证券之星消息，1月30日旅游零售板块较上一交易日下跌3.17%，中国中免领跌。当日上证指数报收于 4117.95，下跌0.96%。深证成指报收于14205.89，下跌0.66%。旅游零售板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 601888 | 中国中免 | | 89.37 | -3.17% | | 46.44万 | | 41.82亿 | 从资金流向上来看，当日旅游零售板块主力资金净流出5.66亿元，游资资金净流入2.47亿元，散户资金净 流入3.2亿元。旅游零售板块个股资金流向见下表： | 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 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 6 ...

個股推介 中國中免(1880.HK) 2026 年 1 月 30 日星期五 第三季收入跌幅收窄，第四季旅遊旺季收入料重拾動能 公司首三季收入為 398.62 億元人民幣，按年跌 7.3%，純利為 30.52 億元人民幣，按年跌 22.1%，單計第三季收入 117.11 億元人民幣，按 年微跌 0.4%，跌幅較上半年的 10%收窄。海南離島免稅 7 至 9 月銷 售額合計 54.02 億元人民幣，按年跌 2.6%，按年降幅較 4 至 6 月收窄 1.6 個百分點，其中 9 月海南離島免稅月度銷售額按年增長 3.4%，在 同期低基數下錄得 18 個月以來首次增長 ，公司第三季收入表現優於 海南全島。海南旅遊旺季推動下，10 月至 11 月離島免稅銷售均錄雙 位數按年增長，新增城市市內免稅店下半年集中開業，加上免稅政策 利好，第四季收入料重拾增長。 海南封關首月數據強勁，春節假期數據料成潛化劑 海南自由貿易港自 2025 年 12 月 18 日正式啟動全島封關運作，免稅 優惠對象擴大至所有自海南島離境的旅客，早期「離島免稅」主要面 向從海南飛往內地其他地區的旅客，重點是境內旅客，最新安排則可 覆蓋國內外旅客。而每名 ...

Investment Rating - The report maintains an "Overweight" rating for the consumer discretionary sector [7] Core Insights - The "Work Plan" issued by the State Council aims to stimulate domestic demand by fostering new growth points in service consumption, focusing on six key areas including transportation, housekeeping, and online audiovisual services, as well as three potential areas: performance services, sports events, and emotional experience services [1][2] - The report emphasizes that service consumption is a natural direction for consumption upgrading and the pursuit of a better life by residents, with significant long-term potential in China as service consumption typically increases with GDP growth [1] - The report suggests that the recovery of service consumption will help shift traffic from online to offline, benefiting related industries such as dining, tourism, and retail [1] Summary by Sections Service Consumption Growth - The "Work Plan" includes twelve specific measures to enhance service consumption, with a focus on optimizing supply and encouraging innovative consumption scenarios [2][4] - The report highlights the importance of developing high-quality supply and encourages proactive exploration of new business models in the service sector [4] Transportation and Tourism Integration - The "Work Plan" proposes initiatives such as developing senior tourism trains and enhancing the quality of cruise and night tour services, which are expected to benefit related sectors [3] - The report notes that the integration of transportation and tourism, along with the emergence of quality tourism supply, will lead to an upturn in specific tourism segments [3] Investment Recommendations - The report recommends focusing on leading companies in the consumer sector, including: - Travel Chain: Recommended companies include Atour, Huazhu Group, Shoulv Hotel, and China Duty Free [5] - Ready-to-Drink Beverages and Dining: Recommended companies include Guming, Yum China, Yihai International, Dashihua, Chabaidao, Xiaocaiyuan, and Haidilao [5] - Emotional Consumption: Recommended companies include Pop Mart, Laopu Gold, Blukoo, Miniso, Shangmei, Maogeping, and Juzibio [5] - Scenario Chains: Recommended companies include Guoquan, Wancheng Group, Wanwu Xingsheng, and Shengbeila [5] - Sports Apparel: Recommended companies include Anta, Amer Sports, and Li Ning [5] Key Company Insights - Pop Mart has initiated share buybacks, reflecting confidence in growth prospects, and is expected to accelerate the diversification of its IP structure [12] - Laopu Gold is anticipated to perform well during the upcoming Spring Festival, with expectations of exceeding sales forecasts due to ongoing brand expansion and strong market demand [12] - Miniso's recent performance has exceeded guidance, driven by a successful large store strategy and improved operational efficiency [12]

Group 1: Strategy Overview - The report emphasizes the resilience of the A-share market amidst multiple overseas risks and signals of regulatory easing in China, suggesting that the relationship between market performance and regulatory changes warrants further consideration [5][12] - It highlights the significant outperformance of the A-share market compared to other major indices, particularly the CSI 300, which has faced substantial redemption pressure [5][12] - The report suggests that investors should not overly worry about the CSI 300's performance, as it has already aligned with regulatory easing requirements, reducing the necessity for further pressure [5][12] Group 2: Economic Insights - China's exports continued to show strong performance in December, driven by overseas investment during a global easing cycle, positively impacting sectors like electrical and mechanical equipment [6][13] - Domestic consumption is recovering, with a rebound in per capita consumer spending in the fourth quarter, aligning with the report's annual strategy predictions [6][13] - The report notes that recent government policies aimed at boosting domestic demand and stabilizing real estate are expected to support synchronized recovery in both domestic and external demand [6][13] Group 3: Asset Allocation and Investment Recommendations - The report identifies a dual focus for 2026 on physical assets and Chinese assets, with thematic investments being essential [7][16] - Recommended sectors include physical assets such as copper, aluminum, tin, gold, lithium, and oil, alongside Chinese equipment export chains like electrical grid equipment and renewable energy [7][16] - The report also highlights sectors benefiting from capital market expansion and improving long-term asset returns, such as non-bank financials and consumer sectors like aviation and duty-free retail [7][16] Group 4: Company-Specific Insights - **Yunnan Aluminum Co. (000807.SZ)**: The report recommends a long-term investment due to favorable conditions for aluminum exports and a strong balance sheet, with potential for increased dividends [18] - **Hua Aluminum (600301.SH)**: The company is seen as a strong growth candidate due to rising tin and antimony prices and its position as a key beneficiary of metal consolidation in Guangxi [19] - **Yingliu Co. (603308.SH)**: The report anticipates a surge in global gas turbine demand, positioning the company to increase its market share in turbine blades [20] - **Shangfeng Cement (000672.SZ)**: The company is recognized for its strong cash flow from cement operations and potential for significant dividends [21] - **Pop Mart (9992.HK)**: The company is expected to maintain rapid growth in the entertainment market through IP incubation and diverse monetization strategies [22] - **China Duty Free Group (601888.SH)**: The company is projected to strengthen its market position in the duty-free sector, benefiting from increased inbound tourism and overseas expansion [24] - **China Southern Airlines (1055.HK)**: The airline is expected to benefit from improved industry supply-demand dynamics and a large fleet size [25] - **Li Auto (2015.HK)**: The company is focusing on advancements in AI and smart driving technology, with expectations for increased vehicle sales [26] - **Lante Optics (688127.SH)**: The company is positioned to benefit from strong demand in automotive and smart imaging sectors [27] - **InnoCare Pharma (9606.HK)**: The company is advancing in the ADC field with a robust pipeline and partnerships, with several products nearing clinical registration [29]

证券之星消息，1月29日旅游零售板块较上一交易日上涨2.74%，中国中免领涨。当日上证指数报收于 4157.98，上涨0.16%。深证成指报收于14300.08，下跌0.3%。旅游零售板块个股涨跌见下表： 从资金流向上来看，当日旅游零售板块主力资金净流入3.31亿元，游资资金净流出1.78亿元，散户资金净 流出1.53亿元。旅游零售板块个股资金流向见下表： | 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 | 3.31亿 | 5.53% | -1.78亿 | -2.98% | -1.53亿 | -2.55% | | WILL - A TT WILL CLASS | | | | | | | | 代码 | 名称 | 收盘价 | | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 601888 | 中国中免 | | ...

每经AI快讯，中国中免(01880.HK)午后涨超5%，截至发稿，涨4.85%，报94港元，成交额2.07亿港元。 ...

此外，中国中免拟斥3.95亿美元收购DFS大中华业务，并引入LVMH作为新股东。东吴证券发布研报 称，本次收购是中免的首次跨境并购，中免将进一步强化在港澳地区免税市场的优势地位，整合DFS会 员、品牌和门店资源，拓展海外渠道，推进国际化战略。LVMH作为股东和战略合作方，有利于推进旗 下品牌与中免在各个渠道的进一步合作。 中国中免（601888）(01880)午后涨超5%，截至发稿，涨4.85%，报94港元，成交额2.07亿港元。 消息面上，1月21日，财政部等五部门合印发《关于口岸进境免税店有关事宜的通知》，提出在武汉天 河国际机场等41个口岸各新设1家口岸进境免税店，同时调整部分口岸进境免税店。中银国际指出，此 举将增加我国口岸进境免税店数量，覆盖范围将进一步扩大，且有望进一步便利进境旅客免税购物消 费、进一步发挥免税店支持提振消费的作用。 ...

智通财经APP获悉，中国中免(01880)午后涨超5%，截至发稿，涨4.85%，报94港元，成交额2.07亿港 元。 消息面上，1月21日，财政部等五部门合印发《关于口岸进境免税店有关事宜的通知》，提出在武汉天 河国际机场等41个口岸各新设1家口岸进境免税店，同时调整部分口岸进境免税店。中银国际指出，此 举将增加我国口岸进境免税店数量，覆盖范围将进一步扩大，且有望进一步便利进境旅客免税购物消 费、进一步发挥免税店支持提振消费的作用。 此外，中国中免拟斥3.95亿美元收购DFS大中华业务，并引入LVMH作为新股东。东吴证券发布研报 称，本次收购是中免的首次跨境并购，中免将进一步强化在港澳地区免税市场的优势地位，整合DFS会 员、品牌和门店资源，拓展海外渠道，推进国际化战略。LVMH作为股东和战略合作方，有利于推进旗 下品牌与中免在各个渠道的进一步合作。 ...

旅游及景区 旅游及景区 2026 年 01 月 28 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -10% 0% 10% 19% 29% 38% 2025-01 2025-05 2025-09 旅游及景区 沪深300 相关研究报告 海南专题报告：风宜长物放眼量，自贸港赶海正当时 风险提示：宏观经济波动风险、政策落地不及预期、高端消费复苏不及预期。 ——行业深度报告 | 初敏（分析师） | 叶彬慧（联系人） | | --- | --- | | chumin@kysec.cn | yebinhui@kysec.cn | | 证书编号：S0790522080008 | 证书编号：S0790124070053 | yebinhui@kysec.cn 证书编号：S0790124070053 海南自贸港：双向循环战略支点，枢纽功能徐徐演进 开 源 证 券 证 券 研 海南自贸港是中央基于全球化格局深度调整、全球供应链加速重构背景，高标准 建设的中国特色自由贸易港，享有国内高规格、系统性的开放试验授权。对比全 球成熟的自贸港枢纽，依托内地超大规模统一市场的腹地优势和最大经济特区禀 赋，海南聚焦打造三大核心定位： ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 -8% -1% 6% 14% 21% 28% 35% 42% 2025.02 2025.06 2025.10 2026.01 上证指数 深证成指 | 国内市场表现 | | | | --- | --- | --- | | 指数名称 | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | 4,151.24 | 0.27 | | 深证成指 | 14,342.89 | 0.09 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 4,717.99 | 0.26 | | 上证 50 | 2,443.97 | -0.52 | | 科创 50 | 891.46 | 0.14 | | 创业板 50 | 1,924.26 | -0.67 | | 中证 100 | 4,634.22 | 0.48 | | 中证 500 | 8,601.16 | 0.61 | | 中证 1000 | 6,116.76 | 0.33 | | 国证 2000 | ...