当地时间1月6日，松屋百货在东京股市开盘下跌2.33%，J Front Retailing等日本零售巨头也在近期股价受挫。 这一下跌趋势起源于新年之后各家零售商公布的惨淡数据。去年12月，日本主要零售商的免税店销售数字均出现大幅下降，其中三越伊势丹 将"重要客群流失"列为免税销售额下滑的原因。 日本免税销售遭遇"滑铁卢" "游客来源多样化"不及"中国游客" 零售集团J Front Retailing旗下的大丸百货和松坂屋百货免税店销售额同比暴跌17%，这一跌幅远超市场此前预期的8%-10%。免税业务的"滑铁卢"也拖累这家 零售巨头当月整体销售额下降1.9%，损失超过25亿日元。 高岛屋百货表示，由于入境消费大幅下滑，免税销售额下降11%，其中一个原因是中国游客赴日人数大量减少。尽管日本国内需求依然强劲，但免税销售额 的放缓仍限制了该公司整体销售增长。 松屋百货一直是日本百货业"高端品牌"的象征，该公司上月报告称，其位于银座的旗舰店销售额下降了约11%，原因是缺少了中国游客。三越伊势丹控股公 司表示，其国内门店的免税销售额下降了14%，导致总销售额下降了0.5%。阪急阪神百货发布的经营快报更是显示，该集团去年1 ...

2025年1至6月份，中央商场的营业收入构成为：百货业占比86.96%，房地产业占比11.94%，旅游服务 业占比1.1%。 （记者 王晓波） 截至发稿，中央商场市值为55亿元。 每经AI快讯，中央商场（SH 600280，收盘价：4.89元）12月22日晚间发布公告称，公司第十届第十次 董事会会议于2025年12月22日以现场方式召开。会议审议了《公司关于补选专门委员会委员的议案》等 文件。 每经头条（nbdtoutiao）——新能源重卡爆单了，11月销量同比增长178%！两班倒都供不应求，客户直 接进厂催单，这情景十年难遇 ...

每经AI快讯，中央商场（SH 600280，收盘价：4.47元）12月10日晚间发布公告称，公司第十届第九次 董事会会议于2025年12月10日在公司会议室召开。会议审议了《公司关于召开2025年第四次临时股东会 的议案》等文件。 2025年1至6月份，中央商场的营业收入构成为：百货业占比86.96%，房地产业占比11.94%，旅游服务 业占比1.1%。 截至发稿，中央商场市值为50亿元。 每经头条（nbdtoutiao）——白金信用卡权益大缩水：贵宾厅限次、酒店减量⋯⋯银行吐槽没赚头，"羊 毛党"薅了个寂寞 （记者 曾健辉） ...

文 |姑苏九歌 编辑 |姑苏九歌 12月5号这天，美股投资者估计比高考查分还紧张，推迟了一个多月的9月PCE数据终于要公布了。 要知道，这数据原该10月底就出来，结果美国政府一停摆，硬生生拖到现在，成了悬在市场头顶的"薛 定谔的猫"。 现在的美股有意思了，11月刚经历过一阵暴跌，转头又蹭蹭往历史高点冲，跟坐过山车似的。 这背后全靠一个信念撑着，美联储要降息了。 可经济信号又拧巴得很，一边通胀还没完全老实，另一边就业市场又开始冒凉风，搞得大家心里七上八 下。 之前8月核心PCE同比涨2.7%，已经连续55个月高于2%的目标，这次9月数据要是再不听话，之前的乐 观估计得打水漂。 市场提前狂欢，降息预期下的美股"蹦迪"时刻 要说最近的市场情绪，那真是把"预期先行"四个字玩明白了。 CMEFedWatch那个工具显示，现在赌12月降息的人，恨不得排到法国去，概率高得吓人。 就因为这股劲儿，美元指数连着跌了四周，亚洲欧洲的股指期货也跟着沾光，每天开盘跟打了鸡血似 的。 这波上涨多少有点"透支"的意思，大家生怕错过行情，得了"踏空焦虑症"，不管三七二十一先买了再 说。 行为金融学里管这叫FOMO情绪，翻译过来就是"怕错过 ...

雪上加霜的是，日本首相高市早苗在国会发表的错误恶劣言论引发中日关系紧张，中方发布的旅游警示 与留学预警使得日本旅游业遭遇寒流。日本野村综合研究所有研究员估算，此举可能导致日本损失115 亿美元至140亿美元旅游收入，拖累GDP增速0.29个至0.36个百分点。日本股市的百货、运输板块股票大 幅下跌，中日民间交流活动延期或取消，进一步压缩了日本经济的回旋空间。 上周，日本经济拉响警报，再度出现负增长。数据下滑的直接原因是美国关税政策对日本汽车等支柱产 业出口造成打击。同时，日本经济长期积累的结构性矛盾与短期政治风险交织，使得高市早苗政府试图 通过大规模财政刺激"破局"的举措显得力不从心。 11月17日，日本内阁府公布的初步统计数据显示，今年三季度，日本实际国内生产总值（GDP）按年率 计算下降1.8%，自2024年一季度以来再次出现负增长，直接诱因是外需急剧收缩。数据显示，外需对 三季度日本经济增长的贡献为－0.2个百分点。 今年以来，美国对日本输美商品加征关税，尤其是将汽车关税从2.5%提升至15%，令日本相关产业遭遇 重创，特别是汽车产业链上下游的订单萎缩和经济衰退形成恶性循环。 内需不振也是日本经济长期低 ...

Economic Impact - Japan's economy is facing significant challenges, with the Nikkei 225 index dropping over 4,000 points since November, a decline of more than 7% [1] - The tourism sector, a crucial pillar of Japan's economy, has been severely impacted, with 500,000 travel tickets canceled following travel warnings issued to Chinese tourists [2] - The reliance on Chinese tourists is highlighted, as they accounted for 30% of inbound visitors pre-pandemic, with a consumption share of 36.8% in 2019 [2][3] Financial Market Reactions - The Japanese yen has reached a 10-month low against the US dollar, trading at over 156 yen per dollar [2] - The bond market is experiencing turmoil reminiscent of the 2008 financial crisis, with 10-year government bond yields surpassing 1.8%, the highest since 2007 [1] Dependency on China - Over 1,400 products in Japan have more than half of their supply sourced from China, indicating a dependency level twice that of the US and six times that of Germany [4] - Despite government efforts to subsidize companies to reduce risk, there has been a lack of response, as alternatives like Vietnam do not match China's efficiency and quality [4] Education Sector Challenges - Chinese students represent a significant portion of Japan's international student population, with 123,000 expected in 2024, making up 36.7% of total international students [5] - The potential decline in Chinese students poses a survival threat to Japanese language schools and universities, as they struggle to find alternative sources of students [5] Seafood Export Issues - Japan's seafood exports to China have been halted, leading to a significant loss of revenue, with exports to China amounting to approximately 4 billion yuan in the first half of the year [5] Economic Policy Concerns - The Japanese government has introduced a massive economic stimulus plan worth 21.3 trillion yen, raising concerns about the reliance on debt to fund this initiative [6] - Japan's debt-to-GDP ratio exceeds 260%, the highest among major economies, causing investor anxiety and contributing to capital flight from Japan [6] Public Sentiment and Protests - Public dissatisfaction is growing, with a recent poll showing nearly equal support for and against Prime Minister Kishi's controversial statements regarding Taiwan [7] - Protests have emerged, with citizens demanding the retraction of statements that could harm Japan-China relations and calling for adherence to peace principles [7]

Core Viewpoint - Recent remarks by Japanese Prime Minister Sanae Takaichi regarding Taiwan have sparked widespread criticism and concern, as they disregard legal and historical facts, potentially jeopardizing regional stability and Japan's own interests [1][3]. Group 1: Political Context - Takaichi's statements violate the spirit of the four political documents between China and Japan, fundamentally damaging the political foundation of Sino-Japanese relations [3][11]. - The four political documents include the 1972 Japan-China Joint Communiqué, which acknowledges Taiwan as an inseparable part of China, and the 1978 Treaty of Peace and Friendship [3][5][11]. Group 2: Domestic and International Reactions - Takaichi's comments have drawn significant criticism domestically and internationally, with calls for her to resign from various Japanese political figures and public protests [16][17]. - The remarks have led to a decline in Japan's tourism and consumer stocks, as investors fear deteriorating Sino-Japanese relations will reduce the number of Chinese tourists visiting Japan [17][20]. Group 3: Economic Impact - The Tokyo stock market has seen declines in tourism-related stocks due to concerns over reduced Chinese tourist numbers, with a reported 1.8% annual decline in Japan's GDP for the third quarter [17][18]. - Chinese tourists accounted for 29.4% of all visitors to Japan in the first nine months of 2025, making their potential absence a significant economic concern [20]. - Takaichi's statements have also negatively impacted the release and box office performance of Japanese films in China, with several films being postponed and existing releases experiencing a sharp decline in ticket sales [22][24].

Market Overview - The Tokyo stock market indices continued to decline on November 17, with the Nikkei 225 index closing down 0.10% and the Tokyo Stock Exchange index down 0.37% [1][2] - The Nikkei index fell by 52.62 points to close at 50,323.91 points, while the Tokyo Stock Exchange index dropped by 12.28 points to 3,347.53 points [2] Economic Indicators - Japan's GDP for the third quarter of this year decreased by 1.8% on an annualized basis, marking the first negative growth in six quarters [7] - The GDP decline was attributed to external demand, which reduced GDP by 0.2 percentage points, and a significant drop in housing investment by 9.4% compared to the previous quarter [7] Sector Performance - Tourism-related stocks, including department stores and transportation, experienced widespread declines due to concerns over deteriorating China-Japan relations affecting tourist numbers [1] - Notable declines included: - Mitsukoshi Isetan Holdings down 11.31% - Takashimaya down 6.18% - Shiseido down 9% - Oriental Land Company, operator of Tokyo Disneyland, down 5.68% [1][4] Trade Relations - China remains Japan's largest trading partner, with a projected trade total of $308.3 billion in 2024, including $156.25 billion in imports from China [6] - A significant reduction in Chinese tourists to Japan could lead to an estimated economic loss of 2.2 trillion yen, approximately 101.16 billion yuan [5]

Core Viewpoint - The opening of Guangzhou's first city duty-free store marks a significant expansion in the duty-free market, targeting both outbound Chinese travelers and inbound foreign tourists, with the aim of boosting local consumption and tourism [1][3][5]. Group 1: Market Expansion - The city duty-free store in Guangzhou is part of a broader initiative to enhance the duty-free shopping experience, allowing travelers to purchase tax-free goods before departure [1][6]. - The store is strategically located in the CBD of Tianhe District, with a pickup point at Baiyun Airport, catering to travelers leaving within 60 days [1][5]. - The Chinese government is promoting the expansion of city duty-free stores, with plans to open additional stores in eight cities by August 2024 [1][3]. Group 2: Consumer Behavior - The store offers significant discounts, ranging from 50% to 88%, attracting consumers like Chen Jing, who purchased skincare and alcohol products before her trip to Bangkok [1][6]. - The flexibility of city duty-free stores, such as no shopping limits and a wider variety of products, contrasts with other types of duty-free stores [6][7]. - The store features local cultural products, including traditional crafts and brands, appealing to both local and international consumers [7][9]. Group 3: Economic Impact - The introduction of city duty-free stores is expected to stimulate not only retail sales but also related sectors such as tourism, hospitality, and entertainment [9][10]. - The duty-free shopping model is anticipated to generate significant economic benefits, with estimates suggesting that every 10,000 yuan in sales could create over 50,000 yuan in overall economic activity [10]. - The performance of the duty-free sector in Hainan has shown a strong correlation with increased tourism revenue, indicating potential growth for Guangzhou's new store [10]. Group 4: Industry Challenges - Despite the potential for growth, there are concerns that the requirement for travelers to pick up goods at the airport may limit purchase intentions, particularly for larger items [9][12]. - Traditional retail formats, such as department stores, face challenges from the evolving consumer landscape, necessitating adaptation to new business models, including the integration of duty-free shopping [12][13]. - The competition for attracting younger consumers is driving innovative marketing strategies, such as themed exhibitions and events, to enhance engagement and foot traffic [13].

Company Overview - Hefei Yehong Department Store Co., Ltd. has been established with a registered capital of 100,000 RMB [1] - The legal representative of the company is Chen Jinyu [1] Business Scope - The company engages in a variety of general business activities including the sale of daily necessities, wholesale of daily goods, and sales of plastic products [1] - Additional sales categories include maternal and infant products, wooden containers, daily glass products, daily wooden products, textile products, and miscellaneous daily items [1] - The company operates under the principle of self-regulation in accordance with laws and regulations that are not prohibited or restricted [1]