Core Viewpoint - The Shanghai Airport Group has announced the candidates for the duty-free shop projects at Pudong and Hongqiao International Airports, with the winning bidders being Dufo Ray (Shanghai) Commercial Co., Ltd. and China Duty Free Group Co., Ltd. for the first two segments of the project [1] Group 1 - The project consists of three segments, with the first two segments awarded to the same candidates [1]

批复后我省口岸进出境免税店数量增加至52家，位居全国前列，将为广大口岸通关旅客在粤消费提供便 利的购物场所，降低消费者来粤旅游购物成本，有效促进在粤出入境人数优势转化为在粤购物的消费增 量。 省财政厅有关负责人表示，接下来将继续会同省有关部门指导推动相关地市促进免税店顺利开业运营。 同时，我省将大力支持免税店增加线上预订服务，引进广东特色品牌产品进入免税渠道、开发具有我省 特色的主题免税购物场景，增强免税经济发展活力。 12月4日，省财政厅牵头会同省商务厅、省文化和旅游厅、海关总署广东分署、省税务局等五部门印发 《关于设立部分口岸出境免税店的通知》，批复我省两家出境免税店，其中在广州市南沙邮轮母港口岸 新增设立出境免税店，提升邮轮旅客出行体验，促进粤港澳大湾区邮轮产业发展；同时，同意经营协议 即将到期的广州市白云国际机场T2航站出境免税店继续设立，支持口岸出入境客流较大、历史经营情 况良好的免税店稳定运营，促进出入境旅客消费。 10月30日，财政部等五部委印发通知，首次放宽了免税店审批权限，明确自11月1日起将设立口岸出境 免税店的审批权限下放至省级财政等部门，赋予了地方政府更多免税店管理权限，支持地方因地制 ...

Market Performance - The A-share market showed mixed results, with the Shanghai Composite Index down 0.23% and the Shenzhen Component Index up 0.29% as of the close [1] - The total market turnover was 1.79 trillion yuan, a decrease of 126 billion yuan compared to the previous day [1] Sector Performance - The consumer sector performed actively, with notable gains in retail, duty-free shops, film and television, and precious metals, with respective increases of 2.08%, 3.01%, 1.49%, and 3.38% [1] - In the retail sector, several stocks hit the daily limit, including Yonghui Supermarket and Central Plaza, with increases around 10% [2] - The duty-free shop sector saw stocks like Hainan Development and Zhongbai Group also reach the daily limit [2] - The film and television sector had notable performances, with Bona Film Group hitting a 10% limit and Beijing Culture rising over 3% [2] - Precious metals stocks like Xiaocheng Technology and Hunan Silver saw increases of 13.66% and 3.84%, respectively [2] Economic Indicators - The Consumer Price Index (CPI) rose by 0.7% year-on-year in November, marking the highest level since March 2024 [3] - The Producer Price Index (PPI) increased by 0.1% month-on-month but decreased by 2.2% year-on-year [3] - The retail industry is being positioned as a key focus for developing a complete domestic demand system during the 14th Five-Year Plan period, emphasizing quality and service-driven growth [3]

Group 1 - The duty-free store concept index rose by 3.01%, ranking second among concept sectors, with 24 stocks increasing in value, including Hainan Development, Dongbai Group, and Zhongbai Group hitting the daily limit [1] - Leading stocks in the duty-free sector included Caesar Travel, Hainan Airport, and Dashi Co., which rose by 7.93%, 7.52%, and 7.23% respectively [1] - The stocks with the largest declines were Youa Co., Guangbai Co., and Juran Smart Home, which fell by 2.60%, 2.34%, and 0.94% respectively [1] Group 2 - The duty-free store concept received a net inflow of 1.42 billion yuan from main funds today, with 16 stocks experiencing net inflows, and 9 stocks seeing inflows exceeding 50 million yuan [2] - The stock with the highest net inflow was Bubugao, with a net inflow of 498 million yuan, followed by Hainan Development, Zhongbai Group, and China Duty Free, with net inflows of 328 million yuan, 219 million yuan, and 106 million yuan respectively [2] - The net inflow ratios for Dongbai Group, Bubugao, and Dashi Co. were 74.94%, 64.81%, and 15.03% respectively [3] Group 3 - The top stocks in the duty-free concept based on net inflow included Bubugao, Hainan Development, and Zhongbai Group, with daily price increases of 9.94%, 10.00%, and 9.97% respectively [3][4] - The trading volume and turnover rates for these stocks were significant, with Bubugao having a turnover rate of 6.21% and Hainan Development at 19.62% [3] - Conversely, stocks like Youa Co. and Guangbai Co. experienced declines in both price and net inflow, indicating potential challenges in the market [4]

Group 1 - The core viewpoint is that China Duty Free Group (中国中免) is expected to be a strong contender in the upcoming bidding for duty-free stores at Shanghai Pudong and Hongqiao International Airports, which could enhance its net profit if it bids with 100% ownership [1] - China Duty Free Group has a strong track record in previous airport bids, having won contracts at Beijing Capital Airport and Daxing Airport due to high technical scores, despite not being the top financial bidder [1] - The company is expected to maintain a collaborative relationship with brand partners and airports, which will continue to drive growth in the offshore duty-free segment, especially with new policies potentially increasing market opportunities [1] Group 2 - Morgan Stanley anticipates the results of the duty-free store bids at Shanghai and Beijing airports to be announced soon, with China Duty Free Group currently holding a 51% stake in the operating company Sunrise [2] - Several scenarios have been outlined by Morgan Stanley, with the base case predicting that China Duty Free Group will secure one contract at each airport, leading to stable stock performance [2] - If China Duty Free Group secures contracts at both airports and utilizes its wholly-owned licenses, the stock could rise by 5% to 10%, while simultaneous wins for Sunrise at both airports could result in a stock decline of 5% to 10% [2]

Group 1 - The core viewpoint of the articles highlights the potential for China Duty Free Group (中国中免) to win bids for duty-free stores at Shanghai and Beijing airports, which could significantly enhance its profitability and market position [1][2] - China Duty Free Group's stock price has shown a positive trend, with a 4% increase in the afternoon session, reflecting investor optimism regarding the upcoming bidding results [1] - The company is expected to leverage its strong supply chain, operational capabilities, and talent to secure contracts, similar to its past successes at major airports [1] Group 2 - Morgan Stanley outlines various scenarios regarding the bidding outcomes, with a baseline expectation that China Duty Free Group will secure contracts at both airports, potentially stabilizing its stock price [2] - If the company utilizes its wholly-owned duty-free licenses effectively, it could see a stock price increase of 5% to 10% [2] - Conversely, if Sunrise, the company operating the current duty-free stores, wins contracts at both airports, there could be a potential decline in China Duty Free Group's stock price by 5% to 10% [2]

记者从广东省财政厅获悉，免税店新政实施后，省财政厅组织各地结合实际研究口岸出境免税店设立需 求，指导各地增设一批新的口岸出境免税店，为出入境旅客创造更多的在粤消费购物场景。12月4日， 省财政厅牵头会同省商务厅、省文化和旅游厅、海关总署广东分署、国家税务总局广东省税务局等五部 门印发《关于设立部分口岸出境免税店的通知》，批复我省两家出境免税店，其中在广州市南沙邮轮母 港口岸新增设立出境免税店，提升邮轮旅客出行体验，促进粤港澳大湾区邮轮产业发展；同时，同意经 营协议即将到期的广州市白云国际机场T2航站楼出境免税店继续设立，支持口岸出入境客流较大、历 史经营情况良好的免税店稳定运营，促进出入境旅客消费。 据了解，批复后，广东省口岸进出境免税店数量增加至52家，位居全国前列，将为广大口岸通关旅客在 粤消费提供便利的购物场所，降低消费者来粤旅游购物成本，有效促进在粤出入境人数优势转化为在粤 购物的消费增量。 今年10月30日，财政部等五部委印发《关于完善免税店政策支持提振消费的通知》，首次放宽了免税店 审批权限，明确自11月1日起将设立口岸出境免税店的审批权限下放至省级财政等部门，赋予了地方政 府更多免税店管理权限, ...

据了解，批复后，广东省口岸进出境免税店数量增加至52家，位居全国前列，将为广大口岸通关旅客在粤 消费提供便利的购物场所，降低消费者来粤旅游购物成本，有效促进在粤出入境人数优势转化为在粤购物 的消费增量。 广东省财政厅相关负责人表示，下一步，省财政厅将继续会同省有关部门指导推动相关地市促进免税店顺 利开业运营。同时，大力支持免税店增加线上预订服务，引进广东特色品牌产品进入免税渠道、开发具有 广东特色的主题免税购物场景，增强免税经济发展活力。 南都讯 记者卢婉珊今年10月30日，财政部等五部委印发《关于完善免税店政策支持提振消费的通知》，首 次放宽了免税店审批权限，明确自11月1日起将设立口岸出境免税店的审批权限下放至省级财政等部门， 赋予了地方政府更多免税店管理权限,支持地方因地制宜整合优化免税店布局。口岸出境免税店销售的进口 商品免征关税、进口环节增值税、消费税，国产商品实行退（免）增值税、消费税。 记者从广东省财政厅获悉，免税店新政实施后，省财政厅组织各地结合实际研究口岸出境免税店设立需 求，指导各地增设一批新的口岸出境免税店，为出入境旅客创造更多的在粤消费购物场景。12月4日，省 财政厅牵头会同省商务厅、 ...

（文章来源：每日经济新闻） 每经AI快讯，12月10日，免税店指数盘中上涨2.03%，主要成分股普涨。其中，南宁百货上涨5.97%， 海汽集团上涨4.48%，平潭发展上涨3.16%，大商股份上涨2.86%，王府井上涨2.81%。 ...

Core Viewpoint - The news highlights the potential exit of Sunrise Duty Free (Shanghai) Co., Ltd. from Shanghai Airport after 26 years of operation, as the chairman, appointed by the major shareholder China Duty Free Group, decided not to participate in the bidding for the airport's duty-free project [3][5]. Group 1 - Sunrise Duty Free (Shanghai) is facing a forced exit from Shanghai Airport due to the refusal of four out of seven board members, representing the major shareholder, to approve participation in the bidding [3][5]. - The bidding process for duty-free operations at Shanghai Pudong and Hongqiao International Airports commenced on November 17 and is set to close on December 9 [5]. - Sunrise Duty Free (Shanghai) was established in June 1999 and was the first foreign company to operate airport duty-free shops in China [7]. Group 2 - In 2018, China Duty Free Group acquired a 51% stake in Sunrise Duty Free (Shanghai) for 1.505 billion yuan, becoming the controlling shareholder [7]. - There was a prior agreement stipulating that all duty-free operations at airports in Shanghai and Beijing would be conducted through Sunrise Duty Free [9]. - Sunrise Duty Free currently operates at Beijing Capital International Airport and both terminals of Shanghai Pudong International Airport, as well as Terminal 1 of Shanghai Hongqiao International Airport [9].