大行评级｜瑞银：预计今年海南离岛免税销售额按年增逾25%，予中国中免“买入”评级

Core Viewpoint - UBS report indicates that Hainan's offshore duty-free sales have significantly increased, reflecting strong consumer demand and growth potential in the sector [1] Sales Performance - From December 18 to January 17, Hainan's offshore duty-free sales rose by 47% year-on-year to 4.86 billion yuan [1] - The number of duty-free shoppers increased by 30.2%, while the average spending per shopper grew by 12.7% [1] Regional Breakdown - Sanya's offshore duty-free sales surged by 47% to approximately 3.36 billion yuan, accounting for about 69% of Hainan's total sales [1] - Haikou's offshore duty-free sales grew by 46% year-on-year to 1.5 billion yuan [1] Future Outlook - UBS forecasts that Hainan's offshore duty-free sales will increase by over 25% year-on-year this year [1] - The company favors China Duty Free Group's A-shares and Hong Kong stocks, maintaining a "buy" rating for both [1]