©即梦AI 谁能买？买什么？怎么买？ 政策送来"三重惊喜" 此次政策调整，精准切中了免税消费的三大痛点：谁能买、买什么、怎么买。 【品橙旅游】10月17日，财政部、海关总署、税务总局三部门联合发布海南离岛免税新政，将于2025年11月1日正式实施，这是 自2020年离岛免税新政以来最大力度调整，也是海南全岛封关前最重要的政策铺垫。 更值得期待的是，新政将离境旅客纳入离岛免税店消费群体、新增宠物用品和乐器等品类、允许国货免税销售，这三重利好直 接拓宽了中国中免的客群和商品"天花板"。 政策红利释放，中国中免能否借势完成业绩"V型反转"？中国中免能否扳回失去已久的旅游股第一把"交椅"呢？ 供应链是其最大的护城河。2024年中国中免采购规模达540亿元，庞大的体量让其获得比竞争对手低15%-20%的品牌供货价。即 便关税下调，中免仍能维持15%-20%的价格优势。目前，中国中免手握全国8张免税牌照，在海南离岛市场市占率高达78%，品 牌合作资源超过1500个，其中独家代理品牌超300个。 渠道布局也在持续优化。过去中国中免过度依赖海南市场，2025年终于在非海南渠道实现了新的突破。8月，中国中免的广州天 河、深圳福 ...

对于新纳入的"离岛且离境旅客"群体，cdf中免海南官方商城针对性系统升级版本将在新政实施当 日正式上线，重点打通离境旅客购物通道，同步完善配套服务，全力承接新政红利。 目前，cdf中免海南官方商城系统核心功能已全部开发完成。此次升级精准聚焦新政要求，11月1日 上线后将实现与新政无缝衔接，未来还将根据旅客反馈持续优化服务，让离岛免税购物更省心、便捷。 抢抓离岛免税新政机遇，瞄准新客群、新体验、新品类 cdf中免海南官方商城系统下月升级上线 海南日报讯(海南日报全媒体记者 曹马志 通讯员 高思)财政部、海关总署、税务总局联合发布的 《关于调整海南离岛旅客免税购物政策的公告》将于11月1日正式实施。作为中免集团倾力打造的线上 购物平台，cdf中免海南官方商城迅速响应政策变化，积极调整业务布局，重点瞄准新客群、新体验、 新品类，旨在将政策红利转化为消费活力。 品类扩展迎合消费新趋势。借助新政带来的品类扩充机遇，cdf中免海南官方商城将进一步丰富免 税商品品类，并围绕消费升级新趋势，对免税商品进行系统性扩充与优化，以更丰富的品类与更精准的 供给，满足消费者多元化、高品质的购物需求。 随着新政实施日的临近，cdf中免海 ...

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 ...