值得关注的是，航空货运"空空中转"模式成为出口运力的重要补充。据了解，航空货运"空空中转"是指 货物经两个或两个以上的航班运抵目的地，不仅有效弥补直达航班的运力局限，也有助于优化航线资源 配置、构建更灵活动态的空中物流网络，并降低整体运输成本。 ◎星沙时报记者 李丹 在位于长沙自贸临空区的跨境电商监管中心，一件件打包整齐的服装、鞋帽、手机配件等包裹在传送带 上快速流转。早上刚从广东广州、深圳发来的货物，下午便抵达这里，经海关查验后，当晚便能搭载航 班飞往非洲，或通过"空空中转"模式运往东南亚、欧洲等远距离目的地。这一高效物流场景的背后，是 长沙黄花国际机场跨境电商出口转关业务的显著增长——2025年1月至11月，转关货物量超2900吨，较 2024年同期实现翻番。 跨境电商现已成为外贸创新发展的重要引擎和培育经济增长新动能的关键抓手。作为长沙跨境电商综试 区核心承载区，长沙自贸临空区充分强化与黄花机场空港枢纽功能对接，发挥黄花综保区平台功能齐 全、跨境电商场站服务高效的优势，协同海关推进智慧查验、精准布控，这种集口岸功能、产业配套与 监管创新于一体的综合环境，增强了跨境电商产业黏性与集聚辐射力，吸引了大量外地 ...

中亚五国位于亚欧大陆的"心脏地带"，是连接东亚与欧洲的陆路枢纽，也是共建"一带一路"的关键区 域。近年来，中国与中亚五国贸易快速增长，中国已成为该地区最大的贸易伙伴与主要投资来源地。 粤港澳大湾区作为中国经济发展的重要引擎，在中国与中亚的经贸互动中发挥着桥梁作用。其中，香港 作为大湾区核心城市与国际百年商埠，凭借高度国际化的营商环境，不断加强与"一带一路"共建国家的 经贸合作。其中，中亚五国是中国香港备受重视的合作伙伴，双方往来日益密切。 经贸数字背后藏着怎样的商业逻辑？中国与中亚之间正涌现哪些新机遇？近日，南都N视频记者独家专 访时任香港贸易发展局研究总监范婉儿，分析中国与中亚之间经贸合作的发展脉络与未来商机，并从区 域经济、政策对接、市场实践等多个维度，深入解读两地经贸关系的动态脉络与未来潜能。 时任香港贸易发展局研究总监范婉儿接受南都N视频记者专访。（图/受访者提供） 谈协同效应 跨境铁路显著改善物流成本 中吉乌铁路预计2031年建成 南都N视频记者：当前中国与中亚五国在贸易畅通、产业投资和基础设施联通方面，有哪些 项目已经展现出较强的协同效应？ 范婉儿：中国在中亚国家投资主要以基建联通为主，例如跨境铁 ...

来源：钛媒体 2025年末，外资品牌的"卖身潮"再添新案例——荟聚购物中心的交易正式落下帷幕。 近日，英格卡购物中心宣布与高和资本达成战略合作，共同成立一只专项不动产基金，共同持有无锡荟聚、北京荟聚和武汉荟聚三座聚会体验中心。此外， 宜家无锡商场现有物业资产将作为交易的一部分，改造为无锡荟聚全新租赁空间。 在这一新合作模式下，英格卡购物中心将继续持有荟聚品牌，并继续以荟聚品牌独家管理和运营所有聚会体验中心。英格卡购物中心方面表示，此项合作将 在获得中国相关主管部门的批准后正式生效。 宜家零售和英格卡购物中心同属于英格卡集团。其中，英格卡购物中心自2009年进入中国市场，共拥有十座聚会体验中心和三个荟聚办公项目，累计投资超 过270亿元。 宜家方面表示，涉及宜家的唯一调整是：宜家中国将于无锡荟聚内开设并运营一家新的门店，宜家无锡商场现有物业资产将作为交易的一部分，改造为无锡 荟聚全新租赁空间。北京、武汉和无锡的宜家商场仍然归宜家中国完全持有，并保持正常运营。 作为近年来外资品牌"卖身"浪潮中的又一案例，荟聚主动寻求变化的过程，不仅是英格卡从重资产经营模式向轻资产运营模式转型的尝试，也是各大外资品 牌进行"再中国 ...

中国商报（记者 蔡佳文 文/图）财政部、商务部、文化和旅游部、海关总署、税务总局日前联合发布的《关于完善免税店政策支持提振消费的通知》（以下 简称通知）提出，自2025年11月1日起完善免税店政策，支持提振消费。如今，该政策已经"满月"。无独有偶，海南离岛免税升级政策也同步落地一月。近 日，天津首家市内免税店、我国西北地区首家西安市内免税店相继开业。这场促进免税商品零售业务健康有序发展的政策变革，正推动我国免税行业实现质 量提升的关键跨越，消费回流效应初步显现。 政策落地显成效 通知明确，自2025年11月1日起完善免税店政策，旨在进一步发挥免税店政策支持提振消费的作用，引导海外消费回流，吸引外籍人员入境消费，促进免税 商品零售业务健康有序发展。 通知从多个方面完善了免税店政策，包括优化国内商品退（免）税政策管理，积极支持口岸出境免税店和市内免税店销售国产品，鼓励免税店引入更多能够 体现中华优秀传统文化的特色优质产品，增加国产商品在免税店的销售。进一步扩大免税店经营品类，新增手机、微型无人机、运动用品等热销商品，丰富 旅客购物选择。同时，免税店审批权限放宽，便利化和监管措施也进一步完善。 在南开大学金融发展研 ...

尽管如此，更近的假日销售数据显示需求仍具韧性。万事达SpendingPulse的数据显示，今年黑色星期五 （不含汽车经销商）销售同比增长4.1%，高于去年的3.4%。不过，这一增长更多来自高收入群体，而 普通消费者在就业市场前景趋弱及物价高企下愈发谨慎。 消费者情绪在12月初出现五个月来的首次回升。密歇根大学的初值指数从11月的51升至53.3，高于经济 学家预测中值52，反映出家庭对未来个人财务状况更为乐观。消费者预计未来一年价格上涨4.1%，为 今年1月以来最低；未来五到十年通胀预期下降至3.2%。虽然预期有所改善，消费者仍普遍对生活成本 的持续高企感到压力。 劳动力市场的不安感仍在升温。调查显示，超过半数就业者担心失业，近半数认为若失业，找到同等质 量的工作需四个月或更久。大型企业的裁员公告增多，使得对未来就业的担忧情绪更为明显。尽管就业 预期指标升至四个月高点，但当前状况指数却跌至纪录新低。 智通财经APP获悉，最新数据显示，美国9月消费者支出几乎停滞，显示在顽固通胀的压力下，美国民 众在政府停摆前已显露疲态。美国经济分析局（BEA）公布的数据显示，经通胀调整后的个人消费支出 （PCE）在9月几乎没有 ...

Core Viewpoint - The report maintains a "Buy" rating for Tabo, highlighting its position as a leading sports retail platform in China, despite short-term fluctuations in its main brand Nike, while Adidas shows strong growth momentum [1] Business Overview - Tabo is the largest sports retail and service platform in China, partnering with major brands including Nike and Adidas, as well as others like Puma and Vans. The company anticipates a revenue decline of 7% and 6% year-on-year for FY2025 and FY2026H1, respectively, reaching 27 billion and 12.3 billion yuan. Net profit is expected to drop by 42% and 10% to 1.29 billion and 790 million yuan for the same periods [1] Brand Performance - In FY2026H1, revenue from main brands decreased by 4.8% to 10.8 billion yuan, accounting for 88% of total revenue. Adidas has consistently outperformed expectations since 2024, with a 8% year-on-year revenue growth in Q3 2025 on a currency-neutral basis, while Nike's performance has been more volatile. Tabo has expanded its brand matrix by partnering with domestic brands like Li Ning and outdoor brands such as Kailas and Norda since 2022 [2] Retail Operations - Tabo leads the industry in retail operations, establishing a foundation for long-term growth. The company has optimized offline stores based on brand characteristics, with over 1,056 self-operated stores larger than 300 square meters by FY2023, representing 16.1% of total stores. The company is shifting to a "one product, one strategy" approach to enhance store efficiency. Tabo has also significantly increased its private domain and live e-commerce efforts, with over 3,600 mini-program stores by FY2026H1, and e-commerce sales expected to account for around 40% of total sales [3] Mid-term Trends - The launch schedule for new Nike products is expected to improve in FY2027, potentially benefiting Tabo's revenue and profit margins. Adidas continues to perform well, while Nike's performance in the Greater China region is recovering. The company anticipates that profits will remain stable in FY2026, with a positive outlook for FY2027 as new Nike products are released [4] Profit Forecast and Investment Recommendation - Since its IPO in 2019, Tabo has maintained a cumulative dividend payout ratio of 107.3%. As of FY2026H1, the company holds 2.54 billion yuan in cash and cash equivalents. The company is expected to achieve net profits of 1.297 billion, 1.481 billion, and 1.666 billion yuan for FY2026 to FY2028, with a current price corresponding to a FY2026 PE ratio of 14.6 times and a dividend yield of 7%. The report maintains a "Buy" rating for the stock [5]

Core Viewpoint - The report from Guosheng Securities maintains a "buy" rating for Tabo (06110), highlighting its position as a leading sports retail platform in China, despite short-term fluctuations in its main brand Nike, while Adidas shows strong growth momentum [1] Business Overview - Tabo is the largest sports retail and service platform in China, with partnerships including Nike, Adidas, Puma, Converse, and Vans. The company anticipates a revenue decline of 7% and 6% year-on-year for FY2025 and FY2026H1, respectively, reaching 27 billion and 12.3 billion RMB. Net profit attributable to shareholders is expected to drop by 42% and 10% to 1.29 billion and 790 million RMB for the same periods [1][2] Brand Performance - Revenue from main brands decreased by 4.8% to 10.8 billion RMB in FY2026H1, accounting for 88% of total revenue. Adidas has consistently outperformed expectations, with a 8% year-on-year revenue growth in Q3 2025 on a currency-neutral basis, while Nike's performance has been more volatile [2] Retail Operations - Tabo has optimized its offline stores based on brand characteristics, with 1,056 self-operated stores over 300 square meters as of FY2023, representing 16.1% of total stores. The company is shifting its "big store strategy" to a more tailored approach to enhance store efficiency. The company has also expanded its private domain and live e-commerce initiatives, with over 3,600 mini-program stores by FY2026H1, and e-commerce sales expected to account for around 40% of total sales [3] Membership and Digitalization - Tabo has achieved a cumulative registered membership of 89.1 million by FY2025H1, with ongoing efforts to enhance user engagement and conversion rates. The company's digital transformation strategy, initiated in 2019, focuses on empowering frontline employees, optimizing store operations, and improving product management [3] Mid-term Trends - The release schedule for new Nike products is expected to improve in FY2027, potentially benefiting Tabo's revenue and profit margins. Adidas continues to perform well, while Nike's performance in the Greater China region is recovering. The company anticipates that FY2026 profits will remain stable, with a positive outlook for FY2027 as new Nike products are launched [4] Profit Forecast and Investment Recommendation - Since its IPO in 2019, Tabo has maintained a cumulative dividend payout ratio of 107.3%. As of FY2026H1, the company holds 2.54 billion RMB in cash and cash equivalents. The company is projected to achieve net profits of 1.297 billion, 1.481 billion, and 1.666 billion RMB for FY2026 to FY2028, with a current price-to-earnings ratio of 14.6 times and a dividend yield of 7%. The "buy" rating is maintained [5]

Core Viewpoint - The recent joint announcement by the Ministry of Finance, Ministry of Commerce, Ministry of Culture and Tourism, General Administration of Customs, and State Taxation Administration aims to enhance the attractiveness of duty-free shops for inbound and outbound travelers by refining policies related to domestic goods sales, expanding product categories, relaxing approval processes, and improving convenience and regulatory measures [1] Group 1: Policy Enhancements - The new policy encourages domestic products to enter duty-free shops, allowing companies with duty-free qualifications to increase procurement of quality domestic goods, which will be treated as exports for tax refund purposes [1][2] - The operational procedures for domestic goods entering duty-free shops will be optimized, adopting a "sales first, refund later" model to facilitate sales [2] - The policy mandates that at least 25% of the operational area of duty-free shops be dedicated to domestic products, enhancing their market recognition and international competitiveness [2] Group 2: Product and Sales Innovations - The policy expands the categories of products available in duty-free shops, including popular items like mobile phones, drones, sports goods, health foods, over-the-counter drugs, and pet foods [2][3] - The introduction of faster product listing processes for popular international brands will enhance the shopping experience by allowing quicker access to trending items [3] - Online reservation services will be supported, enabling travelers to book items in city duty-free shops and pick them up at port duty-free shops, improving the overall shopping process [3] Group 3: Regulatory and Approval Changes - The approval process for establishing and operating duty-free shops will be decentralized, allowing local provincial departments to handle approvals instead of central authorities [4] - The new regulations allow for flexible adjustments to the operational area of duty-free shops based on actual business conditions, enhancing operational efficiency [4][5] - Simplifying the approval processes is seen as a significant step towards optimizing the business environment and improving the efficiency of duty-free shop operations [5]

Core Viewpoint - The recent joint announcement by the Ministry of Finance, Ministry of Commerce, Ministry of Culture and Tourism, General Administration of Customs, and State Taxation Administration aims to enhance the attractiveness of duty-free shops for inbound and outbound travelers by refining policies related to domestic goods sales, expanding product categories, relaxing approval processes, and improving convenience and regulatory measures [1][4]. Group 1: Policy Enhancements - The new policy encourages domestic products to enter duty-free shops, allowing companies with duty-free qualifications to increase procurement of quality domestic goods, which will be treated as exports for tax refund purposes [1][2]. - The operational procedures for domestic goods entering duty-free shops will be optimized, adopting a "sales first, refund later" model to facilitate sales [2]. - The policy mandates that at least 25% of the operational area of duty-free shops be dedicated to domestic products, enhancing their market recognition and competitiveness [2]. Group 2: Product and Sales Process Improvements - The policy expands the categories of products available in duty-free shops, including popular items like mobile phones, drones, sports goods, health foods, over-the-counter drugs, and pet foods, which are in high demand and easy to carry [2][3]. - The introduction of faster approval processes for hot-selling products will allow consumers quicker access to these items in duty-free shops, thereby increasing their appeal [3]. - Online reservation services will be supported, allowing travelers to book items in city duty-free shops and pick them up at port duty-free shops, enhancing the shopping experience [3]. Group 3: Regulatory and Approval Process Changes - The approval authority for establishing and operating duty-free shops will be decentralized from central ministries to provincial departments, improving efficiency and allowing for localized decision-making [4][5]. - The current approval process for the operational area of duty-free shops will be adjusted to allow flexibility based on actual business conditions, promoting differentiated operations [4][5]. - The combination of these policy measures is expected to significantly boost the retail market for duty-free goods, creating new consumption scenarios that stimulate overall consumer spending [5].

Core Viewpoint - The recent joint announcement by the Ministry of Finance, Ministry of Commerce, Ministry of Culture and Tourism, General Administration of Customs, and State Taxation Administration aims to enhance the attractiveness of duty-free shops for inbound and outbound travelers by refining policies related to domestic goods sales, expanding product categories, relaxing approval processes, and improving convenience and regulatory measures [1][2]. Group 1: Policy Enhancements - The new regulations encourage domestic products to enter duty-free shops, allowing companies with duty-free qualifications to increase procurement of quality domestic goods, which will be treated as exports for tax refund purposes [1][2]. - The operational procedures for domestic goods in duty-free shops will be optimized, adopting a "sales first, refund later" model to facilitate the sale of domestic products [2]. - The policy mandates that at least 25% of the operational area of duty-free shops be dedicated to domestic products, enhancing their market recognition and international competitiveness [2]. Group 2: Product and Sales Process Improvements - The policy expands the categories of products available in duty-free shops, allowing for a wider range of popular items such as mobile phones, drones, sports goods, health foods, over-the-counter drugs, and pet foods [2][3]. - The new regulations will accelerate the listing of popular imported duty-free products in China, encouraging international brands to introduce their latest offerings to the market [3]. - Duty-free shops will now offer online reservation services, allowing travelers to book items in city duty-free shops and pick them up at port duty-free shops, enhancing the shopping experience [3]. Group 3: Regulatory and Approval Changes - The approval process for establishing and operating duty-free shops will be decentralized, allowing local provincial departments to handle approvals instead of central authorities, which is expected to improve efficiency [4][5]. - The current approval process for the operational area of duty-free shops will be adjusted to allow flexibility based on actual business conditions, promoting differentiated operations [4][5]. - Simplifying the approval processes is seen as a significant step towards optimizing the business environment and enhancing the efficiency of duty-free shop operations [5].