申万宏源发布研报称，中国中免前三季度利润承压，但核心海南业务已出现月度销售额同比回正、市场 份额增长的企稳迹象。三季度收入端也开始触底反弹。机场渠道的持续复苏以及新增大面积市内免税店 的开业有望为公司带来新的增长动力。中长期我们看好封关后海南自贸港建设带来的商务客流增长，以 及公司"海南+机场+线上+市内"全渠道协同发展的长期价值。 中国中免（601888）(01880)再涨超4%，截至发稿，涨3.32%，报70.05港元，成交额2.63亿港元。 消息面上，今年12月18日，海南自由贸易港正式启动全岛封关运作。中信建投（601066）指出，海南封 关即将落地，海南有望迎来对外开放新篇章。离岛免税政策依旧是海南消费市场核心支柱，岛民即买即 提及国际旅客纳入将推动离岛免税恢复发展，出入境免税政策打通市内免税店堵点，免税行业迎来新的 五年发展。 ...

智通财经APP获悉，中国中免(01880)再涨超4%，截至发稿，涨3.32%，报70.05港元，成交额2.63亿港 元。 消息面上，今年12月18日，海南自由贸易港正式启动全岛封关运作。中信建投指出，海南封关即将落 地，海南有望迎来对外开放新篇章。离岛免税政策依旧是海南消费市场核心支柱，岛民即买即提及国际 旅客纳入将推动离岛免税恢复发展，出入境免税政策打通市内免税店堵点，免税行业迎来新的五年发 展。 申万宏源发布研报称，中国中免前三季度利润承压，但核心海南业务已出现月度销售额同比回正、市场 份额增长的企稳迹象。三季度收入端也开始触底反弹。机场渠道的持续复苏以及新增大面积市内免税店 的开业有望为公司带来新的增长动力。中长期我们看好封关后海南自贸港建设带来的商务客流增长，以 及公司"海南+机场+线上+市内"全渠道协同发展的长期价值。 ...

Vi e w p o i n t | 02 Nov 2025 19:01:28 ET │ 18 pages China Tourism Group Duty Free Corp. Favorable Duty-free Policies to Drive Consumption CITI'S TAKE CTG Duty Free's top line sequentially improved in 3Q25 with yoy decline narrowing to -0.4% yoy though earnings remained under pressure, down 29% yoy mainly due to lower gross margin, rising SG&A and increase in MI. Hainan offshore duty-free sales reverted to +3.4% in Sep and +13.6% during 1-8 Oct Golden Week. Riding on the new favorable duty-free policies wi ...

Market Overview - After a rebound yesterday, the markets continued to rise today, with the Hang Seng Index increasing by 2.12% [1] - The potential end of the government shutdown is seen as a positive for the stock market, as President Trump urged the Republican Party to pass the spending bill quickly [1] - AI sector developments, particularly comments from NVIDIA's CEO Jensen Huang regarding China's advantages in AI, have fueled market sentiment [1] Company Performance - Hua Hong Semiconductor reported a record third-quarter revenue of $635.2 million, with expectations for fourth-quarter revenue between $650 million and $660 million [2] - The company's 12-inch wafer business now accounts for 59.3% of total revenue, driving overall growth [2] - The utilization rate of the 8-inch wafer plant is at 109.5%, indicating strong market demand in specialty processes [2] Strategic Partnerships - Ceres Power signed a manufacturing license agreement with Weichai Power for solid oxide fuel cells, aiming to produce batteries for data centers and industrial markets [3] - A strategic cooperation agreement was signed between DayOne and Weisheng Holdings to deepen collaboration in the data center sector [3] Resource Sector Developments - Major gas turbine orders in North America are projected to extend to 2030, driven by increased capital expenditure in data centers [3] - The aluminum industry is experiencing a positive trend, with companies like China Aluminum and China Hongqiao seeing stock increases of over 10% due to improved profit margins [3] Robotics and AI Applications - Xpeng Motors showcased its new generation humanoid robot, which is expected to begin commercialization next year [4] - Blues Technology has received an order for 10,000 quadruped robots, highlighting its manufacturing capabilities in the intelligent hardware sector [5] Financial Transactions - Cathay Pacific announced a share buyback agreement with Qatar Airways for approximately 9.57% of its shares, valued at HKD 6.969 billion [6] - The buyback price represents a 4% discount compared to the closing price before the announcement, which is seen as favorable for the company [6] Industry Events - The Fourth China Nuclear Energy High-Quality Development Conference will be held in November 2025, showcasing innovations in nuclear technology [7] PCB Industry Insights - Kingboard Laminates reported a revenue increase of 11% year-on-year, driven by rising prices of copper-clad laminates [8] - The company is advancing in high-end product development, with plans for new production lines for low dielectric materials [9]

Core Viewpoint - The tourism retail sector experienced a decline of 2.91% on November 6, with China Duty Free Group leading the drop, while the overall market indices showed positive performance with the Shanghai Composite Index rising by 0.97% and the Shenzhen Component Index increasing by 1.73% [1] Group 1: Market Performance - The tourism retail sector's decline was primarily driven by China Duty Free Group, which closed at 75.34, reflecting a decrease of 2.91% [1] - The Shanghai Composite Index closed at 4007.76, marking an increase of 0.97% [1] - The Shenzhen Component Index closed at 13452.42, showing an increase of 1.73% [1] Group 2: Capital Flow - The tourism retail sector saw a net outflow of 369 million yuan from institutional investors, while retail investors contributed a net inflow of 219 million yuan [1] - The capital flow data indicates that speculative funds had a net inflow of 150 million yuan into the sector [1] - China Duty Free Group specifically experienced a net outflow of 369 million yuan from institutional investors, representing a net institutional share of -11.43% [1]

Core Viewpoint - The Shanghai Composite Index rose by 0.23% on November 5, with 20 industries experiencing gains, particularly in the power equipment and coal sectors, which increased by 3.40% and 1.39% respectively [1] Industry Performance - The power equipment industry led the gains with a net inflow of 146.08 billion yuan, contributing to its 3.40% increase [1] - The coal industry also saw a positive performance, ranking second in net inflow [1] - The retail trade industry ranked third in terms of gains, with a 1.22% increase and a net inflow of 9.01 billion yuan [1] Fund Flow Analysis - Overall, the main funds in the two markets experienced a net outflow of 86.38 billion yuan [1] - Among the 20 industries with net outflows, the computer industry had the largest outflow at 63.63 billion yuan, followed by the electronics industry with 46.16 billion yuan [1] - Other industries with significant net outflows included telecommunications, non-bank financials, and automotive sectors [1] Stock Performance in Retail Trade - In the retail trade sector, out of 97 stocks, 77 saw an increase, with one hitting the daily limit, while 18 stocks declined [1]

Group 1 - The company plans to hold an investor open day on November 28, 2025, in Sanya, Hainan Province [1] - The purpose of the event is to provide investors with a comprehensive understanding of the company's operational results, strategic planning, and core competitiveness [1] - The initiative aims to enhance investor recognition and confidence in the company, fostering closer and more effective interactions between the company and its investors [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 China Tourism Group Duty Free Corporation Limited 承董事會命 中國旅遊集團中免股份有限公司 董事會主席 （一家於中華人民共和國註冊成立的股份有限公司） （股份代號：1880） 范雲軍先生 中國•北京 2025年11月5日 於本公告日期，董事會成員包括非執行董事范雲軍先生及劉昆女士，執行董事常 築軍先生、王月浩先生及王軒先生及獨立非執行董事葛明先生、王瑛女士及王強 先生。 中國旅遊集團中免股份有限公司 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列中國旅遊集團中免股份有限公司在上海證券交易所網站刊登的《中國旅遊 集團中免股份有限公司關於舉辦投資者開放日活動的公告》，僅供參閱。 特此公告。 2. 活动地点：海南省三亚市海棠区海棠北路 118 号 cdf 三亚国际免税城 3. 活动对象：公司股东及对公司感兴趣的投资 ...

Group 1 - The tourism retail sector increased by 2.85% on November 5, with China Duty Free Group leading the gains [1] - The Shanghai Composite Index closed at 3969.25, up 0.23%, while the Shenzhen Component Index closed at 13223.56, up 0.37% [1] - China Duty Free Group's closing price was 77.60, reflecting a 2.85% increase, with a trading volume of 648,000 shares and a transaction value of 5.044 billion yuan [1] Group 2 - The tourism retail sector saw a net inflow of 364 million yuan from main funds, while retail investors experienced a net outflow of 271 million yuan [1] - The main funds for China Duty Free Group had a net inflow of 72.2% with a net outflow of 93.4145 million yuan from speculative funds [1]

证券代码：601888 证券简称：中国中免 公告编号：临2025-033 中国旅游集团中免股份有限公司 关于举办投资者开放日活动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 为便于广大投资者全面、立体、深入地了解中国旅游集团中免股份有限公司 （以下简称"公司"）的经营成果、战略规划及核心竞争力，增进投资者对公司 的认知和投资信心，促进公司与投资者之间建立更为紧密、良好的互动关系，实 现公司与投资者的共赢发展，公司拟于 2025 年 11 月 28 日在海南省三亚市举办 投资者开放日活动，现将有关事项公告如下： 一、活动安排 1. 活动时间：2025 年 11 月 28 日（周五）9:00-12:00 5. 出席人员：公司领导及相关业务负责人等 二、报名方式 为更好地安排本次活动，请有意参与此次活动的投资者于 2025 年 11 月 21 日中午 12:00 前通过如下方式报名参加： 1. 点击链接预约报名 https://www.yuediaoyan.com/research/index.php/Home/Strat ...