消息面上，近日，财政部、海关总署、税务总局联合印发《关于海南自由贸易港岛内居民消费的进境商 品"零关税"政策的通知》，自公布之日起实施。《通知》规定，对海南自由贸易港岛内居民在指定经营 场所购买的进境商品，在免税额度和商品清单范围内免征进口关税、进口环节以及国内环节增值税和消 费税。此外，海口海关2月5日发布统计数据，2026年1月，海南离岛免税购物金额45.3亿元，购物人数 56.0万人次，购物数量336.7万件，同比分别增长44.8%、21.0%和14.0%。 中国中免（601888）(01880)涨超7%，截至发稿，涨6.71%，报100.2港元，成交额2.93亿港元。 万联证券指出，随着海南覆盖快消品到中高端奢侈品的商品供应链建立与完善，叠加岛民免税政策有望 在购物额度、商品种类等方面进一步放宽，海南对于国内外游客的旅游吸引力及相关产业人才的安居吸 引力将显著增强，海南离岛免税零售商也将从中持续受益。国盛证券（002670）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。 ...

海南日报海口2月5日讯（海南日报全媒体记者曹马志 通讯员王定哲）海口海关2月5日发布统计数 据，2026年1月，海南离岛免税购物金额45.3亿元，购物人数56.0万人次，购物数量336.7万件，同比分 别增长44.8%、21%和14%。从购物群体来看，2026年首月，离境旅客购买离岛免税商品1831.6万元；岛 内居民"即购即提"购物金额1438.9万元。 为了让免税商品流通"快起来"，海口海关采用"保免"衔接、"集中+自动"审单、远程监管等举措， 保障热销商品及时上架。建立海关、免税企业、公共服务平台、客运企业多方联合快处机制，快速核销 旅客购物异常数据，提升旅客购物体验。同时综合采取"风险研判+现场巡查+联合执法"等措施，坚决 打击"套代购"走私。 "我特意选择这个月来海南，就是为了感受封关后的购物体验，现在海南离岛免税商品不仅类别新 增了数码摄影器材和微型无人机等电子产品，还能在免税价的基础上享受店庆优惠，比在内地买划算得 多。"来自黑龙江的林先生在海口日月广场免税店选购电子产品时说。 "为承接封关运作为海南离岛免税市场带来的高人气、高流量，数月前我们就策划方案、筹备活 动、储备商品，并重新装修规划空间 ...

（来源：工人日报） 本报讯（记者赖书闻 通讯员王定哲 冯健能 谢东良）随着离岛免税新政实施和海南自贸港封关运作正式 启动，海南离岛免税购物市场迎来"开门红"。据海口海关统计，2026年1月，海南离岛免税购物金额 45.3亿元，购物人数56万人次，购物数量336.7万件，同比分别增长44.8%、21%和14%。从购物群体来 看，2026年首月，离境旅客购买离岛免税商品1831.6万元；岛内居民"即购即提"购物金额1438.9万元。 "我特意选择这个月来海南，就是为了感受封关后的购物体验，现在海南离岛免税商品不仅新增了数码 摄影器材和微型无人机等电子产品，还能在免税价的基础上享受店庆优惠，比在内地买划算得多。"来 自黑龙江的林先生在海口日月广场免税店选购电子产品时说。 "为承接封关运作为海南离岛免税市场带来的高人气、高流量，数月前我们就策划方案、筹备活动、储 备商品，并重新装修规划空间，打造更舒适的购物场景，争取为国内外旅客提供更好的购物体验。"中 免海口日月广场免税店销售部副总监孙子雅介绍。 为了让免税商品流通"快起来"，海口海关采用"保免"衔接、"集中+自动"审单、远程监管等举措，保障 热销商品及时上架。建立 ...

（总台记者 杨涛 范珊珊） 随着离岛免税新政实施和海南自贸港封关运作正式启动，海南离岛免税购物市场迎来"开门红"。据海口 海关统计，2026年1月，海南离岛免税购物金额45.3亿元，购物人数56.0万人次，购物数量336.7万件， 同比分别增长44.8%、21.0%和14.0%。从购物群体来看，2026年首月，离境旅客购买离岛免税商品 1831.6万元；岛内居民"即购即提"购物金额1438.9万元。 为了让免税商品流通"快起来"，海口海关采用"保免"衔接、"集中+自动"审单、远程监管等举措，保障 热销商品及时上架。建立海关、免税企业、公共服务平台、客运企业多方联合快处机制，快速核销旅客 购物异常数据，提升旅客购物体验。同时综合采取"风险研判+现场巡查+联合执法"等措施，坚决打 击"套代购"走私。 ...

海南政协委员：海南封关带动离岛免税迈入产业驱动新阶段 "从现在来看，消费者排队购物，不光买的是商品，更多的是打卡分享，买的是一次体验和一个记 忆。"高人伯认为，市场的变化也在驱动海南从更多的品牌IP店进行更多的整合，推广场景式的销售， 要求在商家全面的消费领域进行一体化推广。 他说，在产业方面，海南从基础的消费地变成产业策源地，成为吸引国际品牌的一个窗口，"这些消费 的趋势都非常明显，我相信海南自贸港的离岛免税下一步会发展得更好。"(完) 来源：中国新闻网 编辑：万可义 广告等商务合作，请点击这里 中新网海口1月26日电 (记者 王子谦)政协第八届海南省委员会第四次会议26日在海口开幕。在首场"委 员通道"上，海南省政协委员，毕马威企业咨询(中国)有限公司高级合伙人，海南省党外知识分子联谊 会副会长高人伯表示，在海南封关驱动下，离岛免税消费趋势正发生变化，从基础消费地转变成产业策 源地。 2025年11月1日，海南离岛免税新政实施，为离岛免税发展增添动力。海南全岛封关运作更激发了市场 热情。数据显示，封关首月海南离岛免税销售总额达到50.2亿元，同比增长46.8%，每日销售额超过了 1.6亿。 1月18日，顾 ...

Group 1 - The core point of the news is that China Duty Free Group (CDFG) announced its subsidiary, CDF International, plans to acquire DFS's equity and assets related to the Greater China travel retail business for a maximum of $395 million in cash [1] - CDFG will issue up to 7.33 million H shares to LVMH's subsidiary Delphine SAS and the Miller family's trust Shoppers Holdings HK at a price of HKD 77.21 per share, raising up to approximately HKD 924 million [1][2] - The acquisition marks CDFG's first cross-border merger, aiming to strengthen its position in the Hong Kong and Macau duty-free market and enhance its international strategy by integrating DFS's member, brand, and store resources [1] Group 2 - DFS, established in 1960, is a leading global luxury travel retailer with significant presence in major airports and city centers, particularly in the Greater China region where it operates 9 stores [1] - In 2024, the 9 DFS stores in Hong Kong and Macau generated revenue of CNY 4.15 billion and a net profit of CNY 130 million, resulting in a price-to-earnings (PE) ratio of 25 based on the acquisition price [1] - The sales performance of Hainan's offshore duty-free market remains strong, with a projected sales figure of CNY 3.42 billion for December 2025, reflecting a year-on-year increase of 17% [2] Group 3 - CDFG's strategic partnership with LVMH is expected to deepen cooperation in the Greater China region, with LVMH holding 0.35% and the Miller family holding 0.22% post-share issuance [2] - The company has adjusted its profit forecasts for 2025-2027, estimating net profits of CNY 3.87 billion, CNY 5.22 billion, and CNY 5.81 billion respectively, with corresponding PE ratios of 50, 37, and 33 [3] - The overall market outlook for CDFG remains positive, driven by favorable policies and the anticipated growth of sales from both offshore and onshore duty-free stores [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights the acquisition of DFS's Greater China operations by the company, which aims to deepen strategic cooperation with LVMH [8] - The acquisition is expected to enhance the company's position in the Hong Kong and Macau duty-free market, integrating DFS's resources to expand international channels [8] - The company anticipates a recovery in sales due to favorable policies and the opening of new duty-free stores, projecting a significant increase in net profit in the coming years [8] Financial Projections - Total revenue is projected to be 67.54 billion yuan in 2023, with a year-on-year growth of 24.08%, followed by a decline in 2024 to 56.47 billion yuan, and a gradual recovery thereafter [1] - Net profit attributable to the parent company is expected to be 6.71 billion yuan in 2023, with a growth rate of 33.46%, declining to 4.27 billion yuan in 2024, and then recovering to 5.81 billion yuan by 2027 [1] - The latest diluted EPS is forecasted to be 3.25 yuan in 2023, decreasing to 2.06 yuan in 2024, and gradually increasing to 2.81 yuan by 2027 [1] Market Data - The closing price of the company's stock is 93.32 yuan, with a market capitalization of approximately 193.07 billion yuan [5] - The price-to-earnings ratio (P/E) is projected to be 28.76 for the current price and latest diluted earnings [1] Strategic Developments - The company is set to strengthen its presence in the Hong Kong and Macau markets through the acquisition of DFS, which has a significant brand presence and strategic locations [8] - The partnership with LVMH is expected to facilitate further collaboration across various channels, enhancing the company's competitive edge [8]

Core Viewpoint - The shopping frenzy in Sanya, Hainan, showcases a unique phenomenon where tourists are purchasing winter clothing, such as down jackets, at significantly discounted prices despite the warm weather, indicating a strong demand for duty-free shopping in the region [2][4]. Group 1: Shopping Trends - During the New Year period, Sanya's duty-free stores experienced a surge in consumer traffic, with a notable example being a Canadian Goose down jacket originally priced at 10,000 yuan, reduced to 6,900 yuan through various discounts [2]. - The price reduction process was transparent, starting from a duty-free price of 8,400 yuan, followed by additional discounts leading to the final price of 6,900 yuan, attracting many consumers [2]. - The trend is not limited to winter clothing; gold jewelry sales are also booming, with the duty-free gold price at 1,188 yuan per gram, compared to the market price of 1,356 yuan per gram, showing a significant price difference [6]. Group 2: Consumer Behavior - Many consumers, primarily tourists, are purchasing items to take back to their home locations, despite the impracticality of wearing winter clothing in Sanya's warm climate [4]. - Social media discussions reflect a growing interest in traveling to Hainan for shopping, driven by the attractive pricing of products [8]. Group 3: Market Performance - The duty-free market in Hainan is witnessing a significant increase in sales, with data from Haikou Customs indicating a 52.4% year-on-year increase in the number of duty-free items sold during the New Year holiday, totaling 44.2 million items [9]. - The number of shoppers reached 83,500, marking a 60.6% increase, while the total shopping amount reached 712 million yuan, a 128.9% increase compared to the previous year [9]. - The tourism market in Hainan is heating up ahead of the Spring Festival, with flight and hotel prices rising sharply, indicating a robust demand for travel to the region [9].

Core Insights - Hainan has emerged as a popular domestic travel destination, with significant increases in both flight and hotel prices ahead of the upcoming Spring Festival holiday [1][15] - The tourism market in Hainan is experiencing a surge, with notable price hikes for flights and accommodations, indicating a strong demand for travel [1][15] Group 1: Tourism Trends - The flight price from Beijing to Sanya for the first day of the Spring Festival holiday has reached 3600 yuan, a nearly 200% increase from 1350 yuan on January 6 [1] - Hotel prices in Sanya have also surged, with the Atlantis hotel price increasing from 2188 yuan to over 5800 yuan, marking a rise of approximately 165% [1] - During the New Year holiday, Hainan saw a 49% increase in ticket bookings for flights and trains, with a 270% increase in tourism attraction ticket bookings [21] Group 2: International Tourists - A significant number of foreign tourists, particularly from Russia, are visiting Sanya, with reports indicating that over half of hotel guests during peak times were Russian [19] - The implementation of a visa-free policy for citizens from 48 countries has facilitated increased foreign tourism to Hainan [17] - From January to September 2025, Hainan received 973,900 overnight international visitors, a 29% year-on-year increase, with foreign tourists accounting for 82,2600, a 27.7% increase [19] Group 3: Duty-Free Shopping - Hainan's duty-free shopping experience has become a major attraction, with significant discounts on luxury items like Canada Goose jackets, which can be purchased for as low as 6900 yuan after discounts [10][24] - The sales of gold jewelry in duty-free stores are particularly strong, with a price difference of 168 yuan per gram compared to the market price [25] - During the New Year holiday, Hainan's duty-free shops reported a 52.4% increase in sales volume, with total shopping amounts reaching 712 million yuan, a 128.9% increase [27]

Group 1: Tourism Trends - Hainan has become a popular domestic travel destination, with a noticeable increase in tourism activity ahead of the upcoming Spring Festival [1] - Flight and hotel prices in Hainan have risen significantly, with a nearly 200% increase in flight prices from Beijing to Sanya and a 165% increase in hotel prices at Atlantis Sanya [1] - The "vacation + shopping" trend is expected to drive consumer spending during the Spring Festival, following strong performance during the New Year holiday [2] Group 2: International Visitor Insights - A significant influx of foreign tourists, particularly from Russia, has been observed in Sanya, aided by favorable visa policies [3][4] - From January to September 2025, Hainan received 973,900 overnight international visitors, a 29% year-on-year increase, with foreign tourists accounting for 82,2600, marking a 27.7% growth [4] Group 3: Retail and Shopping Dynamics - The New Year holiday saw a 49% increase in ticket bookings for flights and trains to Hainan, with a 270% increase in ticket bookings for tourist attractions [6] - Hainan's duty-free shops have introduced various promotional activities, leading to a surge in consumer spending, with notable demand for luxury brands like Canada Goose and Arc'teryx [6][7] - During the holiday period, Hainan's duty-free sales reached 7.12 billion yuan, a 128.9% increase year-on-year, with a 60.6% rise in the number of shoppers [8]