证券之星消息，1月28日旅游零售板块较上一交易日下跌1.06%，中国中免领跌。当日上证指数报收于 4151.24，上涨0.27%。深证成指报收于14342.9，上涨0.09%。旅游零售板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | --- | | 601888 | 中国中免 | 89.84 | -1.06% | | 45.15万 | | 40.75 Z | | 代码 名称 主力净流入 (元) 主力净占比 游资净流入 (元) 游资净占比 散户净占比 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 601888 中国中免 | -3.67 Z | -9.01% | 3.17(Z | 7.77% | 5071.31万 | 1.24% | | 学历日十六石,八丁学历书日中国 门/十分 女 女 下 中 中 八 小 | | | | | | | 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备 ...

证券之星消息，1月27日旅游零售板块较上一交易日下跌2.01%，中国中免领跌。当日上证指数报收于 4139.9，上涨0.18%。深证成指报收于14329.91，上涨0.09%。旅游零售板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | --- | | 601888 | 中国中免 | 90.80 | -2.01% | | 45.87万 | | 41.62亿 | | 代码 名称 主力净流入（元） 主力净占比 游资净流入（元） 游资净占比 散户净占比 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 601888 中国中免 | -3.71ZZ | -8.91% | 2.17亿 | 5.20% | 1.54亿 | 3.71% | | WHO == ' > TT == ( \ TT == L == ' = ( ) ( + < > + | | | | | | | 以上内容为证券之星据公开信息整理，由AI算 ...

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2026-01-27 宏观策略 [Table_MacroStrategy] 宏观量化经济指数周报 20260126：二手房销售景气度明显回暖 2026 年"经济开门红"的可能性仍在提升 海外周报 20260126：海外宏观与交易复盘：特朗普再度"TACO"，金银 续创新高 核心观点：本周海外市场由特朗普针对格陵兰岛的关税威胁及其后 "TACO"行为、以及日本财政风波所主导，贵金属和大宗商品领涨，全 球股票、债券和美元指数表现不佳，其中美国一度遭遇股债汇三杀，随后 在特朗普"TACO"、以及延续稳健的美国经济数据后回暖。下周关注可 能公布的美联储主席人选，以及美国政府关门风波。我们认为，在中期选 举临近的当下，两党大概率将致力于避免政府停摆，且即使政府停摆，其 影响相较去年 11 月也更小。 金融产品周报 20260125：持续看多，关注周期行业的长期机会 市场行情展望：（2026.1.26-2026.1.30） 观点：持续看多，关注周期行业 的长期机会 1 月整体走势判断：2026 年 1 月，宏观择时模型的月度评 分是 0 分，历史上该分数万得全 A 指数后 ...

从资金流向上来看，当日旅游零售板块主力资金净流出1.84亿元，游资资金净流入2.62亿元，散户资金净 流出7816.6万元。旅游零售板块个股资金流向见下表： 证券之星消息，1月26日旅游零售板块较上一交易日下跌0.71%，中国中免领跌。当日上证指数报收于 4132.61，下跌0.09%。深证成指报收于14316.64，下跌0.85%。旅游零售板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | --- | | 601888 | 中国中免 | 92.66 | -0.71% | | 57.67万 | | 54.12 亿 | | 代码 名称 主力净流入 (元) 主力净占比 游资净流入 (元) 游资净占比 散户净占比 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 601888 中国中免 | -1.84/Z 7 | -3.41% | 2.62亿 | 4.85% | -7816.60万 | -1.44% ...

Investment Rating - The industry is rated as "Outperforming the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [2][49]. Core Insights - The social service sector has shown steady growth in consumer retail sales, with a 3.7% year-on-year increase in 2025, reaching a total of 50.12 trillion yuan. Urban retail sales grew by 3.6%, while rural sales increased by 4.1% [5][30]. - The sector experienced a 4.78% increase in the first two trading weeks of 2026, ranking 8th among 31 industries in the Shenwan classification [2][13]. - The introduction of duty-free shops at 41 ports is expected to enhance consumer spending and support the recovery of the tourism and retail sectors [5][30]. Summary by Sections Market Review & Industry Dynamics - The social service sector outperformed the CSI 300 index by 5.97 percentage points during the first two weeks of 2026, with notable increases in sub-sectors such as professional services (+7.65%) and hotel and catering (+4.75%) [2][13][17]. - The overall consumer spending and income levels are on the rise, with per capita disposable income reaching 43,377 yuan, a 5.0% increase year-on-year [5][30]. Investment Recommendations - Companies with strong growth potential in the travel and related industries are recommended for investment, including Tongcheng Travel, Huangshan Tourism, and Lijiang Co. [5][42]. - The report suggests focusing on hotel brands like Jinjiang Hotels and ShouLai Hotels, which are expected to benefit from the recovery of business travel and increased market share [5][42]. - Companies in the cross-border tourism market, such as China Duty Free Group and Wangfujing, are also highlighted due to the anticipated recovery in airport duty-free sales [5][42]. Company Dynamics & Announcements - The report notes significant developments, such as the establishment of new duty-free shops at 41 ports, which is expected to boost consumer spending [30]. - Other company-specific news includes the restructuring plans of Huazhong Hotel and the financial support initiatives by Lingnan Holdings to enhance operational capabilities [30].

Group 1 - The core point of the news is that China Duty Free Group (CDFG) announced its subsidiary, CDF International, plans to acquire DFS's equity and assets related to the Greater China travel retail business for a maximum of $395 million in cash [1] - CDFG will issue up to 7.33 million H shares to LVMH's subsidiary Delphine SAS and the Miller family's trust Shoppers Holdings HK at a price of HKD 77.21 per share, raising up to approximately HKD 924 million [1][2] - The acquisition marks CDFG's first cross-border merger, aiming to strengthen its position in the Hong Kong and Macau duty-free market and enhance its international strategy by integrating DFS's member, brand, and store resources [1] Group 2 - DFS, established in 1960, is a leading global luxury travel retailer with significant presence in major airports and city centers, particularly in the Greater China region where it operates 9 stores [1] - In 2024, the 9 DFS stores in Hong Kong and Macau generated revenue of CNY 4.15 billion and a net profit of CNY 130 million, resulting in a price-to-earnings (PE) ratio of 25 based on the acquisition price [1] - The sales performance of Hainan's offshore duty-free market remains strong, with a projected sales figure of CNY 3.42 billion for December 2025, reflecting a year-on-year increase of 17% [2] Group 3 - CDFG's strategic partnership with LVMH is expected to deepen cooperation in the Greater China region, with LVMH holding 0.35% and the Miller family holding 0.22% post-share issuance [2] - The company has adjusted its profit forecasts for 2025-2027, estimating net profits of CNY 3.87 billion, CNY 5.22 billion, and CNY 5.81 billion respectively, with corresponding PE ratios of 50, 37, and 33 [3] - The overall market outlook for CDFG remains positive, driven by favorable policies and the anticipated growth of sales from both offshore and onshore duty-free stores [3]

Group 1 - The core viewpoint of the article highlights that China Duty Free Group (CDFG) is acquiring DFS in Greater China and deepening strategic cooperation with LVMH, indicating a strong market position in tourism retail [1] - CDFG is positioned as a leader in the tourism retail market, benefiting from the high demand for duty-free sales following the closure of Hainan Free Trade Port, with relevant policies being introduced to support growth [1] - The report anticipates a turning point in the fourth quarter for offshore duty-free sales, which have faced challenges in the first three quarters, leading to an adjustment in profit expectations for the company [1] Group 2 - The projected net profit attributable to the parent company for 2025-2027 is estimated to be 3.87 billion, 5.22 billion, and 5.81 billion yuan respectively, revised from previous estimates of 4.33 billion, 5.00 billion, and 5.52 billion yuan [1] - The corresponding price-to-earnings ratios are expected to be 50, 37, and 33 times for the years 2025, 2026, and 2027 [1] - The investment rating for the company remains at "Buy" [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights the acquisition of DFS's Greater China operations by the company, which aims to deepen strategic cooperation with LVMH [8] - The acquisition is expected to enhance the company's position in the Hong Kong and Macau duty-free market, integrating DFS's resources to expand international channels [8] - The company anticipates a recovery in sales due to favorable policies and the opening of new duty-free stores, projecting a significant increase in net profit in the coming years [8] Financial Projections - Total revenue is projected to be 67.54 billion yuan in 2023, with a year-on-year growth of 24.08%, followed by a decline in 2024 to 56.47 billion yuan, and a gradual recovery thereafter [1] - Net profit attributable to the parent company is expected to be 6.71 billion yuan in 2023, with a growth rate of 33.46%, declining to 4.27 billion yuan in 2024, and then recovering to 5.81 billion yuan by 2027 [1] - The latest diluted EPS is forecasted to be 3.25 yuan in 2023, decreasing to 2.06 yuan in 2024, and gradually increasing to 2.81 yuan by 2027 [1] Market Data - The closing price of the company's stock is 93.32 yuan, with a market capitalization of approximately 193.07 billion yuan [5] - The price-to-earnings ratio (P/E) is projected to be 28.76 for the current price and latest diluted earnings [1] Strategic Developments - The company is set to strengthen its presence in the Hong Kong and Macau markets through the acquisition of DFS, which has a significant brand presence and strategic locations [8] - The partnership with LVMH is expected to facilitate further collaboration across various channels, enhancing the company's competitive edge [8]

2026 年 01 月 26 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 67,540 | 56,474 | 55,174 | 61,618 | 66,074 | | 同比（%） | 24.08 | (16.38) | (2.30) | 11.68 | 7.23 | | 归母净利润（百万元） | 6,714 | 4,267 | 3,865 | 5,222 | 5,813 | | 同比（%） | 33.46 | (36.44) | (9.42) | 35.11 | 11.31 | | EPS-最新摊薄（元/股） | 3.25 | 2.06 | 1.87 | 2.52 | 2.81 | | P/E（现价&最新摊薄） | 28.76 | 45.25 | 49.95 | 36.97 | 33.21 | [Table_Tag] [Table_Summary] 投资要点 证券研究报告·公司点评报告·旅游零售Ⅱ 中国中 ...

Group 1 - Huaxing Capital has established an M&A team since 2009 to provide comprehensive advisory services for innovative economy enterprises in China and globally, amidst a growing demand for M&A in the current uncertain market [1] - China Duty Free Group (601888.SH) plans to acquire DFS's retail business in Greater China for up to $395 million, enhancing its presence in the Hong Kong and Macau tourism retail market and deepening strategic cooperation with LVMH [3] - Jianghuai Microelectronics (603078.SH) announced that its controlling shareholder will transfer 23.96% of shares to Fuxun Technology for a total consideration of 1.848 billion yuan, changing the controlling shareholder to Shanghai Fuxun Technology [4] - Rongsheng Xintai intends to acquire control of Tian Sheng New Materials (300169.SZ) by purchasing 6.29% of shares for approximately 131 million yuan, aiming for a total holding of 18.75% [5] - Honglida (688330.SH) plans to use 341 million yuan of raised funds to acquire 50.93% of Zhongteng Microgrid, enhancing its capabilities in the power sector [6] - WuXi AppTec (2268.HK) has launched a voluntary conditional cash offer for all issued shares of Dongyao Pharmaceutical (1875.HK) at HKD 4.00 per share, with a total consideration of approximately HKD 2.79 billion, aimed at expanding its manufacturing capacity in China [7] - Lianjian Technology (301115.SZ) intends to acquire 55% of Zhongding Testing for 101 million yuan, enhancing its business layout in consumer goods and food testing [8] - JD Logistics (2618.HK) plans to acquire the remaining shares of Debon Holdings (603056.SH) for approximately 3.797 billion yuan and promote its voluntary delisting, aiming to strengthen network integration and operational efficiency [9] - China National Pharmaceutical Group (1177.HK) intends to acquire 100% of Hejiya for 1.2 billion yuan, focusing on innovative drug development in chronic disease areas [10] Group 2 - Baichuan Intelligent has launched the Baichuan-M3 Plus model, achieving a hallucination rate of 2.6%, the lowest globally, enhancing accuracy and reliability in medical scenarios [11] - Lenovo and NVIDIA have announced a collaboration to launch the "Lenovo AI Cloud Super Factory," aiming to transform traditional data centers into efficient AI factories [12] - Meituan has released the open-source "Reconsider" model, which significantly reduces training costs for new tools in complex tasks [13] - Qianwen App has integrated with Alibaba's ecosystem to test AI shopping functionalities, allowing users to order food and purchase items through AI [14] - Google and Apple have reached a multi-year AI collaboration agreement to support Siri with Google's Gemini model and cloud technology [15] - iQIYI announced the resignation of CFO Wang Jun, with Senior Vice President Zeng Ying appointed as interim CFO [16]