炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：民航之翼 2026年2月24日，春节后的首个交易日，中国免税行业的"航母"—中国中免（601888.SH）遭遇重创。 受失去上海机场部分免税经营权及市场对春节消费预期担忧等多重因素影响，开盘低开后迅速封死跌停 板，收盘价定格在85.18元，股价较2021年创下的343元高点跌了75%，市值蒸发惨重。 从巅峰时期近7500亿元的市值，到如今缩水至约1954亿元，五年间超5000亿元市值的"灰飞烟灭"，不仅 是中国中免所面临的困境，还意味着中国免税行业乃至整个机场业商业逻辑的深刻变局。 一、中国中免跌停：三重压力 中国中免此次股价崩盘，并非单一利空影响所致，而是长期积累的基本面压力与短期突发利空共振的结 果。 1． 枢纽失守：京沪机场部分经营权旁落 作为曾经包揽上海主要机场航站楼免税经营权的霸主，中国中免此次遭遇了规则改变带来的"切肤之 痛"。 根据最新招标结果，由于上海机场集团修改了招标规则，明确"标段一和标段二不可兼中兼得"，且关联 企业不得投标同一标段，导致中国中免失去了上海浦东机场T1航站楼及S1卫星厅国际区域的进出境免 税店 ...

记者2月23日从海口市旅游和文化广电体育局获悉，2026年春节假期，海口凭借深厚的文化底蕴、 创新的旅游业态和丰富的节庆活动，9天共接待游客246.95万人次，同比增长28.77%；游客总花费36.27 亿元，同比增长33.44%。 据了解，春节假期海口旅文市场客源呈现出显著的"国际化"和"家庭化"趋势。尤其是春节前五天入 境游机票量同比激增312%，海口成功跻身全国入境游热门目的地前十城市。 海口周边的乡村也成为春节假期热门目的地。在西海岸最西端的荣山寮村，除夕夜一场璀璨的烟花 秀率先点燃节日气氛。村里多家网红餐厅、咖啡馆人气高涨，风格各异的海边民宿预订火爆，举办 的"荣山寮·村咖开放麦"和"行走的鱼艺术市集"为传统渔村增添了浓厚的艺术气息。 春节假期海口游客总花费同比增长超三成 城市漫步享受度假时光 今年春节，海口城市休闲游展现出全新活力。椰树集团总部因其独特的建筑风格和复古海报，成为 年轻人争相打卡的"网红地标"，免费的工厂参观活动更是让游客深度体验企业文化的独特魅力。与此同 时，在龙兴路、滨海新村与五源河西岸街区等城市街区，越来越多的年轻人选择"城市漫步"，在咖啡馆 里品咖、拍照、发呆，享受悠闲的城市 ...

Core Insights - The tourism market in Hainan during the first Spring Festival holiday after the full island closure of the free trade port showed strong visitor numbers, high consumption, and a vibrant international atmosphere, with 12.32 million visitors and total spending of 18.366 billion yuan, representing increases of 28.9% and 30.7% respectively compared to last year [1] Group 1: Tourism and Consumer Trends - The upgraded duty-free policies have significantly boosted consumption quality and efficiency, with the introduction of more duty-free goods and the opening of the first batch of daily consumer goods duty-free stores [1] - Average shopping amounts, number of shoppers, and items purchased in Hainan's offshore duty-free shopping reached 303 million yuan, 36,000 visitors, and 222,000 items respectively, showing year-on-year increases of 16.5%, 20%, and 8.3% [1] - The visa-free policy continues to benefit the inbound tourism market, with 20,000 inbound travelers (including Hong Kong, Macau, and Taiwan), marking an 82% increase compared to last year's Spring Festival [1] Group 2: Cultural and Recreational Activities - A diverse range of products and immersive experiences have driven new Spring Festival cultural tourism consumption, with over 260 cultural and tourism activities planned across Hainan [2] - New tourism projects and products, such as "Haitang Story" in Sanya and "Seven Fairy Dream" in Baoting, have effectively stimulated market consumption [2] - Scenic highways and national park tourism routes have become popular among tourists, with visitor numbers increasing by 16.7% and 8.7% respectively during the holiday [2] Group 3: Accommodation and Local Experiences - Traditional popular areas like Sanya and Wanning saw high hotel booking rates, while new coastal attractions like Qizhi Bay in Changjiang also experienced rising reservations [3] - Unique rural tourism products, such as tea-making experiences and themed activities, have provided visitors with a distinctive festive atmosphere [3] - Hainan's tourism authorities plan to leverage free trade port policies and local cultural resources to continuously optimize product offerings and enhance service quality [3]

博彩股集体走低。春节假期澳门日均赌收逊预期，花旗下调2月赌收预测。美高梅中国(02282)跌4.2%。 内险股全线回落。新华保险(01336)跌超5%，险企Q4净利润或受短期投资波动影响。 猫眼娱乐(01896)跌超7%创九个月新低，今年春节档电影票房偏弱。 潼关黄金(00340)涨超5%，预计去年溢利同比增长约289%至298%。 东方电气(01072)涨超6%，重燃主机供需硬缺口将长期延续，公司燃气轮机出口有潜在扩张空间。 长飞光纤光缆(06869)涨超5%再创新高，光纤光缆景气度有望持续向上。 中国中免(01880)再跌超9%，三日累跌逾两成，机构称股价已反映海南免税亮眼表现。 智通财经获悉，港股恒生指数跌1.93%，跌521点，报26560点；恒生科技指数跌2.36%。港股早盘成交 1387亿港元。 大模型双雄逆市反弹，智谱(02513)涨超20%；MINIMAX-WP(00100)涨超7%。 建滔系盈喜后继续走高。覆铜板及上游物料量价齐升，带动集团全年业绩增长。建滔积层板(01888)涨 超11%；建滔集团(00148)涨4.5%。 本文源自：智通财经网 ...

在海南自贸港封关运作稳步推进的关键时期，海控全球精品免税城（以下简称"海控免税"）迎来五周年华诞。 1月31日，以"无限热爱·'5'出精彩"为主题的五周年店庆盛典盛大启幕，作为封关运作后的免税行业标杆性庆 典，海控免税不仅准备了"十重礼遇"回馈消费者，更通过线上线下全渠道联动，展现免税行业在自贸港新阶段 下的蓬勃活力与无限潜力。 十重礼遇引爆新春打造沉浸式消费盛宴 此次店庆适逢农历新年购物旺季，海控免税在店内打造了浓厚的节日氛围。活动当天，消费者进店即可领取马 年新春礼盒，参与"店庆地图"品牌打卡互动，更有机会赢取五粮液、LABUBU潮玩、万元自行车及滑雪板等重 磅大奖。 据了解，1月31日当天，市民游客在店内任意消费即有机会获赠萌趣十足的LABUBU 4.0潮玩挂件，软萌的造型 搭配特有的颜色，瞬间击中年轻人的情绪，成为社交媒体上的打卡新宠；而当五粮液等惊喜好礼揭晓时，现场 不时响起阵阵欢呼，让每一次消费都充满期待与喜悦。游客林女士说："以前觉得免税店就是买买买，现在发 现它更像一个城市生活新地标——有文化、有互动、有温度。你看我拿在手上的拉布布，我感觉它可以让我开 心一整年。" 来自广东的游客张先生对记者 ...

■ 珠海珠免集团（维权）股份有限公司 关于下属子公司为公司提供担保的公告 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个别及连带责任。 重要内容提示： ● 被担保人名称：珠海珠免集团股份有限公司（以下简称"公司"） ● 本次担保金额：公司拟申请银团贷款总额不超过人民币4.5亿元，由公司下属子公司珠海海控融资租 赁有限公司（以下简称"海控融资租赁公司"）对三分之一银团贷款债务份额提供连带责任保证，公司控 股子公司珠海市免税企业集团有限公司（以下简称"免税公司"）对三分之二银团贷款债务份额提供连带 责任保证。 二、被担保人基本情况 被担保人名称：珠海珠免集团股份有限公司 ● 截至本公告日，海控融资租赁公司已为公司提供的担保余额为人民币0亿元（不含本次），免税公司 已为公司提供的担保余额为人民币10.95亿元（不含本次）。 ● 本次担保是否有反担保：无 ● 对外担保逾期数量：无 一、担保情况概述 公司因经营发展需要，拟向厦门国际银行股份有限公司珠海分行、澳门国际银行股份有限公司广州分行 组成的银团申请银团贷款业务，申请贷款总额不超过人民币4 ...

证券日报网讯1月28日，珠免集团（600185）在互动平台回答投资者提问时表示，公司将持续做好生产 经营，努力推动经营水平和发展质量提升。同时，也将不断加强投资者关系管理工作，增进投资者对公 司价值的认同。后续如有回购计划，公司将严格按照相关法律法规的要求履行信息披露义务。 ...

Core Insights - Hainan tourism is reaching a milestone with projected domestic and international visitors reaching 106 million by 2025, a year-on-year increase of 9.1%, and total visitor spending expected to reach 225.43 billion yuan, up 10.5% [1] - This growth reflects the positive impact of Hainan's free trade port policies, showcasing the potential of the consumer market and the effectiveness of building an international tourism consumption center [2] Group 1: Tourism Consumption Trends - Sanya is experiencing a surge in tourism consumption, with notable sales in winter clothing at duty-free shops, indicating a strong consumer interest despite the tropical climate [2] - From December 18, 2025, to January 17, 2026, Sanya's duty-free shopping amounted to 3.122 billion yuan, with a year-on-year increase of 38.81% in spending [2] - Sanya's total visitor spending is projected to exceed 100 billion yuan for the first time, reaching 103.26 billion yuan, with overnight international visitors surpassing 1 million [3] Group 2: Diverse Consumption Landscape - Haikou is also witnessing robust tourism consumption, with 30 large-scale performances attracting 635,100 visitors and generating 3.065 billion yuan in spending [4] - The diverse consumption scenarios in Hainan highlight the effectiveness of policy benefits and market attraction, contributing to a vibrant shopping environment [4] Group 3: Factors Driving Consumption Growth - The growth in tourism consumption is attributed to a combination of policy innovation, market responsiveness, infrastructure upgrades, and enhanced cultural soft power [6] - The customs supervision model in Hainan, which allows for reduced costs and streamlined processes for goods entering the region, supports the competitive pricing of duty-free products [6] - The introduction of policies allowing residents to purchase duty-free items without limits has unlocked significant local consumption potential [6] Group 4: Accessibility and Service Improvements - Hainan's tourism success is bolstered by improved accessibility, with visa-free entry for citizens from 86 countries and a comprehensive network of international flights [7] - The service infrastructure is adapting to the influx of tourists, with multilingual staff and enhanced services, creating a more welcoming environment [7] Group 5: Cultural Experience and Emotional Value - Modern consumers, particularly younger generations, seek unique cultural experiences rather than just sightseeing, prompting Hainan to integrate local cultural elements into tourism offerings [8] - Hainan's strategy includes leveraging cultural events and experiences to create a lifestyle and cultural appeal, transitioning from a mere tourist destination to a place for enriching life experiences [8]

Core Viewpoint - The establishment of new duty-free shops at entry ports is expected to collaborate with city duty-free shops to expand the domestic duty-free market scale [2][3]. Group 1: Policy Changes - Recently, multiple government departments including the Ministry of Finance and the Ministry of Commerce issued a notice to establish and adjust a number of entry port duty-free shops [2]. - A total of 41 entry port duty-free shops will be newly established, including one at Wuhan Tianhe International Airport, facilitating duty-free shopping for incoming travelers [2]. - The Hengqin entry port duty-free shop will allow residents from Macau to purchase duty-free goods up to 15,000 yuan [2]. Group 2: Market Expansion - Starting from November 1, 2025, the categories of goods available at entry and exit duty-free shops, as well as city duty-free shops, will be expanded to include mobile phones, micro drones, sports goods, health foods, over-the-counter drugs, and pet foods [3]. - Travelers will be allowed to reserve items at city duty-free shops and pick them up at entry port duty-free shops, enhancing the synergy between these retail formats [3].

Core Viewpoint - The recent issuance of the "Notice on Port Duty-Free Shops" aims to establish and adjust a number of port duty-free shops, which is expected to enhance the domestic duty-free market scale through collaboration with city duty-free shops [1][2]. Group 1: Policy Changes - The Ministry of Finance, Ministry of Commerce, Ministry of Culture and Tourism, General Administration of Customs, and State Taxation Administration jointly issued a notice to establish and adjust a number of port duty-free shops [2]. - Eligible companies for bidding include those with duty-free operating qualifications approved by the State Council, such as China Duty Free Group, Shenzhen State-Owned Duty-Free Goods Group, and Wangfujing Group [2]. Group 2: Expansion of Duty-Free Shops - A significant increase in the number of port duty-free shops is planned, with new shops set to open at 41 ports, including Wuhan Tianhe International Airport [3]. - The Hengqin port duty-free shop will allow residents from Macau to purchase duty-free goods up to 15,000 yuan [3]. - The establishment of new duty-free shops will continue at Haikou Meilan International Airport and Shekou Cruise Center, while some locations like Qingdao Liuting International Airport will cease operations [3]. Group 3: Market Collaboration - The collaboration between port duty-free shops and city duty-free shops is expected to expand the outbound and inbound duty-free market scale [4]. - Starting from November 1, 2025, the range of products available at port and city duty-free shops will be expanded to include items like mobile phones, drones, sports goods, health foods, and pet foods [4]. - Travelers will be allowed to reserve items at city duty-free shops and pick them up at port duty-free shops, which will be treated as purchases under the port duty-free shop policies [4].