上周品牌工程指数多只成分股表现强势。具体来说，中国中免上涨11.46%，排在涨幅榜首位；阳光电 源上涨10.38%，居次席；中际旭创和国瓷材料分别上涨9.67%和8.09%；兆易创新、中芯国际、盐湖股 份涨逾7%；安集科技、兰石重装涨逾6%；泰格医药、沪硅产业涨逾5%；亿纬锂能上涨4.73%；豪威集 团、中航高科、视源股份、信立泰涨逾3%；长电科技、澜起科技、恒生电子、宝信软件、东方财富等 多只成分股涨逾2%。 □本报记者 王宇露 上周市场上涨，中证新华社民族品牌工程指数上涨2.03%，报2008.97点。中国中免、阳光电源、中际旭 创等成分股上周表现强势；2025年以来，中际旭创、阳光电源、兆易创新等成分股涨幅居前。展望后 市，机构认为，目前权益资产总体具备相对吸引力，2026年市场或将逐步转为盈利驱动，在泛科技行业 和传统行业双双进入业绩释放期的背景下，市场风格也有望较2025年趋于均衡。 多只成分股表现强势 上周市场上涨，上证指数上涨1.88%，深证成指上涨3.53%，创业板指上涨3.90%，沪深300指数上涨 1.95%，品牌工程指数上涨2.03%，报2008.97点。 展望后市，星石投资认为，短期来 ...

来源：滚动播报 （来源：北京商报） 伴随上海机场、首都机场免税项目中标人的尘埃落定，日上免税时代正式落下帷幕。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。在日 上免税全面离场的同时，上海机场方面也对免税项目的经营规模与收入模式做了新的布局，其中两机场 免税项目经营面积较原协议扩大超1500平方米；收益模式也从原先的月保底销售提成和月实际销售提成 两者取高的模式，变为"固定租金+提成"的形式。在业内人士看来，如今，各免税企业入局机场免税板 块，打破了此前日上免税趋于垄断性的布局，行业竞争态势日渐多元。 日上出局 随着首都机场免税项目经营权敲定，曾在京沪两大枢纽占据主导的运营商日上免税，如今将正式出局。 根据王府井发布的公告，确定王府井成为首都机场免税项目02标段（T2航站楼）中标人。同时，首年 保底经营费1.13亿元，首年销售额提成比例为5%。王府井方面表示，如该项目签订正式合同并正常实 施，将实现公司在国内超大型国际枢纽机场的首次布局，有利于提升公司免税 ...

Investment Rating - The industry investment rating is maintained as "Buy" [1] Core Insights - The Hainan Free Trade Port officially launched its full island customs closure on December 18, 2025, implementing a policy of "one line open, one line controlled, and free flow within the island" to facilitate trade and investment [2][13] - The zero-tariff policy has been upgraded, increasing the number of zero-tariff product categories from 1,900 to 6,600, covering 74% of production materials [3][14] - The launch of the Hainan Free Trade Port is expected to significantly impact both local and national duty-free businesses, with the fundamentals beginning to materialize [15] Industry Data Tracking - GMV performance shows that in the second week of November, the overall GMV for Tmall and JD.com decreased by 5.56% year-on-year [4][16] - The top five categories in terms of growth during the same period were toys, home furnishings, books and audio-visual products, clothing, and home appliances [4][16] Market Review - From December 22 to December 26, 2025, the Shanghai Composite Index, Shenzhen Component Index, CSI 300, Hang Seng Index, and Hang Seng Tech Index increased by 1.88%, 3.53%, 1.95%, 0.50%, and 0.37% respectively, with the retail trade sector rising by 0.16% [5][20] - Notable stock performances included Dongbai Group, Baida Group, China Duty Free, Yintai Group, and New Xunda, while Nanjing Shanglv, Central Mall, Dalian Friendship, Maoye Commercial, and Liren Liren experienced declines [5][20][27][28] Investment Recommendations - For offline retail, it is suggested to focus on Yonghui Supermarket, which is transforming its business model towards a curated retail approach, leveraging its strong fresh produce sales and scale advantages [28][29] - In the cross-border e-commerce sector, attention is drawn to leading brands like Anker Innovations and platforms like Xiaogongsi, which are expected to benefit from the Belt and Road Initiative [29] - In the gold and jewelry sector, companies like Laopuyin and Chaohongji are recommended due to their strong brand positioning and growth potential amid rising gold prices [29]

Core Viewpoint - China Duty Free Group, a wholly-owned subsidiary of China National Duty Free Group, has won the bid for the duty-free project at Beijing Capital International Airport, which is expected to enhance the company's market position and operational performance in the airport duty-free sector [1] Group 1 - The company received a bid notification confirming its status as the winning bidder for the duty-free project at Beijing Capital International Airport [1] - The bid amount includes a guaranteed operating fee of RMB 480 million for the first year and a sales commission rate of 5% for the first year [1] - The operating period for the contract is set from the agreed start date until February 10, 2034, lasting no more than 8 years [1] Group 2 - The successful signing of this project will enhance the company's channel advantages at key domestic airports [1] - The project aims to meet the diverse shopping needs of inbound and outbound travelers, thereby improving the multi-faceted duty-free shopping experience [1] - The implementation of this project is expected to positively impact the company's future operational performance [1]

Core Viewpoint - China Duty Free Group, a wholly-owned subsidiary of China National Duty Free Group, has won the bid for the duty-free project at Beijing Capital International Airport, which is expected to enhance the company's market position and operational performance in the airport duty-free sector [1] Group 1: Bid Details - The company received a bid notification confirming it as the winning bidder for the duty-free project with a minimum operating fee of RMB 480 million for the first year [1] - The sales commission rate for the first year is set at 5% [1] - The contract duration is from the agreed start date until February 10, 2034, lasting no more than 8 years [1] Group 2: Strategic Implications - Winning this project will enhance the company's channel advantages at key domestic airports [1] - The project aims to meet the diverse shopping needs of inbound and outbound travelers, thereby improving the overall duty-free shopping experience [1] - Successful implementation of this project is expected to positively impact the company's future operational performance [1]

Core Viewpoint - China Duty Free Group has won a bid for the duty-free project at Beijing Capital International Airport, which is expected to enhance its market position and improve operational performance in the coming years [1] Group 1 - The company received a bid notification confirming its subsidiary as the winning bidder for the duty-free project at Beijing Capital International Airport [1] - The bid amount includes a guaranteed operating fee of RMB 480 million for the first year and a sales commission rate of 5% for the first year [1] - The operational period for the contract is set from the start date until February 10, 2034, lasting no more than 8 years [1] Group 2 - The signing of this project is anticipated to strengthen the company's channel advantages at key domestic airports [1] - The project aims to meet the diverse shopping needs of inbound and outbound travelers, enhancing the overall duty-free shopping experience [1] - Successful implementation of the project is expected to positively impact the company's future operational performance [1]

Core Viewpoint - China Duty Free Group has won a bid for the duty-free project at Beijing Capital International Airport, which is expected to enhance its market position and improve operational performance in the coming years [1] Group 1 - The company received a bid notification confirming its subsidiary as the winning bidder for the duty-free project at Beijing Capital International Airport [1] - The bid amount includes a guaranteed operating fee of RMB 480 million for the first year and a sales commission rate of 5% for the first year [1] - The operational period for the contract is set from the start date until February 10, 2034, lasting no more than 8 years [1] Group 2 - The signing of this project is expected to enhance the company's channel advantages at core domestic airports [1] - The project aims to meet the diverse shopping needs of inbound and outbound travelers, thereby improving the duty-free shopping experience [1] - Successful implementation of the project is anticipated to have a positive impact on the company's future operational performance [1]

Core Viewpoint - The departure of Sunrise Duty Free marks the end of its dominance in the duty-free market at Beijing and Shanghai airports, with new operators taking over key projects, leading to increased competition in the industry [1][3][4]. Group 1: Company Developments - Wangfujing has won the bid for the duty-free project at Beijing Capital Airport's T2 terminal, with a guaranteed operating fee of 113 million yuan in the first year and a sales commission rate of 5% [3]. - China Duty Free Group has secured the T3 terminal project at Beijing Capital Airport, with a contract duration until February 10, 2034, enhancing its channel advantages in core domestic airports [3][4]. - The operating area for the duty-free projects at Shanghai airports has expanded significantly, with the total area at Pudong Airport increasing by approximately 1,181 square meters [5]. Group 2: Changes in Revenue Model - The revenue model for duty-free operations at Shanghai airports has shifted to a "fixed rent + commission" structure, moving away from the previous model of higher of minimum sales commission or actual sales commission [5][6]. - The fixed monthly fees for the new contracts at Pudong Airport range from 2,827 to 3,141 yuan per square meter, with commission rates varying between 8% and 24% depending on the product category [5][6]. Group 3: Market Dynamics - The duty-free market at Beijing and Shanghai airports is transitioning from a monopoly by Sunrise Duty Free to a "three-legged" competitive structure, allowing multiple operators to participate [9]. - The bidding process for airport duty-free projects has been designed to prevent any single operator from dominating, promoting a more market-oriented development in the industry [9][10]. - Experts believe that increased competition will enhance product offerings and service experiences for consumers, leading to a healthier development of the duty-free industry [10].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 China Tourism Group Duty Free Corporation Limited 中國旅遊集團中免股份有限公司 （一家於中華人民共和國註冊成立的股份有限公司） （股份代號：1880） 內幕消息 關於全資子公司項目中標的公告 本公告乃由中國旅遊集團中免股份有限公司（「本公司」）根據香港法例第571章證 券及期貨條例第XIVA部以及香港聯合交易所有限公司證券上市規則第13.09(2)(a) 條作出。 2025年12月26日，本公司收到中招國際招標有限公司發來的《中標通知書》，確認 本公司全資子公司中國免稅品（集團）有限責任公司為北京首都國際機場免稅項目 01標段的中標人。具體情況如下： 中標項目情況 上述項目簽約後，本公司於國內核心機場的渠道優勢將進一步提升，有利於滿足 出入境旅客多層次、多樣化的購物需求，提升多元化免稅購物體驗，進而推動機 場免稅業務高質量發展。如上述項目順利實施，將對本 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The retail industry is experiencing a transformation with a focus on emotional consumption and innovative product offerings, particularly in the jewelry and cosmetics sectors [6][33] - Companies like潮宏基 and毛戈平 are leveraging multi-channel strategies to enhance brand visibility and product sales, indicating a strong market presence [26][31] Summary by Sections Retail Market Overview - The retail index closed at 2462.73 points, with a weekly increase of 0.16%, underperforming the Shanghai Composite Index, which rose by 1.88% [5][15] - The retail sector has seen a year-to-date increase of 10.00%, lagging behind the Shanghai Composite Index's 18.26% rise [15][19] Company Highlights - **潮宏基**: Achieved a revenue of 62.37 billion yuan in the first three quarters of 2025, up 28.4% year-on-year, with a net profit of 3.17 billion yuan, reflecting a 0.3% increase [42] - **毛戈平**: Launched the "琉光赋活" skincare series, set to debut on January 1, 2026, focusing on high-end skincare needs [31] - **周大福**: Reported a revenue of 389.86 billion HKD for FY2026H1, a slight decrease of 1.1%, but with a net profit increase of 0.1% [39] Investment Themes - **Gold and Jewelry**: Focus on brands with differentiated product offerings and consumer insights, recommending潮宏基 and老铺黄金 as key players [6][33] - **Offline Retail**: Emphasis on companies adapting to market changes, with recommendations for永辉超市 and爱婴室 [6][33] - **Cosmetics**: Highlighting brands that innovate with emotional value and safe ingredients, recommending毛戈平 and珀莱雅 [6][34] - **Medical Aesthetics**: Targeting differentiated product manufacturers and expanding medical aesthetic chains, with recommendations for爱美客 and科笛-B [6][34]