国泰海通｜批零社服：免税政策再优化，市内免税焕发生机

Core Viewpoint - The recent optimization of the duty-free pickup method in cities is expected to expand the market size and enhance consumer experience, driven by new policies aimed at boosting consumption and attracting foreign spending [2][4]. Policy Enhancements - The new notification from various government departments aims to improve the duty-free store policy, effective from November 1, 2025, to stimulate consumption and encourage overseas spending [2]. - Key improvements include: 1. Optimizing domestic tax refund policies to support the sale of domestic products in duty-free stores, promoting culturally significant products [3]. 2. Expanding the range of products available in duty-free stores to include popular items like mobile phones, drones, sports goods, health foods, over-the-counter drugs, and pet food [3]. 3. Relaxing approval processes for duty-free store operations, allowing local adaptations and optimizations [3]. 4. Enhancing convenience and regulatory measures, including online booking services and the ability for travelers to pick up purchases at entry duty-free stores [3]. Market Growth Potential - The optimization of the duty-free pickup method significantly enhances shopping convenience and consumer experience, which is likely to expand the city duty-free market [4]. - The opening of new city duty-free stores in major cities, such as Shenzhen and Guangzhou, is anticipated to further stimulate market growth [4].