5月27日，《关于进一步优化离境退税政策扩大入境消费的通知》(以下称"离境退税新政")发布满月。 证券时报记者从上海市税务局获悉，离境退税新政实施一个月以来，上海离境退税销售额同比增长 86%，退税额同比增长77%，离境退税规模位居全国首位，释放出良好政策效应。 一个月来，在沪的多家离境退税商店已明显感受到了新政对入境消费的推动作用。"离境退税对境外旅 客消费具有非常明显的'杠杆效应'。"爱马仕相关负责人说，2025年以来，爱马仕在沪门店离境退税销 售额超过1.9亿元，同比增长超过200%。 退税撬动旅游零售新增长 据悉，离境退税新政发布以来，上海退税商店开具销售额500元以下申请单超1500份，占比超过7%，进 一步丰富了境外游客购物选择。 政策红利不仅激活了小额消费市场，更通过放宽退税商店准入门槛，为更多新企业打开发展机遇。 离境退税新政允许新开的纳税信用M级商店在符合其他相关规定的前提下成为退税商店。对此，上海谱 墨品牌管理有限公司负责人戚卫表示："作为一家新办企业，我们的纳税信用等级为M级，本次新政放 宽条件后，税务部门第一时间告知可以申请备案，我们4月30日提交申请，当天就完成了备案手续。" "离境 ...

金融界5月27日消息，上证指数低开震荡，中证华夏经济蓝筹股票指数 (经济蓝筹，931133)下跌0.47%， 报7831.0点，成交额1520.25亿元。 数据统计显示，中证华夏经济蓝筹股票指数近一个月上涨0.22%，近三个月下跌4.00%，年至今下跌 2.76%。 从指数持仓来看，中证华夏经济蓝筹股票指数十大权重分别为：中国电信（2.47%）、牧原股份 （2.29%）、中国建筑（2.25%）、温氏股份（2.08%）、招商银行（1.98%）、中国中免（1.97%）、神 州数码（1.82%）、海大集团（1.73%）、中国中铁（1.67%）、中远海控（1.45%）。 从中证华夏经济蓝筹股票指数持仓的市场板块来看，上海证券交易所占比60.25%、深圳证券交易所占 比39.75%。 从中证华夏经济蓝筹股票指数持仓样本的行业来看，工业占比19.37%、可选消费占比16.54%、信息技 术占比12.02%、主要消费占比10.55%、原材料占比9.61%、通信服务占比9.16%、金融占比8.50%、房地 产占比4.61%、医药卫生占比4.01%、公用事业占比3.00%、能源占比2.63%。 资料显示，指数样本每半年调整一次 ...

Investment Rating - The report maintains an "Overweight" rating for the consumer services industry, indicating a positive outlook despite current challenges [1]. Core Insights - The consumer services industry is experiencing a slowdown in overall revenue growth, with total revenue reaching 237.785 billion yuan in 2024, a year-on-year increase of 1.9%. In the first quarter of 2025, revenue was 59.904 billion yuan, showing a minimal growth of 0.07% [4][11]. - The net profit for the industry is under pressure, with a significant decline of 23.24% year-on-year to 9.642 billion yuan in 2024, and a 7.1% decrease to 3.534 billion yuan in the first quarter of 2025. This is attributed to increased price sensitivity among domestic tourists [4][11]. - The report highlights that most sub-sectors within the consumer services industry are experiencing revenue growth without corresponding profit increases, particularly in the scenic spots and human resources service sectors [4][14]. Summary by Sections 1. Overall Industry Performance - The consumer services industry is seeing a stabilization in service consumption revenue, with a notable slowdown in growth compared to the explosive rebound in 2023. The overall revenue for 2024 is projected at 237.785 billion yuan, with a slight increase in the first quarter of 2025 [11][14]. - The report notes that tourists are becoming more price-sensitive, leading to a decline in net profits for tourism-related companies [11][14]. 2. Key Sub-Industry Performance 2.1 Scenic Spots - The scenic spots sector achieved a revenue of 22.866 billion yuan in 2024, a growth of 3.34%, with a net profit of 1.808 billion yuan, up 26.27% [15][24]. - In the first quarter of 2025, revenue was 4.792 billion yuan, a growth of 3.65%, but net profit decreased by 13.06% to 0.356 billion yuan [17][30]. 2.2 Education - The education sector's revenue reached 34.106 billion yuan in 2024, growing by 5.61%, while net profit was 0.843 billion yuan, down 20.68% [36][40]. - In the first quarter of 2025, revenue increased to 7.935 billion yuan, a growth of 8.65%, with net profit at 0.346 billion yuan, down 7.93% [36][42]. 2.3 Hotels - The hotel sector reported total revenue of 24.964 billion yuan in 2024, a decrease of 2.09%, with net profit at 1.595 billion yuan, down 9.76% [46][48]. - In the first quarter of 2025, hotel revenue was 5.435 billion yuan, a decline of 8.09%, and net profit fell to 0.125 billion yuan, down 54.87% [46][55]. 3. Investment Strategy - The report suggests that while profits are under pressure due to macroeconomic factors, the gradual recovery of the domestic economy post-September 2024 may boost demand. It recommends focusing on sectors like education and human resources services that are likely to benefit from policy support [4][14]. - Specific companies to watch include Xueda Education (000526) and Keri International (300662) in the education and human resources sectors, respectively [4][14]. In the tourism sector, companies like Songcheng Performance (300144) and Changbai Mountain (603099) are highlighted for their potential recovery [4][14].

WH Smith在32个国家的机场和火车站拥有约1200家门店，正期待夏季旺季的强劲增长能够推动交 通枢纽地区的客流量。该公司表示，下半年财报开局良好。WH Smith报告称，截至2月28日的财年上半 年税前利润为4500万英镑（约合5972万美元），略低于去年同期的4600万英镑。 "我们注意到地缘政治 和经济不确定性的加剧，但鉴于我们业务的韧性，我们完全有能力从全球旅游零售业的增长机遇中获 益。" 截至格林威治标准时间08:21，该公司股价下跌1.6%，至935.5便士，而富时中型股指数(.FTMC)下 跌0.45%。根据伦敦证券交易所预测数据，分析师平均预计该公司全年税前利润将达到1.826亿英镑（约 合2.427亿美元）。截至2月28日的上半年，该公司旅游业务收入增长6%，至7.12亿英镑，而去年同期增 长13%，至6.7亿英镑。 由于消费市场低迷，该零售商近期出售的英国高街业务销售额下降7%，至2.39亿英镑。加拿大皇 家银行资本市场（RBC Capital Markets）分析师理查德·张伯伦（Richard Chamberlain）表示："我们认 为，WH Smith在零售方面的精细化管理使其在 ...

证券研究报告·公司点评报告·旅游零售Ⅱ 中国中免（601888） 2025 一季报点评：海南降幅继续收窄，关注 市内店和消费政策效果 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 | 59,182 | 63,365 | 67,777 | | 同比（%） | 24.08 | (16.38) | 4.80 | 7.07 | 6.96 | | 归母净利润（百万元） | 6,714 | 4,267 | 4,680 | 5,353 | 5,976 | | 同比（%） | 33.46 | (36.44) | 9.68 | 14.38 | 11.63 | | EPS-最新摊薄（元/股） | 3.25 | 2.06 | 2.26 | 2.59 | 2.89 | | P/E（现价&最新摊薄） | 19.20 | 30.22 | 27.55 | 24.08 | 21.58 | [Table_Tag] ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601888 证券简称：中国中免 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一) 主要会计数据和财务指标 单位：元 币种：人民币 (二) 非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 对公司将《公开发行证券的公司信息披露解释性公告第1号——非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号——非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 (三) 主要会计数据、财务指标发生变动的情况、原因 □适用 √不适 ...

文 ｜ 姜娅 陈聪 杨清朴 杜一帆 刘济玮 今年以来我国消费政策全面升级创新，近期细分领域政策相继出台，政策体系逐步完善。近日国家税务总局发布离境退税管理 办法修订细则，三方面推动前期离境退税"即买即退"推广政策落地：①备案流程简化、时间缩短、资质放款，退税商店扩容覆 盖更广阔中小商家；②提额度+降起退点拓宽价格带场景，优质国货商品有望受益；③进一步提升退税便利度。根据我们测算 乐观假设下离境退税市场潜在空间近千亿级别，有望进一步提振消费扩大内需。建议密切关注政策效果显现，潜在受益板块包 括：传统零售板块中经营能力强、调改转型领先企业、消费基础设施和相关运营商、出行服务提供商、景区目的地。 ▍ 离境退税管理办法修订细则发布，"即买即退"推广加速落地。 4月2 6日国家税务总局发布关于修改《境外旅客购物离境退税管理办法（试行）》的公告，从推动退税商店增量扩容、丰富退 税商品供给、提升离境退税服务水平3个方面提出8条政策举措，有望推动"即买即退"推广加速落地。具体来看： 2）额度优化拓宽场景，品类明晰下优质国货受益。 额度上，单笔消费退税上限从5万元提升至1 0万元，现金退税限额从1万元 上调至2万元，起退点从同 ...

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]

每经记者 杨建 每经编辑 彭水萍 （一）重要市场新闻 据商务部网站4月27日消息，商务部等6部门发布关于进一步优化离境退税政策扩大入境消费的通知，其 中指出，下调离境退税起退点。境外旅客同日同店购买退税物品金额达到200元人民币，且符合其他相 关规定的，可以申请办理离境退税。提升退税商品供给水平。指导退税商店根据境外旅客需求，不断丰 富和优化商品供给，增加老字号产品、中国消费名品、智能产品、非遗产品、工艺美术产品、地理标志 产品、文化创意产品、名优特产、体育用品等优质产品供应。 3、商务部等6部门关于进一步优化离境退税政策扩大入境消费的通知。通知指出，优化离境退税办理流 程。加快完善离境退税管理系统，优化商店端登录方式，实现发票信息自动获取，提升信息录入、比 对、验核智能化、自动化水平。将离境退税"即买即退"服务措施推广至全国，鼓励更多退税商店、退税 代理机构提供"即买即退"服务。鼓励有条件的地区在大型商圈、街区、景区等境外旅客较集中的区域， 设立集中退付点。 点评："即买即退"政策范围扩大+便利性提升，将与入境免签政策叠加，为入境游消费形成增量贡献， 进一步激发境外旅客入境消费活力，为经济高质量发展提供助力 ...