Core Insights - The article highlights the significant increase in international tourist arrivals and spending in China, particularly in Shanghai, driven by favorable policies and enhanced services for travelers [3][4]. Group 1: International Tourist Arrivals and Spending - In 2024, total spending by inbound tourists in China is projected to reach $94.2 billion, representing a year-on-year increase of 77.8% [3]. - The number of foreign tourists received in China last year was 26.94 million, marking a 96% increase compared to the previous year [3]. - In the first quarter of this year, inbound foreign tourists reached 9.215 million, showing a year-on-year growth of 40.2% [3]. Group 2: Shanghai's Role in Inbound Tourism - Shanghai received over 6.7 million inbound tourists last year, an increase of 84%, maintaining its position as the top city for foreign tourist arrivals in China [3]. - The city achieved international tourism revenue of $11 billion, which is nearly an 80% increase and a historical high [3]. - In the first quarter of this year, Shanghai continued to see rapid growth in inbound tourism, with over 1.7 million tourists, a year-on-year increase of 37% [3]. Group 3: New Services and Initiatives - The "Easy Go" inbound service platform is set to launch in June, providing a one-stop solution for international tourists, including various travel services and discounts [3][4]. - The platform will feature instant tax refund services, enhancing the shopping experience for international visitors [4][5]. - Shanghai has upgraded its departure tax refund service to allow tourists to process refunds instantly using Alipay, marking the first "tap" tax refund service globally [5].

Core Insights - The departure tax refund policy has significantly boosted the consumption vitality of foreign visitors in Shanghai during the "May Day" holiday period [1] - The overall consumption during the holiday saw a double-digit growth, driven by substantial consumer subsidy policies [2] - Various promotional activities and events have contributed to the increase in consumer spending across different sectors [3] Group 1: Consumption Data - From April 30 to May 4, Shanghai's total consumption reached 594.6 billion yuan, a year-on-year increase of 13.1% [1] - Offline consumption accounted for 331.5 billion yuan, growing by 13.2%, while online consumption was 263.1 billion yuan, up by 12.9% [1] - The total foot traffic in 35 monitored shopping districts reached 29.93 million, marking a 12.8% increase year-on-year [1] Group 2: Foreign Visitor Spending - Foreign visitor spending in Shanghai amounted to 4.55 billion yuan, reflecting a remarkable year-on-year growth of 211.6% [1] - The departure tax refund sales during the holiday increased by 120%, with the refund amount also rising by 130% compared to the previous year [1] - The number of companies registered for departure tax refunds in Shanghai has reached 1,013, covering over 3,300 brand merchants [1] Group 3: Promotional Activities and Subsidies - The "May Day" holiday benefited from the largest consumer subsidy policies in six years, with offline sales from 1,000 enterprises and 6,000 stores reaching 1.15 billion yuan, a 32.4% increase from the previous five days [2] - Additional purchase subsidies for vehicles ranged from 1,000 to 10,000 yuan in various districts, further stimulating automotive consumption [2] - Restaurant consumption was boosted by the "Le Pin Shanghai" dining vouchers, leading to a total of 79.903 million yuan in restaurant sales [2] Group 4: Trade and E-commerce Initiatives - Shanghai organized trade fairs and events to promote foreign trade products, enhancing their entry into the domestic market [3] - Initiatives included establishing green channels for foreign trade enterprises and hosting export product exhibitions [3] - E-commerce platforms have also provided support for foreign trade companies, offering online solutions to help them navigate challenges [3]

Core Viewpoint - The surge in hotel stocks, particularly Huatian Hotel, is attributed to the expansion of the "buy now, refund later" policy and the enhancement of convenience, which is expected to boost domestic consumption demand alongside the visa-free entry policy for inbound tourism [1] Group 1: Stock Performance - Huatian Hotel experienced a direct surge, hitting the daily limit [1] - Lingnan Holdings achieved a consecutive two-day increase [1] - Other companies such as Junting Hotel, Zhangjiajie, Guilin Tourism, Dalian Shengya, and Tianmuhu also saw gains [1] Group 2: Policy Impact - The "buy now, refund later" policy is being expanded, which is anticipated to contribute to increased inbound tourism consumption [1] - The combination of this policy with the visa-free entry policy is expected to further stimulate domestic consumption demand [1]

Investment Rating - Industry rating: Recommended [1] Core Viewpoints - The announcement by the State Taxation Administration on April 8 promotes the "immediate purchase and refund" service for outbound tourists, expanding it from pilot cities to nationwide implementation [2][3] - The "immediate purchase and refund" policy aims to enhance the shopping experience for foreign tourists by allowing them to receive tax refunds at the point of sale, potentially increasing their shopping willingness and expenditure [3] - The policy is expected to significantly improve the convenience of tax refunds for foreign tourists, thereby boosting their consumption in China [3] Summary by Relevant Sections Event Overview - The "immediate purchase and refund" service measures have been clearly defined and are set to be implemented nationwide, enhancing the shopping experience for foreign tourists [2] Analysis and Judgment - The policy allows for tax refunds to be processed at the time of purchase, making it more appealing for tourists to shop [3] - In Beijing, the sales of tax refund goods exceeded 900 million yuan in 2024, a year-on-year increase of 140%, with an average spending of approximately 230 yuan per tourist [4] - The implementation of this policy has shown significant positive effects in pilot cities, leading to substantial growth in sales and tax refunds [4] Investment Recommendations - The "immediate purchase and refund" policy is expected to drive growth in inbound shopping consumption, benefiting traditional department stores, duty-free retailers, and the tourism hotel industry [8] - Key beneficiaries include companies like China Duty Free Group, Wangfujing, Yonghui Supermarket, and others involved in retail and tourism [8] - The rise of domestic brands and their increasing recognition among global consumers presents additional investment opportunities [8]