从资金流向上来看，当日旅游零售板块主力资金净流入8260.14万元，游资资金净流出5750.73万元，散户 资金净流出2509.4万元。旅游零售板块个股资金流向见下表： 证券之星消息，10月20日旅游零售板块较上一交易日上涨0.43%，中国中免领涨。当日上证指数报收于 3863.89，上涨0.63%。深证成指报收于12813.21，上涨0.98%。旅游零售板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 601888 | 中国中免 | | 70.32 | 0.43% | | 27.74万 | | 19.66亿 | | 代码 名称 主力净流入（元） 主力净占比 游资净流入（元） 游资净占比 散户净占比 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 601888 中国中免 | 8260.14万 | 4.20% | -5750.73万 | -2.93% | -2 ...

2025 年 10 年 18 年 证券研究报告|行业研究|行业点评 社会服务行业·周观点 离岛免税政策系统优化，封关前消费红利加速释放 年年年年年年年年年年年年年年年年年年年年年年年年年年年年 年年年年年年年年年年年年年年年年年年年年年年年年年年年年 年年年年年年年年年年年年年年年年年年年年年年年年年年年年年 年年年年年年年年年年年年年年年年年年年年年年年年年年年 年年年年年年年年年年年年年年年年年年年年年年年年年年年年年 年年年年年年年年年年年年 年年年年 年年年年年年年年年年年年年年年年年年年年年年年 年年年年 年年年年年年年年年年年年年年年年年年年年年年年 年年年年 年年 年年年年 年年年年年 -30% -20% -10% 0% 10% 20% 30% 24-10 24-12 25-03 25-05 25-08 25-10 年年年年 年年300 年年 裴伊凡 分析师 SAC 执业证书：S0640516120002 联系电话：010-59562517 邮箱：peiyf@avicsec.com 郭念伟 分析师 SAC 执业证书：S0640525040003 联系电话： 邮箱：guonw@avicsec.co ...

Core Viewpoint - The market experienced a correction last week, but certain stocks within the brand index showed resilience, indicating potential investment opportunities in sectors like electronics, new energy, new consumption, and real estate as uncertainties ease [1][4]. Market Performance - The market indices saw declines: Shanghai Composite Index down 1.47%, Shenzhen Component down 4.99%, ChiNext down 5.71%, and CSI 300 down 2.22%. The brand index fell 3.58% to 1956.62 points [2]. - Notable gainers in the brand index included Shanghai Jahwa up 9.42%, Changbai Mountain up 7.19%, and Darentang up 5.34%. Other stocks like Luzhou Laojiao and Yiling Pharmaceutical also saw gains exceeding 4% [2]. Stock Performance Since H2 - Since the beginning of the second half of the year, Zhongji Xuchuang has surged 156.40%, leading the gains, followed by Sunshine Power at 114.27%. Other significant performers include Lanke Technology and Yiwei Lithium Energy, both up over 60% [3]. Market Outlook - Looking ahead, the market is expected to maintain upward momentum as uncertainties gradually diminish. Liquidity is anticipated to remain supportive, with domestic interest rates low and overseas liquidity remaining loose, encouraging investment in Chinese equity assets [4][5]. - The current market environment is characterized by a shift in investment styles, with a focus on sectors that offer higher investment certainty, particularly in electronics, new energy, new consumption, and real estate [5].

BEIJING, Oct. 18, 2025 (GLOBE NEWSWIRE) -- On the cusp of the conclusion of the “14th Five-Year Plan” and the commencement of the “15th Five-Year Plan”, China Duty Free Group (CDFG), a leader in China’s travel retail industry, along with Beijing DATA 100 information technology Co. Ltd., has released its CDFG Consumer White Paper (referred to as the “White Paper”). Drawing on real consumption data and informed by industry performance, macroeconomic trends, and duty-free policies, the White Paper offers deep ...

经济观察报 记者 张锐 10月17日，财政部、海关总署等部门联合发布《关于调整海南离岛旅客免税购物政策的公告》（下称《公告》或新政），再次为海南离岛免税市场扩容。 上述公告称，为进一步扩大政策效应，支持海南自由贸易港建设，调整海南离岛旅客免税购物政策，主要包括新增免税商品类别、扩大免税经营主体采购国 产商品类别，以及延长消费者享受离岛免税购物政策的时间限制。 四、允许"离岛且离境旅客"享受离岛免税购物政策。其中，离岛且离境旅客是指年满18周岁，已购买从海南离境的机票、船票，持进出境有效证件并实际离 境的国内外旅客，包括海南省居民。并且，离岛且离境旅客购买离岛免税商品金额计入其每年10万元人民币免税购物额度，不限次数。 同日，广州市社科院国际商贸研究所研究员揭昊接受经济观察报记者采访表示，新政配合海南自由贸易港即将迎来的封关运作做准备，有助于营造良好社会 消费气氛。不过，他亦表示，受宏观环境影响，免税行业的整体压力仍然存在。 进一步放宽消费限制 《公告》显示，具体调整事项主要涉及五个方面。 五、一个自然年度内有离岛记录的岛内居民，在本自然年度内可不限次数购买"即购即提"提货方式下的离岛免税商品。其中，岛内居民指 ...

Core Viewpoint - The investment strategy involves reallocating funds into the Guangfa Value Leading Mixed Fund, which focuses on sectors with potential for recovery, particularly in tourism and aviation, despite recent market downturns [1]. Fund Reallocation - The reallocation targets the Guangfa Value Leading Mixed Fund, which is characterized as a fund focused on the "airline + OTA platform" sector, effectively functioning like an index ETF while being actively managed [1]. - The rationale for this reallocation is to take profits from funds that have appreciated significantly and invest in those with lower growth, aiming to control portfolio drawdowns [1]. Sector Analysis - **Aviation Sector**: - The aviation industry faces challenges due to a decline in business travel and reduced consumer spending, impacting passenger numbers [5]. - Factors such as currency exchange rates, fuel costs, and aircraft supply are seen as favorable for the aviation sector, with a potential for recovery if consumer demand improves [6][12]. - Recent data indicates a strong willingness among consumers to travel, with domestic travel during the recent holiday period reaching 888 million trips, a 16% increase year-on-year [12]. - **Tourism Sector**: - The tourism sector is divided into four sub-sectors: duty-free (China Duty-Free Group and Shanghai Airport), attractions (Songcheng Performance and Overseas Chinese Town), airlines (Eastern Airlines, Southern Airlines, Air China, Spring Airlines), and hotels (Jinjiang and Shouqi) [4]. - The duty-free segment is struggling with declining consumer purchasing power, leading to reduced profit margins [4]. - The attractions sector is volatile, with visitor numbers fluctuating significantly, impacting financial stability for many companies [4]. - The hotel industry is facing intense competition, with new entrants emerging post-pandemic, leading to continued market saturation [4]. Investment Outlook - The aviation and duty-free sectors are viewed as having potential investment value, contingent on a recovery in consumer spending [5]. - The overall sentiment suggests that while the tourism and hotel sectors may present risks, the aviation sector could see significant upside if consumer demand is stimulated through effective policy measures [12].

Core Insights - The Chinese tourism retail industry is experiencing a recovery, supported by policy effects and expanding domestic demand, as highlighted in the "2024-2025 China Duty-Free Consumption White Paper" released by China Duty-Free Group [1][7] - The global duty-free and tourism retail market is projected to reach $74.13 billion in 2024, reflecting a 3% year-on-year growth and recovering to 85.8% of 2019 levels [3] - The market concentration in the tourism retail sector is increasing, with China Duty-Free Group maintaining a leading market share of 78.7% [8] Industry Trends - The integration of online and offline shopping experiences is redefining the duty-free shopping landscape, with a focus on "online ordering + offline experience" [13] - The consumer base is evolving, with a shift from broad coverage to precise segmentation, identifying nine distinct consumer categories based on preferences and demographics [12] - The demand for domestic brands is rising, particularly among younger consumers, leading to a shift in market dynamics traditionally dominated by international brands [13] Market Opportunities - The ongoing policy support, including the Hainan duty-free policy and the expansion of city duty-free stores, is expected to create additional market space [15] - The diversification of consumer needs is generating structural opportunities in product categories, driven by differentiated demands from various consumer segments [15] - China Duty-Free Group has introduced over 200 new brands and exclusive products, enhancing its product matrix to include more than 360,000 SKUs [16]

| 代码 名称 主力净流入（元） 主力净占比 游资净流入（元） 游资净占比 散户净占比 | | | | | | | --- | --- | --- | --- | --- | --- | | 601888 中国中免 9425.77万 | 3.88% | -6128.68万 | -2.52% | -3297.09万 | -1.36% | | 20 | | | | | | | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | --- | | 601888 | 中国中免 | 70.02 | 0.09% | | 34.53万 | | 24.28 Z | 从资金流向上来看，当日旅游零售板块主力资金净流入9425.77万元，游资资金净流出6128.68万元，散户 资金净流出3297.09万元。旅游零售板块个股资金流向见下表： 证券之星消息，10月17日旅游零售板块较上一交易日上涨0.09%，中国中免领涨。当日上证指数报收于 3839.76，下跌1.95%。深证成指报收于12688.94，下跌3.0 ...

财政部等三部门调整海南离岛旅客免税购物政策。为稳步推进海南自由贸易港建设，进一步满足消费者多元化购物需求，财政部、海关总署、税务总局联合印发公告，调整海南离岛旅客免税购物 一是扩大离岛免税商品范围，增加宠物用品、可随身携带的乐器、微型无人机、小家电等商品。优化后的离岛免税商品由45大类提高至47大类。二是允许服装服饰、鞋帽、陶瓷制品、丝巾、咖 政策调整后将有利于扩大离岛免税政策享惠面，增加商品供给，改善消费者购物体验，提升岛内居民获得感，推动海南自由贸易港建设不断取得新成效。 责任编辑：郝欣煜 中国中免港股午后拉升涨超3%，现涨2.3%，报价62.4港元。 ...

（文章来源：每日经济新闻） 每经AI快讯，10月17日，港股中国中免(01880.HK)午后涨超4%，截至发稿，涨4.1%，报63.5港元，成 交额2.76亿港元。 ...