中金：口岸消费或小幅受益“中国购” 部分堵点仍需疏通

Core Insights - The report from CICC highlights the rise of "China Travel" due to the continuous optimization of inbound policies, which is expected to boost domestic consumption through increased tourist traffic and adjustments in the outbound tax refund policy [1] - The "China Purchase" trend is anticipated to provide new growth momentum to the domestic consumption market, particularly benefiting large international airport hubs, although some bottlenecks still need to be addressed [1] Group 1: Inbound Consumption Trends - The growth in inbound consumption is expected to positively impact both taxable and duty-free airport retail sectors, although the current performance impact appears limited [1] - The airport retail sector offers a variety of products favored by foreign consumers, but factors such as shopping time, store layout, and tax refund qualifications may still pose restrictions [1] Group 2: Duty-Free Market Dynamics - The duty-free segment in Chinese airports is primarily dominated by cosmetics, which have a price advantage; however, foreign consumers have not significantly driven up the average spending per duty-free transaction, possibly due to their consumption habits [1]