Group 1: Summer Consumption Promotion Activities - Fujian Province's Commerce Department has launched a vibrant summer consumption season with over 1000 promotional activities focusing on eight key areas including trade-in programs, inbound consumption, foreign trade products, and new energy vehicle consumption [1][4][21] - The government and enterprises will collaborate to create diverse summer consumption scenarios to stimulate consumer spending [1] Group 2: Tax Refund and E-commerce Initiatives - The implementation of the "immediate purchase and refund" policy for outbound tax refunds is underway, with 114 tax refund stores established, including 40 that offer immediate refunds [7] - E-commerce platforms like Taobao and JD.com will host over 30 trade connection events, involving more than 430 foreign trade companies and over 50,000 products [10] Group 3: Culinary and Service Consumption Events - Various culinary events such as "One County One Table Dish" and "Eight Fujian Food Carnival" will be organized, along with the distribution of 40 million yuan in dining consumption vouchers [12] - A series of service consumption activities will focus on sectors like dining, accommodation, and tourism, promoting integrated development of commerce, tourism, and culture [14] Group 4: Consumer Guides and Night Economy - Regular consumer guides will be released, and local areas are encouraged to create "night consumption maps" to enhance the night economy [16] - Summer activities will include events like summer fun, cooling retreats, and beer festivals to attract consumers [16]

Market Events - The People's Bank of China will have a total of 20,275 billion yuan in reverse repos maturing next week, with specific maturities of 2,205 billion, 4,065 billion, 3,653 billion, 5,093 billion, and 5,259 billion yuan from Monday to Friday [1] - A total of 68 companies in the A-share market will have their restricted shares unlocked next week, amounting to 3.165 billion shares with a total market value of 81.671 billion yuan based on the closing price on June 27 [1] - The top three companies by market value of unlocked shares are: Zhong无人机 (20.02 billion yuan), Dize Pharmaceutical-U (13.272 billion yuan), and Gai Lun Electronics (6.942 billion yuan) [1] Economic Indicators - The China National Bureau of Statistics will release the monthly Purchasing Managers' Index (PMI) report on June 30, with the previous month's manufacturing PMI at 49.5%, an increase of 0.5 percentage points from the previous month [2] - The U.S. will release the unemployment rate and non-farm payroll changes for June on July 3 [2] Regulatory Changes - The revised Information Disclosure Management Measures by the China Securities Regulatory Commission will take effect on July 1, emphasizing the need for companies to disclose risks that could significantly impact their core competitiveness and future development [3] - The new Mineral Resources Law will also take effect on July 1, introducing innovative regulations regarding resource security and mining rights [3] Industry Developments - Starting July 1, China will implement a new policy for medical insurance sales, requiring QR code scanning to prevent the sale of "returned drugs" [2] - The new train operation schedule will be implemented nationwide from July 1, increasing the number of scheduled passenger trains to 13,302, an increase of 236 trains [4] Corporate Actions - Microsoft is expected to conduct another round of significant layoffs in its Xbox division as part of a broader company restructuring, marking the fourth major layoff in the past 18 months [6]

Core Viewpoint - New World is focusing on expanding its market presence by targeting the "Z Generation" consumer group and diversifying consumption scenarios through the introduction of new cultural and retail formats, particularly in the two-dimensional culture sector [1][2][3] Company Performance - As of June 27, 2025, New World reported a closing price of 7.31 yuan, up 2.38% from the previous week, with a total market capitalization of 4.729 billion yuan [1] - The company achieved a net profit of 70.03 million yuan in 2024, representing a 121.22% increase compared to the same period in 2023 [4][5] - The company has seen a significant increase in tax refund transactions, with 1,408 cases processed and sales amounting to 6.9093 million yuan, reflecting year-on-year growth of 166.67% and 184.61% respectively [5] Strategic Initiatives - New World has established the "Fun肆街区" to cater to the two-dimensional culture market, introducing several first-store brands and hosting pop-up events to attract consumers [3] - The company plans to enhance its retail offerings by adding trendy toy categories and creating new experiential spaces in its shopping centers by 2025 [1][4] - New World is actively pursuing government subsidies and policies to support its growth, having received 15.2 million yuan in government grants in 2024, which contributed to its profit increase [5] Market Positioning - The company aims to transform traditional department stores into destinations for lifestyle experiences, focusing on five new consumption scenarios: culture, tourism, animation, exhibitions, and services [1][2] - By leveraging the popularity of two-dimensional culture, New World seeks to differentiate itself from competitors and attract a younger demographic [2][3] Future Outlook - The company is optimistic about the performance of its hotel business, reporting improved occupancy rates and average room prices in 2025 compared to 2024 [5] - New World is committed to maintaining a stable profit distribution policy, proposing a cash dividend of 0.40 yuan per 10 shares for the 2024 fiscal year [5]

Core Insights - Shenzhen has become the city with the most exit tax refund ports in China, adding Futian and Shenzhen Bay ports to its existing ones, which include Bao'an International Airport, Shekou Cruise Home Port, and Wenjindu, making it the only city with all types of exit tax refund ports [1][2] Group 1 - The exit tax refund business in Shenzhen has seen a significant increase, with a 2.8 times growth in the number of transactions and a 1.9 times increase in the sales value of verified refund goods in the first five months of this year [1] - Domestic brands like DJI and Huawei account for 29.5% of the transactions, indicating an ongoing optimization of the refund structure [1] - The number of tax refund shops has increased by 25% since the beginning of the year, ensuring full coverage of the "immediate purchase and refund" business model in the areas surrounding the exit tax refund ports [1] Group 2 - The average daily inbound and outbound passenger numbers at Futian and Shenzhen Bay ports are 157,000 and 131,000 respectively, maintaining Shenzhen's position as the city with the highest passenger flow in the country [1] - The local government has rapidly established the new exit tax refund ports to leverage the high volume of international travelers, aiming to convert this flow into increased domestic consumption [1] - A new "one order, one package" facilitation model for exit tax refunds has been piloted, doubling the efficiency of customs verification, which will enhance the overall experience for travelers [2]

Core Viewpoint - The article discusses the "Departure Tax Refund" policy for foreign travelers in Shanghai, highlighting the "Buy and Refund" service that simplifies the refund process for tourists [1]. Group 1: Departure Tax Refund Process - The "Buy and Refund" process consists of three steps: store invoice payment, customs verification, and refund agency review [1]. - The refund calculation formula is provided: Refund Amount = Invoice Amount (including VAT) × Refund Rate [4]. - The applicable refund rates are 11% for items with a 13% VAT rate and 8% for items with a 9% VAT rate [5]. Group 2: Practical Example - An example is given where a tourist named David purchases items totaling 5000 yuan with a 13% VAT rate, resulting in a potential refund of 550 yuan [6]. - The actual refund amount is subject to deductions for the refund agency's service fee [6]. - Travelers must carry the purchased items and necessary documents for customs verification at the airport [6]. Group 3: Policy References - The article cites several policy documents that govern the departure tax refund process, including the "Management Measures for Departure Tax Refund for Foreign Travelers" and announcements from the Ministry of Finance, State Taxation Administration, and Customs [7].

Core Insights - The new policy for optimizing the departure tax refund service was implemented at the end of April, leading to a significant increase in tax refund amounts in Beijing [2][3] - The number of departure tax refund applications surged by 225% in the first month following the policy change, with a corresponding 90% increase in sales of tax refund eligible goods [3] Group 1: Policy Changes - The departure tax refund threshold was lowered from 500 yuan to 200 yuan, and the cash refund limit was raised from 10,000 yuan to 20,000 yuan [3] - The number of departure tax refund stores in Beijing has exceeded 1,300, with 40% of the refund goods being Chinese brands [2][4] Group 2: Service Enhancements - The "immediate refund" service for foreign travelers has been expanded, with the cumulative limit for eligible goods increased from 50,000 yuan to 220,000 yuan [5] - The number of "immediate refund" stores has increased to 22, enhancing convenience for travelers [5] - A new "citywide refund, one-point service" model has been introduced, allowing travelers to process refunds at centralized points in major shopping areas [6]

Core Insights - The event aimed to enhance the internationalization and competitiveness of the Futian CBD by promoting the departure tax refund policy and providing training for local businesses [1][3] Group 1: Event Overview - The training session was held on June 24, organized by Futian Street, the Futian District Business Bureau, and Guangdong Huaxing Bank [1] - The focus was on key local merchants, offering in-depth explanations of the departure tax refund policy and providing precise application guidance [2][3] Group 2: Current Status and Impact - Futian District currently has 84 departure tax refund stores, accounting for approximately 20% of the total in the city, with 41 stores located in Futian Street [3] - The training included expert discussions on core aspects of the departure tax refund policy, application processes, and innovative service models like "buy and refund immediately" [2][3] Group 3: Business Response and Future Plans - Attendees expressed that the training was clear and applicable, enhancing their understanding of the policy and guiding their future upgrades [5] - The Futian Street representative emphasized the importance of the departure tax refund in boosting the internationalization of the business district and plans to collaborate with various departments to expand policy outreach [5]

Core Insights - Sichuan's departure tax refund sales and refund amounts have both increased by over 200% year-on-year in the first five months of this year, indicating a strong growth in inbound tourism and retail consumption [1][2] - The province has 447 tax refund stores across 10 cities, with 103 "immediate refund" stores, ranking third in the country after Beijing and Shanghai [1][2] Group 1 - The implementation of the "immediate refund" pilot program by the Sichuan Provincial Taxation Bureau has moved the tax refund process from departure points to urban shopping areas, creating a "shopping-refund-reconsume" loop [2] - Chengdu Customs has significantly improved clearance efficiency, with an average verification time for tax refund items reduced to under 3 minutes, enhancing the travel experience for tourists [2] - The upcoming 2025 Chengdu World Sports Games is expected to further boost inbound tourism, with plans to establish 9 "immediate refund" pilot stores in key tourist areas [2] Group 2 - Multiple departments in Sichuan will collaborate to release lists of "Must Buy" tax refund products and "Must Go" stores, enhancing the shopping experience for travelers [2][3] - New service models such as centralized refunds, in-store refunds, and online refunds will be optimized to improve the tax refund shopping experience [2] - The promotion of tax refund product delivery services and the implementation of new verification models will enhance convenience and strengthen Sichuan's role as an international consumption hub [3]

Core Viewpoint - The duty-free industry is witnessing a significant recovery with a narrowing decline in sales and a strong rebound in average transaction value, indicating a new investment window due to the implementation of the closure policy, the rollout of "buy and refund" services, and the context of increased tariffs on imports from the US [1][2]. Group 1: Hainan Duty-Free Market - Sales decline in Hainan's duty-free sector is narrowing, with sales amount showing marginal improvement in the first five months of 2025 [1]. - The average transaction value has turned positive after two years of decline, with February's average price per item reaching a recent high [1]. - The implementation of the closure policy is expected to enhance Hainan's overall attractiveness in consumption, business, and logistics, thereby strengthening the core competitiveness of leading companies as customer flow potential is gradually released [1]. Group 2: Tax Refund and Market Dynamics - The nationwide promotion of the "buy and refund" service starting April 8 is expected to increase the shopping conversion rate for foreign consumers in China [2]. - The duty-free channel has significant price advantages over taxed channels, allowing for substantial market share expansion; for example, duty-free cosmetics can be priced at 70-80% of taxed prices, while wine can be as low as 60% and tobacco at 45% [2]. - The decline in South Korean duty-free sales due to local customer purchasing power and regulatory changes is enhancing Hainan's position as a substitute market [2].

Economic Data - In May, the total retail sales of consumer goods reached 41,326 billion yuan, a year-on-year increase of 6.4% [1] - Excluding automobiles, retail sales amounted to 37,316 billion yuan, growing by 7.0% [1] - From January to May, total retail sales were 203,171 billion yuan, up 5.0% [1] Urban and Rural Consumption - In May, urban retail sales were 36,057 billion yuan, with a year-on-year growth of 6.5%, while rural retail sales were 5,269 billion yuan, growing by 5.4% [3] - For the first five months, urban retail sales totaled 176,490 billion yuan, increasing by 5.1%, and rural retail sales reached 26,681 billion yuan, up 4.9% [3] Retail Categories - In May, the retail sales of goods were 36,748 billion yuan, a year-on-year increase of 6.5%, while catering revenue was 4,578 billion yuan, growing by 5.9% [3] - From January to May, goods retail sales were 180,398 billion yuan, up 5.1%, and catering revenue was 22,773 billion yuan, increasing by 5.0% [3] Online Retail - From January to May, the online retail sales reached 60,402 billion yuan, a year-on-year increase of 8.5% [5] - Among online retail, physical goods sales were 49,878 billion yuan, growing by 6.3%, accounting for 24.5% of total retail sales [5] Retail Formats - For the first five months, retail sales in convenience stores, specialty stores, supermarkets, brand specialty stores, and department stores grew by 8.5%, 6.3%, 5.7%, 1.8%, and 1.3% respectively [5] New Policies and Initiatives - Hangzhou's new policy for "immediate purchase and refund" offers up to 5,000 yuan in equipment subsidies for new points of sale [8] - Dalian and Hubei will implement tax refund policies for overseas travelers starting July 1, 2025 [8] New Store Openings - Louis Vuitton plans to open its largest store in Asia at K11 Musea in Hong Kong by the end of 2026 [9] - The first shopping center store of Florasis will open in Shanghai on June 22 [11] - OSPREY opened its first brand specialty store in Hangzhou [17] - IKEA will open its third store in Shenzhen on June 19 [24] Company Developments - Wanda Film and IMAX have deepened their cooperation to upgrade 27 cinemas by 2029 [25] - Ba Nu International has submitted an IPO application to the Hong Kong Stock Exchange [28] - Zhou Li Fu Jewelry has started its IPO process, planning to list on June 26 [29] - Three squirrels terminated the acquisition of Hunan Ai Ling Shi Technology due to disagreements on core terms [30]