海南免税专家 - 解析黄金珠宝和电子产品趋势 20260105 摘要 2025 年末新政实施后，叠加封关政策、官方宣传和消费券刺激，黄金 珠宝销售额占比从 5%-10%跃升至 30%-40%，显著拉动整体销售增长， 但 2026 年初已回归常态。 离岛免税政策下，黄金珠宝品类毛利率约为 30%，净利率达 20%- 25%。政府消费券直接补贴消费者，不影响商家毛利，但显著提升了离 岛免税店的竞争力。 周大福等品牌在 2025 年 12 月单店流水超千万元，日流水近百万元。 中腰部消费券（1 万-2 万）使用最频繁，大额消费券（5 万）占比 10%-20%，主要用于购买高价值商品。 2026 年元旦期间，三亚商务局数据显示同比增幅达 100%-120%，但 黄金珠宝品类贡献不大，占比约为 10%-20%，主要增长仍集中在香化、 时尚精品和酒水等传统强势品类。 消费者对黄金产品的偏好取决于需求：保值选按克计价，婚庆选一口价。 但 2026 年起，按克计价金条或不再纳入免税商品，可能影响销量。 Q&A 海南免税店目前有哪些黄金珠宝品牌？合作模式是怎样的？ 目前海南免税店主要有三个黄金珠宝品牌：周大福、六福和老庙。周大 ...

中免大涨，免税板块更新 20251222 摘要 2025 年初海南离岛免税销售额曾出现同比下降，但自 9 月起开始转正， 10 月、11 月增速分别达 11%和 13%。中免集团表现更优，8 月已转 正，10 月、11 月同比增长分别达 16%和 29%，市场占有率提升。 2025 年海南离岛免税销售额增长主要由客单价提升驱动，尤其 10 月后 客单价同比增长超 30%，苹果手机和黄金等高单价商品表现突出。客流 呈现个位数增长，转化率边际企稳。 海南封关政策对离岛免税产生显著影响。12 月 18 日封关首日，中免全 海南日销超过 2.5 亿，同比增长 90%；第二天仍有 70%左右的高增。 三亚市口径数据显示，封关首日全市日销同比增长 46%，随后两天持续 增长。 封关后旅游及商务客流均提升。元旦飞往三亚机票预定量同比增长 51%，春节飞往三亚与海口机票预定量分别同比增长 80%与 130%。 境外前往海南机票预订量同比增长 82%（12 月 18 日至 2026 年 1 月 3 日）。 海南封关后加大消费券力度，如通用券（满 6,000 减 300 至满 5 万减 4,000）和岛民专享券（满 1,000 ...

Core Viewpoint - The "Yue Enjoy Warm Winter, Fun in Guangdong" consumption season activity aims to boost consumption, enhance the province's image, and promote development through a series of strategic initiatives, inviting both national and global visitors to experience Guangdong during the winter season [1][2] Group 1: Event Overview - The consumption season will start on November 1, 2025, and last until the end of March 2026, featuring four major activities: "Follow the National Games to Tour Guangdong," "Welcome the Summit to Tour Guangdong," "Winter Vacation Study in Guangdong," and "Celebrate the New Year in Guangdong" [1][2] - The initiative includes six major discount policies and aims to create immersive experiences around sports events, culinary delights, scenic beauty, and shopping [1][2] Group 2: Economic Impact - The event is part of Guangdong's efforts to meet economic growth targets and enhance consumer satisfaction, aligning with the spirit of the 20th National Congress of the Communist Party of China [2] - The consumption season is strategically timed with significant events such as the 15th National Games and the APEC Summit, aiming to stimulate economic activity during peak periods [2][4] Group 3: Promotional Activities - The "Follow the National Games to Tour Guangdong" activity will launch with 23 themed tourism routes and various packages combining sports events with scenic tours, offering discounts at around 300 tourist attractions [3] - The "Welcome the Summit to Tour Guangdong" activity will promote policies like 240-hour transit visa exemptions and 30-day entry visa exemptions to attract international tourists [4] Group 4: Consumer Incentives - Guangdong will issue various consumption vouchers, including dining and tourism vouchers, with a total of at least 20 million yuan allocated for cultural and tourism consumption during the New Year celebrations [5][6] - The "Guangdong Quality Purchase" vouchers will provide significant discounts on various products, including up to 5,000 yuan for new car purchases and 1,000 yuan for home appliances [8] Group 5: Marketing and Branding - The initiative will feature five major brands: "Travel in Guangdong," "Eat in Guangdong," "Shop in Guangdong," "Enjoy in Guangdong," and "Fitness in Guangdong," focusing on high-quality consumer experiences [7] - A "Guangdong Shopping Map" and a "Guangdong Food Map" will be released to highlight popular shopping areas and local delicacies, enhancing consumer engagement [9] Group 6: Financial Support and Regulation - The provincial government has allocated 3.5 billion yuan in special funds to support consumption initiatives, linking financial incentives to local government performance in promoting consumption [8][10] - Financial regulatory measures will be implemented to optimize payment environments and facilitate transactions for both domestic and international consumers [10]

Production - In August 2025, the industrial added value of enterprises above designated size grew by 5.2% year-on-year, a decrease of 0.5 percentage points from the previous month[11] - The manufacturing sector remains the main driver of industrial growth, with a year-on-year increase of 5.7%, down from 6.2%[11] - High-tech manufacturing added value increased by 9.3% year-on-year, contributing 28.5% to the overall industrial growth[11] Consumption - The total retail sales of consumer goods in August 2025 increased by 3.4% year-on-year, a decline of 0.3 percentage points from July[2] - Rural consumption grew by 4.6%, outpacing urban consumption growth of 3.2%, indicating significant potential in the rural market[14] - Over 80% of product categories saw retail sales growth, with more than 30% achieving double-digit growth[15] Investment - From January to August 2025, fixed asset investment (excluding rural households) increased by 0.5%, continuing a downward trend[24] - Excluding real estate development investment, fixed asset investment grew by 4.2%, indicating resilience in manufacturing and some infrastructure sectors[24] - Real estate development investment fell by 12.9% year-on-year, with new construction, completion, and construction area all showing declines[25]