本报记者 贺王娟 随着海南封关政策与消费筑底回暖释放的积极信号相叠加，免税业态受到资本的关注度与日俱增。新的 市场机遇下，作为全球免税龙头的中国旅游集团中免股份有限公司（以下简称"中国中免"）如何持续稳 固"一哥"的市场地位？新消费习惯变迁的背景下，这家龙头企业是怎样抓住变迁后的"流量密码"，并将 其转化为消费潜力的？在国家提振消费扩大内需政策引导下，作为消费领域的央企上市公司，该公司又 交出了一份怎样的独特"答卷"？ 带着上述问题，《证券日报》记者近日实地走访了中国中免位于海南的免税门店，以期探寻该公司如何 将创新服务消费、场景消费作为新发力点，重塑免税业态，重回价值成长之路的答案。 构建文旅融合新格局 中国中免旗下三亚国际免税城作为当地的城市旅游名片，不仅是一座购物消费的商业地标，更是与当地 多个自然景观齐名的文旅打卡胜地。记者在走访期间看到，海南封关以后，三亚国际免税城的客流迎来 暴增，接送游客的车辆络绎不绝。 "12月18日，海南封关首日，三亚国际免税城迎来3.6万人次客流，同比增长60%，销售额同比大增 85%。"三亚国际免税城市场部人士向《证券日报》记者表示，这主要是得益于海南封关后的政策红利 释 ...

记者丨李金萍 编辑丨孙超逸 12月23日，在深圳深业上城24楼，一袭白色汉服的刘女士站在台前，作为成都刘式竹编的负责 人，她轻声讲述着这项千年非遗技艺如何通过产品创新，从川西竹林走向国际市场的故事。 与她一起作为分享嘉宾的还有荣耀、博士眼镜、海鸥手表相关负责人，他们有着一个共同身 份，即商务部最新公布的市内免税店国货"潮品"首批推介品牌代表。 12月23日，购在中国"国货潮品"进免税品牌推介会在深圳市深业上城举办。 国货潮品进入免税店 今年新开的市内免税店纷纷将目光投向国潮新品。 今年9月开业的成都首家市内免税店，融合川酒、三星堆文创、熊猫国潮等本地特色。广州市 内免税店里的国潮文化馆，"冰墩墩"国潮玩偶礼盒深受游客喜欢。深圳市内免税店也布局了酒 水、科技、美妆、精品、非遗等多个品类国货潮品，博士眼镜、荣耀、倍轻松等品牌均设有展 示体验专区；武汉市内免税店则增加了湖北本土特色的非遗传承制品，包括荆楚传统手工艺、 非遗文创、服装服饰类纺织非遗等共计200余款产品。 （图：深圳市内免税店售卖的AI眼镜） 本次入选的国货潮品呈现出三大鲜明特征。品类覆盖全面是其一 ，涵盖食品饮料、皮革箱 包、服装、工艺品、电子消费产 ...

21世纪经济报道记者 李金萍 深圳报道 12月23日，在深圳深业上城24楼，一袭白色汉服的刘女士站在台前，作为成都刘式竹编的负责人，她轻声讲述着这项千年非遗 技艺如何通过产品创新，从川西竹林走向国际市场的故事。 与她一起作为分享嘉宾的还有荣耀、博士眼镜（300622）、海鸥手表相关负责人，他们有着一个共同身份，即商务部最新公布 的市内免税店国货"潮品"首批推介品牌代表。 12月23日，购在中国"国货潮品"进免税品牌推介会在深圳市深业上城举办。 在活动现场，商务部公布了市内免税店国货"潮品"品牌推介名录，名录覆盖了市内免税店的19个重点经营品类，该名录将为免 税企业选品采购提供指导，助力国潮产品在免税赛道从"入场"到"出圈"的全面发展。 国货潮品进入免税店 今年新开的市内免税店纷纷将目光投向国潮新品。 今年9月开业的成都首家市内免税店，融合川酒、三星堆文创、熊猫国潮等本地特色。广州市内免税店里的国潮文化馆，"冰墩 墩"国潮玩偶礼盒深受游客喜欢。深圳市内免税店也布局了酒水、科技、美妆、精品、非遗等多个品类国货潮品，博士眼镜、荣 耀、倍轻松等品牌均设有展示体验专区；武汉市内免税店则增加了湖北本土特色的非遗传承制品， ...

Core Viewpoint - The recent upgrade of China's duty-free shop policy, effective from November 1, aims to expand the range of products available and enhance the shopping experience for travelers, thereby boosting the duty-free economy [1] Group 1: Policy Changes - The upgraded duty-free policy broadens the scope of benefits, catering to diverse consumer shopping needs and increasing the attractiveness of duty-free shops for inbound and outbound travelers [1] - The new policy allows for more domestic products to be sold in duty-free shops, including traditional Chinese brands and cultural heritage items [8] Group 2: Store Openings and Offerings - The first city-based duty-free shop in Tianjin opened on November 28, featuring a business model that combines duty-free and taxable goods, as well as online and offline sales [5] - The duty-free shop in Xi'an incorporates local cultural elements into product design and store decoration, creating a new consumption scene [11] Group 3: Market Dynamics - The relaxation of approval processes for duty-free shops grants more autonomy in establishing and scaling operations, allowing for tailored offerings based on local market conditions [14] - The introduction of online reservation services for duty-free products enhances the shopping experience for travelers, enabling them to pre-order items based on their travel itineraries [17]

Core Viewpoint - The implementation plan aims to enhance the adaptability of supply and demand in consumer goods, targeting significant optimization of the supply structure by 2027, with the formation of three trillion-level consumption fields and ten hundred-billion-level consumption hotspots [1][2]. Group 1: Key Consumption Fields - The three trillion-level consumption fields identified include elderly products, smart connected vehicles, and consumer electronics [4]. - The elderly products market is projected to grow from 2.6 trillion yuan in 2014 to 5.4 trillion yuan by 2024, with a compound annual growth rate of 7.3%, highlighting the importance of the silver economy [4]. Group 2: Emerging Consumption Hotspots - The ten hundred-billion-level consumption hotspots encompass baby products, smart wearable devices, cosmetics, fitness equipment, outdoor products, pet food, civilian drones, trendy toys, jewelry, and national trend clothing, all showing strong growth momentum and development potential [4]. - The rise of health-conscious living and the concept of national fitness have led to increased demand for outdoor products and fitness equipment, while the IP economy aligns with the consumption preferences of younger demographics, driving the popularity of trendy toy products globally [4]. Group 3: Strategic Focus - The plan emphasizes supply-side structural reforms, accelerating brand leadership, standard upgrades, and the application of new technologies to stimulate the multiplier effect and structural dividends of China's vast domestic market [1][3]. - The multi-faceted and layered approach to consumption hotspots is expected to significantly enhance the resilience and vitality of the domestic consumption market, providing solid support for the construction of a new development pattern [3].

Core Insights - The implementation plan aims to enhance the adaptability of supply and demand in consumer goods, targeting a significant optimization of the supply structure by 2027, with the formation of three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots [1][2] Group 1: Implementation Plan Overview - The plan focuses on supply-side structural reforms, accelerating brand leadership, standard upgrades, and new technology applications to stimulate the domestic demand market's multiplier effect and structural dividends [1] - By 2027, the plan is expected to create a new consumption market worth several trillion yuan in key areas [1] Group 2: Consumption Trends and Opportunities - The three trillion-level consumption sectors include elderly products, smart connected vehicles, and consumer electronics, with the elderly products market projected to grow from 2.6 trillion yuan in 2014 to 5.4 trillion yuan by 2024, reflecting a compound annual growth rate of 7.3% [3] - The ten hundred-billion-level consumption hotspots encompass baby products, smart wearable devices, cosmetics, fitness equipment, outdoor products, pet food, civilian drones, trendy toys, jewelry, and national trend clothing, showcasing strong growth momentum and significant development potential [3] - The rise of health-conscious living and the concept of national fitness has led to increased demand for outdoor products and fitness equipment, while the IP economy aligns with the consumption preferences of younger demographics, driving the rapid popularity of trendy toy products globally [3]

Core Viewpoint - The "Buy in China · 2025 Boutique Consumption Month" launch event took place in Shanghai, highlighting the collaboration between new and traditional brands to promote domestic products and stimulate consumer demand [1] Group 1: Event Overview - The event was held on November 5, featuring representatives from five major international consumption center cities: Shanghai, Beijing, Tianjin, Chongqing, and Guangzhou [1] - Local officials presented key consumer promotion activities and initiatives aimed at benefiting the public [1] Group 2: Brand Participation - New consumption enterprises such as Zhiyuan Innovation Technology, Pop Mart International Group, and Miniso Group participated alongside traditional brands like Lao Fengxiang, Beijing Tongrentang, and Nanjing Yunjin Research Institute [1] - The event showcased the charm of domestic brands and aimed to create new demand through innovative supply [1]

Investment Rating - The industry investment rating is "outperform the market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [9]. Core Insights - The recent introduction of tax-free policies is expected to significantly boost consumption and facilitate the return of overseas spending. The adjustments cover three main tax-free shopping systems: offshore, port, and in-city tax-free shopping, with a general trend towards relaxation of regulations [3][4]. - The policies include expanding the categories of tax-free goods, allowing for a wider selection for consumers, and supporting the sale of domestic products in tax-free stores, which is treated as exports for tax purposes [3][4]. - The adjustments aim to enhance the flexibility and diversity of tax-free operations, with specific measures for offshore, port, and in-city tax-free shopping to optimize consumer experience and increase foot traffic [4][8]. Summary by Sections Tax-Free Policy Adjustments - The new policies will expand the categories of tax-free goods, increasing from 45 to 47 categories for offshore shopping, and adding various products for port and in-city tax-free stores [3]. - Domestic products sold in tax-free stores will be treated as exports, allowing for VAT and consumption tax exemptions, with a minimum area requirement for domestic products in port and in-city stores [3][4]. Market Impact - The policies are expected to enhance the attractiveness of tax-free shopping channels, benefiting existing retailers and encouraging the establishment of new small and medium-sized tax-free stores [8]. - The focus on domestic products is anticipated to strengthen the market position of local brands, particularly in the rapidly expanding domestic trend market [8].

Core Insights - The report released by the China Consumer Product Quality Safety Promotion Association highlights the comparative analysis of domestic and international standards for smart toilets, indicating that domestic brands perform comparably or even better in certain key metrics like energy consumption [1][2]. Industry Standards - China's current standards for smart toilets include clear specifications for key performance indicators, establishing a comprehensive system that covers safety, ceramic quality, energy efficiency, comfort, environmental protection, and antibacterial requirements, showcasing a certain level of advancement compared to international standards [2]. - The introduction of a product grading system in China's standards allows for a more nuanced evaluation of product safety, reliability, and environmental impact, which is more innovative than the simple "pass/fail" criteria of international standards [2]. Product Performance - Domestic smart toilet brands have shown competitive performance in various metrics such as mechanical strength, lifespan, and electrical safety, with some areas like noise reduction and instant heating systems demonstrating local leadership [3]. - Market inspection data indicates that leading domestic brands are on par with top international brands in core performance metrics like flushing effectiveness and antibacterial properties, positioning them in the top tier of the market [3]. Market Trends - The rise of domestic "trendy goods" reflects a shift in consumer preferences towards high-quality products, with smart toilets representing a key category in this trend. The industry has developed distinct clusters in Guangdong, Fujian, and Zhejiang, characterized by complete supply chains and rapid market responsiveness [4]. - The report aims to enhance consumer awareness of product quality based on standards and data, encouraging manufacturers to continuously align with advanced standards and improve product quality and service [4]. Consumer Guidance - Consumers are advised to prioritize purchasing smart toilets that have passed 3C certification to mitigate fire risks associated with electrical devices, and to focus on essential features that enhance usability, such as warm water cleaning and heated seats [5]. - Caution is advised against "gimmick features" that may inflate prices without providing significant practical benefits, emphasizing the importance of selecting products based on actual needs [5].

Group 1 - Han Shu officially announced Wang Jiaer as the global ambassador, marking his first endorsement for a domestic beauty brand, which aligns with the company's accelerated globalization strategy covering multiple countries [1] - Han Shu's projected revenue for 2024 is 5.591 billion yuan, representing an 80.9% year-on-year increase, with Douyin GMV reaching 6.784 billion yuan, maintaining its position as the top beauty brand [1] - The international celebrity endorsement is expected to enhance Han Shu's premium image and overseas recognition, potentially boosting social media engagement and new product sales [1] Group 2 - Zara plans to open a large flagship store in Shanghai on Huaihai Road, featuring five levels of retail space and incorporating the latest technological innovations for an enhanced consumer experience, set to open in the first half of 2026 [2] - The flagship store's location in a core business district reflects Zara's confidence in attracting high-end consumer traffic in China, which may contribute to Inditex's sales growth in the region [2] - The high rental and renovation costs associated with the flagship store could dilute profit margins if sales do not meet expectations, while the technological experience may strengthen brand loyalty and increase foot traffic in surrounding areas [2] Group 3 - Yonghui Supermarket announced a transformation towards product centralization over the next three years, with plans to create 100 billion-yuan-level products and expand its private label offerings to 500 by 2029 [3] - The company's strategy involves moving away from traditional hypermarket models to focus on quality and low-cost supply chain reforms, aiming to validate the benefits of store renovations in the short term [3] - The success of this transformation will depend on the ability to replicate the "Fat Donglai" model nationwide and the pace of strategic partnerships and SKU expansion, with potential valuation recovery if same-store sales improve [3] Group 4 - The General Administration of Customs highlighted the rise of domestic trendy products as a new highlight in foreign trade exports, with over 50 billion yuan in exports of holiday goods, dolls, and animal-shaped toys in the first three quarters of the year [4] - These products, which have gained global popularity, reflect the influence of traditional Chinese culture and the creativity of foreign trade enterprises, supported by China's manufacturing capabilities [4] - The designation of these trendy products as a "new highlight" is expected to boost market sentiment in the short term, while the long-term outlook depends on the resilience of products with original IP and overseas channels [4]