东吴证券给予王府井“增持”评级，Q3营收降幅收窄，免税政策红利有望受益

Group 1 - Dongwu Securities issued a report on November 24, giving Wangfujing (600859.SH, latest price: 14.01 yuan) an "Overweight" rating [1] - The reasons for the rating include a narrowing decline in Q3 revenue [1] - The heavy asset business model is putting pressure on gross and net profit margins [1] - The company is actively expanding into the duty-free sector, anticipating benefits from policy incentives [1] - The implementation of the adjusted duty-free shopping policy for outbound travelers has been officially launched [1]