Market Performance - On the first trading day of December, A-shares opened higher with the Shanghai Composite Index returning above 3900 points, closing up 0.65% at 3914 points, the Shenzhen Component Index rising 1.25%, and the ChiNext Index increasing by 1.31% [1] - The total market turnover reached 1.89 trillion yuan, an increase of 291.7 billion yuan compared to the previous trading day, with nearly 3400 stocks rising [1] Tourism Sector - Tourism concept stocks performed strongly, with Emei Mountain A shares hitting the daily limit, and China Duty Free Group rising over 6%, driving the tourism ETF up more than 3% [2] - The tourism ETF, which tracks the CSI Tourism Index, covers sectors such as air transport, tourism retail, and natural scenic spots, with holdings in companies like China Duty Free Group and Emei Mountain [3] Emei Mountain Shareholder Benefits - Emei Mountain announced a shareholder reward program for those holding over 500 shares from December 1, 2025, to January 31, 2026, offering free admission to the scenic area and discounts on various services [4] - The current share price of Emei Mountain is 12.87 yuan, meaning an investor holding 500 shares would have a cost of 6435 yuan, while the entrance ticket price is 160 yuan per person [4] Consumer Market Trends - The Ministry of Industry and Information Technology and other government bodies issued a plan to enhance the adaptability of consumer goods supply and demand, promoting diverse interest consumption products and expanding low-altitude tourism and automotive aftermarket consumption [5] - The Hainan Free Trade Port is approaching a zero-tariff policy, which will cover approximately 6600 products, significantly reducing tax costs for imported equipment [5] Duty-Free Sales Growth - According to Industrial Securities, high-end consumption recovery, strong sales in 3C categories, and the peak tourism season in Hainan have led to double-digit growth in duty-free sales from October to November [6] - The optimization of duty-free policies and the opening of new city duty-free stores are expected to enhance sales coverage and customer reach, indicating a positive outlook for the duty-free sector [6]

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11月30日 狀態: 新提交 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12月1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. 股份分類 | 普通股 | 股份類別 | A ...

Group 1 - The tourism sector stocks have shown strong performance, with China Duty Free Group rising over 6%, and Songcheng Performance, China Southern Airlines, and Air China each increasing by over 2% [1] - The tourism ETF, which tracks the CSI Tourism Theme Index, has also risen by more than 2% due to market influences [1] Group 2 - The CSI Tourism Theme Index includes no more than 50 listed companies involved in various aspects of the tourism industry, such as accommodation, sightseeing, shopping, entertainment, and travel services, reflecting the overall performance of tourism-related stocks [2] - From a supply perspective, all segments of the tourism industry, including scenic spots, hotels, travel agencies, and retail, are experiencing a comprehensive recovery [2] - The government continues to implement policies to support the tourism industry, focusing on regulating industry development, enhancing the supply of quality tourism products and services, optimizing infrastructure investment, improving transportation services, and broadening financing channels [2] - The upcoming New Year and extended Spring Festival holidays, along with the rising popularity of winter tourism and the introduction of duty-free and visa-free policies, have significantly boosted interest in the tourism sector recently [2]

Core Viewpoint - The report from Credit Lyonnais highlights the focus on opportunities in the segmented development of the Chinese consumer sector, with expectations of recovery driven by relaxed monetary policy, improved stock market conditions, and increased offshore financing [1] Group 1: Consumer Sector Outlook - The outlook for the Chinese consumer sector emphasizes the recovery of high-end consumption, supported by favorable monetary policies and market conditions [1] - Credit Lyonnais predicts that consumer sentiment and CPI data will remain moderate, allowing companies to capture opportunities in market segmentation and global expansion [1] Group 2: Preferred Stocks - The report identifies three preferred stocks: Anta Sports (02020), Yue Yuen Industrial (00551), and Samsonite (01910), with Yue Yuen's target price raised from HKD 16 to HKD 18 [1] - The firm also suggests monitoring the earnings improvement of Li Ning (02331), Yingtong Holdings (06883), and China Duty Free Group (601888) (01880) [1] Group 3: Industry-Specific Predictions - Credit Lyonnais forecasts a 3% to 4% year-on-year growth in China's sportswear retail sales for the coming year, attributing this to major brands optimizing retail channels and enhancing product functionality [1] - The cosmetics industry is expected to see low to mid-single-digit growth in the next year [1] - In the gold and jewelry sector, while price increases may offset VAT cost pressures, retail jewelers' sales are still anticipated to be affected [1] - In the collectible toy segment, the next catalyst for Pop Mart (09992) may come from IP developments beyond Labubu [1]

格隆汇12月1日丨A股市场免税店板块午后震荡上扬，其中，中国中免涨超8%，凯撒旅业涨超4%，王府 井、广百股份、珠免集团跟涨。 ...

免税店板块午后震荡上扬，中国中免涨超8%，凯撒旅业涨超4%，王府井、广百股份、珠免集团跟涨。 ...

（文章来源：每日经济新闻） 每经AI快讯，中国中免(01880.HK)早盘涨超4%，截至发稿，涨4.81%，报76.3港元，成交额1.48亿港 元。 ...

Core Viewpoint - China Duty Free Group Co., Ltd. (China Duty Free) experienced a stock price increase of 5.02%, reaching 83.00 CNY per share, with a trading volume of 3.005 billion CNY and a turnover rate of 1.90%, resulting in a total market capitalization of 171.715 billion CNY [1] Company Overview - China Duty Free was established on March 28, 2008, and listed on October 15, 2009. The company is primarily engaged in the retail of tourism products and related services, operating through two main departments: tourism retail and tourism retail complex investment and development [1] - The revenue composition of the company includes 72.26% from duty-free product sales, 25.54% from taxable product sales, and 2.20% from other sources [1] Shareholder Information - Among the top ten circulating shareholders of China Duty Free, E Fund's Hu Shen 300 ETF (510310) reduced its holdings by 373,500 shares in the third quarter, now holding 12.0159 million shares, which accounts for 0.58% of the circulating shares. The estimated floating profit from this transaction is approximately 47.7032 million CNY [2] - The E Fund Hu Shen 300 ETF was established on March 6, 2013, with a current scale of 305.165 billion CNY. Year-to-date returns are 17.97%, ranking 2663 out of 4206 in its category, while the one-year return is 19.98%, ranking 2385 out of 4008 [2] Fund Management - The fund managers of E Fund Hu Shen 300 ETF are Yu Haiyan and Pang Yaping. Yu has a cumulative tenure of 14 years and 361 days, managing assets totaling 440.628 billion CNY, with the best fund return during his tenure being 157.38% and the worst being -78.9% [3] - Pang has a cumulative tenure of 7 years and 46 days, managing assets of 362.649 billion CNY, with the best return of 81.74% and the worst return of -37.67% during his tenure [3]

中国中免（601888）(01880)早盘涨超4%，截至发稿，涨4.81%，报76.3港元，成交额1.48亿港元。 消息面上，海南自由贸易港将于今年12月18日正式启动全岛封关运作。中国中免表示，现行离岛免税的 45 大类商品均已被列入《海南自由贸易港进口征税商品目录》。因此，封关后一定时期内，海南离岛 免税的整个体系将仍按目前情况运行，而旅客和商旅出行人次则有望随自贸港建设而持续增长，免税行 业占比较高的消费者服务有望受益。 东方证券指出，海南离岛免税景气回升。11月1–7日海南离岛免税购物金额5.06亿元、购物人数7.29万人 次，同比分别+34.86%、+3.37%，该行判断是受益于低基数、离岛免税新政、演唱会等大型活动、叠加 渠道促销所致。此外，日本游被"劝退"有望推动部分境外购物需求回流、叠加今年以来股市财富效应抬 升，冬季海南游和海南的免税销售有望受益。 ...

东方证券指出，海南离岛免税景气回升。11月1–7日海南离岛免税购物金额5.06亿元、购物人数7.29万人 次，同比分别+34.86%、+3.37%，该行判断是受益于低基数、离岛免税新政、演唱会等大型活动、叠加 渠道促销所致。此外，日本游被"劝退"有望推动部分境外购物需求回流、叠加今年以来股市财富效应抬 升，冬季海南游和海南的免税销售有望受益。 消息面上，海南自由贸易港将于今年12月18日正式启动全岛封关运作。中国中免表示，现行离岛免税的 45 大类商品均已被列入《海南自由贸易港进口征税商品目录》。因此，封关后一定时期内，海南离岛 免税的整个体系将仍按目前情况运行，而旅客和商旅出行人次则有望随自贸港建设而持续增长，免税行 业占比较高的消费者服务有望受益。 智通财经APP获悉，中国中免(01880)早盘涨超4%，截至发稿，涨4.81%，报76.3港元，成交额1.48亿港 元。 ...