港股旅游股集体上涨，其中，携程集团涨5%，香港中旅涨超4%，同程旅行、中国中免涨超2%。消息面 上，元旦假期第一天，全社会跨区域人员流动量预计超2.08亿人次，比去年同期增长21%。 ...

【环球网财经综合报道】2025年12月18日海南自由贸易港全岛封关运作的启动，瞬间激活了国际旅游消费中心的巨大潜力。紧随其后的元旦小长假，成为了 检验政策成效的首个窗口期。据媒体报道，三亚免税城内蜿蜒超过200米的排队人龙、深夜仍灯火通明的购物大厅，以及重现市场的"六位数"酒店房价。 住宿市场，尤其是高端酒店，呈现量价齐升的态势。三亚亚龙湾瑞吉酒店的"7居室海景泳池别墅"在元旦当晚房价高达11.2万元，亚特兰蒂斯酒店的皇家套 房同样超过10万元。业内认识认为，除了封关与节日效应，近期海南密集举办的大型文旅赛事，如跨年电音节、演唱会等，也为拉动客流提供了强劲助力。 这轮消费热潮并未随着假期结束而消退。有在线旅游平台人士透露，从1月份的机票预订趋势看，海口、三亚的热度将持续高位运行。 海南日报报道，据海南省旅游和文化广电体育厅相关负责人介绍，2026年元旦、春节假期期间，海南将举办旅文体活动共计177项，其中旅游促销类活动87 项、文化演艺类活动69项、体育赛事类活动21项，形成"跨年迎新、新春祈福、元宵喜乐"三大热潮。（陈十一） 为迎接跨年客流，中国中免旗下三亚国际免税城罕见地将2025年最后一天的营业时间延长 ...

近期，券商陆续发布1月策略报告，并同步推出1月券商金股。从各大券商的观点来看，大家总体看好 2026年的行情，提示积极布局春季躁动。从板块布局来看，被各大券商提及较多的是科技、消费、周期 复苏和资源板块。券商金股方面，目前有11家券商合计发布了超100多只1月金股，涵盖25个申万行业。 其中，科技股集中营的电子行业，获推荐个股数量最多，达到11只；周期行业的有色金属行业有8只个 股获得推荐；制造行业的机械设备、电力设备行业分别有7只和5只个股。从获推荐次数来看，紫金矿 业、中际旭创、中国中免、中国太保等11只个股获得2家以上券商推荐。紫金矿业、中际旭创最受青 睐，均获得4家券商推荐。以年度涨跌幅、估值统计，有26只金股2025年涨幅低于50%且滚动市盈率低 于30倍。其中，山东路桥、渝农商行、齐鲁银行、中国太保、工商银行、中材国际市盈率较低，均低于 10倍；山东出版、长城汽车、中国广核、海尔智家、中国石化、石头科技2025年股价均收跌。（证券时 报） ...

Group 1 - The Ministry of Commerce of China has expressed concerns over the EU's Carbon Border Adjustment Mechanism (CBAM), highlighting that the EU's default carbon emission intensity values for Chinese products are set too high and do not reflect China's actual levels and future development trends, which could lead to unfair treatment [3] Group 2 - BYD reported a total of 4,602,436 new energy vehicle sales for the year 2025, marking a year-on-year increase of 7.73%, while December sales were 420,398 units, down approximately 18.2% year-on-year [4] - Geely's total vehicle sales for December 2025 reached 236,817 units, a year-on-year increase of about 13%, with annual sales totaling 3,024,567 units, up approximately 39% [4] - New energy vehicle brands like Leap Motor, Xiaomi, and Hongmeng Zhixing achieved record high sales in December, with Leap Motor leading the market with nearly 600,000 units sold [4] Group 3 - The National Data Work Conference emphasized that 2026 will be the "Year of Data Value Release," aiming to enhance data flow and resource allocation channels, thereby integrating data factors into the economic value creation process [5] - Starting January 1, 2026, the implementation regulations for the Value-Added Tax Law will take effect, which is expected to strengthen taxpayer rights and support the smooth implementation of the VAT law [5] - Deutsche Bank forecasts that consumption will continue to be the main engine of China's economic growth in 2026, contributing 2.8 percentage points to GDP [5] Group 4 - The Hainan Free Trade Port has shown a steady increase in passenger and cargo transport volume since its closure, indicating the initial effects of the port's operations [6] - In 2025, the total sales from the "old-for-new" replacement program exceeded 2.6 trillion yuan, benefiting over 360 million people, with significant contributions from the automotive sector [6] - Starting January 1, 2026, Jiangxi Province will implement a new "old-for-new" consumption policy covering various sectors, including automobiles and home appliances [6] Group 5 - By the end of 2025, the total scale of ETFs in China surpassed 6 trillion yuan, with eight ETFs experiencing annual growth rates exceeding 100%, marking a historical high for the number of doubling ETFs [7] - As of now, 15 brokerage firms have released their January stock recommendations, covering 114 A-shares, with Zhongji Xuchuang, Zijin Mining, and China Duty Free being the most popular picks [8] Group 6 - The domestic box office in China reached 51.832 billion yuan in 2025, a year-on-year increase of 21.95%, with domestic films accounting for 79.67% of the total box office [10] - The film "Zootopia 2" has surpassed 4.1 billion yuan in cumulative box office, entering the top 10 in Chinese film history [10] Group 7 - The establishment of "Moutai Digital Technology Co., Ltd." by Kweichow Moutai aims to enhance its digital business, with the iMoutai app becoming part of this new entity [11] - Kweichow Moutai's product sales on the iMoutai platform sold out on January 1, 2026, indicating strong consumer demand [11] Group 8 - The Indian government has introduced a new tax on cigarettes, which is expected to increase the smoking costs for approximately 100 million smokers in the country [15]

据了解，杜福睿与中免的经营权转让期限分别为3+5年和5+3年，均自2026年1月1日起至2033年12月31 日止。 最新披露的招标结果显示，瑞士免税巨头杜福睿获得上海浦东国际机场（T1航站楼及S1卫星厅国际区 域场地）的进出境免税店经营权；中免获得上海浦东国际机场（T2航站楼及S2卫星厅国际区域场地） 以及虹桥机场的对应权益。 2025年12月28日，王府井发布公告称，王府井中标首都机场T2航站楼免税项目。此前，中免集团也公 布中标首都机场T3航站楼的免税项目，加之此前上海机场免税项目经营权的易主，至此，日上免税正 式撤出京沪两地机场。（每经综合，德塔） 【#浦东机场日上免税行店招被摘了#】据上观新闻报道，2025年最后一天，上海浦东机场的日上免税行 被摘牌子了。 每日经济新闻此前报道，在上海浦东、上海虹桥两大机场经营26年后，日上免税行即将正式与"魔都"旅 客告别。 2025年12月17日晚间，上海机场发布关于签订免税店项目经营权转让合同的公告。根据合同，上海机场 及其控股子公司上海虹桥国际机场有限责任公司与杜福睿（上海）商业有限公司、中国免税品（集团） 有限责任公司分别签订了经营权转让合同。 ...

今天（12月31日）下午，有网友在社交媒体上发布一则"日上免税行的店招牌被工作人员取下"的视频引 发热议。经营26年之久的日上免税行正式告别上海两大机场。 据智通财经12月27日报道，中国中免已 经中标上海机场两个免税店项目。中国中免于12月17日公告，公司全资子公司中国免税品（集团）有限 责任公司（中免集团）为上海浦东国际机场和上海虹桥国际机场相关免税店项目的中标人。 伴随中免 的强势入局，深耕京沪机场免税市场多年的日上免税行正式出局。资料显示，日上免税行已在上海机场 运营26年，同时负责首都机场T3航站楼免税业务，曾跻身全球旅游零售商前十。目前，日上由中免集 团控股约51%，其余的股份由外资创始股东佰瑞投资有限公司和上海机场全资子公司持有。 其出局核 心原因在于控股股东中免集团的决策，在上海机场项目招标前的董事会上，中免委派的4名董事否决了 日上的投标申请，日上最终无缘续约。在首都机场的新一轮免税店运营招标中，日上免税行也未参与投 标。（东方视频 俞霖） ...

Core Insights - Beijing Tongrentang Health has entered the Chengdu Duty-Free Store, enhancing health consumption with a new retail and experience model [1][3] - The Chengdu Duty-Free Store opened on September 25, 2025, covering approximately 3,140 square meters and featuring both duty-free and taxable areas [2] - The Chinese government has initiated a policy to establish duty-free stores in several cities, including Chengdu, to cater to outbound travelers [2] Group 1 - Beijing Tongrentang Health's new store combines duty-free and taxable products, as well as online and offline experiences, focusing on health and cultural integration [3] - The store features a health tea and light food experience area, health consultations, and cultural products to promote traditional Chinese medicine [3] - The brand's historical significance and quality support its entry into high-end retail channels, enhancing its appeal to both outbound and inbound travelers [3] Group 2 - The duty-free area is restricted to outbound travelers, while the taxable area is open to all consumers, allowing for immediate purchases [5] - The operational model aims to effectively combine health services with compliant retail, providing a reference for other markets in Sichuan [5]

在离岛免税频道，消费者可享免税商品3折起购物优惠，买满即赠多件品牌好礼。在会员优选频道，除 爆款好物低至3折外，更延续"每满200减20上不封顶"全品类满减优惠，还将派发千元划算礼券，为消费 者带来开年首波购物惊喜。同时，消费者在双频道累计下单满额即有机会参与抽奖，赢取价值3888元福 袋好礼，将新年好运与实惠一并带回家。 为进一步释放消费潜力，由海口市龙华区商务局主办的政府消费券活动将于2026年1月1日上午10时准时 上线。此次活动将通过cdf中免海南App会员优选频道发放百万政府消费券，以"政府补贴"形式直接降低 消费者购物成本。 1月1日-1月31日（额度用完即止）每日10：00-23：00，用户在cdf中免海南App会员优选频道购物，选 择调用云闪付App支付，即可自动享受满减优惠。优惠力度分别为满2000减120元、满4000元减300元、 满6000元减550元、满8000元减650元。消费券采用"免领券，满立减"的便捷模式，每位用户活动期间限 享其中一档优惠，名额有限，先用先得。政府消费券可叠加cdf中免海南App会员优选频道其他折扣优惠 使用，实现折上折、券上券的双重优惠。 □记者 沈丽焕 ...

Summary of Key Points from Conference Call Records Industry Overview - **Industry Focus**: The conference call primarily discusses the service industry, particularly tourism, hospitality, duty-free, local lifestyle, K12 education, and human resources sectors [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15]. Core Insights and Arguments - **Policy Support and Consumer Trends**: National policies are supporting domestic demand expansion, driven by aging populations and the rise of Generation Z, which is fostering experiential and personalized consumption. Key investment areas include wellness tourism and new consumption models [1][2]. - **Tourism Recovery**: The tourism and travel industry is experiencing a sustained recovery, with both domestic and outbound travel rebounding. Promotional activities by local tourism departments and OTA platforms like Meituan and Ctrip are significantly boosting the industry [3][4]. - **OTA Platforms' Role**: OTA platforms hold a crucial position in the tourism value chain, with major players like Meituan and Ctrip enhancing profitability through differentiated competition strategies, including overseas expansion and acquisitions [4][5]. - **Hotel Industry Dynamics**: The hotel sector's performance is closely tied to economic conditions. With demand differentiation and slowing supply, leading companies like Shoulv Jinjiang, Huazhu, and Atour are expected to have pricing power and growth potential [6]. - **Duty-Free Market Growth**: The duty-free industry is gaining attention, with a low base effect leading to positive data trends. The increase in high-value goods is raising average transaction values, and new policies in Hainan are expected to create growth opportunities for companies like China Duty Free, Wangfujing, and Zhuhai Duty Free [7]. - **Local Lifestyle Sector Competition**: The local lifestyle sector, particularly in dining and tea, is highly competitive. Meituan faces challenges from competitors like JD and Alibaba, but remains a key focus for investors despite market value return uncertainties [8][9]. - **K12 Education Sector Outlook**: The K12 education sector is stabilizing with market recovery, benefiting leading companies like TAL Education and New Oriental due to their strong brand, teaching quality, and expansion capabilities [11]. - **Public Service Exam Training and HR Services**: The public service exam training sector is competitive, with rising enrollment numbers. Leading companies are expected to gain market share as they leverage AI applications. In HR services, improved employment rates are driving recruitment demand, particularly in emerging industries like internet and renewable energy [13][15]. Additional Important Insights - **Investment Opportunities in Service Consumption**: The service consumption sector, particularly tourism-related industries, OTA, hotels, and duty-free businesses, presents clear investment opportunities. The local lifestyle sector is also expected to see continued competition, with specific opportunities in dining and tea [14]. - **AI Technology Impact**: AI technology is creating structural improvement opportunities in the education and HR sectors, with companies like Huatu and Kory International poised for growth due to their software application potential [15]. This summary encapsulates the key points discussed in the conference call, highlighting the current trends, challenges, and opportunities within the service industry.

Summary of Key Points from Conference Call Records Industry Overview - The focus is on the domestic consumption sector, with policies aimed at boosting consumer spending through increased household income, including minimum wage hikes and corporate salary increases [1][4][5] - The service consumption sector is expected to benefit from reforms in pricing mechanisms, particularly in healthcare, transportation, and public utilities [1][6] - The retail sector, especially offline retail, is seen as a crucial driver for domestic demand, supported by policies for updating commercial facilities [1][12] Core Insights and Arguments - **Consumer Policy Effectiveness**: The effectiveness of consumer promotion policies is anticipated to exceed market expectations, with significant increases in minimum wage across provinces, averaging over 8% [4][5] - **Service Sector Reforms**: Reforms in service pricing, particularly in healthcare, are expected to enhance the income of service providers while controlling costs for consumers [6] - **Product Innovation**: In the goods consumption sector, companies that excel in innovation and new supply offerings are likely to thrive, moving away from traditional consumer upgrade logic [7] - **Tourism and Local Policies**: Local government competition is expected to stimulate tourism, benefiting cultural and agricultural sectors [1][7] Important but Overlooked Content - **Retail Performance**: The first quarter of 2026 is projected to be crucial for leading regional retail companies, with expectations of strong performance during the extended Spring Festival [12] - **Cross-Border E-commerce**: Currency fluctuations have a limited impact on leading cross-border e-commerce companies, with exchange rate losses being a minor portion of profits [13] - **Household Appliances and Smart Hardware**: The government has initiated a subsidy plan for key household appliance categories, with a total subsidy of approximately 250 billion for 2026, focusing on six core categories [19][20] - **Food and Beverage Sector**: The food and beverage sector is expected to hit a performance bottom in Q1 2026, with a gradual recovery anticipated in Q2 [22] Future Outlook - **Economic Rebalancing**: The macroeconomic narrative is shifting towards economic rebalancing, with a cautious optimism for 2026 as supply-demand dynamics are expected to improve [8][9] - **Investment Opportunities**: Key investment opportunities are identified in sectors benefiting from government support, particularly in smart home and wearable technology, with a focus on companies like Midea, Haier, and TCL [20][21] - **Pork Market Expectations**: The pork market is showing signs of recovery, with prices expected to stabilize and improve, leading to a more optimistic outlook for the industry [16] This summary encapsulates the essential insights and projections from the conference call records, highlighting the key themes and potential investment opportunities across various sectors.