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。 证券之星消息，12月17日旅游零售板块较上一交易日下跌0.47%，中国中免领跌。当日上证指数报收于 3870.28，上涨1.19%。深证成指报收于13224.51，上涨2.4%。旅游零售板块个股涨跌见下表： 从资金流向上来看，当日旅游零售板块主力资金净流出3.41亿元，游资资金净流入1.15亿元，散户资金 净流入2.26亿元。旅游零售板块个股资金流向见下表： ...

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。 证券之星消息，12月16日旅游零售板块较上一交易日上涨0.86%，XD中国中领涨。当日上证指数报收 于3824.81，下跌1.11%。深证成指报收于12914.67，下跌1.51%。旅游零售板块个股涨跌见下表： 从资金流向上来看，当日旅游零售板块主力资金净流入7714.17万元，游资资金净流出7606.1万元，散户 资金净流出108.07万元。旅游零售板块个股资金流向见下表： ...

Investment Rating - The industry rating is "Recommended" [4] Core Insights - The recent bidding results for duty-free projects at Shanghai airports indicate a new competitive landscape, with international retailers regaining operational rights in China after 1999. The expected annual passenger throughput for the two terminals at Pudong Airport is 80 million, with the bidding results showing a decrease in commission rates [2][19] - The National Retail Innovation Development Conference emphasized the retail sector as a foundational industry for the national economy, encouraging companies to accelerate transformation and focus on high-quality development [3] Summary by Sections Industry & Company Dynamics - The bidding results for duty-free operations at Shanghai airports have led to a significant shift in the competitive landscape, with China Duty Free Group (CDFG) and Dufry winning key contracts. The commission rates for the new contracts are lower than previous agreements, which may enhance profitability for operators [1][2][19] - Walmart has transitioned from the New York Stock Exchange to Nasdaq, marking a strategic shift towards being perceived as a technology-driven company rather than a traditional retail stock. This move is seen as a response to the evolving retail landscape and the increasing importance of technology and AI [21] Macro & Industry Data - In October, the total retail sales reached 4.63 trillion yuan, with a year-on-year growth of 2.9%. Excluding automobiles, retail sales grew by 4.0%, indicating a slight acceleration in consumer spending [39][40] - The online retail growth rate has slowed, while new retail formats continue to grow rapidly. For the first ten months, the online retail sales of physical goods increased by 6.3% year-on-year, with new retail formats like warehouse membership stores and unmanned stores showing double-digit growth [40] Investment Recommendations - Five investment themes are suggested: 1. Continuous upgrades in AI technology, benefiting companies like Keri International and Focus Technology [7] 2. Increased consumer willingness to pay for emotional value, with high-growth potential in new retail sectors [7] 3. Recovery of cyclical sectors under the backdrop of domestic demand stimulation, with companies like Haidilao and Yum China expected to benefit [7] 4. Expanding opportunities for domestic brands going overseas, with a focus on service providers and strong product offerings [7] 5. Revitalization of traditional formats as offline traffic returns, benefiting companies like Yonghui Supermarket and Kidswant [7]

Group 1 - The tourism retail sector increased by 0.28% compared to the previous trading day, with China Duty Free Group leading the gains [1] - The Shanghai Composite Index closed at 3867.92, down 0.55%, while the Shenzhen Component Index closed at 13112.09, down 1.1% [1] - A detailed table of individual stock performance in the tourism retail sector is provided [1] Group 2 - In terms of capital flow, the tourism retail sector experienced a net outflow of 26.01 million yuan from main funds, and a net outflow of 19.51 million yuan from speculative funds, while retail investors saw a net inflow of 45.52 million yuan [2] - A detailed table of capital flow for individual stocks in the tourism retail sector is included [2]

Investment Rating - The report maintains a "Positive" investment rating for the airport service industry [8]. Core Insights - The introduction of foreign participants in the new round of duty-free tenders at Shanghai Pudong, Hongqiao, and Beijing Capital airports marks a significant change in the competitive landscape [2][4]. - Dufry, a global leader in travel retail, has entered the bidding process, indicating a shift towards a more diversified and competitive market in China's duty-free sector [4][21]. - The bidding rules now allow only one segment win per bidder, breaking the previous monopoly held by China Duty Free Group [14][21]. - The overall commission rates for duty-free contracts are expected to increase unless there is a substantial growth in sales volumes [2][6]. Summary by Sections Duty-Free Tender Competition Intensifies - Major airports in Beijing, Shanghai, Guangzhou, and Shenzhen have seen a significant drop in international passenger numbers from 2020 to 2022, leading to the expiration of restructured duty-free contracts [4][16]. - The new bidding process allows for foreign companies to participate, which is a departure from the previous exclusive operations by domestic firms [14][21]. Changes in Duty-Free Contract Commission Rates - The new contracts at Shanghai Airport utilize a "fixed rent + additional commission" model, which is a high minimum guarantee combined with lower commission rates [6][40]. - If the sales volume at Shanghai Pudong Airport reaches 15 billion yuan, the comprehensive commission rate could drop to approximately 22%, aligning with previous contract levels [6][40]. Airport Fundamentals and Recovery - The airport sector is undergoing significant fixed asset investments due to historical external shocks, with a stable recovery in passenger volumes expected [7][43]. - Airports like Shenzhen, Guangzhou, and Shanghai are projected to have absolute yield value amidst improving mid-term operational data [7][43].

Group 1 - The tourism retail sector experienced a decline of 0.35% on December 12, with China Duty Free Group leading the drop [1] - The Shanghai Composite Index closed at 3889.35, up 0.41%, while the Shenzhen Component Index closed at 13258.33, up 0.84% [1] - A detailed table of individual stock performance within the tourism retail sector is provided [1] Group 2 - The tourism retail sector saw a net outflow of 215 million yuan from main funds, while speculative funds had a net inflow of 27.59 million yuan, and retail investors contributed a net inflow of 188 million yuan [2] - A detailed table of fund flow for individual stocks in the tourism retail sector is included [2]

12月10日，《中共海南省委关于制定国民经济和社会发展第十五个五年规划的建议发布，描绘了自贸港 的发展新图景。其中提到,高标准建设自由贸易港是海南高质量发展的总抓手。分步骤、分阶段构建与 高水平自由贸易港相适应的政策制度体系，以高水平开放促深层次改革、高质量发展，切实在国内大循 环中发挥服务保障作用、在国际循环中发挥枢纽促进作用。 川财证券研报称，海南自贸港的各项具体措施持续出台，涉及到人才引进、乡村振兴、优化营商环境、 拓展旅游消费、防治污染等多个方面。海南自贸港将旅游、金融、现代农业等与自身优势相结合的产业 作为未来发展的重点导向，可以最大化发挥其地理位置和自然资源的优势。 中信证券指出，今年12月18日，海南自贸港将正式启动全岛封关运作，贸易端开放将长期利好海南国际 旅游消费中心建设。推动旅游零售市场整体发展。 中国中免：为全球免税龙头，垄断海南85%免税市场。 海航控股：海南本地股，主营国际、国内航空客货邮运输业务，受益于海南旅游开发后的客流提升 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 公司方面，据上证报表示， ...

证券之星消息，12月10日旅游零售板块较上一交易日上涨3.23%，中国中免领涨。当日上证指数报收于 3900.5，下跌0.23%。深证成指报收于13316.42，上涨0.29%。旅游零售板块个股涨跌见下表： 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。 从资金流向上来看，当日旅游零售板块主力资金净流入1.47亿元，游资资金净流出3522.39万元，散户资 金净流出1.12亿元。旅游零售板块个股资金流向见下表： ...

证券之星消息，12月9日旅游零售板块较上一交易日下跌2.28%，中国中免领跌。当日上证指数报收于 3909.52，下跌0.37%。深证成指报收于13277.36，下跌0.39%。旅游零售板块个股涨跌见下表： 从资金流向上来看，当日旅游零售板块主力资金净流出2.22亿元，游资资金净流入1.14亿元，散户资金 净流入1.08亿元。旅游零售板块个股资金流向见下表： 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。 ...

（编辑 任世碧） 证券日报网讯 12月8日，中国中免在互动平台回答投资者提问时表示，公司的现金将充足保障日常商业 运营，并满足现金分红等市值管理工作需求。公司连续两年年度现金分红比例维持在50%以上，并于今 年三季报首次确认中期分红。同时，公司还将进一步提升整体资本运作能力。 ...