从资金流向上来看，当日旅游零售板块主力资金净流入11.38亿元，游资资金净流出6.86亿元，散户资金 净流出4.52亿元。旅游零售板块个股资金流向见下表： 证券之星消息，11月10日旅游零售板块较上一交易日上涨10.0%，中国中免领涨。当日上证指数报收于 4018.6，上涨0.53%。深证成指报收于13427.61，上涨0.18%。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 | 66.89 | 10.00% | | 91.38万 | | 76.87 7 | 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。 | 601888 中国中免 111 100 1 1 1999 11 1999 111 1994 11 25 1 1 1 1999 11 11 199 1 1 - | 11.38亿 | 14.80% | -6.861Z | -8. ...

Core Viewpoint - UBS reports that Hainan's duty-free sales reached 506 million yuan from November 1 to 7, representing a year-on-year growth of 35%, with shopping visits increasing by 3.4% to 73,000, significantly exceeding market expectations, driven by new duty-free shopping policies [1] Industry Summary - The optimistic outlook for China's duty-free industry is primarily due to the new policies in Hainan and a low base effect, with expectations for a positive sales trend in the fourth quarter and accelerated growth from 2026 to 2027 [1] - China Duty Free Group is expected to be the biggest beneficiary of these developments, with airport duty-free sales anticipated to recover steadily due to the expansion of duty-free areas and double-digit growth in international passenger traffic [1] - Policy relaxation, along with increased retail space and product variety, will act as catalysts for the growth of China's duty-free sales [1]

（责任编辑：康博） 中国经济网北京11月10日讯 中国中免(SH:601888)今日股价涨停，截至收盘报86.89元，涨幅 10.01%，总市值1782.89亿元。 ...

Group 1 - The A-share market shows a divergence in hotspots, with sectors like beauty care, food and beverage, and retail experiencing a strong rebound, while communication and electronics sectors are among the biggest decliners [1] - The A500 ETF fund (512050) has seen a slight decline of 0.25% as of 14:02, with a trading volume exceeding 4.7 billion yuan, ranking first among its peers [1] - The Shanghai Composite Index has been fluctuating around the 4000-point mark, with significant capital inflow into core A-share assets, as the A500 ETF fund attracted 2.768 billion yuan in the last 10 days, reaching a new high of 19.421 billion yuan in total size [1] Group 2 - The core CPI in October rose to 1.2% year-on-year, driven by three main factors: rising upstream raw material prices stabilizing downstream consumer goods prices, active fiscal policies boosting demand, and the impact of imported inflation such as the surge in gold prices affecting jewelry [1] - Looking ahead, the easing of China-US trade tensions is expected to benefit export growth, while domestic policies will continue to focus on expanding domestic demand to further promote consumption and investment [1] - It is anticipated that by 2026, China's economy will stabilize and improve, with inflation likely to stabilize and rebound [1]

华西证券研报指出，中国中免25年1-3Q实现收入及归母净利润分别为398.62亿元和30.51亿元，同 比-7.34%和-22.13%。其中，单Q3实现收入及归母净利润分别为117.11亿元和4.52亿元，同比-0.38% 和-28.94%。Q3收入端呈现下滑显著收窄态势，经营逐步筑底回升。2025年9月海南离岛免税月销售额 同比增长3.4%，喜获近18个月以来的正增长回归态势。今年中秋国庆双节期间，海口海关共监管离岛 免税销售金额9.44亿元，同比+13.6%，海南离岛免税呈现筑底回暖态势。考虑到公司经营呈现触底反转 态势，叠加自贸港封关新发展机遇红利及未来市内免税店增量空间，预期公司经营有望迎来困境反转， 重新迎来新一轮成长。首次覆盖公司，给予"增持"评级。 ...

Core Viewpoint - China Duty Free Group reported a decline in revenue and net profit for the first three quarters of 2025, indicating a challenging financial environment but showing signs of recovery in Q3 [1] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 39.862 billion yuan and net profit attributable to shareholders of 3.051 billion yuan, representing year-on-year declines of 7.34% and 22.13% respectively [1] - In Q3 alone, revenue and net profit were 11.711 billion yuan and 0.452 billion yuan, showing year-on-year changes of -0.38% and -28.94% [1] Market Trends - The monthly sales of Hainan's offshore duty-free shops increased by 3.4% year-on-year in September 2025, marking a return to positive growth for the first time in 18 months [1] - During the Mid-Autumn Festival and National Day holiday period, the total duty-free sales monitored by Haikou Customs reached 0.944 billion yuan, reflecting a year-on-year increase of 13.6% [1] Future Outlook - The company is expected to experience a turnaround in operations, supported by new development opportunities from the free trade port and potential growth in city duty-free stores [1] - The report initiates coverage of the company with a "Buy" rating, anticipating a new growth phase following the current recovery [1]

Core Viewpoint - China Duty Free Group (601888) (01880) saw a stock increase of over 6%, closing at 75 HKD with a trading volume of 1.2 billion HKD, driven by positive developments in Hainan's duty-free shopping policies [1] Group 1: Duty-Free Sales Performance - In the first week of the new Hainan duty-free policy (from November 1 to 7), the Haikou Customs reported a total duty-free shopping amount of 5.06 billion RMB, with 72,900 shoppers, representing year-on-year increases of 34.86% and 3.37% respectively [1] - The sales situation in Hainan's duty-free sector is showing marginal improvement, with ongoing optimization of duty-free policies indicating a potential turning point for the industry [1] Group 2: Future Prospects - The Hainan Free Trade Port is set to officially commence full island closure operations on December 18, which is expected to open a new chapter in Hainan's external openness [1] - The duty-free policy remains a core pillar of Hainan's consumer market, with immediate purchases by island residents and the inclusion of international travelers expected to drive the recovery and development of the duty-free sector [1] - The integration of outbound and inbound duty-free policies is anticipated to resolve bottlenecks in city-based duty-free stores, paving the way for a new five-year growth phase for the duty-free industry [1]

Core Viewpoint - The A-share market is experiencing a weak consolidation, with the Shanghai Composite Index slightly declining and the ChiNext Index dropping over 2%, while the consumer sector is showing strength, particularly in food and beverage stocks [1] Industry Summary - The hardware computing industry chain is leading the decline in the market [1] - The consumer sector, particularly food and beverage, is seeing significant gains, with companies like China Duty Free (601888), Huanle Home (300997), and others hitting the daily limit [1] - The Ministry of Finance has released a report indicating continued implementation of policies to boost consumption, including fiscal subsidies for personal consumption loans and related industry loans [1] Company Summary - Companies in the food and beverage sector are expected to benefit from a recovery in demand as the fundamental conditions approach a bottom, with industry headwinds largely released [1] - Some companies are proactively reducing supply to achieve a balance between supply and demand, thereby alleviating channel pressure and risks [1] - The valuation of the food and beverage sector has reached a low point, suggesting that there is no longer a need for pessimism regarding the sector [1]

Market Overview - The Hang Seng Index rose by 0.61%, gaining 161 points to close at 26,406 points, while the Hang Seng Tech Index increased by 0.12%. The morning trading volume in Hong Kong reached 114.1 billion HKD [1]. Company Highlights - China Duty Free Group (601888) (01880) saw a surge of over 13% as the new duty-free policy in Hainan shows positive effects, with institutions suggesting a potential industry turning point [1]. - Pop Mart (09992) increased by over 6% due to gradual capacity expansion, with management expecting stronger sales performance in Q4 [1]. - Dongyang Sunshine Pharmaceutical (600673) (06887) rose by over 4% as flu activity is on the rise, and institutions are optimistic about the company's innovative pipeline development [1]. - China Liansu (02128) gained over 5% as the company is expected to benefit significantly from urban pipeline upgrades under the 14th Five-Year Plan [1]. - Hou Shang Ayi (02589) increased by over 8% after the company proposed adopting an H-share incentive plan, successfully entering the "10,000-store club" [1]. - Education stocks performed well, with institutions noting overall good performance in the education sector and the potential for AI+ education to enhance valuation. China Education Holdings (00839) rose by 8%, Thinking Academy (01769) by 3.3%, and New Oriental-S (09901) by 3.25% [1]. - Ruipu Lanjun (00666) increased by over 6% as global demand for energy storage remains strong, with the company reporting over 50 GWh of energy storage battery shipments in the first three quarters [1]. - Gilead Sciences-B (01672) rose by over 6% after being included in the MSCI Global Small Cap Index, with significant weight loss effects from ASC30 [1]. - Goldwind Technology (002202) (02208) fell by over 5% as a major shareholder, Harmony Health, plans to further reduce its stake by up to 1%, following a previous reduction at the end of last month [1]. - Robotics concept stocks declined, with DCH Holdings (00179) dropping over 4% and Sanhua Intelligent Controls (002050) (02050) falling over 3% [1].

Group 1: Market Overview - The Hang Seng Index rose by 0.61%, gaining 161 points to close at 26,406 points, while the Hang Seng Tech Index increased by 0.12%. The morning trading volume in Hong Kong was HKD 114.1 billion [1]. Group 2: Company Highlights - China Duty Free Group (01880) saw a rise of over 13% as the new duty-free policy in Hainan shows early positive effects, with institutions suggesting a potential industry turning point [1]. - Pop Mart (09992) increased by over 6% due to gradual capacity expansion, with management expecting stronger sales performance in Q4 [1]. - Dongyang Sunshine Pharmaceutical (06887) rose by over 4% as flu activity is on the rise, and institutions are optimistic about the company's innovative pipeline development [1]. - China Liansu (02128) increased by over 5% as the 14th Five-Year Plan emphasizes pipeline network renovation, which the company is expected to benefit significantly from [2]. - Shanghai Auntie (02589) rose by over 8% as the company proposed adopting an H-share incentive plan and successfully entered the "10,000-store club" [3]. - Education stocks performed well, with overall positive performance in the education sector, driven by AI+ education enhancing valuation space. China Education Group (00839) rose by 8%, Thinking Academy (01769) by 3.3%, and New Oriental-S (09901) by 3.25% [3]. - Ruipu Lanjun (00666) increased by over 6% due to a favorable global demand for energy storage, with the company reporting over 50 GWh of energy storage battery shipments in the first three quarters [4]. - Gilead Sciences-B (01672) rose by over 6% after being included in the MSCI Global Small Cap Index, with significant weight loss effects from ASC30 [5]. Group 3: Market Declines - Goldwind Technology (02208) fell by over 5% as a shareholder, Harmony Health, plans to further reduce its stake by up to 1%, following a previous reduction at the end of last month [6]. - Robotics concept stocks declined, with DCH Holdings (00179) dropping over 4% and Sanhua Intelligent Control (02050) falling over 3% [7].