Core Viewpoint - The upgrade of the duty-free shop policy in China, effective from November 1, aims to enhance the attractiveness of duty-free shopping for inbound and outbound travelers, supporting domestic consumption and expanding the range of products available in duty-free stores [1][3]. Group 1: Policy Enhancements - The new policy encourages enterprises with duty-free product operating qualifications and foreign-invested companies approved by the State Council to increase the procurement of quality domestic products for sale in duty-free shops [3][5]. - The policy addresses previous regulatory barriers regarding the sale of domestic products in duty-free shops, clarifying the supervision and tax refund processes, which is expected to boost the sales of quality domestic goods [5][6]. Group 2: Product Range Expansion - The range of products available in duty-free shops will be expanded to include more portable consumer goods such as mobile phones, micro drones, sports equipment, health foods, over-the-counter drugs, and pet foods [5][6]. - The policy aims to provide a more diverse and trendy selection of duty-free products for both domestic and international consumers [5][6]. Group 3: Approval Process Optimization - The approval authority for establishing and operating duty-free shops will be decentralized from central ministries to provincial-level departments, allowing for more localized decision-making [5][6]. - This decentralization is expected to facilitate the integration and optimization of duty-free shop layouts, promoting further development of the duty-free industry [5]. Group 4: Shopping Experience Improvement - The policy includes provisions for online booking services for duty-free shops, allowing travelers to reserve products in city duty-free shops and pick them up at port duty-free shops [6]. - These measures are designed to innovate the sales model of duty-free shops and enhance the convenience of shopping for consumers, improving the overall shopping experience [6].

Core Viewpoint - The upgrade of China's duty-free shop policy, effective from November 1, 2025, aims to enhance the attractiveness of duty-free shopping for inbound and outbound travelers by allowing more domestic products to be sold and expanding the range of goods available [1][3]. Group 1: Policy Enhancements - The new policy encourages enterprises with duty-free operating qualifications and foreign-invested companies approved by the State Council to increase the procurement of quality domestic products [3][6]. - Domestic products sold in duty-free shops will be treated as exports, allowing for the refund of value-added tax and consumption tax [3][6]. - The approval authority for establishing and operating duty-free shops will be decentralized from central ministries to provincial departments, facilitating local optimization of duty-free shop layouts [6]. Group 2: Product Range Expansion - The policy will expand the categories of goods available in duty-free shops, including portable consumer products such as mobile phones, micro-drones, sports goods, health foods, over-the-counter drugs, and pet foods [6]. - The introduction of more domestic products is expected to offer travelers more attractive pricing and a wider selection of trendy and diverse goods [3][6]. Group 3: Consumer Experience Improvement - The policy will support online booking services for duty-free shops, allowing travelers to reserve items in city duty-free shops and pick them up at port duty-free shops [6]. - Continuous optimization of the duty-free shopping process is expected to enhance the overall shopping experience for travelers, making it more convenient to purchase quality domestic and international products [6].

Core Viewpoint - The upgrade of China's duty-free shop policy, effective from November 1, 2025, aims to enhance the attractiveness of duty-free shopping for inbound and outbound travelers, promoting healthy and orderly development of the duty-free retail business [1][2]. Group 1: Policy Enhancements - The new policy encourages enterprises with duty-free product operating qualifications and foreign-invested companies approved by the State Council to increase the procurement of high-quality domestic products [3][7]. - Domestic products sold in duty-free shops will be treated as exports, allowing for the refund (or exemption) of value-added tax and consumption tax [3][7]. - The approval authority for establishing and operating duty-free shops will be decentralized from central ministries to provincial-level departments, facilitating local optimization of duty-free shop layouts [7][8]. Group 2: Product Range Expansion - The policy expansion includes a wider variety of consumer goods, such as mobile phones, micro-drones, sports equipment, health foods, over-the-counter drugs, and pet foods [7]. - The introduction of more domestic products is expected to offer travelers more attractive pricing and diverse shopping options [3][7]. Group 3: Shopping Experience Improvement - The policy will support online reservation services for duty-free shops, allowing travelers to reserve items in city duty-free shops and pick them up at port duty-free shops [8]. - Continuous optimization of the duty-free shopping process is anticipated to enhance the overall shopping experience for travelers [8].

Core Viewpoint - The Ministry of Finance, along with other government departments, has issued a notification to enhance the duty-free shop policy starting from November 1, 2025, aimed at boosting consumption, encouraging overseas spending to return, and promoting the healthy development of duty-free retail business [1]. Summary by Categories Policy Enhancements - The notification outlines four key areas for improving the duty-free shop policy: 1. Optimizing the management of domestic goods tax refund (exemption) policies to support the sales of domestic products in both port exit and city duty-free shops, encouraging the introduction of high-quality products reflecting Chinese traditional culture [4]. 2. Expanding the range of products available in duty-free shops to include more portable consumer goods, such as mobile phones, mini drones, sports goods, health foods, over-the-counter drugs, and pet foods, thereby enriching shopping options for travelers [4]. 3. Relaxing approval authority for duty-free shops, delegating powers related to the establishment of port exit duty-free shops and changes in operating entities, and optimizing the determination of operational areas for these shops to support local adaptations [4]. 4. Improving convenience and regulatory measures for duty-free shops, allowing online booking services and enabling travelers to reserve items in city duty-free shops for pickup at port entry duty-free shops, enhancing the shopping experience for travelers [4].

Core Viewpoint - The article discusses the Chinese government's initiative to enhance the duty-free shop policy to stimulate consumption, attract foreign visitors, and promote the healthy development of duty-free retail business [1]. Group 1: Optimization of Duty-Free Policies - The government encourages enterprises with duty-free qualifications to increase the procurement of high-quality domestic products for sale in duty-free shops, treating these sales as exports for tax exemption purposes [2][3]. - The management and operational procedures for tax refunds on domestic products sold in duty-free shops will be optimized to facilitate sales [3]. - Duty-free shops are required to promote domestic products, including traditional cultural items, with at least 25% of their sales area dedicated to these products [4]. Group 2: Expansion of Product Categories - The government plans to expand the categories of products available in duty-free shops, including mobile phones, drones, sports goods, health foods, over-the-counter drugs, and pet foods [4]. - Authorities will optimize the regulatory approach for imported duty-free goods to accelerate the availability of popular overseas products in Chinese duty-free shops [4]. Group 3: Streamlining Approval Processes - The approval authority for establishing and changing the operating entities of duty-free shops will be decentralized to local governments, allowing for tailored development based on regional needs [5][6]. - Local governments are tasked with optimizing the layout of duty-free shops to enhance the shopping experience and attract inbound consumption [6]. Group 4: Enhancing Shopping Experience - Duty-free shops will offer online reservation services, allowing travelers to pre-order products based on their travel schedules [7]. - Travelers can pick up pre-ordered items at designated duty-free shops upon arrival, streamlining the shopping process [7]. - Continuous improvements in the shopping process and regulatory measures will be implemented to enhance consumer experience and protect consumer rights [7]. Group 5: Implementation and Coordination - The Ministry of Finance will coordinate with relevant departments to ensure the effective implementation of the new policies, which will take effect on November 1, 2025 [9]. - Local governments are responsible for overseeing the management of duty-free shops and ensuring the policies effectively stimulate consumption [9].

王府井集团股份有限公司 根据上海证券交易所《上市公司自律监管指引第 3 号——行业信息披露》"第 四号——零售"要求，现将王府井集团股份有限公司（以下简称"公司"）2025 年 第三季度经营数据披露如下： 证券代码：600859 股票名称：王府井 编号：临 2025-073 | 地区 | 经营业态 | | 新开门店 | | 关闭门店 | | | 期末门店 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 门店 家数 | 建筑面积/ 租赁面积 （万平方米） | | 门店 家数 | 建筑面积/ 租赁面积 （万平方米） | 门店 家数 | 建筑面积/ 租赁面积 （万平方米） | | | 华北地区 | 购物中心/百货/奥特莱斯 | 0 | | 0 | 0 | 0 | 25 | 146.4 | | | 华中地区 | 购物中心/百货/奥特莱斯 | 0 | | 0 | 0 | 0 | 9 | | 71 | | 华南地区 | 购物中心/奥特莱斯/免税 | 0 | | 0 | 0 | 0 | 3 | | 37.9 | | 西南地区 | ...

Core Viewpoint - The Ministry of Finance and four other departments have issued a notice to improve the duty-free shop policy to boost consumption, focusing on optimizing domestic goods tax refund (exemption) management and supporting the sales of domestic products in both port exit duty-free shops and city duty-free shops [1] Group 1: Policy Enhancements - The notice emphasizes the optimization of domestic goods tax refund (exemption) policy management [1] - It encourages enterprises with duty-free product operating qualifications and foreign-invested enterprises approved by the State Council to increase the procurement of high-quality domestic products [1] - Domestic product procurement by relevant enterprises for sale in port exit duty-free shops and city duty-free shops will be treated as exports, allowing for the refund (exemption) of value-added tax and consumption tax [1]

财政部等五部门发布关于完善免税店政策支持提振消费的通知。其中提到，进一步扩大免税店经营品 类，丰富旅客购物选择。（一）进一步扩大口岸出境免税店、口岸进境免税店和市内免税店经营品类， 新增手机、微型无人机、运动用品、保健食品、非处方药、宠物食品等商品。整合优化口岸出境免税 店、口岸进境免税店和市内免税店经营品类清单。（二）有关部门根据实际情况，优化进口免税商品监 管方式，加快境外已上市热销商品在我国免税店的上架进度。（三）支持有关企业持续提升议价能力和 经营水平，鼓励通过联合采购等方式，吸引更多国际品牌将最新商品、热销商品等投入我国免税店销 售，扩大免税店实际销售商品种类。 ...

通知从四方面完善了免税店政策。一是优化国内商品退（免）税政策管理，积极支持口岸出境免税店和 市内免税店销售国产品。二是进一步扩大免税店经营品类，将更多便于携带的消费品纳入经营范围。三 是放宽免税店审批权限，支持地方因地制宜整合优化免税店布局。四是完善免税店便利化和监管措施， 持续提升旅客免税购物体验。 记者10月30日从财政部了解到，财政部、商务部、文化和旅游部、海关总署、税务总局印发通知，明确 自2025年11月1日起完善免税店政策，旨在进一步发挥免税店政策支持提振消费的作用，引导海外消费 回流，吸引外籍人员入境消费，促进免税商品零售业务健康有序发展。 责任编辑：何俊熹 ...

Group 1 - Shenzhen's housing provident fund has accumulated over 1 trillion yuan, increasing by 100 billion yuan from 900 billion yuan in 2024, with over 20 million account holders [1] - The expansion of the housing provident fund provides a stable source of long-term capital for the capital market, enhancing confidence in macroeconomic stability [1] Group 2 - Guangzhou plans to invest 100 billion yuan in urban village renovations and aims to start over 150 old community renovations by 2025 [2] - The combination of renovation-driven demand and policy benefits is expected to support inventory digestion and capital recovery, reinforcing market expectations for local project sales [2] Group 3 - Zhuhai Free Trade Zone Group intends to sell 100% equity of its subsidiary, Zhuhai Gree Real Estate, to Zhuhai Toujie Holdings, focusing on de-leveraging and concentrating on its duty-free business [3] - This divestment aligns with the direction of state-owned capital concentrating on strategic industries, optimizing the company's structure and reducing debt [3] Group 4 - In the first nine months of 2025, Shanghai's real estate development investment increased by 2.2% year-on-year, while the new housing starts decreased by 26% [4] - The sales area of commercial housing reached 1,202.42 million square meters, a slight decline of 0.3%, indicating the potential effectiveness of recent real estate policy adjustments [4] Group 5 - Vanke and Chengdu Runhong Investment consortium acquired two residential land parcels in Chengdu's Pidu District at a base price, totaling 316 million yuan for 69.3 acres [5] - This acquisition continues Vanke's strategy in the Chengdu market, enhancing its regional advantage while managing costs and risks through state-owned cooperation [5]