Core Viewpoint - China Duty Free Group (01880) saw its stock price surge over 9% during trading, currently up 5.10% at HKD 65.90, with a trading volume of HKD 408.1 million [1] Group 1: Company Developments - The first city duty-free store in Guangzhou is set to open on August 26, developed in collaboration with China Duty Free Group, Guangbai Co., Lingnan Holdings, and Baiyun Airport [1] - A city duty-free store in Shenzhen is currently in its trial operation phase as of August 23 [1] Group 2: Industry Insights - CITIC Securities noted a decline in overall duty-free sales and Hainan duty-free sales in Q1 2025, with the second quarter still facing some impacts [1] - The Hainan channel is gradually recovering in the second quarter, while many city duty-free stores are entering a cultivation phase [1] - Due to tariff policies, certain products in the duty-free channel are affected [1]

Group 1 - China Duty Free Group (中国中免) shares surged over 9%, currently up 7.26% at HKD 67.25, with a trading volume of HKD 327 million [1] - The first city duty-free store in Guangzhou is set to open on August 26, developed in collaboration with Guangbai Co., Lingnan Holdings, and Baiyun Airport [1] - The Shenzhen city duty-free store successfully completed its first transaction during trial operations on August 23, marking a significant milestone in project development and operations [1] Group 2 - CITIC Securities noted a decline in overall duty-free sales and Hainan duty-free sales in Q1 2025, with some impact continuing into Q2; however, Hainan channels are gradually recovering [1] - Multiple city duty-free stores are entering the cultivation phase, with tariff policies enhancing price advantages for certain products in duty-free channels [1] - The upcoming closure of Hainan is expected to maintain the independence of the offshore duty-free policy, which may benefit from consumption stimulus policies post-closure [1]

智通财经APP获悉，中国中免(01880)飙升逾9%，截至发稿，涨7.26%，报67.25港元，成交额3.27亿港 元。 消息面上，中免集团发布消息称，广州首家市内免税店将于8月26日开业。据悉，广州市内免税店由中 免集团、广百股份、岭南控股和白云机场联合打造。此前，8月23日，深圳市内免税店在试营业期间顺 利迎来首单成交。上午10时许，顾客白先生在免税酒水区完成购物结算，并将在下周一从深圳机场启程 前往迪拜，成为免税店试营业阶段的首单顾客。这也标志着项目建设和运营取得阶段性成果。 中信建投指出，25年第一季度整体免税销售额及海南免税销售额下滑，第二季度仍受一定影响。第二季 度海南渠道逐步转正。多地市内免税店进入落地培育阶段。关税政策下，免税渠道部分商品价格优势扩 大，预计市内免税店未来更好服务外国人离境场景下国货销售。年内海南封关将近，离岛免税政策独立 性预计仍维持，且有望受益封关后消费提振政策。 ...

从资金流向上来看，当日旅游零售板块主力资金净流出146.86万元，游资资金净流入873.44万元，散户资 金净流出726.57万元。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 III III I T I T M ... II MORIUL I MIN ... MIN ... IN LL .. I . MOLL .. I . M . I . | -146.86万 | -0.05% | 873.44万 | 0.33% | -726.57万 | -0.27% | 证券之星消息，8月25日旅游零售板块较上一交易日上涨2.61%，中国中免领涨。当日上证指数报收于 3883.56，上涨1.51%。深证成指报收于12441.07，上涨2.26%。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) | | | --- | --- | -- ...

Group 1 - The core viewpoint of the article highlights the transformation of the Hangzhou Xiaoshan International Airport duty-free shop into a platform for showcasing domestic products, particularly tax-refunded items, which have gained popularity among travelers [2][3]. - The duty-free shop currently features 10 retail outlets covering over 1,800 square meters, with more than 2,500 products available, including categories like tobacco, cosmetics, and luggage [2]. - The introduction of tax-refunded domestic products allows travelers to purchase items at prices 10% to 20% lower than regular domestic prices, significantly boosting sales, with a 34.2% month-on-month increase in July [3]. Group 2 - The customs authority has actively supported the expansion of domestic product offerings by providing policy guidance and efficient supervision, which has instilled confidence in the business [3]. - Future plans include diversifying product categories to include high-value items like silk products and smart electronics, aiming to position the duty-free shop as a global showcase for Chinese goods [3][4]. - The customs department is committed to enhancing regulatory processes and improving clearance efficiency to facilitate travelers' access to policy benefits while expanding the international influence of domestic products [4].

Group 1 - Key Point 1: Focus on the release of important economic data including the US July PCE, Q2 GDP, and July durable goods orders, as well as China's August official PMI and July profits of large-scale industrial enterprises [1] - Key Point 2: Companies scheduled to announce earnings include Nvidia, Alibaba, Meituan, Pinduoduo, Luxshare Precision, Newray, and Zhongji Xuchuang [1] - Key Point 3: Additional tariffs imposed by the US on India, bringing the total tariff rate to 50% [1][5] Group 2 - Key Point 1: Earnings announcements on August 25 include Pinduoduo, Haidilao, Luxshare Precision, Poly Development, Hengli Hydraulic, and Newray [2] - Key Point 2: On August 26, key economic indicators such as the US July durable goods orders will be released, along with earnings from companies like China Petroleum and Aier Eye Hospital [3] - Key Point 3: On August 27, the release of China's July profits of large-scale industrial enterprises is anticipated, alongside earnings from companies like Nvidia and Meituan [4] Group 3 - Key Point 1: On August 28, the US will release revised Q2 GDP and PCE data, with earnings announcements from companies like Yili and Mindray [5] - Key Point 2: On August 29, the US July PCE price index will be released, with Alibaba also announcing its earnings [6] - Key Point 3: China's August official manufacturing PMI will be released on August 31 [7]

Core Viewpoint - The first city duty-free store in Shenzhen, covering nearly 3,000 square meters, officially commenced trial operations on August 23, 2025, aiming to enhance tourism consumption among outbound travelers and promote the return of overseas spending [1]. Group 1: Store Features - The duty-free store adopts an upgraded operational model combining "duty-free + taxable," "imported + domestic," and "offline + online" strategies [1]. - The product offerings include a diverse range of items, primarily focusing on beauty and skincare, watches and jewelry, and high-end alcoholic beverages, with highlights on domestic brands and technology products [1]. Group 2: Strategic Goals - The establishment of the store is intended to stimulate outbound tourist spending and guide the return of overseas consumption, thereby promoting the "national trend" going global [1].

Core Insights - Shenzhen's duty-free store successfully completed its first transaction during trial operations, marking a significant milestone for the project [1] - The establishment of the duty-free store is part of Shenzhen's efforts to enhance its role as a core engine of the Greater Bay Area and an important window for China's opening-up [4] Group 1 - The duty-free store is a collaboration between China Duty Free Group, Shenzhen Duty Free Group, and Shenye Group, covering an area of nearly 3,000 square meters in a prime location [4] - The store offers a diverse range of products, including beauty and skincare, watches and jewelry, high-end liquor, domestic trendy products, and technology electronics, catering to various consumer needs [4] - The project aims to provide a superior, diverse, and convenient shopping experience while contributing to Shenzhen's goal of becoming a globally influential international consumption center [4]

融券方面，当日融券卖出0.56万股，净买入2.99万股。 最近三个交易日，20日-22日，中国中免分别获融资买入2.52亿元、3.24亿元、2.44亿元。 8月22日，沪深两融数据显示，中国中免获融资买入额2.44亿元，居两市第105位，当日融资偿还额3.09 亿元，净卖出6465.98万元。 ...

从资金流向上来看，当日旅游零售板块主力资金净流出1.13亿元，游资资金净流入2050.25万元，散户资 金净流入9239.89万元。旅游零售板块个股资金流向见下表： 证券之星消息，8月22日旅游零售板块较上一交易日上涨0.52%，中国中免领涨。当日上证指数报收于 3825.76，上涨1.45%。深证成指报收于12166.06，上涨2.07%。旅游零售板块个股涨跌见下表： | 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 | -1.13亿 | -6.63% | 2050.25万 | 1.20% | 9239.89万 | 5.43% | | 学历日十六石,八丁学历书日中国 门/十分 女 女 下 中 中 八 小 | | | | | | | | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | --- | | ...