Zhi Tong Cai Jing·2026-01-19 04:15Core Viewpoint - The Hainan Free Trade Port has seen significant growth in duty-free shopping, indicating a recovery in the industry driven by fundamental improvements rather than short-term policy stimuli [3]. Group 1: Duty-Free Shopping Performance - From December 18, 2025, to January 17, 2026, the total amount of duty-free shopping monitored by Haikou Customs reached 4.86 billion yuan, representing a year-on-year increase of 46.8% [3]. - The number of shoppers reached 745,000, which is a 30.2% increase compared to the previous year [3]. - The total number of items purchased was 3.494 million, reflecting a year-on-year growth of 14.6% [3]. Group 2: Market Analysis - Guojin Securities believes that the core growth of the company is driven by a recovery in the fundamentals rather than the market's perception of policy stimulus [3]. - The recovery in high-end consumption is seen as the foundation for the revival of the duty-free industry, indicating a broad opportunity within the sector [3]. - The potential for consumer spending from inbound tourists has not been fully recognized by the market, suggesting that the growth of the company's performance may exceed expectations [3].