智通财经APP获悉，国信证券发布研报称，维持航空油运增持评级。航空超级周期或将开启，客座率创 新高而票价处低位，票价市场化且供给低增，需求增长将驱动盈利上行。看好2026年需求增长驱动票价 盈利上行，建议逆向布局超级周期。油运运价维持高位，俄乌和谈影响或有限，看好未来景气超预期上 升。机场免税方面，期待内外资龙头竞争，助力免税销售额增长。 机场免税：上海机场新一轮免税合同模式调整，期待内外资龙头竞争驱动销售增长 国泰海通主要观点如下： 根据中国招标投标公共服务平台，近日上海机场公示新一轮免税中标：浦东T1+S1 由杜福睿中标(月固 定费用3141元/平米，提成比例8%-24%);浦东T2+S2 由中国中免中标(3090元，8%-24%)，虹桥标段由中 国中免中标(2827 元，8%-22%)。1)不同以往"保底销售提成与实际销售提成两者取高"，本次改为"固定 费用+实际销售提成"。该行估算固定费用与2023 年协议保底销售提成较为接近，提成比例区间有所下 调。按照提成比例中值16%静态测算，新旧模式机场免税收入基本持平;若实际综合提成比例高于中 值，新合同将提升机场免税收入。2)免税商由之前日上独家变更为国内 ...

Investment Rating - The report maintains a "Positive" investment rating for the airport service industry [8]. Core Insights - The introduction of foreign participants in the new round of duty-free tenders at Shanghai Pudong, Hongqiao, and Beijing Capital airports marks a significant change in the competitive landscape [2][4]. - Dufry, a global leader in travel retail, has entered the bidding process, indicating a shift towards a more diversified and competitive market in China's duty-free sector [4][21]. - The bidding rules now allow only one segment win per bidder, breaking the previous monopoly held by China Duty Free Group [14][21]. - The overall commission rates for duty-free contracts are expected to increase unless there is a substantial growth in sales volumes [2][6]. Summary by Sections Duty-Free Tender Competition Intensifies - Major airports in Beijing, Shanghai, Guangzhou, and Shenzhen have seen a significant drop in international passenger numbers from 2020 to 2022, leading to the expiration of restructured duty-free contracts [4][16]. - The new bidding process allows for foreign companies to participate, which is a departure from the previous exclusive operations by domestic firms [14][21]. Changes in Duty-Free Contract Commission Rates - The new contracts at Shanghai Airport utilize a "fixed rent + additional commission" model, which is a high minimum guarantee combined with lower commission rates [6][40]. - If the sales volume at Shanghai Pudong Airport reaches 15 billion yuan, the comprehensive commission rate could drop to approximately 22%, aligning with previous contract levels [6][40]. Airport Fundamentals and Recovery - The airport sector is undergoing significant fixed asset investments due to historical external shocks, with a stable recovery in passenger volumes expected [7][43]. - Airports like Shenzhen, Guangzhou, and Shanghai are projected to have absolute yield value amidst improving mid-term operational data [7][43].

当上海浦东机场的旅客习惯性地望向廊桥旁那抹黄色的"日上免税行"招牌时，或许不会想到，这块陪伴 了出入境旅客26年的记忆符号，即将从上海机场的商业版图中消失。一场由大股东中免集团主导的董事 会表决，让经营上海机场免税业务26年的日上免税行（上海）有限公司直接失去投标资格，这家最早获 批在中国经营机场免税店的外资品牌，或将于2026年正式告别上海机场。 图片来自日上免税行官方网站 据国际金融报2025年12月6日消息，日上免税行（上海）有限公司董事长当日下午召开董事会，最终决 定不参与上海机场免税项目招投标。 图片来自日上免税行官方网站 日上免税行是经中国政府批准的机场免税店专业经营机构，也是最早获批在中国经营机场免税店的外资 品牌之一，1999年于上海浦东国际机场开出首家门店，业务逐步拓展至北京首都国际机场（T2和T3航 站楼）、上海浦东国际机场（T1、T2）及上海虹桥国际机场（T1航站楼），成为京沪两大核心门户机 场的重要免税零售品牌。 图片来自日上免税行官方网站 某社交平台博主@momo钱多多版发文感慨，"落地第一站，永远是日上"是许多常往返上海的留学生和 旅行者心照不宣的默契，日上免税店的黄色招牌更是他们 ...

2025.12.08 本文字数：809，阅读时长大约1分钟 来源 |新闻晨报、新民晚报、国际金融报、每日经济新闻 封图 |日上免税官网 据国际金融时报12月6日报道，12月6日下午，日上免税行（上海）有限公司（下称"日上上海"）董事长突然召开董事会，围绕公司是否参加上海机场免税 项目招投标进行表决。 日上上海董事长由大股东中免集团（海南）运营总公司（下称"中免"）委派，中免在7名董事中占4席，该4名参会董事明确表示不同意日上上海投标。在 实际操作上，如果中免派出的董事长拒绝在投标文件上签字，将导致日上上海事实上不能参与本次上海机场投标。日上免税行恐将被迫告别上海机场，而 中免或将取而代之。 日上上海有关人士认为，这违反了2018年中免入主日上上海时的双方协议。作为在上海机场经营26年的著名外资品牌，日上上海外方代表感到不可接受。 上海浦东、虹桥国际机场免税店招投标于11月17日启动，将于12月9日9:30截止。发生在12月6日下午的这一大小股东间的博弈风波，令日上上海是否能参 加投标，蒙上浓重疑问。 爱企查APP显示，日上上海成立于1999年6月，是国内首家经营机场免税店的外资企业。2018年，中国旅游集团旗 ...

Core Viewpoint - The article discusses the internal conflict within RiShang Duty Free (Shanghai) Co., Ltd. regarding its participation in the Shanghai airport duty-free project bidding, highlighting the influence of its major shareholder, China Tourism Group (CTG), which may lead to RiShang being excluded from the bidding process [2][4]. Group 1: Company Background - RiShang Shanghai was established in June 1999 and is the first foreign company to operate airport duty-free shops in China [4]. - In 2018, CTG acquired a 51% stake in RiShang Shanghai, becoming the controlling shareholder [4]. - The company operates primarily at Beijing Capital International Airport and Shanghai's Pudong and Hongqiao International Airports [6]. Group 2: Recent Developments - On December 6, 2023, a board meeting was held where CTG's appointed directors voted against RiShang Shanghai participating in the bidding for the Shanghai airport duty-free project [2]. - The bidding process for the Shanghai Pudong and Hongqiao International Airport duty-free shops began on November 17 and is set to close on December 9, 2023 [2]. - RiShang Shanghai's representatives expressed that the decision contradicts the agreement made when CTG took over the company in 2018 [2].

近日，深圳机场免税商业迎来升级，位于T3航站楼国际到达层、西翼廊出发及到达区域的一批新免税 店正式开业，标志着深圳机场的免税商业服务实现了对进出境客流的全域、全流程覆盖，助力深圳建设 具有全球重要影响力的消费中心。近年来，深圳机场大力发展机场免税经济，与深圳免税集团合资成立 深圳市鹏盛空港免税品有限公司，运营机场国际免税业务。据了解，此次新开业的3家免税店位于T3航 站楼1楼国际到达区域行李提取处旁、T3航站楼2楼国际到达层西翼廊、T3航站楼3楼国际出发层西翼 廊，科学布局于进出境旅客必经的核心动线，精准覆盖了从出发候机到抵达提取行李的全流程。目前， 深圳机场免税店营业面积已达2000多平方米，商品涵盖400多个品牌。 ...