中信建投指出，25年第一季度整体免税销售额及海南免税销售额下滑，第二季度仍受一定影响。第 二季度海南渠道逐步转正。多地市内免税店进入落地培育阶段。关税政策下，免税渠道部分商品价格优 势扩大，预计市内免税店未来更好服务外国人离境场景下国货销售。年内海南封关将近，离岛免税政策 独立性预计仍维持，且有望受益封关后消费提振政策。 (责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 中国中免(01880)盘中飙升逾9%，截至发稿，股价上涨5.10%，现报65.90港元，成交额4.081亿港 元。 中免集团发布消息称，广州首家市内免税店将于8月26日开业。据悉，广州市内免税店由中免集 团、广百股份(002187)、岭南控股(000524)和白云机场(600004)联合打造。此前，8月23日，深圳市内免 税店在试营业期间顺利迎来首单成交。上午10时许，顾客白先生在免税酒水区完成购物结算，并将 ...

中国中免（01880）盘中飙升逾9%，截至发稿，股价上涨5.10%，现报65.90港元，成交额4.081亿港元。 中免集团发布消息称，广州首家市内免税店将于8月26日开业。据悉，广州市内免税店由中免集团、广百股份、岭南控股和白云机场联合打造。此前，8月23日，深圳市内免税店在试营业期间顺 中信建投指出，25年第一季度整体免税销售额及海南免税销售额下滑，第二季度仍受一定影响。第二季度海南渠道逐步转正。多地市内免税店进入落地培育阶段。关税政策下，免税渠道部分商品 责任编辑：卢昱君 ...

智通财经APP获悉，中国中免(01880)飙升逾9%，截至发稿，涨7.26%，报67.25港元，成交额3.27亿港 元。 消息面上，中免集团发布消息称，广州首家市内免税店将于8月26日开业。据悉，广州市内免税店由中 免集团、广百股份、岭南控股和白云机场联合打造。此前，8月23日，深圳市内免税店在试营业期间顺 利迎来首单成交。上午10时许，顾客白先生在免税酒水区完成购物结算，并将在下周一从深圳机场启程 前往迪拜，成为免税店试营业阶段的首单顾客。这也标志着项目建设和运营取得阶段性成果。 中信建投指出，25年第一季度整体免税销售额及海南免税销售额下滑，第二季度仍受一定影响。第二季 度海南渠道逐步转正。多地市内免税店进入落地培育阶段。关税政策下，免税渠道部分商品价格优势扩 大，预计市内免税店未来更好服务外国人离境场景下国货销售。年内海南封关将近，离岛免税政策独立 性预计仍维持，且有望受益封关后消费提振政策。 ...

Investment Rating - The report maintains an "Outperform" rating for the social services industry, expecting it to perform better than the benchmark index in the next 6-12 months [2][52]. Core Insights - The social services sector saw a 0.30% increase in the two weeks from August 4 to August 15, 2025, ranking 30th among 31 industries in the Shenwan classification. This performance lagged behind the CSI 300 index by 3.34 percentage points [2][13]. - Recent consumption policies, including interest subsidies, are anticipated to boost consumer confidence and spending, particularly in the travel and related sectors [5][30]. - The retail sales growth rate slowed to 3.7% year-on-year in July, indicating a need for improved consumer confidence [5][30]. Summary by Sections Market Review & Industry Dynamics - The social services sector's performance was below the overall market, with the CSI 300 index rising 3.64% during the same period [2][13]. - The sector's subcategories showed mixed results, with hotel and restaurant services increasing by 2.70%, while education and tourism sectors declined by 1.23% and 1.28%, respectively [17][20]. - The overall price-to-earnings (P/E) ratio for the social services industry was 34.73, significantly higher than the CSI 300's 12.71, indicating a premium valuation [21]. Investment Recommendations - The report suggests focusing on companies with strong growth potential in the travel chain and related industries, such as Tongcheng Travel, Huangshan Tourism, and Lijiang Co., among others [5][45]. - It also highlights opportunities in the hotel sector, particularly brands like Junting Hotel and Jinjiang Hotel, which are expected to benefit from the recovery in business travel [5][45]. - The report emphasizes the potential for growth in the cross-border travel market, recommending attention to companies like China Duty Free and Wangfujing [5][45]. Industry News & Company Announcements - The opening of Guangzhou's first city duty-free store on August 26 is expected to enhance consumer shopping experiences and stimulate local consumption [30]. - Data from Qunar indicates a significant increase in hotel bookings from smaller cities, reflecting a shift in consumer behavior towards higher-quality travel experiences [31]. - The report notes that the civil aviation sector achieved record passenger transport volumes in July, indicating a robust recovery in travel demand [33].

Group 1 - The A-share duty-free store concept has shown strong performance, with notable stock increases for companies such as Wushang Group (up 7.19%) and Huayang Lianzhong (up 2.46%) [1] - The duty-free industry is benefiting from multiple favorable policies, including the implementation of personal consumption loan interest subsidies by the central government [1] - The Ministry of Finance announced that this is the first time the central government has provided interest subsidies for personal consumption loans, aimed at reducing consumer credit costs and stimulating consumption [1] Group 2 - The first city duty-free store in Shenzhen is set to open at the end of August, featuring a 3,000 square meter area and a business model that combines duty-free and taxable goods [2] - The Guangzhou city duty-free store will also open soon, showcasing a mix of international brands and local specialties, which is expected to drive growth in the duty-free sector [2] - The opening of these city duty-free stores is anticipated to create new growth points for the duty-free industry and enhance the prosperity of urban commercial districts [2]

韩国《韩联社》8月6日报道，韩国政府决定从今年9月29日至明年6月30日面向中国团队游客试行免签入 境政策，国内旅游和流通行业对此利好充满期待。韩国今年上半年共接待中国游客252.7万人次，同比 增加13.9%，恢复至疫前2019年同期的90%。在旅游市场逐步回暖的背景下，业界期待免签政策能进一 步释放潜在的访韩旅游需求。 业界认为，鉴于免签新政在中国"十一黄金周"前夕启动，秋季旅游市场或迎来"大丰收"。酒店等行业也 积极推出面向中国游客的定制型旅游产品，并开展各种营销活动，提前营造接待氛围。免税业界认为， 团队游客的人均消费水平普遍高于自由行游客，此次免签措施有望为销售复苏注入积极动力。 ...

Group 1 - The company Baiyun Airport (600004.SH) has signed a cooperation contract with China Duty Free Group for the operation of the duty-free project at T3 terminal [1] - The contract allows the transfer of operating rights for specific areas to China Duty Free Group, which will manage duty-free goods within the scope permitted by national policies [1]

Core Viewpoint - Baiyun Airport (600004.SH) has signed a cooperation contract with China Duty Free Group for the operation of the duty-free project at T3 terminal, transferring the operating rights of specific areas to the group within the contract period [1] Group 1 - The contract allows China Duty Free Group to operate duty-free goods in the designated area, as permitted by national policies [1]

Core Viewpoint - Baiyun Airport (600004.SH) has signed an operational cooperation contract for the T3 terminal's outbound duty-free project with China Duty Free Group (referred to as "CDFG") [1] Company Summary - The company has transferred the operating rights of specific areas to CDFG for the duration of the contract [1] - CDFG will operate duty-free goods within the scope permitted by national policies in the designated area [1]

Group 1: Policy Initiatives - Dongguan plans to allocate 120 million yuan in industrial support funds to promote the high-quality development of the trendy toy and animation industry through five key areas: industrial ecology, market expansion, content creation, animation industry, and factor assurance [1] - The policy aims to enhance the original design capabilities of trendy toy and animation companies, encourage the creation of cultural landmarks, develop "trendy toy+" industrial tourism, and support the production of top-quality original animation [1][3] - Dongguan is actively inviting global leading trendy toy and animation companies, well-known IPs, and platform giants to establish headquarters, regional centers, and R&D bases in the city, with a maximum subsidy of 5 million yuan [1] Group 2: Industry Overview - Dongguan hosts over 4,000 toy manufacturing companies and nearly 1,500 upstream and downstream supporting enterprises, making it the largest toy export base in China [2] - Approximately 85% of trendy toy products in China are produced in Dongguan, which accounts for about 20% of the global trendy toy market value [2] - Dongguan's trendy toy industry is primarily focused on OEM production, with a low value-added structure, contributing only 10% to 20% of the overall industry value [2][3] Group 3: Development Challenges - The industry still relies heavily on production capabilities, with significant gaps in creative R&D and IP incubation [3] - There is a structural mismatch between the supply of design and sales talent and the industry's demand, highlighting the need for better talent attraction platforms [2][3] - Dongguan has previously introduced policies to strengthen original IP development and enhance original design capabilities, indicating ongoing efforts to address these challenges [3]