Core Viewpoint - China Duty Free Group, a wholly-owned subsidiary of China National Duty Free, has won the bid for the duty-free project at Beijing Capital International Airport, with a guaranteed operating fee of 480 million yuan for the first year and a sales commission rate of 5% for the first year [1] Group 1 - The project will enhance the company's channel advantages in key domestic airports [1] - It is expected to promote the high-quality development of airport duty-free business [1] - The operating period of the contract is from the agreed start date until February 10, 2034 [1] Group 2 - The contract terms still contain uncertainties, with specific details to be confirmed in the final signed contract [1]

Core Viewpoint - China 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 channel advantages and improve the shopping experience for travelers [1] Group 1: Project Details - The project bid amount is approximately 480 million yuan for the first year, with a sales commission rate of 5% for the first year [1] - The operational period of the contract is set from the start date until February 10, 2034, not exceeding 8 years [1] Group 2: Strategic Implications - Winning this project will further strengthen the company's position in core domestic airport channels, catering to diverse shopping needs of inbound and outbound travelers [1] - Successful implementation of the project is anticipated to positively impact the company's future operational performance [1] Group 3: Contract Status - The company has not yet signed a formal contract, and the terms remain uncertain until the final contract is executed [1] - The company will continue to monitor the project's progress and fulfill information disclosure obligations as required by domestic and international laws [1]

Core Viewpoint - The company, China Duty Free Group, has won a bid for the duty-free project at Beijing Capital International Airport, which is expected to enhance its core airport channel advantages and promote the development of airport duty-free business [1] Summary by Sections Project Details - The company’s wholly-owned subsidiary, China Duty Free Group Co., Ltd., won the bid for the duty-free project at Terminal 3 of Beijing Capital International Airport [1] - The bid amount includes a guaranteed operating fee of 480.27 million yuan for the first year and a sales commission rate of 5% for the first year [1] - The operating period for the project is set to last until 2034 [1] Strategic Implications - Winning this bid is expected to enhance the company's competitive position in domestic core airport channels [1] - The project is anticipated to drive the growth of the airport duty-free business [1] Contractual Status - The company has not yet signed a formal contract, indicating that there are uncertainties regarding the terms [1]

| 601888 中国中免 | 2.771Z | 3.05% | 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 -3984.24万 | -0.44% | -2.37 Z | -2.61% | | --- | --- | --- | --- | --- | --- | --- | | --- | | | | | | | 证券之星消息，12月26日旅游零售板块较上一交易日上涨8.32%，中国中免领涨。当日上证指数报收于 3963.68，上涨0.1%。深证成指报收于13603.89，上涨0.54%。旅游零售板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | --- | | 601888 | 中国中免 | 92.30 | 8.32% | | 100.83万 | | 90.84亿 | 从资金流向上来看，当日旅游零售板块主力资金净流入2.77亿元，游资资金净流出3984.24万元，散户资 金净流出2.37亿元。旅游零售板块个股资金流 ...

Investment Rating - The report maintains an "Outperform" rating for the duty-free industry, highlighting the increasing importance of domestic demand and supportive policies from the government [1]. Core Insights - The duty-free industry is entering a new era characterized by improved external conditions, enhanced policies, and rising industry sentiment, suggesting significant investment opportunities [1]. - The report emphasizes the expected growth in Hainan's offshore duty-free sales due to the launch of new policies, the peak tourist season, and a low base effect, with sales growth projected to continue [3]. - The recovery of international passenger flow and the expansion of the免税店 (duty-free store) market are anticipated to further boost sales in both port and city channels [3][39]. Summary by Sections Duty-Free Market Overview - The duty-free market is experiencing a recovery, with sales in Hainan showing a positive year-on-year growth of 27% in November, driven by new policies and an increase in tourist numbers [3][22]. - The report notes that the sales of high-value items like digital products and gold jewelry are contributing significantly to this growth [22]. Offshore Duty-Free Sales - Hainan's offshore duty-free sales have seen a turnaround, with a year-on-year increase of 3.4% in September, marking the first positive growth since March [22]. - The report indicates that the new policies implemented in October are expected to further enhance the shopping experience and increase the variety of products available [26]. Port and City Duty-Free Sales - The international passenger flow is gradually returning, with the number of inbound foreign tourists increasing significantly, which is expected to drive sales in port and city duty-free stores [39]. - The report highlights that the recent policy changes have expanded the range of products available in city duty-free stores, aiming to stimulate consumer demand [40]. Investment Recommendations - The report recommends focusing on leading companies in the duty-free sector, specifically China Duty Free Group, Wangfujing, and Zhuhai Duty Free Group, as they are well-positioned to benefit from the policy changes and market recovery [3].

12月26日（周五），上证指数在3970点附近突发跳水，但午后V型拉升，强势翻红。截至13:45，上证指 数报3965点，创业板指、深证成指等主要指数跟随翻红，商业航天再度强势，中国卫星一度涨停，股价 创出历史新高，总市值逼近1000亿大关。 全市场跟踪沪深300的ETF，费率最低的为沪深300ETF华夏（510330.SH）。 （文章来源：每日经济新闻） 盘面上，有色金属、电力设备行业涨幅领先，整体上大市值风格占优，阳光电源、比亚迪、紫金矿业、 中国中免均涨超5%，均为沪深300指数成分股。 ...

Group 1 - The Hainan Free Trade Zone is experiencing significant market activity, with stocks such as Shennong Agriculture rising over 12% and China Duty Free Group increasing nearly 8% [1] - The first week of operation under the Hainan Free Trade Port's closure saw impressive data, including duty-free shopping amounting to 1.1 billion yuan, a year-on-year increase of 54.9% [1] - The number of newly registered foreign trade enterprises in Hainan surged to 1,972, a year-on-year increase of 230%, reflecting the positive impact of the new policies [1] Group 2 - The proportion of "zero tariff" goods in Hainan's Free Trade Port has increased from 21% to 74%, covering approximately 6,600 items, which is expected to reduce import tax burdens by about 20% for related enterprises [2] - The policy benefits are anticipated to enhance Hainan's attractiveness in tourism and consumption, leading to an expansion and upgrade of retail sectors [2] - Cross-border e-commerce and processing value-added policies are clearly directed, allowing for the exemption of import tariffs on processed goods that have increased in value by over 30% in Hainan [2]

Group 1 - The implementation of the Hainan Free Trade Port's full island closure marks a new phase in its development, aiming to create a significant gateway for China's new era of opening up [1][4] - The closure will not restrict access but will instead enhance openness, with policies allowing for free flow of goods and services within the island while managing cross-border trade [4][5] - The "zero tariff" policy will expand from 1,900 to approximately 6,600 items, covering about 74% of all goods, significantly increasing the scope of tax-free imports [5] Group 2 - The closure is expected to attract substantial domestic and foreign investment, enhancing the international competitiveness of enterprises and reducing operational costs [5][8] - Key sectors likely to benefit include tourism, modern services, high-tech industries, and specific areas like tropical agriculture and advanced manufacturing, driven by favorable tax policies [8][9] - Companies engaged in foreign trade, infrastructure development, and tourism are anticipated to see significant benefits from the new policies, particularly those related to tax exemptions and expanded consumer appeal [9]

作为世界一流的旅游零售商，中免集团围绕"首店经济、新品首发、全域营销、服务升级"等维度发力， 不断创新"商品+场景+服务"模式，激发消费活力。 据中免集团首席市场营销官廖俊雄介绍，中免集团拥有完整的免税零售渠道和优质的市场资源，在中国 30多个省区市、特别行政区以及柬埔寨等地设立了涵盖机场、机上、边境、客运站、火车站、邮轮和市 内等九大类型约200家免税店，覆盖超过100个城市，已发展成为世界上免税店类型最全、单一国家零售 网点最多的免税运营商。 近日，海南自由贸易港全岛封关正式启动，零关税扩容等政策红利的持续释放，为旅游零售行业注入强 劲发展动能。 为迎接封关，中免集团联动品牌与渠道资源，旗下海南6家免税店推出"十二重礼"活动，围绕价格让 利、专享权益、文旅体验与庆典互动等，将封关红利转化为惠及消费者的切实福利。 当前，"首店经济"持续激发消费新动能，成为赋能海南免税市场的"流量密码"。去年以来，中免集团推 进吸引优质品牌"首店、首发、首秀"进入海南免税市场，持续强化海南免税市场的品牌吸引力。 响应离岛免税新政导向，中免集团积极拓展商品品类边界，重点引入小家电、微型无人机、国内服装服 饰等新品类、新商品，既 ...

Market Overview - The Shanghai Composite Index rose by 0.47% on December 25, with 25 out of the 28 sectors experiencing gains, led by defense and military industry (up 2.91%) and light industry manufacturing (up 1.59%) [1] - The sectors that saw declines included comprehensive and non-ferrous metals, down 1.12% and 0.77% respectively [1] Capital Flow - The main capital flow showed a net outflow of 18.129 billion yuan across the two markets, with 8 sectors experiencing net inflows [1] - The automotive sector led the net inflow with 2.747 billion yuan and a daily increase of 1.46%, followed by the machinery equipment sector with a net inflow of 1.862 billion yuan and a daily increase of 1.51% [1] Retail Sector Performance - The retail sector declined by 0.47% with a net outflow of 1.938 billion yuan, comprising 97 stocks, of which 49 rose and 44 fell [2] - Notable stocks with significant net inflows included Kuaijingtong (3.96 billion yuan), Hemei Group (1.28 billion yuan), and Yimin Group (1.24 billion yuan) [2] - Major stocks with net outflows exceeding 1 billion yuan included Dongbai Group (0.673 billion yuan), Yonghui Supermarket (0.555 billion yuan), and China Duty Free (0.473 billion yuan) [2] Notable Stocks in Retail Sector - The top stocks with significant capital outflow included: - Dongbai Group: -2.52% with a capital outflow of 672.60 million yuan - Yonghui Supermarket: -3.65% with a capital outflow of 554.62 million yuan - China Duty Free: -3.02% with a capital outflow of 473.47 million yuan [2][3]