Core Viewpoint - The first city duty-free store in Shenzhen, covering nearly 3,000 square meters, officially commenced trial operations on August 23, 2025, aiming to enhance tourism consumption among outbound travelers and promote the return of overseas spending [1]. Group 1: Store Features - The duty-free store adopts an upgraded operational model combining "duty-free + taxable," "imported + domestic," and "offline + online" strategies [1]. - The product offerings include a diverse range of items, primarily focusing on beauty and skincare, watches and jewelry, and high-end alcoholic beverages, with highlights on domestic brands and technology products [1]. Group 2: Strategic Goals - The establishment of the store is intended to stimulate outbound tourist spending and guide the return of overseas consumption, thereby promoting the "national trend" going global [1].

Core Insights - Shenzhen's duty-free store successfully completed its first transaction during trial operations, marking a significant milestone for the project [1] - The establishment of the duty-free store is part of Shenzhen's efforts to enhance its role as a core engine of the Greater Bay Area and an important window for China's opening-up [4] Group 1 - The duty-free store is a collaboration between China Duty Free Group, Shenzhen Duty Free Group, and Shenye Group, covering an area of nearly 3,000 square meters in a prime location [4] - The store offers a diverse range of products, including beauty and skincare, watches and jewelry, high-end liquor, domestic trendy products, and technology electronics, catering to various consumer needs [4] - The project aims to provide a superior, diverse, and convenient shopping experience while contributing to Shenzhen's goal of becoming a globally influential international consumption center [4]

Core Insights - Guangzhou's first city duty-free shop is set to open on August 26, located in the Tianhe District at the Guangzhou Friendship International Financial Center [1] - The duty-free shop is a collaboration between China Duty Free Group, Guangbai Co., Lingnan Holdings, and Baiyun Airport, and is one of the first eight city duty-free shops established following a policy announcement by the Ministry of Finance and other departments in August 2024 [3] - The shop aims to create a "city living room" by integrating global luxury brands, local heritage brands, and cultural experiences, featuring a diverse product matrix including beauty, jewelry, and high-end beverages [5] Business Model and Offerings - The duty-free shop will adopt a "duty-free + taxable," "imported + domestic," and "offline + online" business model, enhancing its operational strategy [3] - It will offer a variety of products, focusing on beauty and skincare, watches and jewelry, and premium alcoholic beverages, while also highlighting local cultural products and technology [5] - The store will feature themed areas such as a whiskey theme hall and a traditional Chinese medicine space, aiming to provide an immersive shopping and interactive experience [6] Opening Promotions - On the opening day, customers will have the opportunity to purchase duty-free products at discounted prices and receive complimentary dining and travel experiences, including Michelin and Black Pearl dining, hotel leisure experiences, and tours of famous city attractions [6]

Group 1 - Recent policies and market dynamics in the domestic commercial sector indicate vitality and diversity in industry development, with multiple cities implementing departure tax refund policies to attract foreign tourists and boost the duty-free economy [1] - Guangzhou's Tianhe District has launched the city's first "immediate refund" centralized refund point for departure tax, marking a significant step in enhancing inbound consumption efficiency [1] - Dalian and Hubei Province have also started implementing departure tax refund policies for foreign travelers, while Shanghai plans to optimize the consumption environment by adding more refund stores [1] Group 2 - Companies are selling non-core assets for strategic focus or capital recovery, such as Vanke in Hangzhou selling its Zhishanghui commercial center project, which has a total construction area of approximately 10,000 square meters [1] - He Youjun has become the largest shareholder of Huanyu Commercial through his controlled company, indicating a potential integration of eSports IP into Huanyu's shopping malls and ski resorts, creating a "eSports + night economy" business model [1] Group 3 - Commercial enterprises are expanding their business through light asset cooperation, with China Resources Vientiane Life signing a cooperation agreement with Fujian Sanxin Group to upgrade the Putian Jinding Plaza project, set to reopen in 2026 as the first Vientiane Hui commercial entity in Fujian [4] - The expansion and renovation of shopping malls are becoming important means to enhance space value, with Shanghai Hang Lung Plaza's expansion expected to add approximately 3,080 square meters of floor area by the second half of 2026 [4] - Community commercial developments are also on the rise, such as the transformation of the former Hualian supermarket in Beijing into a DT-X neighborhood center, enhancing residents' convenience [4] Group 4 - Commercial brands are actively expanding into new markets, with BaWang Tea accelerating its layout in Hong Kong and launching multiple new stores [6] - Lao Xiang Ji has submitted a listing application on the Hong Kong Stock Exchange, showing continuous growth in revenue and gross profit [6] - The REITs market is showing vitality, with the listing of CICC China Green Development Commercial REIT seeing a 30% increase on its first day, reflecting investor enthusiasm for consumer infrastructure REITs [6][8]

Group 1 - The core viewpoint highlights the ongoing development of commercial real estate, particularly in retail, with various companies expanding their operations and enhancing consumer experiences through innovative strategies [3][5][8] - Multiple cities are implementing or enhancing tax refund policies to stimulate inbound consumption, with notable examples including Guangzhou and Dalian, which have introduced convenient tax refund services for foreign tourists [5][6] - Companies like China Resources and Poly are expanding their commercial footprints through strategic partnerships and new project developments, targeting both core cities and emerging markets [10][11] Group 2 - Alibaba is raising funds to support its international e-commerce and cloud computing businesses, while competitors like JD.com and Meituan are intensifying their efforts in instant retail [4][28] - The REITs market is experiencing significant activity, with several companies, including Cinda and China Overseas, pushing for the listing and expansion of quality assets, indicating a robust interest from investors [31][33] - High-end brands are innovating their retail experiences, as seen with LV's unique store concept in Shanghai, which has attracted considerable foot traffic and consumer interest [19][21] Group 3 - The retail landscape is evolving with brands like Ba Wang Cha Ji and Lao Xiang Ji expanding into Hong Kong, indicating a trend of brands using the city as a launchpad for global expansion [18][24] - Nike is facing challenges in the Chinese market, with a reported 13% decline in revenue, while luxury brands are leveraging experiential marketing to attract consumers [19][20] - Community-focused commercial projects are on the rise, with new concepts like DT-X aiming to enhance local shopping experiences and meet consumer demands for convenience [17][18]

Core Viewpoint - The establishment of a city duty-free shop in Guangzhou is expected to enhance the local economy, fill the gap in the city's duty-free offerings, and support the development of an international consumption center [1][2]. Location - The selected location for the duty-free shop at the International Financial Center in Zhujiang New Town has received positive feedback and is expected to drive consumer traffic due to its proximity to commercial hubs and tourist attractions [3][4]. Products - The duty-free shop will focus on promoting domestic brands and local specialties, aligning with national policies to support the sale of domestic products and enhance Guangzhou's cultural influence [5][6]. Operations - The operational structure of the duty-free shop involves a partnership between China Duty Free Group and local state-owned enterprises, which is anticipated to address challenges such as customer source diversification and resource integration [6][7]. Services - To attract international tourists, the city needs to enhance service efficiency and create a seamless shopping experience, including better integration with local tourist attractions and improved digital services for tax refunds [8][9].

Core Viewpoint - The retail sector in commercial real estate is experiencing a transformation driven by consumer promotion policies and the expansion of the duty-free economy across major cities in China, leading to increased consumer spending and inbound tourism [3][5][6]. Group 1: Retail Sector Performance - Major retail operators such as CR Land, Longfor Group, and Link REIT are showing varied performance, with some projects achieving significant growth while others struggle with older assets requiring continuous investment [3][9]. - The retail property portfolio of Link REIT in mainland China reported a total revenue and net property income growth of 29.7% and 28.9% respectively, driven by strong performance from specific projects in Shanghai and Shenzhen [9][12]. Group 2: Consumer Promotion Policies - Cities like Shenzhen, Chongqing, and Chengdu have introduced consumer promotion policies aimed at boosting local economies, with initiatives such as the establishment of new retail stores and events to attract consumers [5][6]. - The focus on green consumption and the establishment of new retail formats, such as duty-free shops in urban areas, are part of a broader strategy to enhance consumer engagement and stimulate economic activity [5][8]. Group 3: Experience and Content Enhancement - Existing retail spaces are undergoing significant upgrades to enhance consumer experience, with a shift towards immersive and engaging environments to attract foot traffic [14][17]. - New entrants in the outlet market are leveraging unique themes and experiences to differentiate themselves, such as health and wellness concepts in shopping centers [13][19]. Group 4: Cross-Border E-commerce Expansion - Cross-border e-commerce platforms like TikTok Shop are expanding into new European markets, indicating a strategic move to capture a broader customer base [30][31]. - Domestic platforms are also enhancing their international competitiveness, with initiatives like JD's collaboration with Xiaohongshu to improve conversion rates and customer engagement [34]. Group 5: REITs and Investment Trends - The approval of new consumption infrastructure REITs, such as the China Green Development REIT, reflects a growing trend towards light-asset operations and the optimization of commercial assets [35][36]. - Existing REITs are showing stable operations, with a reported cash distribution rate of 4.19% for the recently restructured Huaxia First Creation Outlet REIT [36][37].

Core Insights - "Inbound tourism" has become a new focal point for various cities, with Shenzhen emerging as a key destination for foreign visitors due to favorable policies and geographical advantages [10][7][11] Group 1: Inbound Tourism Data - As of May 19, 2024, Shenzhen's border inspection station recorded over 100 million inbound and outbound passengers, achieving this milestone 24 days earlier than the previous year [1] - The number of foreign visitors entering Shenzhen reached 2.64 million, a 41% increase year-on-year, with visa-free entries accounting for 560,000, marking a 105% increase [1][10] Group 2: Consumer Trends - Foreign tourists are increasingly drawn to Shenzhen's manufacturing, particularly in the jewelry and electronics sectors, with significant interest in diamond products and innovative tech gadgets [1][2] - Popular products among foreign visitors include drones, AI glasses, and other high-tech items, which are often more affordable than in their home countries [2][10] Group 3: Economic Impact - The influx of foreign tourists has led to a surge in business opportunities, particularly in shopping and dining, with many establishments adapting to cater to this demographic [3][5] - The hospitality sector has seen a notable increase in foreign guest occupancy, with some hotels reporting up to 50% of their guests being international [5][6] Group 4: Strategic Recommendations - Experts suggest that Shenzhen should enhance its appeal by creating technology experience landmarks and improving multilingual guidance systems to better serve foreign tourists [8][11] - The city is encouraged to leverage its unique cultural and historical sites alongside its technological advancements to create a distinctive tourism brand [11][10]

今天分享的是：EY安永：2025年免税新纪元：破界重构炽浪突围研究报告 报告共计：32页 《免税新纪元：破界重构×炽浪突围》由EY安永发布，从消费者和经营者双重视角剖析免税品行业发展现状、竞争格局，并展 望未来趋势。 1. 免税市场发展态势：全球免税市场随旅游业复苏而蓬勃发展，亚太地区地位重要但受疫情冲击尚未恢复至疫情前水平，欧洲 和美洲地区已基本复苏。中国免税市场受疫情和出入境政策影响，发展轨迹复杂，目前面临境内消费动能减弱与境外消费分流 的挑战，但在政策助力下有望迎来新一轮繁荣。 2. 消费者视角洞察 - 全球市场变化：疫情初期全球免税市场严重萎缩，后期逐步复苏但仍未达疫情前水平。未来，随着旅游市场恢复，免税经济将 迎来新机遇。香水和化妆品在免税市场占比高，需求稳定。 - 中国市场情况：受宏观经济影响，中国消费者奢侈品需求下降，消费更理性。出境游复苏后，境外消费分流加剧，导致中国免 税市场出现结构性调整。 - 海南免税特点：海南离岛免税政策推动市场发展，春节是消费高峰期，但客单价呈波动性微降，反映出市场竞争和商品服务存 在提升空间。 3. 经营者破局策略 - 全球格局变动：亚太地区在全球免税市场地位领先， ...