HK Stock Market Move | China Tourism Group Duty Free Corporation (01880) rises more than 3%, with Hainan's offshore duty-free sales reaching 48.6 billion yuan in the first month of its operation.

China Tourism Group Duty Free Corporation (01880) rose more than 3%, as of the time of reporting, it rose by 3.36% to 84.7 Hong Kong dollars, with a turnover of 684.17 million Hong Kong dollars. On the news front, on January 18, Hainan Free Trade Port has been operating for a month. According to statistics from Haikou Customs, from December 18, 2025 to January 17, 2026, Haikou Customs supervised a total of 48.6 billion yuan in offshore duty-free shopping, an increase of 46.8% year-on-year; 745,000 shopping visitors, an increase of 30.2% year-on-year; and 3.494 million shopping items, an increase of 14.6% year-on-year. Sinolink believes that the company's growth is mainly driven by the improvement in the fundamentals, rather than the policy stimulus as perceived by the market. Policy stimulus is short-term, while the improvement in fundamentals is long-term. From the perspective of domestic demand, the recovery of high-end consumption is the foundation for the revival of the duty-free industry, and there is an overall opportunity in the duty-free industry; from the perspective of external demand, the consumption potential of inbound tourists has not been fully recognized by the market. Therefore, the performance growth of China Duty Free is expected to exceed expectations.