| 600814 | 杭州解百 | 4.02 | 5.02 | 1466.21 | | --- | --- | --- | --- | --- | | 002344 | 海宁皮城 | 1.94 | 2.58 | 1385.90 | | 300755 | 华致酒行 | 1.34 | 2.36 | 1373.38 | | 002803 | 吉宏股份 | 2.03 | 3.93 | 1243.40 | | 601010 | 文峰股份 | 3.19 | 4.26 | 1230.75 | | 603214 | 爱婴室 | 3.84 | 7.69 | 1219.01 | | 600778 | 友好集团 | 4.25 | 10.40 | 1128.89 | | 000715 | 中兴商业 | 2.28 | 4.24 | 1087.65 | | 600693 | 东百集团 | 10.00 | 27.83 | 1081.04 | | 603101 | 汇嘉时代 | 3.94 | 5.13 | 855.91 | | 601116 | 三江购物 | 4.02 | 5.92 | 713.17 | | 600785 | 新华百货 | ...

证券之星消息，12月15日旅游零售板块较上一交易日上涨0.28%，中国中免领涨。当日上证指数报收于 3867.92，下跌0.55%。深证成指报收于13112.09，下跌1.1%。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。 从资金流向上来看，当日旅游零售板块主力资金净流出2601.39万元，游资资金净流出1950.83万元，散 户资金净流入4552.22万元。旅游零售板块个股资金流向见下表： ...

中信建投证券日前研报指出，中国中免把握京沪核心流量并持续拓展国内外标段，海南地区消费有触底 回暖迹象，公司持续投入核心商圈的价值营造，为后续自贸港全岛封关后的零售行业大发展做充分准 备。伴随最新政策出台也为提振消费和国货品牌出海提供战略基础，公司积极布局的市内免税店发展潜 力有望持续兑现。目前国内各个消费品类均在抓紧规范税收制度，公司所处的免税渠道相对优势再次回 归，把握核心流量入口，未来发展机遇可期。当前股价对应PE分别为40X、32X、26X，维持"增持"评 级。 ...

新京报贝壳财经讯(记者俞金旻)12月15日，根据中国招标投标公共服务平台发布《上海机场（600009） 集团浦东、虹桥国际机场进出境免税店项目中标候选人公示》(下称：公示)，中国免税巨头中国旅游集 团中免股份有限公司(下称：中免集团)，携手全球领先的旅游零售运营商奥沃塔集团(Avolta)旗下上海杜 福睿商贸有限公司，在上海浦东、虹桥两大国际机场的免税经营权公开招标中成功中标，分获相关标段 经营权。 而现任运营商日上免税行因受控股股东中免集团的相关限制，未能参与本次投标。这也就意味着经营了 26年之久的日上免税行将"挥别"上海机场。 根据公示，上海浦东国际机场T1航站楼及S1卫星厅国际区域场地进出境免税店的第一中标候选人为杜 福睿(上海)商业有限公司，第二候选人为中国免税品(集团)有限责任公司。T2航站楼及S2卫星厅国际区 域场地进出境免税店的第一、第二中标候选人依次为中免集团、杜福睿。虹桥国际机场T1航站楼国际 区域场地的进出境免税店第一、第二中标候选人依次为中免集团、杜福睿。根据此前的招标公告，浦东 机场T1及T2(均含卫星厅)的免税店业务不可兼中兼得，也就是说中免集团、杜福睿将会各自拿下浦东机 场一个航 ...

Core Insights - The report emphasizes two main investment directions for 2026: recovery sectors focusing on profit inflection points and growth sectors targeting high revenue increases [4][19][20] Recovery Sectors - The duty-free sector is showing signs of recovery with favorable policies enhancing consumption, including expanded product categories and improved shopping convenience [4][19] - The hotel industry is expected to see a gradual improvement in RevPAR, with business and leisure demand stabilizing, indicating a potential operational turning point in Q4 or next year [4][19] - The tourism sector remains resilient despite macroeconomic pressures, with increasing travel volumes and government initiatives aimed at boosting consumption in various travel themes [4][19] Growth Sectors - The beauty industry is experiencing intensified competition, with a focus on channel value reconstruction and brand establishment [4][20] - The gold and jewelry sector is witnessing a recovery, driven by new product launches and an increasing focus on high-end market competition [4][20] - The cross-border e-commerce sector is expected to rebound, supported by stable policies and a decrease in shipping costs, with strong demand from the U.S. market [4][20] Key Company Recommendations - For duty-free, China Duty Free Group is recommended for its long-term growth potential, with attention to Wangfujing and Zhuhai Duty Free Group [4] - In the hotel sector, companies like Jinjiang Hotels, Atour, and Huazhu are highlighted for their growth prospects [4] - In tourism, companies such as Three Gorges Tourism and Changbai Mountain are suggested for monitoring acquisition and new business developments [4] - The beauty sector includes recommendations for brands like Maogeping and Proya, focusing on channel strategies [4] - For gold and jewelry, companies like Chow Tai Fook and Lao Pu Gold are recommended for their market positioning [4] - In retail, companies like Yonghui Supermarket and Xinhua Department Store are noted for their recovery potential [4]

Investment Rating - The report maintains a "Positive" investment rating for the airport service industry [8]. Core Insights - The introduction of foreign participants in the new round of duty-free tenders at Shanghai Pudong, Hongqiao, and Beijing Capital airports marks a significant change in the competitive landscape [2][4]. - Dufry, a global leader in travel retail, has entered the bidding process, indicating a shift towards a more diversified and competitive market in China's duty-free sector [4][21]. - The bidding rules now allow only one segment win per bidder, breaking the previous monopoly held by China Duty Free Group [14][21]. - The overall commission rates for duty-free contracts are expected to increase unless there is a substantial growth in sales volumes [2][6]. Summary by Sections Duty-Free Tender Competition Intensifies - Major airports in Beijing, Shanghai, Guangzhou, and Shenzhen have seen a significant drop in international passenger numbers from 2020 to 2022, leading to the expiration of restructured duty-free contracts [4][16]. - The new bidding process allows for foreign companies to participate, which is a departure from the previous exclusive operations by domestic firms [14][21]. Changes in Duty-Free Contract Commission Rates - The new contracts at Shanghai Airport utilize a "fixed rent + additional commission" model, which is a high minimum guarantee combined with lower commission rates [6][40]. - If the sales volume at Shanghai Pudong Airport reaches 15 billion yuan, the comprehensive commission rate could drop to approximately 22%, aligning with previous contract levels [6][40]. Airport Fundamentals and Recovery - The airport sector is undergoing significant fixed asset investments due to historical external shocks, with a stable recovery in passenger volumes expected [7][43]. - Airports like Shenzhen, Guangzhou, and Shanghai are projected to have absolute yield value amidst improving mid-term operational data [7][43].

Investment Rating - The report rates the industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [2]. Core Insights - The report highlights a moderate recovery in consumer spending, with tourism-related prices showing strong performance. The national CPI increased by 0.7% year-on-year in November 2025, reflecting a continued recovery in consumer spending [2][7]. - Hotel prices have shown resilience despite seasonal demand fluctuations, with the average hotel room price maintaining positive growth year-on-year. The RevPAR (Revenue Per Available Room) has only slightly declined, indicating a shift from a volume-driven recovery to a price-stabilized and optimized operational approach [2][8]. - The introduction of REITs (Real Estate Investment Trusts) in the service industry is expected to clarify the asset securitization path for various service sectors, including tourism and hospitality. This initiative aims to revitalize existing assets and improve financial structures [2][22][23]. Summary by Sections 1. Hotel Structure Differentiation and Price Resilience - The hotel industry is experiencing a seasonal decline in occupancy rates, but average room prices remain stable, with an ADR (Average Daily Rate) of 388.8 CNY per night in early December, up 4.3% year-on-year [8][10]. - The RevPAR for the week ending December 6, 2025, was 233 CNY per night, showing only a 0.4% decline year-on-year, indicating a recovery phase focused on price stability and operational efficiency [8][10]. 2. REITs Supporting Asset Securitization in the Service Industry - The newly released REITs project industry scope includes cultural tourism infrastructure and commercial facilities, allowing for a clearer path to asset securitization for hotels and tourist attractions [22][23]. - The report emphasizes that the inclusion of high-quality service industry assets in the REITs framework will enhance cash flow stability and operational efficiency, ultimately benefiting the valuation and investment landscape of the sector [22][24]. 3. Valuation of Key Industry Companies - The report provides a detailed valuation of key companies in the tourism and hospitality sectors, including metrics such as market capitalization and PE ratios, indicating a diverse range of investment opportunities [26]. - Notable companies highlighted for investment consideration include tourism sites like Sanxia Tourism and hotels like Shoulu Hotel and Huazhu [26].

Group 1: Retail and Service Industry Insights - The report highlights a recovery in the hotel and duty-free sectors, suggesting that the hotel prices have gradually increased since the second half of this year, with a recommendation to focus on hotel stocks such as Huazhu Group, Jinjiang Hotels, and ShouLai Hotels [6][12][17] - Duty-free sales are showing signs of bottoming out, with new policies implemented to expand the range of duty-free products and eligible consumers, leading to a significant increase in sales figures [12][15][16] - The report emphasizes the importance of service consumption policies, particularly in the context of the ice and snow economy, silver-haired economy, and sports events, recommending investments in companies like Changbai Mountain and Sanchuan Tourism [26][28][29] Group 2: AI Applications in Various Industries - The report discusses the acceleration of AI applications in the education and human resources sectors, with companies like Keri International and Beijing Renli leveraging AI to enhance recruitment efficiency [39][44] - AI's integration into 3D printing and e-commerce is highlighted, with a focus on companies like Huina Technology and Xiaogoods City, which are expected to benefit from cost reductions through full-chain penetration [6][39] - The report notes that AI applications are driving significant changes in operational efficiency and commercial opportunities across various sectors, particularly in human resources [39][44] Group 3: Beauty and Personal Care Sector - The beauty and personal care industry is experiencing a mild recovery, with domestic brands showing strong performance during the Double Eleven shopping festival, indicating a shift in competitive dynamics [6][32] - The report identifies key players in the beauty sector, recommending brands like Mao Ge Ping and Shanghai Jahwa, while also suggesting a focus on high-growth segments within the industry [6][32] - The medical beauty sector is under pressure but is seeing consolidation and innovation, with recommendations for companies like Jinbo Biological and Kedi-B [6][32] Group 4: Jewelry and Precious Metals - The jewelry sector is undergoing a transformation, with a focus on overseas expansion as a second growth curve, recommending companies like Laopu Gold and Chaohongji [6][32] - The report emphasizes the importance of high-value jewelry products and the impact of new tax regulations on the market dynamics [6][32] Group 5: Food and Beverage Industry - The food and beverage sector is witnessing a shift, with a focus on leading brands expanding their store counts and product categories, particularly in the tea and dining segments [32][38] - The report highlights the competitive landscape in the restaurant industry, noting the resilience of Western fast food and the growth of Chinese casual dining brands [32][38]

社会服务 | 证券研究报告 — 行业点评 2025 年 12 月 14 日 上机免税店招标结果点评 中免与外资免税商共同中标，租金形式进一步优化 上海机场公布进出境免税店中标候选名单，中免集团与杜福睿最终中标。引 入外资一定程度上加剧竞争，有望激发运营商的经营活力；租金协议优化为 保底+低提成模式，有望激励免税商做大口岸渠道的销售规模，摊薄成本费 用，和机场方实现双赢。同时看好国家大力提振消费，重视内需的背景下免 税行业的发展。 支撑评级的要点 投资建议 海南封关在即，各渠道政策持续加码，核心口岸租金协议优化，免税行 业迎来多重利好。建议关注全渠道免税龙头中国中免；首都机场开标在 即，王府井作为北京国资，也有望参与竞标，并拓展口岸渠道业务。 评级面临的主要风险 消费复苏不及预期，政策推进或落地不及预期，市场竞争加剧。 相关研究报告 《社服视角学习中央经济工作会议精神的体 会》20251212 《社会服务行业 2026 年投资策略》20251209 《社会服务行业双周报》20251202 中银国际证券股份有限公司 具备证券投资咨询业务资格 证券分析师：宋环翔 社会服务 huanxiang.song@bocich ...

2026年，上海机场免税店格局将迎来重大变化。 12月11日，上海机场发布《上海机场集团浦东、虹桥国际机场进出境免税店项目招标公告》,公告显示，中国免税品（集团）有 限责任公司（下称"中免集团"），以及全球最大的旅行零售和体验服务商杜福睿旗下杜福睿（上海）商业有限公司（下称"杜福 睿"）中标。 这也意味着，进入中国市场22年的日上免税行（上海）有限公司（下称"日上上海"）将告别上海机场。对于经常从上海出境的旅 客而言，日上免税行熟悉的橙色招牌和"日上会员"折扣将成为历史。 根据上海机场集团公示的中标公告，中免集团拿下浦东机场T2航站楼及S2卫星厅，以及虹桥机场T1航站楼国际区域的免税经营 权；全球免税巨头杜福睿则首次大规模进入中国机场免税市场，将负责浦东机场T1航站楼及S1卫星厅的运营，经营期限均为"5 年+3年"的弹性周期，浦东T1标段因特殊约定设置为"3年+5年"起始模式。 此前，长期独家运营该业务的日上免税无缘续签，原因是未能获得公司大股东支持投标，作为控股股东的中免集团，选择以自身 主体参与本次竞标。 图源于公告 "听到消息既亲切又遗憾，日上贯穿了我所有的飞行记忆，以后再也见不到熟悉的柜台了。"网友@ ...