证券日报网讯 11月11日晚间，中国中免发布公告称，公司A股股票于2025年11月7日、2025年11月10 日、2025年11月11日连续3个交易日内日收盘价格涨幅偏离值累计超过20%，属于股票交易异常波动情 形。经公司自查并向公司控股股东书面发函查证，截至本公告披露日，不存在应披露而未披露的重大事 项和风险事项。公司目前日常经营活动正常有序，未发生重大变化。 （编辑 楚丽君） ...

Core Points - China Duty Free Group (01880.HK) announced that its A-shares experienced a cumulative price deviation of over 20% during three consecutive trading days from November 7 to November 11, 2025, indicating abnormal trading fluctuations [1] - The company conducted a self-examination and confirmed, in writing to its controlling shareholder, that there are no undisclosed significant matters or risk issues as of the date of this announcement [1] - The company urges investors to be aware of secondary market trading risks and to make rational decisions and investments [1]

Core Viewpoint - China National Pharmaceutical Group (01880.HK) announced that its A-share stock experienced a cumulative price fluctuation exceeding 20% over three consecutive trading days from November 7 to November 11, 2025, which is classified as an abnormal trading situation according to the Shanghai Stock Exchange regulations [1] Summary by Relevant Sections - **Stock Price Fluctuation** The company's A-share stock saw a cumulative price increase deviation of over 20% during the specified trading days [1] - **Self-Examination and Disclosure** Following a self-examination and written inquiry to its controlling shareholder, the company confirmed that there are no undisclosed significant matters or risk issues as of the date of this announcement [1] - **Investor Advisory** The company urges investors to be aware of secondary market trading risks and to make rational decisions and cautious investments [1]

36氪获悉，中国中免公告，公司A股股票连续3个交易日内收盘价格涨幅偏离值累计超过20%，属于股 票交易异常波动情形。经自查及控股股东书面查证，公司及控股股东不存在应披露而未披露的重大信 息，包括重大资产重组、股份发行等重大事项。公司日常经营活动正常有序，未发生重大变化。公司股 价短期波动幅度较大，敬请投资者注意二级市场交易风险，理性决策。 ...

据天眼查APP显示，中国旅游集团中免股份有限公司成立于2008年03月28日，注册资本206885.9044万 人民币。（数据宝） 11月11日中国中免大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 3.59 | 325.00 | 90.53 | 0.00 | 华泰证券股份有限公司北京西三 | 国泰海通证券股 | | | | | | 环国际财经中心证券营业部 | 份有限公司总部 | （文章来源：证券时报网） 中国中免11月11日大宗交易平台出现一笔成交，成交量3.59万股，成交金额325.00万元，大宗交易成交 价为90.53元。该笔交易的买方营业部为华泰证券股份有限公司北京西三环国际财经中心证券营业部， 卖方营业部为国泰海通证券股份有限公司总部。 进一步统计，近3个月内该股累计发生3笔大宗交易，合计成交金额为3007.50万元。 证券时报·数据宝统计显示，中国中免今日收 ...

从资金流向上来看，当日旅游零售板块主力资金净流出6.23亿元，游资资金净流入2.3亿元，散户资金净 流入3.93亿元。旅游零售板块个股资金流向见下表： 证券之星消息，11月11日旅游零售板块较上一交易日上涨4.19%，中国中免领涨。当日上证指数报收于 4002.76，下跌0.39%。深证成指报收于13289.0，下跌1.03%。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 | 90.53 | 4.19% | | 138.27万 | | 123.20亿 | 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310104345710301240019号），不构成投资建议。 | 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 散户净流入 (元) 散户净占比 | | | | | | --- | --- | --- | --- | --- | | 7 -5.06% 601888 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the tourism retail industry, indicating a projected investment return that will exceed the CSI 300 Index by 10% or more over the next six months [6]. Core Insights - The Hainan Free Trade Port is steadily advancing its closure operations, focusing on institutional innovation to achieve a higher level of openness to the outside world. The policy design includes "one line open, one line controlled, and free within the island," which aims to maximize the benefits of openness while ensuring safety and efficiency [1]. - The continuous optimization of the duty-free shopping policy for outbound travelers is expected to further stimulate consumption in Hainan. Recent adjustments have expanded the range of duty-free goods and included domestic products, enhancing the shopping experience and increasing the number of beneficiaries [2][3]. - The adjustment of the duty-free policy has already shown positive effects, with a reported shopping amount of 506 million yuan and 72,900 shoppers in the first week after the new policy implementation, reflecting a year-on-year increase of 34.86% and 3.37%, respectively [3]. - The facilitation of personnel exchanges between Hainan and foreign countries has improved, with 85 countries now allowing visa-free entry. This has led to over 2 million inbound and outbound travelers, including more than 1.06 million foreigners, marking a year-on-year growth of 45.1% [4]. Summary by Sections Hainan Free Trade Port Operations - The core mechanism of Hainan's closure operations is designed to integrate high-level trade liberalization with effective management, ensuring a closed-loop management of goods while maximizing the benefits of openness [1]. Duty-Free Policy Adjustments - The recent adjustments to the duty-free shopping policy include the addition of two new categories of goods, the inclusion of six categories of domestic products for tax exemption, and the expansion of eligible beneficiaries to include outbound travelers [2]. Consumption Impact - The initial impact of the new duty-free policy has been significant, with a notable increase in shopping amounts and participation, indicating a positive trend in consumer behavior in Hainan [3]. International Exchange Facilitation - The ongoing optimization of visa policies and the hosting of international events in Hainan are expected to further enhance the flow of people and boost the local economy [4].

数据宝统计，截至14:06，中国中免成交额107.50亿元，创上市以来新高。最新股价上涨4.26%，换手率 6.19%。上一交易日该股全天成交额为76.87亿元。 据天眼查APP显示，中国旅游集团中免股份有限公司成立于2008年03月28日，注册资本206885.9044万 人民币。（数据宝） （文章来源：证券时报网） ...

Group 1 - The core point of the news is the significant trading activity of China Duty Free Group Co., Ltd. (中国中免) on November 10, with a notable block trade involving 36,000 shares at a price of 86.89 yuan, totaling 3.128 million yuan [1][2] - The stock closed at 86.89 yuan, reflecting a 10.00% increase, with a trading volume of 7.687 billion yuan and a net inflow of 1.164 billion yuan in main funds for the day [1][2] - Over the past five days, the stock has risen by 13.33%, with a total net inflow of 1.158 billion yuan [1] Group 2 - The latest margin financing balance for the stock is 5.188 billion yuan, which has increased by 125 million yuan, representing a growth of 2.47% over the past five days [2] - Two institutions have rated the stock in the last five days, with Huachuang Securities providing the highest target price estimate of 84.54 yuan [2] - China Duty Free Group was established on March 28, 2008, with a registered capital of 20.68859044 billion yuan [2]

Group 1: Market Overview - The market experienced a divergence with the Shanghai Composite Index rising by 0.53% driven by consumer sectors like liquor, tourism, and retail, while the ChiNext Index fell by 0.92% due to declines in previously popular sectors like CPO and humanoid robots [1][3] - The trading volume exceeded 2.1 trillion yuan, indicating significant market activity [1] Group 2: Consumer Sector Insights - The surge in consumer stocks such as Shede Spirits and Jiu Gui Liquor is attributed to three main factors: a positive CPI indicating easing deflation, a shift in market style from high-valuation to lower-valuation stocks, and the upcoming consumption peak due to events like Double Eleven and year-end spending [3] - The sustainability of improved consumer data will depend on future retail performance [3] Group 3: Technology Sector Analysis - The decline in CPO and humanoid robot stocks is linked to concerns over the AI bubble and the impact of falling U.S. tech stocks [4] - For long-term investors, the current drop in quality companies may present a buying opportunity, similar to purchasing discounted goods at a market [4] Group 4: Sector Performance and Strategy - The phosphorous chemical and silicon energy sectors have shown strength, driven by improved supply-demand dynamics and price rebounds, particularly in lithium iron phosphate due to rising demand from new energy batteries [4] - Investment strategies suggest that existing holders of consumer stocks should wait for pullbacks to add positions, while those holding tech stocks should consider buying on dips if fundamentals remain intact [5] Group 5: Market Sentiment and Strategy - The current market sentiment warns against impulsive decisions during peaks in consumer stocks and panic selling during tech stock declines [6] - The market dynamics suggest a cyclical rotation between consumer and technology sectors, emphasizing the importance of strategic positioning [6]