Group 1 - The company has not engaged in any cooperative business with China Duty Free Group as of March 23 [2] - An investor inquired about potential collaboration with China Duty Free Group to leverage procurement advantages for cost reduction and margin improvement [2]

Investment Rating - The report rates the industry as "Overweight" [1] Core Insights - The report highlights the frequent emergence of new policies supporting service consumption, particularly in the travel chain sector, indicating a positive outlook for investment opportunities [3] - Key investment points include a continued focus on tourism and travel, with specific recommendations for hotel chains and scenic spots [4] - The competitive landscape is improving significantly, with several companies showing strong performance and potential for growth [4] Summary by Relevant Sections Investment Outlook - Continued optimism for tourism and travel sectors, recommending companies such as Huazhu Group, ShouLai Hotels, and JinJiang Hotels, as well as scenic spots like Jiuhua Tourism and Huangshan Tourism [4] - Notable individual stock opportunities include Jiangsu Guotai, SuMeida, HaiDiLao, and GuMing [4] Market Performance - Last week's performance saw the retail sector decline by 5.02%, while consumer services fell by 3.01%, ranking 11th and 20th respectively among 30 industries [4] - Among non-suspended stocks, Anker Innovations and GuoQuan showed significant gains of 9.8% and 8.8% respectively [4] Industry Updates - Recent policies from the Ministry of Commerce and other departments aim to promote travel service exports and expand inbound consumption [4] - Data from Haikou Customs indicates a significant increase in duty-free shopping, with total spending reaching 10.59 billion yuan, a year-on-year growth of 25.9% [4] Company Announcements - Huazhu Group reported Q4 2025 revenue of 6.525 billion yuan, an increase of 8.3% year-on-year [4] - Didi Chuxing achieved Q4 2025 revenue of 58.445 billion yuan, a 10% increase compared to the previous year [4] - Focus Technology reported a revenue of 1.92 billion yuan for 2025, reflecting a growth of 15.1% [4]

| 证券代码：600185 | 股票简称：珠免集团 | | | 编号：临 | 2026-012 | | --- | --- | --- | --- | --- | --- | | 债券代码：250772 | 债券简称：23 | 格地 | 01 | | | | 债券代码：281481 | 债券简称：26 | 珠免 | 01 | | | 珠海珠免集团股份有限公司 关于控股股东部分股权质押解除的公告 珠海投资控股有限公司保证向本公司提供的信息内容真实、准确、完整，不 存在任何虚假记载、误导性陈述或者重大遗漏。本公司及其董事会全体成员保证 本公告内容与信息披露义务人提供的信息一致。 重要内容提示： 二、股东累计质押股份情况 截至本公告披露日，公司控股股东及其一致行动人累计质押股份情况如下： 珠海珠免集团股份有限公司（以下简称"公司"）控股股东珠海投资控 股有限公司（以下简称"海投公司"）及其一致行动人珠海玖思投资有限公司（以 下简称"玖思投资"）合计持有公司 847,383,580 股，占公司总股本的 44.95%。 本次海投公司解除质押的股份为 39,000,000 股，占其持有公司股份的 4.60%，占 公司总股 ...

Investment Rating - The report rates the industry as "Overweight" [1] Core Insights - The report emphasizes the importance of policy support for new consumption and modern service industries, particularly highlighting the positive outlook for travel and tourism [3][6] - It identifies significant investment opportunities in the tourism sector, recommending specific companies such as Huazhu Group, ShouLai Hotel, and JinJiang Hotels, as well as scenic spots like Jiuhua Tourism and Huangshan Tourism [6][7] - The competitive landscape is noted to have improved significantly, with companies like Caibai Co., Action Education, and China Duty Free Group showing strong performance [6][7] - Recent earnings reports are expected to exceed market expectations, particularly for companies like Laopu Gold and Pop Mart [6] - Individual stock opportunities include Jiangsu Guotai, SuMeida, and HaiDiLao, among others [6][7] Industry Updates - The report highlights that during the Spring Festival travel period from February 2 to March 13, 2026, air travel reached nearly 95 million passengers, marking a historical high with a daily average of 2.36 million, a year-on-year increase of 4.7% [6] - The China Household Appliances and Consumer Electronics Expo showcased innovative products, such as Anker Innovations' first consumer-grade 3D texture UV printer [6] - Notable sales growth was reported by companies like Bubu Gao, with a 24% year-on-year increase in sales for its "Fat Transformation" stores [6] Company Performance Predictions - The report provides profit forecasts for key companies in the social service retail sector, indicating strong growth potential for firms like Chow Tai Fook and Lao Feng Xiang [7][9] - Specific financial metrics include projected revenues and net profits for various companies, with significant year-on-year growth anticipated for Laopu Gold and others [7][9]

2026年面向专业投资者非公开发行公司债券 （第一期）发行结果公告 本期债券发行工作已于 2026 年 3 月 11 日结束，本期债券实际发行规模 4 亿元，发行期限为 3 年，票面利率为 2.30%，认购倍数为 2.55 倍。本期债券简 称为"26 珠免 01"，债券代码为"281481.SH"。 | 证券代码：600185 | 证券简称：珠免集团 | | | 公告编号：2026-011 | | --- | --- | --- | --- | --- | | 债券代码：250772 | 债券简称：23 | 格地 | 01 | | | 债券代码：281481 | 债券简称：26 | 珠免 | 01 | | 特此公告。 珠海珠免集团股份有限公司 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。 根据上海证券交易所出具的《关于对珠海珠免集团股份有限公司非公开发行 公司债券挂牌转让无异议的函》（上证函〔2026〕32 号），珠海珠免集团股份有 限公司（以下简称"公司"）获准面向专业投资者非公开发行总额不超过人民币 4 亿元的公司债券（ ...

Investment Rating - The report assigns an "Overweight" rating for the industry [4]. Core Insights - The report continues to recommend investment in the travel and tourism sector, specifically hotels and scenic spots, highlighting companies such as Huazhu Group, ShouLai Hotel, and JinJiang Hotels [4]. - Individual stock opportunities include ZhuMian Group, Jiangsu Guotai, SuMeiDa, Action Education, GuoQuan, HaiDiLao, and GuMing [4]. - The report notes adjustments in US-China tariffs and suggests focusing on cross-border expansion, recommending companies like Anker Innovation, KangNaiTe Optical, and GreenLink Technology [4]. - The retail sector saw a decline, with the trade retail sector down 3.61% and consumer services down 7.95% last week, ranking 22nd and 24th out of 30 industries respectively [4]. - Key stock performers included SuMeiDa (+14.33%), QinShang Shares (+12.58%), and Action Education (+10.30%) [4]. Industry Updates - In the social service industry, MiXue Ice City is testing fresh coffee products, and Ctrip will launch a pricing assistant feature to enhance merchant pricing autonomy starting March 10 [4]. - The China Securities Regulatory Commission (CSRC) plans to support innovative enterprises in new consumption and modern services to list on the Growth Enterprise Market [2][4]. - In the retail sector, Taobao has initiated a "Billion Spring Subsidy" campaign, while JD.com anticipates reduced investment in food delivery for 2026 compared to 2025 [4]. - In 2025, Henan province's cross-border e-commerce exports reached $3.359 billion, a 23.7% year-on-year increase [4]. Company Announcements - Lao Feng Xiang reported a net profit of 1.75496 billion yuan for 2025, a decrease of 9.99% year-on-year [4]. - Guangzhou Restaurant achieved a net profit of 487.98 million yuan for 2025, down 1.19% year-on-year [4]. - JD.com reported a net profit of 19.6 billion yuan for 2025, a decline of 52.66% year-on-year [4].

德恒永恒（横琴）联营律师事务所 关于珠海珠免集团股份有限公司 2026 年第一次临时股东会的 法律意见 珠海市横琴新区吉临路 59 号信德口岸商务中心 1101-1104 室 电话：0756-2991128 邮编：519000 德恒永恒（横琴）联营律师事务所 关于珠海珠免集团股份有限公司 2026 年第一次临时股东会的法律意见 德恒永恒（横琴）联营律师事务所 关于珠海珠免集团股份有限公司 2026 年第一次临时股东会的 法律意见 德恒 49G20260009-01 号 致：珠海珠免集团股份有限公司 珠海珠免集团股份有限公司（以下简称"公司"）2026 年第一次临时股东 会（以下简称"本次会议"）于 2026 年 3 月 6 日（星期五）召开。德恒永恒 （横琴）联营律师事务所（以下简称"德恒"）受公司委托，指派陈坚律师、 程亚晖律师（以下简称"德恒律师"）出席了本次会议。根据《中华人民共和 国证券法》（以下简称"《证券法》"）、《中华人民共和国公司法》（以下 简称"《公司法》"）、中国证券监督管理委员会《上市公司股东会规则》 （以下简称"《股东会规则》"）、《珠海珠免集团股份有限公司章程》（以 下简称"《公司章 ...

| 证券代码：600185 | 证券简称：珠免集团 | | | 公告编号：2026-009 | | --- | --- | --- | --- | --- | | 债券代码：250772 | 债券简称：23 | 格地 | 01 | | 珠海珠免集团股份有限公司 2026年第一次临时股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 （一）股东会召开的时间：2026 年 3 月 6 日 （二）股东会召开的地点：珠海市石花西路 213 号珠海珠免集团股份有限公 司会议室 （三）出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 262 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 882,932,043 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 46.8397 | | 份总数的比例（%） | | （四）表决方式是否符合《公司法》及公司《章程》的规定，会议主持情 ...

| 证券代码：600185 | 股票简称：珠免集团 | | 编号：临 2026-010 | | --- | --- | --- | --- | | 债券代码：250772 | 债券简称：23 格地 | 01 | | 珠海珠免集团股份有限公司 董事会决议公告 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个别及连带责任。 一、董事会会议召开情况 珠海珠免集团股份有限公司（以下简称"公司"）第九届董事会第一次会议 于 2026 年 3 月 6 日以现场方式召开。本次会议为临时会议，会议通知于同日以 现场文件方式发出，与会的各位董事已知悉与所议事项相关的必要信息，经全体 与会董事同意，豁免本次会议的通知时限。本次会议应出席董事 9 人，实际参加 表决董事 9 人，经出席会议的董事共同推举，本次会议由李向东先生主持。本次 会议的召集、召开符合《中华人民共和国公司法》及公司《章程》规定。 二、董事会会议审议情况 公司 2026 年第一次临时股东会选举产生了公司第九届董事会，根据公司《章 程》的有关规定，选举公司第九届董事会董事长一名，全体董事一致 ...

珠海珠免集团股份有限公司 2026年第一次临时股东会 会议资料 二〇二六年三月六日 1 珠海珠免集团股份有限公司 2026年第一次临时股东会会议须知 各位股东及股东代表： 为维护全体股东的合法权益，确保本次股东会的工作效率和科学决策，根据 《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股东会规则》等 法律法规、规范性文件以及公司《章程》的规定，特制订本次股东会会议须知， 具体如下： 一、本次股东会议案为普通表决议案，即由出席股东会的股东（包括股东代 理人）所持表决权的过半数通过。 二、法人股东应由法定代表人或者法定代表人委托的代理人出席会议。法定 代表人出席会议的，应出示本人身份证、能证明其具有法定代表人资格的有效证 明；代理人出席会议的，代理人应出示本人身份证、法人股东单位的法定代表人 依法出具的书面授权委托书。 个人股东亲自出席会议的，应出示本人身份证或其他能够表明其身份的有效 证件或证明；代理他人出席会议的，应出示本人有效身份证件、股东授权委托书。 三、出席本次股东会的股东及股东代表应于2026年2月28日上午9:00-12:00， 下午14:00-17:30之间办理会议登记。 四、股东及股 ...