Core Viewpoint - Shanghai Airport aims to enhance profitability through continuous innovation and development, focusing on expanding non-aviation business areas and optimizing operational models [2] Group 1 - The company plans to leverage its hub platform's traffic, scale, and brand advantages to increase commercial resource development [2] - There is a commitment to improving the quality of commercial offerings and identifying new consumer growth points [2] - The goal is to create a better travel consumption experience for passengers [2]

Core Viewpoint - The ownership of the duty-free business at Shanghai Airport has been officially transferred to Dufry and China Duty Free Group, marking a significant shift in the airport's duty-free landscape after over 20 years of operation by Dayong Shanghai [1][3]. Group 1: Contractual Changes - Shanghai Airport has signed contracts with Dufry and China Duty Free Group for an 8-year term, from January 1, 2026, to December 31, 2033 [1]. - Dufry will operate the duty-free shops in the international areas of Terminal 1 and the S1 satellite hall at Pudong International Airport, while China Duty Free Group will manage Terminal 2 and the S2 satellite hall at Pudong, as well as Terminal 1 at Hongqiao International Airport [4]. Group 2: Financial Structure and Revenue Model - The contracts feature different term structures: Dufry's contract follows a "3+5 years" model, while China Duty Free Group's contract is structured as "5+3 years," both with performance assessment mechanisms [6]. - Shanghai Airport will invest up to 98 million yuan to establish joint ventures with both Dufry and China Duty Free Group, holding 49% stakes in each [7]. - The revenue model has shifted from a "minimum guarantee" to a "fixed rent + sales commission" structure, with specific monthly fixed rents set for different areas [10]. Group 3: Changes in Commission Rates - The sales commission rates have been significantly reduced, with new rates for Pudong Airport ranging from 8% to 24% and for Hongqiao Airport from 8% to 22%, compared to the previous range of 18% to 36% [11]. - The total operating area for duty-free shops has increased under the new contracts, with a requirement to introduce new product categories such as mobile phones and mini-drones [11]. Group 4: Regulatory Attention - The Shanghai Stock Exchange has issued an inquiry regarding the substantial decrease in both rental prices and sales commissions compared to the previous agreements, seeking clarification on the rationale and implications for future performance [11]. - The company anticipates that the new contracts will positively impact revenue from 2026 to 2033, reflecting a strategic shift towards a collaborative revenue-sharing model in response to intensified competition in the industry [11].

（原标题：中国中免、上海机场成立免税品公司，注册资本2亿） 企查查APP显示，近日，中免集团（上海）免税品有限公司成立，注册资本2亿元，经营范围包含：免 税商品销售；烟草制品零售；酒类经营；皮革制品销售等。企查查股权穿透显示，该公司由上海机场 （600009）、中国中免（601888）全资子公司中国免税品（集团）有限责任公司共同持股。 ...

Core Viewpoint - China Duty Free Group has won the bid for duty-free store projects at Shanghai Pudong International Airport and Shanghai Hongqiao International Airport, marking a significant development in the competitive landscape of duty-free operations in major Chinese airports [1][4]. Group 1: Bid Announcement and Details - China Duty Free Group, a wholly-owned subsidiary of China Duty Free Group Co., Ltd., has been awarded the operating rights for duty-free stores at Shanghai Pudong International Airport and Shanghai Hongqiao International Airport, with a total area of 9,630.98 square meters and 2,470.55 square meters respectively [1]. - The operating rights transfer period is structured in two phases: the first phase lasts for 5 years from January 1, 2026, to December 31, 2030, with a potential 3-year extension based on performance assessments [1]. Group 2: Financial Terms and Conditions - The financial model for the duty-free operations includes a "monthly fixed fee + monthly sales commission" structure, with fixed fees of 3,090 CNY/m²/month for Pudong and 2,827 CNY/m²/month for Hongqiao, alongside commission rates ranging from 8% to 24% and 8% to 22% respectively [2]. - The new commission rates represent a significant reduction compared to previous agreements, which were linked to passenger traffic and had higher commission rates of 18% to 36% [2]. Group 3: Market Impact and Growth Potential - The increase in international passenger traffic at Shanghai airports, driven by visa-free policies and the city's appeal as an entry point, has been notable, with Pudong's passenger volume increasing by 15.47% year-on-year to 6.9716 million and Hongqiao's by 4.67% to 4.1697 million [3]. - The successful implementation of these projects is expected to enhance the company's channel advantages at key domestic airports, catering to diverse shopping needs and improving the overall duty-free shopping experience [4].

Market Overview - The Shanghai Composite Index closed at 3876.74 points, above the six-month moving average, with a change of 0.17% [1] - The total trading volume of A-shares reached 1,352.099 billion yuan [1] Stocks Breaking the Six-Month Moving Average - A total of 151 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Xingchen Technology (21.97%) - Lude Medical (14.72%) - Suli Co., Ltd. (7.17%) [1] Stocks with Smaller Deviation Rates - Stocks with smaller deviation rates that have just crossed the six-month moving average include: - Huailong Co., Ltd. - Shihong Zhaoye - China Construction Bank [1] Detailed Stock Performance - The following stocks showed notable performance: - Xingchen Technology: +30.00% with a turnover rate of 37.59% and a latest price of 26.48 yuan [1] - Lude Medical: +18.92% with a turnover rate of 37.56% and a latest price of 12.07 yuan [1] - Suli Co., Ltd.: +9.99% with a turnover rate of 7.67% and a latest price of 20.36 yuan [1]

Group 1 - The core viewpoint of the article highlights the positive performance of the transportation sector, particularly during the "Double Twelve" e-commerce promotion, which has driven strong demand in the logistics and airline sectors [1] - The Transportation ETF (159666) saw a 0.7% increase, with significant gains in stocks such as Shanghai Airport (over 6%) and Shentong Express (over 2%) [1] - The inflow of over 10 million yuan into the Transportation ETF over the past 20 days indicates strong investor interest in the sector [1] Group 2 - The domestic outbound cargo volume of China Southern Airlines Logistics in the East China region exceeded 1,000 tons from December 8 to 15, reflecting robust consumer demand [1] - Huayuan Securities believes that the e-commerce express delivery industry remains resilient, with rising express delivery prices due to "anti-involution," which enhances corporate profit elasticity [1] - The Transportation ETF (159666) and its linked funds are the only ETFs tracking the CSI All-Share Transportation Index, covering logistics, railways, highways, shipping ports, and airports, thus providing a comprehensive view of the A-share transportation sector [1]

上海机场签约代表与中国中免签约代表签署浦东国际机场(T2及S2)免税店项目经营权转让合同。上海机 场集团供图 前期，上海机场集团积极响应国家相关政策，允许国内具有免税商品经营资质的企业以及具有一定实力 的经营免税商品的知名外商投资企业参与投标，本次合作的中国旅游集团中免股份有限公司与国际上超 过1500个品牌建立长期合作关系，是国内最大的免税运营商。Avolta(杜福睿)集团是总部位于瑞士的外 资企业，在全球70多个国家运营超5100个销售点。 上海机场签约代表与中国中免签约代表签署虹桥国际机场(T1)免税店项目经营权转让合同。上海机场集 团供图 当日，在三方集团负责人的见证下，上海机场集团签约代表分别与中国旅游集团中免股份有限公司、 Avolta(杜福睿)集团的签约代表签署了相应的机场进出境免税店项目经营转让合同，上海机场集团免税 业务将开启"国内龙头+国际巨头"的多元竞合新模式。 中新网上海12月18日电 (记者 殷立勤)12月17日，上海机场集团浦东、虹桥国际机场进出境免税店项目 经营权转让合同签约仪式在上海举行。上海机场集团董事长冯昕，上海机场集团总裁周浩，上海机场集 团副总裁、财务总监宋雪枫；中国旅 ...

转自：证券时报 人民财讯12月18日电，企查查APP显示，近日，中免集团（上海）免税品有限公司成立，注册资本2亿 元，经营范围包含免税商品销售；烟草制品零售；酒类经营；皮革制品销售等。企查查股权穿透显示， 该公司由上海机场、中国中免全资子公司中国免税品（集团）有限责任公司共同持股。 ...

统计数据显示，今年以来，上海国际航空运输市场发展势头良好。1-11月，上海浦东、虹桥两大机场的 旅客吞吐量已经达到1.24亿人次，同比增长8.5%，出入境旅客3797.4万人次，同比增长19.5%，客流量 的提升将进一步带动消费量的增长，为上海国际航空枢纽高质量发展提供有力支撑。 《中国民航报》、中国民航网 记者钱擘 通讯员尚机轩 报道：上海机场集团浦东、虹桥国际机场进出境 免税店项目经营权转让合同签约仪式，于12月17日举行。 在各方负责人见证下，上海机场签约代表分别与中国中免、Avolta（杜福睿）的签约代表签署了相应的 机场进出境免税店项目经营转让合同。上海机场表示，其免税业务由此将开启"国内龙头+国际巨头"的 多元竞合新模式。 来自上海机场的信息显示，此次，其响应国家相关政策，允许国内具有免税商品经营资质的企业以及具 有一定实力的经营免税商品的知名外商投资企业参与投标；本次合作的中国中免与国际上超过1500个品 牌建立长期合作关系，是国内最大的免税运营商，杜福睿是总部位于瑞士的外资企业，在全球70多个国 家运营超5100个销售点，上海机场由此将在中国内地机场中，首家引进全球领先的旅行零售外资免税运 营 ...

Core Viewpoint - China Duty Free Group (601888) (01880) experienced a decline of over 4%, currently trading at HKD 67.25 with a transaction volume of HKD 122 million [1] Group 1: Policy Changes - Starting from December 18, 2025, Hainan Free Trade Port will officially implement a full island closure, introducing a series of policies including import tax item catalog, tax policies for goods circulation, restricted item lists, and duty-free policies for domestic sales of processed goods [1] - Huaxi Securities (002926) indicated that with the continuous deepening of the company's retail network layout in Hainan, along with the gradual recovery of high-end consumption and optimization of Hainan Free Trade Port policies, the company's business operations are expected to continue to improve [1] Group 2: Business Developments - China Duty Free Group announced that it has received a bid notification from Shanghai International Airport, confirming that its wholly-owned subsidiary has won the bid for duty-free store projects at Shanghai Pudong International Airport and Shanghai Hongqiao International Airport [1] - The company has signed contracts for the transfer of operating rights for the duty-free store projects at Shanghai Pudong International Airport T2 terminal and S2 satellite hall, as well as the T1 terminal at Shanghai Hongqiao International Airport [1] - The market is currently focused on the upcoming disclosure of the bid candidates for the capital airport [1]