旅游服务业行业信息点评：市内免税政策落地，龙头卡位优势明显

Investment Rating - The report assigns an "Outperform" rating for the industry, indicating an expected return above the benchmark index by more than 10% [8]. Core Viewpoints - The Ministry of Finance, Ministry of Commerce, Ministry of Culture and Tourism, General Administration of Customs, and State Taxation Administration issued a notice to improve the city duty-free shop policy, effective from October 1, 2024. This policy is expected to attract consumer spending back as inbound and outbound travel resumes, with a focus on companies like China Duty Free Group and Wangfujing [4]. - China Duty Free Group holds a significant first-mover advantage with six city duty-free shops located in major cities such as Beijing, Shanghai, Qingdao, Dalian, Xiamen, and Sanya. Other duty-free operators are expected to expand into new cities like Guangzhou, Chengdu, and Shenzhen [4]. Summary by Sections City Duty-Free Policy Implementation - The new policy allows for no shopping limits on duty-free goods purchased at city duty-free shops, provided they comply with customs regulations regarding personal use [5]. - Imported goods at city duty-free shops are exempt from tariffs, VAT, and consumption tax, treating domestic goods as exports eligible for tax refunds [5]. - Customers have ample time to prepare for purchases, as travelers with valid exit documents can shop at city duty-free stores before departure [5]. Operational Details - The pick-up model for city duty-free shops is limited to outbound travelers, requiring them to collect their purchases at designated points in the departure area [5]. - The report encourages the sale of domestic products and culturally significant items in city duty-free shops, suggesting potential for optimization in the pick-up process as the market matures [5].