南都讯 记者李洁琼12月30日，免税商品与保税货物之间可灵活流转的"免保衔接"业务模式在珠海高栏港综合保税 区启动。此举被业内视为推动消费回流、提升贸易便利化水平的重要创新，也标志着该综保区在监管模式与业态 融合上取得新突破。 "免保衔接"业务模式在珠海高栏港综合保税区启动。 据介绍，"免保衔接"不仅是仓储升级，更是对传统进出口贸易与免税供应链的流程再造。它为综保区叠加了消费 枢纽功能，为珠海及粤港澳大湾区链接国际消费资源、打造消费新增长点提供了实质性的基础设施与政策支撑。 下一步，高栏港综保区将以此为契机，进一步吸引相关产业链企业集聚，持续提升贸易便利化水平。 "免保衔接"业务落地珠海。 "免保衔接"模式的核心在于政策与流程的打通。企业可将货物以保税状态提前备货于综保区内，之后可根据国内 免税店销售情况或跨境电商订单需求，灵活选择将货物转为免税品出区销售，或将未售完的免税品退回综保区转 为保税状态。这一闭环设计，显著提升了商品周转效率，并降低了企业因备货不准而产生的资金与仓储成本。 国内免税行业龙头企业珠海免税集团，是该业务的首批实践者。集团已在区内租赁约6000平方米高标准仓库，投 资超2000万元建设" ...

证券研究报告 | 2025年12月30日 社会服务行业双周报（第 121 期） 优于大市 海南封关首周离岛免税销售额高增，东方甄选开启宜昌三峡行 板块复盘：消费者服务板块报告期内上涨 6.28%，跑赢大盘 4.61pct。报告 期内（2025 年 12 月 15 日-2025 年 12 月 28 日），国信社服板块涨幅居前的 股票为中国中免（16.91%）、中教控股（13.76%）、科德教育、凯撒旅业、 首旅酒店、同道猎聘、君亭酒店、天立国际控股、桂林旅游、豆神教育。 行业与公司动态：海南全岛封关运作首周离岛免税购物金额即实现 11 亿 元，同比增长 54.9%，人均消费达 6667 元，同比增长 16%；上海浦东、 虹桥机场及北京首都机场免税店招标结果相继落地，中国中免成功连中 三标。亚朵持续推进产品迭代以提振经营效率，旗下新品"亚朵 3.6" 通过模块化建设实现筹建周期缩短 20%，首批门店 RevPAR 显著优于同商 圈酒店。临近元旦假期，旅游市场升温，2026 年元旦假期国内航线机票 预订量已突破 106 万张，同比增长约 45%；出入境航线预订量超 53 万张， 同比增长 15%。此外，氛围十足且活 ...

Core Insights - The report recommends key stocks across various industries for January 2026, highlighting potential investment opportunities based on market trends and company performance [2][3]. Industry Summaries Construction - Shenghui Integration (603163.SH) is a Taiwanese cleanroom engineering service provider and a core supplier for Google's TPU supply chain, poised to benefit from TSMC's expansion in the U.S. with potential orders from TSMC Arizona and multiple North American data centers [2]. Social Services - China Duty Free Group (601888.SH) is expected to benefit from a new cycle in domestic duty-free sales, with a boost from the upcoming consumption peak during the New Year and Spring Festival, leading to improved performance expectations [2]. Electronics - Lante Optics (688127.SH) is experiencing significant growth in its optical prism product line and is collaborating with multiple waveguide manufacturers for AR glasses, indicating strong profit elasticity and expansion potential [2]. Utilities and Environmental Protection - China General Nuclear Power (003816.SZ) is set to benefit from the normalization of nuclear power approvals and improvements in market pricing mechanisms, with expected production increases in Guangdong province [2]. Nonferrous Metals - Zijin Mining (601899.SH) is a leading player in the nonferrous sector, with high profit contributions from gold and copper, and is entering a rapid growth phase in lithium production, making it a highly valued investment opportunity for 2026 [2]. Agriculture, Forestry, Animal Husbandry, and Fishery - Youran Dairy (9858.HK), a global leader in dairy farming, is expected to benefit from rising milk prices and beef price increases, leading to significant performance recovery [2]. Internet - Tencent Holdings (0700.HK) is well-positioned for the AI era, leveraging its ecosystem advantages, with potential growth from e-commerce and AI agent capabilities not yet reflected in current profit forecasts [2]. Pharmaceuticals - WuXi AppTec (603259.SH) is supported by strong performance, order growth, and capital expenditure, with favorable regulatory changes expected to enhance the valuation of the CXO sector [2]. Light Industry - Sun Paper (002078.SZ) is entering a new capacity release phase with significant production increases expected, making it a compelling investment with reasonable valuation metrics [2]. Textiles and Apparel - Anta Sports (2020.HK) is anticipated to benefit from the performance of its premium sports brands, with a favorable valuation and upcoming catalysts from Q4 operational disclosures and the Spring Festival consumption peak [2].

【今日头条】 财政部、税务总局：烟草企业的烟草广告费和业务宣传费支出 一律不得在计算应纳税所得额时扣除 智通财经获悉，12月29日，财政部、税务总局发布《关于广告费和业务宣传费支出税前扣除有关事项的 公告》。其中提出，对化妆品制造或销售、医药制造和饮料制造(不含酒类制造)企业发生的广告费和业 务宣传费支出，不超过当年销售(营业)收入30%的部分，准予扣除；超过部分，准予在以后纳税年度结 转扣除。烟草企业的烟草广告费和业务宣传费支出，一律不得在计算应纳税所得额时扣除。公告自2026 年1月1日起至2027年12月31日止执行。 智通解读：一般企业的广告费和业务宣传费税前扣除比例为15%(依据《企业所得税法实施条例》第四 十四条)。而上述三类行业可享受30%的扣除比例，翻倍，大幅降低应纳税所得额，从而减轻税负、提 升净利润。超出部分还可无限期向以后年度结转(实务中通常理解为可结转，但需关注具体执行细则)， 进一步增强税务筹划空间。 此次公告延续并明确了对高营销投入行业(化妆品、医药、非酒类饮料)的税收支持政策，显著利好这些 行业的上市公司及中小企业，尤其对依赖品牌推广和市场拓展的企业而言，将有效改善现金流和盈利能 ...

Core Viewpoint - The new investment themes for 2026 are emerging in the commodity market, real industry chain, and foreign exchange market, driven by a scenario where investment exceeds consumption, leading to increased physical consumption across various manufacturing sectors [1] Group 1: Investment Opportunities - Focus on AI investments and the recovery of global manufacturing, particularly in industrial resource products such as copper, aluminum, tin, lithium, crude oil, and oil transportation [1] - Attention to China's equipment export chain, which has global comparative advantages and is confirmed at the bottom of the cycle, including power grid equipment, energy storage, lithium batteries, photovoltaics, engineering machinery, and commercial vehicles [1] - Identify domestic manufacturing sectors that are showing signs of bottom reversal, such as chemicals (dyeing, coal chemicals, pesticides, polyurethane, titanium dioxide) and wafer manufacturing [1] Group 2: Consumer Recovery - Capture the recovery in consumption driven by inbound tourism and rising household income, focusing on sectors like aviation, hotels, duty-free shops, and food and beverages [1] Group 3: Non-Banking Financial Sector - Benefit from the expansion of the capital market and the bottoming out of long-term asset returns, particularly in non-bank financial sectors such as insurance and brokerage [1]

摘要 人民币升值投资机会解读 20251229 人民币升值利好上游原材料行业（公用事业、有色金属、钢铁、能源化 工）和消费品行业（航空公司、免税业务），降低进口商品成本，提升 相关企业盈利能力。 人民币升值减轻了航空公司和房地产企业以美元计价的债务偿还压力， 尤其是航空公司通过汇兑收益直接增厚利润，房地产企业境外美元债偿 债压力降低。 人民币升值将提升人民币核心资产的估值，金融领域的银行和保险业， 以及港股市场中的恒生科技指数和恒生中国企业指数，可能因外资流入 而表现突出。 燃气板块受益于人民币升值，因燃气价格与美元计价的国际油价挂钩， 降低采购成本；而高股息火电板块受汇率影响较小，表现相对弱势。 航空业直接受益于飞机采购和租赁的汇兑收益，以及美联储降息带来的 融资成本降低；间接受益于美元计价运营成本的降低和出境游需求的刺 激。 人民币升值扩大了国内降息空间，有助于房地产市场企稳，并吸引外资 投资以人民币计价的大宗不动产，如商业办公和物流地产项目。 港股市场因人民币升值对外资吸引力增加而受益，尤其是科技板块，但 股价根本驱动因素仍是每股收益（EPS），流动性影响短期股价。 Q&A 人民币升值对哪些行业有显著影 ...

格隆汇12月29日丨中国中免(601888.SH)公布，2025年12月29日，公司全资子公司中国免税品（集团） 有限责任公司与北京首都机场商贸有限公司签署了《北京首都国际机场免税项目（01标段）项目合 同》，保底经营费：在运营期内，首年保底经营费为48,027万元人民币，其后每一计费年度保底经营费 按照年度客流量变动幅度进行调整。 ...

Core Viewpoint - The signing of the contract for the duty-free project at Beijing Capital International Airport is expected to have a positive impact on the company's future operating performance [1] Group 1: Contract Details - The company’s wholly-owned subsidiary, China Duty Free Group Co., Ltd., has signed a contract with Beijing Capital Airport Commerce Co., Ltd. for the duty-free project at Beijing Capital International Airport [1] - The project will operate in the international departure and arrival areas of Terminal 3, covering a total area of 10,646.74 square meters [1] - The operational period of the contract is from February 11, 2026, to February 10, 2034 [1] Group 2: Financial Terms - The minimum operating fee for the first year is set at 48.027 million RMB [1] - The sales commission rate for the first year is 5%, which will increase by 1 percentage point each year starting from the second billing year, with no further increases after the fifth billing year [1]

12 月26 日/12 月28 日，中国中免/王府井分别发布公告宣布中标北京首都国际机场免税项目，其中中免 全资子公司中免集团为01 标段中标人，王府井为02 标段中标人。两个标段经营期限均为自合同约定的 起始日至2034年2 月10 日止（不超过8 年） 王府井免税中标标段二（T2 航站楼）： 总面积3,566.33 平方米 总面积10,646.74 平方米 首年保底经营费：4.80 亿元 首年销售额提成比例：5% 中标意义：上述项目签约后，中免于国内核心机场的渠道优势将进一步提升，对中免未来经营业绩发展 产生积极影响。 此前，中免全资子公司中免集团中标上海浦东国际机场（T2+S2）和上海虹桥国际机场（T1）相关免税 店项目，并与上海机场签订相关合同，具体情况如下： 收费标准： 首年保底经营费：1.13 亿元 首年销售额提成比例：5% 中标意义：待此项目签订正式合同并正常实施，王府井将实现在国内超大型国际枢纽机场的首次布局， 有利于提升王府井免税业务的规模和市场份额。 中免集团中标标段一（T3 航站楼）： 标段三（虹桥T1）：面积共计2470.55 ㎡，对应年固定费用0.84 亿元；各品类提成比例8%-22 ...

Index Performance - The Hang Seng Index (HSI) closed at 25,819, reflecting a 0.2% increase for the day and a 28.7% increase year-to-date (YTD) [2] - The MSCI Hong Kong index rose by 0.4% to 13,921, with a YTD increase of 31.8% [2] - The KOSPI index showed significant growth, up 71.2% YTD, closing at 4,109 [2] Commodity Price Performance - Gold prices increased by 70.7% YTD, closing at $4,479 per ounce [3] - Copper prices rose by 37.6% YTD, reaching $12,061 per ton [3] - Brent Crude oil prices decreased by 12.7% YTD, closing at $62 per barrel [3] Key Macro and Earnings Releases - China's industrial profits year-to-date showed a modest increase of 1.9% despite a year-on-year decline of 5.5% [4] - The Manufacturing PMI for China was reported at 49.2, slightly below the consensus of 49.3 [4] - The Non-manufacturing PMI for China was at 49.5, also below the expected 49.7 [4] Hainan Free Trade Policy Insights - Over 6,600 goods are now exempt from tariffs in Hainan, which is expected to enhance value-added processing and lower manufacturing costs [6] - The Hainan Free Trade Port (HFTP) is viewed as a long-term positive for industries rather than a short-term boost [6] - Investors are advised to focus on consumer companies with established operations in Hainan, such as CTG Duty Free and Mixue Group [6]