中国中免（01880）盘中飙升逾9%，截至发稿，股价上涨5.10%，现报65.90港元，成交额4.081亿港元。 中免集团发布消息称，广州首家市内免税店将于8月26日开业。据悉，广州市内免税店由中免集团、广百股份、岭南控股和白云机场联合打造。此前，8月23日，深圳市内免税店在试营业期间顺 中信建投指出，25年第一季度整体免税销售额及海南免税销售额下滑，第二季度仍受一定影响。第二季度海南渠道逐步转正。多地市内免税店进入落地培育阶段。关税政策下，免税渠道部分商品 责任编辑：卢昱君 ...

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深圳市内免税店由中免集团、深圳免税集团、深业集团联合打造，经营面积近 3000 平方米，位于深业上城一层黄 金地段，区位优势与空间规模兼具。门店聚焦消费者多元需求，构建了涵盖美妆护肤、腕表首饰、高端酒水、国 潮精品、科技电子等核心品类的多元化商品矩阵。试营业期间，项目持续打磨服务细节、丰富商品品类，致力于 为消费者提供更优质、多元、便捷的购物体验。该项目的推进，不仅赋能深圳加快建设具有全球影响力的国际消 费中心城市，也为释放免税经济新动能注入了澎湃活力。 采写：南都N视频记者黄璐 2025年8月23日，深圳市内免税店在试营业期间顺利迎来首单成交。上午10时许，顾客白先生在免税酒水区完成购 物结算，并将在下周一从深圳机场启程前往迪拜。在工作人员的专业引导下，顺利完成免税购物流程，成为免税 店试营业阶段的首单顾客。 作为大湾区的核心引擎和中国对外开放的重要窗口，深圳的免税消费建设承载着特殊的期望。自财政部等五部门 联合印发《关于完善市内免税店政策的通知》后，深圳积极推进，从市内免税店招标选址到筹备落地，深圳市内 免税店成为全国新增市内免税店项目中最早落地执行的城市之一，展现了"深圳速度"。深圳市内免税店在有关部 ...

Group 1 - Recent policies and market dynamics in the domestic commercial sector indicate vitality and diversity in industry development, with multiple cities implementing departure tax refund policies to attract foreign tourists and boost the duty-free economy [1] - Guangzhou's Tianhe District has launched the city's first "immediate refund" centralized refund point for departure tax, marking a significant step in enhancing inbound consumption efficiency [1] - Dalian and Hubei Province have also started implementing departure tax refund policies for foreign travelers, while Shanghai plans to optimize the consumption environment by adding more refund stores [1] Group 2 - Companies are selling non-core assets for strategic focus or capital recovery, such as Vanke in Hangzhou selling its Zhishanghui commercial center project, which has a total construction area of approximately 10,000 square meters [1] - He Youjun has become the largest shareholder of Huanyu Commercial through his controlled company, indicating a potential integration of eSports IP into Huanyu's shopping malls and ski resorts, creating a "eSports + night economy" business model [1] Group 3 - Commercial enterprises are expanding their business through light asset cooperation, with China Resources Vientiane Life signing a cooperation agreement with Fujian Sanxin Group to upgrade the Putian Jinding Plaza project, set to reopen in 2026 as the first Vientiane Hui commercial entity in Fujian [4] - The expansion and renovation of shopping malls are becoming important means to enhance space value, with Shanghai Hang Lung Plaza's expansion expected to add approximately 3,080 square meters of floor area by the second half of 2026 [4] - Community commercial developments are also on the rise, such as the transformation of the former Hualian supermarket in Beijing into a DT-X neighborhood center, enhancing residents' convenience [4] Group 4 - Commercial brands are actively expanding into new markets, with BaWang Tea accelerating its layout in Hong Kong and launching multiple new stores [6] - Lao Xiang Ji has submitted a listing application on the Hong Kong Stock Exchange, showing continuous growth in revenue and gross profit [6] - The REITs market is showing vitality, with the listing of CICC China Green Development Commercial REIT seeing a 30% increase on its first day, reflecting investor enthusiasm for consumer infrastructure REITs [6][8]

Group 1 - The core viewpoint highlights the ongoing development of commercial real estate, particularly in retail, with various companies expanding their operations and enhancing consumer experiences through innovative strategies [3][5][8] - Multiple cities are implementing or enhancing tax refund policies to stimulate inbound consumption, with notable examples including Guangzhou and Dalian, which have introduced convenient tax refund services for foreign tourists [5][6] - Companies like China Resources and Poly are expanding their commercial footprints through strategic partnerships and new project developments, targeting both core cities and emerging markets [10][11] Group 2 - Alibaba is raising funds to support its international e-commerce and cloud computing businesses, while competitors like JD.com and Meituan are intensifying their efforts in instant retail [4][28] - The REITs market is experiencing significant activity, with several companies, including Cinda and China Overseas, pushing for the listing and expansion of quality assets, indicating a robust interest from investors [31][33] - High-end brands are innovating their retail experiences, as seen with LV's unique store concept in Shanghai, which has attracted considerable foot traffic and consumer interest [19][21] Group 3 - The retail landscape is evolving with brands like Ba Wang Cha Ji and Lao Xiang Ji expanding into Hong Kong, indicating a trend of brands using the city as a launchpad for global expansion [18][24] - Nike is facing challenges in the Chinese market, with a reported 13% decline in revenue, while luxury brands are leveraging experiential marketing to attract consumers [19][20] - Community-focused commercial projects are on the rise, with new concepts like DT-X aiming to enhance local shopping experiences and meet consumer demands for convenience [17][18]

Core Viewpoint - The establishment of a city duty-free shop in Guangzhou is expected to enhance the local economy, fill the gap in the city's duty-free offerings, and support the development of an international consumption center [1][2]. Location - The selected location for the duty-free shop at the International Financial Center in Zhujiang New Town has received positive feedback and is expected to drive consumer traffic due to its proximity to commercial hubs and tourist attractions [3][4]. Products - The duty-free shop will focus on promoting domestic brands and local specialties, aligning with national policies to support the sale of domestic products and enhance Guangzhou's cultural influence [5][6]. Operations - The operational structure of the duty-free shop involves a partnership between China Duty Free Group and local state-owned enterprises, which is anticipated to address challenges such as customer source diversification and resource integration [6][7]. Services - To attract international tourists, the city needs to enhance service efficiency and create a seamless shopping experience, including better integration with local tourist attractions and improved digital services for tax refunds [8][9].

Core Viewpoint - The retail sector in commercial real estate is experiencing a transformation driven by consumer promotion policies and the expansion of the duty-free economy across major cities in China, leading to increased consumer spending and inbound tourism [3][5][6]. Group 1: Retail Sector Performance - Major retail operators such as CR Land, Longfor Group, and Link REIT are showing varied performance, with some projects achieving significant growth while others struggle with older assets requiring continuous investment [3][9]. - The retail property portfolio of Link REIT in mainland China reported a total revenue and net property income growth of 29.7% and 28.9% respectively, driven by strong performance from specific projects in Shanghai and Shenzhen [9][12]. Group 2: Consumer Promotion Policies - Cities like Shenzhen, Chongqing, and Chengdu have introduced consumer promotion policies aimed at boosting local economies, with initiatives such as the establishment of new retail stores and events to attract consumers [5][6]. - The focus on green consumption and the establishment of new retail formats, such as duty-free shops in urban areas, are part of a broader strategy to enhance consumer engagement and stimulate economic activity [5][8]. Group 3: Experience and Content Enhancement - Existing retail spaces are undergoing significant upgrades to enhance consumer experience, with a shift towards immersive and engaging environments to attract foot traffic [14][17]. - New entrants in the outlet market are leveraging unique themes and experiences to differentiate themselves, such as health and wellness concepts in shopping centers [13][19]. Group 4: Cross-Border E-commerce Expansion - Cross-border e-commerce platforms like TikTok Shop are expanding into new European markets, indicating a strategic move to capture a broader customer base [30][31]. - Domestic platforms are also enhancing their international competitiveness, with initiatives like JD's collaboration with Xiaohongshu to improve conversion rates and customer engagement [34]. Group 5: REITs and Investment Trends - The approval of new consumption infrastructure REITs, such as the China Green Development REIT, reflects a growing trend towards light-asset operations and the optimization of commercial assets [35][36]. - Existing REITs are showing stable operations, with a reported cash distribution rate of 4.19% for the recently restructured Huaxia First Creation Outlet REIT [36][37].

Core Insights - "Inbound tourism" has become a new focal point for various cities, with Shenzhen emerging as a key destination for foreign visitors due to favorable policies and geographical advantages [10][7][11] Group 1: Inbound Tourism Data - As of May 19, 2024, Shenzhen's border inspection station recorded over 100 million inbound and outbound passengers, achieving this milestone 24 days earlier than the previous year [1] - The number of foreign visitors entering Shenzhen reached 2.64 million, a 41% increase year-on-year, with visa-free entries accounting for 560,000, marking a 105% increase [1][10] Group 2: Consumer Trends - Foreign tourists are increasingly drawn to Shenzhen's manufacturing, particularly in the jewelry and electronics sectors, with significant interest in diamond products and innovative tech gadgets [1][2] - Popular products among foreign visitors include drones, AI glasses, and other high-tech items, which are often more affordable than in their home countries [2][10] Group 3: Economic Impact - The influx of foreign tourists has led to a surge in business opportunities, particularly in shopping and dining, with many establishments adapting to cater to this demographic [3][5] - The hospitality sector has seen a notable increase in foreign guest occupancy, with some hotels reporting up to 50% of their guests being international [5][6] Group 4: Strategic Recommendations - Experts suggest that Shenzhen should enhance its appeal by creating technology experience landmarks and improving multilingual guidance systems to better serve foreign tourists [8][11] - The city is encouraged to leverage its unique cultural and historical sites alongside its technological advancements to create a distinctive tourism brand [11][10]