（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%。 ...

这个春节，南方都市报的记者们再次出发。 他们走进花都皮具厂、韶关菌菇厂，看佛山的年画铺、汕尾的祠堂、丰顺舞火龙，也走进深圳的文旅地 标与广州的智造车间。从非遗新生到广货出海，从志愿微光到科技攻坚，他们用纸笔、镜头与脚步，丈 量广东年味背后的"真功夫"。 本期主播说，6位主创带着"广角"镜头出发，也记录着"微距"下的烟火日常，在广货车间与文旅一线捕 捉广东AB面——让传统被看见、让匠心被尊重、让平凡绽放光芒的初心与践行。 林诗妍 传统产业"老马"坚守 新兴赛道"小马"突围 马年新春，"南都即时"团队的"新春走基层"和往年有些不同。在《老马小马的新途》特别策划中，多位 同事深入各行各业，走进车间工厂，采访姓马、生肖属马的一线奋斗者，听他们讲述"马儿"春节期间坚 守岗位，奋力推动广货行天下、游客来粤过大年，以及广东高质量发展的新征途。 走基层的过程中，我们发现，原来广东的各行各业藏着这么多"马"——花都狮岭皮具厂的生产品质总 监、韶关菌菇厂的"90后"厂长、深圳具身机器人公司的亚太区负责人、广州街头的咖啡机器人调试员、 南澳岛上的老茶农……用这样一条线索，我们串起广东高质量发展的多面性，从舌尖上的土特产，到指 尖上 ...

● 本报记者 王舒嫄 "离开酒店前还反复提醒自己'三亚是免税，不是免费'，可一踏进免税城，就彻底'刹不住'了。"在cdf三 亚国际免税城里，来自江苏的冯女士手上已经拎满5个大小不一的购物袋，"趁着春节，给家人和自己都 置办了新年礼物。给自己挑选的首饰，不仅享受免税优惠，积分还能直接抵现，给孩子买的东西算下来 几乎跟'免费'一样。" 2026年春节，是海南全岛封关运作后的首个新春佳节。像冯女士这样奔赴三亚，一边过年一边畅享免税 购物的游客大有人在。春节假期，cdf三亚国际免税城内人潮涌动，各大品牌门店前均排起长龙，离岛 免税消费持续火爆。 大年初五（2月21日）一早，cdf三亚国际免税城入口处已经站了不少等待商店开门营业的消费者。沈小 姐和家人便在其中，只等商店一开门就"冲"。"春节最后一站，全家在三亚团聚。本来是被老妈拉着来 逛街，结果自己成了消费主力。政府消费券加店内折扣，再加上积分抵现金，价格实在太香了。" cdf三亚国际免税城相关负责人介绍，为充分释放全岛封关运作后的政策效应，让国内外游客切实享受 到离岛免税的政策红利，cdf三亚国际免税城提前完成热门商品备货，确保核心品类货源充足，重点增 加新春限定商 ...

"离开酒店前还反复提醒自己'三亚是免税，不是免费'，可一踏进免税城，就彻底'刹不住'了。"来自江 苏的冯女士笑着对记者说，她的手中已拎满5个大小不一的购物袋。"趁着春节假期，给家人和自己都置 办了新年礼物。给自己挑选的首饰，不仅享受免税优惠，积分还可直接抵现，给孩子买的东西算下来几 乎'免费'了。" 2026年春节假期，是海南全岛封关运作后的首个新春佳节。像冯女士这样选择奔赴三亚、边过年边畅享 免税购物的游客比比皆是。春节假期，cdf三亚国际免税城内人潮涌动、热闹非凡，各大品牌门店前均 排起长龙，海南离岛免税消费持续火爆，消费市场活力十足。 三亚市商务局最新数据显示，大年初一（2月17日）至初四（2月20日），三亚全市四家离岛免税店日均 销售额均突破2亿元，销售数据接连刷新纪录。其中，2月20日（大年初四）单日销售额达2.54亿元，同 比增长281.7%；截至2月20日，本月累计销售额已突破30.8亿元，同比增长19%，再创新高。 "活动期间，免税城汇聚多品类开展满额礼赠、多倍积分、超值低折、满返积分等多重活动礼遇。同 时，随着岛内居民凭离岛记录享'即购即提'政策的深入实施，也让免税消费从'旅游伴手礼'向'日 ...

同日，以"非遗贺新春·寻味中国年"为主题的"2026成都非遗贺新春"活动在成都国际非物质文化遗产博览园同步开启。活动持续至正月初七，每日10点至18 点开放，非遗快闪表演、非遗体验、非遗美食、成都茶馆文化美学场景等板块，每日有不同主题的互动项目。 2月17日，大年初一，成都祠堂街艺术社区换装登场，比照名画《上元灯彩图》复刻的明代市集，推出超多非遗好物、非遗好戏。 13岁的女孩田田随父母从黑龙江大庆赴蓉过节，她在成都换上了汉服妆造。祠堂街的各种手作摊位，让她感觉一身行头"太对味了"。田田妈妈说，"每个摊 位都给她拍照，真像在画儿里。"田田买了漆艺发夹，编了风铃，爸爸全程拍下川剧变脸吐火的表演，全家人各有收获。 本次新春游园会是成都市非物质文化遗产保护中心（简称保护中心）推出的"非遗贺新春"主题系列活动之一。保护中心传播科科长张晶明讲到，借佳节助力 非遗走进城市公共空间，进入市民日常生活，既是展示非遗手艺人的热爱与追求，也是丰富春节烟火气的文化底色。 国家级非遗代表性项目成都漆艺市级代表性传承人张丹带着她的作品来到现场，把3000多年的手艺揉进一件件实用小物中，有发饰、首饰、杯具等。看完之 后，市民杨寅觉得与一项 ...

Core Insights - The report highlights a significant increase in complaints within the apparel sector, with nearly 40,000 complaints recorded in 2025, marking a 31.23% increase from 2024 [2][12] - The data indicates a strong correlation between complaint volumes and major e-commerce promotional events, particularly during pre-sale phases of events like Double 11 [2][12] Complaint Volume and Trends - The total complaint volume in the apparel sector reached close to 40,000, with a notable spike during major promotional events, especially Double 11, where daily complaints peaked at nearly 200 [2][12] - Complaints related to clothing accounted for 70.43% of the total, with common issues including poor product quality, difficulties in returns and exchanges, and discrepancies in product descriptions [2][12] Specific Product Complaints - Complaints regarding down products surged by over 60% in 2025, totaling more than 3,700 complaints, reflecting heightened consumer awareness and ongoing quality issues within the industry [3][13] Brand Response Rates - Among the top ten footwear and apparel brands, companies like FILA, Anta, Li Ning, NIKE, and Uniqlo demonstrated high responsiveness to consumer complaints, with response rates exceeding 95% [4][15] - In contrast, brands such as New Balance and ZARA did not respond to any consumer complaints, resulting in a response rate of 0% [4][15] Demographics of Complainants - The majority of complaints originated from consumers aged 20-40, who accounted for 91.43% of the total complaints, indicating a trend of younger consumers being more active in voicing their grievances [5][16] Geographic Distribution of Complaints - Guangdong province led in complaint volume with an 11.55% share, followed by Jiangsu and Shandong provinces at 8.47% and 8.04% respectively, while Zhejiang and Henan had lower complaint rates [6][17]

Investment Rating - The report maintains a "Buy" rating for the company [5][11] Core Views - The company is expected to see a significant increase in gross margin due to rising gold prices, with a forecasted gross margin of 30% in 2025 [3][10] - The adjustment in the franchise business is anticipated to reach its conclusion in 2026, which will alleviate revenue pressure [10] - The company has a strong dividend policy, with a historical payout ratio between 60%-100%, enhancing its investment appeal [10] Financial Forecasts - The adjusted earnings per share (EPS) forecasts for 2025-2027 are 1.02, 1.15, and 1.27 yuan respectively, down from previous estimates [3][11] - Revenue projections for 2023A, 2024A, 2025E, 2026E, and 2027E are 16,290 million, 13,891 million, 9,205 million, 10,033 million, and 11,092 million yuan respectively, with a notable decline in 2025 [4][13] - The net profit attributable to the parent company is forecasted to be 1,316 million, 1,010 million, 1,107 million, 1,243 million, and 1,379 million yuan for the years 2023A to 2027E [4][13] Valuation Metrics - The target price is set at 17.25 yuan based on a 15x PE ratio for 2026 [3][11] - The company’s current price-to-earnings (PE) ratio is 11.1, projected to decrease to 10.6 by 2027 [4][12] - The price-to-book (PB) ratio is currently at 2.3, expected to decline to 1.4 by 2027 [4][12]

Core Insights - The Sanya airport port experienced a significant growth in import and export trade, with a total trade value of 1.95 billion yuan in 2025, marking a 68% year-on-year increase [2] - The growth in imports was primarily driven by duty-free goods and "zero tariff" products, with imports of consumer goods such as watches, bags, and clothing seeing substantial increases [2] - The diversification of exports was supported by the expansion of international flight routes, leading to a notable increase in the export of aviation fuel and other products [3] Import Growth - The total import value at Sanya airport port reached 1.95 billion yuan in 2025, with a year-on-year growth of 68% [2] - Key consumer goods imports saw significant increases: watches (41.3%), bags (38.6%), clothing (35.1%), sunglasses (26.4%), and jewelry (224.6%), collectively accounting for over 80% of total imports [2] - The "zero tariff" policy in Hainan has boosted the demand for scientific research instruments, with imports of microscopes and optical instruments reaching 56.203 million yuan, a 36.6% increase [2] Export Growth - The export of aviation fuel at Sanya airport port reached 49,000 tons, with a value of 27 million yuan, reflecting increases of 73.9% and 66% respectively [3] - The export of electromechanical products, including optical components and data processing equipment, saw an 18-fold increase [3] - Agricultural product exports, particularly seafood and fruits, experienced over a 15-fold increase, with new export markets established in six countries [3] New Business Dynamics - The cross-border e-commerce sector has emerged as a new growth driver, with the "9610" export business launched in August 2025 [3] - Sanya airport customs has optimized services to ensure efficient customs clearance, allowing businesses to fully benefit from policy incentives and achieve "zero delay" in goods import and export [3] - Future efforts will focus on enhancing regulatory efficiency and service quality to further leverage Hainan's free trade port policy benefits [3]

Core Insights - The Sanya airport's cargo trade showed strong growth in 2025, with total import and export value reaching 1.95 billion yuan, a year-on-year increase of 68% [1] - December alone saw a record high monthly import and export value of 270 million yuan, with year-on-year and month-on-month growth of 34.5% and 48.5% respectively [1] Import Dynamics - The primary drivers of import growth were duty-free goods and "zero tariff" products, spurred by new policy adjustments for duty-free shopping on the island [1] - Significant increases were noted in imports of consumer goods such as watches (41.3%), bags (38.6%), clothing and accessories (35.1%), sunglasses (26.4%), and jewelry (224.6%), collectively accounting for over 80% of total imports [1] - The "zero tariff" policy in Hainan Free Trade Port also boosted demand for research instruments, with imports of microscopes and optical instruments reaching 56.203 million yuan, a growth of 36.6% [1] Export Growth - The diversification of exports was aided by the expansion of international flight routes, including the opening of fifth and seventh freedom rights [2] - The export of aviation fuel saw a notable increase, with 49,000 tons exported, valued at 27 million yuan, marking growth of 73.9% and 66% respectively [2] - Exports of electromechanical products, including optical components and data processing equipment, surged with an increase of 18 times, while agricultural products like seafood and fruits saw over 15 times growth, with new export markets established in six countries [2]

Core Viewpoint - The Beijing Chaoyang Dongdaqiao Blue Island Building, after 33 years of operation, will officially close on February 28, 2024, due to declining sales and changing consumer preferences, marking a significant shift in the retail landscape of the area [1][6]. Group 1: Store Closure and Sales - The Blue Island Building is currently holding a clearance sale with discounts starting at 30% as it prepares to close [3][4]. - The building, once a popular shopping destination, has seen a decline in foot traffic, particularly among younger consumers, and many stores have already vacated their spaces [4][6]. - The building's last notable sales figure was in 1996, when it achieved a revenue of 1.36 billion yuan, highlighting its past prominence in the retail sector [6][7]. Group 2: Urban Renewal and Future Plans - The Blue Island Building is included in a broader urban renewal initiative in Beijing, which aims to revitalize older commercial properties [5][8]. - The renovation plans for the Blue Island Building will involve comprehensive upgrades to its facilities and design, with the goal of creating a modern and fashionable shopping environment [7][8]. - Experts emphasize that the success of such renovations will depend on precise positioning and innovative consumer experiences to avoid homogenization in the retail market [8].