Investment Rating - The report assigns an "Accumulate" rating for the social services industry, indicating a positive outlook for investment opportunities [3]. Core Insights - The tourism market is showing a strong start in 2026, with expectations for continued growth as the Spring Festival approaches. The report highlights several recommended stocks in the OTA, hotel, and scenic area sectors [4]. - There is a significant increase in duty-free sales in Hainan, driven by the appreciation of the RMB, with a recommendation for China Duty Free Group [4]. - The report notes a substantial rise in domestic travel during the New Year holiday, with 142 million trips taken, reflecting a 5.19% increase compared to 2024 [4]. Summary by Sections Tourism Market - The report indicates that 142 million domestic trips were made during the New Year holiday, with total spending reaching 84.789 billion yuan, a 6.35% increase from 2024. The average spending per trip was 597.1 yuan, up by 1.1% [4]. - Recommended stocks in the OTA sector include Trip.com Group and Tongcheng Travel, while hotel recommendations include Huazhu Group, Jinjiang Hotels, and ShouLai Hotels [4]. Duty-Free Sales - Duty-free shopping in Hainan saw a remarkable increase, with sales of 307,000 items from January 1 to 2, 2026, marking a 48.3% year-on-year growth. The number of shoppers reached 65,000, up 60.9%, and total spending was 505 million yuan, a 121.5% increase [4]. Transportation - The report highlights that from January 1 to 3, 2026, the total inter-regional passenger flow is expected to reach 590 million, averaging 198 million per day, a 19.5% increase year-on-year. Railway passenger volume is projected at 48.223 million, with a 53.1% increase [4].

Investment Rating - The industry investment rating is maintained as "Add" [5] Core Insights - The consumption market shows strong growth during the New Year holiday, with significant increases in travel and spending among younger demographics [1][2][4] - The cross-year travel and ice-snow tourism are gaining popularity, with notable increases in ticket bookings and hotel reservations [2] - Hainan's duty-free sales doubled in the first two days of the New Year holiday, indicating robust consumer interest [3] - Various cities reported double-digit sales growth during the holiday, reflecting a vibrant consumption environment [4][7] Summary by Sections Travel Trends - High travel enthusiasm was noted during the New Year holiday, with a significant increase in ticket bookings and hotel reservations, particularly among younger travelers [1][2] - The search volume for "cross-year travel" increased by 125% year-on-year, with theme parks and concerts being major attractions [2] Duty-Free Sales - Hainan's duty-free sales reached 30.7 million items, with a 121.5% year-on-year increase in sales amounting to 5.05 billion yuan [3] - The sales in Sanya alone saw a remarkable increase, with sales amounting to 1.63 billion yuan on January 1, marking an 83.2% increase [3] Consumption Growth - Beijing's sales during the holiday reached 4.04 billion yuan, with a 16.3% year-on-year increase [4] - Shanghai reported an average daily consumption of 12.2 billion yuan, with online sales growing by 5.5% year-on-year [4] - Other cities like Qingdao and Nanjing also reported positive sales growth, indicating a broad recovery in consumer spending [4][7] Investment Recommendations - The report suggests focusing on Hainan and sectors with performance elasticity during the Spring Festival, including duty-free, cross-border e-commerce, and certain scenic spots [8] - It highlights the potential of new consumption trends and the importance of adapting to market changes in 2026 [8]

天眼查工商信息显示，近日，中免集团（北京）免税品有限公司成立，法定代表人为王延光，注册资本5亿元人民币，经营范围含日用品销售、信息咨询服 务、箱包销售、工艺美术品及礼仪用品制造、计算机软硬件及辅助设备零售、免税商品销售、酒类经营等。股东信息显示，该公司由中国免税品（集团）有 限责任公司全资持股。 （文章来源：每日经济新闻） | 查公司 查老板 | 都在用的商业查询工具 | 查关系 查风险 | | | --- | --- | --- | --- | | | | 中免集团(北京) 免税品有限公司 × 天眼一下 # MH 家中小企业发展子基金旗下机构 | | | | 基本信息 5 | 法律诉讼 经营风险 经营信息 公司发展 | | | | 工商信息 ● | | | | | 历史工商信息0 | | 工商信息 | | | 企业名称 | 中免集团(北京)免税品有限公司 | | | | 法定代表人 F | 登记状态 2 存续 王延光 怒关联企业 24 | | | | | 成立日期 2025-12-31 | | | | 统一社会信用代码 2 | 91110113MAK5FQD11K 注册资本 2 50000万人民币 | | ...

Investment Rating - The report assigns an "Accumulate" rating for the industry [4]. Core Insights - The travel industry is expected to continue outperforming expectations, with a positive outlook on the travel chain including OTA (Ctrip, Tongcheng), hotels (Atour, Huazhu, Jinjiang, Shoulv), duty-free (China Duty Free), and scenic spots (Emei Mountain, Three Gorges Tourism, Changbai Mountain) [4]. - The competitive landscape has significantly improved, particularly for companies like Huatu Mountain Ding, Caibai Co., and Laopu Gold [4]. - Notable dividend stocks include Sumida, Action Education, and Chongqing Department Store [4]. - The AI+ sector shows promise with companies like Konnate Optical, Fenbi, Tianli International Holdings, Kevin Education, and Doushen Education [4]. - Oversold stocks identified include China Oriental Education, Guoquan, Gaoxin Retail, and Junting Hotel [4]. Industry Updates - In the social service industry, Sanya's duty-free sales reached 163 million yuan on January 1, 2026, marking an 83.2% year-on-year increase, indicating a strong start for duty-free sales in 2026 [4]. - Ctrip's New Year travel report indicates that domestic scenic spot ticket bookings have increased over fourfold year-on-year, with significant growth in inbound travel bookings, sparking the first consumption boom of 2026 [4]. - Tongcheng Travel's report highlights a surge in travel demand during the New Year holiday, driven by a three-day holiday and the "request 3 days off for 8 days" trend, leading to increased bookings for flights, hotels, and homestays [4]. - Retail sector updates include: - Pang Donglai Group's sales in 2025 reached 23.531 billion yuan, a 39% increase from 16.9 billion yuan in 2024 [4]. - Hema's overall revenue growth exceeded 40% in 2025, with its core formats serving over 100 million consumers [4]. - Sam's Club in China surpassed 140 billion yuan in sales in 2025, with a year-on-year growth of approximately 40% [4]. Company Announcements - Kid King announced a profit forecast for 2025, expecting a net profit attributable to shareholders of 275 million to 330 million yuan, representing a year-on-year growth of 51.72% to 82.06% [4]. - Qingmu Technology's chairman reduced his stake by 464,100 shares, accounting for 0.50% of the company's total share capital, with a reduction price of 59.68 yuan [4].

Core Insights - The 2025 China Duty Free Group's year-end celebration "Crazy Shopping Season" successfully concluded on January 4, featuring a blend of policy benefits, festive culture, and premium offerings, showcasing an innovative model of "duty-free + tourism" [1] Group 1: Event Highlights - The year-end celebration included three main chapters: "Kickoff Carnival," "Customs Gift," and "New Year Carnival," creating a memorable experience for global consumers [1] - The New Year celebration culminated in a "New Year No-Sleep Night" across six stores in Hainan, featuring continuous activities and immersive experiences [3] - CDF Sanya International Duty Free City hosted a nine-hour "Island Hot Party" with performances, cash prizes, and a drone show, enhancing the festive atmosphere [3] Group 2: Innovative Experiences - CDF Haikou International Duty Free City launched the "C Star Landing Plan," allowing consumers to engage in immersive experiences while shopping [4] - Various activities across the island, such as DIY workshops and surprise blind boxes, spread the festive joy throughout Hainan [4] Group 3: Shopping Promotions - The New Year celebration also served as a significant shopping event, with the company offering substantial discounts across multiple product categories, including luxury goods and electronics [6] - The online channel, CDF Hainan official mall, provided additional promotions, including low discounts and loyalty points, enhancing the shopping experience [6] Group 4: Future Outlook - The entire year-end celebration demonstrated the company's ability to create impactful marketing events and innovate within the "duty-free + tourism" model, contributing to the prosperity of the winter tourism market [8] - The company plans to leverage the advantages of the Hainan Free Trade Port policy and continue leading the duty-free industry through innovative marketing strategies [8]

Group 1 - The core point of the article highlights the significant growth in Hainan's duty-free sales during the New Year holiday, with total sales exceeding 5 billion yuan, marking a year-on-year increase of 121.5% [2] - During the first two days of the holiday, the number of shoppers reached 65,000, and the number of items sold was 307,000, representing year-on-year increases of 60.9% and 48.3% respectively [2] - The new duty-free policy implemented in November has stimulated consumer interest, particularly among international travelers, enhancing the appeal of Hainan as a shopping destination [3] Group 2 - Hainan's duty-free shopping experience has been enhanced by the introduction of over 30 new stores and more than 70 exclusive products, catering to diverse consumer needs [2] - The management of the global supply chain by China Duty Free Group has led to a comprehensive upgrade of product offerings, which has invigorated holiday shopping [2] - Innovations in customs procedures, such as the "免保衔接" model and the "集中+自动" order review process, have improved the efficiency of duty-free goods circulation and reduced logistics costs for businesses [3]

Market Overview - The A-share market showed a strong upward trend in December 2025, with the Shanghai Composite Index rising by 2.06%, the Shenzhen Component Index increasing by 4.17%, and the ChiNext Index gaining 4.93% [1] Investment Opportunities - Over ten brokerage firms have released their investment portfolios for January, covering various sectors including finance, information technology, and consumer goods [1] - The most frequently recommended stocks include Zhongji Xuchuang, which received recommendations from five brokerage firms, and China Zhongmian and Zijin Mining, which were recommended by four firms each [4] Stock Performance - Zhongji Xuchuang's stock price closed at 610.00 yuan with a market capitalization of 67.78 billion yuan, showing an 18.56% increase in December [5] - China Zhongmian's stock price reached 94.56 yuan, with a market capitalization of 19.29 billion yuan, reflecting a 20.03% increase [5] - Zijin Mining had the highest increase among the mentioned stocks, with a rise of over 20% and a closing price of 34.47 yuan [4][5] Sector Preferences - Multiple brokerage firms suggest that the A-share market may continue to experience a "spring rally," with a likely upward trend [6] - Key sectors to focus on include commercial aerospace, non-ferrous metals, and semiconductors, with recommendations for stocks that are offensive, flexible, and aligned with recent hot themes [6] - Cyclical sectors such as basic chemicals and non-ferrous metals are highlighted for their structural logic, while thematic investment opportunities in AI and commercial aerospace are also noted [6] Strategic Recommendations - Companies are advised to focus on technology sectors such as electrical equipment and semiconductors, as well as resource products and high-dividend stocks [6] - The current market environment is seen as favorable for long-term trends driven by policy and liquidity, suggesting a focus on technology, domestic demand, and anti-involution themes [7] - Attention is also drawn to sectors benefiting from AI-enhanced production efficiency and those with higher demand elasticity amid a backdrop of reduced long-term capital expenditure [7]

Core Viewpoint - The A-share market showed a strong performance in December 2025, with the Shanghai Composite Index rising by 2.06%, the Shenzhen Component Index by 4.17%, and the ChiNext Index by 4.93%. The article discusses how to identify investment opportunities in January 2026 based on recommendations from various brokerages [3]. Brokerage Recommendations - Multiple brokerages have released their investment portfolios for January, covering sectors such as finance, information technology, and consumer goods. Notable stocks recommended include: - Aikedi, Hengli Petrochemical, Hengxuan Technology, and others [4]. - Industrial Bank, Haier Smart Home, and China Petroleum among others [4]. - Zhongji Xuchuang received the highest recommendation from five brokerages, while China Zhongmian and Zijin Mining were recommended by four [7]. Stock Performance - Zhongji Xuchuang's stock price reached 610.00 yuan with a market capitalization of 67.78 billion yuan, showing an increase of 18.56% in December 2025. China Zhongmian's stock price was 94.56 yuan, with a market cap of 192.91 billion yuan, increasing by 20.03%. Zijin Mining's stock price was 34.47 yuan, with a market cap of 90.30 billion yuan, rising by 20.61% [9]. Preferred Sectors - Brokerages suggest that the A-share market may continue a "spring surge" trend, with a likely upward movement. Key sectors to focus on include: - Commercial aerospace, non-ferrous metals, and semiconductors [10]. - Financial securities recommend focusing on cyclical sectors and thematic investment opportunities such as AI and commercial aerospace [10][11]. - East China Securities emphasizes three directions: technology, domestic demand, and cyclical sectors benefiting from AI [12][13].

【环球网财经综合报道】2025年12月18日海南自由贸易港全岛封关运作的启动，瞬间激活了国际旅游消费中心的巨大潜力。紧随其后的元旦小长假，成为了 检验政策成效的首个窗口期。据媒体报道，三亚免税城内蜿蜒超过200米的排队人龙、深夜仍灯火通明的购物大厅，以及重现市场的"六位数"酒店房价。 住宿市场，尤其是高端酒店，呈现量价齐升的态势。三亚亚龙湾瑞吉酒店的"7居室海景泳池别墅"在元旦当晚房价高达11.2万元，亚特兰蒂斯酒店的皇家套 房同样超过10万元。业内认识认为，除了封关与节日效应，近期海南密集举办的大型文旅赛事，如跨年电音节、演唱会等，也为拉动客流提供了强劲助力。 这轮消费热潮并未随着假期结束而消退。有在线旅游平台人士透露，从1月份的机票预订趋势看，海口、三亚的热度将持续高位运行。 海南日报报道，据海南省旅游和文化广电体育厅相关负责人介绍，2026年元旦、春节假期期间，海南将举办旅文体活动共计177项，其中旅游促销类活动87 项、文化演艺类活动69项、体育赛事类活动21项，形成"跨年迎新、新春祈福、元宵喜乐"三大热潮。（陈十一） 为迎接跨年客流，中国中免旗下三亚国际免税城罕见地将2025年最后一天的营业时间延长 ...

据了解，杜福睿与中免的经营权转让期限分别为3+5年和5+3年，均自2026年1月1日起至2033年12月31 日止。 最新披露的招标结果显示，瑞士免税巨头杜福睿获得上海浦东国际机场（T1航站楼及S1卫星厅国际区 域场地）的进出境免税店经营权；中免获得上海浦东国际机场（T2航站楼及S2卫星厅国际区域场地） 以及虹桥机场的对应权益。 2025年12月28日，王府井发布公告称，王府井中标首都机场T2航站楼免税项目。此前，中免集团也公 布中标首都机场T3航站楼的免税项目，加之此前上海机场免税项目经营权的易主，至此，日上免税正 式撤出京沪两地机场。（每经综合，德塔） 【#浦东机场日上免税行店招被摘了#】据上观新闻报道，2025年最后一天，上海浦东机场的日上免税行 被摘牌子了。 每日经济新闻此前报道，在上海浦东、上海虹桥两大机场经营26年后，日上免税行即将正式与"魔都"旅 客告别。 2025年12月17日晚间，上海机场发布关于签订免税店项目经营权转让合同的公告。根据合同，上海机场 及其控股子公司上海虹桥国际机场有限责任公司与杜福睿（上海）商业有限公司、中国免税品（集团） 有限责任公司分别签订了经营权转让合同。 ...