坐落于南大街核心商圈的西安市内免税店，总经营面积超 2000 平方米，三层空间规划形成"免税核心 + 多元配套" 的复合型消费场景，覆盖全客群需求。免税区汇聚国际一线香化护肤、轻奢箱包、腕表珠 宝、进口酒水、旅行电子五大核心品类，超 1000 个全球知名品牌入驻，部分商品价格较市面优惠 15%-30%，充分释放免税政策红利；特色主题区创新引入潮玩及本土文创与非遗商品，形成差异化产品 组合；体验服务区配备专业导购、免税政策咨询、跨境物流对接等一站式服务，结合"线上下单+线下 体验+机场取货"的智慧零售模式，让消费更高效、更省心。尤为值得关注的是，门店深度融合西安历 史文化基因，配合城市限定周边，让国际免税购物体验与地域文化魅力实现深度共鸣，打造新型消费场 景。 作为古丝绸之路起点、国家中心城市，西安拥有深厚的文旅资源、便捷的交通网络与持续增长的国际吸 引力。西安市内免税店的落地运营，将从多维度为城市发展赋能：预计年接待客流超百万人次，有效填 西部机场集团供图 补西北区域市内免税市场空白，成为城市消费新增长极；同时将免税购物与兵马俑、大雁塔等核心景区 形成联动，延长游客停留时间，推动"过境游"向"深度游"转型，成 ...

Core Viewpoint - The recent notification from multiple government departments aims to enhance the duty-free shop policy to boost consumption, allowing domestic products to enter duty-free shops and enjoy tax exemptions starting from November 1, 2025 [1][2][3] Group 1: Policy Adjustments - The new policy allows domestic goods, including traditional brands and local specialties, to be sold in duty-free shops, providing a price advantage of 15% to 20% for consumers [1][2] - Duty-free shops must allocate at least 25% of their sales area to domestic products and enhance the promotion of these products to increase their market presence [2][3] Group 2: Management and Approval Changes - The approval process for establishing and operating duty-free shops has been decentralized, allowing provincial authorities to manage approvals instead of central government agencies [4] - The management area for duty-free shops can now be negotiated between the operator and the port owner, allowing for more flexibility based on actual business conditions [4] Group 3: Product Range Expansion - The policy expands the range of products available in duty-free shops to include high-demand items such as mobile phones, drones, and pet food, reflecting current consumer trends [5][6] - The introduction of a "pre-order" service and a "city store pick-up" model enhances consumer convenience, allowing for a more seamless shopping experience [6] Group 4: Economic Impact - The combination of tax optimization, product expansion, and service upgrades is expected to stimulate the duty-free economy and support the development of a new economic structure [6]

Core Viewpoint - The new duty-free shop policy, effective from November 1, aims to enhance consumer spending, attract foreign visitors, and promote the return of overseas consumption by expanding product categories and optimizing management processes [1] Group 1: Policy Overview - The policy adjustment includes four main aspects: optimizing domestic tax refund policies, expanding product categories in duty-free shops, relaxing approval permissions, and improving facilitation and regulatory measures [1] - The policy is designed to stimulate consumption and support the healthy development of the duty-free retail business, thereby unlocking domestic consumption potential and fostering new growth points [1] Group 2: Expanded Product Categories - The new policy significantly broadens the range of products available in duty-free shops, allowing for the sale of domestic goods alongside global brands [2] - New product categories include mobile phones, micro-drones, sports goods, health foods, over-the-counter drugs, and pet food, reflecting current consumer trends and preferences [2][3] - The inclusion of these products aims to meet the diverse needs of consumers and supports local high-tech industries [3] Group 3: Enhanced Consumer Experience - The relaxation of approval processes is a key measure to invigorate market activity, allowing provincial governments to approve the establishment of outbound duty-free shops [4] - The management structure has been reformed to allow for more flexible determination of operating entities, promoting local government engagement in developing the duty-free economy [4] - The policy encourages the creation of unique shopping experiences that reflect local culture and tourism, transforming duty-free shops into attractive destinations for inbound consumption [4] Group 4: Innovative Service Models - The policy introduces two new service models: online reservation services and a "city reservation, inbound pickup" model, enhancing consumer convenience [5] - These innovations address common pain points related to carrying luggage and purchasing items for international travel, allowing consumers to select products in city stores and pick them up upon arrival [6]

Core Insights - The integration of duty-free economy and cultural tourism is becoming a new driving force for activating consumption potential and promoting industrial upgrades in China [1][2][3] - The shift from policy-driven growth to endogenous growth dynamics is a key challenge for sustainable development in this sector [1] Group 1: Economic Context - The duty-free economy and cultural tourism are deeply intertwined, reflecting a significant trend of consumption upgrade from basic needs to quality, personalized, and emotional consumption [2] - Duty-free shopping is facilitating the return of high-end overseas consumption, while cultural tourism adds new cultural and emotional value to shopping experiences [2] - The experience economy is exemplified by duty-free shopping as a core component of tourism retail complexes, enhancing consumer engagement and extending the consumption chain [2] Group 2: Regional Practices - Hainan serves as a model for the integration of duty-free shopping and tourism, with significant sales growth since the implementation of the new duty-free policy in July 2020 [3][5] - The "duty-free +" model in Hainan incorporates shopping into travel itineraries, transforming the region from a "shopping paradise" to a "tourism consumption destination" [3] Group 3: Urban Development - Major cities like Beijing, Shanghai, and Guangzhou are establishing city-based duty-free stores, which cater to both domestic and international travelers, enhancing urban tourism [5] - The Guangzhou North Station's duty-free complex aims to become a cultural and leisure commercial center, integrating duty-free economy with urban development strategies [5] Group 4: Challenges and Opportunities - The industry faces challenges such as homogenization of products and cultural experiences, leading to superficial engagement from consumers [6] - There is a risk of imbalance between shopping and cultural tourism experiences, with consumers potentially focusing too much on shopping [6] - The reliance on tax incentives poses a challenge for market resilience, necessitating improvements in service quality and supply chain management [6] Group 5: Future Directions - The industry should aim to create a multiplier effect by embedding duty-free shopping within cultural contexts, such as setting up boutique duty-free stores in historical districts [7] - Optimizing product offerings to highlight local characteristics and encouraging domestic brands to enter duty-free channels can enhance the appeal [7] - Policy innovations are needed to promote regional coordination and development, particularly in underrepresented areas [7]

国泰海通证券日前研报指出，中国中免2025年国庆中秋假期离岛免税表现较好，市内免税店逐步落地， 中长期有望贡献业绩增量。国庆中秋假期海南消费市场人气旺活力足，中免汇聚"首店+首发"吸引消费 客群。根据海南省新闻办，2025年中秋国庆假期预计进出海南岛客流总量预计184.25万人次，日均客流 量同比增长6.28%。2025年8月26日，中免集团、深圳免税集团、深业集团联合打造的深圳市内免税 店，在福田区深业上城开业。项目位于福田区核心商圈深业上城L1层，占地近3000平方米，整体空间 布局分为免税商品区和有税商品区。免税商品整体较有税专柜普遍低11%-25%，离境退税商品可享约 9%退税额度。同日，由中免集团、广百股份、岭南控股、白云机场联手打造的广州市内免税店开业。 参考同行业可比公司估值，给予2025年40倍PE，给予目标价81.6元，维持"增持"评级。 ...

央视网消息：国家移民管理局10月9日通报，今年国庆中秋假期全国口岸中外人员出入境达1634.3万人次，日均204.3万人次，较去年同期 增长11.5%；单日出入境通关最高峰出现在10月4日，达235.3万人次。 今年国庆中秋假期，全国口岸外国人出入境达143.4万人次，较去年同期增长21.6%；入境外国人75.1万人次，适用免签政策入境53.5万人 次，较去年同期分别增长19.8%、46.8%。共计查验出入境交通运输工具74.4万架（艘、列、辆）次，较去年同期增长11%。 北京：超50万人次出入境 航班量增长11.7% 北京、珠海、海南等方向迎来了超大客流。10月1日至8日，北京边检总站累计查验出入境人员超50万人次，同比增长近18%；查验出入境 航班2900余架次，同比增长11.7%，客流整体呈现"两头高、中间稳"的特点，节日首尾为客流最高峰，其中9月27日单日客流最高，达到7.2万 人次。与往年相比，本次假期出入境旅游展现出浓厚的"文旅融合"特色。入境游市场呈现快速增长的态势，共接待入境游客11.9万人次，同比 增长48%，实现入境游客花费12.3亿元，同比增长54.1%。全市离境退税商店销售额超2200 ...

Core Points - Chengdu Customs announced the completion of the first batch of duty-free goods for Sichuan's first city duty-free store on September 23 [1][3] - The duty-free store, located in the core business district of Jinjiang District, Chengdu, has a total operating area of 3,140 square meters, with a duty-free area of 687 square meters, making it the largest in the country and the most comprehensive in Southwest China [1][3] - The first batch of duty-free goods includes 1,155 items and 4,535 pieces, primarily consisting of bags, watches, cosmetics, and alcoholic beverages, with tax reductions ranging from 10% to 30% [1][3] Industry Impact - The establishment of the first city duty-free store in Sichuan is supported by five departments, including the Ministry of Finance and the Ministry of Commerce, and is set to open on September 25 [3] - The store will provide "in-city selection and port pickup" services for domestic and foreign tourists holding valid exit-entry documents who are departing from Chengdu within 60 days [3] - Chengdu Customs emphasized that supporting the establishment of the city duty-free store is a significant measure to enhance Sichuan's high-level opening-up, catering to diverse consumer needs and promoting the development of the duty-free economy in Chengdu [3]

Group 1 - The first duty-free store in Sichuan has completed its first batch of duty-free goods inventory supervision as of September 23, 2023, marking a significant milestone for the region [1][3] - The store is located in the core business district of Jinjiang District, Chengdu, covering a total area of 3,140 square meters, with a duty-free area of 687 square meters, making it the largest in the country and the most diverse in Southwest China [1][3] - The first batch of duty-free goods includes 1,155 items and 4,535 pieces, primarily consisting of bags, watches, cosmetics, and alcoholic beverages, which can enjoy a tax reduction of 10%-30% [1][3] Group 2 - The store is set to officially open on September 25, 2023, and will provide "in-city selection, port pickup" services for both domestic and international tourists holding valid exit-entry documents who are departing from Chengdu within 60 days [3] - The establishment of the duty-free store is supported by five departments, including the Ministry of Finance, the Ministry of Commerce, and the General Administration of Customs, and is seen as a strong measure to enhance Sichuan's high-level opening-up [3] - Chengdu Customs aims to continuously support the development of the duty-free economy in the city, optimize the business environment at the port, and promote cross-border consumption regulation innovation, thereby injecting momentum into Chengdu's goal of becoming an international consumption center [3]

Core Viewpoint - The opening of Guangzhou's first city duty-free store marks a significant expansion in the duty-free market, targeting both outbound Chinese travelers and inbound foreign tourists, with the aim of boosting local consumption and tourism [1][3][5]. Group 1: Market Expansion - The city duty-free store in Guangzhou is part of a broader initiative to enhance the duty-free shopping experience, allowing travelers to purchase tax-free goods before departure [1][6]. - The store is strategically located in the CBD of Tianhe District, with a pickup point at Baiyun Airport, catering to travelers leaving within 60 days [1][5]. - The Chinese government is promoting the expansion of city duty-free stores, with plans to open additional stores in eight cities by August 2024 [1][3]. Group 2: Consumer Behavior - The store offers significant discounts, ranging from 50% to 88%, attracting consumers like Chen Jing, who purchased skincare and alcohol products before her trip to Bangkok [1][6]. - The flexibility of city duty-free stores, such as no shopping limits and a wider variety of products, contrasts with other types of duty-free stores [6][7]. - The store features local cultural products, including traditional crafts and brands, appealing to both local and international consumers [7][9]. Group 3: Economic Impact - The introduction of city duty-free stores is expected to stimulate not only retail sales but also related sectors such as tourism, hospitality, and entertainment [9][10]. - The duty-free shopping model is anticipated to generate significant economic benefits, with estimates suggesting that every 10,000 yuan in sales could create over 50,000 yuan in overall economic activity [10]. - The performance of the duty-free sector in Hainan has shown a strong correlation with increased tourism revenue, indicating potential growth for Guangzhou's new store [10]. Group 4: Industry Challenges - Despite the potential for growth, there are concerns that the requirement for travelers to pick up goods at the airport may limit purchase intentions, particularly for larger items [9][12]. - Traditional retail formats, such as department stores, face challenges from the evolving consumer landscape, necessitating adaptation to new business models, including the integration of duty-free shopping [12][13]. - The competition for attracting younger consumers is driving innovative marketing strategies, such as themed exhibitions and events, to enhance engagement and foot traffic [13].

Core Viewpoint - China Duty Free Group (01880) saw its stock price surge over 9% during trading, currently up 5.10% at HKD 65.90, with a trading volume of HKD 408.1 million [1] Group 1: Company Developments - The first city duty-free store in Guangzhou is set to open on August 26, developed in collaboration with China Duty Free Group, Guangbai Co., Lingnan Holdings, and Baiyun Airport [1] - A city duty-free store in Shenzhen is currently in its trial operation phase as of August 23 [1] Group 2: Industry Insights - CITIC Securities noted a decline in overall duty-free sales and Hainan duty-free sales in Q1 2025, with the second quarter still facing some impacts [1] - The Hainan channel is gradually recovering in the second quarter, while many city duty-free stores are entering a cultivation phase [1] - Due to tariff policies, certain products in the duty-free channel are affected [1]