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 ...

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]

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13.58亿元，游资资金净流入5.27亿元，散户资金 净流入8.31亿元。旅游零售板块个股资金流向见下表： 证券之星消息，12月23日旅游零售板块较上一交易日下跌2.39%，中国中免领跌。当日上证指数报收于 3919.98，上涨0.07%。深证成指报收于13368.99，上涨0.27%。旅游零售板块个股涨跌见下表： ...

12月23日下午，中国中免A股成交额达100亿元，现跌近2%。 ...

Core Viewpoint - China Duty Free Group (601888) experienced a significant stock price fluctuation, surging 15% before a decline of over 5% in early trading, currently priced at 77.6 HKD with a trading volume of 599 million HKD [1] Group 1: Market Performance - On December 18, the Hainan Free Trade Port officially commenced full island closure operations, resulting in duty-free shopping amounts reaching 161 million CNY, with 24,800 shoppers and 118,000 items sold, representing year-on-year increases of 61%, 53.1%, and 25.5% respectively [1] - From December 18 to 20, Sanya's total duty-free sales exceeded 100 million CNY for three consecutive days, with year-on-year growth rates of 45.8% and 47% on December 19 and 20 respectively [1] Group 2: Future Outlook - Guotai Junan Securities released a report indicating that the official launch of the Hainan Free Trade Port's full island closure, combined with the upcoming New Year and Spring Festival holiday boosts, will allow the company to fully benefit from policy incentives and festive consumption [1] - The report also noted that the policy benefits from the Hainan Free Trade Port's closure will gradually manifest, with limited impact expected in 2025 and the main effects anticipated to be seen in 2026 [1]

Core Viewpoint - China Duty Free Group (01880) experienced a significant stock price fluctuation, surging 15% before a decline of over 5% in early trading, currently priced at 77.6 HKD with a trading volume of 599 million HKD [1] Group 1: Market Performance - On December 18, the Hainan Free Trade Port officially commenced full island closure operations, leading to a duty-free shopping amount of 161 million CNY, with 24,800 shoppers and 118,000 items sold, representing year-on-year increases of 61%, 53.1%, and 25.5% respectively [1] - From December 18 to 20, Sanya's duty-free sales exceeded 100 million CNY for three consecutive days, with year-on-year growth rates of 45.8% and 47% on December 19 and 20 respectively [1] Group 2: Future Outlook - Guotai Junan Securities released a report indicating that the official launch of the Hainan Free Trade Port, combined with the upcoming New Year and Spring Festival holiday boosts, positions the company to fully benefit from policy incentives and festive consumption [1] - The report notes that the policy benefits from the Hainan Free Trade Port's closure will gradually manifest, with limited impact expected until December 18, 2025, and the main effects anticipated to be realized in 2026 [1]

Summary of Conference Call on Hainan Duty-Free Market Industry Overview - The conference call focuses on the Hainan duty-free market, particularly the performance and future outlook following the establishment of the Hainan Free Trade Port [2][6]. Key Points and Arguments Market Performance - December sales in the Hainan duty-free market showed significant growth, attributed to the confidence boost from the Free Trade Port's closure and promotional activities by companies and government departments [2][3]. - Sales growth was reported at double digits, with duty-free sales increasing by 40% to 60% since December 18 [3][4]. - The growth in November was driven by optimized duty-free policies, adjustments in small appliance categories, and the implementation of new gold policies, with foreign traveler spending surpassing domestic travelers [2][7]. Consumer Behavior - The cosmetics market share has stabilized, while premium categories like jewelry and clothing have performed well due to the immediate purchase and pick-up model and consumer demand for genuine products [2][10]. - The average spending of foreign travelers was approximately 8,000 yuan, about 10% higher than domestic travelers [7]. Competitive Landscape - The competition between duty-free and cross-border e-commerce is intense, but duty-free is gradually regaining consumer trust through price adjustments and guarantees of genuine products [2][12]. - The average transaction value has shown signs of recovery, indicating a resurgence in purchasing power and demand for quality products [12]. Policy Impact - The closure of the Free Trade Port has significantly boosted market confidence, with various promotional activities enhancing consumer engagement [6][15]. - The introduction of zero tariffs on imported goods has reduced operational costs for companies, improving financial efficiency [15][16]. Future Outlook - The Hainan duty-free market is expected to maintain slight growth, driven by improved shopping convenience and the advancement of domestic product tax refund policies, although the likelihood of new licenses remains low [2][26]. - The islander duty-free policy is anticipated to be clarified by mid-January, focusing on daily consumer goods with lower quotas compared to the duty-free offerings [22][23]. Supply Chain Dynamics - The supply side has improved with the introduction of more brands and a wider variety of SKUs, although limitations on high-quality sources still exist due to brand restrictions [13]. - The zero-tariff directory has expanded significantly, covering over 6,000 items, primarily benefiting enterprises rather than individual consumers [21]. Regulatory Changes - The regulatory framework for duty-free operations is evolving, with potential for new entrants from various sectors, including foreign and private enterprises [22]. - The current focus is on enhancing shopping convenience and optimizing product limits to improve consumer experience [20]. Additional Important Insights - The cosmetics market has seen a decline in share from 60% to around 30%, stabilizing due to changes in supply and demand dynamics [10]. - The introduction of islander duty-free policies is expected to differentiate from existing duty-free offerings, targeting lower-priced daily consumer goods [23]. - The overall growth rate for Hainan's duty-free market is projected at around 10% annually unless significant policy changes occur [26].