6月，省政府办公厅印发《广东省促进经济持续向好服务做强国内大循环工作方案》，提出加快广州、 深圳市内免税店建设，力争在2025年第三季度内开业。广州获批设立的免税店地址确定为珠江新城国际 金融中心，一楼已立起即将开业的预告牌。 专家表示，国金店的开业，将填补广州没有市内免税店的空白，也将丰富广州的免税经济，对培育建设 国际消费中心城市和提升城市能级有着重要作用。作为展示自主品牌的重要平台，市内免税店应积极推 介国货和本土特色产品。广州也应在推动本土企业获得免税经营牌照方面持续发力，并不断提升服务体 验，更好发挥免税店促消费的协同作用，从而吸引外国客流扩大入境消费。 选址 国金中心选址受肯定 和周边商圈协同互动促消费 在我国，免税店主要有口岸免税店、离岛免税店、市内免税店和运输工具免税店四类。口岸免税店主要 在机场、陆路、水路等口岸设置，比如白云机场，这也是常见的免税店形态，广州有多家。离岛免税 店，主要集中开设在海南岛，是近几年比较火热的一类免税店。运输工具免税店主要在运输工具（如飞 机、船舶）上设立，通常依托交通工具运营。 市内免税店，是指经国务院批准，按规定设立在市内，向即将出境的旅客销售免税商品的商店。 ...

Core Insights - In the first half of 2025, 55 listed companies in the cultural tourism sector were analyzed, with 31 experiencing an increase in market value and 24 seeing a decline [3][18] - The highest market value increases were recorded by Wanda Hotel Development at 173.65%, Feiyang Group at 140.7%, and Jinma Amusement at 92.68% [3][4] - Conversely, the largest declines were seen in Lujing Technology at -48.03%, Lingnan Holdings at -43.34%, and Yingxin Development at -26.03% [6][7] Market Value Changes - As of June 30, 2025, the total market value of Wanda Hotel Development was 2.699 billion, while Feiyang Group and Jinma Amusement had market values of 0.126 billion and 4.521 billion respectively [4][7] - Ctrip led the market with a total value of 274.37 billion, followed by China Duty Free at 124.57 billion and Huazhu at 74.53 billion [8][9] - The overall market value of the remaining 52 companies was 390 billion, indicating a significant concentration of value among the top three companies [8] Sector Performance - The cultural tourism sector showed a mixed performance, with scenic area companies generally performing well, such as Haichang Ocean Park with a 39.1% increase and Zhangjiajie with a 28.55% increase [12][13] - Hotel companies also showed varied results, with Huazhu leading at 745.31 billion, while Atour saw a 20.41% increase [14][15] - Online travel companies experienced declines, with Ctrip and Tuniu dropping by 14.94% and 17.79% respectively, while Tongcheng saw a modest increase of 6.08% [16][17] Company-Specific Developments - Wanda Hotel Development's significant increase in market value was attributed to the sale of its subsidiary Wanda Hotel Management for 2.5 billion, which is expected to improve its financial structure [6][7] - Lujing Technology's decline was linked to negative media coverage regarding its management capabilities in scenic area operations [7][8] - The overall performance of cultural tourism companies reflects ongoing operational pressures, with some companies like Fosun Tourism Culture delisting from the Hong Kong stock market [18][19]

离境退税和市内店纷纷落地，2Q25 销售有 望筑底回暖 核心观点 ⚫ 盈利预测与投资建议 ⚫ 我们预测公司 2025–2027 年 EPS 分别为 2.24/2.60/3.10 元（原 2025/2026 年预测 值为 4.23/4.87 元）。由于离岛免税销售恢复节奏偏慢、客流复苏不及预期，我们下 调了收入增速预期，同时调整了毛利率假设并上调了费用率假设。我们采用 DCF 绝 对估值法，给予公司目标价 67.24 元，维持"买入"评级。 风险提示 1）政策落地不及预期风险；2）国际航线恢复节奏放缓；3）市内免税店盈利周期拉 长；4）客单价提升可持续性不足；5）费用管控不达预期影响利润修复节奏。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 67,540 | 56,474 | 61,865 | 67,993 | 74,120 | | 同比增长 (%) | 24.1% | -16.4% | 9.5% | 9.9% | 9.0% | | 营业利润(百万 ...

Group 1 - The report emphasizes that service consumption has become a core strategy for expanding domestic demand in 2025, with significant potential for growth in China compared to developed economies like the US and Japan [4][8][28] - The report highlights that China's per capita GDP has surpassed $10,000, marking a critical window for the rapid development of service consumption, particularly in entertainment and leisure sectors [4][30][32] - Key measures to boost service consumption include increasing residents' income, enhancing leisure time, and encouraging high-quality service supply [4][8][28] Group 2 - The tea beverage industry is identified as having substantial growth potential, with a rational increase in store numbers and a shift towards emotional value for consumers, particularly among younger demographics [9] - The restaurant industry is expected to see steady growth, with a focus on government subsidies and an increase in chain operations, indicating a structural differentiation between mass and high-end markets [10] - Meituan is noted for its strategic investments in ecosystem development, maintaining a competitive edge despite short-term market fluctuations [11] Group 3 - The education sector is experiencing a concentration of market share among high-quality institutions, driven by regulatory changes and a persistent demand for K12 education [12] - The human resources industry is undergoing structural recovery, with a focus on AI applications to enhance efficiency and reduce costs [13] - The tourism sector is benefiting from policy-driven support and accelerated industry consolidation, with a notable increase in domestic travel demand [14] Group 4 - The hotel industry is facing a slowdown in supply growth, with leading hotel groups adjusting their operations to maintain competitive performance [14] - The duty-free sector is showing signs of recovery, with a stabilization in average transaction values and a narrowing decline in sales, supported by product diversification and new channel expansions [15]

Group 1: China Duty Free Group - China Duty Free Group, established in 1984 and under China Tourism Group, is a leading global travel retailer with a dominant position in the Chinese duty-free market, leveraging its all-channel duty-free license and a significant market share in Hainan's offshore duty-free sales, expected to increase by 2 percentage points in 2024 [1] - The company collaborates with over 1,400 prestigious brands globally, including luxury names like Estée Lauder, Lancôme, COACH, Prada, and Gucci, as well as domestic giants like Moutai and Fenjiu [1] - The duty-free store at Tianjin Binhai International Airport has developed a comprehensive product matrix covering various personal consumer goods, continuously optimizing the shopping experience by introducing new product categories like sunglasses [1] Group 2: JuLing Supply Chain - JuLing Supply Chain is a leading domestic WMS (Warehouse Management System) provider, offering an end-to-end digital supply chain solution for China Duty Free Group, which operates over 200 duty-free stores [2] - The company has innovatively designed standardized two-dimensional barcode labels for various operational processes, enhancing efficiency and ensuring real-time inventory accuracy even in extreme conditions [2] - JuLing's WMS integrates seamlessly with over 50 existing commercial systems of China Duty Free Group, supporting customs transparency and real-time tracking of cross-border logistics [3] Group 3: Digital Supply Chain Solutions - JuLing's logistics management software utilizes a modular architecture and advanced technologies like AIoT and 5G, aiming to transform inventory visibility, operational automation, and intelligent decision-making for China Duty Free Group [3] - The company has accumulated over 20 years of industry best practices, applying its expertise across various sectors, including manufacturing, biomedicine, new retail, and international logistics [8] - JuLing provides a comprehensive range of software products and hardware integration solutions, including OMS, WMS, TMS, and automated equipment like AGVs and automated storage systems [6][7]

Core Viewpoint - The recent expansion of city duty-free shops in various Chinese cities, including the opening of Wuhan's first city duty-free store, is expected to invigorate domestic consumption and attract international tourists for shopping [1][2][5]. Group 1: City Duty-Free Store Developments - Wuhan's city duty-free store officially opened on June 28, marking it as the first new store following the recent policy changes [2]. - Other cities like Changsha and Guangzhou are also set to establish their own city duty-free stores soon [1]. - The Ministry of Finance and other departments have announced plans to set up one city duty-free store in eight cities, including Wuhan, Guangzhou, Chengdu, and others [1]. Group 2: Consumer Experience and Store Features - The Wuhan city duty-free store spans over 1,800 square meters and includes various product categories such as cosmetics, electronics, and cultural products [2][3]. - The store allows travelers to shop flexibly without the time constraints typical of airport duty-free shops, enhancing the overall shopping experience [3]. - Consumers can also enjoy additional services like dining and entertainment within the shopping mall, creating a more integrated shopping environment [3]. Group 3: Economic and Market Implications - The city duty-free store model is expected to drive international tourists to purchase goods in China, potentially leading to a new trend in cross-border shopping [1][5]. - The global travel retail market is projected to reach 899.1 billion yuan by 2025, with the duty-free market accounting for 572.4 billion yuan, indicating significant growth potential [5]. - The introduction of city duty-free stores is seen as a strategy to enhance the international consumption status of cities, with many cities aiming to become international consumption centers [6][8]. Group 4: Industry Trends and Future Outlook - The city duty-free store initiative is part of a broader trend to support domestic consumption and promote local products internationally [7][9]. - Companies like China Duty Free Group are actively expanding their presence in the city duty-free market, with several new stores in the pipeline [8]. - The industry is expected to mature over time, driven by favorable policies and market dynamics, ultimately enhancing the profitability of operators [10].

Group 1 - The core index of the cultural and entertainment sector, the CSI Cultural and Entertainment Media Index, has shown a mixed performance with a recent increase of 0.32%, closing at 838.13 points and a trading volume of 24.477 billion yuan [1] - Over the past month, the CSI Cultural and Entertainment Media Index has risen by 4.00%, 3.36% over the last three months, and 7.93% year-to-date [1] - The index includes companies involved in video, live streaming, gaming, film, IPTV/OTT, digital publishing, digital marketing, online education, and event performances, reflecting the overall performance of listed companies in the cultural, entertainment, and media sectors [1] Group 2 - The top ten weighted stocks in the CSI Cultural and Entertainment Media Index include: Focus Media (10.22%), China Duty Free Group (8.17%), Giant Network (4.54%), Kaiying Network (4.46%), Kunlun Wanwei (3.92%), 37 Interactive Entertainment (3.91%), Light Media (3.89%), Shenzhou Taiyue (3.42%), Leo Group (3.16%), and BlueFocus Communication Group (3.12%) [1] - The market distribution of the index holdings shows that 73.62% are from the Shenzhen Stock Exchange and 26.38% from the Shanghai Stock Exchange [1] Group 3 - The industry composition of the index holdings indicates that communication services account for 87.58%, consumer discretionary for 11.15%, and information technology for 1.27% [2] - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers, acquisitions, or splits [2] Group 4 - Public funds tracking the cultural and entertainment sector include the Huaxia CSI Cultural and Entertainment Media ETF [3]

Group 1 - The fourth Hainan International Duty-Free Shopping Festival has been launched, featuring "billion yuan subsidies + various duty-free activities" to stimulate consumer spending and create a new shopping experience for the summer [2] - The shopping festival will run until August and will cover multiple duty-free stores in Hainan, including CDF Haikou International Duty-Free City and CDF Sanya International Duty-Free City, offering over 45 categories of duty-free products and more than 800 well-known domestic and international brands [2] - During the event, over 30 new brand stores and pop-up shops will be introduced, allowing consumers to experience numerous product launches and exclusive duty-free packages, along with opportunities for celebrity interactions [2][3] Group 2 - A cash giveaway campaign will directly return policy benefits and consumer discounts to shoppers, with over one million duty-free vouchers distributed across six stores and the online official mall [3] - The campaign will combine government consumption vouchers and bank discounts, along with a customized shopping guide for a comprehensive "eat, stay, travel, shop, and entertain" package to attract tourists from across the country to enjoy duty-free shopping in Hainan [3]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年6月30日 狀態: 新提交 第 1 頁 共 10 頁 v 1.1.1 致：香港交易及結算所有限公司 公司名稱: 中國旅遊集團中免股份有限公司 呈交日期: 2025年7月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01880 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 116,383,500 | RMB | | 1 RMB | | 116,383,500 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 116,383,500 | RMB | | 1 RMB | | 116,383,500 | | 2. 股份 ...

以下文章来源于智谷趋势Trend ，作者澜瑟 布语 又一个泡沫破了！ 被寄予厚望的旅游，突然成了2025年最难做的生意 。 近日，青海省旅游投资集团股份有限公司（以下简称"青海旅投"）及下属13家公司集体破产清 算，给整个旅游圈带来不小的震撼。 这家曾喊出"三年投融资百亿，五年上市"的省级国资文旅平台，干光4.8亿注册资本，整个过程 充满荒诞：高管团灭、2371万投给无产权营地、收购资不抵债公司倒贴3000万…… 云南、张家界、桂林、西安、大连、西藏等地的文旅公司，个个都处于困顿期。 截至目前，有 44家上市公司披露了一季度财报，其中有25家营收负增长，占整体的56.8% 。 智谷趋势Trend . 新中产的首席财富顾问 作者： 女兆 来源：智谷趋势Trend 01 青海旅投 ，其实 是"含着金钥匙出生的"。 这家省属文旅国企，既有得天独厚的自然资源，又有令人羡慕的政策资源，还有非常丰厚的金融 资源。 自然资源方面，青海是新兴的旅游大省，不仅有中国面积最大的高原内陆咸水湖青海湖，还有世 界闻名的可可西里、历史悠久的唐蕃古道，更是长江、黄河和澜沧江三大河流的发源地。 ---------------------- ...