南都讯 记者李洁琼12月30日，免税商品与保税货物之间可灵活流转的"免保衔接"业务模式在珠海高栏港综合保税 区启动。此举被业内视为推动消费回流、提升贸易便利化水平的重要创新，也标志着该综保区在监管模式与业态 融合上取得新突破。 "免保衔接"业务模式在珠海高栏港综合保税区启动。 据介绍，"免保衔接"不仅是仓储升级，更是对传统进出口贸易与免税供应链的流程再造。它为综保区叠加了消费 枢纽功能，为珠海及粤港澳大湾区链接国际消费资源、打造消费新增长点提供了实质性的基础设施与政策支撑。 下一步，高栏港综保区将以此为契机，进一步吸引相关产业链企业集聚，持续提升贸易便利化水平。 "免保衔接"业务落地珠海。 "免保衔接"模式的核心在于政策与流程的打通。企业可将货物以保税状态提前备货于综保区内，之后可根据国内 免税店销售情况或跨境电商订单需求，灵活选择将货物转为免税品出区销售，或将未售完的免税品退回综保区转 为保税状态。这一闭环设计，显著提升了商品周转效率，并降低了企业因备货不准而产生的资金与仓储成本。 国内免税行业龙头企业珠海免税集团，是该业务的首批实践者。集团已在区内租赁约6000平方米高标准仓库，投 资超2000万元建设" ...

旅游零售Ⅱ | 证券研究报告 — 行业深度 2025 年 12 月 26 日 强于大市 免税行业报告 政策加码，景气回升，重视投资机遇 当前国家层面对内需重视程度愈发提升，预计未来消费行业将迎来更多政策 端的支持。免税行业步入外部环境优化、利好政策加码、行业景气度改善的 新纪元，建议重视板块投资机遇，维持行业 强于大市 评级。 支撑评级的要点 中银国际证券股份有限公司 具备证券投资咨询业务资格 商贸零售：旅游零售Ⅱ 证券分析师：李小民 (8621)20328901 xiaomin.li@bocichina.com 证券投资咨询业务证书编号：S1300522090001 证券分析师：宋环翔 huanxiang.song@bocichina.com 证券投资咨询业务证书编号：S1300524080001 高端消费现回暖信号，中日关系趋紧促进海外消费回流。在亚太及中国市 场，爱马仕、LVMH、PRADA、开云集团等奢侈品集团的 Q3 业绩增速环比 均有提升或改善；以太古地产为代表的高端地产也实现显著回暖，内地所有 高端商场 25Q1-3 销售额全部实现正增长,高端消费回暖信号初显。中国游客 对日本的旅游消费贡献颇高 ...

更深层的"减法"，是消解消费的心理距离。以往免税品困于机场隔离区，被视为高消费符号。如今市内 店走进日常生活，国货上热搜、线上预订成常态，免税购物正回归消费本质。政策支持国货进店，清晰 表明：免税不是特权消费，而是普惠服务；不是税收洼地，而是开放高地。当老字号、非遗产品通过此 渠道走向世界，消费回流便不仅是购买行为，更是情感认同的回归。这一"减法"，减的是阶层区隔与消 费门槛，拉近了本土品牌与公众的距离。 免税新政的"加减法"，本质是高水平的开放实践。它通过制度设计促进国内外市场联通，推动供需匹 配。广州引入全运特许商品，成都结合川酒与三星堆文化销售，都是立足本土、全球竞争的体现。"加 减"之间，我们看到中国经济发展逻辑从规模扩张转向质量提升，从要素开放转向制度优化。 据《人民日报》报道，财政部等部门印发的《关于完善免税店政策 支持提振消费的通知》实施一个月 以来，通过扩大品类、放宽审批、支持"网上预订+线下提货"等举措，使免税店成为拉动旅游消费的重 要力量。新政的精妙之处在于，它不仅做对了提振消费的"加减法"，更推动免税店从单向的"购物通 道"转变为双向的"文化桥梁"。 以往，免税店主要服务于国人出境采购奢 ...

文/子木 很多人一听到"自由贸易港"，第一反应就是香港。觉得海南就是要学香港，搞金融，搞低税率，搞房地产。 但这完全没有逻辑。 第一，香港是全球顶级的金融中心，它的地位是历史形成的，是法律体系和货币制度决定的。海南想在金融上取代香港？十年内都没戏。而且香港目前正 在加速融入内地，也很"听话"，没必要再造一个平替，搞无效竞争。 国家做这件事的战略意图非常清晰，野心极大： 再造一个"超级新加坡"。 这两天，海南封关的消息刷屏了。新闻联播在报，朋友圈在转，各种解读满天飞。 这不仅仅是关税的调整，更是中国经济版图的一次重构。今天，我带你透过现象看本质，解剖一下海南封关背后，那盘惊心动魄的"国运棋局"。 很多读者在后台问我："封关是不是意味着以后去海南要办签证了？""以后去海南买iPhone、买LV包包是不是更便宜了？""我是不是该去海南囤几套房？" 看着这些问题，我心情很复杂。因为只看到了最浅的一面。没办法，市面上99%的解读，也都停留在"购物天堂"和"再造香港"的层面。 一、为什么不是香港，而是新加坡？ 其实都是错的。 首先，我们要纠正一个巨大的认知误区。 第二，香港服务业很发达，但工业却严重"空心化"，再让这个寸 ...

中国商报（记者 蔡佳文 文/图）财政部、商务部、文化和旅游部、海关总署、税务总局日前联合发布的《关于完善免税店政策支持提振消费的通知》（以下 简称通知）提出，自2025年11月1日起完善免税店政策，支持提振消费。如今，该政策已经"满月"。无独有偶，海南离岛免税升级政策也同步落地一月。近 日，天津首家市内免税店、我国西北地区首家西安市内免税店相继开业。这场促进免税商品零售业务健康有序发展的政策变革，正推动我国免税行业实现质 量提升的关键跨越，消费回流效应初步显现。 政策落地显成效 通知明确，自2025年11月1日起完善免税店政策，旨在进一步发挥免税店政策支持提振消费的作用，引导海外消费回流，吸引外籍人员入境消费，促进免税 商品零售业务健康有序发展。 通知从多个方面完善了免税店政策，包括优化国内商品退（免）税政策管理，积极支持口岸出境免税店和市内免税店销售国产品，鼓励免税店引入更多能够 体现中华优秀传统文化的特色优质产品，增加国产商品在免税店的销售。进一步扩大免税店经营品类，新增手机、微型无人机、运动用品等热销商品，丰富 旅客购物选择。同时，免税店审批权限放宽，便利化和监管措施也进一步完善。 在南开大学金融发展研 ...

Investment Rating - The report maintains an "Outperform" rating for the duty-free industry [4][7]. Core Insights - The duty-free industry in China is entering a new cycle, driven by policy support and a recovery in consumer confidence, particularly in Hainan's duty-free sales, which saw a significant increase in recent months [1][2][6]. Summary by Sections Hainan Duty-Free and Market Value Fluctuations - Hainan's duty-free sales experienced a CAGR of 39% from 2011 to 2019, peaking at 49.5 billion in 2021, but faced a decline of 37% from this peak by 2024 due to various factors [1][12][13]. Policy Changes - Recent policy adjustments have expanded both offshore and onshore duty-free shopping, allowing for more flexible purchasing options and an increase in product categories, which is expected to stimulate demand [2][23][29]. Demand Side Analysis - The stabilization of asset prices is leading to a wealth effect that is positively impacting high-end consumption, with luxury brands like LVMH and Hermès showing signs of recovery in the Chinese market [2][31][32]. Supply Side Developments - Leading companies in the industry are strengthening their operational capabilities during this downturn, with China Duty Free Group stabilizing its revenue and gross margin while expanding its product offerings [3][34]. Channel Developments - China Duty Free Group holds a 78% market share across all channels, with upcoming contract renewals for key airport duty-free operations that could reshape the competitive landscape [3][36][38].

Core Viewpoint - The adjustment of Hainan's duty-free shopping policy, effective from November 1, aims to enhance consumer return, accelerate the construction of an international tourism consumption center, and explore new channels for domestic products to go global [1][3][4]. Group 1: Consumer Return - The duty-free policy has been a significant driver of tourism consumption in Hainan since its implementation in 2011, with over 2000 billion RMB in shopping amounts and 30 million shoppers recorded from July 2020 to September 2025 [3][5]. - The new policy expands the category of duty-free goods from 45 to 47, adding popular items like pet supplies and portable musical instruments, which aligns with the growing pet economy and enhances the emotional and quality-of-life aspects of shopping [3][4]. Group 2: International Tourism Consumption Center - The duty-free sector has become a core driver of Hainan's tourism revenue over the past five years, and the new policy is expected to shift the focus from scale expansion to refined operations, accelerating the development of an international tourism consumption center [4][5]. - The policy allows "departing and leaving the island travelers" to enjoy duty-free shopping, which is a significant breakthrough in coverage and is anticipated to increase international customer flow to Hainan's duty-free stores [5][6]. Group 3: Domestic Products Going Global - The new policy permits six categories of domestic products, including clothing and footwear, to be sold in duty-free stores, providing a new platform for high-quality domestic goods to enter international markets [6]. - The measures to exempt value-added tax and consumption tax will lower sales costs for domestic brands, enhancing their international competitiveness and offering them a fair chance in the duty-free sector [6].

Core Insights - Hainan is positioning itself as an "International Tourism Consumption Center" by focusing on three key areas: duty-free shopping, medical services, and education, creating a dual-enabled consumption ecosystem that attracts both domestic and international consumers [1][5] Medical Consumption - Hainan's medical services have gained international recognition, with over 100,000 foreign guests receiving high-end traditional Chinese medicine services at Sanya International Friendly Medical Resort [2] - The Sanya Municipal Hospital has conducted international training programs, enhancing medical tourism and creating a positive feedback loop of training, dissemination, and attraction [2] - Innovative service models, such as integrating traditional Chinese medicine concepts into tea products, are gaining popularity and contributing to market growth [3] Educational Consumption - The establishment of the Beilefeld University of Applied Sciences in Hainan marks a significant step in attracting international educational resources, with current enrollment at 573 students and expectations to reach 6,000 by the end of the 14th Five-Year Plan [4] - Hainan has also implemented Sino-foreign cooperative education models, attracting 26 renowned domestic and international universities, with a target of over 10,000 students by the 2025 academic year [4] Duty-Free Shopping - Hainan's duty-free shopping policies have seen significant success, with over 2 trillion yuan in monitored duty-free shopping amounts and 30 million shoppers since the new policies were implemented [4] - Innovative shopping methods, such as "immediate purchase and pick-up" and "guaranteed pick-up," have enhanced the shopping experience for travelers [4] Policy Support - Hainan's "zero tariff, low tax rate, and simplified tax system" provide a solid foundation for consumption recovery, with continuous optimization of duty-free shopping limits and categories since the 2020 policy implementation [5] - A series of breakthrough open policies have been introduced to boost consumption, including measures for seamless customs clearance and tax refunds for departing travelers [6] - The provincial government has outlined a three-year action plan to stimulate and expand consumption, with over 35 specific measures and a financial commitment of over 10 billion yuan [6]

Core Viewpoint - The report highlights a decline in key financial metrics for China Tourism Group Duty Free Corporation Limited in the first half of 2025, alongside a recovery in the tourism sector, indicating both challenges and opportunities in the duty-free retail market [1][2][3]. Financial Performance - The company's operating revenue for the first half of 2025 was approximately RMB 28.15 billion, a decrease of 9.96% compared to the same period in the previous year [2][3]. - Total profit for the period was RMB 3.66 billion, down 19.21% year-on-year [2][3]. - Net profit attributable to shareholders was RMB 2.60 billion, reflecting a 20.81% decline from the previous year [2][3]. - The net cash flow from operating activities decreased by 39.50% to RMB 2.61 billion [2][3]. Industry Overview - Domestic tourism in China saw a significant increase, with 3.285 billion trips taken in the first half of 2025, a year-on-year growth of 20.6% [3][4]. - The total expenditure by domestic travelers reached RMB 3.15 trillion, up 15.2% compared to the previous year [3][4]. - The international tourism sector also showed recovery, with global international tourist arrivals surpassing 300 million in the first quarter of 2025, a 5% increase from the same period in 2024 [3][4]. Business Operations - The company focuses on duty-free retail, with major product categories including tobacco, alcohol, cosmetics, watches, jewelry, clothing, electronics, and food [5][6]. - The operational model includes both offline and online sales, leveraging a comprehensive supply chain and digital marketing strategies [6][7]. - The company has expanded its presence in Hainan, enhancing the integration of duty-free shopping with cultural tourism [7][8]. Market Trends - The duty-free shopping market in Hainan is stabilizing, with sales amounting to RMB 16.76 billion in the first half of 2025, a decrease of 9.2% but showing signs of recovery [3][7]. - The company is actively exploring new retail models and expanding its product offerings to align with consumer trends, including the introduction of over 200 new brands [9][10]. - The company is also focusing on enhancing customer experience through innovative marketing and promotional activities [10][11]. Competitive Advantages - The company holds a strong brand presence in the duty-free sector, with a brand value of RMB 142.68 billion, ranking first in the tourism service industry [11]. - It has established a comprehensive retail channel network across China, including over 200 duty-free stores in more than 100 cities [11][12]. - The company benefits from strong support from its parent group, China Tourism Group, which enhances its operational capabilities and market reach [11][12].

Core Viewpoint - Zhuhai Zhumian Group Co., Ltd. reported a significant decline in revenue and net profit for the first half of 2025, primarily due to reduced income from real estate projects following a major asset swap in 2024 [2][3][4]. Financial Performance - The company's operating income for the first half of 2025 was approximately 1.74 billion RMB, a decrease of 45.62% compared to 3.20 billion RMB in the same period last year [2][10]. - Total profit for the period was approximately 112 million RMB, a significant recovery from a loss of 173 million RMB in the previous year [2]. - The net profit attributable to shareholders was a loss of approximately 274 million RMB, an improvement from a loss of 554 million RMB in the same period last year [2][10]. - The net cash flow from operating activities was approximately 223 million RMB, down 74.44% from 871 million RMB in the previous year [2][10]. Industry Context - The domestic retail sales of consumer goods reached 47.15 trillion RMB in 2024, with a year-on-year growth of 6.6%, and 24.55 trillion RMB in the first half of 2025, growing by 5.0% [4]. - The duty-free industry has shown stable growth, supported by the recovery of cross-border tourism and improved consumer purchasing power [4]. - New duty-free store policies in major cities and the optimization of Hainan's duty-free shopping policies are expected to enhance consumer spending and drive sales [4]. Business Segments Duty-Free Business - The duty-free segment achieved revenue of approximately 1.13 billion RMB and a net profit of approximately 391 million RMB, contributing positively to the company's overall financial health [7]. - The company is focusing on enhancing its product offerings and optimizing its sales management to leverage the favorable policies and location advantages [6][8]. Real Estate Business - The real estate segment continues to face challenges, with a decline in revenue and profit due to reduced project turnover and high expenditure [4][8]. - The company is committed to accelerating the sale of existing real estate projects and fulfilling its five-year exit strategy from the real estate business [8]. Strategic Developments - The company is positioned as a key player in the consumer sector, focusing on integrating duty-free, commercial management, and trade operations to capitalize on the growth opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area [6][9]. - The strategic transfer of shares from the controlling shareholder to Huafa Group aims to enhance resource collaboration and operational efficiency [9].