一年来，关中海关锚定政策落地与企业需求，多措并举推进市内免税店筹备工作，在充分调研学习行业先进经验 的基础上，与西安市商务局、西安咸阳机场海关通力协作，于9月底完成市内免税店经营资质实地验核，11月中旬 顺利通过开业前验收。 西安市内免税店的开业将给出境的市民朋友及来陕外籍旅客带来更多的选择空间和更便捷的消费体验，对于持有 效出入境证件且60日（含）内搭乘航空运输工具从西安出境的中外旅客，在免税区购物可享受"市内选购、口岸提 货"服务；对于符合条件的境外旅客，在完税区购物可享受"离境退税"优惠政策。 关中海关关长齐波表示，支持西安市内免税店落地运营，是海关服务西安市高水平开放的重要举措。下一步，关 中海关将在前期工作基础上，持续优化口岸营商环境，不断完善免税店监管与便利化服务举措，助力国货"潮 品"走向国际市场，为西安培育创建国际消费中心城市贡献海关力量。 阳光讯（记者 刘珺 文/图）据西安海关所属关中海关介绍，11月21日，西安市内免税店首批免税品入库监管完 成，首批入库免税品共计3914件，货值261万元人民币。该免税店位于南大街30号中大国际南大街店，这是西北首 家市内免税店，将于11月26日正式开门迎 ...

口岸免税小范围交流 20251121 摘要 上海机场免税店招标中，尽管日上免税行一直是主要中标者，但因其股 东结构中的外资成分，仍能以外资身份参与竞标，维持其竞争优势。 上海机场与中免就租金和租约条款存在分歧，中免寻求通过减少门店数 量来提高扣点率，而机场则倾向于引入更多竞争者以提升整体竞争力， 双方博弈或将影响最终合作模式。 目前仅日上和中免购买了标书并准备参与竞标，其他竞争对手因时间紧 迫未能充分准备，短期内预计不会有新的竞争者加入，市场格局相对稳 定。 上海机场预计将继续采用基础租金加分品类扣点率的模式，综合提成比 例可能较以往有所上涨，以反映业绩增长，但具体细节尚未公布。 提高扣点率可能增加经营压力，但上海机场计划通过调整渠道策略来消 化成本，例如将线上资源倾斜至线下，优化供应链和人员调配，以实现 利润增长。 日上上海线上直邮暂停发货是由于海关核查发现其不符合监管要求，未 来恢复取决于整改进度及海关审核结果，短期内对线下销售形成利好。 虹桥机场部分已单独拆分为一个标段，但其销售额仅为浦东机场的 10% 左右，体量较小，对整体业务布局影响有限，第三方参与情况尚不明确。 Q&A 上海机场此次招投标的情况如 ...

Group 1: Investment Strategies Overview - CITIC Securities released a comprehensive report on investment strategies for 2026, covering global capital markets, macroeconomic policies, A-shares, overseas markets, bond markets, asset allocation, and industry investment strategies [1] - The report includes insights from 19 research teams and spans approximately 30,000 words [1] Group 2: Pharmaceutical and Biotech Investment Strategies - The Chinese pharmaceutical industry is entering a critical phase characterized by "innovation realization + global layout," supported by population and domestic demand, as well as manufacturing capabilities [3][4] - The industry needs to focus on internal supply chain security and compliance while exploring diversified international expansion [3] - Key investment opportunities for 2026 include innovation commercialization, global breakthroughs, policy optimization, and industry mergers and acquisitions [3][5][6] Group 3: Medical Device Investment Strategies - The medical device sector is expected to see performance improvements in 2026 due to policy easing, new product launches, and international expansion [14] - The long-term investment opportunities in this sector stem from innovation, internationalization, and mergers and acquisitions [14] - The industry is witnessing a shift towards high-value consumables and innovative technologies such as brain-computer interfaces and AI in healthcare [14][15] Group 4: Consumer Healthcare and Bioproducts - The traditional Chinese medicine sector is expected to recover from short-term pressures, with improved demand anticipated by year-end [9] - The blood products industry is focusing on supply growth and consolidation, with significant demand for immunoglobulin and factor products [10] - The vaccine sector is under pressure but is expected to improve with new product sales and international expansion [10] Group 5: Banking Sector Investment Strategies - The banking sector is expected to continue its weak recovery in 2025, with a focus on high dividend strategies [25][26] - The sector's fundamentals are stabilizing, with credit growth projected at 7%-8% and non-interest income expected to improve [26] - High dividend yield strategies are favored, particularly for state-owned banks and those with solid fundamentals [27] Group 6: Wealth Management and Financial Products - The wealth management sector is entering a phase of product transformation and structural optimization, with an expected growth rate of 10% in 2026 [28][33] - The focus is on multi-asset and multi-strategy products, with a significant increase in mixed product offerings anticipated [29][30] - The integration of AI and digital technologies is expected to enhance risk management and operational efficiency in wealth management [30] Group 7: Non-Banking Financial Institutions - The securities industry is poised for a new growth cycle, driven by policies that enhance capital market inclusivity and adaptability [35][36] - The industry is experiencing a shift from self-operated models to collaborative, light-asset business strategies [36][37] - The internationalization of Chinese securities firms is gaining momentum, providing new opportunities for growth [38][39] Group 8: Insurance Sector Trends - The insurance industry is expected to undergo significant changes during the "14th Five-Year Plan" period, focusing on balancing interests among insurers, channels, and customers [43][44] - Key trends include the transformation of savings products, innovation in health insurance, and the development of new distribution channels [43][44] - The sector is anticipated to benefit from improved performance and valuation recovery, presenting investment opportunities [43][44] Group 9: Food and Beverage Sector - The food and beverage sector is recovering from a prolonged downturn, with a focus on premium products like liquor and health-oriented snacks [48][49] - The liquor industry is expected to stabilize as consumer confidence improves, with a focus on high-quality brands [49][50] - The snack and beverage segments are seeing growth driven by health trends and innovative product offerings [52][53]

消息面上，据海南发布消息，在11月18日的海关总署记者通报会上，海关总署自贸区和特殊区域发展司 司长潘城表示，目前，距离全岛封关运作还剩一个月时间。海关总署深入贯彻落实党中央关于海南自由 贸易港建设的决策部署，对照既"放得活"又"管得好"总要求，全力做好海南自由贸易港封关运作海关准 备工作。记者在通报会上获悉，目前封关涉及的海关准备工作已基本就绪。 智通财经APP获悉，中国中免(01880)涨超4%，截至发稿，涨4.07%，报74.1港元，成交额1.8亿港元。 值得一提的是，政策拉动效应显现，数据表现亮眼。据海南日报，11月1-7日，海口海关共监管海南省 离岛免税购物金额5.06亿元，购物人数7.29万人次，同比分别增长34.86%、3.37%。另据中旅官网，今 年"双十一"期间，中免海南电商平台累计销售额突破9.5亿元，同比增长40.4%，其中"双十一"当日销售 额突破1亿元，整体表现亮眼。国盛证券认为，中国中免作为免税龙头，消费回流大背景下，离岛、口 岸、市内免税等多方面均存在修复及成长空间。 ...

Core Viewpoint - Zhuhai Free Trade Group (珠免集团) is accelerating its divestment from real estate by selling 100% of Zhuhai Gree Real Estate Co., Ltd. for 5.518 billion yuan, marking a significant step in its transition to focus on duty-free and consumer-oriented businesses [1][2][3] Group 1: Company Transition - The company, formerly known as Gree Real Estate, has shifted its core business from real estate to duty-free operations following an asset swap in November 2024 [1][2] - The divestment of real estate is part of a broader strategy to eliminate losses from a declining real estate market, which has been a financial burden on the company [2][3] - The sale of Gree Real Estate is occurring faster than anticipated, with the company previously indicating a five-year timeline for complete divestment from real estate [1][2] Group 2: Financial Performance - Gree Real Estate reported a significant net loss of 2.3 billion yuan in 2024, with revenues dropping to 580 million yuan in the first nine months of 2025 [2][3] - The real estate segment's poor performance has negatively impacted the overall financial results of Zhuhai Free Trade Group, leading to a net loss of 2.74 billion yuan in the first half of 2025 [3] - Post-sale projections indicate that while total revenue will decline from 5.277 billion yuan to 2.922 billion yuan, the net loss will significantly decrease from over 1.5 billion yuan to 924 million yuan, highlighting the financial benefits of divesting the real estate business [4][5] Group 3: Duty-Free Business Development - The duty-free segment has shown promising growth, contributing 11.31 billion yuan in revenue and 3.91 billion yuan in net profit in the first half of 2025, accounting for over 65% of total revenue [7][8] - The company is optimizing its duty-free operations by enhancing product offerings and expanding into cross-border e-commerce, while also adapting to new policies in the duty-free sector [8] - Despite the growth potential in the duty-free market, challenges remain due to the overall decline in the domestic duty-free industry, as evidenced by the performance of leading competitors [9][10] Group 4: Market Challenges and Strategic Outlook - The transition to the duty-free sector is seen as a response to national policy needs and local market demands, particularly in the Hengqin area [12] - The duty-free industry is characterized by high resource and policy dependence, with significant barriers to entry, making it crucial for the company to leverage its real estate experience in this new sector [12] - The recovery of inbound and outbound travel post-pandemic remains slow, which could impact the growth of the duty-free business [11][12]

Core Points - The Hainan Free Trade Port will officially start its full island closure on December 18, 2023, which signifies a higher level of openness rather than isolation [1] - The closure will create a customs supervision special area, characterized by "one line" being open, "two lines" being controlled, and free movement within the island [1][2] Group 1: Economic Impact - The "one line" refers to the open trade between Hainan and foreign countries, allowing goods and capital to enter more freely, with fewer restrictions and lower costs [1] - Foreign investment will have the same access as domestic investment in all sectors except those on the "negative list," including areas not fully opened in mainland China [1] - The "two line" will implement precise management for goods entering the mainland from Hainan, ensuring customs regulation and tax collection [1] Group 2: Business Environment - The internal freedom within Hainan will allow various factors to circulate freely, significantly reducing operational costs for businesses and fostering new business models and economic vitality [2] - Many administrative licensing requirements will be eliminated, allowing businesses to operate based on a commitment to meet conditions, facilitating market access [2] Group 3: Consumer and Investor Benefits - Consumers will have access to a wider variety of duty-free goods, including both domestic and international products, at lower prices [3] - For businesses, a policy allowing a 30% value-added processing exemption from tariffs will be implemented, benefiting goods worth over 10 billion yuan and exempting over 800 million yuan in tariffs [3] - The policy will be optimized to lower thresholds for businesses to qualify for benefits and expand the range of eligible imported materials [3] Group 4: Opportunities for Individuals - The favorable policies such as zero tariffs and low tax rates will attract global companies, creating numerous high-paying job opportunities and low-barrier entrepreneurial chances for job seekers and entrepreneurs [3] - Residents will benefit from improved quality of life due to easier access to international medical services, educational resources, and entertainment products [4]

Core Viewpoint - Zhuhai Duty-Free Group Co., Ltd. (600185.SH) plans to sell 100% equity of Gree Real Estate to Toujie Holdings for approximately 5.518 billion yuan, marking a significant asset restructuring and related party transaction [1][4]. Group 1: Transaction Details - The transaction price will be paid in cash by Toujie Holdings, a state-owned enterprise under Zhuhai Investment Holdings, which focuses on corporate headquarters management, investment activities, and asset management services [1][3]. - The transaction is part of a broader strategy to accelerate the company's exit from real estate operations and focus on duty-free and consumer-related businesses [2][4]. Group 2: Financial Impact - Following the transaction, the net profit attributable to the parent company for 2024 is projected to improve from a loss of 1.515 billion yuan to a loss of 92.4 million yuan, a change of 93.90% [4][5]. - The company's operating revenue is expected to decrease from 5.277 billion yuan to 2.922 billion yuan, a decline of 44.62% for 2024 [5]. - Basic and diluted earnings per share are anticipated to improve significantly from -0.99 yuan to -0.28 yuan, reflecting a 71.72% increase [5]. Group 3: Strategic Goals - The company aims to enhance its focus on duty-free business, expand cross-border e-commerce, and improve compliance and governance structures [6]. - The restructuring is expected to strengthen the company's competitive advantages and enhance its sustainable development capabilities [2][4]. - The company plans to optimize its financial structure and restore cash dividend capabilities, aiming for long-term stable growth in shareholder returns [4][6]. Group 4: Market Position - As of November 18, the company's stock price was 7.47 yuan, with a market capitalization of 14.1 billion yuan [8]. - In the first half of 2025, the revenue composition showed that duty-free goods accounted for 61.4%, real estate for 24.43%, and other businesses for 12.4% [7].

Core Viewpoint - Zhuhai Free Trade Group (珠免集团) is divesting its real estate business by transferring 100% equity of Gree Real Estate to Tuo Jie Holdings for 5.518 billion yuan, marking a complete exit from real estate development and a shift towards a focus on duty-free business transformation [1][2]. Group 1: Transaction Details - The assessed value of the real estate assets is 55.18 billion yuan, with a negative appreciation rate of -1.81% [2]. - The transaction price is confirmed at 55.18 billion yuan, which is expected to improve the company's financial metrics significantly [2]. - Post-transaction, the company's net profit is projected to shift from approximately -49.15 million yuan to about 4.98 million yuan, indicating a turnaround from loss to profit [2][3]. Group 2: Financial Impact - For the period of January to July 2025, total assets are expected to decrease by 21.28% from 1.77 billion yuan to 1.39 billion yuan, while net profit is expected to improve by 201.20% [3]. - The company's basic earnings per share will change from -0.26 yuan to 0.03 yuan, reflecting a significant recovery [3]. - In 2024, the total assets are projected to decrease by 21.41%, with a net profit turnaround from -112.93 million yuan to 29.50 million yuan [3]. Group 3: Business Transformation - The company, originally established as Gree Real Estate in 1999, has been transitioning towards a focus on duty-free and large consumer sectors since 2020 [4]. - The duty-free business has become the core segment, with a reported revenue of 1.131 billion yuan and a net profit of 391 million yuan in the first half of 2025 [5]. - The company has launched new initiatives, including the opening of a duty-free store at the Zhuhai port and the implementation of a tax refund policy for overseas travelers [5]. Group 4: Industry Context - The duty-free market is facing contraction pressures, with significant declines in sales and customer numbers reported in 2024 [6]. - Major players in the duty-free sector, such as China Duty Free Group, are also experiencing revenue and profit declines, indicating a challenging market environment [6]. - Despite favorable policies aimed at boosting consumption, the company must navigate competitive and environmental challenges in its duty-free transformation journey [6].

Core Viewpoint - China Duty Free Group (中国中免) experienced a significant decline in stock price after releasing disappointing financial results for the third quarter, indicating potential challenges ahead for the company [1] Financial Performance - For the first three quarters, the company reported revenue of 39.862 billion yuan, a year-on-year decrease of 7.34% [1] - The net profit attributable to shareholders was 3.052 billion yuan, down 22.13% year-on-year [1] - In the third quarter alone, revenue was 11.711 billion yuan, reflecting a slight decline of 0.38% year-on-year, while net profit was 0.452 billion yuan, a significant drop of 28.94% year-on-year [1] Market Reaction - Following the earnings announcement, the stock price fell over 5% in early trading, settling at 73.8 Hong Kong dollars, with a trading volume of 214 million Hong Kong dollars [1] Future Outlook - CICC noted that the disappointing performance was primarily due to foreign exchange losses and disturbances in minority shareholder rights [1] - The upcoming full island closure of Hainan Free Trade Port on November 18 is expected to impact sales, with a focus on the fourth quarter of 2025 for potential recovery in duty-free sales [1] - According to Founder Securities, if sales continue to improve, the company may see an upward turning point in operations, maintaining a neutral to optimistic outlook for 2026 performance, supported by recent favorable duty-free sales policies [1]

Core Viewpoint - Zhuhai Duty-Free Group is executing a significant asset sale to divest from real estate, focusing on its core duty-free business, marking a substantial shift in its business strategy [1][2]. Group 1: Asset Sale and Strategic Shift - The company plans to sell 100% equity of Zhuhai Gree Real Estate Co., Ltd. for 5.518 billion yuan, indicating a concrete step in its de-real estate strategy [1]. - This asset sale is part of a broader restructuring plan, aiming to transition from real estate to a focus on large consumer sectors by the end of 2024 [2]. - Following the transaction, Gree Real Estate will be excluded from the consolidated financial statements, signifying a complete exit from the real estate sector [2]. Group 2: Financial Structure and Risk Optimization - The divested asset, Gree Real Estate, is characterized by high capital demands and significant liabilities, which have negatively impacted the company's financial performance [3]. - The company aims to improve its profitability, capital structure, and risk exposure by reducing asset scale, transitioning to a "light asset, strong operation" model more suited to the consumer business [3]. - This strategic shift is expected to enhance the company's focus on profitability and cash flow, laying the groundwork for future cash dividend capabilities [3]. Group 3: Market Opportunities and Policy Support - The company is poised to capitalize on external opportunities in the duty-free sector, especially following recent favorable policies aimed at boosting consumption [4]. - With over 70 million inbound tourists in Guangdong province and significant cross-border traffic, the company is strategically positioned to meet the demand for new product categories in the duty-free market [4]. - The company aims to establish a strong presence in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on duty-free operations to drive growth and improve customer experience [4].