Haitong Securities International·2025-11-10 08:24Investment Rating - The report highlights a positive investment outlook for the duty-free sector, particularly focusing on China Duty Free Group (中国中免) as a key investment opportunity [2][3]. Core Insights - The upcoming 2026 Spring Festival, which will be the longest in history, is expected to significantly boost the tourism market, with a surge in demand for long-distance and outbound travel [2]. - The initial effects of the new duty-free policy in Hainan are evident, with a reported duty-free shopping amount of 78.549 million yuan on the first day, marking a 6.1% increase compared to the previous day [2]. - The report emphasizes the importance of monitoring companies that are likely to exceed expectations in their Q3 reports, including Greenlink Technology (绿联科技) and Jiajiayue (家家悦) [2]. Summary by Relevant Sections Duty-Free Sector - The report indicates that the new duty-free policy has led to a notable increase in shopping activity, with 54,800 items sold and 12,700 visitors on the first day of implementation [2]. - China Duty Free Group is highlighted as a key focus for investment due to its strong market position [2]. Jewelry and Gold - The report notes significant price fluctuations in gold, with leading jewelry brands like Chow Tai Fook (周大福) and Lao Feng Xiang (老凤祥) raising prices substantially [2]. - Consumers are reportedly buying gold at lower prices, benefiting companies such as Cai Bai Co. (菜百股份) and China Gold (中国黄金) [2]. Retail and E-commerce - The report mentions a 13-fold increase in order volume for the top 300 brands on JD.com during the Double Eleven shopping festival [2]. - Companies like Focus Technology (焦点科技) and Anker Innovations (安克创新) are identified as key players in the e-commerce sector [2]. Education Sector - The report highlights the ongoing education reform and suggests focusing on companies like Xueda Education (学大教育) and Tianli International Holdings (天立国际控股) [2]. AI and Optical Technology - Continuous iterations in AI glasses technology are noted, with a focus on companies like Conant Optical (康耐特光学) [2].