Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected increase of over 10% relative to the CSI 300 index in the next six months [36]. Core Insights - The report emphasizes that the Chinese duty-free policy is a strategic tool for economic regulation, industrial upgrading, and cultural confidence, significantly impacting both domestic and international markets [7][11]. - The Hainan duty-free model is highlighted as a key experimental area, transitioning from a focus on shopping to a broader trade and logistics framework, enhancing its role as a new offshore trade and financial hub [15][19]. - The competitive landscape of the duty-free market is shifting from monopolistic competition to diversified competition, with China Duty Free Group (CDFG) maintaining a dominant position while new entrants and foreign operators are emerging [23][24]. Summary by Sections 1. Duty-Free Market Development - The Chinese duty-free market has evolved from serving specific groups to becoming a strategic tool for stimulating consumption and promoting openness, with significant policy support since 2000 [8][9]. - The introduction of the Hainan duty-free policy in 2011 marked a significant step towards international market integration, with the market becoming a major growth engine post-COVID-19 [8][9]. 2. Hainan Duty-Free System - Hainan has established a comprehensive duty-free system, including "offshore duty-free" and "processing and value-added duty-free" policies, aimed at attracting high-end consumption back to China [15][16]. - The duty-free sales in Hainan reached 206.9 billion yuan from 2020 to August 2025, accounting for over 8% of the global duty-free market [16]. 3. Competitive Landscape - The current market structure is characterized by "one strong player and many strong competitors," with CDFG holding a significant market share and operational advantages [23][25]. - The recent bidding for duty-free operations at major airports indicates a shift in competitive dynamics, with CDFG securing key contracts and new players like Dufry entering the market [24][25]. 4. International Comparisons - The report compares the Chinese duty-free market with those in South Korea and Europe, highlighting China's strategic, policy-driven growth model versus South Korea's reliance on a purchasing agent model and Europe's mature, market-driven approach [31][32]. - China's duty-free market is positioned to leverage its domestic consumption potential and policy support, while South Korea faces challenges due to over-reliance on Chinese consumers [28][32].

本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 行 业 周 报 消费者服务（中信）指数走势 资料来源：iFind，东莞证券研究所 相关报告 证 券 研 究 报 告 消费者服务行业 超配（维持） 消费者服务行业双周报（2026/1/9-2026/1/22） 中免国际拟收购 DFS 大中华区旅游零售业务 投资要点： 2026 年 1 月 23 日 分析师：邓升亮 SAC 执业证书编号： S0340523050001 电话：0769-22119410 邮箱： dengshengliang@dgzq.com.cn 行 业 研 究 ◼ 行情回顾：2026年1月9日-2026年1月22日，中信消费者服务行业指数整 体上涨2.98%，跑赢同期沪深300指数约3.27个百分点。细分板块中，综 合服务、旅游休闲、酒店餐饮、教育板块涨跌幅分别为7.43%、1.82%、 5.70%、3.00%，细分板块均上涨。行业取得正收益的上市公司有47家， 涨幅前五分别是陕西旅游、外服控股、科锐国际、众信旅游、九华旅游， 收益为负的有6家，其 ...

国泰海通发布研报称，《关于口岸进境免税店有关事宜的通知》印发，设立调整一批口岸进境免税店。 继续在海口美兰国际机场、蛇口邮轮中心等11个口岸设立口岸进境免税店。新设口岸进境免税店，有望 与市内免税店协同，共同做大国内免税市场规模。推荐标的：中国中免（601888）(601888.SH)、王府 井（600859）(600859.SH);相关标的：珠免集团（600185）(600185.SH)。 国泰海通主要观点如下： 本次在武汉天河国际机场等41个口岸各新设1家口岸进境免税店。其中，横琴口岸进境免税店设立后， 允许自中国澳门进境居民旅客在该口岸进境免税店购买一定数量(15000元以内)的免税商品。同时，继 续在海口美兰国际机场、蛇口邮轮中心等11个口岸设立口岸进境免税店。停止设立青岛流亭国际机场、 广州东火车站、江门港等3个口岸进境免税店。待厦门高崎国际机场客运航线转场至厦门翔安国际机场 后，停止设立厦门高崎国际机场口岸进境免税店。 口岸进境免税与市内免税有望协同，共同做大出入境免税市场规模 根据财政部等发布的《关于完善免税店政策支持提振消费的通知》，2025年11月1日起，扩大口岸出境 免税店、口岸进境免税店 ...

Investment Rating - The report assigns an "Increase" rating for the industry, indicating a potential growth exceeding 15% relative to the CSI 300 index [10]. Core Insights - The establishment of new duty-free shops at entry ports is expected to synergize with city duty-free stores, collectively expanding the domestic duty-free market [2][4]. - The recent notification from multiple government departments allows for the establishment of new duty-free shops at 41 entry ports, significantly increasing the convenience for inbound travelers to shop duty-free [4]. - The report recommends specific stocks, including China Duty Free Group and Wangfujing, while also mentioning Zhuhai Duty Free Group as a related stock [4]. Summary by Sections Industry Overview - The report highlights the collaboration between newly established entry port duty-free shops and existing city duty-free stores to enhance the overall market size [2]. Investment Highlights - The report notes that the new duty-free shops will allow travelers to purchase a certain amount of duty-free goods (up to 15,000 yuan) upon entry, thus facilitating increased consumer spending [4]. - The policy changes effective from November 1, 2025, will expand the product categories available in duty-free shops, including mobile phones, drones, sports goods, health foods, over-the-counter drugs, and pet foods [4]. Financial Projections - The report provides profit forecasts and valuations for key stocks, indicating that China Duty Free Group is expected to achieve a net profit of 42.67 billion yuan in 2024, with a projected PE ratio of 46 [5]. - Wangfujing is projected to have a net profit of 2.69 billion yuan in 2024, with a PE ratio of 65 [5].

格隆汇1月22日｜LVMH于1月19日建仓中国中免(1880.HK)，持股比例达6.30%。 ...

DFS是一家奢侈品旅游零售商，隶属于LVMH集团，主营免税及有税奢侈品零售，在全球拥有机场和市 区精品店网络。DFS在中国香港、澳门分别运营2家和8家店铺（含美妆世界等业态）。（来源：第一财 经YiMagzine） 【#中免收购LVMH旗下DFS港澳业务##LVMH将认购中免H股#】1月19日，中国中免宣布与法国奢侈品 巨头LVMH集团、DFS联合创始人Robert Miller达成协议，将收购DFS在中国香港及澳门的旅游零售业务 及其大中华区无形资产。作为交易的一部分，LVMH集团将认购中国中免新发行的H股，并与中国中免 签署战略合作备忘录，双方将在产品销售、门店开设、品牌推广等方面继续合作。 ...

证券之星消息，1月22日旅游零售板块较上一交易日下跌1.56%，中国中免领跌。当日上证指数报收于 4122.58，上涨0.14%。深证成指报收于14327.05，上涨0.5%。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 | 93.61 | -1.56% | | 43.92万 | | 41.47亿 | 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3.2亿元，游资资金净流入2.62亿元，散户资金净 流入5763.75万元。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 ...

1月22日，中国中免盘中下跌2.03%，截至13:01，报93.16元/股，成交28.03亿元，换手率1.51%，总市值 1927.35亿元。 资金流向方面，主力资金净流出2.14亿元，特大单买入2.22亿元，占比7.92%，卖出3.90亿元，占比 13.91%；大单买入7.28亿元，占比25.98%，卖出7.74亿元，占比27.62%。 中国中免今年以来股价跌1.48%，近5个交易日涨3.96%，近20日涨4.78%，近60日涨34.60%。 资料显示，中国旅游集团中免股份有限公司位于北京市东城区东直门外小街甲2号A座8层,香港湾仔告士 打道108号光大中心16楼，成立日期2008年3月28日，上市日期2009年10月15日，公司主营业务涉及中国 旅游集团中免股份有限公司是一家主要从事旅游商品零售业务及提供相关服务的中国公司。该公司主要 通过两个部门开展其业务。旅游零售部门主要从事免税和有税商品的销售。旅游零售综合体投资和开发 部门主要从事旅游零售综合体开发及物业出租。该公司在中国国内市场和海外市场开展其业务。主营业 务收入构成为：免税商品销售72.26%，有税商品销售25.54%，其他(补充)2.20%。 ...

长江商报消息●长江商报记者 沈右荣 "免税茅"大动作！ 1月19日晚，中国中免（601888.SH）发布公告，拟通过全资孙公司中免国际有限公司（简称"中免国 际"）以不超过3.95亿美元（约合人民币27亿元）现金，收购DFS新加坡及DFS香港持有的DFS大中华区 旅游零售业务相关股权及资产，包括DFS新加坡、DFS香港持有的DFS Cotai Limitada 100%股权及DFS 香港持有的2家门店的相关资产，以及DFS大中华区无形资产。 DFS集团是全球高端旅游零售商，在中国港澳地区经营已久，目前由全球奢侈品巨头LVMH集团控股。 截至2024年12月底，DFS港澳地区旅游零售门店资产总额56.43亿元，2025年前九个月的营业收入27.54 亿元。 除了向LVMH集团收购资产外，中国中免还将向其发行股票，二者开展深度合作。 通过上述动作，中国中免将打造国际业务中台，推动国货精品出海。 近年来，受市场环境变化及市场竞争加剧影响，中国中免业绩增长承压。2025年前三季度，公司营业收 入、归母净利润再度双降。从单个季度看，公司已经连续六个季度营业收入、归母净利润双降。 联手奢侈品巨头，中国中免能否顺利突围，备 ...

Investment Rating - The report maintains a "Buy" rating for China Duty Free Group (601888.SH) [2] Core Views - The acquisition of DFS's Greater China business marks a new chapter for China Duty Free Group, enhancing its position in the tourism retail market [8] - The transaction involves a cash purchase of up to $395 million for DFS's assets and equity in the Greater China region, which is expected to strengthen the company's service network in Hong Kong and Macau [8] - The partnership with LVMH is anticipated to optimize product structure and service levels, further enhancing the company's competitive edge [8] Financial Forecasts - Projected revenue for 2024 is 56.47 billion yuan, with a decline of 16.4%, followed by a slight decrease to 54.52 billion yuan in 2025, and growth to 62.18 billion yuan in 2026 and 69.63 billion yuan in 2027 [2][9] - Net profit attributable to shareholders is expected to be 4.27 billion yuan in 2024, decreasing by 36.4%, then recovering to 3.88 billion yuan in 2025, and increasing to 5.18 billion yuan in 2026 and 5.82 billion yuan in 2027 [2][9] - Earnings per share (EPS) are forecasted to be 2.06 yuan in 2024, 1.88 yuan in 2025, 2.50 yuan in 2026, and 2.81 yuan in 2027 [2][9] Valuation Metrics - The price-to-earnings (P/E) ratio is projected to be 46 in 2024, increasing to 51 in 2025, and then decreasing to 38 in 2026 and 34 in 2027 [2][9] - The price-to-book (P/B) ratio is expected to be 3.6 in 2024, slightly decreasing to 3.5 in 2025, and further to 3.3 in 2026 and 3.1 in 2027 [2][9]