长江商报奔腾新闻记者 李璟 离境退税是境外旅客离境时，对其在退税商店购买的商品退还增值税的政策。我国自2015年起全面推行 离境退税政策，已步入政策全面实施第10个年头。 近日，经国务院批准，商务部会同财政部、文化和旅游部、海关总署、税务总局、中国民航局出台《关 于进一步优化离境退税政策扩大入境消费的通知》（简称《通知》），主动对标国际通行规则，切实解 决地方、企业和入境旅客反映的堵点卡点问题，突出针对性和可操作性。 扩商店，让境外旅客有更多好店逛。《通知》提出，优化退税商店布局，鼓励各地在大型商圈、步行 街、旅游景区等境外旅客聚集地增设退税商店，支持具备条件的地区打造一批离境退税特色街区，提升 退税商店可及性。放宽退税商店备案条件，允许纳税信用级别为M级以上的企业、设立不到1年的新开 商店等申请成为退税商店。 增商品，让境外旅客有更多好物买。《通知》提出，将离境退税起退点从500元下调至200元，一方面降 低退税购物门槛，另外一方面也让更多客单价较低的特产店、纪念品店、礼品店等加入退税商店，促进 国货销售。提升退税商品的供给水平，指导退税商店根据境外旅客需求，不断丰富和优化商品供给，增 加老字号产品、非遗产 ...

Core Viewpoint - The article highlights a significant increase in inbound tourism and shopping in China, driven by new policies aimed at enhancing the shopping experience for foreign tourists, particularly the "immediate tax refund" service [1][10]. Group 1: Inbound Tourism Growth - Inbound travel orders have increased by 173% year-on-year, indicating a strong recovery in tourism [1]. - The total expenditure of inbound tourists in 2024 reached $94.2 billion, reflecting a growth of 77.8% [10]. Group 2: Tax Refund Policies - The "immediate tax refund" service allows foreign tourists to receive tax refunds on-site, with a refund rate of 11% on most goods [2][10]. - The minimum threshold for tax refunds has been lowered from 500 yuan to 200 yuan, and the cash refund limit has been raised from 10,000 yuan to 20,000 yuan [1]. Group 3: Impact of "Immediate Tax Refund" Service - The implementation of the "immediate tax refund" service has led to a 22-fold increase in tax refund processing in pilot areas like Shanghai and Beijing, significantly outpacing the national growth rate [3][10]. - In the first quarter, Shanghai's tax refund sales reached 760 million yuan, marking an 85% year-on-year increase [9]. Group 4: Changing Consumer Preferences - Foreign tourists are increasingly shifting from traditional souvenirs to a wider range of products, including customized clothing and local specialties [12][15]. - The trend of immersive experiences is growing, with tourists willing to spend more on unique local activities [15][19]. Group 5: Retail and Market Dynamics - The number of tax refund stores in Shanghai has reached 587, with 284 offering the "immediate tax refund" service [9]. - The sales of clothing and footwear have become popular among tourists from countries like Singapore, South Korea, and Malaysia [8].

Core Viewpoint - The Chinese government is optimizing the departure tax refund policy to stimulate inbound consumption, aiming to fill a global demand gap of nearly $3 trillion caused by trade barriers and tariffs imposed by the U.S. [1][6] Group 1: Policy Changes - The new policy lowers the departure tax refund threshold from 500 RMB to 200 RMB, allowing foreign travelers to apply for refunds on purchases that meet specific criteria [2][3] - The policy expansion includes a wider range of products, such as traditional Chinese goods, cultural items, and high-quality local products, enhancing the shopping experience for international tourists [2][3] Group 2: Market Impact - In Q1 2025, Beijing's departure tax refund applications surged by 128%, with sales of refund-eligible products reaching 270 million RMB, doubling year-on-year [3] - Shanghai reported a significant increase in departure tax refund sales, totaling 760 million RMB in Q1 2025, marking an 85% year-on-year growth [3] - Chongqing's departure tax refund market also experienced rapid growth, with sales and refund amounts increasing nearly fivefold in Q1 2025 [3] Group 3: Consumer Experience Enhancements - The introduction of a multilingual departure tax refund guide and an electronic map for refund stores aims to improve the shopping experience for foreign tourists [4] - The government is promoting a "one-stop shopping" experience at major transportation hubs, integrating shopping and tax refund services to attract more international travelers [8][9] Group 4: Economic Opportunities - The potential increase in foreign tourist numbers due to the optimized tax refund policy is expected to boost retail sales, particularly from high-spending tourists [5][6] - The Chinese consumer market, currently valued at approximately $10 trillion, has a target to increase by $3 trillion over the next five years, presenting significant market opportunities [6]

此外，恰逢杭州中小学春假与"五一"假期叠加，杭州小朋友的假期从4月27日至5月5日，最长可连休9 天，亲子游需求集中爆发，带动家庭出游群体大幅增加，春假连接"五一"假期，杭州口岸出入境人员将 达16.9万人。 据杭州出入境边防检查站(以下简称"杭州边检站")预测，今年"五一"假期期间(5月1日-5日)，杭州口岸出 入境人员将达9.76万人次，较去年同期增长超3成。其中，出境人员4.66万人次，入境人员5.1万人次， 同比增长25%和36%。 客流高峰主要集中在5月1日、3日和5日三天，单日最高客流预计突破2.3万人次。除传统热门的"港 澳""新马泰"旅游线路外，卡塔尔、奥地利、哈萨克斯坦、尼泊尔、挪威等新兴目的地凭借特色旅游资 源跻身涨幅榜前列，成为杭州旅客出境游的热门选择。 而随着我国与多国互免签证协定生效，今年"五一"假期"中国游""杭州游"吸引力显著增强，特别是我国 实施的"离境退税""即买即退"新政有效激发了境外旅客消费热情，带动外籍来杭游客量持续攀升。"五 一"假日期间，外籍旅客总量将达2.15万人次，较去年增长51%，其中入境外国人1.65万人次，较去年同 期增长47%。韩国、马来西亚、泰国来杭客 ...

Market Performance - The A-share index rose by 1.15% during the week of April 21-25, with the CSI 1000, ChiNext Index, and Shenzhen Component Index increasing by 1.85%, 1.74%, and 1.38% respectively, outperforming the overall A-share index [1] - Small-cap stocks showed relative strength, with the CSI 1000's performance of 1.85% surpassing the Shanghai and Shenzhen 300 Index's increase of 0.38% [1] - The cyclical and growth styles outperformed the overall A-share index, with increases of 2.44% and 1.41% respectively, while stable, consumer, and financial styles saw smaller gains of 0.73%, 0.24%, and 0.21% [1] Industry Insights - The automotive, beauty care, and basic chemical industries led the gains among primary industries, with increases of 4.87%, 3.80%, and 2.71% respectively [1] - Conversely, the food and beverage, real estate, and coal industries experienced declines [1] Policy Developments - Recent meetings emphasized the implementation of more proactive macroeconomic policies, including potential interest rate cuts and maintaining ample liquidity to support the real economy [2] - The World Bank highlighted China's commitment to adopting more proactive macro policies to achieve annual growth targets amid complex external conditions [2] Consumer Sector - The Ministry of Commerce announced measures to optimize the departure tax refund policy to boost inbound consumption, which currently accounts for about 0.5% of China's GDP, compared to 1%-3% in major countries [3] - The consumer sector has shown a rotation upward since mid-April, with retail (+6.35%), real estate (+3.20%), beauty care (+1.97%), and food and beverage (+1.00%) sectors leading the gains [3] Future Outlook - The smart consumption sector is expected to see significant growth driven by policy support and demographic changes, with a shift from optional to essential consumption [4] - Analysts suggest focusing on three key areas for investment: dividend stocks with attractive valuations, technology sectors benefiting from policy support, and large consumer sectors supported by domestic demand strategies [4]

步入北京SKP，由中英双语印制的"退税商店"标识随处可见。在一层服务台处摆放着不少宣传册，以 中、英、日三种语言详细介绍了办理"即买即退"业务的具体流程。据了解，北京SKP是北京市首批"即 买即退"试点商店，于2019年开展这一服务。北京市作为"即买即退"先行试点城市，目前已有16家离境 退税"即买即退"试点商店。 事实上，为推动扩大入境消费，相关各方在持续发力。4月8日，国家税务总局发布《关于推广境外旅客 购物离境退税"即买即退"服务措施的公告》，将离境退税"即买即退"从多地试点推广至全国。在全面推 广"即买即退"服务措施的同时，优化境外旅客消费体验的举措也接连出台。4月27日，商务部等6部门发 布《关于进一步优化离境退税政策扩大入境消费的通知》（以下简称《通知》），进一步丰富市场供 给，优化退税服务，扩大入境消费。 "相关举措在拉动入境消费、繁荣消费市场的同时，也将提升我国国际形象，增进交流往来，助力'中国 品牌'走向世界。"苏商银行特约研究员付一夫对《证券日报》记者表示。 充分释放入境游消费潜力 "下一步，税务部门将持续优化税收服务，积极鼓励更多商店提供'即买即退'服务，并帮助境外旅客更 多知晓、更便捷 ...

4月27日，国新办举行新闻发布会，介绍优化离境退税政策扩大入境消费有关情况，商务部、财政部、 文化和旅游部、海关总署、税务总局和中国民航局6部门发布《关于进一步优化离境退税政策扩大入境 消费的通知》，将离境退税起退点从500元下调至200元，并在转账退税已明确不设上限的基础上，将现 金退税限额从1万元上调至2万元，且同步推动退税商店增量扩容、丰富退税商品供给、提高退税便捷 度。 记者获悉，2016年落地离境退税、2023年开展离境退税"即买即退"便利措施试点以来，广州离境退税商 店不断拓品扩围，349家商店可以"离境退税"，广百、友谊等10家商店实现第一批"即买即退"试点。 数据显示，今年以来，广州离境退税销售额同比增长超1倍。市场人士预计，"五一"假期广州将迎来入 境游高峰。 "即买即退"一站式服务上线，退税金最快5分钟到账 春秋旅游相关负责人则认为，入境游客可以在更多中国城市享受到便捷的购物退税服务。而且，退回的 资金可以灵活支配，用于二次消费，比如即时品尝美食、购买文创产品、体验娱乐项目等，让旅游与消 费更紧密融合。 （文章来源：广州日报） 今年五一广州入境游订单量同比增长173% "最近逛街，在不少商 ...

[Table_Main] 行业研究|可选消费 证券研究报告 可选消费行业周报、月报 2025 年 04 月 28 日 [Table_Title] 珀莱雅收入破百亿，泡泡玛特 25Q1 海 外大增 ——美护商社行业周报 [Table_ 过去一年PicQuote 市场行情] -14% -5% 5% 15% 25% 4/29 7/28 10/26 1/24 4/24 可选消费 沪深300 资料来源：Wind [Table_ 相关研究报告 DocReport] [Table_Summary] 报告要点： 市场表现 本周（2025.04.21-2025.04.25），申万商贸零售/社会服务/美容护理分 别+0.07%/-0.46%/+3.80%，在 31 个一级行业中排名第 24/28/2；同 期上证综指+0.56%，深证成指+1.38%，沪深 300 指数+0.38%。 细分子板块来看， 美 容 护 理 板 块 ， 个 护 用 品 及 化 妆 品 分 别 +7.11%/+4.89，贸易行业+3.85%。酒店餐饮/旅游景区/专业连锁板块 跌幅居前，分别-3.67%/-1.45%/-1.45%。 本周行业重点事件及资讯 ...

一季度规模以上工业企业利润由降转增；资金面整体均衡，债市窄幅震荡 【内容摘要】4 月 27 日，资金面整体均衡，资金价格略有抬升；调休工作日市场交投清淡， 债市窄幅震荡。 一、债市要闻 （一）国内要闻 【一季度规模以上工业企业利润由降转增】 国家统计局 4 月 27 日发布的数据显示，今年一 季度，全国规模以上工业企业利润由上年全年同比下降 3.3%转为增长 0.8%，扭转了自上年三 季度以来企业累计利润持续下降的态势。3 月份，规模以上工业企业利润由 1 至 2 月份下降 0.3%转为增长 2.6%，企业当月利润有所改善。 国家统计局工业司统计师于卫宁表示，随着工 业生产增长加快，带动工业企业营收继续改善。一季度，全国规模以上工业企业营业收入同比 增长 3.4%，增速较 1 至 2 月份加快 0.6 个百分点；3 月份，规模以上工业企业营收增长 4.2%， 较 1 至 2 月份加快 1.4 个百分点。工业企业营收累计增速自上年 12 月份以来持续加快，为企 业盈利恢复创造有利条件。 【离境退税政策再优化】商务部等六部门日前发布《关于进一步优化离境退税政策扩大入境消 费的通知》，旨在更好满足境外旅客购物离境退 ...

美团、京东密集辟谣。 美团官方微信号 "小团有话说" 今日再发辟谣文章，称近期发现大量账号有组织、持续传播不实信 息，恶意攻击和诋毁美团，"骑手使用双开或京东软件被封号""美团外卖柜禁止其他平台使用""美 团外卖分量缩水" 等均为谣言。针对 "外卖柜排他"，美团称其外卖柜自 2020 年起广泛铺设，面向 饿了么、闪送等全行业骑手开放，已累计投入十多亿元。 早前京东外卖官方微博对 "商家被要求承担 50% 百亿补贴" 做出辟谣，称平台不会强制设置分摊比 例，现行政策中商家分摊比例保持远低于行业平均水平，所有合作均基于双向沟通达成共识。 马斯克的 xAI 想单轮融 200 亿美元。 融资的主体是马斯克前不久整合 X（前 Twitter）和大模型公司 xAI 的新公司。如果马斯克能融 到，xAI 这轮融资就能位列单笔风投历史上单笔融资额第二，仅次于 OpenAI 前不久的 400 亿美 元。这笔融资结束后，xAI 的估值将会超过 1200 亿美元。 据媒体报道，马斯克寻求融资可能不全是为了发展 xAI，还会用于偿还当年收购 Twitter 时遗留的 债务。截至去年 12 月，X 就为这笔债务支付超过 13 亿美元的 ...