Investment Rating - The report maintains a "Recommend" rating for the consumer services industry, highlighting optimism about service consumption potential [1]. Core Viewpoints - The Central Economic Work Conference emphasized the importance of domestic demand and plans to implement measures to boost consumption, including a focus on enhancing the supply of quality goods and services [4]. - The report suggests that service consumption is expected to be a key driver for domestic demand in 2026, with potential growth in holiday policy optimization and consumption voucher issuance [4]. - Key investment targets include hotels, human resources services, duty-free sectors, gaming companies, internet platforms, integrated tea dining, innovative tourism sites, and the sports sector [4]. Industry Basic Data - The consumer services industry comprises 55 listed companies with a total market capitalization of 498.804 billion yuan and a circulating market capitalization of 457.081 billion yuan [1]. Relative Index Performance - The consumer services sector experienced a decline of 0.76% this week, while the overall A-share market rose by 0.27% and the CSI 300 index fell by 0.08% [7]. - The sector's performance over the past month shows a relative underperformance compared to the CSI 300 index [2][7]. Weekly Industry Insights - The report notes that the social services sector's stock performance was mixed, with notable gains in companies like China High-Tech and China Oriental Education, while others like Haidilao and Wanda Hotel Development faced declines [4][19]. - The report also highlights significant announcements from various companies, including share buybacks and management changes [34]. Upcoming Shareholder Meetings - Several companies in the consumer services sector have scheduled shareholder meetings in the coming month, including Long White Mountain and Chongqing Department Store [35].

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [14]. Core Insights - The recent bidding results for duty-free shops at Shanghai Airport show that China Duty Free Group and Dufry have won the bids, which is expected to enhance competition and operational vitality in the duty-free sector. The rental agreement has been optimized to a base fee plus a low commission model, which is anticipated to encourage duty-free operators to expand sales in port channels and reduce costs, benefiting both operators and the airport [1][3]. - The upcoming closure of Hainan and the continuous policy support across various channels, along with the optimized rental agreements at key ports, present multiple advantages for the duty-free industry. The report suggests focusing on the leading duty-free operator, China Duty Free Group, and notes that Wangfujing, as a state-owned enterprise in Beijing, is also expected to participate in the bidding and expand its port channel business [3]. Summary by Sections Bidding Results - Shanghai Airport announced the candidates for the duty-free shop bids, with Dufry winning the bid for the T1 and S1 satellite hall at Pudong Airport, and China Duty Free Group winning the T2 and S2 satellite hall and the T1 international section at Hongqiao Airport. The monthly fixed fees for the winning bids are 3,141 RMB/m²/month for Dufry, 3,090 RMB/m²/month for China Duty Free Group at Pudong T2, and 2,827 RMB/m²/month for China Duty Free Group at Hongqiao T1, with commission rates ranging from 8% to 24% [5][8]. Competitive Landscape - The introduction of foreign operators is expected to invigorate the duty-free market at ports, breaking the previous exclusive operating model. Dufry, backed by the world's largest travel retailer, is anticipated to enhance competition and operational efficiency in the duty-free sector [5][8]. Financial Implications - The new contracts feature a fixed fee plus a floating commission model, which is expected to lower the commission rates compared to previous agreements. The annual base fees remain stable, with Pudong T1 at 300 million RMB, Pudong T2 at 330 million RMB, and Hongqiao T1 at 70 million RMB. This new structure is likely to encourage duty-free operators to increase sales volume, effectively diluting fixed costs and promoting brand expansion [5][8].

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 ...

12月11日，上海机场新一期免税店特许经营权招标结果公布，在上海机场运营免税店长达26年的日上免税行（上海）有限公司（下称"日上上海"）最终无 缘续签，中标方为全球免税巨头杜福睿和国内免税龙头中免集团。 大股东令日上出局 今年11月，上海机场集团对未来8年（2026年1月1日—2033年12月31日）的免税店特许经营权进行招标，主要涉及浦东和虹桥机场三个航站楼的进出境免 税店项目三个标段。 根据中标公示，中免集团拿下上海浦东国际机场T2航站楼及S2卫星厅国际区域，以及上海虹桥国际机场T1航站楼国际区域两个标段的进出境免税店的运营 资格。杜福睿则中标上海浦东机场T1航站楼及S1卫星厅国际区域的进出境免税店运营，此次中标也是其首次大规模进入中国机场的免税领域。 值得注意的是，此前一直运营上海机场免税店业务的日上上海，此次无缘续签，原因是未能获得公司大股东支持投标，而日上上海目前的控股股东，正是 中免集团。 目前，日上上海由中免集团控股约51%，其余的股份由外资创始股东佰瑞投资有限公司和上海机场全资子公司持有。 2025年12月6日，日上上海召开董事会，中免委派的4名董事，投票否决了日上参与竞标上海机场免税店。 在 ...

12月11日，上海机场新一期免税店特许经营权招标结果公布，在上海机场运营免税店长达26年的日上免税行（上海）有限公司（下称"日上上海"）最终无缘 续签，中标方为全球免税巨头杜福睿和国内免税龙头中免集团。 大股东令日上出局 今年11月，上海机场集团对未来8年（2026年1月1日—2033年12月31日）的免税店特许经营权进行招标，主要涉及浦东和虹桥机场三个航站楼的进出境免税 店项目三个标段。 根据中标公示，中免集团拿下上海浦东国际机场T2航站楼及S2卫星厅国际区域，以及上海虹桥国际机场T1航站楼国际区域两个标段的进出境免税店的运营 资格。杜福睿则中标上海浦东机场T1航站楼及S1卫星厅国际区域的进出境免税店运营，此次中标也是其首次大规模进入中国机场的免税领域。 值得注意的是，此前一直运营上海机场免税店业务的日上上海，此次无缘续签，原因是未能获得公司大股东支持投标，而日上上海目前的控股股东，正是中 免集团。 目前，日上上海由中免集团控股约51%，其余的股份由外资创始股东佰瑞投资有限公司和上海机场全资子公司持有。 2025年12月6日，日上上海召开董事会，中免委派的4名董事，投票否决了日上参与竞标上海机场免税店。 在 ...

Group 1 - The core viewpoint of the article is that Shanghai Airport has announced a tender for duty-free shops at both Pudong and Hongqiao International Airports, with the bid submission deadline set for this Tuesday (9th) [1] - Companies participating in the bidding include China Duty Free Group, Wangfujing, and a subsidiary of Avolta Group [1] - CICC maintains its profit forecast for China Duty Free Group and keeps its "outperform" rating unchanged, while raising the target price to HKD 86, indicating confidence in the company's competitiveness [1]

A股免税概念板块周三走强 中新社北京12月10日电 (记者 陈康亮)中国A股10日(周三)总体表现平稳，主要股指涨跌互现。板块方 面，免税概念板块当天涨幅居前，表现亮眼。 根据金融数据服务商东方财富的统计，免税概念板块当天录得3.72%的涨幅，领涨A股所有概念板块。 个股方面，海南发展、中百集团、海南高速、步步高当天股价收获涨停板(涨幅约10%)。 消息面上，今年12月18日，海南自贸港将启动全岛封关运作，实施更加优惠的货物"零关税"政策、更加 宽松的贸易管理措施、更加便利的通行措施、更加高效精准的监管模式。另据统计，11月1日至30日海 南离岛免税升级政策实施首月，海南离岛免税购物金额达23.8亿元(人民币，下同)，同比增长27.1%。 兴业证券分析师代凯燕表示，在高端消费回暖、海南迎来旅游旺季等因素影响下，近期海南离岛免税销 售增长势头正盛。考虑到当前行业基本面呈回升态势，且未来仍有政策利好，看好免税板块前景。 就当天A股主要指数的表现而言，截至收盘，上证指数报3900点，跌幅为0.23%；深证成指报13316点， 涨幅为0.29%；创业板指报3209点，跌0.02%。沪深两市成交总额约17785亿元，较 ...

二、当日热点 1.海南自贸港 一、行情回顾 市场全天探底回升，三大指数涨跌互现。海南板块集体爆发，海马汽车、海南高速等近10股涨停。房地产板块午后走强，万科A、华夏幸福等涨停。光通信 概念延续涨势，长飞光纤、中瓷电子等涨停。零售概念表现活跃，永辉超市3连板，茂业商业、中央商场2连板。下跌方面，福建板块冲高回落，海欣食品跌 停。个股跌多涨少，沪深京三市超2800股飘绿，今日成交1.79万亿。 海南自贸港今日反弹大涨，海南发展、罗牛山、海南瑞泽等多股涨停。 2.房地产 房地产板块午后开盘爆发，万科A、世联行、财信发展等多股涨停。 据智通财经报道，12月10日，中共海南省委关于制定国民经济和社会发展第十五个五年规划的建议发布。其中提出，推动"买全球精品"。促进免税购物提质 升级，进一步挖掘国潮、海南独家、科技新品等供给，有序构建"离岛免税+岛内居民日消品免税+跨境电商"多层次供给格局。持续提升中国国际消费品博 览会的规模和影响力。 | 股票名称 | | 最新价 = | 涨跌幅 = | 涨停时间 = | 换手率 = | 流通市值 = | | | --- | --- | --- | --- | --- | --- | ...

Group 1 - The global macroeconomic environment has gradually improved since 2025, leading to a steady upward trend in the A-share market, with major indices like the CSI 300 and ChiNext Index rising over 20% [2] - The technology, consumer, and new energy sectors have been the main drivers of this market rally, with daily trading volume increasing by approximately 15% compared to the same period last year [2] - Equity funds have benefited from asset value growth and optimized investment strategies, with average returns for equity mixed funds exceeding 25% this year, and some thematic funds, such as those focused on artificial intelligence and high-end manufacturing, seeing gains over 40% [2] Group 2 - The Dachen Yuexiang Life Mixed A fund, managed by Qi Weizhong, has underperformed despite the bullish market, with a return of -12.18% since its inception on December 10, 2021 [5] - The fund's heavy allocation to traditional consumer sectors like liquor and duty-free has not performed well, as these sectors face demand ceilings, while emerging consumption areas have not been adequately represented in the portfolio [5] - The fund's performance has been negatively impacted by the weakening competitive edge of some leading companies in its holdings, while new consumer brands have rapidly gained market share [5] Group 3 - The Dachen Consumption Selected Stock A fund has also struggled, with a return of -18.82% since its inception on May 24, 2021, and a year-to-date return of 16.55% [18] - The fund has seen a consistent decline in its asset size, with net assets decreasing to 2.69 billion yuan by September 30, 2025, due to ongoing redemptions [30] - The fund's investment strategy has been criticized for not adapting to the significant changes in the consumer industry, necessitating a reassessment of its thematic focus and investment approach [5][30]

炒股的朋友可以免费领取福利，具体看这里。 要闻精选与涉及板块 1. 中央政治局会议：明年经济工作要坚持稳中求进、提质增效，更好统筹国内经济工作和国际经贸斗 争，更好统筹发展和安全；继续实施更加积极的财政政策和适度宽松的货币政策，发挥存量政策和增量 政策集成效应。 【涉及板块】整个市场流动性无忧，这是市场走牛的必备前提之一 2. 央视新闻：进入冬季，多地中小学生相继迎来"雪假"出游热度高涨。11月29日至12月7日"雪假"期 间，从乌鲁木齐和阿勒泰出发的机票预订量显著增长。从乌鲁木齐出发的机票预订量环比11月15日至23 日增长45%，而从阿勒泰出发的机票预订量环比增长48%，尤其飞往南方温暖城市的航线更受欢迎。 【涉及板块】AI应用概念 5. 税务总局：前11个月，办理离境退税的境外旅客数量同比增长285%，退税商品销售额和退税额同比 增长98.8%。截至11月底，全国离境退税商店已达12252家，提供"即买即退"服务的商店超7000家。 【涉及板块】免税概念 6. 证券时报：临近年末，跨年行情预期升温。但公募在跨年布局上则各有各的"心思"，浮盈明显的基金 想保存收益平稳收尾，前期回报不明显的基金则想最后再冲 ...