Analysis of Popular Reasons and Driving Factors for China Duty Free Group (601888.SH)

This analysis is based on the report from tushare_hot_stocks[1]. China Duty Free Group (601888.SH) entered the popular list on December 22, 2025. According to online search results[2], the stock hit the daily limit on that day, with a closing price of 91.09 yuan and a total market value of 188.452 billion yuan. Its popularity ranking rose from 15th to 6th on the Tonghuashun popular list, and the main capital net purchase was 2.448 billion yuan. The core driving factors include:

1. Winning airport duty-free operation rights
   : The company obtained the 8-year duty-free operation rights for Shanghai Pudong and Hongqiao airports, which have an annual passenger flow of over 100 million, providing a guarantee for long-term stable income.
2. Recovery of Hainan offshore duty-free sales
   : September sales increased by 3.4% year-on-year, the first positive growth in 18 months, reflecting the recovery of industry demand.
3. Business layout expansion
   : The company opened new stores in Shenzhen, Guangzhou, Chengdu, Macau and other places to actively expand market coverage.
4. Policy and concept support
   : Added the “Belt and Road Initiative” concept, which is in line with the national strategic direction. At the same time, it established a 1.02 billion yuan joint venture company with Shanghai Airport to deepen cooperation.
5. Optimistic ratings from securities firms
   : CICC, GF Securities and others gave the company optimistic ratings, enhancing market confidence.

1. Increased certainty of long-term growth
   : The duty-free operation rights of Shanghai’s two major airports lock in long-term high-quality channels for the company, which is the core driver supporting future performance growth.
2. Clear signal of industry recovery
   : The recovery of Hainan offshore duty-free sales indicates that consumers’ demand for duty-free goods is recovering, and the industry bottom has emerged.
3. High concentration of capital attention
   : The large-scale purchase of main funds on that day shows institutional recognition of the company’s prospects, further boosting market attention.

• Risks
  : Intensified industry competition (such as expansion of other duty-free operators), adjustment of duty-free policies, and macroeconomic fluctuations affecting consumer willingness.
• Opportunities
  : Recovery of international tourism driving growth in airport duty-free demand, continuous domestic consumption upgrade, and growth potential brought by the deepening of the company’s channel layout.

China Duty Free Group (601888.SH) entered the popular list this time driven by both short-term catalysts (daily limit, capital inflow) and long-term positive factors (airport operation rights, industry recovery, expansion). With multiple positive factors combined, the company has sound fundamentals and deserves continuous attention.