[Table_Page] 跟踪研究|运输 证券研究报告 | [Table_Title] 【广发交运&海外】美兰空港 | | --- | | (00357.HK) | 1 月季节性修复，看好自贸港机场长期潜力 [Table_Summary] 核心观点： ⚫ 风险提示。自然灾害，经济下行，自贸港政策不及预期等。 盈利预测： | [Table_ 单位:Finance] 人民币百万元 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 主营收入 | 2,086 | 2,171 | 2,165 | 2,510 | 2,810 | | 增长率（ % ） | 82.7% | 4.1% | -0.3% | 15.9% | 12.0% | | EBITDA | -128 | 7 | 368 | 671 | 984 | | 归母净利润 | -136 | -381 | -50 | 282 | 538 | | 增长率（ % ） | -12.4% | 180.5% | -86.8% | -659.7% | 90.8% | | ...

机构观点 中金公司1月12日研报维持目标价2.9港元（基于0.9倍2026年市净率），较当前股价有约15.5%上行空 间，静态看新免税合约租金弹性提升，但提示客流增长不及预期风险。当前机构目标均价为2.86港元， 2026年2月机构观点中买入或增持占比50%。 以上内容基于公开资料整理，不构成投资建议。 经济观察网 新免税合约于2026年2月11日正式生效，采用"保底+提成"模式，首年保底租金5.9亿元，静 态测算较原合约水平高约10%，中国中免和王府井分别中标T3、T2航站楼。同期春节返程高峰带动航 空客流，海南机场数据显示2月23日单日航空旅客量突破23.2万人次，可能间接提振机场板块需求预 期。 股票近期走势 近一周股价震荡回升，2月20日收盘价2.47港元（单日跌跌幅-2.37%），2月23日收盘价2.51港元（单日 涨跌幅1.62%），区间涨跌幅-0.79%，振幅2.77%。技术面显示MACD柱状图从-0.018收窄至-0.014， KDJ的J线从13.866升至28.784，脱离超卖区间。资金流向方面，2月23日总净流入169.8万港元，主力资 金净流入103万港元。 ...

证券日报网讯 2月13日，王府井（600859）在互动平台回答投资者提问时表示，2025年，公司以70周年 庆为契机开展系列活动，全面提升企业影响力，加速转型升级和生态化调整，积极探索新商业模式，全 面提升全业态经营质量，奥莱、购物中心业态加速释放成长收益，存量百货转型持续突破，免税业务实 现多矩阵扩容，线上线下（300959）多渠道稳步拓展，重点项目攻坚突破。友谊花园筑立兼具历史底蕴 与商业生机的新生活消费标杆；湾里·王府井WellTown为北京国际消费中心城市建设贡献出卓越力量； 王府井奥莱·沈阳棋盘山小镇深度探索文商旅融合斩获可观业绩；免税业态成功拓展市内免税市场，并 实现在国内超大型国际机场的首次布局。公司聚焦消费热点，积极突破资源边界，强化资源协同，推进 文商旅体融合，构筑差异优势，重构空间场景，激发经营活力。为持续提升公司价值、切实维护投资者 利益，公司系统推进市值管理工作，深化信息披露，动态展示转型进展；强化投资者关系，构建双向沟 通桥梁；主动引导快速响应，加强舆情管理，积极构建以价值为导向的信息披露、投资者关系与舆情管 理体系，多措并举推动市值管理机制化、常态化。 ...

Core Viewpoint - The company is focused on deepening its presence in the commercial services industry, leveraging a dual engine of tax and duty-free operations to strengthen its development foundation [2] Group 1: Business Strategy - The company aims to enhance its retail ecosystem by promoting deep integration and collaborative empowerment across various formats such as outlets, shopping centers, department stores, and duty-free operations [2] - The company is committed to expanding through a multi-channel approach that integrates online and offline strategies, utilizing digital transformation to reshape its operational system and activate growth momentum [2] Group 2: Innovation and Consumer Focus - The company is dedicated to continuous innovation and transformation, driving iterative upgrades in its business model and extending its value boundaries to meet consumer demands for a better quality of life [2] - The company emphasizes the importance of maintaining investor interests while pursuing its growth objectives [2]

此外，中国中免拟斥3.95亿美元收购DFS大中华业务，并引入LVMH作为新股东。东吴证券发布研报 称，本次收购是中免的首次跨境并购，中免将进一步强化在港澳地区免税市场的优势地位，整合DFS会 员、品牌和门店资源，拓展海外渠道，推进国际化战略。LVMH作为股东和战略合作方，有利于推进旗 下品牌与中免在各个渠道的进一步合作。 中国中免（601888）(01880)午后涨超5%，截至发稿，涨4.85%，报94港元，成交额2.07亿港元。 消息面上，1月21日，财政部等五部门合印发《关于口岸进境免税店有关事宜的通知》，提出在武汉天 河国际机场等41个口岸各新设1家口岸进境免税店，同时调整部分口岸进境免税店。中银国际指出，此 举将增加我国口岸进境免税店数量，覆盖范围将进一步扩大，且有望进一步便利进境旅客免税购物消 费、进一步发挥免税店支持提振消费的作用。 ...

Core Insights - Daxing District is focusing on a "6+5+3" industrial layout for its development plan, emphasizing "industry first, projects as king, and action as king" for the next five years [1] Group 1: Air Economy - The air economy is identified as the leading industry in Daxing, with Daxing International Airport achieving a cumulative passenger throughput of 188 million since its operation, and a 43.2% annual growth in cargo and mail throughput [2] - Xiamen Airlines is establishing an operational base at Daxing Airport to enhance its service capabilities and support the development of the air economy zone [2] Group 2: Hydrogen Energy - Daxing is recognized as a key area for hydrogen energy in Beijing, with the largest international hydrogen demonstration zone and ongoing construction of a hydrogen pipeline connecting Beijing and Ulanqab [4] - The development of the hydrogen industry is still in its early stages, with a focus on practical applications in industrial sectors to drive growth and reduce costs [4] Group 3: Cultural and Tourism Development - Daxing is planning a 22 square kilometer international tourism resort centered around the Beijing Wildlife Park, aiming to create a sustainable ecosystem for cultural and tourism industries [6][7] - The integration of tourism with air economy and hydrogen energy is emphasized, with potential synergies in areas such as duty-free shopping and eco-friendly transportation [8]

商贸零售 | 证券研究报告 — 调整盈利预测 2026 年 1 月 21 日 601888.SH 买入 原评级：买入 市场价格:人民币 96.09 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 6.4 16.0 36.6 55.3 相对上证综指 4.2 10.3 30.2 28.5 发行股数 (百万) 2,068.86 (9%) 5% 18% 32% 45% 59% Jan-25 Feb-25 Mar-25 Apr-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 中国中免 上证综指 | 流通股 (百万) | 2,068.86 | | --- | --- | | 总市值 (人民币 百万) | 198,796.67 | | 3 个月日均交易额 (人民币 百万) | 4,528.30 | | 主要股东持股比例（%） | | | 中国旅游集团有限公司 | 50.3 | 资料来源：公司公告， Wind ，中银证券 以 2026 年 1 月 20 日收市价为标准 相关研究报告 《中国中免》20250901 《中 ...

证券日报网讯1月19日，珠免集团（600185）在互动平台回答投资者提问时表示，根据公司已披露的 2025年第三季度报告，报告期末公司总资产为172.60亿元，所有者权益为30.94亿元，归属于母公司所有 者权益为5.73亿元。公司2025年度财务状况及经营情况请关注后续披露的年度报告。公司高度重视市值 管理工作，结合自身发展战略和实际经营情况，制定了2025年度"提质增效重回报"行动方案，公司根据 行动方案内容，积极开展和落实各项工作。2025年度，公司完成重大资产出售，实现房地产业务的剥 离，提前实现五年退出房地产业务的承诺，聚焦以免税业务为核心围绕大消费行业发展。 ...

Group 1 - The company, Hainan Highway (000886.SZ), currently has no plans to engage in duty-free business [1]

Core Viewpoint - Baiyun Airport has successfully strengthened its capital structure and operational capabilities, marking a significant milestone in its development as a major aviation hub in the Guangdong-Hong Kong-Macao Greater Bay Area, supported by a successful private placement and the launch of new infrastructure [1][2][7]. Capital Market and Financial Structure - In December 2025, Baiyun Airport completed a non-public issuance of shares, raising a total of 1.6 billion yuan from its controlling shareholder, Guangdong Airport Management Group [2]. - The funds raised will be used to supplement working capital, which is crucial for the airport's rapid business recovery and expansion [2][3]. - The company reported a revenue of 5.7 billion yuan for the first three quarters of 2025, a year-on-year increase of 7.5%, and a net profit of 1.1 billion yuan, up 64% year-on-year [2]. Infrastructure Development - The official operation of the T3 terminal and the fifth runway marks a historic leap for Baiyun Airport, enhancing its capacity to handle 120 million passengers and 3.8 million tons of cargo annually [4]. - The T3 terminal represents a transformation towards a "super hub" integrating air and rail transport, significantly improving connectivity and operational capabilities [4][5]. Market Demand and Performance - Baiyun Airport's passenger throughput reached a historical high of approximately 76.37 million in 2024, and after the T3 terminal's launch, it surpassed 80 million passengers by December 17, 2025, with over 16.6 million international passengers [6]. - The strong recovery in air traffic and the anticipated growth in non-aeronautical revenue, particularly from duty-free operations, are expected to drive future profitability [6][7]. Strategic Positioning - Baiyun Airport is positioned as a key player in the Greater Bay Area's airport cluster, collaborating with the upcoming Guangzhou New Airport to enhance competitive advantages [5][6]. - The airport aims to strengthen its international network, focusing on markets in Southeast Asia, the Middle East, Australia, New Zealand, and Africa, while expanding its coverage of European and American routes [5][6].