商贸零售行业点评：三部委提升港澳进境免税额度，略低于预期影响有限

Investment Rating - The industry investment rating is maintained as "Recommended" [2][5] Core Viewpoints - The Ministry of Finance, General Administration of Customs, and State Taxation Administration announced an increase in the duty-free allowance for residents entering from Hong Kong and Macau, which is slightly lower than expected, thus having a limited impact on the industry [2] - The new duty-free allowance allows residents over the age of 18 to bring personal items valued up to 12,000 yuan without tax, and at ports with duty-free shops, they can purchase additional duty-free goods up to a total of 15,000 yuan [2] - The previous duty-free allowance of 5,000 yuan has been in place since 1996, and the increase is expected to boost tourism consumption, although the new allowance of 12,000 to 15,000 yuan is below the anticipated range of 30,000 to 100,000 yuan [2] Summary by Sections - Investment Rating: The report maintains a "Recommended" rating for the industry, indicating a positive outlook for the next six months [2][5] - Policy Changes: The announcement of increased duty-free allowances is set to take effect from July 1, 2024, at six designated ports, with a broader rollout planned for August 1, 2024 [2] - Market Impact: The adjustments in duty-free allowances are expected to enhance tourism consumption, although the actual figures are lower than market expectations [2]