Group 1: Industry Overview - The sales decline of Hainan's offshore duty-free shopping has narrowed, indicating marginal improvement in the market [1] - The average transaction value has reversed its two-year downward trend, with February's average price per item reaching a recent high [1] - The duty-free shopping visitor numbers still require time to recover due to a temporary decline in conversion rates [1] Group 2: Policy Impact - The implementation of the "simplified tax system" may weaken the advantages of duty-free channels, but its successful execution depends on mature supporting systems and regulatory capabilities [2] - The closure policy is expected to enhance Hainan's overall attractiveness in consumption, business, and logistics, thereby strengthening the core competitiveness of leading companies [2] Group 3: Taxation and Market Dynamics - The "immediate buy and refund" service for departure tax refunds is being promoted nationwide, which is expected to increase the shopping conversion rate for foreign consumers in China [3] - Duty-free channels have significant price advantages over taxed channels, allowing for substantial market share expansion [4] - The price of duty-free products can be significantly lower than taxed prices, with examples including cosmetics at 70-80% of taxed prices and tobacco at 45% [4] Group 4: Investment Recommendations - The duty-free industry is entering a new configuration window due to the narrowing sales decline and strong rebound in average transaction value [5] - Recommended stocks include China Duty Free Group (601888.SH, 01880) and Wangfujing (600859.SH) [5] - Attention is also drawn to China Duty Free Group's H-shares, which are currently at a discount compared to A-shares [5]

Group 1 - The first "immediate purchase and refund" tax refund store, "Kaiwuji," has been approved to open in Shougang Park, enhancing the shopping experience for foreign travelers [2] - Travelers holding foreign passports or relevant permits can receive tax refunds in cash at the point of purchase, improving convenience and overall experience [2] - The store features over 170 products from 15 brands, including cultural and creative items that incorporate local landmarks [2] Group 2 - The State Taxation Administration has released an electronic guide for foreign travelers on tax refunds, available in 14 languages [3] - In the first month of the optimized tax refund policy, the number of tax refund transactions increased by 116%, and sales at refund stores rose by 56% [3] - The "immediate purchase and refund" service has been expanded nationwide, with the number of tax refund stores increasing to 5,196, which is 1.4 times the target for the end of 2024 [3]

Group 1: Overall Consumption Trends - In May, the total retail sales of consumer goods reached 4.13 trillion yuan, a year-on-year increase of 6.4%, marking the fastest monthly growth rate in 2024 [1] - From January to May, the total retail sales amounted to 20.32 trillion yuan, with a year-on-year growth of 5.0% [1] - The service retail sector saw a year-on-year growth of 5.2% from January to May, slightly higher than the growth rate of goods retail [4] Group 2: Factors Driving Consumption - Policies aimed at boosting consumption have shown effectiveness, with promotional events and increased holidays contributing to a faster release of consumer demand [2] - The retail sales of goods increased by 6.5% year-on-year in May, with significant growth in categories such as home appliances and communication equipment, which saw increases of 53.0% and 33.0% respectively [2] - The online retail sector experienced a year-on-year growth of 8.5% from January to May, driven by promotional activities and government subsidies [7] Group 3: Regional Consumption Insights - The retail sales in county and rural areas grew by 5.4% from January to May, outpacing urban areas by 0.6 percentage points [2] - The share of county and rural retail sales in the total retail sales reached 38.9%, an increase of 0.1 percentage points compared to the previous year [2] Group 4: Service Sector Performance - The tourism and dining sectors showed strong growth, with restaurant revenues increasing by 5.0% year-on-year from January to May [4] - The retail sales in tourism-related services and cultural leisure services also demonstrated positive trends during the same period [4] Group 5: Future Outlook - There is a need to enhance residents' consumption capacity and willingness, as the internal driving force for consumption growth remains to be strengthened [8] - Future actions will focus on implementing special measures to boost consumption and fostering new consumption scenarios and dynamics [8]

2025.06. 19 本文字数：705，阅读时长大约2分钟 作者 | 一财资讯 6月19日，A股三大指数集体回调，截至收盘，沪指跌0.79%，深成指跌1.21%，创业板指跌 1.36%。 | 序号 代码 | 名称 | 现价 涨跌 | | | --- | --- | --- | --- | | 1 | 000001 上证指数 | | 3362.11c -26.70 -0.79% | | 2 | 399001 深证成指 | | 10051.97c -123.62 -1.21% | | 3 | 899050 北证50 | 1365.79c | -27.65 -1.98% | | 4 | 881001 万得全A | | 5103.13c -62.09 -1.20% | | 5 | 000688 科创50 | 962.94c | -5.24 -0.54% | | 6 | 399006 创业板指 | 2026.82c -27.91 -1.36% | | 个股跌多涨少，Wind数据显示，全市场超4600只个股下跌。 盘面上看，稳定币、可控核聚变、离境退税、新消费、创新药、稀土永磁题材走低，油气开采及服 务、影视院线等少数 ...

Group 1 - Qingdao is enhancing inbound consumption by promoting international consumer attraction and optimizing tax refund policies, resulting in a sales increase of 18.87 million yuan, a 57.1% year-on-year growth [1] - The city has implemented a comprehensive plan to expand international consumption, focusing on 22 key areas including dining, accommodation, and entertainment, while also supporting the integration of duty-free and foreign trade [1][2] - The number of duty-free stores in Qingdao has increased to 71, with 29 new stores added, marking a 69% year-on-year growth [1] Group 2 - Qingdao is hosting various events to attract international consumers, including the Huabiao Awards, which featured 39 activities and garnered over 300 million views through live streaming [2] - The city is developing unique consumption IPs such as "Romantic Qingdao" and "Bao Island Food," with over 500 businesses participating in related events, leading to a total transaction amount of 720 million yuan [2] - Qingdao has become one of the top ten popular destinations for inbound tourism during the May Day holiday, with 2.117 million visitors attending various cultural and entertainment activities [2] Group 3 - The Qingdao Municipal Bureau of Commerce plans to further optimize the "immediate refund" process for outbound travelers shopping in duty-free stores, aiming to enhance the efficiency of tax refund services [3]

Core Viewpoint - The A-share market is experiencing a decline, with major indices such as the Shanghai Composite Index and Shenzhen Component Index showing negative performance, indicating a bearish sentiment in the market [1][2]. Market Performance - As of the midday session, the Shanghai Composite Index is at 3359.78 points, down 0.86%, while the Shenzhen Component Index is at 10072.42 points, down 1.01%, and the ChiNext Index is at 2032.19 points, down 1.1% [1][2]. - A total of 4654 stocks declined, while only 713 stocks rose, reflecting a broad market downturn [1][2]. Sector Analysis - Various sectors are showing mixed performance, with themes like stablecoins, controlled nuclear fusion, military industry, and new consumption experiencing pullbacks, while solid-state batteries and humanoid robots are performing well [2][3]. - The oil and gas extraction and service sector increased by 0.52%, while controlled nuclear fusion decreased by 4.11% [3]. Institutional Insights - According to CITIC Securities, the Shanghai Composite Index is facing resistance around the 3400-point mark, with a need for increased trading volume to boost market sentiment [4]. - Financial analysts from Caitong Securities suggest that the 3400-point level is a significant trading zone, and the market's inability to break through this level has created a psychological barrier among investors [5]. - There is an expectation for policy-driven breakthroughs, with a recommendation to focus on structural opportunities in sectors like AI applications and semiconductors [5].

Group 1 - The first "immediate buy and refund" tax refund point for outbound tourists has been officially launched at Dongmen Suning Department Store, enhancing the shopping experience for international travelers [1][3] - The new tax refund service allows travelers to process refunds on-site after shopping, significantly reducing the time required for refund procedures to just a few minutes [1] - Currently, there are 66 merchants in Dongmen Suning Department Store participating in the immediate tax refund program, covering luxury watches, fashion apparel, and skincare products [1] Group 2 - The Luo Hu District is leveraging its advantageous position as a commercial and consumption hub to develop a robust outbound tax refund shopping network [2] - The district is enhancing traveler services by introducing multiple shuttle bus routes and plans for autonomous bus lines to improve access to major shopping areas [2] - Digital upgrades are being implemented to enrich electronic refund channels, aiming to provide a better shopping experience for travelers [2]

首个成为覆盖"海陆空"全类型口岸的城市、首推离境退税"一单一包"便利化试点、首次在国家级展会现 场设置离境退税专区……自2023年12月深圳实施离境退税"即买即退"政策以来，深圳市税务局持续深化 政策落实，推动离境退税商店扩围，丰富退税商品供给，提升服务便利化水平，会同相关部门研究增设 离境退税口岸。截至6月10日，全市离境退税商品销售额同比增长2.45倍，"即买即退"销售额同比增长 超22倍。 提档扩围 提质增效 "点燃"入境消费新活力 "第一次来文博会，没想到还能买到退税商品，不仅有优惠，还能现场领到退税款，很便捷，很划 算。"在第二十一届中国（深圳）国际文化产业博览会上，来自中国香港的赵资扬通过"深圳离境退税专 区"购买了一部价格为8599元的华为手机，当场通过"即买即退"服务收到773.91元的退税款，给他带来 了极佳的入境消费体验。 据税务部门介绍，为最大化便利离境退税，深圳将发挥科技之都优势，通过"数智赋能"进一步提升入境 消费体验：上线自助退税小程序，使境外旅客可自助上传退税单据，线上即时校验审核；不断丰富境外 旅客电子退付渠道，持续升级推广"一单一包"快验模式，升级"智能验核"，便利旅客"无感 ...

离境退税"即买即退"与"一单一包"的便利化模式，正悄然重塑境外旅客在深圳的跨境消费体验。 "一单 一包"措施更是深圳推出的独创性解决方案，并在商务部全国离境退税工作推进会上被作为经验分享。 购物当场退税约9%，海关验核5分钟通关，再加上深圳退税商店布局的优化、打造出的便捷支付和以优 质电子产品为代表的"深圳制造"的吸引力，深圳入境消费迎来大幅增长，外国人在华强北疯狂"扫货"现 象还曾登上央视。 数据显示，今年一季度，深圳退税业务办理2945笔，商品销售额1.83亿元，同比分别增长3.7倍、1.5 倍。1.83亿元，对已迈入万亿规模的深圳消费来说，似乎并不起眼。正所谓"有苗不愁长"，入境消费的 潜力不可限量，完全可以做成一门"大生意"。 近年来，中国不断有序扩大自主开放和单边开放，对38个国家实行了单方面免签政策，对54个国家实行 过境免签并将停留时间延长至240小时，可以说免签扩容正在与"即买即退"形成完美的消费闭环。 首先是深圳离境退税业务不断迅猛增长。据深圳海关透露，端午假期，深圳离境退税达394票，退税货 值达943.8万元，同比增长5.2倍；其中6月1日达178票，创单日新高。2024年，深圳退税业务 ...

Core Insights - Shenzhen is enhancing its inbound consumption market through innovative practices in the implementation of the departure tax refund policy, which includes comprehensive coverage and convenient "buy and refund" services [1][2] Group 1: Policy and Implementation - The central government has prioritized boosting consumption and expanding domestic demand as a key task for 2025, with specific actions outlined to develop inbound consumption [2] - Shenzhen has been a pioneer in implementing the departure tax refund policy since April 2016 and has become one of the first cities to offer "buy and refund" services [2][3] - As of June 10, 2025, the sales of departure tax refund goods in Shenzhen have increased by 2.45 times year-on-year, with "buy and refund" sales surging over 22 times [1] Group 2: Infrastructure and Services - Shenzhen currently has 510 departure tax refund stores and plans to significantly increase this number by incorporating key transportation hubs and popular tourist attractions [3] - The city has established 6 centralized refund points and aims to add 5 more by the end of June 2025 to enhance the "buy and refund" service [3] Group 3: Product Offering and Technology - Shenzhen is focusing on increasing the technological content of departure tax refund products, promoting high-tech items like Huawei smartphones and DJI drones, while also expanding the range of domestic products available [4] - The city has implemented a self-service tax refund app for travelers to upload documents and receive instant verification, along with multi-language support for better accessibility [4]