（央视财经《天下财经》）封关红利的持续释放，成为拉动海南春节文旅消费的核心动力，免税购物和 入境旅游两大板块双双迎来大幅增长，海南正加速迈向国际旅游消费中心。 转载请注明央视财经 编辑：令文芳 春节假期期间，海南岛内各大免税店内装扮一新，充满新春马年元素的喜庆装饰吸引了众多旅客驻足拍 照。货架上护肤美妆、珠宝手表、电子产品等离岛免税商品琳琅满目，无论是岛内居民，还是专程来海 南旅游、过春节的境内外游客，都汇聚于此，让整个商场显得格外热闹喜庆。政府消费券叠加免税城满 额立减、多倍积分等优惠，以及新开业的首饰、精品、食品等店铺，吸引了许多消费者前来选购心仪的 新年礼物。 据海口海关统计，2026年春节假期期间（2026年2月15日—2月23日），海口海关共监管离岛免税购物金 额27.2亿元，较去年春节假期（2025年1月28日—2月4日）增长30.8%；销售件数199.7万件，同比增长 21.9%；购物人数32.5万人次，同比增长35.4%。 ...

程子怡 国盛证券商社分析师: 好的，欢迎大家参加我们国盛商社的这个免税行业的交流分享。首先祝各位投资者开工大 吉，然后也感谢专家的时间。那首先的话，就请专家分享一下，就是最新的整个春节假期 期间，海南离岛免税的全全口径的一个数据情况。可以分，帮我们分这个海关和商务两种 口径来分别讲一下。 免税行业专家: 好的，非常开心，今天也能跟大家分享一下春节期间的离岛免税的销售情况。现在其实商 务口径和海关口径的数据都已经出来了。首先第一个，大家也知道商务口径的话，普遍的 会比免海关的口径都会要偏高一点。这个一个是涉及到统计口径，二个还有一个时间差的 问题，咱们这个里面就不做过多的一些去做分析了，还是以海关的数据作为最主要的。那 首先第一个能明确的一个观点话就是今年的春节的销售的话，应该来说，比我们春节之前 所普遍所做出的行业里面的预测，当时是预计是 15 在 15~20%左右的一个增速。 应该说目前的，做出来的成绩是远超于年前的一个这种预测吧。那么就目前来看的话，现 在整个按同期可比的数据。按 9 天，那整个 26 年的春节的话，那统计数据大家也看到了， 是 27.2 个亿，那么日均也突破了 3 个亿。那这样跟 25 ...

春节假期服务消费跟踪反馈（持续更多更新。 。 ） #免税： 根据调研，离岛免税春节期间（截止初六）较去年假期同比增长22%左右，增速符合预期，虽然增速较1 月放缓，但结构优化，黄金+手机增速放缓明显（主要受金价波动+手机限购影响），而香化、服饰、精品增速有 所提升，好于12月及1月增速水平，品类毛利稳定略有改善。 ） #免税： 根据调研，离岛免税春节期间（截止初六）较去年假期同比增长22%左右，增速符合预期，虽然增速较1 月放缓，但结构优化，黄金+手机增速放缓明显（主要受金价波动+手机限购影响），而香化、服饰、精品增速有 所提升，好于12月及1月增速水平，品类毛利稳定略有改善。 #黄金珠宝： 根据调研，以华东地区为样本，春节大盘下滑15%以上，潮宏基、周大福保持小双位数增长，其他品 牌下滑20%以上，大盘表现低于预期，主要系三四线城市消费疲软，婚庆需求、客单价表现相对一般，而一二线 城市表现优于三四线市场。 样本加盟商表示26年小幅新增潮宏基门店，小幅关闭或优化其他品牌门店。 #茶饮： 2月古茗单店保持双位数增长态势，春节期间蜜雪单店保持正增长态势。 。 #黄金珠宝： 根据调研 春节假期服务消费跟踪反馈（持续 ...

Core Viewpoint - The opening of the new duty-free store by China Duty Free Group at Beijing Capital International Airport marks a significant upgrade in the duty-free shopping experience, enhancing the commercial services and consumer experience at this international aviation hub [1][11]. Group 1: Store Features - The new duty-free store spans 10,000 square meters and is organized into multiple themed areas, featuring a wide range of products including cosmetics, luxury goods, beverages, and food [4]. - The store design emphasizes a bright and spacious environment, creating an immersive global shopping atmosphere with well-organized product displays and warm lighting [4]. Group 2: Customer Experience - Travelers have shown enthusiasm for the store, with reports of significant discounts, such as 40% off on popular skincare products, enhancing the appeal of shopping at the new location [8][11]. - Special promotional activities, including limited-time discounts on best-selling items, are being offered during the peak travel season, further attracting customers [11]. Group 3: Brand Partnerships and Future Plans - China Duty Free Group has established long-term partnerships with approximately 1,600 renowned global brands, ensuring a rich resource of products and stable supply capabilities [15]. - The company plans to collaborate with brands to launch exclusive and limited-edition products, catering to diverse consumer needs and enhancing the shopping experience [15]. Group 4: Regional Economic Impact - The opening of the duty-free store is seen as a reflection of the enhanced commercial consumption capabilities in the Shunyi District, contributing to Beijing's development as an international consumption center [15].

Core Insights - The article highlights the opportunity presented by the Hainan Free Trade Port's closure policy, aiming to unleash the potential of duty-free consumption on the island [1] Group 1: Event and Consumer Engagement - The Haikou Global Duty-Free City celebrated its fifth anniversary on January 31, attracting a large number of consumers and creating a lively atmosphere for the upcoming Spring Festival tourism market [1] - The anniversary event featured multi-channel discounts, immersive experiences, and online-offline integration, promoting a series of consumption initiatives to enhance the duty-free shopping experience [1] Group 2: Consumer Experience and Feedback - Consumers expressed positive feedback regarding the price advantages and new shopping experiences, with one visitor noting significant savings on a desired smartphone during a flash sale [1] - Another visitor remarked on the transformation of duty-free shops into cultural and interactive urban landmarks, highlighting the enhanced consumer experience beyond mere shopping [1] Group 3: Policy and Market Implications - Following the full closure operation of the Hainan Free Trade Port, the duty-free policies have become more stable, leading to an improved business environment and a significant upgrade in the variety, pricing, and service of duty-free products [1] - The company plans to leverage the advantages of the Free Trade Port policy to deepen the "tourism retail+" model, introduce youthful IPs, innovate shopping scenarios, and elevate duty-free shopping into a lifestyle experience [1]

Core Viewpoint - Chengdu Tianfu International Airport has been approved to establish a new duty-free shop for incoming travelers, enhancing the shopping experience for passengers arriving in Chengdu [1][3]. Group 1: Duty-Free Shop Establishment - The new duty-free shop will allow travelers arriving at Chengdu's airport to shop immediately after disembarking [1]. - The establishment of the duty-free shop is part of a broader initiative by the Ministry of Finance, Ministry of Commerce, Ministry of Culture and Tourism, General Administration of Customs, and State Taxation Administration to set up new duty-free shops at 41 ports, including Chengdu Tianfu International Airport [2]. - The airport's outbound duty-free shop, operated by China Duty Free Group, has an area exceeding 2,800 square meters and offers a variety of products including cosmetics, luxury goods, tobacco, alcohol, skincare products, food, and travel items [2][3]. Group 2: Shopping Regulations and Consumer Insights - The inbound duty-free shop will have different regulations compared to outbound shops, primarily in terms of the target audience and tax-free spending limits [4]. - Travelers can spend up to 5,000 RMB tax-free on personal items upon entry, with an additional allowance from the duty-free shop, bringing the total to a maximum of 8,000 RMB [6]. - There is a common misconception that prices at duty-free shops are always lower than those at regular stores; however, prices can vary due to different supply channels and promotional activities [6].

Summary of Hainan Duty-Free Market Conference Call Industry Overview - The Hainan duty-free market has experienced significant fluctuations in sales, with a doubling of sales from 2019 to 2021, followed by a sharp decline in 2022 due to the pandemic. Sales showed some recovery in 2023 but did not meet expectations. A slight decrease in sales is anticipated in 2024 as high-end consumers shift to overseas spending after the reopening of international flights. The year 2025 is expected to bring a dynamic balance with new policies expanding eligible demographics and product categories, while 2026 may see a decrease in taxable sales proportion, stabilizing or slightly increasing overall sales [1][4]. Key Insights and Arguments - The market share of duty-free products in Hainan is approximately 85%-90%, with Hainan Duty-Free Group (HDFG) projected to achieve sales of around 5 billion yuan in 2025, over 80% of which will come from taxable business [1][6]. - The expected tourist flow in 2026 is around 35 million, with high-priced items performing well and conversion rates improving, indicating a positive outlook for overall sales [1][7]. - Price advantages in the Hainan duty-free market vary by time and SKU, with significant discounts on luxury items such as cosmetics (10-15%), gold (10-20%), and mobile phones (200-500 yuan cheaper than mainland prices) [1][8][9]. Historical and Current Policy Context - The Hainan duty-free policy has evolved since its inception, with the tax-free allowance increasing from 5,000 yuan to 100,000 yuan by 2020. The 2025 policy further expands eligible demographics and product categories, including domestic goods [2]. Future Policy Optimization Directions - Future optimizations for the Hainan duty-free policy could include expanding product categories (e.g., liquor, large drones), relaxing purchase limits on cosmetics, and broadening the list of items available for island residents [5]. Market Competition Landscape - The competitive landscape in Hainan remains stable, with HDFG holding a market share of approximately 85%-90%. The attractiveness of Hainan continues to draw increasing tourist traffic [6]. Sales Expectations for 2026 - Sales expectations for 2026 are optimistic, driven by increased tourist numbers, high-value product performance, and improved conversion rates due to recovering consumer spending power and promotional effects [7]. Economic Growth Drivers in Hainan - Hainan's economic growth is driven by quantifiable factors contributing approximately 10% growth, alongside unquantifiable factors such as prolonged bull markets, increased tourism due to travel restrictions in Japan, and upcoming events like concerts and international competitions. The projected income growth for 2026 is estimated at 15%-20% [3][12]. Impact of Sales Growth on Overall Fee Rates - A 10%-25% increase in sales in Hainan is expected to compress overall fee rates by 0.x to 1.x percentage points, primarily affecting fixed cost amortization. However, channel structure, product mix, exchange rates, and scale effects have a more significant impact [3][13]. Factors Influencing Profit Margins - Profit margins in Hainan are influenced by various factors, including scale, product mix, channel structure, exchange rates, and discount levels, which can vary significantly, necessitating detailed analysis of all variables [3][14].

Core Insights - HaiXing Market is emerging as a new retail model in China, defined as a "pioneering aesthetic inspiration space" and likened to a "shoppable Xiaohongshu" [1] - The company aims to fill significant gaps in mainstream retail channels by focusing on niche brands that face high entry barriers in traditional department stores and beauty collection stores [3] Business Model - HaiXing Market was strategically founded in 2024 to create an innovative channel dedicated to selecting, nurturing, and commercializing niche brands [3] - The average monthly sales per store can reach 1 million yuan, with a customer unit price between 400-1000 yuan and a gross margin of 50%-55% [3] - The company has accumulated over 4,000 members within a year, with a repurchase rate of 30%, indicating strong customer loyalty [3] Market Opportunity - The Chinese fragrance market is experiencing rapid growth, with a projected market size of 27.852 billion yuan in 2024 and a compound annual growth rate of 18.9% over the past five years [6] - The shift in consumer behavior from "ostentatious consumption" to "self-care consumption" positions fragrance as a key area for future growth [6] Unique Selling Proposition - HaiXing Market is evolving from a fragrance collection store to a comprehensive "pioneering aesthetic department store," utilizing a unique "442" model that allocates 40% to fragrance, 40% to skincare and makeup, and 20% to boutique items [7] - The company positions itself as a "co-builder" of an ecosystem rather than a traditional retailer, offering customized services for commercial projects [8] Competitive Advantage - HaiXing Market has established a "triple identity" barrier as a brand partner, e-commerce operator, and commercial real estate owner, which differentiates it from typical collection stores [8][10] - The company provides a full range of services from cross-border introduction to brand image shaping, allowing for multiple revenue streams beyond traditional retail margins [10] Strategic Partnerships - A strategic cooperation agreement with JD Global Purchase aims to introduce 50 pioneering overseas brands by the end of 2025 and support 100 new brands to achieve sales of 100 million yuan within three years [12] - The partnership leverages HaiXing Market's international brand network and JD's extensive supply chain capabilities to enhance cross-border consumption [12] Store Experience - Each store is designed to reflect the historical and cultural context of its location, creating unique "check-in landmarks" that avoid the aesthetic fatigue common in chain stores [13] - The retail space is redefined as an experience and content hub, emphasizing a relaxed shopping atmosphere where customers can freely engage with products [18] Operational Strategy - HaiXing Market adapts its brand mix and product planning based on the location and customer demographics of each store, ensuring relevance and appeal [19] - The company has successfully expanded its footprint in major cities like Shanghai, Hangzhou, and Beijing, with plans for international expansion into markets like Seoul and Vietnam [19]

Core Viewpoint - The focus of Guizhou Moutai's marketing transformation is to center on consumer needs while ensuring market stability, active channels, and superior service to achieve effective market-oriented results [1][2]. Group 1: Market Stability - The company aims to adapt product offerings and pricing to market demand and consumer willingness, emphasizing long-termism [1]. - In the 2026 product release plan, Moutai will reduce the quantity of high-value products to align with market and value orientation, clarifying product positioning for different consumer segments [1]. - The company will dynamically balance product supply based on market demand to ensure a more reasonable and stable product structure [1]. Group 2: Pricing Strategy - Moutai's pricing reform aims to respect market economic laws and consumer choices, promoting a balance between quantity and price [2]. - The company recognizes that both excessively high and low prices can lead to market volatility, and aims to maintain a reasonable price when product inventory levels are appropriate [2]. - Efforts will be made to prevent price speculation to ensure responsibility towards consumers and the brand itself [2]. Group 3: Channel Development - Moutai plans to enhance its online and offline channel integration, utilizing existing e-commerce platforms and encouraging authorized stores to establish online presence [3]. - The company will focus on expanding new customer groups while maintaining existing ones, targeting new economic scenarios and personal consumption contexts [3]. - Moutai aims to improve consumer experience and strengthen channel resilience through enhanced service and operational capabilities [4]. Group 4: Service Improvement - The company will simplify online channel operations and establish a comprehensive anti-counterfeiting technology system centered on consumer experience [4]. - Moutai will deepen collaboration with distributors to resist speculation and promote healthy channel development through fair profit distribution [4]. - A performance evaluation system will be established to motivate and energize the workforce, enhancing overall service quality [5].

Core Insights - Southbound funds increased their holdings in China Duty Free Group (01880.HK) by 920,300 shares on November 13, 2025, marking a 2.02% increase [1] - Over the past five trading days, there have been three days of net increases in holdings, totaling 2,067,600 shares [1] - In the last 20 trading days, there were 12 days of net increases, amounting to 1,617,000 shares [1] - As of now, southbound funds hold 46,374,300 shares of China Duty Free Group, representing 39.84% of the company's total issued ordinary shares [1] Trading Data Summary - On November 13, 2025, total holdings reached 46,374,300 shares with a change of 920,300 shares [2] - On November 12, 2025, total holdings were 45,454,000 shares, reflecting a decrease of 417,000 shares [2] - On November 11, 2025, total holdings were 45,871,000 shares, with an increase of 1,259,700 shares [2] - On November 10, 2025, total holdings were 44,611,300 shares, showing an increase of 754,500 shares [2] - On November 7, 2025, total holdings were 43,856,800 shares, indicating a decrease of 449,900 shares [2] Company Overview - China Duty Free Group is primarily engaged in the retail of tourism products and related services [2] - The company operates two main divisions: the merchandise sales division, which focuses on both taxable and duty-free goods, and the commercial complex investment and development division, which provides tourism retail complex development and property leasing [2] - The company mainly conducts its business in the domestic market, specializing in duty-free tourism retail, including the wholesale and retail of duty-free products such as tobacco, alcohol, cosmetics, luxury goods, clothing, and electronics [2]