Group 1 - The stock price of China Duty Free Group (中国中免) on July 30 was 66.28 yuan, with a slight increase of 0.05 yuan, representing a 0.08% rise. The trading volume reached 267,870 hands, with a transaction amount of 1.78 billion yuan [1] - China Duty Free Group is a leading duty-free operator in China, primarily engaged in the retail of duty-free goods. The company operates duty-free stores in key cities and tourist destinations across the country, covering various categories such as cosmetics, luxury goods, clothing, and electronics [1] - Haikou Customs has recently implemented smart supervision measures, significantly enhancing the customs clearance efficiency of offshore duty-free goods through technologies like electronic tags and remote video inspections. Data shows that the time from warehousing to shelf for duty-free goods can be as short as 2 hours, saving 1.4 days compared to traditional methods. Since 2025, Sanya Customs has inspected 329 batches of offshore duty-free imported goods, with 80% adopting facilitation policies [1] Group 2 - On July 30, the net outflow of main funds for China Duty Free Group was 16.5697 million yuan, accounting for 0.01% of the circulating market value [2]

智通财经APP获悉，香港联交所最新数据显示，7月24日，Barclays PLC增持中国中免(01880)459.09万 股，每股作价63.0819港元，总金额约为2.90亿港元。增持后最新持股数目为612.64万股，持股比例为 5.26%。 ...

香港联交所最新数据显示，7月24日，Barclays PLC增持中国中免（601888）(01880)459.09万股，每股作 价63.0819港元，总金额约为2.90亿港元。增持后最新持股数目为612.64万股，持股比例为5.26%。 ...

证券日报网讯宋城演艺7月30日在互动平台回答投资者提问时表示，公司旗下三亚千古情景区与中免有 业务上的合作，包括广告置换、买演出票赠免税店代金券等形式。 （文章来源：证券日报） ...

Core Insights - The duty-free shop concept index rose by 1.22%, ranking sixth among concept sectors, with 21 stocks increasing in value, including notable gainers like Caesar Travel and Juran Smart Home, which hit the daily limit [1][2] Group 1: Market Performance - The top gainers in the duty-free shop sector included Caesar Travel, Juran Smart Home, and *ST Yedao, with respective increases of 10.08%, 10.07%, and 4.93% [3][4] - The leading decliners in the sector were Hainan Airport, Youa Shares, and China Merchants Shekou, with declines of 1.69%, 1.46%, and 1.39% respectively [1][5] Group 2: Capital Flow - The duty-free shop sector saw a net inflow of 487 million yuan, with 19 stocks receiving net inflows, and 13 stocks exceeding 10 million yuan in net inflow [2][3] - Juran Smart Home led the net inflow with 316 million yuan, followed by Caesar Travel with 274 million yuan, and Lingnan Holdings with 25 million yuan [2][3] Group 3: Capital Inflow Ratios - Juran Smart Home, Caesar Travel, and Guangbai Shares had the highest net inflow ratios at 36.03%, 25.57%, and 12.91% respectively [3][4]

从资金流向上来看，当日旅游零售板块主力资金净流出1656.97万元，游资资金净流入4823.38万元，散户 资金净流出3166.41万元。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 | -1656.97万 | -0.93% | 4823.38万 | 2.71% | -3166.41万 | -1.78% | | ** | | | | | | | 证券之星消息，7月30日旅游零售板块较上一交易日上涨0.08%，中国中免领涨。当日上证指数报收于 3615.72，上涨0.17%。深证成指报收于11203.03，下跌0.77%。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。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | ...

Core Points - The AMAC Leasing Business Index (AMAC Business, H30037) decreased by 0.32% to 3186.16 points, with a trading volume of 21.302 billion [1] - Over the past month, the AMAC Leasing Business Index has increased by 5.51%, 12.42% over the last three months, and 12.57% year-to-date [1] - The index is based on the classification of industries as per the guidelines from the China Securities Association, comprising 43 industry classification indices [1] Index Holdings - The top ten holdings of the AMAC Leasing Business Index are: Focus Media (14.13%), China Duty Free Group (11.99%), Small Commodity City (11.19%), LEO Group (4.73%), BlueFocus Communication Group (4.39%), Hainan Huatian (3.42%), Jianfa Group (3.37%), Bohai Leasing (2.99%), Province Advertising Group (2.54%), and Xiamen International Trade (1.8%) [1] - The market share of the AMAC Leasing Business Index is 58.17% from the Shenzhen Stock Exchange and 41.83% from the Shanghai Stock Exchange [1] Industry Composition - The industry composition of the AMAC Leasing Business Index shows that industrial sector accounts for 42.88%, communication services for 38.31%, consumer discretionary for 15.69%, real estate for 1.81%, and information technology for 1.32% [2]

Core Viewpoint - The upcoming closure of Hainan Free Trade Port presents both opportunities and challenges for China Duty Free Group (CDFG), as it faces declining performance despite favorable policies [1][6]. Group 1: Company Performance - CDFG's revenue and net profit declined by 10% and 20% year-on-year, respectively, in the first half of the year [1]. - In Hainan, CDFG's revenue fell to 288.92 billion yuan, a 27% decrease compared to the previous year, with the region's revenue share dropping from 70% in 2021 to 51% in 2024 [9]. - The average spending per customer in Hainan's duty-free market decreased from 7368 yuan in 2021 to 5800 yuan in 2024, reflecting a significant drop in consumer spending [12]. Group 2: Market Dynamics - The expansion of the "zero tariff" product list from 1900 to approximately 6600 items will enhance CDFG's cost advantages in procuring luxury and daily consumer goods [3]. - However, popular duty-free items like cosmetics and alcohol remain on the import tax list, which may limit CDFG's pricing advantages compared to regular taxed channels [3]. - The competitive landscape is expected to intensify as more cities establish city duty-free stores, with CDFG securing 75% of the new market in cities like Guangzhou and Shenzhen [14][15]. Group 3: Consumer Behavior and Trends - The price advantage of duty-free shopping is diminishing, with the price difference between duty-free and taxed channels narrowing from 25% to 5%-10% post-closure [5]. - Increased international travel and the rise of cross-border e-commerce platforms are diverting consumer spending away from traditional duty-free shopping [12]. - CDFG is actively conducting promotional activities to stimulate sales, which may further impact profitability [12]. Group 4: Future Outlook - CDFG is at a critical transition from being driven by policy benefits to relying on internal capabilities for growth [16]. - The company's future success will depend on its ability to leverage the opportunities presented by the Hainan Free Trade Port closure while navigating the challenges posed by increased competition and changing consumer preferences [16].

智通财经APP获悉，里昂发布研报称，中国中免(01880,601888.SH)的次季及中期业绩预告逊于市场预 期，该行认为，中国中免表现弱势应与非海南业务的波动性有关。公司提到，虽然持续受压，惟正通过 扩展免税+产品和推动自身品牌创新来加快战略转型。因此，公司在海南的市场份额同比上升近1%。 该行表示，中国中免虽然销售降幅有所收窄，但该行预计，由于去杠杆化、产品组合变化、渠道组合变 化和折扣的影响，盈利能力仍然面临压力。海南离岛免税政策在过去几天成为股价催化剂，因此不排除 获利了结的可能性。 ...

Core Viewpoint - The report from CICC indicates that China Duty Free Group (601888) has underperformed in its Q2 and interim earnings forecast, primarily due to volatility in non-Hainan operations [1] Group 1: Performance Analysis - The company has experienced a decline in sales, although the rate of decline has narrowed [1] - The market share in Hainan has increased by nearly 1% year-on-year, indicating some positive movement despite overall challenges [1] Group 2: Strategic Initiatives - The company is focusing on accelerating its strategic transformation through the expansion of duty-free products and promoting brand innovation [1] Group 3: Profitability Concerns - Profitability remains under pressure due to factors such as deleveraging, changes in product mix, channel mix, and discounts [1] - Recent Hainan offshore duty-free policies have acted as a catalyst for stock price movements, suggesting potential profit-taking opportunities [1]