CTCTGDF@EC2702A

SUPERLAND GROUP

OCT (ASIA)

GREAT WORLD

JIAODA WITHUB

CREATIVE CHINA

SMART CITY DEV

DAISHOMICROLINE

RIMBACO

SHENYANG PUBLIC

XUNCE

01772

06862

03690

01880

09992

01211

03317

01810

On March 27th, during the Hong Kong stock market, the three major indices collectively strengthened, with the Hang Seng China Enterprises Index leading with a rise of 1.14%. The catering and retail sectors performed impressively due to a rebound in consumption, with leading stocks such as Ganfeng Lithium and BYD significantly surging. Although the market is under pressure from previous highs, new economy leaders are actively traded, and investors are closely watching the upcoming macroeconomic indicators and the impact of exchange rate fluctuations

- As of March 27, Hong Kong's stock indices rose collectively, with the Hang Seng Index at 25,029.27, up 0.70%.  
- The restaurant sector experienced overall gains driven by a recovery in consumer spending, particularly with Haidilao rising 6.11%.  
- Key economic indicators such as exports and retail sales are under close observation to assess recovery strength, impacted by external factors and local policy adjustments.

Market Heartbeat

GANFENGLITHIUM

HAIDILAO

MEITUAN

CTG DUTY-FREE

POP MART

BYD COMPANY

XIAOMI-W

Ganfeng Lithium

Hang Seng Index

Hong Kong stocks intraday | Three major indices rose collectively, Ganfeng Lithium up 8.31%, the catering retail sector strong

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On March 27th, during intraday trading of Hong Kong stocks, the three major indices maintained a narrow range of fluctuations and have not yet broken through the peak level reached on March 25th. In terms of sectors, retail stocks performed steadily, while the internet and catering sectors showed divergent trends. MAO GEPING rose over 11%, leading the popular stocks, with Tencent and Meituan having high trading volumes, and the overall market sentiment remained cautious

- On March 27, during trading, Hong Kong's three major indices saw slight increases, maintaining a fluctuating trend.  
- The Hang Seng Index reported 24,860.82, up 0.02%, yet failed to reach new highs from March 25, while retail sectors showed slight gains due to stable consumer demand.  
- The macroeconomic context remains focused on trade data and unemployment rates, with expectations of policy support rising as investors seek clearer recovery signals.

TENCENT

KUAISHOU-W

MAO GEPING

CHIFENG GOLD

MircroPort Medbot-B

Hong Kong stock market intraday | The Hang Seng Index rose slightly, the retail sector strengthened, MAO GEPING rose 11.56%

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Goldman Sachs raised the target price for CTG DUTY-FREE to 67 yuan, maintaining a "Neutral" rating. The report pointed out that CTG DUTY-FREE's net profit last year fell by 16% to 3.6 billion yuan, slightly below expectations, mainly due to goodwill impairment. The sales of Hainan duty-free shops last year were 38 billion yuan, with fourth-quarter sales increasing by 19% year-on-year. The new duty-free contract is expected to have an impact of approximately -4% to -5% on CTG DUTY-FREE's profits. Goldman Sachs raised its earnings forecast for 2026 to 2027 by 4% to 6%

AASTOCKS

Goldman Sachs raises the target price for CTG DUTY-FREE to 67 yuan, maintaining a "Neutral" rating

China Tourism Group Duty Free Corporation Limited Reports Earnings Results for the Full Year Ended December 31, 2025

marketscreener

China Tourism Group Duty Free Corporation Limited Reports Earnings Results for the Full Year Ended December 31, 2025

CTG DUTY-FREE announced its 2025 financial report, with total operating revenue of RMB 53.694 billion, a year-on-year decrease of 4.92%. The net profit attributable to shareholders of the listed company was RMB 3.586 billion, a year-on-year decrease of 15.97%; basic earnings per share were RMB 1.7332. The company pointed out that the gross profit margin of its main business in the fourth quarter of 2025 increased by 4.12 percentage points year-on-year. During the reporting period, net profit was affected by goodwill impairment, but excluding this factor, net profit in the fourth quarter increased by 150.63% year-on-year

CTG DUTY-FREE's net profit last year fell by approximately 16% year-on-year to 3.586 billion RMB

China Tourism Group Duty Free prelim 2025 net profit down 16.0% Y/Y

China Tourism Group Duty Free prelim 2025 net profit down 16.0% Y/Y

China Tourism Group Duty Free Corporation Limited has acquired DFS Group’s Greater China retail business for approximately USD293.8 million, excluding the DFS Hong Kong store. This acquisition enhances its presence in the travel retail market. Additionally, the company issued new H shares to LVMH and the Miller Family, representing about 0.43% of the enlarged share capital. The latest analyst rating for the stock (HK:1880) is a Hold with a price target of HK$99.00.

Tip Ranks

China Tourism Group Duty Free Closes DFS Greater China Deal and Welcomes LVMH, Miller Family as Investors

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Baiyun International Airport Signs Operating Contract with China Tourism Group Duty Free

GBIAC

Baiyun International Airport Signs Operating Contract with China Tourism Group Duty Free

Today’s Key News Recap

0224 | Dolphin Research Focus: 🐬 Macro/Industry. Trump signaled a preference for a diplomatic deal over military action on the Iran issue. Geopolitical tensions cooled quickly, and the Geneva talks on Feb 26 remain on schedule.Gold's safe-haven premium is fading. Middle East risks still imply potential conflict. U.S. monetary policy remains the core driver of gold.AI: Leading player Anthropic will host an online livestream. Scheduled at 9:30 a.m. ET on Tue (10:30 p.m. Beijing time)...

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CTG Duty Free hits limit-down on a negative surprise; Lei Jun sets '15-5' hardcore chip push | Daily News Recap---

0120 | Dolphin Research Focus: 🐬 Macro/Industries 1) On Jan 20, the State Council Information Office held a press briefing on implementing the Central Economic Work Conference. The goal is to ensure a solid start to the 15th Five‑Year Plan (2026–2030).The NDRC will draft the 2026–2030 implementation plan to expand domestic demand, working on both supply and demand. Measures include consumer goods trade‑in programs backed by RMB 62.5bn ultra‑long special Gov. bonds, a national M&amp;A fund, and efforts to curb cut‑throat 'involution' competition, aiming to build a domestic‑demand‑led growth model.2) Today, the Ministry of Finance issued five policy documents (...). The release was consolidated.

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1219 Dolphin Research Focus: 🐬 Macro/Industry.BOJ raised its policy rate by 25bps to 0.75%, in line with market expectations, marking a 30-year high and the second hike within 11 months since Jan 2025, as core inflation has stayed above the 2% target for 44 straight months and a weaker yen is fueling imported price pressures.Twenty-four leading AI firms, including Microsoft, Google, Nvidia and OpenAI, ...

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1105 ｜Dolphin Research Key Focus: 🐬 Macro/Industry 1. China has made adjustments to its tariff policy on the United States, announcing the suspension of the previously imposed 24% tariff rate on certain imported goods originating from the United States, while retaining the 10% additional tariff rate. The policy adjustment focuses on balancing trade costs and domestic demand, specifically covering a range of goods including machinery and electronic components. In the short term, the policy will alleviate market concerns about the 'escalation of the tariff war,' while in the long term, further adjustments to tariffs will need to be assessed based on the progress of Sino-US economic and trade negotiations...

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Financial Analysis

A few days ago, China Duty Free Group (CDFG) released its Q3 2025 financial report. Due to previous conflicts with other financial report release times, Dolphin Research is providing a brief commentary today: 1. After a year and a half of continuous decline, revenue growth has finally stabilized: In Q3 2025, the company's total revenue was approximately 11.7 billion yuan, roughly flat year-on-year (partly due to the increasingly lower year-on-year base). This finally marks a stabilization. Consistent with Dolphin Research's previous view, after six consecutive quarters of negative revenue growth, the worst period is likely over. The overall performance of the offshore duty-free market is similar to that of the company, with the total offshore duty-free sales in this quarter declining by 2.6% year-on-year, with the decline continuing to narrow...

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Has China Duty Free finally "bottomed out"?

1030 ｜Dolphin Research Focus: 🐬 Macro/Industry 1. On October 29th, Eastern Time, the Federal Reserve announced its second rate cut of the year by 25 basis points, lowering the interest rate range to 3.75%-4%, and scheduled to end the balance sheet reduction on December 1st. However, the decision saw rare dissent, with one vote advocating for a 50 basis point cut and one vote opposing the rate cut. Powell stated that a rate cut in December is 'far from certain.' U.S. stocks rose first and then fell, with increased uncertainty in December's policy, coupled with high valuations in U.S. stocks, sector rotation may intensify. It is necessary to closely monitor subsequent employment and inflation data...

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Hong Kong Exchanges and Clearing (HKEX)

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CHINA MOBILE

Micron Tech

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Pro Ultr Silver

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SCHWAB(CHARLES)CORP 5.95% DEP SHS REP 1/40 NON CUM PERP PF D

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

SCHWAB(CHARLES)CORP 4.450% DEP SHS REP 1/40TH N-CUM PFD SERJ

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0826 | Dolphin Research Key Focus: 🐬 Macro/Industry 1. According to foreign media reports, Trump signed an executive order to remove Federal Reserve Governor Lisa Cook from her position on the grounds of &#34;alleged mortgage fraud,&#34; effective immediately. This unprecedented move marks a significant escalation in his offensive against the Federal Reserve. Following the announcement, the dollar fell sharply, gold surged, and the U.S. Treasury yield curve steepened, reflecting concerns over the Fed's independence and long-term inflation expectations. 2. The National Press and Publication Administration officially announced the game license approval results for August 2025, with a total of 166 domestic online games and 7 imported online games approved...

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Guangzhou's first downtown duty-free shop opens, China Duty Free surges intraday; GoerTek hits limit-up | Today's Important News Recap

0724 | Dolphin Research Key Focus: 🐬 Macro/Industry 1. Trump announced at the Washington AI Summit on Wednesday that the lower limit of the 'reciprocal tariff' on August 1st will be raised from the original 10% to 15%, and may be increased up to 50% depending on bilateral relations. The new 15% floor means that the cost of exporting to the United States for most countries worldwide will increase by 5 percentage points at once. If implemented, it will directly raise the U.S. core PCE by about 0.3 percentage points, delaying the Federal Reserve's rate cut schedule. 2. Trump announced the 'American AI Action Plan'...

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Countdown to Hainan's closure, China Duty Free surges 15%; Tesla's stock price falls post-earnings

CTCTGDF@EC2702A(26242.HK)

CTCTGDF@EC2702A Stock Performance Chart

Hong Kong stocks intraday | Three major indices rose collectively, Ganfeng Lithium up 8.31%, the catering retail sector strong

Hong Kong stock market intraday | The Hang Seng Index rose slightly, the retail sector strengthened, MAO GEPING rose 11.56%

Goldman Sachs raises the target price for CTG DUTY-FREE to 67 yuan, maintaining a "Neutral" rating

China Tourism Group Duty Free Corporation Limited Reports Earnings Results for the Full Year Ended December 31, 2025

CTG DUTY-FREE's net profit last year fell by approximately 16% year-on-year to 3.586 billion RMB