Core Insights - The Chinese duty-free industry is experiencing a turning point due to improved policies, rising consumer confidence, and reduced external competition pressures, marking the establishment of a bottoming out phase for the industry [1][10]. Group 1: Industry Trends - The decline in the duty-free sector post-2020 was influenced by multiple factors, including increased competition from high commission models in Japan and South Korea, reduced consumer spending due to fluctuating income expectations, and limited supply from existing duty-free stores [1]. - Since 2023, government policies aimed at stimulating consumption have been effective, leading to a gradual recovery in consumer sentiment, particularly among middle to high-income households [3]. - The expansion of China's visa-free travel and cultural influence is enhancing the attractiveness of "China Travel" among international tourists, contributing to the recovery of passenger flow in port and city duty-free shops [6]. Group 2: Market Expansion - The duty-free market is set for rapid expansion with the introduction of 41 new port duty-free stores, as announced by the Ministry of Finance and other departments, aimed at increasing market scale through reasonable competition [6][10]. - The core duty-free market in Hainan is benefiting from favorable policies, with significant increases in sales figures, such as a 34.86% year-on-year growth in shopping amounts during the first week of new regulations [8]. Group 3: Company Insights - China Duty Free Group (601888) holds over 85% market share in Hainan's duty-free market, benefiting from zero tariffs and low corporate tax rates, with projected revenue growth from 45 billion to 60-65 billion yuan by 2026 [12]. - Hainan Airlines (600515) controls over 90% of air passenger flow in Hainan, with an increase in international routes expected to drive growth in air passenger and cargo transport [13]. - Hainan Haoyao (000566), while not a traditional duty-free operator, benefits from favorable policies in the biopharmaceutical sector, with a projected peak revenue contribution of 15 billion yuan from innovative drugs by 2026 [13].

Core Viewpoint - The company has completed the acquisition of controlling shares in Hainan Meilan International Airport Co., Ltd. and has successfully concluded the public offer phase of the transaction [1] Summary by Sections Acquisition Details - The public offer phase for the acquisition ended on January 30, 2026, at 16:00, with the company receiving valid acceptances for a total of 3,512,500 domestic shares, representing 0.74% of the total issued shares of Meilan Airport as of the announcement date [1] - The company's wholly-owned subsidiary, Hainan Airport Facilities (Hong Kong) Co., Ltd., received valid acceptances for 54,170,087 H-shares, accounting for 11.45% of the total issued shares of Meilan Airport as of the announcement date [1] Shareholding Structure - As of the announcement date, the company and Hainan Airport Hong Kong collectively hold 295,182,587 shares of Meilan Airport, which constitutes 62.38% of the total issued shares [1] - The shareholding structure of Meilan Airport meets the minimum public holding requirement as stipulated by the Hong Kong Stock Exchange Listing Rules [1] Next Steps - The company will continue to advance the payment of the offer price and the transfer of the offered shares [1]

Transaction Overview - Hainan Airport Facilities Co., Ltd. approved the acquisition of controlling stake in Hainan Meilan International Airport Co., Ltd. at a price of RMB 2,339,375,000, equivalent to RMB 9.85 per share [2] - The acquisition involves the transfer of 237,500,000 domestic shares from Haikou Meilan International Airport Co., Ltd. [2] Offer Details - Following the share transfer, the company will make a comprehensive offer for all issued domestic shares and H-shares of the target company, maintaining its listing status [3] - The offer price for domestic shares is RMB 9.85, while the H-share offer price is HKD 10.62, based on an exchange rate of 1 HKD = 0.92813 RMB [3] Progress Update - As of January 30, 2026, the company received valid acceptances for 3,512,500 domestic shares (0.74% of total issued shares) and 54,170,087 H-shares (11.45% of total issued shares) [4] - The company and its subsidiary now hold a total of 295,182,587 shares, representing 62.38% of the total issued shares of Meilan Airport, meeting the minimum public holding requirement [4]

Core Viewpoint - Hainan Airport has successfully completed the acquisition of controlling shares in Hainan Meilan International Airport, marking a significant milestone in the airport industry and the establishment of a unified airport management system in Hainan Province [1][2]. Group 1: Acquisition Details - The comprehensive offer for the acquisition was concluded on January 30, 2026, with Hainan Airport receiving valid acceptances for 3,512,500 domestic shares, representing 0.74% of the total issued shares of Meilan Airport [1]. - Hainan Airport's wholly-owned subsidiary, Hainan Airport Facilities (Hong Kong), received valid acceptances for 54,170,087 shares of H shares, accounting for 11.45% of the total issued shares of Meilan Airport [1]. - The total shares acquired in the transaction amount to 295,182,587 shares, with a transaction price of approximately 2.9 billion RMB, making it the largest merger and acquisition in the airport industry in the past three years [2]. Group 2: Strategic Implications - The acquisition allows Hainan Airport to achieve unified operational management of three major international airports in Hainan: Haikou Meilan, Sanya Phoenix, and Qionghai Boao, forming a large airport operating group with an annual passenger throughput exceeding 50 million [2]. - This strategic move is expected to enhance Hainan Airport's overall competitiveness in route network layout, commercial resource development, and smart airport construction, while also better positioning the company to capitalize on the growth opportunities presented by the opening of the Hainan Free Trade Port [2].

股票代码：600515 股票简称：海南机场 公告编号：临 2026-004 海南机场设施股份有限公司 根据香港证券及期货事务监察委员会（以下简称"香港证监会"）颁布的《公 司收购及合并守则》相关规定，待上述股份转让交易完成后，将由公司作为内资股 要约人对标的公司全部已发行内资股进行全面收购要约（内资股要约人已拥有或同 意收购的内资股除外），并由公司全资子公司海南机场设施（香港）有限公司作为 H 股要约人对标的公司全部已发行 H 股进行全面收购要约（以下简称"全面要约"） （股份转让与全面要约以下合称"本次交易"）。本次全面要约拟维持美兰空港的 上市地位，本次内资股要约价格折合每股 9.85 元人民币，H 股要约价格折合每股 10.62 港元（按照内资股要约价格每股 9.85 元人民币，基于中国人民银行 2025 年 4 月 30 日公布的汇率中间价 1 港元=0.92813 人民币换算）。 本次交易具体内容详见公司于 2025 年 5 月 1 日披露的《关于收购海南美兰国际 空港股份有限公司控股权暨关联交易的公告》（公告编号：临 2025-027）。 二、进展情况 1 本次交易全面要约环节已于 2026 年 ...

Core Viewpoint - Meilan Airport (00357) has received a joint offer from Hainan Airport Facilities Co., Ltd. and Hainan Airport Facilities (Hong Kong) Co., Ltd. for a total of 54.17 million H-shares, representing approximately 23.87% of the total issued H-shares and 11.45% of the total issued shares as of the announcement date [1] Group 1 - The H-share offer has received valid acceptances involving a total of 54.17 million H-shares [1] - The domestic share offer has received valid acceptances of approximately 3.51 million domestic shares, accounting for about 1.43% of the total issued domestic shares [1] - After the offer deadline, the offerors and their concert parties will hold 246 million domestic shares (100% of issued domestic shares) and 54.17 million H-shares (approximately 23.87% of issued H-shares), totaling about 63.50% of the total issued shares [1]

Core Viewpoint - The 2026 Spring Festival travel season in Hainan is expected to see a significant increase in passenger flow, driven by a 9-day holiday and new tax-free policies, with travelers advised to book tickets early and plan their itineraries accordingly [1][4]. Group 1: Travel Trends and Passenger Flow - Hainan's civil aviation passenger flow is projected to exceed historical levels during the Spring Festival travel season [1]. - The top five popular routes are: Beijing-Sanya, Shanghai-Sanya, Beijing-Haikou, Shanghai-Haikou, and Chengdu-Sanya, with major source cities including Beijing, Shanghai, Chengdu, Shenzhen, and Hangzhou [1]. - There is a notable increase in flight demand from cities like Chongqing, Harbin, and Xi'an [1]. Group 2: Transportation Infrastructure - Hainan's three major airports—Haikou Meilan, Sanya Phoenix, and Qionghai Boao—are strategically located to provide complementary coverage across the island [3]. - The island's transportation network includes high-speed rail and highways, facilitating seamless connections between airports and other transport modes [3]. - The airports offer "one-way car rental, return at different locations" services, enhancing travel flexibility for tourists [3]. Group 3: Ticket Booking Strategies - As the Spring Festival approaches, ticket prices are expected to rise, making early booking through official channels advisable to secure better options [4]. - Travelers are encouraged to book round-trip tickets to ease return travel pressures and to plan itineraries that utilize the complementary airport locations and transport options [4]. - Key booking strategies include locking in tickets early, monitoring ticket availability, and planning return flights ahead of peak travel days [5][6].

证券日报网讯1月26日，供销大集（000564）在互动平台回答投资者提问时表示，截至2025年6月30日， 公司持有的海南机场（600515）账面价值为1.17亿元，公司在年度报告、半年度报告中对此持续披露。 海南望海国际是海南省首批境外旅客购物离境退税定点商场，即境外旅客在海南望海国际购买商品后， 办理退税申请并取得相应退税凭证后，本人携带退税物品和相关退税凭证在离境时经海关验核确认，最 终由退税代理机构办理完成退税业务。望海国际离境退税业务正常运营。 ...

1. Report Industry Investment Rating - No information provided in the given content 2. Core View of the Report - The continuous improvement of the stock market since 2026 is the result of the joint action of four factors: the resonance of the technology cycle, the release of policy dividends, the improvement of economic recovery, and the return of overseas funds. The market has gradually shifted from being dominated by valuation expansion to a new stage driven by earnings. It is expected that in 2026, supply - side reforms will continue, pushing up the prices of commodities and driving up resource - based stocks. With the continuous release of policy effects, the further enhancement of economic recovery momentum, and the continuous progress of overseas funds allocating Chinese assets, the stock market is expected to continue its volatile upward trend [2] 3. Summary According to Relevant Catalogs 3.1 Stock Index Futures Market - **IF Contracts**: The previous two - day closing prices of IF contracts (IF当月, IF下月, IF下季, IF隔季) were 4722.00, 4719.40, 4683.00, 4626.00 respectively, and the previous day's closing prices were 4704.00, 4709.20, 4687.60, 4647.00. The price changes were - 16.20, - 7.20, 6.80, 23.60, and the corresponding price change rates of the CSI 300 were - 0.34, - 0.15, 0.15, 0.51. The trading volumes were 28815.00, 84474.00, 20706.00, 6487.00, and the positions were 42005.00, 173887.00, 72508.00, 11330.00. The changes in positions were 3960.00, - 417.00, 4100.00, 2530.00 [1] - **IH Contracts**: The previous two - day closing prices of IH contracts (IH当月, IH下月, IH下季, IH隔季) were 3057.00, 3061.20, 3057.60, 3025.80 respectively, and the previous day's closing prices were 3032.40, 3037.80, 3036.00, 3006.00. The price changes were - 22.20, - 20.20, - 19.60, - 15.60, and the corresponding price change rates of the SSE 50 were - 0.73, - 0.66, - 0.64, - 0.52. The trading volumes were 11094.00, 38693.00, 8525.00, 3725.00, and the positions were 16044.00, 63802.00, 23537.00, 5388.00. The changes in positions were 2026.00, 4793.00, 2711.00, 1709.00 [1] - **IC Contracts**: The previous two - day closing prices of IC contracts (IC当月, IC下月, IC下季, IC隔季) were 8404.00, 8400.00, 8309.60, 8195.20 respectively, and the previous day's closing prices were 8656.20, 8658.20, 8578.80, 8491.00. The price changes were 277.00, 281.20, 297.00, 320.60, and the corresponding price change rates of the CSI 500 were 3.31, 3.36, 3.59, 3.92. The trading volumes were 29259.00, 103171.00, 32896.00, 10967.00, and the positions were 51809.00, 179892.00, 88549.00, 20975.00. The changes in positions were - 995.00, 5740.00, 3581.00, 3280.00 [1] - **IM Contracts**: The previous two - day closing prices of IM contracts (IM当月, IM下月, IM下季, IM隔季) were 8318.00, 8292.60, 8119.20, 7952.00 respectively, and the previous day's closing prices were 8531.80, 8516.60, 8366.20, 8219.00. The price changes were 239.80, 252.80, 275.60, 295.00, and the corresponding price change rates of the CSI 1000 were 2.89, 3.06, 3.41, 3.72. The trading volumes were 39087.00, 128628.00, 39676.00, 15595.00, and the positions were 66131.00, 195577.00, 107740.00, 26555.00. The changes in positions were 3449.00, 8990.00, 4814.00, 6473.00 [1] - **Inter - month Spreads**: The current inter - month spreads of IF下月 - IF当月, IH下月 - IH当月, IC下月 - IC当月, IM下月 - IM当月 were 5.20, 5.40, 2.00, - 15.20 respectively, and the previous values were - 2.60, 4.20, - 4.00, - 25.40 [1] 3.2 Stock Index Spot Market - **CSI 300 Index**: The previous value of the CSI 300 index was 4702.50, with a trading volume of 314.64 billion lots and a total trading amount of 7556.18 billion yuan. The previous two - day value was 4723.71, with a trading volume of 274.20 billion lots and a total trading amount of 6902.35 billion yuan. The price change rate was - 0.45 [1] - **SSE 50 Index**: The previous value of the SSE 50 index was 3032.19, with a trading volume of 69.02 billion lots and a total trading amount of 2004.56 billion yuan. The previous two - day value was 3053.13, with a trading volume of 62.92 billion lots and a total trading amount of 1934.11 billion yuan. The price change rate was - 0.69 [1] - **CSI 500 Index**: The previous value of the CSI 500 index was 8590.17, with a trading volume of 319.69 billion lots and a total trading amount of 6394.21 billion yuan. The previous two - day value was 8387.60, with a trading volume of 268.81 billion lots and a total trading amount of 5461.38 billion yuan. The price change rate was 2.42 [1] - **CSI 1000 Index**: The previous value of the CSI 1000 index was 8470.74, with a trading volume of 393.04 billion lots and a total trading amount of 6819.48 billion yuan. The previous two - day value was 8309.35, with a trading volume of 328.56 billion lots and a total trading amount of 5718.06 billion yuan. The price change rate was 1.94 [1] - **Industry Indexes**: The price change rates of different industries in the CSI 300 industry index were as follows: energy - 1.82%, raw materials 0.99%, industry 0.72%, optional consumption - 0.70%, major consumption - 0.23%, medical and health 0.10%, real estate and finance - 0.89%, information technology - 0.70%, telecommunications business - 3.13%, public utilities - 0.91 [1] 3.3 Futures - Spot Basis - **IF Contracts and CSI 300**: The previous values of IF当月 - CSI 300, IF下月 - CSI 300, IF下季 - CSI 300, IF隔季 - CSI 300 were 1.50, 6.70, - 14.90, - 55.50 respectively, and the previous two - day values were - 1.71, - 4.31, - 40.71, - 97.71 [1] - **IH Contracts and SSE 50**: The previous values of IH当月 - SSE 50, IH下月 - SSE 50, IH下季 - SSE 50, IH隔季 - SSE 50 were 0.21, 5.61, 3.81, - 26.19 respectively, and the previous two - day values were 3.87, 8.07, 4.47, - 27.33 [1] - **IC Contracts and CSI 500**: The previous values of IC当月 - CSI 500, IC下月 - CSI 500, IC下季 - CSI 500, IC隔季 - CSI 500 were 66.03, 68.03, - 11.37, - 99.17 respectively, and the previous two - day values were 16.41, 12.41, - 78.00, - 192.40 [1] - **IM Contracts and CSI 1000**: The previous values of IM当月 - CSI 1000, IM下月 - CSI 1000, IM下季 - CSI 1000, IM隔季 - CSI 1000 were 61.06, 45.86, - 104.54, - 251.74 respectively, and the previous two - day values were 8.65, - 16.75, - 190.15, - 357.35 [1] 3.4 Other Domestic and Overseas Indexes - **Domestic Indexes**: The previous values of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index were 4136.16, 14439.66, 8883.33, 3349.50 respectively, and the previous two - day values were 4122.58, 14327.05, 8822.34, 3328.65. The price change rates were 0.33%, 0.79%, 0.69%, 0.63% respectively [1] - **Overseas Indexes**: The previous values of the Hang Seng Index, Nikkei 225, S&P 500, and DAX Index were 26749.51, 53846.87, 6915.61, 24900.71 respectively, and the previous two - day values were 26629.96, 53688.89, 6913.35, 24856.47. The price change rates were 0.45%, 0.29%, 0.03%, 0.18% respectively [1] 3.5 Macro Information - The "Several Measures of Beijing Municipality on Promoting the Development and Utilization of Commercial Satellite Remote - Sensing Data Resources (2026 - 2030)" encourages capable enterprises to conduct mergers and acquisitions of upstream and downstream satellite data enterprises, integrate and improve the ground station network and data application service industrial chain, and build leading enterprises with global competitiveness. It also supports enterprises in planning and building commercial satellite constellations with differentiated advantages, clear commercial value, and clear application prospects [2] - According to the National Bureau of Statistics' monitoring of the market prices of 50 important production materials in 9 major categories in the national circulation field, from mid - January to early January 2026, the prices of 29 products increased, 13 decreased, and 8 remained unchanged. The price of live pigs (external ternary) increased by 0.4 yuan/kg, a 3.2% increase [2] - During the Spring Festival, Sichuan Province will hold more than 2400 cultural, tourism, business, and sports activities and launch ten major boutique activities. The province's consumption discounts will exceed 40 million yuan, including 20 million yuan in cultural and tourism consumption vouchers, 16 million yuan in movie consumption vouchers, and 100,000 free scenic - spot tickets [2] - As of now, 8 banks in the A - share market have successively disclosed their 2025 performance reports, and all of these institutions achieved positive growth in net profit attributable to shareholders. The performance reports have three notable features: the asset scales of the 8 listed banks all expanded steadily, with small and medium - sized banks leading in growth; the non - performing loan ratio remained favorable, and no bank had an obvious rebound in the non - performing ratio; most banks increased their provision for bad debts, but the provision coverage ratio was still declining [2] - After the disclosure of the Q4 2025 fund reports, the latest positions of public FOFs, the "professional buyers", emerged. In Q4 last year, FOFs continued to favor low - risk products, and short - term financing ETFs became their top - held variety. Amid the record - high international gold prices, FOFs generally reduced their holdings of gold ETFs and instead significantly increased their holdings of gold - stock ETFs, showing a unique "gold - hunting" strategy [2] 3.6 Industry Information - The 2026 Beijing International Commercial Space Exhibition was held from January 23rd to 25th, and a number of star products and solutions representing the forefront of China's commercial space technology were on display. In the field of launch vehicles, LandSpace Technology exhibited models of the improved Zhuque - 2 liquid - oxygen methane launch vehicle and the reusable Zhuque - 3 launch vehicle [2] - The National Development and Reform Commission recently issued the "Opinions on Promoting the Healthy and Sustainable Development of Inter - city Railways", proposing to give priority to supporting the planning and construction of inter - city railways in key urban agglomerations with active economies and high population density, such as the Beijing - Tianjin - Hebei region, the Yangtze River Delta, the Guangdong - Hong Kong - Macao Greater Bay Area, and the Chengdu - Chongqing economic circle. It is strictly prohibited to build high - speed railways and urban rail transit projects in the name of inter - city railways. Projects with illegal debt - raising or without clear sources of debt repayment and operation subsidy funds will not be approved. Debt - high - risk regions are not allowed to increase local government debt for new inter - city railway projects [2] - As the Spring Festival approaches, the enthusiasm for "traveling south to avoid the cold" and duty - free shopping on Hainan Island continues to heat up, and ticket bookings have entered a peak period. Data from multiple online travel platforms show that Haikou and Sanya are among the top domestic destinations. Hainan Airport's passenger throughput during the 2026 Spring Festival travel season is expected to reach 8.175 million person - times, setting a new record for the same period [2] 3.7 Stock Index Views - U.S. stocks were mixed. In the previous trading day, stock indexes continued to diverge, with the power equipment sector leading the gains and the communication sector leading the losses. The market turnover was 3.12 trillion yuan. In terms of funds, on January 22nd, the margin trading balance increased by 3.972 billion yuan to 2.707543 trillion yuan [2]

Core Viewpoint - The 2026 Spring Festival travel rush in Hainan is expected to see a record passenger throughput of over 8.175 million at three major airports, driven by increased travel demand and tourism activities [1][2]. Group 1: Passenger Volume Predictions - The passenger throughput at Haikou Meilan Airport is projected to reach 4.385 million, while Sanya Phoenix Airport is expected to handle 3.493 million passengers, and Qionghai Boao Airport is forecasted to accommodate 297,000 passengers during the Spring Festival period [1]. - The travel demand is influenced by the "southward escape from the cold" trend and the popularity of duty-free shopping, leading to a peak in flight bookings [1]. Group 2: Service Enhancements and Coordination - Hainan Airport Group is prioritizing passenger needs and has planned various service enhancements, including personalized services and improved operational coordination with airlines [2][3]. - A meeting was held to coordinate with airlines to increase flight availability from major cities such as Beijing, Shanghai, and Guangzhou, and to implement the use of wide-body aircraft to maximize capacity [3]. Group 3: Operational Measures and Safety - The airport group is implementing collaborative operational measures to enhance air-ground coordination, focusing on resource sharing and peak response strategies to improve overall aviation service levels in Hainan [4]. - Safety measures are being reinforced to ensure a secure travel environment for passengers during the busy Spring Festival period [2]. Group 4: Special Services and Passenger Guidance - Haikou Meilan Airport will offer volunteer services for passenger assistance, while Sanya Phoenix Airport will enhance on-site support and communication for international travelers [5]. - Passengers are advised to book return tickets in advance due to potential price fluctuations and limited availability on popular routes [5]. Group 5: Weather and Travel Information - Travelers are encouraged to monitor weather conditions and flight updates to minimize disruptions caused by adverse weather during the winter season [6][7]. - The connectivity between the three major airports and local transportation options is highlighted to facilitate easy transfers for travelers [7].