Group 1 - As of April 28, a total of 495 stocks in the Shanghai and Shenzhen markets have experienced net outflows of main funds for five consecutive days or more [1] - The stock with the longest consecutive net outflow is Gao Meng New Materials, with 17 days, followed by *ST Jiu You with 16 days [1] - The largest total net outflow amount is from Light Media, with a cumulative net outflow of 2.024 billion yuan over five days [1] Group 2 - China Duty Free has seen a cumulative net outflow of 1.803 billion yuan over 13 days, ranking second in total outflow [1] - The stock with the highest net outflow ratio relative to trading volume is *ST Longyu, which has seen a 26.28% decline over the past six days [1] - The table lists various stocks with their respective net outflow days, amounts, ratios, and cumulative price changes, indicating a trend of declining stock prices among those with significant net outflows [1][2] Group 3 - The gold stock ETF (product code: 159562) tracks the CSI Hong Kong and Shanghai Gold Industry Stock Index and has seen a 1.39% decline over the past five days [4] - The ETF has a price-to-earnings ratio of 19.23 times and has experienced a net inflow of 3.337 million yuan, with the latest share count increasing by 1 million to 430 million [4]

每经记者 杨建 每经编辑 彭水萍 （一）重要市场新闻 据商务部网站4月27日消息，商务部等6部门发布关于进一步优化离境退税政策扩大入境消费的通知，其 中指出，下调离境退税起退点。境外旅客同日同店购买退税物品金额达到200元人民币，且符合其他相 关规定的，可以申请办理离境退税。提升退税商品供给水平。指导退税商店根据境外旅客需求，不断丰 富和优化商品供给，增加老字号产品、中国消费名品、智能产品、非遗产品、工艺美术产品、地理标志 产品、文化创意产品、名优特产、体育用品等优质产品供应。 3、商务部等6部门关于进一步优化离境退税政策扩大入境消费的通知。通知指出，优化离境退税办理流 程。加快完善离境退税管理系统，优化商店端登录方式，实现发票信息自动获取，提升信息录入、比 对、验核智能化、自动化水平。将离境退税"即买即退"服务措施推广至全国，鼓励更多退税商店、退税 代理机构提供"即买即退"服务。鼓励有条件的地区在大型商圈、街区、景区等境外旅客较集中的区域， 设立集中退付点。 点评："即买即退"政策范围扩大+便利性提升，将与入境免签政策叠加，为入境游消费形成增量贡献， 进一步激发境外旅客入境消费活力，为经济高质量发展提供助力 ...

中金研究 根据2025年海南省人民政府工作报告，2025年底封关运作是海南自贸港建设的关键性阶段目标。我们梳理了海南自贸港航空机场及旅游零售业的发展 趋势，整体而言，我们认为：1）机场客流受其他目的地分流影响，今年以来表现稍显逊色，但长期有望受益自贸港建设带来的经济活动往来增加； 2）旅游零售业今年或逐步回归稳健增速，建议关注封关后海南销售税制度变化对于离岛免税政策的影响；3）航空市场建设或受益于最大承运人经营 逐步进入正轨，此外各类税收减免政策也有望降低航司经营成本。 点击小程序查看报告原文 Abstract 2020年来海南经济增速略快于全国；2025年底封关运作是海南自贸港建设的关键性阶段目标。 从经济发展情况看，自2020年一系列支持海南自贸港建设 的政策出台以来，2020至2024年5年海南省GDP复合增速为5.5%，略好于全国整体0.6个百分点。从目前海南岛的进出港方式看，航空为主要途径，在2024 年离港旅客量中占比74%。 机场：旅客量短期受分流逆风；长期受益封关带来的客流增长。 海南省目前拥有3座民航机场，2019年前整体旅客量增长基本与全国持平；2023年来旅客 增速略滞后于全国水平，我们 ...

Group 1 - China Duty Free Group Co., Ltd. (中国中免) experienced a significant stock decline of 3.38% on April 15 [1] - The company was established in 2008 and is primarily engaged in business services, with a registered capital of approximately 20.69 billion RMB [1] - In the fourth quarter of the previous year, Invesco Great Wall Fund's Invesco Great Wall Emerging Growth Mixed A reduced its holdings in China Duty Free [1] Group 2 - The fund manager of Invesco Great Wall Emerging Growth Mixed A is Liu Yanchun, who has extensive experience in investment research and management [3][4] - Liu Yanchun has been with Invesco Great Wall Fund Management Co., Ltd. since January 2015 and currently serves as the assistant general manager and head of the research department [4] - The total assets under management for Invesco Great Wall Fund Management Co., Ltd. amount to approximately 42.73 billion RMB, with a return of 162.12% during his tenure [4]

Core Points - The Shanghai Composite Index opened high and the CSI All Retail Index reported at 2456.24 points [1] Group 1: Index Performance - The CSI All Retail Index has decreased by 1.82% over the past month, increased by 7.68% over the past three months, and has declined by 4.78% year-to-date [2] - The index is designed to reflect the overall performance of different industry companies within the CSI All Index, categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [2] Group 2: Index Composition - The top ten weights in the CSI All Retail Index are: Yonghui Supermarket (10.98%), China Duty Free Group (9.78%), Digital China (8.64%), Wangfujing (5.27%), Kidswant (4.25%), Aishide (3.57%), Bailian Group (3.23%), Nanjing E-commerce (3.07%), Chongqing Department Store (3.03%), and Tianyin Holdings (2.81%) [2] - The market share of the CSI All Retail Index is composed of 50.64% from the Shenzhen Stock Exchange and 49.36% from the Shanghai Stock Exchange [2] Group 3: Industry Breakdown - The composition of the CSI All Retail Index by industry shows that general retail accounts for 49.17%, specialty retail for 26.73%, internet retail for 14.31%, and travel retail for 9.78% [2] Group 4: Sample Adjustment - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December [3] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI All Index samples [3]

Core Insights - The "Hainan Free Trade Port Tourism Retail White Paper 2025" highlights Hainan's emergence as a significant global consumption destination, driven by increasing tourism revenue and innovative retail strategies [2][3] - Young consumers, particularly those born in the 1990s and 2000s, represent a core demographic in Hainan's tourism retail market, indicating a shift towards diverse and trend-driven shopping preferences [2][3] Group 1: Market Trends - Hainan's tourism revenue has been growing annually, transitioning from traditional retail to new consumption scenarios, enhancing its appeal to international tourists [2] - The introduction of various innovative measures since 2024 has bolstered Hainan's attractiveness to high-spending visitors, improving service quality and overall market performance [2] Group 2: Consumer Demographics - Data from Tongcheng Travel shows that over half of the tourists in Hainan during the first three quarters of 2024 are from the "post-90s" and "post-00s" generations, underscoring the importance of young consumers in the retail landscape [2] - Young consumers exhibit significant and diverse shopping demands, favoring categories such as beauty products, luxury goods, and electronics, which will guide the future development of Hainan's tourism retail sector [2] Group 3: Future Outlook - The white paper predicts a positive development trajectory for Hainan's tourism and retail markets, positioning it as a crucial hub in the global landscape [3] - Government initiatives aimed at institutional innovation and optimizing the business environment are expected to promote fair competition and enhance Hainan's market position [3] - As China's tourism market opens up and global tourism expands, Hainan's retail sector is gradually moving towards internationalization, aiming to attract quality domestic visitors and reclaim overseas consumption [3]

离岛免税购物是海南旅游消费的"金字招牌"，2024年海关共监管海南离岛免税购物金额低于2023年。报 告分析，2024年出境消费全面恢复，部分高端消费者重新回流至境外购物，叠加国货崛起对部分国际品 牌销售的分流，是市场承压原因。 不过报告认为，尽管增长出现波动，但2024年海南离岛免税销售第一季度和第四季度环比分别录得 44.6%和24.9%的增长，显示市场仍具活力。今年随着封关临近，预计政府将进一步出台扶持政策，推 动行业向好发展。(完) 中新社海口4月13日电 (记者王子谦)第五届中国国际消费品博览会13日在海口开幕，毕马威中国与穆迪 达维特报告在展会上联合发布《海南自贸港旅游零售白皮书2025版》。报告预计，海南自贸港封关运作 后，短期内将形成免税零售与有税零售并轨共存的格局，长期将逐步推行"落地免税"政策。 今年是海南自贸港的封关运作之年。报告预计，未来在"简税制"平稳过渡的背景下，海南在进口消费品 的税制安排方面更具有独特优势。预计海南的旅游零售市场在短期内形成免税(离岛免税、岛民免税、 离境退税等)+有税(传统线上线下有税、回头购、跨境电商O2O新试点等)共存格局，长期将逐步推行"落 地免税"政策 ...

Group 1 - China Duty Free Group Co., Ltd. (China Duty Free) experienced a significant stock decline of 3.22% on April 11 [1] - The company was established in 2008 and is primarily engaged in business services, with a registered capital of approximately 20.69 billion RMB [1] - In the fourth quarter of the previous year, Invesco Great Wall Fund's Invesco Great Wall Emerging Growth Mixed A reduced its holdings in China Duty Free [1] Group 2 - The fund manager of Invesco Great Wall Emerging Growth Mixed A is Liu Yanchun, who has a Master's degree in Management and extensive experience in the investment sector [2][3] - Liu Yanchun has been with Invesco Great Wall Fund Management Co., Ltd. since January 2015 and currently serves as the assistant general manager and head of the research department [2][3] - The fund has a year-to-date return of 1.09%, ranking 1158 out of 4559 in its category [1]

Core Viewpoint - China Duty Free Group's stock price has experienced significant short-term volatility, with a cumulative deviation of over 20% in closing prices over three consecutive trading days [1] Company Summary - The company's main business and fundamentals have not undergone any significant changes [1] - Investors are advised to be cautious of trading risks in the secondary market and to make rational decisions [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]