Investment Rating - The industry investment rating is "Positive," with expectations that the overall return will exceed the CSI 300 Index by more than 5% in the next six months [4]. Core Insights - The recent adjustment in the duty-free policy has led to a significant increase in the number of city duty-free shops, which will rise to 27 by the end of 2024. This includes the transformation of existing shops to cater to outbound travelers [1][3]. - The new policy allows all travelers who are departing within 60 days, including Chinese nationals, to shop at city duty-free stores, which is expected to stimulate domestic consumption and enhance sales performance [1][3]. - The policy encourages the sale of domestic products and aims to promote Chinese cultural heritage through the inclusion of unique local products in the duty-free offerings [1]. Summary by Sections Industry Overview - The Ministry of Finance, Ministry of Commerce, Ministry of Culture and Tourism, General Administration of Customs, and State Taxation Administration have issued a notice to standardize the management of city duty-free shops starting from October 1, 2024 [1]. - The number of city duty-free shops will increase significantly, with new licenses expected to be issued in eight cities, enhancing the competitive landscape for duty-free retail [1]. Shopping Demographics and Pickup Methods - Previously, city duty-free shops were only accessible to outbound foreign travelers. The new policy broadens access to all travelers departing within 60 days, allowing for unlimited shopping without storage or pickup points [1]. - Duty-free products will include a variety of consumer goods such as food, clothing, accessories, and electronics, while tobacco products will not be sold in city duty-free shops [1]. Recommendations - The report recommends investing in China Duty Free Group, anticipating significant benefits from the new city duty-free policy and increased sales as the shops open [1].
消费者服务：免税政策调整 市内免税店增加至27家
Tai Ping Yang·2024-08-31 03:17