智通财经APP获悉，中国中免(01880)早盘涨超6%，截至发稿，涨5.55%，报58港元，成交额7173.27万港元。
消息面上，根据国家外汇管理局最新公布的数据，截至2026年5月，人民币兑美元汇率报6.80，较去年年底的7.23累计升值约6%。中信建投指出，当前人民币汇率升值的大环境之下，对免税业态的业绩弹性也较为明显，在2026年的同比环境下，预计人民币汇率每升值1%，将带动毛利率提升0.5pct左右，并且中国中免凭借供应链持续迭代增强优势，对上游优质品牌的议价权也在不断提升，未来核心供应链优势将进一步凸显，对毛利率形成较强支撑。
兴业证券指出，一季度因盈利水平、日销走弱担忧、五一表现及资金博弈，免税龙头估值有所回落。二季度来看，海南日销政府层面开始发力支撑，北上机场Q1完成转场Q2全力推动销售降幅收窄，DFS销售完整季度并表，日上上海仓恢复发货推动Q2收入有望进一步增长。同时业绩端因素仍存，整体盈利水平向好趋势不改。目前公司估值回落至海南宣布封关时间以前，建议关注。
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