中国中免 20260123 摘要 中国中免收购 DFS 澳门公司百分百股权和香港门店，以及大中华区无形 资产，包括品牌、会员体系、IT 系统和知识产权，优化业务布局，提升 国际化能力，巩固在全球免税行业地位。 中国中免与 LVMH 集团建立战略合作伙伴关系，将在产品销售、门店开 设、品牌推广、文化交流、旅游服务及客户体验等领域扩大合作，实现 互利共赢，并可能在重点项目上引入合适品牌。 中国中免将继续加强海外拓展力度，提高海外营收占比，关注高度成熟 市场（招标）、增长市场（并购，如港澳）和高潜力市场（自主试点， 如柬埔寨、斯里兰卡和越南）。 香港市场零售表现超出预期，特别是化妆品、珠宝、腕表和礼品等品类， 中免对 DFS 香港业务未来盈利充满信心，将通过调整品类、增加高毛利 产品及引入新锐品牌提升盈利水平。 中免将借助收购 DFS 增强后台实力，提高能力，以便在未来拓展更广泛 的市场，重点关注东南亚及"一带一路"沿线国家等旅游零售市场。 Q&A 中国中免近期收购 DFS 港澳地区零售门店及大中华区无形资产的具体情况是 什么？ 中国中免全资子公司中免国际以不超过 3.95 亿美元收购 DFS 港澳地区的零售 门店 ...

Investment Rating - The report maintains an "Outperform" rating for the social services sector, indicating expected performance above the market benchmark by over 10% [3][28]. Core Insights - The silver economy is gaining traction with active policy support from multiple government departments aimed at fostering the development of elderly care services and enhancing consumption potential [2][17]. - The Spring Festival travel rush is anticipated to significantly boost travel demand, with projections of approximately 95 million air passengers during the period [2][20]. - The consumer services sector outperformed the market, with a reported increase of 1.52%, surpassing the market by 2.71 percentage points during the review period [1][12]. Industry Dynamics - Recent policies have been introduced to cultivate elderly care service providers, with companies like New Oriental and China Travel Group launching initiatives targeting the silver economy [2][17][18]. - The Spring Festival travel period is expected to see a substantial increase in passenger numbers, with a forecast of 22.4 million travelers in Hainan, marking a 5.3% increase year-on-year [2][19]. - The IPO activity in the chain industry remains robust, with companies like Yuanji Food and Guming Tea achieving significant milestones in store openings and financial performance [2][21]. Stock Performance - Notable stock performances in the social services sector include increases of 26.86% for Tongdao Liepin and 17.50% for Keri International during the review period [1][15]. - Conversely, Ctrip Group saw a decline of 18.63%, indicating volatility within the sector [1][15]. Investment Recommendations - The report suggests focusing on companies such as China Duty Free, Guming, Huazhu Group, and Ctrip Group, among others, as potential investment opportunities [3][28]. - Long-term recommendations include companies like Meituan, Mijia Group, and various educational and travel service providers, reflecting a diversified approach to investment in the sector [3][28].

西贝获新荣记创始人等多方投资 -融资动态- 1月21日，企查查信息显示，内蒙古西贝餐饮集团有限公司获A轮融资。投资方包括台州新荣泰投资有限公司、呼和浩特市集体共创企业管理中心（有限 合伙）、成都迅达光电有限公司、杭州舟轩股权投资管理合伙企业（有限合伙）等，融资金额未对外披露。 同步工商信息显示，西贝餐饮的注册资本从8990.2896万元增至10168.0175万元，增幅约13.1%；股东名单新增上述投资方，创始人贾国龙及部分原有股东 的持股比例出现相应下降。（新京报贝壳财经） 小编评： 可以看到，此次资金虽不算大，但却带来高端餐饮精细化运营与互联网流量两大稀缺资源，有望帮西贝重塑品控、加速数字化，缓解现金流压力。 值得注意的是，此次"纯投资"性质的入股有望为三得利带来国际资本背书，提升其在全球市场的估值透明度；同时，Pzena的长期价值投资风格可能推动 三得利进一步优化资本配置。 -收购动态- LVMH集团旗下私募机构收购Ex Nihilo少数股权 1月19日，美国投资基金Pzena Investment Management已持有三得利饮料食品国际5.09%的股份。Pzena于同日向日本关东财务局提交了大宗 ...

Investment Rating - The report assigns an "Accumulate" rating for the industry [6]. Core Insights - The civil aviation sector is expected to see record-high passenger transport volume during the Spring Festival, with an anticipated 95 million passengers, representing a year-on-year growth of approximately 5.3% [2][5]. - The retail sector showed a slight increase in consumer spending, with a total retail sales of 45,136 billion yuan in December 2025, marking a 0.9% year-on-year growth [5]. - The report highlights the continuous rise in gold prices, with spot gold surpassing 4,800 USD per ounce, leading to increased prices for domestic gold jewelry [5]. - The report emphasizes the positive impact of travel policies on tourism and hotel sectors, suggesting a focus on companies like Atour, Huazhu Group, and Jinjiang Hotels [5][6]. Summary by Relevant Sections Civil Aviation - The report indicates that the domestic flight ticket prices have slightly increased compared to the previous year during the Spring Festival [5]. - The Civil Aviation Administration forecasts a daily average of 2.38 million passengers during the Spring Festival period [5]. Retail Sector - The total retail sales for the year 2025 reached 501,202 billion yuan, reflecting a 3.7% year-on-year increase [5]. - The report notes that the opening of the child-rearing subsidy program on January 5, 2026, will provide 3,600 yuan per child annually for children under three years old [5]. Company Announcements - China Duty Free Group announced the acquisition of DFS's travel retail business in Greater China for up to 395 million USD [5]. - Jiajiayue expects a net profit of 198 million to 228 million yuan for 2025, representing a year-on-year growth of 50.06% to 72.79% [5]. - Meikailong anticipates a net loss of 22.5 billion to 15 billion yuan for 2025, a significant decline compared to the previous year [5]. - Jinling Hotel expects a net profit of 55 million to 63.5 million yuan for 2025, indicating a growth of 65.37% to 90.93% year-on-year [5].

Group 1 - Huaxing Capital has established an M&A team since 2009 to provide comprehensive advisory services for innovative economy enterprises in China and globally, amidst a growing demand for M&A in the current uncertain market [1] - China Duty Free Group (601888.SH) plans to acquire DFS's retail business in Greater China for up to $395 million, enhancing its presence in the Hong Kong and Macau tourism retail market and deepening strategic cooperation with LVMH [3] - Jianghuai Microelectronics (603078.SH) announced that its controlling shareholder will transfer 23.96% of shares to Fuxun Technology for a total consideration of 1.848 billion yuan, changing the controlling shareholder to Shanghai Fuxun Technology [4] - Rongsheng Xintai intends to acquire control of Tian Sheng New Materials (300169.SZ) by purchasing 6.29% of shares for approximately 131 million yuan, aiming for a total holding of 18.75% [5] - Honglida (688330.SH) plans to use 341 million yuan of raised funds to acquire 50.93% of Zhongteng Microgrid, enhancing its capabilities in the power sector [6] - WuXi AppTec (2268.HK) has launched a voluntary conditional cash offer for all issued shares of Dongyao Pharmaceutical (1875.HK) at HKD 4.00 per share, with a total consideration of approximately HKD 2.79 billion, aimed at expanding its manufacturing capacity in China [7] - Lianjian Technology (301115.SZ) intends to acquire 55% of Zhongding Testing for 101 million yuan, enhancing its business layout in consumer goods and food testing [8] - JD Logistics (2618.HK) plans to acquire the remaining shares of Debon Holdings (603056.SH) for approximately 3.797 billion yuan and promote its voluntary delisting, aiming to strengthen network integration and operational efficiency [9] - China National Pharmaceutical Group (1177.HK) intends to acquire 100% of Hejiya for 1.2 billion yuan, focusing on innovative drug development in chronic disease areas [10] Group 2 - Baichuan Intelligent has launched the Baichuan-M3 Plus model, achieving a hallucination rate of 2.6%, the lowest globally, enhancing accuracy and reliability in medical scenarios [11] - Lenovo and NVIDIA have announced a collaboration to launch the "Lenovo AI Cloud Super Factory," aiming to transform traditional data centers into efficient AI factories [12] - Meituan has released the open-source "Reconsider" model, which significantly reduces training costs for new tools in complex tasks [13] - Qianwen App has integrated with Alibaba's ecosystem to test AI shopping functionalities, allowing users to order food and purchase items through AI [14] - Google and Apple have reached a multi-year AI collaboration agreement to support Siri with Google's Gemini model and cloud technology [15] - iQIYI announced the resignation of CFO Wang Jun, with Senior Vice President Zeng Ying appointed as interim CFO [16]

Group 1: Nike's Management Change and Performance - Nike has announced a management change in its Greater China region, with current head Dong Wei stepping down and Cathy Sparks appointed as the new Vice President and General Manager [3][4] - Dong Wei has been with Nike for 20 years and was recently promoted to Chairman and CEO of Nike Greater China, but the company is facing declining performance in the region, with Q2 FY2026 revenue at 14.23 billion yuan, down 17% year-on-year [4] - The decline in revenue is attributed to a drop in direct sales and digital business, with EBIT halving, down 49% year-on-year, indicating a need for strategic reform under the new leadership [4][5] Group 2: China Duty Free Group and LVMH Partnership - China Duty Free Group has reached a strategic cooperation agreement with LVMH to acquire DFS for up to $395 million, which includes retail stores in Hong Kong and Macau and exclusive rights to several brands in the Greater China region [6][7] - DFS has shown stable financial performance, with revenues of 4.1 billion yuan and 2.7 billion yuan for 2024 and 2025 respectively, making it a valuable asset for China Duty Free Group [7] - The acquisition will enhance China Duty Free Group's high-end brand supply chain, as DFS has partnerships with over 750 global brands [8] Group 3: IKEA's New Retail Strategy - IKEA has launched an instant retail service on JD.com, marking its first foray into this business model, covering 13 stores in major cities [9] - This new service aims to improve delivery efficiency and reduce consumer barriers, with a minimum purchase of 99 yuan for free delivery within a 4 km radius [9] - IKEA's sales in China have declined, with a reported revenue of approximately 11.15 billion yuan for FY2024, down 7.6% year-on-year, indicating a need for adaptation to changing consumer preferences [10] Group 4: Haidilao's New Concept Store - Haidilao has opened its first "sugar water shop" as a thematic store, integrating hot pot and dessert offerings to cater to diverse consumer needs [12] - The shop operates independently and has already achieved over 100 orders daily, indicating a successful trial of the "store within a store" model [13] Group 5: Walmart's Collaboration with Xiaohongshu - Walmart has partnered with Xiaohongshu to open a co-branded retail experience space called "Mashi Store," focusing on customer-centric shopping experiences [14] - The store features eight "interest islands," each showcasing specific lifestyle products, reflecting Walmart's ongoing transformation to attract younger consumers [14] Group 6: Financial Updates from Various Companies - Yonghui Supermarket expects a net loss of 2.14 billion yuan for 2025, marking its fifth consecutive year of losses due to store adjustments and supply chain reforms [18] - Kraft Heinz China is restructuring its sales regions to accelerate national expansion and seek new growth opportunities [19] - Nestlé is moving forward with the sale of its water business, valued at 5 billion euros, indicating a strategic shift in its portfolio [20]

1月19日晚，中国中免发布公告称，其全资孙公司中免国际与DFS新加坡、DFS香港签署《框架协 议》，约定中免国际以不超过3.95亿美元（约合人民币28亿元）现金方式收购对方持有的DFS大中华区 旅游零售业务相关股权及资产。 除了宣布收购外，公告内容还显示，LVMH集团及Miller家族将参与中国中免的增资，认购其在香港新 发行的H股股份，认购金额相当于出售对价的一部分。认购将在出售交易交割后完成。 同时，中国中免还与LVMH集团签署了战略合作备忘录，双方将在产品销售、门店开设、品牌推广、文 化交流、旅游服务及客户体验等领域开展合作，实现互利共赢。 截自中国中免公告 通过本次交易，中免国际将收购DFS港澳地区零售门店及其大中华区的无形资产（包括DFS旗下一系列 的品牌与IP于大中华区的独家使用权）。根据DFS官网信息，其在香港运营2家店铺（含1家美妆世 界），在澳门运营8家店铺（含3家美妆世界）。 公开资料显示，DFS迪斐世集团成立于1960年，是全球领先的高端旅游零售商，由LVMH集团及DFS联 合创始人暨股东Robert Miller共同拥有。香港是DFS免税及旅游零售业务的发源地，而DFS在澳门市场 区域 ...

Core Insights - The report emphasizes the structural opportunities in both domestic demand and overseas expansion for 2026, particularly focusing on new services and new retail sectors [2][24] - It highlights the positive resonance between policy and fundamentals, suggesting that leading companies in the commercial sector are likely to benefit from policy stimuli and improve their fundamentals [2][4] Domestic Demand - The report identifies new services and new retail as the main lines for domestic demand, with a focus on the marginal changes in the fundamentals of related sub-sectors [2][5] - Specific sub-sectors showing price increase potential include: - **Hotels**: Strong leisure demand and optimized supply structure, with prices expected to remain stable or slightly increase. Recommended companies include Huazhu Group, Jinjiang Hotels, and Shoulv Hotels [2][3] - **Duty-Free**: With the opening of Hainan, the sector is stabilizing, and China Duty Free is highlighted as a key player [2][3] - **Gold and Jewelry**: The report notes a high volatility in gold prices but anticipates improved terminal sales. Recommended companies include Chow Tai Fook and Lao Puhuang [2][3] - **Mother and Baby**: Leading companies are expected to maintain steady growth, supported by favorable policies. Recommended companies include Kidswant and Aiyingshi [2][3] Sub-Sectors Driven by Volume Growth - The report suggests focusing on the Consumer Price Index (CPI) for sectors primarily driven by volume growth: - **Supermarkets**: CPI increases are beneficial for same-store sales, with a shift in focus from store adjustments to supply chain reforms. Recommended companies include Yonghui Superstores and Jiajiayue [3][5] - **Tourism**: The report highlights the potential for expansion and asset integration in the tourism sector, recommending companies like Jiuhua Tourism and Changbai Mountain [3][5] - **Dining**: Emphasizes refined operations and incentives for leading companies, with recommendations including Yum China and Haidilao [3][5] - **Tea Drinks**: The report notes that delivery subsidies may impact pricing, with store openings expected to drive growth. Recommended companies include Mixue and Gu Ming [3][5] Overseas Expansion - The report indicates that leading companies with high barriers to entry are expected to continue showing strong performance in overseas markets, with a focus on brand building and diversified destinations [4][24] - Recommended companies for overseas expansion include: - **Small Commodity City** and **Miniso**: Both are noted for their strong performance and brand development [4][24] - **Anker Innovations** and **Sumida**: Highlighted for their competitive advantages in specific segments [4][24] Investment Recommendations - The report suggests that for 2026, investors should focus on sectors benefiting from policy support and those with strong performance certainty in overseas markets [5][24] - It emphasizes the importance of monitoring the recovery of volume in certain sectors while maintaining a cautious approach to pricing stability [5][24]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | --- | | 601888 | 中国中免 | 93.32 | -0.31% | | 73.61万 | | 2666'69 | 证券之星消息，1月23日旅游零售板块较上一交易日下跌0.31%，中国中免领跌。当日上证指数报收于 4136.16，上涨0.33%。深证成指报收于14439.66，上涨0.79%。旅游零售板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 从资金流向上来看，当日旅游零售板块主力资金净流出3.38亿元，游资资金净流入2.89亿元，散户资金净 流入4866.95万元。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 ...

"Vol.19 2026.01.17-01.23" 要点速览： 美妆零售年增5.1% 珀莱雅将切入OTC渠道 Indu退出彩妆赛道 丝芙兰与Olive Young合作？ 华伦天奴退出韩国市场 Patrick Ta入驻丝芙兰中东 Douglas Q1营收承压？ 儿童霜惊现禁药成分 美宝莲被抵制？ 戴可思回应违规？ 首支颞部童颜针上市 闻献新品牌首店开业 联合利华看好印度美妆？ 中免27亿收购DFS业务 百年奢侈品巨头破产？ 欧舒丹拟美股上市 化妆品检测又出新标准了？ 山东化妆品电子标签试点 热点资讯 美妆零售年增5.1% 1月19日，国家统计局发布2025年社会消费品零售数据，全年社会消费品零售总额501202亿元，同比增 长3.7%；12月单月零售额45136亿元，同比增长0.9%。 化妆品品类增速显著跑赢整体消费大盘，全年零售总额达4653亿元，同比增长5.1%，彰显行业发展韧 性。12月化妆品零售额380亿元，同比增长8.8%，成为拉动全年增长的重要推手。产生这一现象的原因 主要是年末消费旺季带动节日美妆消费需求集中释放，叠加线上线下各渠道促销活动密集开展，共同推 动化妆品零售单月增速大幅攀升。 美宝莲被 ...