消息面上，10月15日，海南省委深改办(自贸港工委办)副主任王奉利在中外记者见面会上表示，目前， 海南自贸港封关任务整体推进顺利，各项准备工作已基本就绪。今年12月18日，海南自贸港将启动全岛 封关运作。目前，海南自贸港8个对外开放口岸和10个"二线口岸"基础设施及查验设施设备已基本完 备，64个反走私综合执法站进驻运行并配备了专业力量。海南国际贸易"单一窗口"、海关智慧监管平台 等信息系统建设完成，实现与口岸联调联试并始终保持热备状态。 国泰海通指出，海口海关10月9日公布数据显示，2025年国庆中秋"双节"假期期间，海南省离岛免税销 售金额累计达9.44 亿元，比去年同期增长13.6%。其中，购物人数12.29万人次，人均购物金额7685元， 较往年保持稳定增长态势。中金表示，双节假期(10.1-10.7)海口美兰机场日均运送旅客数同比增长7%； 三亚发布数据显示，10月5日，cdf三亚国际免税城单日销售额突破1.2亿元，同比增长60%。建议关注海 南离岛免税销售额后续同比趋势及海南自贸港政策带来的潜在需求增量。 智通财经APP获悉，中国中免(01880)涨超4%，截至发稿，涨3.89%，报61.45港元 ...

Group 1 - The tourism retail sector increased by 1.5% on October 15, with China Duty Free Group leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] - China Duty Free Group's closing price was 69.49, reflecting a 1.50% increase, with a trading volume of 215,100 shares and a transaction value of 1.494 billion yuan [1] Group 2 - The tourism retail sector saw a net inflow of 78.9778 million yuan from institutional investors, while retail investors experienced a net outflow of 61.9171 million yuan [1] - The net inflow from institutional investors for China Duty Free Group was 7.89778 million yuan, accounting for 5.29% of the total [1] - Retail investors had a net outflow of 6.19171 million yuan, representing a -4.14% share [1]

Core Insights - During the "14th Five-Year Plan" period, China's consumption market has been expanding, with a continuous optimization of consumption structure, driven by new scenarios, new formats, and new models [1] - Hainan has transformed from a traditional duty-free shopping destination into a diverse experiential tourism destination, reflecting the broader trends in the national consumption market [1] Group 1: Changes in Consumer Behavior - Consumers are increasingly focused on enjoying the shopping experience rather than just efficiency, as evidenced by the shift from carrying shopping bags to engaging in interactive games [2] - The introduction of experiential activities, such as the "Museum Adventure," has become popular, indicating a trend towards immersive shopping experiences [2] Group 2: Retail Innovations and Performance - The introduction of experiential spaces in retail, such as the whisky museum, has led to a sales increase of 200% to 300%, demonstrating the effectiveness of interactive and immersive shopping environments [3] - The ongoing innovation in retail, supported by favorable policies, is enhancing the consumer experience and driving sales growth across the sector [3][4] Group 3: Market Trends and Future Outlook - The consumption landscape has evolved significantly, with a focus on quality consumption and the introduction of new products that cater to local tastes, such as chocolate made with local ingredients [4] - The Chinese market is solidifying its position as the second-largest consumer market globally, with a growing emphasis on cultural and quality-driven products [4]

国泰海通证券日前研报指出，中国中免2025年国庆中秋假期离岛免税表现较好，市内免税店逐步落地， 中长期有望贡献业绩增量。国庆中秋假期海南消费市场人气旺活力足，中免汇聚"首店+首发"吸引消费 客群。根据海南省新闻办，2025年中秋国庆假期预计进出海南岛客流总量预计184.25万人次，日均客流 量同比增长6.28%。2025年8月26日，中免集团、深圳免税集团、深业集团联合打造的深圳市内免税 店，在福田区深业上城开业。项目位于福田区核心商圈深业上城L1层，占地近3000平方米，整体空间 布局分为免税商品区和有税商品区。免税商品整体较有税专柜普遍低11%-25%，离境退税商品可享约 9%退税额度。同日，由中免集团、广百股份、岭南控股、白云机场联手打造的广州市内免税店开业。 参考同行业可比公司估值，给予2025年40倍PE，给予目标价81.6元，维持"增持"评级。 ...

Group 1 - The tourism retail sector increased by 0.57% on October 14, with China Duty Free Group leading the gains [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] - China Duty Free Group's closing price was 68.46, with a trading volume of 205,500 shares and a transaction amount of 1.411 billion yuan [1] Group 2 - The tourism retail sector experienced a net outflow of 8.1886 million yuan from institutional investors, while retail investors saw a net outflow of 4.2486 million yuan [1] - Speculative funds had a net inflow of 12.4372 million yuan, indicating a mixed sentiment among different investor types [1] - The net inflow and outflow percentages for China Duty Free Group were -0.58% for institutional investors and 0.88% for speculative funds [1]

Group 1 - The core point of the article highlights the recent trading activity of southbound funds in China Tourism Group Duty Free Corporation, indicating a net increase of 152,900 shares on October 13, 2025, while experiencing a net reduction of 1,389,100 shares over the past five trading days [1][2] - Over the last 20 trading days, the company has seen a total net reduction of 256,000 shares, with southbound funds reducing their holdings on 11 out of those days [1][2] - As of now, southbound funds hold a total of 45,665,600 shares of China Tourism Group Duty Free Corporation, which represents 39.23% of the company's total issued ordinary shares [1][2] Group 2 - The company primarily engages in the retail of tourism products and related services, operating through two main departments: the sales of taxable and duty-free goods, and the investment and development of commercial complexes [2] - The main business focus is on duty-free tourism retail, including wholesale and retail of products such as tobacco, alcohol, cosmetics, luxury goods, clothing, and electronics [2]

从资金流向上来看，当日旅游零售板块主力资金净流出1.54亿元，游资资金净流入6724.94万元，散户资 金净流入8636.93万元。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 | -1.54亿 | -10.73% | 6724.94万 | 4.70% | 8636.93万 | 6.03% | | 学与与文艺、八丁学历书目中国 门(十分大学 十八次)为7年 | | | | | | | | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | --- | | 601888 | 中国中免 | 68.07 | -0.77% | | 21.18万 | | 14.32亿 | 证券之星消息，10月13日旅游零售板块较上一交易日下跌0.77%，中国中免领跌。当日上证指数报收于 3889. ...

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Insights - The holiday data continues to validate the resilience of cultural and tourism consumption, with both short-term catalysts and mid-term growth logic present [3] - During the National Day and Mid-Autumn Festival holiday, domestic travel reached 888 million trips, with total spending of 809 billion yuan, indicating stable tourism activity and resilient travel demand [8] - The integration of cultural and tourism consumption is highlighted, with key retail and catering enterprises seeing a sales increase of 2.7% year-on-year during the holiday period [8] Summary by Sections Holiday Data Performance - The holiday period saw 888 million domestic trips, averaging 111 million trips per day, a year-on-year increase of 1.6% [8] - Total domestic travel expenditure was 809 billion yuan, averaging 101.1 billion yuan per day, with a year-on-year increase of 1.0% [8] - Cross-regional personnel flow reached 2.432 billion trips, averaging 304 million trips per day, a historical high with a year-on-year increase of 6.2% [8] Scenic Area Performance - Scenic areas generally experienced increased visitor numbers, with Emei Mountain receiving 371,000 visitors, a 41.3% increase [8] - The overall performance of Xinyuan Cultural Tourism's scenic areas reached a historical high, with 1.655 million visitors and revenue of 98.4 million yuan, marking a 20% increase [8] Duty-Free and Outbound Tourism - Hainan's duty-free shopping amounted to 944 million yuan, a 13.6% increase, with 122,900 shopping trips, indicating a recovery in outbound tourism [8] - Nationally, outbound travel reached 16.34 million trips, an 11.5% increase, with significant growth in foreign visitors [8] Consumer Behavior Trends - The holiday period exhibited three main characteristics: parallel long-distance and nearby travel, expansion of nighttime and experiential consumption, and more efficient transportation operations [8] - The integration of cultural and tourism sectors continues to drive growth, with a focus on enhancing travel experiences and innovative sales strategies [8]

面对客流高峰，各门店持续优化服务细节。cdf三亚国际免税城通过优化交通动线与增设停车位提升通行效率；cdf海口国际免税城创新开通至海口南港的无 人机物流线路，缩短旅客提货时间；cdf美兰机场免税店则为航班延误旅客及长者提供购物补贴与专属通道。上海游客林先生感慨："从下车到进店都有人引 导，非常贴心。" 随着假期收官，中免集团正以"免税+"为战略核心，持续整合品牌、文旅与创新场景资源，不断丰富消费体验，为海南加快建设国际旅游消费中心注入新动 能。 为迎接销售高峰，中免海南提前筹备，推出试用试饮、主题快闪、满额赠礼等活动，提升顾客体验。cdf海口国际免税城运营部负责人表示，多样化的活动 形式有效增强了旅客参与感。 在促销方面，六店联动推出"优惠叠加式"活动，涵盖满额抽奖、多倍积分、银行礼遇及政府消费券等，形成"折上折"效应。cdf三亚国际免税城品牌销售王 店长介绍，以某款腕表为例，叠加多项优惠后顾客可节省约1900元。此类"主动服务、精算优惠"的导购模式，成为提升交易转化与顾客信任的关键。 2025年国庆中秋假期期间，中免集团在海南区域的六家免税店交出了一份亮眼的成绩单：累计接待顾客超过45万人次，总销售额突破8 ...

Investment Rating - The report maintains an "Accumulate" rating for the retail industry [1] Core Views - The National Day and Mid-Autumn Festival holiday saw a significant increase in domestic travel, with 888 million trips taken, a 16% increase compared to the previous year, and total spending reaching 809 billion yuan, up 15% [3][8] - Strong travel and family visit intentions were noted, with self-driving trips accounting for 80% of travel during the holiday period [12] - The report highlights a continued increase in inbound and outbound tourism, with a 11.5% year-on-year growth in border inspection personnel [14] - Key tourist attractions experienced a rise in visitor numbers, with notable increases at Huangshan, Jiuhua Mountain, and Emei Mountain, suggesting robust demand in the tourism sector [15] Summary by Sections 1. Industry Views This Week - The report emphasizes the positive outlook for the tourism sector during the National Day and Mid-Autumn Festival, with significant increases in both travel numbers and spending [8] 2. Market Review This Week - The retail index saw a decline of 0.40% from October 9 to October 10, while the overall market performance varied across different indices [16][18] 3. Valuation Table of Sub-Industries - The report includes a detailed valuation table for various companies within the retail sector, providing insights into market capitalization, closing prices, and projected earnings [22][23]