京沪两大枢纽机场的免税市场格局迎来重大变革。 截自中国中免公告 就在本月中旬，上海机场免税项目也完成新一轮招标。中免集团中标上海浦东国际机场T2航站楼及虹桥国际 机场T1航站楼相关免税店项目，杜福睿（上海）商业有限公司中标浦东机场T1航站楼及S1卫星厅国际区域 场地。 两轮招标结束后，京沪机场免税店经营主体全面更替，日上免税行（上海）有限公司（下称"日上"）正式退 出两大枢纽机场运营。 近日，首都机场免税项目中标结果公布：中国中免全资子公司中免集团中标T3航站楼经营权，王府井集团则 拿下T2航站楼标的，经营期限最长不超过八年。 据悉，日上是国内首家经营机场免税店的外资企业，一直运营北京首都机场（T2和T3航站楼）、上海浦东 机场（T1、T2）和上海虹桥机场（T1航站楼）。而据此前消息，日上此次出局，原因是未能获得公司大股 东支持投标，而日上目前的控股股东，正是中免集团。 据媒体报道，有知情人士透露，中免之所以否决日上参与竞标京沪两大机场的免税店项目，是因为被要求不 能与外资合作免税业务。这也意味着，日上正一步步退出国内机场免税店运营的舞台。 公开资料显示，中国中免成立于1984年，主要从事以免税为主的旅游零售 ...

封关政策显著带动海南旅游市场升温，机票预订量迎来快速增长。2026年元旦期间，飞往海口、三亚的 机票预订量同比分别增长19%/51%，其中三亚作为核心免税目的地，机票需求增幅领先。国际客流同样 表现强劲，海口入境国际机票订单量增长超40%，2026年春节飞往海口的国际机票销售量更是同比翻 倍，俄罗斯、新加坡、澳大利亚等国成为主要客源地。旅游客流的持续涌入，为离岛免税消费提供了充 足的需求支撑，形成"旅游+免税"的良性互动格局。 信达证券（601059）发布研报称，海南自由贸易港于2025年12月18日正式启动全岛封关运作，封关运作 带来的政策红利直接惠及离岛免税消费领域。建议关注：商社免税赛道及海南板块相关标的：中国中免 （601888）(601888.SH，海南离岛免税龙头，全牌照+全渠道布局)、王府井（600859）(600859.SH， 2020年获离岛免税牌照，运营万宁王府井国际免税港，"免税+有税"双轨运营)、海南机场（600515） (600515.SH，机场流量+物业+参股三重参与，参股海口美兰机场免税店)、珠免集团（600185）(有税 +跨境为主，与三亚旅文集团合资运营"珠海免税-三亚旅投商 ...

Core Points - The official announcement regarding the full closure of Hainan Free Trade Port will take effect on December 18, 2025, with a comprehensive policy framework already established [1] - The new duty-free shopping policy has significantly boosted sales and consumer engagement, with a reported sales amount of 2.38 billion yuan in the first month, marking a 27.1% year-on-year increase [2] - The duty-free policy has evolved over 14 years, with total monitored shopping amounts exceeding 206 billion yuan and over 30 million shopping visits recorded as of November this year [2] - The new policy allows local residents to utilize their duty-free shopping quota without needing to plan separate trips off the island, enhancing consumer convenience [2] - The duty-free shopping landscape is diversifying, with an increase in domestic brand offerings alongside traditional international brands [3] - The duty-free sector is preparing for international customers, with multilingual services and payment options being enhanced [5] - The duty-free policy is expected to drive domestic brand procurement, creating a positive cycle of brand image enhancement and market expansion [5] Policy and Regulatory Framework - The policy framework for the full closure includes six key policies and 13 supporting documents, which have been issued and are ready for implementation [1] - The customs regulatory system has been established in advance, with 12 announcements and 13 operational procedures already in place [3] Economic Impact - The duty-free policy is seen as a significant driver for the construction of Hainan as an international tourism consumption center and the development of the free trade port [2] - The overall business environment is expected to improve with the full closure, opening new opportunities for the duty-free industry [5] - The cumulative import value under the "zero tariff" policy reached 29.22 billion yuan, with tax reductions amounting to 5.474 billion yuan [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]

Core Insights - Chengdu's first city-based duty-free store has opened in Jinjiang District, featuring over 70 international brands and more than 50 high-quality domestic brands [1][4] - The store adopts a "duty-free + taxable" dual-track model, integrating international top brands with local cultural elements such as Sichuan liquor and Sanxingdui cultural products [1][4] Group 1: Store Features - The "duty-free product area" includes categories like cosmetics, beverages, fashion items, watches, jewelry, and travel electronics, available to travelers departing within 60 days [4] - The "taxable product area" is open to all citizens and tourists, with taxable goods eligible for a departure tax refund for foreign travelers and residents from Hong Kong, Macau, and Taiwan who have lived in China for no more than 183 days [4] Group 2: Market Context - Jinjiang District is located in the central urban area of Chengdu, known for its mature commercial atmosphere and significant consumer potential, serving as a vital link for domestic and international consumption [5] - The establishment of the duty-free store enhances the Spring Street business district, adding new consumer highlights and enriching the international commercial landscape of Chengdu [5][7]

Group 1 - The Chinese government is set to enhance the duty-free shop policy starting November 1, 2025, to boost consumption and attract foreign visitors [1] - The new policy will optimize the management of domestic tax refund (exemption) policies and support the sales of domestic products in both port exit and city duty-free shops [1] - The expansion of product categories in duty-free shops is expected to enrich consumer shopping experiences and promote the growth of domestic brands [1] Group 2 - China Duty Free Group primarily engages in tourism retail business focused on duty-free products, including tobacco, alcohol, cosmetics, luxury goods, clothing, and electronics [2] - Hainan Airlines Group plans to acquire control of Hainan Duty Free through cash and/or asset payments to Hainan Tourism Investment [2]

Group 1 - The core point of the article highlights the recent trading activity of southbound funds in China Tourism Group Duty Free Corporation, indicating a net increase of 152,900 shares on October 13, 2025, while experiencing a net reduction of 1,389,100 shares over the past five trading days [1][2] - Over the last 20 trading days, the company has seen a total net reduction of 256,000 shares, with southbound funds reducing their holdings on 11 out of those days [1][2] - As of now, southbound funds hold a total of 45,665,600 shares of China Tourism Group Duty Free Corporation, which represents 39.23% of the company's total issued ordinary shares [1][2] Group 2 - The company primarily engages in the retail of tourism products and related services, operating through two main departments: the sales of taxable and duty-free goods, and the investment and development of commercial complexes [2] - The main business focus is on duty-free tourism retail, including wholesale and retail of products such as tobacco, alcohol, cosmetics, luxury goods, clothing, and electronics [2]

Core Insights - During the National Day and Mid-Autumn Festival holiday, Haikou Customs reported a total duty-free sales amount of 9.44 billion yuan, with 122,900 shoppers and an average spending of 7,685 yuan per person, representing increases of 13.6%, 3.2%, and 10% respectively compared to the 2024 holiday [1][3] Group 1: Sales Performance - The total duty-free sales amount reached 9.44 billion yuan during the holiday [1] - The number of shoppers was 122,900, showing a growth of 3.2% [1] - The average spending per person was 7,685 yuan, which is a 10% increase [1] Group 2: Promotional Activities - Hainan's duty-free stores attracted consumers through discounts, limited launches, and experiential activities [1] - CDF Haikou International Duty-Free City celebrated its third anniversary with discounts up to 70% and additional benefits like multiple points and large reductions [3] - The store also featured various activities such as professional band performances and technology classes to enhance the shopping experience [3] Group 3: Market Outlook - The fourth quarter is traditionally a peak season for duty-free sales in Hainan [3] - China Duty Free Group plans to continue promotions and integrate cultural tourism to prepare for consumption upgrades after the island's closure at the end of the year [3] - Haikou Customs aims to optimize the supervision process for duty-free sales to fully leverage policy benefits [3]

Core Insights - The article highlights the significant boost in consumer spending during the eight-day holiday period coinciding with the National Day and Mid-Autumn Festival, particularly in Guangzhou's tourism and retail sectors [1][11] - China Duty Free Group's Guangzhou duty-free store launched a series of promotional activities themed "Enjoy Duty-Free During the Festivals," offering substantial discounts and rewards to attract customers [1][4] Group 1: Promotions and Discounts - From October 1 to October 9, all duty-free products were available at a 20% discount, with popular electronic products offered at a 10% discount, enhancing the shopping experience for tech enthusiasts [1] - Members of the duty-free store could earn 10 times the points, which could be redeemed for cash, maximizing the value of their purchases [1][4] Group 2: Member Benefits and Special Events - Customers spending above certain thresholds received gifts, including premium wines and travel vouchers, with specific offers for members, such as a bottle of Lafite wine for spending over 1826 yuan [4] - The store designated the 26th of each month as "Member Privilege Day," providing exclusive benefits, including a luxury coupon package valued at 666 yuan and additional discounts through a mini-program [4] Group 3: Collaborative Efforts and Cultural Engagement - The duty-free store is expanding partnerships with local restaurants, attractions, and hotels to create an integrated "shopping, tourism, and entertainment" experience [7] - The store organized cultural activities, such as lantern displays and traditional games, to enhance the festive atmosphere and engage tourists, effectively increasing customer spending and conversion rates [7][11] Group 4: Customer Service Enhancements - The store implemented convenient services like immediate tax refunds for international tourists, multilingual support, and foreign currency exchange to facilitate a seamless shopping experience [11] - The overall strategy aims to transform the influx of international visitors into a growth engine for consumer spending, positioning Guangzhou as a premier destination for global tourists [11]

Group 1 - The core point of the news is that southbound funds have reduced their holdings in China Duty Free Group Co., Ltd. (01880.HK) by 13.38 thousand shares on September 17, 2025, marking a trend of net reductions over recent trading days [1][2] - Over the past five trading days, there have been three days of reductions, totaling a net decrease of 24.54 thousand shares [1][2] - In the last twenty trading days, there have been twelve days of reductions, with a cumulative net decrease of 42.86 thousand shares [1][2] Group 2 - As of now, southbound funds hold 46.2491 million shares of China Duty Free Group, which represents 39.73% of the company's total issued ordinary shares [1][2] - The company primarily engages in the retail of tourism products and related services, operating in two main segments: sales of taxable and duty-free goods, and investment and development of commercial complexes [2] - The company's main business focuses on duty-free tourism retail, including wholesale and retail of duty-free products such as tobacco, alcohol, cosmetics, luxury goods, clothing, and electronics [2]