Core Viewpoint - The report from CICC indicates that the Ministry of Finance and four other departments will release a notice by the end of October 2025 to improve the duty-free shop policy to boost consumption [1] Group 1: Duty-Free Business Performance - The duty-free business is showing signs of improvement year-on-year, with the company reporting duty-free rental income of 314 million yuan in Q3 2025, representing an 18% increase year-on-year [1] - This marks the first positive year-on-year growth in rental income since Q2 2024, slightly outpacing the growth rate of international passenger traffic [1] - The new duty-free policy from the Ministry of Finance and changes in online channels are expected to provide additional growth opportunities for the company's duty-free business [1] Group 2: Financial Projections - The target price for the company's stock remains unchanged at 34.5 yuan, corresponding to a price-to-earnings ratio of 38 times for 2025 and 31 times for 2026 [1] - This target price suggests a potential upside of 6% from the current stock price, maintaining an "outperforming the industry" rating [1]