Other Specialty Retail

CTG DUTY-FREE

Today’s Key News Recap

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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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MSFT, GOOGL and other giants rally behind US 'Project Genesis'; TikTok US plan finalized | Daily News Recap

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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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Elon Musk reveals new information about Tesla AI5; CDF plans its first interim dividend | Today's Important News Recap

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...

Outfront Media

Has China Duty Free finally "bottomed out"?

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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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The US-China meeting ends with market volatility; Google and Meta experience 'two different worlds' after hours | Today's Important News Recap

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1017 | Dolphin Research Focus: 🐬 Macro/Industry 1. Shares of two U.S. regional banks plummeted due to loan fraud and bad debt issues, with the regional bank index posting its worst performance since April. Risk aversion sentiment pushed up U.S. Treasury and gold prices. The event highlights potential risks in the credit market, and concerns about 'more risk points' will suppress sentiment in financial stocks, while reinforcing expectations for the Federal Reserve to maintain an accommodative stance. 🐬 Individual Stocks 1. $Micron Tech(MU.US) Micron Technology's U.S. stock fell in after-hours trading. According to reports, Micron will stop selling server chips to Chinese data centers...

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Micron to Stop Selling Server Chips to Chinese Data Centers; Meta Plans to Raise $30 Billion to Build Data Centers | Today's Important News Recap

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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...

Goertek

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

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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

On the evening of April 29, $CTG DUTY-FREE(601888.SH) $CTG DUTY-FREE(01880.HK) officially released its Q1 2025 financial report. Since Dolphin Research had just provided a detailed analysis of the annual performance not long ago, and the information disclosed in the A-share quarterly report is quite limited, this time we will only provide a brief quick review: 1. Has the worst time passed? The decline in revenue is narrowing: In Q1 2025, the company's total revenue was 16.75 billion yuan, with the year-on-year decline narrowing significantly to 11%. Although the downward trend in revenue has not yet been completely reversed, compared to the previous three quarters with revenue declines of around 20%...

Has the worst time passed? Can China Tourism Group Duty Free Corporation turn bitter into sweet?

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0428 | Dolphin Research focus: 🐬 Macro/Industry 1. At 10:00 am today, the State Council Information Office held a press conference covering topics such as consumer goods trade-in programs, reducing costs for foreign trade enterprises, and capital market stability. It emphasized &#34;the need to stabilize employment, businesses, markets, and expectations,&#34; and reiterated the possibility of &#34;timely RRR and interest rate cuts&#34; in monetary policy, highlighting &#34;extraordinary counter-cyclical adjustments&#34; to boost market confidence. 🐬 Stocks 1. $POP MART(09992.HK) surged over 10% today...

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The frenzy of LABUBU drives up Pop Mart; State Council press conference releases positive signals｜Today's key news recap

0409 | Dolphin Research focuses on: 🐬 Macro/Industry 1. The 10% &#34;minimum baseline tariff&#34; took effect last Saturday. The different and higher &#34;reciprocal tariffs&#34; imposed on countries and regions with the largest trade deficits with the United States took effect today at 12:01 PM Beijing time. The White House team has shifted from a hardline stance to signaling negotiations, and after a continuous decline in the US stock market, there was a slight rebound in the night session today, but the extent is not large. We will continue to monitor the performance of the US stock market tonight. 2. The Central Peripheral Work Conference was held in Beijing from April 8 to 9...

Withstanding the impact, A-shares surged independently; China Duty Free Group took up the banner of rebound | Review of today's important news

China Tourism Group Duty Free Wins Tender for Beijing Capital International Airport Duty-Free Project

Hainan Free Trade Port's First Week of Closed Operation Shows Economic Upsurge

China Duty Free Group Subsidiary Wins Beijing Capital International Airport Duty Free Project Bid

CDF Duty Free City Launches 12 Benefits Following Full Island Fencing of Hainan Free Trade Port

UBS Upgrades Revenue Projections and Target Price for China Tourism Retail

CIFTM: China Tourism Retailer POSITIVE on Hainan Free Trade Port Island-wide Fenceline Clearance

UBS Upgrades China Tourism Retail's Stock Rating to Buy

Shanghai Airport Duty-Free Operation Rights Transferred to Dufry and China Duty-Free Group

CCLF Free Trade Goods Co., Ltd. Established with a Registered Capital of 200 Million RMB

China Duty Free Subsidiary Secures Operating Rights for Two Shanghai Airport Duty-Free Shops

China Duty Free Wins Bidding for Shanghai Airport Duty Free Project

CSC Successfully Bids for Shanghai Pudong and Hongqiao International Airport Duty-Free Shop Projects in Collaboration with Avolta

China Duty Free Group Opposes Shanghai Duty Free Participating in New Shanghai Airport Duty Free Store Bid Independently

CICC Raises Target Price for China Tourism Group Duty-Free to 86 Yuan

ShangPharma Decides Not to Bid on Shanghai Airport Duty-Free Project

China Tourism Group Duty Free Executes Off-Island Tax-Free Policy, Resulting in Significant Increase in Shopping Amount and Number of People in November

CICC Raises China Duty Free Rating and Price Target

CICC expects China Duty Free to win the Shanghai Airport duty-free shop tender

China Duty Free Rejects Shanghai Duty Free Bid for Shanghai Airport Project

Hainan Free Trade Port Launches Quasi-Border Control, Boosting China’s Duty-Free Giant