Core Insights - Southbound funds increased their holdings in China Duty Free Group (01880.HK) by 920,300 shares on November 13, 2025, marking a 2.02% increase [1] - Over the past five trading days, there have been three days of net increases in holdings, totaling 2,067,600 shares [1] - In the last 20 trading days, there were 12 days of net increases, amounting to 1,617,000 shares [1] - As of now, southbound funds hold 46,374,300 shares of China Duty Free Group, representing 39.84% of the company's total issued ordinary shares [1] Trading Data Summary - On November 13, 2025, total holdings reached 46,374,300 shares with a change of 920,300 shares [2] - On November 12, 2025, total holdings were 45,454,000 shares, reflecting a decrease of 417,000 shares [2] - On November 11, 2025, total holdings were 45,871,000 shares, with an increase of 1,259,700 shares [2] - On November 10, 2025, total holdings were 44,611,300 shares, showing an increase of 754,500 shares [2] - On November 7, 2025, total holdings were 43,856,800 shares, indicating a decrease of 449,900 shares [2] Company Overview - China Duty Free Group is primarily engaged in the retail of tourism products and related services [2] - The company operates two main divisions: the merchandise sales division, which focuses on both taxable and duty-free goods, and the commercial complex investment and development division, which provides tourism retail complex development and property leasing [2] - The company mainly conducts its business in the domestic market, specializing in duty-free tourism retail, including the wholesale and retail of duty-free products such as tobacco, alcohol, cosmetics, luxury goods, clothing, and electronics [2]

New Stock Issuance - Cash option declaration period for Hangzhou Steam Turbine (200771) is from November 19 to November 25, 2025[1] - Acquisition request period for Hailianxun (300277) is from November 12 to November 18, 2025[1] Trading Alerts - Severe abnormal fluctuation reported for Haike Xinyuan (301292) on November 11, 2025[1] - Abnormal fluctuation noted for ST Yuancheng (603388) on November 11, 2025[1] Company Announcements - Announcement for Tianji Co., Ltd. (002759) on November 13, 2025[1] - Announcement for Huatong Technology (688109) on November 13, 2025[1] Other Notable Events - ST Meigu (000615) reported on November 13, 2025[1] - ST Zhongdi (000609) reported on November 13, 2025[1]

Core Insights - The appreciation of the Renminbi has led to a 1.03% increase in the benefiting sectors compared to the previous trading day, with ST Chenming leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Sector Performance - ST Chenming (000488) closed at 2.25, with a gain of 5.14% and a trading volume of 578,700 shares, amounting to a transaction value of 129 million [1] - Tongling Nonferrous Metals (000630) closed at 5.40, up 3.65%, with a trading volume of 3,796,000 shares and a transaction value of 204.5 million [1] - Shanying International (600567) closed at 1.86, gaining 2.76%, with a trading volume of 2,988,000 shares and a transaction value of 550 million [1] - China National Duty-Free (601888) closed at 90.52, up 1.47%, with a trading volume of 854,000 shares and a transaction value of 7.624 billion [1] Capital Flow - The net inflow of main funds in the Renminbi appreciation benefiting sector was 41.75 million, while retail funds saw a net inflow of 64.44 million [2] - The net outflow of speculative funds was 106 million [2] Individual Stock Capital Flow - Tongling Nonferrous Metals (000630) had a main fund net inflow of 1.29 billion, but speculative and retail funds saw net outflows of 55.30 million and 73.20 million respectively [3] - China National Duty-Free (601888) experienced a main fund net inflow of 64.16 million, while retail funds had a net outflow of 103 million [3] - ST Chenming (000488) had a significant main fund net inflow of 38.29 million, but both speculative and retail funds experienced net outflows [3]

Core Viewpoint - The tourism retail sector experienced a rise of 1.47% on November 13, with China Duty Free Group leading the gains, reflecting positive market sentiment in this segment [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4029.5, up by 0.73% [1] - The Shenzhen Component Index closed at 13476.52, increasing by 1.78% [1] Group 2: Stock Performance - China Duty Free Group (stock code: 601888) closed at 90.52, with a gain of 1.47% [1] - The trading volume for China Duty Free Group was 854,000 shares, with a transaction value of 7.624 billion yuan [1] Group 3: Capital Flow - The tourism retail sector saw a net inflow of 64.1596 million yuan from institutional investors, while retail investors experienced a net outflow of 103 million yuan [1] - Speculative funds contributed a net inflow of 38.6434 million yuan to the sector [1]

New Stock Issuance - The stock code 300277 (Hai Lian Xun) has a subscription period for acquisition rights from November 12 to November 18, 2025[1] - Stock code 688353 (Hua Sheng Lithium) reported severe abnormal fluctuations on November 11, 2025[1] - Stock code 603122 (He Fu China) has an announcement dated November 8, 2025[1] Trading Alerts - Stock code 601888 (China Zhong Mian) has an announcement dated November 12, 2025[1] - Stock code 600537 (Yi Jing Guang Dian) has an announcement dated November 12, 2025[1] - Stock code 688028 (Wo Er De) has an announcement dated November 12, 2025[1] Abnormal Fluctuations - Stock code 600815 (Xia Gong Co.) reported abnormal fluctuations on November 6, 2025[2] - Stock code 603557 (ST Qi Bu) reported abnormal fluctuations on November 7, 2025[3] - Stock code 002478 (Chang Bao Co.) reported abnormal fluctuations on November 7, 2025[3]

Summary of Key Points Core Viewpoint - The stock of China Duty Free Group experienced unusual trading fluctuations, with a cumulative closing price increase exceeding 20% over three consecutive trading days, triggering a review under the Shanghai Stock Exchange's regulations [1] Abnormal Fluctuation Situation - Trigger Conditions: The stock price increased by more than 20% cumulatively on November 7, 10, and 11, 2025 [1] - Basis for Recognition: The situation meets the criteria for abnormal trading fluctuations as per the Shanghai Stock Exchange rules [1] Company Verification Status - Operating Status: Daily business operations are normal and orderly, with no significant changes reported [1] - Major Events: A self-examination and written inquiry to the controlling shareholder, China Tourism Group Co., Ltd., confirmed no undisclosed major events [1] - Exclusion Factors: There are no significant asset restructurings, share issuances, major transactions, or debt restructurings [1] - Market Rumors: No media reports, market rumors, or trending concepts were found to influence the stock price [1] Other Situations - Insider Trading: No buying or selling of company stock by directors, supervisors, or controlling shareholders during the period of abnormal fluctuations [1] - Fundamentals: The company's main business and fundamentals have not undergone significant changes [1]

Group 1 - Dongbai Group has achieved four consecutive trading limits within six days, indicating strong market performance [1] - Zhongrui Co. and Zhejiang Dongri have also recorded three consecutive trading limits, reflecting positive investor sentiment [1] - Companies such as China Duty Free Group, Gujing Gongjiu, and Luzhou Laojiao have seen significant upward movement in their stock prices, suggesting a broader trend of growth in the market [1]

Core Viewpoint - The target price for China Duty Free Group (601888)(01880) has been raised by 50% from HKD 60 to HKD 90, reflecting stronger profit growth momentum supported by favorable policies and better growth prospects. The rating remains "Outperform" [1] Group 1: Financial Performance - For Q3 2025, the net profit of China Duty Free Group decreased by 29% year-on-year to RMB 4.52 billion, which was below both the firm's and market expectations [1] - Sales decline has narrowed compared to the previous quarter, with gross margin stabilizing around 32%-33% [1] - The company is expected to gradually improve operations in the future, with gross margins likely to remain stable due to optimized product and merchandise mix [1] Group 2: Cost and Profitability - Due to business expansion, there is an anticipated increase in sales and marketing, rental, and personnel costs, leading to a slower improvement in operating profit margins [1] Group 3: Policy Impact - China has implemented several new duty-free policies aimed at boosting domestic consumption, enhancing tourism in Hainan Province, and expanding shopping channels for domestic and international consumers [1] - Preliminary data from Hainan Province indicates a positive response to these policies, suggesting that the company, as a leading duty-free retailer in the region, will be one of the main beneficiaries [1]

Core Viewpoint - Jianyin International has raised the target price for China Duty Free Group (01880) by 50% from HKD 60 to HKD 90, reflecting stronger profit growth momentum supported by favorable policies and better growth prospects. The rating remains "Outperform" [1] Group 1: Financial Performance - For Q3 2025, China Duty Free's net profit decreased by 29% year-on-year to RMB 452 million, which was below both Jianyin International's and market expectations [1] - Sales decline has narrowed compared to the previous quarter, with gross margin stabilizing around 32%-33% [1] - The expectation is that operational performance will gradually improve, supported by product and merchandise optimization, with gross margins likely to remain stable [1] Group 2: Market and Policy Environment - China has implemented several new duty-free policies aimed at boosting domestic consumption, enhancing tourism in Hainan Province, and expanding shopping channels for domestic and foreign consumers [1] - Preliminary data from Hainan Province indicates a positive response to these policies, suggesting that China Duty Free Group, as a leading duty-free retailer in the region, will be one of the main beneficiaries of the new policies [1]

Market Overview - The Shanghai Composite Index fell by 0.39% to close at 4002.76 points, with a daily high of 4024.94 points [1] - The Shenzhen Component Index decreased by 1.03% to 13289.0 points, reaching a maximum of 13493.17 points [1] - The ChiNext Index dropped by 1.4%, closing at 3134.32 points, with a peak of 3209.89 points [1] Margin Trading and Securities Lending - The total margin trading and securities lending balance in the Shanghai and Shenzhen markets reached 24974.0 billion yuan, with a financing balance of 24792.66 billion yuan and a securities lending balance of 181.34 billion yuan, an increase of 38.96 billion yuan from the previous trading day [2] - The Shanghai market's margin trading balance was 12755.65 billion yuan, up by 30.44 billion yuan, while the Shenzhen market's balance was 12218.35 billion yuan, increasing by 8.53 billion yuan [2] - A total of 3463 stocks had margin buying, with the top three being Sunshine Power (28.95 billion yuan), Zhongji Xuchuang (22.9 billion yuan), and Xinyi Sheng (18.15 billion yuan) [2] Fund Issuance - Thirteen new funds were launched yesterday, including various mixed and bond funds from different fund companies [3][4] - Notable funds include Huaan Consumption Smart Mixed Fund A, Huaan Fengtai Bond A, and Dongfanghong CSI A500 Index Enhanced A [4] Top Trading Activities - The top ten net buying amounts on the Dragon and Tiger list included Matrix Technology (44770.86 million yuan), Sifangda (16323.22 million yuan), and Shangwei New Materials (16169.23 million yuan) [5] - The highest closing price among these was Shangwei New Materials at 130.2 yuan, with a daily increase of 20.0% [5] - The trading turnover rates varied, with Matrix Technology at 20.19% and Wanlima at 42.93% [5]