Caesar Travel increased by more than 4%, indicating positive market sentiment towards travel-related stocks [1] - Other companies such as Wangfujing, Guangbai, and Zhuhai Duty Free Group also saw gains, reflecting a broader trend in the duty-free market [1]

Group 1 - China National Pharmaceutical Group (01880.HK) saw a morning increase of over 4%, with a current rise of 4.81%, trading at 76.3 HKD [2] - The trading volume reached 148 million HKD [2]

Core Viewpoint - China Duty Free Group Co., Ltd. (China Duty Free) experienced a stock price increase of 5.02%, reaching 83.00 CNY per share, with a trading volume of 3.005 billion CNY and a turnover rate of 1.90%, resulting in a total market capitalization of 171.715 billion CNY [1] Company Overview - China Duty Free was established on March 28, 2008, and listed on October 15, 2009. The company is primarily engaged in the retail of tourism products and related services, operating through two main departments: tourism retail and tourism retail complex investment and development [1] - The revenue composition of the company includes 72.26% from duty-free product sales, 25.54% from taxable product sales, and 2.20% from other sources [1] Shareholder Information - Among the top ten circulating shareholders of China Duty Free, E Fund's Hu Shen 300 ETF (510310) reduced its holdings by 373,500 shares in the third quarter, now holding 12.0159 million shares, which accounts for 0.58% of the circulating shares. The estimated floating profit from this transaction is approximately 47.7032 million CNY [2] - The E Fund Hu Shen 300 ETF was established on March 6, 2013, with a current scale of 305.165 billion CNY. Year-to-date returns are 17.97%, ranking 2663 out of 4206 in its category, while the one-year return is 19.98%, ranking 2385 out of 4008 [2] Fund Management - The fund managers of E Fund Hu Shen 300 ETF are Yu Haiyan and Pang Yaping. Yu has a cumulative tenure of 14 years and 361 days, managing assets totaling 440.628 billion CNY, with the best fund return during his tenure being 157.38% and the worst being -78.9% [3] - Pang has a cumulative tenure of 7 years and 46 days, managing assets of 362.649 billion CNY, with the best return of 81.74% and the worst return of -37.67% during his tenure [3]

中国中免（601888）(01880)早盘涨超4%，截至发稿，涨4.81%，报76.3港元，成交额1.48亿港元。 消息面上，海南自由贸易港将于今年12月18日正式启动全岛封关运作。中国中免表示，现行离岛免税的 45 大类商品均已被列入《海南自由贸易港进口征税商品目录》。因此，封关后一定时期内，海南离岛 免税的整个体系将仍按目前情况运行，而旅客和商旅出行人次则有望随自贸港建设而持续增长，免税行 业占比较高的消费者服务有望受益。 东方证券指出，海南离岛免税景气回升。11月1–7日海南离岛免税购物金额5.06亿元、购物人数7.29万人 次，同比分别+34.86%、+3.37%，该行判断是受益于低基数、离岛免税新政、演唱会等大型活动、叠加 渠道促销所致。此外，日本游被"劝退"有望推动部分境外购物需求回流、叠加今年以来股市财富效应抬 升，冬季海南游和海南的免税销售有望受益。 ...