中国中免 (1880 HK; 54.2港元; 目标价: 71港元) 基本面有望逐季改善,关税博弈升级偏利好疫后两年离岛免税承压明显,回顾原因一方面受制于大环境,一方面是代购减少、优质游客分流至出境市场的影响显著。同时,境内有税渠道的竞争加剧导致商品价格优势减弱,均拉低了免税渠道的经营表现。但公司多年积累的品牌合作、供应链能力优势巩固,免税渠道受国家特许经营免税商品,在关税博弈升级背景下,渠道价值...
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