今日免税店板块集体拉升，中国中免盘中触及涨停，收盘涨8.25%，带动旅游ETF涨3.08%。 旅游ETF跟踪中证旅游主题指数，聚焦文旅与航空机场板块，涉及旅游住宿、旅游游览、旅游购物、旅 游娱乐、旅游综合服务、旅游出行、旅游餐饮、旅游地产开发等旅游产业链的上市公司证券，从行业分 布来看，航空机场、旅游及景区、旅游零售、酒店餐饮等行业在指数的行业配置中占据重要角色，权重 分别为 34.2%、26.6%、17.6%、12.2%；从权重股看，免税消费龙头中国中免是该指数的核心权重，权 重占比超17.6%。 责任编辑：钟离 此外，中国中免近日发布公告，近日收到上海机场中标通知书，公司全资子公司中免集团为上海浦东国 际机场和上海虹桥国际机场相关免税店项目的中标人，并分别签署了进出境免税店项目经营权转让合 同。 机构认为，离岛免税政策的优化与海南封关在即创造了潜在消费增量空间，重点建议关注财富效应传 导、供给端优化推动的经营拐点机会，包括受益于资本市场财富效应潜在传导的偏高端消费，如出境 游、酒店、博彩、免税、奢侈品&高端美护、高端地产物业等。 中信建投研报称，海南封关政策是中国新一轮改革开放的重要举措，其制度设计深度和 ...

消费者服务行业 超配（维持） 消费者服务行业双周报（2025/12/5-2025/12/18） 商务部等提出将加大金融协同，加大服务消费支持力度 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 行 业 周 报 消费者服务（中信）指数走势 资料来源：iFind，东莞证券研究所 相关报告 证 券 研 究 报 告 2025 年 12 月 19 日 分析师：邓升亮 SAC 执业证书编号： S0340523050001 电话：0769-22119410 邮箱： dengshengliang@dgzq.com.cn 行 业 研 究 ◼ 行情回顾：2025年12月5日-2025年12月18日，中信消费者服务行业指数 整体回调0.52%，跑输同期沪深300指数约0.66个百分点。细分板块中， 综合服务、旅游休闲、酒店餐饮、教育板块涨跌幅分别为-3.42%、-2.86%、 1.54%、4.22%，旅游休闲板块受祥源文旅控股股东风险拖累，教育板块 走强。行业取得正收益的上市公司有31家，涨幅前五分别是中国高科、 中公 ...

记者丨黎雨桐 编辑丨金珊 海南板块午后快速拉升，海南海药、海汽集团涨停，多股跟涨。 12月19日，沪指震荡回升，创业板指冲高回落，此前一度涨超1.5%。截至收盘，沪指涨0.36%，深成指涨0.66%，创业板指涨0.49%。沪深两 市成交额1.75万亿，较上一个交易日放量719亿。全市场近4500只个股上涨。 | 上证指数 | 深证成指 | 北证50 | | --- | --- | --- | | 3890.45 | 13140.21 | 1445.84 | | +14.08 +0.36% +86.24 +0.66% +14.13 +0.99% | | | | 科创50 | 创业板指 | 万得全A | | 1308.59 | 3122.24 | 6257.60 | | +2.62 +0.20% +15.17 +0.49% +49.72 +0.80% | | | | 沪深300 | 中证500 | 中证A500 | | 4568.18 | 7169.55 | 5516.17 | | +15.39 +0.34% +68.72 +0.97% +29.91 +0.55% | | | | 中证1000 | 深证100 | ...

消息面上，中国中免近日发布公告，近日收到上海机场中标通知书，公司全资子公司中免集团为上海浦 东国际机场和上海虹桥国际机场相关免税店项目的中标人，并分别签署了进出境免税店项目经营权转让 合同。此外，北京首都国际机场免税项目招标目前正在进行，市场关注首都机场招标结果。 群益证券指出，9-10月离岛免税销售额分别同比增3%、13%，中国网资料显示11月离岛免税购物金额同 比增27%，海南旺季和离岛免税品类扩充将为公司今年Q4和明年Q1的业绩形成有力支撑。此外，12月 18日海南正式封关，预计未来海南地区政策扶持下离岛免税仍有较大增长空间。 智通财经APP获悉，中国中免(01880)反弹近7%，截至发稿，涨6.58%，报70.5港元，成交额1.23亿港 元。 ...

Core Viewpoint - Zhuhai免税集团 (formerly known as Gree Real Estate) is accelerating its exit from the real estate sector and focusing on the duty-free business, as evidenced by its recent announcement to transfer 100% of its stake in Zhuhai Gree Real Estate Co., Ltd. to 投捷控股 for cash [1][3][4]. Group 1: Business Transition - The company is transitioning from a real estate-focused business model to a consumer-driven model, with a commitment to completely exit the real estate sector by the end of 2024 [2][4]. - The transfer of the real estate stake is a significant step in fulfilling the company's promise to divest from its loss-making real estate operations [3][5]. Group 2: Financial Performance - In the first half of the year, the real estate segment generated approximately 425 million yuan in revenue, reflecting a year-on-year decline of 74.52% [3]. - The company reported a net profit of 391 million yuan and an operating income of 1.131 billion yuan from its duty-free business, which has begun to offset losses from the real estate sector [5]. Group 3: Duty-Free Business Expansion - As of the end of 2024, the company had opened 12 duty-free stores, expanding its network from 9 stores [6][7]. - The company is also developing a comprehensive consumer ecosystem that integrates duty-free operations with commercial management and trade, enhancing its market presence [7].

Core Viewpoint - Wangfujing Group is actively transforming its traditional business model to adapt to new consumer trends and optimize its operations, achieving significant growth in sales and customer traffic in the first half of 2025 [1][2][3] Group 1: Financial Performance - In the first half of 2025, Wangfujing reported a revenue of 5.361 billion yuan and a net profit attributable to shareholders of 81 million yuan [1] - The Wangfujing Joy Shopping Center achieved a nearly 48% year-on-year increase in sales and a 30% increase in customer traffic, surpassing 6.1 million visitors [1] Group 2: Business Transformation and Innovation - The company is implementing a "one store, one policy" strategy, focusing on emerging cultural trends to create differentiated commercial identities [1] - The Beijing Friendship Store renovation has successfully eliminated vacancy rates and significantly increased daily customer traffic through online promotion, with over 6 million views on Xiaohongshu [2] - Wangfujing introduced nearly 1,000 new brands in the first half of the year, including 160 first stores, enhancing consumer interaction through innovative marketing activities [2] Group 3: Expansion of New Business Segments - The company opened a duty-free store in Wuhan in May 2025, marking its comprehensive coverage of major duty-free business types [3] - New shopping centers, including Linfen Wangfujing Shangcheng UPTOWN and Lhasa Wangfujing Shopping Center, were opened during the reporting period [3] - The company plans to introduce immersive international performance projects and high-quality international dining at the Yansha Friendship Mall, aiming to create a new consumption scene that integrates culture, commerce, nature, and social elements [3]

Group 1 - The company has established two duty-free stores in collaboration with China National Pharmaceutical Group's subsidiary, namely Beijing Foreign Exchange Commodity Duty-Free Store and Nanjing Foreign Exchange Commodity Duty-Free Store [2] - The company is actively optimizing and adjusting its duty-free business plans in accordance with relevant policies and the actual operating conditions of the duty-free stores [2]