UTour (SZ:002707) HUAXI Securities·2025-04-29 14:28Investment Rating - Industry rating: Recommended [3] Core Insights - The Ministry of Commerce and six other departments have issued a notification to optimize the departure tax refund policy, aiming to enhance inbound consumption and better meet the shopping tax refund needs of foreign travelers [1][2] - The notification includes three main aspects: expanding the number of departure tax refund stores, enriching the supply of tax refund products, and improving the service level of departure tax refunds [4][5] Summary by Sections Expansion of Departure Tax Refund Stores - Measures include optimizing the layout of departure tax refund stores and relaxing the registration conditions for new stores to become tax refund stores [4][5] Enrichment of Tax Refund Product Supply - The minimum tax refund threshold has been lowered to 200 RMB from 500 RMB, and there will be an increase in the variety of high-quality tax refund products available [4][5] Improvement of Tax Refund Service Levels - Enhancements include optimizing the tax refund process, improving the services of tax refund agencies, and increasing the cash refund limit to 20,000 RMB [4][5] Investment Recommendations - Inbound tourism consumption is expected to become a significant supplement to domestic demand, benefiting quality domestic products, travel retailers, and the hotel industry in the long term [6] - Recommended companies include travel industry leader Zhongxin Tourism, hotel beneficiaries such as Junting Hotel and Shoulu Hotel, and retail beneficiaries like Wangfujing and Chongqing Department Store [6]