Group 1 - The travel market is experiencing a surge in demand as the Spring Festival approaches, with student flight bookings increasing over 20% year-on-year since January [1] - Cross-border travel demand has exploded, with outbound travel service bookings rising nearly 40% and inbound travel flight bookings increasing over four times in the last two weeks [1] - High-end hotel bookings for the Spring Festival have surged nearly 70% year-on-year, indicating a growing demand for quality travel experiences [1] Group 2 - The government has emphasized expanding domestic demand and boosting service consumption, which is expected to benefit the travel sector, particularly OTA, hotels, and scenic spots [2] - The tourism sector is currently valued at historical lows, and the extended Spring Festival combined with visa-free policies is likely to lead to a dual recovery in performance and valuation [2] Group 3 - Junting Hotel is focusing on a light-asset strategy and expanding its brand influence through partnerships, while the opening of hotel REITs presents new opportunities for optimizing its asset structure [3] - China Duty Free Group, a leader in the duty-free market, is expanding its city duty-free store operations and implementing an integrated "airport + city store" model to enhance customer conversion rates [3]

证券之星消息，1月19日旅游零售板块较上一交易日上涨5.62%，中国中免领涨。当日上证指数报收于 4114.0，上涨0.29%。深证成指报收于14294.05，上涨0.09%。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 | 93.40 | 5.62% | | 71.52万 | | 65.78 Z | 从资金流向上来看，当日旅游零售板块主力资金净流入7.71亿元，游资资金净流出2.9亿元，散户资金净 流出4.81亿元。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 散户净流入（元） 散户净占比 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 601888 中国中免 | 7.711Z | 11.72% | -2.90亿 | -4.41% | -4.81亿 | -7.31% | ...

Group 1: Market Performance - The A-share market showed mixed performance on January 19, with major indices fluctuating, while sectors like electric grid and precious metals remained strong, and other popular sectors continued to pull back [1] - The consumer sector saw a boost due to positive consumption data and policy support, particularly in retail and tourism, with notable performances from duty-free and airline stocks [1] Group 2: Consumer Data Insights - Recent consumer data highlights include a projected growth in service retail sales by 5.5% year-on-year for 2025, with significant increases in categories such as cultural and recreational services, telecommunications, and travel services [2] - In Hainan, the first month of duty-free sales from December 18, 2025, to January 18, 2026, reached 4.86 billion yuan, marking a 46.8% year-on-year increase, with shopping participation and item counts also showing substantial growth [2] Group 3: Airline Industry Performance - Airlines reported strong operational data for December 2025, with China Eastern Airlines showing a 4.93% increase in passenger capacity and a 7.61% rise in passenger turnover [3] - China Southern Airlines reported an 11.89% increase in passenger capacity and an 11.20% rise in passenger turnover for the same period, indicating a robust recovery in the aviation sector [3] Group 4: Policy Support for Consumption - The State Council's recent meeting emphasized the need to accelerate the cultivation of new growth points in service consumption and to enhance the quality of service supply, aiming to stimulate consumer spending [4] - Analysts noted that the recent consumer data reflects a structural recovery, with growth shifting from traditional goods to services and duty-free markets, supported by improving airline and freight data [4] Group 5: Investment Opportunities - The consumer sector is currently in a phase of "policy catalysis + seasonal drive," with expectations for recovery in essential and discretionary consumption sectors, particularly in areas like liquor, food and beverage, tourism, and airlines [5] - Investment strategies should focus on high-quality stocks that demonstrate supply innovation, policy support, or brand upgrades, as the market shifts towards structural and thematic opportunities [5]

Group 1 - The core viewpoint of the news is that the Hainan Free Trade Zone concept stocks in the A-share market are performing strongly, with notable gains from companies like Hainan Development and Shennong Seed Industry [1] - Hainan Free Trade Port's closure operation reached one month on January 18, showcasing significant growth in duty-free shopping, with a total amount of 4.86 billion yuan, a year-on-year increase of 46.8% [1] - The number of shoppers reached 745,000, reflecting a 30.2% year-on-year increase, indicating a robust consumer enthusiasm in the duty-free market [1] Group 2 - Hainan Development saw a 10% increase in stock price, with a total market value of 15.7 billion yuan, but a year-to-date decline of 22.02% [2] - Shennong Seed Industry's stock rose by 8.87%, with a market capitalization of 7.414 billion yuan and a year-to-date decline of 2.69% [2] - Other companies like China Duty Free Group and Hainan Airport also experienced stock price increases, with respective gains of 6.05% and 4.35% [2]

Investment Rating - The report maintains a positive investment rating for the industry, highlighting a favorable outlook for the tourism and leisure sectors due to government policies aimed at boosting domestic consumption and service spending [1][35]. Core Insights - The report emphasizes the recovery of domestic tourism, with expected growth rates of 12% in revenue and 18% in visitor numbers for Q1-Q3 2025, driven by sustained leisure travel demand and the rise of experiential consumption [1][35]. - The overall tourism market is projected to grow by over 10% for the year, supported by government initiatives such as promoting spring and autumn travel and issuing cultural tourism consumption vouchers [1][35]. - Key companies recommended for investment include China Duty Free Group, Jin Jiang Hotels, Shouqi Group, Tongcheng Travel, and Ctrip Group, alongside high-growth tea beverage stocks like Gu Ming and low-valuation restaurant growth stocks like Green Tea Group [1][35]. Summary by Sections 1. Restaurant Sector - Offline consumption is gradually recovering, with Q4 restaurant revenue showing steady growth, achieving 519.9 billion and 605.7 billion yuan in October and November 2025, respectively, with year-on-year growth of 4.99% and 4.40% [7][10]. - Leading restaurant companies are recovering faster than the industry average, with significant revenue increases noted for major players [10][14]. 2. Tea Beverage Sector - The tea beverage sector has seen a surge in same-store sales growth due to delivery subsidies, with leading brands like Gu Ming and Hu Shang A Yi maintaining high growth rates of 15-20% [7][10][14]. - The number of new store openings has doubled compared to 2024, indicating aggressive expansion strategies among top brands [16]. 3. OTA (Online Travel Agency) - The recovery of outbound travel demand is evident, with strong performance in Southeast Asia routes and a notable increase in visitor numbers to Japan and South Korea [20][24]. - The report highlights the long-term profit potential of leading OTA companies like Ctrip and Tongcheng Travel, driven by the ongoing recovery in leisure travel demand and improved commission rates [24][25]. 4. Hotel Sector - The hotel industry is expected to see a stable RevPAR (Revenue per Available Room) in Q4, with a year-on-year growth of 6-8% in room supply [29][30]. - Major hotel chains like Shouqi and Jin Jiang are projected to maintain or improve their performance, benefiting from cost reductions and increased guest traffic during holiday periods [29][30][31]. 5. Investment Recommendations - The report suggests focusing on the travel sector, particularly companies involved in OTA, hotels, and scenic spots, as they are likely to benefit from favorable government policies [1][35]. - Additionally, it recommends investing in high-growth tea beverage stocks and undervalued restaurant growth stocks, indicating a diversified approach to capitalizing on the recovery in consumer spending [1][35].

消息面上，1月18日，海南自由贸易港封关运作满月。据海口海关统计，自2025年12月18日至2026年1月17日，海口海关共监管离岛免税购物金额48.6亿元， 同比增长46.8%；购物人数74.5万人次，同比增长30.2%；购物件数349.4万件，同比增长14.6%。 国金证券认为，公司增长的核心来自基本面回暖，而非市场认为的政策刺激。政策刺激是短期的，而基本面的改善是长期的。从内需看，高端消费的恢复是 免税行业复苏的基础，免税行业存在整体性机会；从外需看，入境游客的消费潜力，并未被市场充分认识。因此中免业绩增长持续性将超预期。 编辑/Liam 智通财经APP获悉，中国中免(01880)涨超5%，截至发稿，涨5.55%，报86.5港元，成交额1.81亿港元。 ...

每经AI快讯，中国中免(01880.HK)涨超3%，截至发稿，涨3.36%，报84.7港元，成交额6840.17万港元。 ...

中国中免（601888）(01880)涨超3%，截至发稿，涨3.36%，报84.7港元，成交额6840.17万港元。 消息面上，1月18日，海南自由贸易港封关运作满月。据海口海关统计，自2025年12月18日至2026年1月 17日，海口海关共监管离岛免税购物金额48.6亿元，同比增长46.8%；购物人数74.5万人次，同比增长 30.2%；购物件数349.4万件，同比增长14.6%。 国金证券认为，公司增长的核心来自基本面回暖，而非市场认为的政策刺激。政策刺激是短期的，而基 本面的改善是长期的。从内需看，高端消费的恢复是免税行业复苏的基础，免税行业存在整体性机会； 从外需看，入境游客的消费潜力，并未被市场充分认识。因此中免业绩增长持续性将超预期。 ...

消息面上，1月18日，海南自由贸易港封关运作满月。据海口海关统计，自2025年12月18日至2026年1月 17日，海口海关共监管离岛免税购物金额48.6亿元，同比增长46.8%；购物人数74.5万人次，同比增长 30.2%；购物件数349.4万件，同比增长14.6%。 国金证券认为，公司增长的核心来自基本面回暖，而非市场认为的政策刺激。政策刺激是短期的，而基 本面的改善是长期的。从内需看，高端消费的恢复是免税行业复苏的基础，免税行业存在整体性机会； 从外需看，入境游客的消费潜力，并未被市场充分认识。因此中免业绩增长持续性将超预期。 智通财经APP获悉，中国中免(01880)涨超3%，截至发稿，涨3.36%，报84.7港元，成交额6840.17万港 元。 ...

| 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日期相 | | | --- | --- | --- | --- | --- | --- | --- | | | 股份數目 | | | | (請參閱上述*註 | 有投票權股 (日 / 月 / 年) | | | | | | | El | 合自分或 | | CS20260115E00458 | BlackRock, Inc. | 1001(L) | 3,994,938(L | HKD 88.1000 | 6,289.226(L) | 5.40(L)12/01/2026 | | | | | | | 14.400(S) | 0.01(S) | | 股份代號: | 01880 | | --- | --- | | 上市法國名稱: | 中國旅遊集團中免股份有限公司 | | 日期(日 / 月 / 年): | 19/12/2025 - 19/01/2026 | 格隆汇1月19日丨根据联交所最新权益披露资料显示，2026年1月12日，中国中免(01880.HK)获BlackRo ...