CTG DUTY-FREE(SH:601888) 3 6 Ke·2025-10-31 08:28Group 1 - The core viewpoint of the news is that the Chinese government has issued a notification to enhance the duty-free shop policy, aiming to boost consumption, attract foreign spending, and promote the healthy development of duty-free retail business [1][3] - The notification includes four main aspects: optimizing domestic tax refund policies, expanding the range of products available in duty-free shops, relaxing approval authority for duty-free shops, and improving facilitation and regulatory measures [2] - The relaxation of approval authority is a significant highlight, allowing provincial departments to manage the establishment and operation of duty-free shops, which is expected to optimize the layout of duty-free shops based on local conditions [2][3] Group 2 - The duty-free retail operators are expected to benefit directly from increased scale and profits, with China Duty Free Group holding over 80% market share in Hainan and projected revenue growth to exceed 200 billion yuan by 2026 [4] - Companies in the airport and Hainan sectors will see a reassessment of their value, with Hainan Airport's non-aviation business expected to increase from 45% to 60% of total revenue, leading to a 35% increase in net profit from duty-free sales [4] - Long-term projections indicate that the duty-free market will see significant growth, with an expected addition of nearly 200 new duty-free shops and a market size reaching 120 billion yuan by 2030, benefiting companies with core channels and localized supply chains [5]