Ge Long Hui·2025-12-15 08:49Group 1 - The core viewpoint of the article highlights that China Duty Free Group is capitalizing on key traffic in Beijing and Shanghai while continuously expanding its domestic and international segments, with signs of recovery in consumer spending in Hainan [1] - The company is making ongoing investments in value creation within core business districts, preparing for significant growth in the retail industry following the full closure of the Hainan Free Trade Port [1] - Recent policy developments are expected to boost consumption and provide a strategic foundation for domestic brands to expand internationally, with the company's active layout in city duty-free stores showing promising potential for continued realization [1] Group 2 - The article notes that all consumer categories in China are working to standardize tax regulations, which enhances the relative advantages of the duty-free channels in which the company operates, positioning it well to capture key traffic [1] - Future development opportunities for the company are anticipated to be promising, with current stock prices reflecting price-to-earnings ratios of 40X, 32X, and 26X, maintaining an "overweight" rating [1]