Core Viewpoint - The China Securities Index Retail Index has shown mixed performance, with a recent increase over the past month but a decline year-to-date, indicating potential volatility in the retail sector [2]. Group 1: Index Performance - The China Securities Index Retail Index has increased by 2.41% over the past month and 1.95% over the past three months, but has decreased by 6.91% year-to-date [2]. - The index is designed to reflect the overall performance of different industry companies within the China Securities Index sample, categorized into various levels of industries [2]. Group 2: Index Composition - The top ten weighted companies in the China Securities Index Retail Index include Yonghui Supermarket (10.08%), China Duty Free Group (9.29%), and Digital China (9.03%) [2]. - The index's holdings are primarily from the Shenzhen Stock Exchange (52.44%) and the Shanghai Stock Exchange (47.56%) [2]. - The composition of the index by industry shows that general retail accounts for 47.58%, specialized retail for 27.01%, internet retail for 16.12%, and tourism retail for 9.29% [2]. Group 3: Sample Adjustment - The index sample is adjusted biannually, with changes 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 significant events affecting sample companies [3].

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]

Important Market News - The Ministry of Commerce and six other departments announced a notification to optimize the departure tax refund policy, lowering the threshold for tax refunds to 200 RMB for foreign travelers purchasing eligible goods [1] - The notification aims to enhance the supply of tax refund products, encouraging stores to offer a wider range of quality products, including traditional brands and cultural items [1] Industry Insights - UBTECH announced significant progress in its collaboration with major automotive manufacturers, signing a procurement contract for industrial humanoid robots, marking the first small-scale purchase of humanoid robots for manufacturing [2] - The humanoid robot market is expected to grow rapidly, with projections indicating it could exceed one trillion RMB in the next five years, driven by advancements in AI and technology [2] - The Chinese government is focusing on strengthening AI development and regulation, emphasizing breakthroughs in foundational theories and technologies [3] - Shenzhen has successfully deployed an AI governance assistant, improving efficiency in over 240 government scenarios by more than 20% [3] - The Ministry of Commerce's notification on departure tax refunds is expected to stimulate inbound tourism and consumer spending, enhancing the overall economic development [4] - The State Council approved multiple nuclear power projects, including five projects and ten new units, with a total investment exceeding 200 billion RMB [5] - The approval of these nuclear projects is seen as a significant boost to the economy, with potential benefits for companies in the nuclear power supply chain [5]

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 ...

4月16日，有消息指欧莱雅中国旅游零售部门裁员，比例或多达50%。对此，欧莱雅方面向 南都记者澄清，消息中指"欧莱雅中国旅游零售部门裁员"表述有误，欧莱雅中国没有旅游零 售部门，应为欧莱雅旅游零售部门。同时欧莱雅方面表示"此前报道有失真实"，但并未否认 计划裁员。 欧莱雅对南都记者回应："应对旅游零售市场的快速变化，欧莱雅旅游零售业务正积极推进转型，以加 速业务增长。我们进行此次转型，旨在提升我们对市场变化和消费者需求的响应速度，为消费者构建更 敏捷、高效的服务体系。我们始终致力于支持员工，并积极为受影响的员工寻求发展机遇。在此，我们 感谢您的问询，并且确认此前报道有失真实。我们对旅游零售美妆行业的未来发展满怀信心，新模式将 助力我们不断创新、突破零售局限，重塑消费者在美妆消费旅程中的体验。" 南都记者亦通过欧莱雅方面向其旅游零售部门求证，截至发稿前未收到该部门回复。 据南都此前报道，欧莱雅2月7日发布2024年年度财报，销售额增长5.1%至434.8亿欧元创历史新高，营 业利润率达到创纪录的20%，营业利润86.88亿欧元，同比增长6.7%。财报显示，除北亚区外所有市场 实现同比增长，北亚区销售额同比下降3 ...

亚洲市场的旅游零售渠道业绩下滑是各大国际美妆集团在财报中提及的问题。 雅诗兰黛集团2025财年第二季度财报称，其护肤业务受亚太地区整体零售环境和亚洲旅游零售业务的影 响，净销售额在其四大业务板块中下滑幅度最大。雅诗兰黛集团总裁兼首席执行官司泰峰称，就旅游零 售业务而言，该集团未来将更深入且紧密地与当地市场开展协同工作。此外，日本化妆品公司资生堂集 团将于2025年继续推进的全球结构性改革措施中，"强化中国及旅游零售一体化运营"被列为其改革措施 中的一环。 （原标题：欧莱雅中国正推进旅游零售业务转型） 有市场消息称，欧莱雅中国旅游零售部门将裁员，比例或达50%。针对这一传闻，欧莱雅中国于4月16 日回复经观察报称，该消息有失真实。但欧莱雅中国的确为应对旅游零售市场的快速变化，推进旗下旅 游零售业务的转型，以加速业务增长。 欧莱雅中国称，此次转型旨在提升欧莱雅中国对市场变化和消费者需求的响应速度，为消费者构建更敏 捷、高效的服务体系，"新模式将助力欧莱雅不断创新、突破零售局限，重塑消费者在美妆消费旅程中 的体验"。但针对新模式的具体情况及裁员细节，截至发稿，欧莱雅中国暂未作说明，只表示会为受影 响的员工积极寻求发 ...

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 ...