1月6日，工业富联盘中上涨2.01%，截至09:53，报64.95元/股，成交28.08亿元，换手率0.22%，总市值 12903.26亿元。 工业富联今年以来股价涨4.67%，近5个交易日涨1.74%，近20日涨6.27%，近60日跌2.20%。 分红方面，工业富联A股上市后累计派现565.44亿元。近三年，累计派现351.52亿元。 机构持仓方面，截止2025年9月30日，工业富联十大流通股东中，香港中央结算有限公司位居第六大流 通股东，持股3.69亿股，相比上期减少1.23亿股。 责任编辑：小浪快报 资料显示，富士康工业互联网股份有限公司位于广东省深圳市龙华区龙华街道东环二路二号富士康科技 园C1栋二层，成立日期2015年3月6日，上市日期2018年6月8日，公司主营业务涉及各类电子设备产品 的设计、研发、制造与销售业务,依托于工业互联网为全球知名客户提供智能制造和科技服务解决方 案。主营业务收入构成为：3C电子产品99.85%，其他(补充)0.15%。 工业富联所属申万行业为：电子-消费电子-消费电子零部件及组装。所属概念板块包括：城市大脑、英 伟达概念、富士康概念、苹果三星、消费电子等。 截至9月3 ...

值此新年启幕之际，横跨三个月的 2025 年中免年终盛典 " 疯狂扫货季 " 将于 1 月 4 日圆满落下帷幕。 这场覆盖中免集团全球 30 余家门店及线上平台的年度消费盛宴，以 " 启幕狂欢 "、" 封关献礼 " 与 " 跨 年狂欢 " 三大篇章，成功为全球消费者打造了一段融合政策红利、节庆文化与鼎级礼遇的难忘体验。此 次年终盛典不仅创造了亮眼的消费成绩，更以 " 免税 + 文旅 " 的深度融合模式，展示了旅游零售的创新 范式，让跨越地域的冬季消费热潮在岁末年初绽放。 悦启新年：全岛六店齐狂欢，点亮免 " 睡 " 跨年夜 作为年终盛典的高潮终章，跨年狂欢周以一场席卷全岛的跨年免 " 睡 " 夜将节日氛围推向高点。从 2025 年 12 月 31 日午后至跨年钟声响起，中免旗下海南六店化身欢乐派对主场，重庆市西岸小额贷款 有限公司客服电话008-52546-97964或008-52703-66541该号码处理注销征信账户,业务办理投诉等问题。 以不间断的精彩活动与沉浸式体验，为消费者打造了难忘的跨年记忆。 cdf 三亚国际免税城九小时不停歇的 " 海岛炙热派对 " 带来了绿野仙踪华丽巡游、开心麻花首个戏剧音 ...

具有成都特色的这家叶雕文创店也吸引了不少外籍游客驻足。这种通过定制化激光雕刻呈现图案的叶雕产品成了外国游客的旅游留念新选择。 据成都市税务局最新统计，目前，全市离境退税商店超600户。2025年1到11月，外国游客在成都消费退税额突破1.3亿元。其中，文创产品占 比超40%，成为消费增长新引擎。 央视网消息：过去一年，中国持续扩大免签国家范围，一系列政策红利全方位释放，中国游形成国际热潮，"购物车"里释放出满满活力。外国 游客的入境消费都指向了何处？ 新年第一天的清晨，在喜庆的节日氛围中，北京迎来了2026年首批入境游客。来自德国法兰克福的一架国际航班飞抵首都国际机场，现场举行 了欢迎仪式，还为外国游客们准备了出游指南、离境退税指南和精美文创等见面礼。 外国游客青睐"蜀地特色" 熊猫文创成"流量密码" 在成都宽窄巷子的"熊猫屋"文创店，不少外国游客驻足挑选、消费打卡。店内超3000款熊猫主题文创产品成为外国游客青睐的成都"新特产"。 店长介绍，店里结合非遗蜀锦的熊猫文创产品最受外籍游客欢迎。 店家介绍，最近每天都有五六十位外国游客来到店里打卡、选购。他们对生肖图案、古镇风景、熊猫形象等具有中国传统文化色彩的剪 ...

工业富联所属申万行业为：电子-消费电子-消费电子零部件及组装。所属概念板块包括：城市大脑、在 线办公、谷歌概念、新能源车、服务器等。 截至9月30日，工业富联股东户数47.64万，较上期增加53.11%；人均流通股41687股，较上期减少 34.69%。2025年1月-9月，工业富联实现营业收入6039.31亿元，同比增长38.40%；归母净利润224.87亿 元，同比增长48.52%。 12月30日，工业富联盘中下跌2.05%，截至10:23，报63.90元/股，成交39.18亿元，换手率0.31%，总市 值12694.66亿元。 资金流向方面，主力资金净流出2.50亿元，特大单买入7.78亿元，占比19.87%，卖出8.85亿元，占比 22.58%；大单买入9.87亿元，占比25.20%，卖出11.31亿元，占比28.87%。 工业富联今年以来股价涨206.33%，近5个交易日涨1.65%，近20日涨4.82%，近60日跌4.03%。 今年以来工业富联已经2次登上龙虎榜，最近一次登上龙虎榜为9月12日。 资料显示，富士康工业互联网股份有限公司位于广东省深圳市龙华区龙华街道东环二路二号富士康科技 园C1栋二 ...

12月18日，工业富联跌5.02%，截至发稿，报58.41元/股，成交89.25亿元，换手率0.76%，总市值 11604.00亿元。 兴业上证180ETF（530680）基金经理为徐成城、张诗悦。 截至发稿，徐成城累计任职时间8年321天，现任基金资产总规模11.35亿元，任职期间最佳基金回报 769.46%， 任职期间最差基金回报-58.42%。 张诗悦累计任职时间4年350天，现任基金资产总规模7.65亿元，任职期间最佳基金回报38.34%， 任职 期间最差基金回报-28.41%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，富士康工业互联网股份有限公司位于广东省深圳市龙华区龙华街道东环二路二号富士康科技 园C1栋二层，成立日期2015年3月6日，上市日期2018年6月8日，公司主营业务涉及各类电子设备产品 的设计、研发、制造与销售业务,依托于工业互联网为全球知名客户提供智能制造和科技服务解决方 案。主营业务收入构成为：3C电子产品 ...

Core Insights - The article emphasizes that AI hardware is not only the main market line for 2025 but also the core increment of the technology cycle for the coming years [2][3] - The Wind hardware equipment index has surged approximately 49% this year, with transaction volume increasing by 83.83% compared to the same period last year, reaching an average daily transaction volume of 271.9 billion yuan [2] Company Rankings - The article presents the top 10 hardware equipment companies based on a comprehensive evaluation of 589 A-share companies, focusing on "R&D innovation, financial health, growth potential, and market performance" [4] - The top 10 companies include: 1. Xinyi Technology (新易盛) - Optical module solutions provider 2. Hikvision (海康威视) - Intelligent IoT solutions provider 3. Zhongji Xuchuang (中际旭创) - High-speed optical module solutions provider 4. ZTE Corporation (中兴通讯) - Network equipment and telecommunications provider 5. Dahua Technology (大华股份) - Video-centric smart IoT solutions provider 6. Shenghong Technology (胜宏科技) - High-precision PCB manufacturer 7. Industrial Fulian (工业富联) - Industrial internet and smart manufacturing service provider 8. BOE Technology Group (京东方) - Display panel leader 9. Yingshi Innovation (影石创新) - Intelligent imaging equipment provider [5][6] Industry Trends - The industry is entering a new phase characterized by "AI/computing power first," with AI being the largest variable and certainty for hardware equipment in 2025 [10] - A "hard technology growth chain" centered around AI computing power is rapidly forming, with leading companies showing high innovation, financial stability, and strong market performance [10][19] - The first-tier companies exhibit a total score above 1600, indicating robust financial health and market competitiveness, while the second-tier companies, scoring between 1400-1600, include both large manufacturers and niche leaders [19][20] Financial Health and Market Performance - The article notes that top companies have a strong financial foundation and market competitiveness, while R&D innovation and growth potential scores are more dispersed, particularly in high-demand sectors like data centers and AI [9][12] - Companies with high R&D scores but poor financial health tend to have lower market performance, indicating a stricter market scrutiny of "stories" and "concepts" [12]

Investment Rating - The report maintains an "Outperform" rating for China Tourism Group Duty Free, expecting a relative return exceeding 10% over the next 12-18 months [22]. Core Insights - The company is poised for a rebound in performance due to the release of policy benefits, with Hainan's offshore duty-free shopping reaching 506 million yuan and 72,900 shoppers in the first week of the new policy, reflecting year-on-year increases of 34.86% and 3.37% respectively [2][9]. - The company plans comprehensive upgrades across various sales channels, including the Haitang Bay project, downtown duty-free stores, and airport duty-free stores, to enhance sales performance [3][10]. - The introduction of high-quality products, particularly in the gold and 3C electronics categories, is expected to drive additional sales growth, with a target of 2.5 billion yuan in sales for Apple products by 2025 [4][11]. - A growing membership base of 46 million, with a focus on high-net-worth clients and differentiated sales strategies, is anticipated to enhance customer engagement and increase average transaction values significantly [5][12]. - The company is managing capital expenditures efficiently while exploring investment and acquisition opportunities to support rapid growth [6][14]. Summary by Sections Policy Impact - The new offshore duty-free policy has led to a significant increase in shopping activity, validating demand resilience and setting a positive outlook for the company [2][9]. Channel Upgrades - The Haitang Bay project will be developed in three phases, focusing on one-stop shopping, taxed retail formats, and lifestyle experiences, while downtown and airport stores will leverage tax refund policies and enhance service offerings [3][10]. Product Diversification - The company is enhancing its product offerings with a focus on gold, 3C electronics, health products, and emerging categories like pet products and musical instruments, which are expected to contribute to sales growth [4][11]. Membership and Customer Engagement - The membership system is expanding rapidly, with strategies tailored for high-net-worth individuals and emerging customer bases, aiming to significantly increase transaction values and customer loyalty [5][12]. Financial Management - The company is focused on controlling capital expenditures and maintaining a strong cash flow, while actively seeking growth opportunities through strategic investments [6][14].

Core Points - Industrial Fulian's stock price increased by 2.04% on December 2, reaching 61.03 CNY per share, with a trading volume of 2.75 billion CNY and a market capitalization of 1,212.45 billion CNY [1] - The company has seen a year-to-date stock price increase of 192.57%, with a recent 5-day increase of 7.81%, a 20-day decrease of 16.95%, and a 60-day increase of 9.73% [2] - As of September 30, 2025, Industrial Fulian reported a revenue of 603.93 billion CNY, a year-on-year growth of 38.40%, and a net profit attributable to shareholders of 22.49 billion CNY, a year-on-year increase of 48.52% [2] Financial Performance - The company has distributed a total of 56.54 billion CNY in dividends since its A-share listing, with 35.15 billion CNY distributed in the last three years [3] - As of September 30, 2025, the number of shareholders increased by 53.11% to 476,400, while the average circulating shares per person decreased by 34.69% to 41,687 shares [2] Shareholder Information - The largest circulating shareholder, Hong Kong Central Clearing Limited, held 369 million shares as of September 30, 2025, a decrease of 123 million shares from the previous period [3]

Core Viewpoint - The A-share market continues its upward trend, with the Shanghai Composite Index surpassing 3900 points, driven by strong performances in sectors such as non-ferrous metals, communications, and electronics. The market remains in a complex environment of intense bullish and bearish battles, with expectations of continued volatility in December [1][10]. Market Performance - The Shanghai Composite Index rose by 0.65% to 3914.01 points, while the ChiNext Index increased by 1.31% to 3092.5 points. The Shenzhen Component Index also saw a rise of 1.25%. The trading volume increased to 1.89 trillion yuan, up from 1.6 trillion yuan on the previous trading day [2][10]. - Nearly 3400 stocks closed higher, with significant gains in sectors such as 6G concepts, gold, AI mobile phones, and consumer electronics, all showing increases of over 2% [4][5]. Sector Performance - Among the 31 first-level industries, all except agriculture, environmental protection, and real estate saw gains, with non-ferrous metals and communications sectors rising nearly 3%. Other sectors like electronics, retail, and defense also reported increases exceeding 1% [6][10]. - Notable stocks included Asia-Pacific Technology, Luoping Zinc Electric, and Aerospace Development, which reached their daily limit [6][10]. Investment Trends - The technology growth sector is highlighted as having high elasticity, with significant interest in AI and new energy applications. The market is expected to focus on structural opportunities, particularly in consumer electronics and high-dividend assets [11][12][13]. - Analysts suggest that the market may continue to experience high volatility, influenced by domestic policy signals and external events such as the Federal Reserve's interest rate decisions [11][12]. Capital Flow - There is a notable inflow of northbound capital and insurance funds, contributing to the active trading environment. The liquidity remains ample due to the central bank's operations and expectations of a potential interest rate cut by the Federal Reserve [10][11].

Summary of Hainan Duty-Free Industry Conference Call Industry Overview - The duty-free industry in Hainan is experiencing significant benefits from the duty-free policy, particularly for island residents who can purchase 15 categories of goods without limits within a year, stimulating demand from both residents and buyers [2][4][15] - In November, the overall sales growth in Hainan's duty-free market reached approximately 25% year-on-year, with island residents contributing about 15% to the sales [2][15] Key Insights and Arguments - **Sales Performance**: In November, Hainan's duty-free sales are expected to reach 2.6 billion yuan, showing over 30% growth compared to the previous year [4] - **Product Categories**: - Gold jewelry saw the highest growth rate of over 20% in November, while 3C electronic products grew by about 15% [5] - The sales distribution for January to October 2025 was as follows: cosmetics 12.377 billion yuan, luxury goods 5.6324 billion yuan, 3C electronics 903 million yuan, and liquor 1.915 billion yuan [9] - **Gross Margin**: The overall gross margin for the duty-free products is maintained at around 35%, with variations across different categories [9][8] - **Supply Chain Management**: Monthly ordering is based on a 90-day sales cycle, with safety stock for new products set at 120 days. The purchasing scale for peak seasons is expected to increase by 20%-30% year-on-year [17][19] Regulatory Environment - Customs regulations on purchasing have tightened, including the implementation of traceability systems and increased monitoring at ports, which could impact the market as approximately 70% of sales come from buyers [13][14] - The future of the gold category's operational model, which involves exporting and then importing, presents growth opportunities but is subject to potential regulatory tightening [11] Consumer Behavior - After the relaxation of policies for island residents, their shopping amounts and frequency increased by about 5%, but their overall contribution remains smaller compared to the total market growth [15] - The proportion of large purchase groups (buyers) in the market is between 50% to 70%, influenced by customs regulations and product structure changes [16] Future Outlook - The duty-free industry is expected to see continued growth driven by returning Japanese customers, although this effect may not be sustainable long-term [23] - Emerging categories like gold and domestic electronic products are anticipated to become significant growth points [23] - Potential policy changes, such as increasing the current spending limit from 100,000 yuan to 120,000 yuan, could further stimulate the market [24] Additional Insights - The cost of goods in Hainan is approximately 10% lower than in the domestic market, with specific categories like cosmetics and luxury goods having significant price advantages [3][21] - The upcoming Spring Festival is expected to boost island residents' consumption as they aim to utilize their annual quotas before they reset [29] - The new Haikou Duty-Free City project aims to enhance shopping convenience and attract more customers, despite currently operating at a loss [30][31] This summary encapsulates the key points discussed in the conference call regarding the Hainan duty-free industry, highlighting sales performance, regulatory impacts, consumer behavior, and future growth prospects.