消息面上，海口海关2月9日发布统计数据，自2025年11月1日离岛免税政策调整以来，截至2026年2月8 日，新政实施满百日，海口海关监管离岛免税购物金额115.85亿元，同比增长14.71%。此外，春运首周 （2月2日—2月8日）海口海关共监管离岛免税购物金额11.06亿元，免税购物人数19.19万人次，购物件 数89.5万件，环比提升6.3%，26%，9.4%。国盛证券认为，预计海南离岛免税行业景气趋势在春节旺季 仍将保持强劲。 智通财经APP获悉，中国中免(01880)涨超7%，截至发稿，涨7.15%，报105.6港元，成交额1.94亿港元。 ...

Core Viewpoint - The first batch of five duty-free stores for daily consumer goods in Hainan will open on February 11, following the implementation of a "zero tariff" policy for inbound goods for residents of Hainan Free Trade Port [1][3]. Group 1: Duty-Free Store Details - The stores are located in Haikou's various commercial districts, with one store operated by Hainan Wanghao Sunshine Industrial Co., Ltd. in the Longhu Hainan Haikou Tianjie commercial complex [1]. - The Haikou Wanghao duty-free store has a retail area of 980 square meters and will initially offer over 40 items from a list of 202 zero-tariff goods, including baby formula, candies, and fruits, with prices approximately 20% lower than taxed prices [1][3]. - The store is prepared with over 50,000 items, anticipating high demand for products like durian [1]. Group 2: Consumer Eligibility and Shopping Guidelines - The "zero tariff" policy applies to residents of Hainan, defined as Chinese citizens holding a Hainan ID, residence permit, or social security card, as well as foreign individuals with residence permits [3]. - Each resident is allowed a duty-free purchase limit of 10,000 RMB per year, with no restrictions on the number of purchases [3]. - Consumers must present one of the following documents at checkout: Hainan ID, residence permit, social security card, or foreign residence permit to verify their eligibility [3]. Group 3: Additional Store Operations - The Haikou Tianjie shopping mall has prepared signage and policy explanations to facilitate consumer shopping during the initial opening phase [4]. - Other duty-free stores, such as the one in CDF Haikou International Duty-Free City, are also preparing to offer a variety of products, including toys and chocolates, with a focus on international brands [6]. - The JD.com duty-free store in the Guomao commercial district is leveraging JD's global supply chain to offer a wide range of consumer goods across eight core categories, featuring over 170 international brands [6].

沪深两市数据显示，2月10日，融资净买入前十的股票分别为： N电科（4.83亿元）、 寒武纪（3.25亿 元）、 盛和资源（1.91亿元）、 数据港（1.84亿元）、 中国中免（1.47亿元）、 源杰科技（1.32亿 元）、 长飞光纤（1.24亿元）、 亨通光电（1.09亿元）、 江淮汽车（9746.41万元）、 紫金矿业 （8655.56万元）。 ...

Core Viewpoint - The collaboration between Beijing Capital Airport and Daxing Airport to host a New Year cultural market aims to enhance the consumer experience and promote Beijing as an international consumption center [1][2]. Group 1: New Year Cultural Market - The New Year cultural market, named "Fuyou Jinghua Legou New Spring," runs from February 10 to 16, featuring 14 well-known brands including Yili and Beibingyang, offering a variety of products such as food, cultural creations, and clothing [2]. - This initiative is designed to provide travelers with an immersive experience that combines cultural elements with high-quality service [2]. Group 2: Duty-Free Business Upgrade - Starting February 11, the duty-free operations at Terminal 2 will transition to China Duty Free Group and Wangfujing Group, marking Wangfujing's first entry into the Beijing-Tianjin-Hebei international aviation hub [2][4]. - The new operators plan to introduce more international perfumes, cosmetics, and local specialty products, enhancing the shopping experience through digital systems [2]. Group 3: Growth in Inbound Consumption - In January 2026, the customs at Capital Airport processed 7,966 tax refund applications, totaling approximately 125 million yuan, reflecting a year-on-year increase of 469.81% and 43.68% respectively [3]. - The average daily passenger flow has increased from 40,000 to 55,600, indicating a significant rise in traveler numbers during the Spring Festival [3]. Group 4: Streamlined Processes - The airport customs established a green channel for merchants unfamiliar with strict approval processes, significantly reducing the time required for necessary permits [4]. - A comprehensive handover of over 12,900 square meters of retail space and inventory was conducted efficiently to ensure a smooth transition [4]. Group 5: Enhanced Regulatory Measures - The customs authority implemented a dual approach of "regulation + service" to oversee the entire operation cycle of the market, including regular inspections of food sourcing and quality checks [5]. - A combination of on-site supervision and remote video monitoring was introduced to ensure transparency and traceability in the supply chain [7]. Group 6: Commitment to Service Innovation - The customs department is focused on continuous service innovation and regulatory optimization to enhance service quality and support the establishment of diverse consumer business models [8].

Group 1 - The core idea of the news is the collaboration between Beijing Capital Airport and Daxing Airport to host a New Year cultural market, enhancing the consumer experience and promoting Beijing as an international consumption center [1][2] - The cultural market, named "Fuyou Jinghua Legou New Spring," runs from February 10 to 16, featuring 14 well-known brands, including Yili and Beibingyang, offering a variety of products such as food, cultural creations, and clothing [2] - The duty-free business at Capital Airport is undergoing a significant upgrade, with the operational rights of the T2 terminal's duty-free store transferring to China Duty Free Group and Wangfujing Group starting February 11 [2][4] Group 2 - In January 2026, the customs at Capital Airport processed 7,966 tax refund applications, totaling approximately 125 million yuan, marking a year-on-year increase of 469.81% and 43.68% respectively [3] - The customs authority has implemented a green channel for merchants to streamline the approval process, significantly reducing the time required for necessary permits [4] - The customs has also introduced a "health permit special service mechanism" to assist new stores in obtaining the required health licenses, ensuring compliance with health and safety standards [7] Group 3 - The customs authority is enhancing its regulatory and service capabilities by combining on-site supervision with remote video monitoring to ensure a seamless flow of goods and services [7] - Recent measures have been introduced to optimize the tax refund process, including improved procedures and guidance to stimulate market activity [7] - The overall strategy aims to accelerate the formation of a unique commercial ecosystem at the airport, contributing to the development of Beijing as an international consumption center [8]

春节临近，航站楼里的年味浓起来了。2月10日，北京商报记者获悉，北京首都机场与大兴机场首次协同举办新春文化市集，汇集伊利、北冰洋等14家知名 品牌。与此同时，入驻首都机场的中免集团和王府井集团将进一步丰富空港免税消费环境。通过搭建"文旅+商业"深度融合的消费场景，北京国际航空枢纽 正在成为北京国际消费中心城市建设的一张新名片。 紧抓春节商机 值得一提的是，入境消费在春节前也显现强劲增长。据北京海关统计，2026年1月，首都机场海关共验核离境退税申请单7966票，总金额约1.25亿元，同比 分别增长469.81%、43.68%。通过优化流程、强化航站楼内引导标识，境外旅客"中国购"体验正持续提升。 针对今年持续40天的春运保障任务，首都机场海关提前对春运客流量进行了研判。首都机场海关表示，以往日均监管进出境旅客人次是4万人，根据近三天 统计数据，日均监管进出境旅客已经增长到5.56万人次，可以预见春运期间旅客人流量规模增加。 提效入驻流程 显而易见，此次市集是首都机场促进春节消费、打造空港特色商业业态的关键举措。在这背后，对于参与商户多为首次合作、对严格审批流程不熟悉的情 况，首都机场海关专门开通全流程绿色通道 ...

Investment Rating - Industry rating: Recommended [3] Core Insights - The report highlights the strong performance of Pop Mart, with over 1 billion LABUBU sales and 4 billion total product sales in 2025, indicating robust growth potential in the emotional consumption sector [1] - The Spring Festival travel volume is expected to reach 10.68 billion trips in 2026, a significant increase of 11.7% compared to 9.56 billion trips in 2025, reflecting strong consumer demand for travel [2] - The report suggests focusing on high-growth sectors supported by policy and technology, including service consumption, new consumption trends, retail innovation, and AI applications [2][56] Summary by Sections Industry & Company Dynamics - Pop Mart's annual meeting showcased its achievements, including a global employee count exceeding 10,000 and a registered membership surpassing 100 million [1] - Anta Group's acquisition of Puma is a strategic move to enhance its global presence and compete with major brands like Nike and Adidas [15][16] - The opening of JD Seven Fresh stores in Beijing and Shanghai aims to capture the New Year market with a focus on fresh produce and high-quality consumer experiences [17] Macro & Industry Data - In November, retail sales grew by 1.3% year-on-year, with a notable increase in online retail sales, which accounted for 25.9% of total retail sales [31][41] - The gold consumption in Q3 2025 saw a decline of 18.56%, with jewelry sales dropping significantly, while demand for gold bars remained strong [48][49] Investment Recommendations - The report recommends focusing on sectors with high growth potential, including service consumption, new consumption trends, and retail innovation, with specific beneficiary companies listed [2][56]

国银河证券 电+香港+车南亚 中国银河证券 深耕高水平对外开放 High-level Opening ﺎ 2025年以来,中国银河证券全面贯彻落实党的二十 大、党的二十届历次全会和中央金融工作会议、中央经济工 作会议精神,积极发挥海外布局优势,不断深化境内外一体 化发展,为企业提供全周期跨境综合金融服务,持续助力高 水平对外开放。 笔 亿新元 东南亚投行项目 交易规模 252 超 亿港元 香港投行项目 交易规模 护航中企赴港融资 175 国际金融中心地位 保荐赛力斯港股IPO 保荐汇舸环保港股IPO 助力中国中免跨境交易 时尚 消费 保荐赛力斯港股IPO 142.8 亿港元 赛力斯 i e ar 绿色航运 科技 人工智能 2025年参与港股IPO 高端制造 生物医药 十月十人女十八 5 新能源 甲酉牛止有丈从木取人观保IrU 2025年全球前十大IPO之一 2025年全球车企最大规模IPO 保荐汇舸环保港股IPO 3.18 亿港元 第一家在港股上市的船舶ESG解决方案提供商 助力中国中免跨境交易 担任独家财务顾问助力中国中免收购DFS大中华区业务 引入LVMH集团作为其H股股东,实现战略合作 2022年以来港 ...

从资金流向上来看，当日人民币升值受益板块主力资金净流出8.47亿元，游资资金净流入2.38亿元，散 户资金净流入6.09亿元。人民币升值受益板块个股资金流向见下表： 证券之星消息，2月10日人民币升值受益板块较上一交易日下跌1.06%，中国中免领跌。当日上证指数 报收于4128.37，上涨0.13%。深证成指报收于14210.63，上涨0.02%。人民币升值受益板块个股涨跌见 下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights the strong growth potential in the emotional consumption era, particularly for leading companies with strong innovation and operational capabilities [1] - The Spring Festival travel volume is expected to reach 10.68 billion trips in 2026, a significant increase of 11.7% compared to 9.56 billion trips in 2025, indicating robust travel demand [2] - The report suggests focusing on high-growth sectors supported by policy and technology, including service consumption, new consumption trends, retail innovation, and AI applications [2][64] Summary by Sections Industry & Company Dynamics - Pop Mart's annual meeting showcased its achievements, including over 10,000 global employees, 100 million registered members, and sales of over 400 million products across more than 100 countries [1] - Anta Group is acquiring Puma, enhancing its multi-brand strategy and global competitiveness, despite Puma's recent performance challenges [16][17] Investment Recommendations - The report recommends focusing on sectors with high growth potential, including service consumption, new consumption trends, and retail innovation, with specific beneficiary companies listed [2][64] Macro & Industry Data - In November, retail sales grew by 1.3% year-on-year, with online retail sales accounting for 25.9% of total retail sales [36][41] - The gold consumption in Q3 2025 was 177.53 tons, a decrease of 18.56% year-on-year, with jewelry demand significantly impacted [54][56]