Group 1: Tourism Industry - The overall performance of the tourism industry is stable but shows signs of divergence, with growth expected to continue slowing down [1][2] - Domestic travel is experiencing stable growth in visitor numbers, but consumer spending power remains insufficient; cross-border travel is benefiting from visa-free policies and improved capacity [2] - The upcoming long holiday during the Spring Festival in 2026 and the gradual implementation of spring and autumn holidays are expected to boost travel enthusiasm [2] Group 2: Hotel Industry - The hotel industry continues to face pressure, with supply-side expansion leading to increased market competition [3] - Demand remains unfulfilled, and corporate cost control measures are in place, resulting in an average market sentiment [3] - Profit growth for hotel companies is primarily driven by cost reduction and quality improvement, with a recovery in industry sentiment needed for further profit release [3] Group 3: Restaurant Industry - The restaurant market is experiencing a slowdown in growth due to various factors affecting consumer spending [4] - Competition is shifting from price wars to more rational approaches, with average spending per customer stabilizing [4] - Companies need to focus on improving their operational efficiency to navigate the current market conditions [4] Group 4: Duty-Free Industry - The duty-free sector is showing marginal improvements in industry sentiment, with sales growth turning positive in September 2025 [5] - The upcoming closure of Hainan Island is expected to enhance the advantages of duty-free operators, benefiting from free trade port policies [5] - The expansion of visa-free policies and the recovery of international flight capacity are driving growth in international customer traffic [5] Group 5: Human Resources Industry - The human resources industry is maintaining growth, driven by flexible employment and outsourcing [6] - Despite a lack of confidence in the recruitment market, key companies are performing well in outsourcing and flexible employment sectors [6] - Future revenue growth will depend on the operational efficiency of companies [6] Group 6: Exhibition Industry - The exhibition sector is experiencing performance divergence, with domestic exhibitions benefiting from an improving business environment [7] - Companies should focus on stable growth in internal business and actively engage in emerging industries [7] - International exhibitions face challenges due to geopolitical instability, requiring careful monitoring [7]

Group 1 - The report maintains a "stronger than market" rating for the social service sector, highlighting the recovery of service consumption as a new engine for expanding domestic demand, supported by continuous policy benefits [2][3][17] - The report emphasizes the importance of optimizing the holiday system to stimulate travel demand, with the upcoming long Spring Festival holiday expected to enhance travel willingness and extend travel distances [37][38] Group 2 - In the tourism sector, domestic travel continues to grow, with 888 million domestic trips taken during the National Day and Mid-Autumn Festival holidays, reflecting a 1.6% year-on-year increase, although per capita spending remains under pressure [23][27] - The cross-border travel market is heating up due to visa-free policies and improved flight capacity, with 1.78 billion inbound and outbound travelers recorded in Q3 2025, a 12.9% year-on-year increase [27][29] - The report suggests focusing on companies with clear long-term growth logic and project reserves, such as Changbai Mountain, Huangshan Tourism, and Lijiang Co., while also highlighting the potential of travel agencies like Lingnan Holdings and Zhongxin Tourism [40] Group 3 - The hotel industry is currently under pressure, with demand yet to be fully released, and companies are focusing on cost control and efficiency improvements to sustain profit growth [5][14] - The restaurant sector is experiencing a slowdown in market growth, with competition becoming more rational, leading to a stabilization in average spending per customer [5][17] - The duty-free industry shows signs of marginal recovery, with sales in Hainan's offshore duty-free market turning positive year-on-year, benefiting from the upcoming closure of Hainan Island and the advantages of duty-free licenses [5][19] Group 4 - The human resources service industry continues to grow, driven by flexible employment and outsourcing, although overall recruitment confidence remains low [5][23] - The exhibition industry is expected to benefit from a warming business environment, while international exhibitions need to be monitored due to geopolitical changes [5][23]

（文章来源：证券日报） 证券日报网讯 12月8日，中国中免在互动平台回答投资者提问时表示，公司围绕"首店经济、新品首 发、全域营销、服务升级"四大维度同步发力，通过首店集聚、限量首发、场景焕新与多品牌联动，构 建多层次、强体验的"免税+文旅"消费新生态。国庆中秋假期，中免海南区域六店累计接待顾客超45万 人次，销售额突破8亿元。 ...

证券日报网讯 12月8日，中国中免在互动平台回答投资者提问时表示，公司非常重视股东权益，并通过 聚焦主业，提升经营效率和盈利能力，为股东带来长期稳定的回报。公司2024年度现金分红比例进一步 提升至50.91%。 （编辑 任世碧） ...

本次权益分派股权登记日为：2025年12月15日，除权除息日为：2025年12月16日。 格隆汇12月8日丨中国中免(601888.SH)发布2025年前三季度权益分派实施公告，本次利润分配以方案实 施前的公司总股本20.69亿股为基数，每股派发现金红利人民币0.25元（含税），共计派发现金红利人民 币5.17亿元（含税）。 ...

Core Viewpoint - The report from CICC highlights that China Duty Free Group (CDFG) is the most competitive bidder for the duty-free shops at Shanghai's Pudong and Hongqiao airports, with the bidding process initiated on November 17 and opening on December 9 [1] Group 1: Competitive Position - CDFG's core competitive advantages include scale, supply chain, operations, channels, and talent [1] - Historical examples include CDFG winning bids at Beijing Capital Airport T3 and Daxing Airport despite not having the highest financial scores, due to superior technical scores [1] - CDFG's market share has increased in Hainan over the past few years, demonstrating its competitive strength [1] Group 2: Growth Potential - The growth rate of offshore duty-free sales is accelerating, with new policies expected to bring additional growth potential [1] - CICC has raised the target prices for CDFG's A/H shares by 13% and 18% to 93 RMB and 86 HKD, respectively, reflecting a corresponding P/E of 35x and 29x for 2026, indicating a potential upside of 15% and 16% [1]

中金公司研报指出，根据中国招标投标公共服务平台，上海机场11月17日开启浦东、虹桥国际机场进出 境免税店招标，开标时间为12月9日。中免仍为最有竞争力投标方，若用100%持股主体投标有利于增厚 归母净利润。认为规模、供应链和运营、渠道、人才是中免的核心竞争力，中免2018-19年在首都机场 T3和大兴机场香化精品标段招标中财务分并非第一却由于技术分高最终中标、及过去几年在海南竞争 中市占率提升均是例证。预计中免与品牌方和机场的协同共赢关系能够持续。离岛免税增速提速，关注 新政策带来的增量潜力。当前A/H股股价对应31x/25x 26e P/E。维持"跑赢行业"评级，考虑新政策带来 的增量潜力，上调A/H目标价13%/18%至93元/86港币，对应35x/29x 26e P/E和15%/16%上行空间。 ...

Core Viewpoint - The A-share market has seen active performance in sectors such as hotels, airlines, and duty-free, leading to a rebound in the tourism sector, with the tourism ETF (562510) turning from decline to growth [1] Group 1: Market Performance - The tourism sector experienced a significant uplift, with notable gains in stocks such as Nanjing Tourism, Hainan Airport, Jinling Hotel, China Eastern Airlines, China Duty Free, and Junting Hotel [1] - Nanjing Tourism, the only listed platform under Nanjing Cultural Tourism, is set to hold an online roadshow for its Q3 2025 earnings on December 15 [1] Group 2: Hainan Development - With the countdown to the full closure of Hainan Island, the Hainan concept stocks have shown active performance [1] - According to Huaxi Securities, the post-closure phase for Hainan is expected to usher in a new development stage, with accelerated economic growth anticipated due to trade facilitation, tax incentives, and relaxed regulations [1]

Core Viewpoint - Recent policies have significantly enhanced the presence of domestic products in duty-free stores, transforming them into platforms for showcasing Chinese brands and cultural heritage [1][2]. Policy Developments - On October 17, the Ministry of Finance announced adjustments to the duty-free shopping policy for travelers in Hainan, allowing certain domestic products to be sold in duty-free stores [1]. - On October 30, a notification was released to support consumption by mandating that at least 25% of the sales area in duty-free stores be allocated for domestic products [1]. - On November 26, a plan was issued to promote the entry of high-quality domestic products and cultural heritage items into duty-free stores, along with optimizing the tax refund process for travelers [1]. Challenges for Domestic Products - Domestic products face three main challenges in establishing a foothold in the duty-free market: 1. Insufficient product adaptability to international consumer preferences and travel shopping scenarios [2]. 2. Weak bargaining power in distribution channels, with international brands dominating prime shelf space [2]. 3. Low brand recognition, as many domestic products lack a compelling international narrative, making it difficult to compete with established global brands [2]. Strategic Recommendations - Product positioning should focus on understanding international consumer preferences and optimizing designs to meet travel shopping needs, such as creating portable versions of cultural products [3]. - Deepening channel operations is crucial, including partnerships with leading duty-free operators and utilizing online booking combined with offline pickup to enhance consumer experience [3]. - Brand value should be communicated through immersive experiences in duty-free stores and leveraging international platforms to promote the cultural and innovative aspects of domestic products [3]. Conclusion - Duty-free channels provide a low-risk environment for domestic brands to test and showcase their products internationally, supported by favorable policies [4]. The success of domestic products in this space will depend on their product quality, channel management, and brand strength, marking a significant step in the evolution of Chinese brands and the economy [4].

Core Insights - The recent policy changes by the Ministry of Finance, Ministry of Commerce, and other departments aim to enhance the duty-free shopping experience and stimulate consumer spending starting from November 1, 2025 [1] Group 1: Policy Changes and Market Impact - The new duty-free store policy allows for more flexible approval processes, enabling greater autonomy in the establishment and scaling of duty-free shops [2] - The policy simplifies the approval processes for setting up and operating duty-free stores, which is expected to improve efficiency and adapt to local market conditions [2][4] Group 2: Consumer Experience and Product Offerings - Newly opened duty-free stores are incorporating local cultural elements and offering a range of domestic products, including traditional Chinese brands and cultural items [3] - The introduction of a "national trend" section in duty-free stores aims to promote Chinese products and enhance their international competitiveness [4] - The new policy encourages duty-free stores to allocate at least 25% of their sales area to domestic products, further supporting the "going global" strategy for Chinese goods [4] Group 3: Shopping Experience Enhancements - The new regulations include online reservation services for duty-free products, allowing travelers to pre-order items based on their travel itineraries [4] - This initiative aims to improve the shopping experience by ensuring that products are ready for pickup at designated locations, catering to the needs of travelers [4]