Investment Rating - The industry is rated as "Outperform" compared to the market, indicating an expectation that the industry index will perform better than the benchmark index over the next 6-12 months [2][46]. Core Insights - The social services sector saw a 1.87% increase in the last two trading weeks, ranking 5th among 31 industries in the Shenwan classification. This performance outpaced the CSI 300 index by 2.23 percentage points [2][13]. - The upcoming New Year holiday is expected to boost consumer travel demand, with significant increases in travel bookings. Domestic flight ticket reservations have exceeded 1.06 million, a year-on-year increase of approximately 45% [5][28]. - The Ministry of Commerce and other departments have issued a plan to promote high-quality development in the service outsourcing sector, aiming to cultivate competitive enterprises and enhance employment opportunities by 2030 [28][32]. Market Review & Industry Dynamics - The social services sector's performance was highlighted by sub-sector increases, particularly in education (+5.21%), hotel and catering (+4.43%), and tourism and scenic spots (+2.48%) [17][21]. - The overall market saw the Shanghai Composite Index decline by 0.32%, while the social services sector managed to rise, indicating resilience in this industry [13][20]. - The sector's price-to-earnings ratio (PE) stands at 36.29, which is at the 38.15% historical percentile, suggesting a relatively high valuation compared to historical averages [21][24]. Investment Recommendations - Companies with strong growth prospects in the travel chain and related industries are recommended for investment, including Tongcheng Travel, Huangshan Tourism, and Lijiang Shares [5][39]. - Hotel brands such as Jinjiang Hotels and ShouLai Hotels are expected to benefit from the recovery in business travel and increased market share [5][39]. - The recovery of cross-border travel is anticipated to boost airport duty-free sales, with recommendations to focus on China Duty Free Group and Wangfujing [5][39].

格隆汇12月22日｜A股三大指数集体上涨，截至午间收盘，沪指涨0.64%报3915.2点，深证成指涨 1.36%，创业板指涨1.8%，北证50涨0.63%。全市场成交额11989亿元，较上日成交额放量954亿元，近 3500股上涨。盘面上，海南自贸区概念爆发，海南机场、海南华铁、中国中免等约20股涨停，海南自由 贸易港全岛封关首日表现亮眼；贵金属、存储芯片、CPO等板块涨幅居前，医药商业、教育、影视院线 等板块回调。 ...

截至2025年12月22日 09:56，上证180指数(000010)上涨0.65%，成分股拓荆科技(688072)上涨6.39%，中 国中免(601888)上涨6.27%，紫金矿业(601899)上涨4.95%，山东黄金(600547)上涨4.20%，中金黄金 (600489)上涨4.11%。上证180ETF指数基金(530280)上涨0.58%，最新价报1.21元。 数据显示，截至2025年11月28日，上证180指数(000010)前十大权重股分别为贵州茅台(600519)、紫金矿 业(601899)、恒瑞医药(600276)、中国平安(601318)、寒武纪(688256)、药明康德(603259)、招商银行 (600036)、工业富联(601138)、中芯国际(688981)、长江电力(600900)，前十大权重股合计占比26.13%。 上证180ETF指数基金(530280)，场外联接(平安上证180ETF联接A：023547；平安上证180ETF联接C： 023548；平安上证180ETF联接E：024609)。 中金公司研报称，指数前期回调为投资者提供了较好的逢低布局"跨年"行情时机。配置上， ...

www.leadleo.com 报告标签：海南旅游、消费升级、旅游零售、免税店 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均系头豹研究院独有的高度机密性文件（在报告中另行标明出处者除外）。未经头豹 研究院事先书面许可，任何人不得以任何方式擅自复制、再造、传播、出版、引用、改编、汇编本报告内容，若有违反上述约定的行为发生，头豹研究 院保留采取法律措施、追究相关人员责任的权利。头豹研究院开展的所有商业活动均使用"头豹研究院"或"头豹"的商号、商标，头豹研究院无任何前述名 称之外的其他分支机构，也未授权或聘用其他任何第三方代表头豹研究院开展商业活动。 1 简报摘要 2025/09 目录 1.海南旅游零售基础介绍 2.封关对海南旅游零售的影响 www.leadleo.com 400-072-5588 ◼ "一线放开、二线管住"管理模式 ◼ 招商重点产业方向——四大主导产业 ◼ 招商重点产业方向——三大未来产业 ◼ 民营企业与中小企业机会 ◼ 外资企业关注点 简报 | 2025/09 Chapter1 海南旅游零售基础介绍 ❑ 离岛免税政策作为海南建设"国际旅游岛"的核心举措，推动旅 游业主导的特色经济 ...

航天板块也受海外消息刺激走强，华体科技、神剑股份、西部材料2连板，大连重工、腾达科技、国机精工、大元泵业等先后涨停，陕西华达、 再升科技、广联航空、航天智装等集体大涨； 无人驾驶板块再度反复，浙江世宝4连板，威帝股份2连板，浙江美大、路畅科技、索菱股份等先后涨停，豪恩汽电、雷尔伟、经纬恒润、云意电 气等均涨超10%； 海南板块午后大幅反弹，海汽集团、海南发展、海南海药、海南瑞泽、中国中免（炸）先后涨停，康芝药业、神农种业、海峡股份、海南机场等 集体大涨； 此外，光纤概念、消费、福建等均有局部大涨表现，存储、CPO、福建高标股等跌幅居前。 1、行情 指数集体小幅收涨，市场迎来力度较弱的普涨行情。 题材方面，可控核聚变大幅高开，王子新材一字板，百利电气、中国一重、四创电子、雪人集团、宏微科技（20CM）等纷纷涨停，哈焊华通、 大西洋、国机重装、海陆重工、安泰高科等均高开或冲高； 截至收盘，沪指、深成指、创业板指分别收涨0.36%、0.66%、0.49%，市场超4400股上涨，仅900余股下跌。 2、核聚变 当地时间12月18日，特朗普媒体科技集团与美国核聚变能源企业TAE技术公司18日联合发布公告，宣布两家企业已 ...

人民财讯12月19日电，恒生指数收涨0.75%，恒生科技指数涨1.12%。小鹏汽车涨超7%，零跑汽车涨超 5%，中金公司涨超4%，中国中免涨超6%。 ...

Group 1 - The duty-free shop sector experienced a collective surge, with China Duty Free Group hitting the daily limit and closing up 8.25%, which in turn boosted the tourism ETF by 3.08% [1] - The tourism ETF tracks the CSI Tourism Theme Index, focusing on various sectors within the tourism industry, including accommodation, sightseeing, retail, entertainment, and comprehensive services, with significant weightings in aviation (34.2%), tourism and scenic spots (26.6%), retail (17.6%), and hotel dining (12.2%) [1] - China Duty Free Group is a core weight in the index, holding over 17.6% of the weighting, indicating its significant influence on the sector [1] Group 2 - The official launch of the Hainan Free Trade Port on December 18 marks a significant regulatory milestone, with eight open ports and ten "second-line ports" now operational, enhancing the shopping experience for tourists [1] - The policy benefits from the Hainan Free Trade Port are expected to attract high-end manufacturing, aviation logistics, and digital economy sectors, creating new economic growth points [2][3] - The optimization of the duty-free policy and the imminent closure of Hainan are anticipated to create potential consumer growth, particularly in high-end consumption sectors such as outbound tourism, hotels, and luxury goods [2] Group 3 - The Hainan closure policy is viewed as a crucial step in China's new round of reform and opening up, characterized by a comprehensive system breakthrough and a significant reduction in operational costs for businesses [3] - The financial sector in Hainan is adopting a regulatory model that promotes the liberalization of cross-border capital flows, supported by the establishment of the EF account system [3] - Hainan's population migration policies, including relaxed residency requirements and talent introduction plans, are expected to optimize the demographic structure and urbanization process, providing strong support for the Free Trade Port's development [3]

A股中国中免盘中触及涨停。 ...

12月19日，中国中免涨5.08%，截至发稿，报80.39元/股，成交23.20亿元，换手率1.50%，总市值 1663.16亿元。 资料显示，中国旅游集团中免股份有限公司位于北京市东城区东直门外小街甲2号A座8层,香港湾仔告士 打道108号光大中心16楼，成立日期2008年3月28日，上市日期2009年10月15日，公司主营业务涉及中国 旅游集团中免股份有限公司是一家主要从事旅游商品零售业务及提供相关服务的中国公司。该公司主要 通过两个部门开展其业务。旅游零售部门主要从事免税和有税商品的销售。旅游零售综合体投资和开发 部门主要从事旅游零售综合体开发及物业出租。该公司在中国国内市场和海外市场开展其业务。主营业 务收入构成为：免税商品销售72.26%，有税商品销售25.54%，其他(补充)2.20%。 从基金十大重仓股角度 数据显示，金鹰基金旗下1只基金重仓中国中免。金鹰技术领先混合A（210007）三季度减持2900股， 持有股数3.6万股，占基金净值比例为1.23%，位居第九大重仓股。根据测算，今日浮盈赚取约14万元。 责任编辑：小浪快报 金鹰技术领先混合A（210007）基金经理为杨晓斌。 截至发稿，杨晓 ...

Core Insights - On December 18, 2023, brokerage firms set target prices for listed companies, with notable increases for Haiguang Information, Hengyi Petrochemical, and Aotwei, showing target price increases of 72.87%, 51.78%, and 36.98% respectively, across the semiconductor, refining and trading, and photovoltaic equipment industries [1][2]. Group 1: Target Price Increases - Haiguang Information (688041) received a target price of 350.40 yuan, reflecting a target increase of 72.87% from its latest closing price [2]. - Hengyi Petrochemical (000703) has a target price of 11.96 yuan, indicating a target increase of 51.78% [2]. - Aotwei (688516) was assigned a target price of 59.64 yuan, with a target increase of 36.98% [2]. Group 2: Brokerage Recommendations - A total of 24 listed companies received brokerage recommendations on December 18, with Zhongjin Company, Yanjin Food, and China Duty Free each receiving two recommendations [4]. - Zhongjin Company (601995) had a closing price of 36.18 yuan and received recommendations from 2 brokerages [6]. - Yanjin Food (002847) closed at 71.02 yuan, also with 2 brokerage recommendations [6]. - China Duty Free (601888) had a closing price of 76.50 yuan and received 2 recommendations [6]. Group 3: Initial Coverage Ratings - On December 18, brokerages provided 8 initial coverage ratings, with Sanxia Tourism receiving an "Accumulate" rating from Guotai Junan Securities [8]. - Libat (605167), Times New Materials (600458), and Xinyangfeng (000902) received "Accumulate" and "Buy" ratings from Dongbei Securities [8]. - Nami Technology (688690) was rated "Accumulate" by Western Securities [8].