Group 1 - The A-share market is seeing a strong performance in consumer stocks, particularly in retail, duty-free, leisure services, airport, tourism, food, and dairy sectors [1] - Notable stocks that have hit the daily limit include China Duty Free Group, Guoguang Chain, Dongbai Group, Yingxin Development, Jinjiang Hotel, Overseas Chinese Town A, Sanyuan Foods, Huifa Foods, and Barbie Foods [1] - The National Bureau of Statistics released positive inflation data for October, indicating a month-on-month increase of 0.2% in the Consumer Price Index (CPI) and a year-on-year increase of 0.2%, marking a shift from decline to growth [1] Group 2 - The core CPI, excluding food and energy prices, rose by 1.2% year-on-year, with the growth rate expanding for the sixth consecutive month [1] - The Ministry of Finance plans to continue implementing measures to boost consumption, including providing financial subsidies for personal consumption loans and loans to key industry operators [1]

Core Viewpoint - The duty-free sector in China is experiencing significant growth, driven by favorable government policies and market adjustments, with key companies seeing substantial stock price increases. Policy Developments - On July 23, the State Council Information Office announced that Hainan Free Trade Port will officially close its borders on December 18, 2025, providing detailed policies for the closure, which indicates a clear direction for the Hainan Free Trade Port [2] - On October 17, three departments released adjustments to the Hainan offshore duty-free policy, including changes to the categories of duty-free goods, allowing departing travelers to enjoy the duty-free policy, increasing domestic product duty-free qualifications, and expanding the purchase frequency for Hainan offshore residents [2] - On October 30, a joint notice was issued by multiple ministries outlining four core policy upgrades to support duty-free shops, effective from November 1, 2025, focusing on empowering domestic products, expanding categories, decentralizing approvals, and optimizing services [2] Market Performance - As of the report date, key duty-free companies such as China Duty Free Group and Dongbai Group saw their stock prices hit the daily limit, while Haikou Group rose approximately 8%, and other companies like Zhongbai Group, Nanjing Xinbai, and Wangfujing increased by over 6% [2] - Institutions indicate that since the second half of 2025, the implementation of duty-free policies has been consistent, with positive trends in third-quarter offshore duty-free data, and a relatively stable outlook expected for the fourth quarter, making the operational performance of duty-free businesses promising [2]

Core Viewpoint - The implementation of the new duty-free policy in Hainan has boosted market confidence, with China Duty Free Group (中国中免) hitting the daily limit up on November 10. The Hainan Free Trade Port is set to officially start its full closure operations on December 18, marking a new chapter in the region's openness [1] Group 1: Policy Impact - The new duty-free policy is a core pillar of Hainan's consumer market, with immediate purchases by island residents and the inclusion of international travelers expected to drive the recovery and development of the duty-free sector [1] - The upcoming closure of Hainan is anticipated to open new opportunities for external engagement, as noted by CITIC Securities [1] Group 2: Market Opportunities - The duty-free industry is projected to experience a new five-year growth phase, facilitated by the removal of bottlenecks in the duty-free shopping experience for both residents and international visitors [1] - The tourism ETF (562510), which tracks the CSI Tourism Theme Index, includes holdings in China Duty Free Group and Hainan Airport, covering various sectors such as scenic spots, aviation, duty-free, and hospitality [1] Group 3: Catalysts for Growth - Multiple catalysts, including the Hainan closure, the ice and snow economy, and the upcoming Spring Festival holiday, are expected to benefit the tourism and duty-free sectors [1]

Core Insights - The A-share market has seen a strong performance in the duty-free concept stocks, with notable increases in share prices for companies such as China Duty Free Group and Dongbai Group reaching their daily limit [1] - The new duty-free policy in Hainan has shown promising results in its first week, with significant growth in both the total shopping amount and the number of shoppers compared to the previous year [1] Company Performance - China Duty Free Group (601888) experienced a 10% increase in stock price, with a total market value of 179.8 billion and a year-to-date increase of 31.95% [2] - Dongbai Group (600693) saw a 9.96% rise in stock price, with a market capitalization of 65.33 billion and a year-to-date increase of 8.74% [2] - Haikou Group (603069) had a stock price increase of 9.45%, with a market value of 9.512 billion and a year-to-date increase of 64.84% [2] - Caesar Travel (000796) rose by 8.6%, with a market capitalization of 12.6 billion and a year-to-date increase of 93.33% [2] - Zhuhai Duty Free Group (600185) increased by 7.8%, with a market value of 14.1 billion and a year-to-date increase of 3.76% [2] - Wangfujing (600859) saw a 6.9% rise, with a market capitalization of 17.6 billion and a year-to-date increase of 2.08% [2] - Zhongbai Group (000759) increased by 5.17%, with a market value of 5.122 billion but a year-to-date decrease of 40.90% [2]

钛媒体App 11月10日消息，大消费概念盘中异动拉升，食品饮料、免税方向领涨，欢乐家、会稽山涨 停，此前东百集团涨停，中国中免逼近涨停，萃华珠宝、庄园牧场、惠发食品、盖世食品、迎驾贡酒等 涨幅靠前。消息面上，11月7日，财政部发布2025年上半年中国财政政策执行情况报告，将继续实施好 提振消费专项行动，对重点领域的个人消费贷款和相关行业经营主体贷款给予财政贴息，激发养老、托 育等服务消费潜力。（科股宝播报） ...

Group 1 - The consumer sector experienced significant upward movement, particularly in food and beverage and duty-free segments [1] - Notable stocks that reached their daily limit include Huanlejia and Kuaijishan, while Dongbai Group also hit its limit [1] - China Duty Free Group approached its daily limit, with other companies like Cuihua Jewelry, Zhuangyuan Pasture, Huifa Food, Gais Food, and Yingjia Gongjiu showing strong gains [1]

Group 1 - The duty-free sector experienced a significant rise on November 10, with Dongbai Group hitting the daily limit, indicating strong investor interest [1] - China Duty Free Group saw an increase of over 7%, reflecting positive market sentiment towards the company [1] - Other companies in the sector, including Spring Airlines, Zhuhai Duty Free Group, Zhongbai Group, and Wangfujing, also experienced gains, suggesting a broader trend in the duty-free market [1]

此外，今年12月18日，海南自由贸易港正式启动全岛封关运作。中信建投指出，海南封关即将落地，海 南有望迎来对外开放新篇章。离岛免税政策依旧是海南消费市场核心支柱，岛民即买即提及国际旅客纳 入将推动离岛免税恢复发展，出入境免税政策打通市内免税店堵点，免税行业迎来新的五年发展。 智通财经APP获悉，中国中免(01880)涨超6%，截至发稿，涨6.01%，报75元，成交额1.2亿港元。 消息面上，从海口海关获悉，海南离岛免税新政实施首周(11月1日到7日)，海口海关共监管免税购物金 额5.06亿元(人民币，下同)，购物人数7.29万人次，同比分别增长34.86%、3.37%。方正证券认为，海南 离岛免税销售情况边际改善，近期免税政策持续优化，行业拐点有望显现。中免作为免税龙头，率先享 受基本面复苏及估值催化。 ...

Investment Rating - The report maintains a "Positive" investment rating for the social services industry [1] Core Insights - Video podcasts are emerging as a new growth curve for content platforms, with significant increases in consumption time and user base [4] - The new duty-free policy in Hainan is showing initial positive effects, with notable increases in shopping amounts and customer spending [14][15] - The sleep health industry in China is experiencing steady growth, driven by consumer preferences for high-quality bedding products [5] Summary by Sections Duty-Free and Trendy Toys - The new duty-free policy in Hainan has led to a 34.8% year-on-year increase in shopping amounts per person, with a 30% increase in average spending [15] - Sanrio's revenue for FY2026Q2 increased by 32% year-on-year, with significant growth in various regions, particularly in Japan and Asia [23][27] - Bandai's revenue for FY2026Q2 reached 343.4 billion yen, a 3.8% increase year-on-year, although net profit decreased by 13.1% due to increased development costs [53][54] Video Podcasts - Bilibili's video podcast consumption time reached 25.9 billion minutes in Q1 2025, a growth of over 270% year-on-year, with user numbers exceeding 40 million [4] - The domestic podcast user base is projected to surpass 150 million by 2025, reflecting a growth of 43.6% year-on-year [4][24] Sleep Health Industry - The market size of China's sleep health industry grew from 261.63 billion yuan in 2016 to 495.58 billion yuan in 2023, with a CAGR of 9.6% [5] - Consumers are increasingly recognizing the importance of bedding products for improving sleep quality, with a significant rise in the frequency of replacing bedding items [5][13]

25 年10 月30 日，财政部等五部门联合印发《关于完善免税店政策支持提振消费的通知》，完善免税政 策支持提振消费。重点优化了国内商品的退（免）税政策，并放宽了口岸免税店审批权限。 核心逻辑：海南离岛免税销售情况边际改善，近期免税政策持续优化，行业拐点有望显现。中免作为免 税龙头，率先享受基本面复苏及估值催化。 海南离岛免税销售情况边际改善，带动中免25Q3 收入降幅收窄 2025Q3，海南离岛免税销售额合计54.03 亿元/yoy-2.6%（25Q1/25Q2 同比分别-11%/-4%），其中，离岛 免税购物人数合计94.60 万人次/yoy-14.4%，免税购物客单价5712 元/yoy+13.3%。2025 年9 月，海南离 岛免税销售额同比增长3.4%，为近18 个月以来的首次正增长；2025 年国庆中秋假期，离岛免税销售金 额为9.44 亿元/yoy+14%。海南免税大盘的边际改善带动中免整体收入降幅收窄，25Q3 公司收入yoy- 0.4%，较25Q1/25Q2的-11%/-8%大幅收窄。 免税相关的政策支持频出，提振运营商盈利预期 25 年10 月17 日，财政部、海关总署、税务总局联合印发公 ...