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 ...

经济观察网 根据公开信息，ST春天（600381.SH）近期收到监管函的影响主要体现在以下几个方面： 监管关注的核心问题 2026年2月6日，公司公告收到上海证券交易所《2025年业绩预告相关事项的监管工作函》，重点关注三 大问题： 收入确认合规性：要求公司说明2025年第四季度收入（1.30亿至1.58亿元，占全年近40%）暴增的原因 及合理性，并提供资金流、货物流与终端销售匹配证据，排查是否存在关联交易或规避退市的突击交 易。 营业收入扣除：要求逐项核查是否存在应扣未扣收入。2025年公司预告扣除后营收为3.38亿至3.67亿 元，略高于3亿元退市红线，但年审会计师称无法确认该指标真实性。 资金占用风险：公司向控股股东关联方宜宾听花的预付投资款（截至2025年三季度余额1.73亿元）到期 后转为借款，若审计前无法收回，年审会计师将出具无法表示意见的审计报告，直接触发退市。 退市风险加剧 监管函直指公司可能触及的多重退市指标： 财务类退市：若扣除后营收低于3亿元且净利润为负（2025年预告净利润-4400万至-5950万元）。 审计意见类退市：若借款回收无进展导致审计报告"无法表示意见"。 规范类退市：若查 ...

商文旅体融合"共振" 假期中，我市各大商业载体、街区人气爆棚。河西区万象城升级了商场内的潮流消费区域，引入香氛、 特色甜品、创意饰品等品类，带动年轻客流明显增长，假期9天销售额和客流量同比分别增长35.9%和 28.8%；武清区佛罗伦萨小镇的众多品牌推出了限时折扣，银行支付满减和抽奖活动带来叠加优惠，9 天销售额和客流量同比分别增长19.4%和40.3%。 古文化街举办舞狮、高跷等民俗表演，恒隆广场与天后宫携手推出"隆马新程·天后赐福"新春特别企 划，意式风情区可看展览、逛市集、体验滑冰，津湾广场打造津味马年新春视觉秀……结合马年春节的 主题，商文旅体多元融合的活动带动消费市场热度攀升。 据统计，假期9天，市商务局监测的57家购物中心累计实现销售15.5亿元，同比增长10%，累计到店客 流量1443.4万人次，同比增长3.7%。 零售市场优惠"加码" （来源：天津日报） 转自：天津日报 随着"超长假期"的收官，春节消费市场"成绩单"正式出炉。记者从市商务局获悉，假期9天，我市重点 监测的473家商贸流通企业累计实现销售额29.7亿元，同比增长8.1%；累计到店客流达2003.8万人次， 同比增长6%。 春节之 ...

在食品安全监管方面，以散装直接入口食品、酒水、粮油等应节热销食品为重点品种，对临时摊点、农 贸市场、商场超市、农村牧区为重点场所开展专项检查。检查食品经营单位160余家次、大中型商超12 家次，发布消费提示1条，发放宣传资料400余份，现场督促整改问题9个。 据介绍，黄南州持续加大市场巡查力度，紧盯重点领域、重点场所开展"回头看"检查，严格落实节日期 间24小时值班和领导带班制度，畅通12315投诉举报渠道，严守安全底线，全力保障春节期间市场秩序 稳定、群众安心过节。 药品安全监管领域，聚焦基层药品、医疗器械、化妆品经营使用单位，重点加强高风险药品、第三类医 疗器械、特殊化妆品监督检查，严格核查购进验收、储存销售等环节，督促执业药师在岗履职，全力保 障节日药械化市场供应安全。 本报黄南讯 （记者 芈峤） 2月23日，记者从黄南藏族自治州市场监督管理局获悉，春节期间黄南州聚 焦食品药品、重点产品质量、特种设备等关键领域，从严从细落实监管举措，全力保障节日市场秩序稳 定、消费环境安全，切实做好市场监管领域安全防范工作。 此外，加强计量衡器监管，以农贸市场、商场超市、加油站等为重点，严查未经检定、超期未检、计量 作 ...

Group 1 - The core viewpoint of the articles highlights the transformation in consumer behavior during the Spring Festival in Tianjin, shifting from "pragmatism" to "emotional value" in purchasing decisions [1][3] - Traditional categories such as seafood, alcohol, dairy, and nuts have seen significant growth, indicating a robust demand for festive goods [1] - The popularity of DIY activities among younger consumers is rising, with handmade items like embroidery and flower lanterns gaining traction, reflecting a desire for personal involvement in celebrations [1] Group 2 - In the tourism sector, popular attractions during the Spring Festival include the Tianjin Eye and the National Ocean Museum, with hotel bookings in key areas like Binjiang Dao and Italian Style Street increasing by 20% year-on-year [2] - The concept of "atmosphere consumption" is prevalent, as consumers engage in various activities from purchasing festive goods to enhancing their home environments, contributing to a vibrant festive atmosphere [3]

随着春节假期进入尾声，铁路春运迎来返程客流高峰。返程路上少不了大包小包的年货，那么带年货上 火车要注意什么？一起来看。 问：年货打包与携带要注意什么？ 答：年货打包与携带可以遵循"牢固、防漏、减重"的原则，液体、油类、带汁水的食物，务必用密封 袋、保鲜膜多层包裹，再放入结实的箱子；易碎食品，如鸡蛋、糕点等，要做好内部缓冲；较重的年 货，可以使用带轮子的行李箱或行李车，并合理安排，避免单件行李过重；贵重年货最好随身携带，不 要放入大件行李箱，以防丢失或挤压。 问：宠物怎么带上火车？ 问：带年货上火车有哪些注意事项？ 答：新春期间，很多旅客都会选择备上一些酒水作为年货。酒水带上火车，必须包装密封完好、标志清 晰，酒精浓度在24％至70％之间的限量携带，累计携带总量不超过3000毫升，酒精浓度超过70％则禁止 携带。需要注意的是，自酿米酒、散装酒也是严禁托运和随身携带的。 携带各种品类的土特产时要注意，作为食品且经封闭箱体包装的鱼、虾、蟹、贝、软体类水产需要妥善 保管；肉禽蛋品同样需妥善安放，密封包装。 此外，虽然没有明文禁止，但最好不要携带臭豆腐、鲱鱼罐头等气味浓烈且持久的食品进入密闭车厢， 以免影响其他乘客。 ...

Core Viewpoint - The article highlights the robust consumer activity and effective supply management during the Spring Festival in Xinjiang, showcasing a vibrant economic atmosphere and the successful implementation of various promotional activities to stimulate consumption [2][10]. Group 1: Consumer Supply and Price Stability - During the Spring Festival, Xinjiang's various supermarkets and markets experienced a peak in consumer activity, focusing on ensuring sufficient supply and stable prices for essential goods [2][4]. - The Xinjiang Nine Ding Agricultural Products Wholesale Market initiated a holiday supply plan a month in advance, emphasizing supply stability, price control, and food safety [4][5]. Group 2: Promotional Activities and Consumer Engagement - The Twelve Division's "Welcome the New Year Consumption Season" encouraged merchants to participate in promotional activities, offering discounts through the "Cloud Flash Payment" app, enhancing consumer experience [3][10]. - Diverse promotional activities, including the introduction of "horse-themed" products, attracted significant consumer interest, reflecting cultural engagement and modern trends [6][7]. Group 3: Cultural and Recreational Events - The Spring Festival saw a shift towards experiential consumption, with various cultural and recreational activities being organized, such as traditional performances and ice sports, enhancing the festive atmosphere [8][9]. - Events like the "Sports Welcome the New Year" theme in Beitun City provided entertainment and engagement for both residents and tourists, contributing to the overall economic activity [9][10].

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 Viewpoint - The opening of the Wangfujing Duty-Free Store at Beijing Capital International Airport's T2 terminal marks a significant milestone in the development of Wangfujing's duty-free business and aims to enhance the shopping experience for international travelers [10]. Group 1: Store Features and Offerings - The Wangfujing Duty-Free Store is located in the international transit area of T2 and offers a diverse range of products, including imported cosmetics, domestic and international alcoholic beverages, travel goods, and digital products, catering to both high-end and mass-market needs [7][10]. - The store features a modern design with a spacious layout and well-planned product displays, creating a fashionable and comfortable shopping atmosphere [7]. - The store emphasizes the introduction of Chinese cultural products, including panda toys and high-quality domestic tech brands, merging traditional culture with modern consumer trends [9]. Group 2: Promotions and Customer Experience - In celebration of the upcoming Spring Festival, the store has launched special promotional activities, including limited-time discounts, cashback offers, and exclusive benefits for members [9]. - A professional sales team is available to provide multilingual services, expert advice on duty-free policies, convenient payment options, and after-sales support, ensuring a pleasant and efficient shopping experience for travelers [9]. Group 3: Strategic Importance - The opening of the duty-free store represents Wangfujing's first presence in a major international hub airport, serving as a key strategic move in the company's dual-driven development model of "taxable + duty-free" and expanding its market presence [10]. - The collaboration between Wangfujing Group, Shougang Group, and Capital Airport Group aims to leverage each party's strengths to enhance store operations, diversify product offerings, and innovate consumer experiences, contributing to the high-quality development of the airport duty-free sector [10]. - The store's establishment is expected to enrich the commercial landscape of Shunyi District and enhance the attractiveness of the national gateway, supporting Beijing's goal of becoming an international consumption center [12].

Core Insights - The upcoming Spring Festival is driving a surge in both online and offline consumption, particularly in the instant retail market, with Douyin's New Year's Eve dinner-related product sales increasing by 92% year-on-year [1] - The demand for home delivery of festive meals is rising, with many restaurants offering special New Year's Eve packages and signature dish gift boxes, making it easier for consumers to enjoy festive meals at home [1][3] Group 1: Market Trends - Instant retail is experiencing a peak, with significant growth in sales across various categories, including seafood gift boxes and "light cooking" dishes [1] - Meituan's flash purchase platform has seen sales of beverages and digital home appliances double, indicating a strong consumer demand for convenience during the holiday season [1] - The trend of home delivery for New Year's Eve dinners is becoming increasingly popular, as consumers seek a balance between the warmth of home-cooked meals and the convenience of dining out [3] Group 2: Service Innovations - SF Express's "New Year Flavor Delivery" service has been enhanced this year, focusing on customized, high-quality delivery to ensure that various New Year's Eve meal packages arrive safely and in good condition [4] - The service has established a mature and efficient delivery system, with sufficient capacity and a flexible transportation model to meet diverse delivery needs [4][6] - SF Express has implemented specialized packaging and delivery standards to maintain the quality and temperature of different types of dishes, ensuring a premium dining experience at home [6] Group 3: Business Collaborations - SF Express collaborates with well-known restaurant brands and supermarkets to provide a comprehensive delivery service that meets the dual demands for quality and convenience during the Spring Festival [1][4] - The platform's partnerships with brands like Sam's Club and Luckin Coffee enable efficient delivery of festive products and beverages, enhancing the overall consumer experience [1][9] - SF Express's flexible delivery model supports various channels, allowing businesses to effectively convert marketing efforts into sales and improve customer loyalty [9] Group 4: Future Projections - The Ministry of Commerce predicts a 5.8% year-on-year increase in online retail sales during the 2026 Spring Festival, with instant retail order volume expected to grow by 120% [10] - The demand for reliable delivery services is increasing, with SF Express reporting a 55% year-on-year growth in active merchants, reaching 850,000, indicating a strong market presence [11] - SF Express's continuous investment in its "New Year Flavor Delivery" service positions it as a key player in the rapidly growing instant retail sector, helping businesses differentiate themselves in a competitive market [11]