核心观点：在经历24Q2至25Q3的业绩下行周期后，25Q3以来公司基本面拐点确立，叠加海南离岛免税新政、入 境游等相关政策面催化，离岛免税销售强劲增长、公司股价亦反弹显著。 2026年开年，即使存在春节错峰因素，海南离岛免税销售额已实现强劲开门红，26Q1假期高景气度料将推动量价 持续回升。 【中信社服】中国中免深度跟踪报告：建议继续把握行业景气回升下的配置机会 核心观点：在经历24Q2至25Q3的业绩下行周期后，25Q3以来公司基本面拐点确立，叠加海南离岛免税新政、入 境游等相关政策面催化，离岛免税销售强劲增长、公司股价亦反弹显著。 2026年开年，即使存在春节错峰因素，海南离岛免税销售额已实现强劲开门红，26Q1假期高景气度料将推动量价 持续回升。 展望中长期，海南全岛封关为 【中信社服】中国中免深度跟踪报告：建议继续把握行业景气回升下的配置机会 展望中长期，海南全岛封关为当地商业环境和旅游零售均创造可观的增量空间，公司作为免税龙头地位稳固，高 经营杠杆下的长期利润释放可期，建议继续把握行业景气回升下的配置机会。 ✔基本面触底回升，景气度修复趋势保持乐观。 根据海口海关，2025年9月海南离岛免税销售额 ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [3][9] Core Insights - January saw a strong start for duty-free shopping, with Hainan's offshore duty-free shopping amounting to 4.53 billion yuan, a year-on-year increase of 44.8% [6] - The implementation of the "zero tariff" policy for residents in Hainan is expected to further stimulate consumption [6] - The demand for high-priced premium and packaged goods has surged, reflecting a robust consumer sentiment during the Spring Festival [6] Summary by Sections Industry Performance - In January, the total duty-free shopping amount reached 4.53 billion yuan, with 560,000 shoppers and 3.367 million items purchased, showing increases of 21.0% and 14.0% year-on-year respectively [6] - The average spending per person was approximately 8,089 yuan, up 19.7%, while the average price per item rose by 27.0% to 1,345 yuan [6] Policy Developments - The "zero tariff" policy allows Hainan residents to purchase specified imported goods up to a value of 10,000 yuan per person per year without paying import duties, VAT, or consumption tax [6] - The first batch of goods includes 202 frequently consumed items, aimed at enhancing the benefits of the free trade port and meeting local consumer needs [6] Supply Side Developments - China Duty Free Group has secured the right to operate duty-free retail in the Haikou West Coast area and is actively engaging in promotional activities [6] - Zhuhai Duty Free Group has transitioned to a major consumer platform focused on duty-free sales, with its first store in Sanya officially opening on February 11 [6] Investment Recommendations - The report suggests focusing on companies such as China Duty Free Group, Wangfujing, and Hainan Airport, as the policy changes and sales data indicate a recovery in the industry [6]

Group 1 - The core viewpoint of the report indicates a significant decline in Chinese tourists traveling to Japan following travel advisories issued by the Chinese Ministry of Foreign Affairs and the consulate in Japan, with a notable drop in December [1] - Hainan has emerged as a new popular destination for Chinese tourists, with platforms like Qunar and Ctrip reporting over a 45% year-on-year increase in daily flight orders to Hainan during the Spring Festival holiday [1] - Major source cities for Hainan tourism include Beijing, Shanghai, and Chengdu, with approximately 40% of tourists from Shanghai and surrounding areas and about 25% from Beijing [1] Group 2 - Domestic duty-free consumption continues to grow, with expectations for strong performance during the Spring Festival peak season [1] - The earnings per share (EPS) forecast for China Duty Free Group has been adjusted to 1.77, 2.79, and 3.34 yuan for the years 2025, 2026, and 2027 respectively, based on various factors including the return of consumption in Japan and the popularity of Hainan tourism [1] - The price-to-earnings (PE) ratios corresponding to the adjusted EPS forecasts are projected to be 52.16, 33.15, and 27.69 times, referencing the closing price of 97.00 yuan on February 11, 2026 [1]

Group 1 - The main stocks with significant capital outflows include Xinyi Technology (-8.52 billion), Zhongji Xuchuang (-7.46 billion), and Shenghong Technology (-7.05 billion) [1] - Other notable stocks with capital outflows are Light Media (-6.74 billion), China Duty Free Group (-5.71 billion), and Zhongwen Online (-5.64 billion) [1] - Guizhou Moutai experienced a capital outflow of -5.61 billion, while Aerospace Electronics saw -5.46 billion [1] Group 2 - The stock performance shows that Xinyi Technology had a decline of -0.31%, and Zhongji Xuchuang decreased by -0.17% [2] - Light Media faced a significant drop of -10.8%, while Zhongwen Online fell by -6.91% [2] - Guizhou Moutai's stock decreased by -1.42%, and Aerospace Electronics dropped by -2.33% [2] Group 3 - Other companies with notable capital outflows include Agricultural Bank (-4.80 billion) and China Satellite (-4.79 billion) [3] - Industrial Fulian had a slight decline of -0.24%, while Xian Dao Intelligent saw a minimal change of -0.05% [3] - The overall trend indicates a significant capital outflow from various sectors, including telecommunications, media, and banking [1][2][3]

Financial Performance - LVMH reported a revenue decline for 2025 but achieved an 8% increase in operating free cash flow, exceeding €11 billion [2] - Kering is set to release its Q4 and full-year results on February 10, 2026, amid an 8.1% decline in the luxury sector index for 2025 due to weak demand in China and trade tensions [2] - Hermès is scheduled to announce its financial results on February 12, 2026, with improved sales in Greater China during Q3 2025 attributed to increased foot traffic [2] Business Developments - LVMH is expanding in the fragrance sector by acquiring a minority stake in the high-end perfume brand EX NIHILO, with the transaction expected to complete in Q1 2026 [3] - LVMH's DFS sold its travel retail business in Greater China to China Duty Free Group for up to $395 million to adapt to the trend of consumption returning to domestic markets [3] - The group is also pursuing a strategy of premiumization and diversification, such as increasing its stake in Loro Piana [3] Industry Policy and Environment - Bain & Company reported that the Chinese personal luxury goods market is expected to contract by 3%-5% in 2025, but moderate growth is anticipated in 2026, with domestic consumption accounting for 65% [4] - The beauty and fragrance categories are performing steadily, while categories like watches are under pressure [4] - Geopolitical factors include adjustments in tariff policies by the Trump administration in January 2026, which alleviated concerns about North American sales, although new trade tensions may still cause volatility [4] Brand Market Activities - Luxury brands are focusing on emotional value, with price increases of up to 10% on some products by the end of 2025 and limited edition items to maintain scarcity, with Gen Z consumers contributing 63% of incremental growth [5] - Sustainability has become a key consideration for purchases [5] - The adoption of technology such as blockchain certification and AR fitting is increasing, with LVMH's NFT leather goods series generating sales of ¥1.9 billion in Q4 2024, highlighting digitalization as a focus for efficiency in the industry [5]

证券日报网讯 2月11日，王府井在互动平台回答投资者提问时表示，公司目前没有收到或发布过关于中 国中免收购王府井的相关信息。公司当前经营正常，控股股东及实际控制人未有变动计划。建议投资者 关注公司官方公告，避免误信不实信息。 （编辑 丛可心） ...

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector [3]. Core Insights - The 2026 Spring Festival will feature a "9-day no work adjustment" policy, leading to a high public satisfaction rate of 92.9%. This extended holiday is expected to significantly boost travel and consumption during the Spring Festival period [7][8]. - The aviation sector anticipates a record passenger volume of 95 million during the 40-day Spring Festival travel period, representing a year-on-year increase of 5.3%. The number of flights planned by domestic airlines is expected to reach 657,000, also up by 5% [8]. - The domestic tourism market is experiencing diverse growth, with family travel becoming increasingly popular. The proportion of family travelers is expected to reach 39%, while the elderly demographic (aged 60 and above) will account for 19% of travelers [18][20]. - There is a notable increase in outbound travel demand, with booking volumes rising nearly 40% year-on-year. Southeast Asia is dominating international travel routes, capturing nearly 50% of outbound flights, while flights to Japan have decreased significantly [31][40]. Summary by Sections 1. Expansion of Aviation and Railway Capacity - The Spring Festival travel period will see a significant increase in passenger flow, with the aviation sector expecting 95 million passengers, and the railway sector projecting 539 million passengers, both reflecting a 5% increase year-on-year [8][16]. 2. Emergence of Diverse Customer Groups - Family travel is on the rise, with a notable increase in the average booking price for family accommodations, which is 9% higher than other types. The demand for larger, more private accommodations is also increasing, with a 77% year-on-year growth in bookings for standalone villas during the winter holiday [18][20]. 3. Restructuring of Destination Patterns - Outbound travel is seeing a shift, with Thailand regaining its position as the top destination. The demand for long-haul and differentiated travel experiences is becoming mainstream, with a significant increase in interest for destinations like Turkey and New Zealand [31][42]. 4. Investment Analysis Recommendations - The report suggests focusing on companies that can leverage the benefits of the extended holiday and the growth in inbound and long-haul outbound travel. Recommended sectors include tourism attractions, exhibition and sports events, human resources, hotels, and duty-free retail [43].

Core Viewpoint - The data indicates significant capital inflows into various stocks, highlighting potential investment opportunities in specific sectors such as energy metals, rare metals, and technology [1][2][3] Group 1: Stock Performance and Capital Inflows - The top stock with capital inflow is Greeenmei, attracting 1.312 billion yuan with a price increase of 9.84% [2] - Northern Rare Earth follows closely with 1.305 billion yuan inflow and a 4.94% rise [2] - Zijin Mining received 0.809 billion yuan with a 1.6% increase [2] - Zaiseng Technology saw a capital inflow of 0.763 billion yuan, marking a 10% rise [2] - Wangsu Technology attracted 0.701 billion yuan with a notable increase of 10.22% [2] Group 2: Sector Analysis - The energy metals sector is represented by Greeenmei and Huayou Cobalt, both showing strong capital inflows and positive price movements [2] - The rare metals sector includes Northern Rare Earth and Zhongtung High-tech, both experiencing significant inflows and price increases [2] - The technology sector is highlighted by Wangsu Technology and Zaiseng Technology, both of which have seen substantial capital inflows and notable price gains [2][3]

Group 1 - The core viewpoint of the report is that Citi remains optimistic about the structural growth of experiential consumption in China, particularly during the Lunar New Year holiday [1] - The demand for leisure travel is expected to remain strong, positively impacting Hainan duty-free sales by China Duty Free Group, as well as room revenue for Atour and Huazhu Group [1] - The trend of outbound tourism in China is anticipated to diversify, with demand for travel to Japan shifting to other Asian regions and domestic travel [1] - The domestic travel momentum is viewed positively, with expectations for it to continue during the Lunar New Year holiday period [1] - Citi reiterates Atour as one of the preferred stocks in the Chinese consumer sector [1]

中国中免（601888）(01880)涨超7%，截至发稿，涨7.15%，报105.6港元，成交额1.94亿港元。 消息面上，海口海关2月9日发布统计数据，自2025年11月1日离岛免税政策调整以来，截至2026年2月8 日，新政实施满百日，海口海关监管离岛免税购物金额115.85亿元，同比增长14.71%。此外，春运首周 (2月2日—2月8日)海口海关共监管离岛免税购物金额11.06亿元，免税购物人数19.19万人次，购物件数 89.5万件，环比提升6.3%，26%，9.4%。国盛证券（002670）认为，预计海南离岛免税行业景气趋势在 春节旺季仍将保持强劲。 ...