Impact of Central Financial Office Import Expansion Policy on A-Share Industry Sectors

Based on search results and policy analysis, the policy of the Central Financial and Economic Affairs Office (CFEAO) to expand imports of high-quality consumer goods and key equipment/technology will have differentiated impacts on different A-share industry sectors:

• Core Logic
  : Expanding imports of high-quality consumer goods directly benefits duty-free retail business
• Beneficiary Targets
  : Duty-free operators such as China Duty Free Group (CDFG), Wangfujing Group, and Hainan Airlines Holding Co., Ltd.
• Impact Mechanism
  : Richer categories and obvious price advantages of imported goods enhance the attractiveness of duty-free stores

• Core Logic
  : Import promotion activities drive consumption upgrading and trade vitality
• Beneficiary Targets
  : Chain retail enterprises such as Yonghui Superstores, Dongbai Group, and Maoye Commercial
• Supporting Data
  : The Central Economic Work Conference has emphasized promoting domestic demand for 6 consecutive years, and there will be more than 100 consumption promotion activities [4]

• Core Logic
  : Growth in import trade directly drives logistics demand
• Beneficiary Targets
  : SF Holding, China International Marine Containers (CIMC) Group, and China Merchants Energy Shipping Co., Ltd.
• Impact Mechanism
  : Expanding imports requires supporting warehousing, transportation, and distribution services

• Core Logic
  : Growth in international freight and passenger demand
• Beneficiary Targets
  : Air China, China Southern Airlines, and Shanghai Airport
• Supporting Data
  : China’s outbound tourism volume will remain high in 2025, with significant fluctuations in 7-day moving average (7DMA) data [5]

• Core Logic
  : Import of key equipment/technology drives industrial upgrading
• Beneficiary Targets
  : Enterprises related to industrial automation and precision manufacturing
• Impact Mechanism
  : Importing advanced equipment and technology enhances the competitiveness of domestic manufacturing

• Core Logic
  : Growth in trade finance and cross-border settlement business
• Beneficiary Targets
  : Financial institutions such as banks, insurance companies, and securities firms
• Policy Support
  : Three departments (commerce, finance, etc.) strengthen business-finance coordination to boost consumption with greater efforts [7]

• Risk Point
  : Expanding imports may create competitive pressure on some domestic substitution products
• Impact Degree
  : Depends on the substitution relationship between imported and domestic products
• Mitigating Factor
  : The policy goal is to balance international payments, not to expand imports indefinitely

1. Focus on Policy Catalysts
   : More than 100 import promotion activities will form continuous policy hotspots
2. Performance Elasticity
   : Sectors such as duty-free retail and logistics transportation have strong expectations of performance improvement

1. Consumption Upgrading
   : Imports of high-quality consumer goods drive the upgrading of consumption structure
2. Industrial Upgrading
   : Imports of key equipment/technology support high-quality development of the manufacturing industry

1. Policy Implementation
   : Specific policy details and implementation intensity remain to be seen
2. International Environment
   : Global trade frictions and geopolitical risks

: This policy is generally beneficial to the A-share market, especially sectors related to consumption, logistics, and trade. It aligns with the policy orientation of expanding domestic demand and promoting consumption, and is expected to form a sustained investment theme in 2025 [4][6].

[1] Central Financial and Economic Affairs Office Import Expansion Policy A-Share Industry Impact Analysis
[2] Duty-Free Consumption Sector Benefits from Import Expansion Policy
[3] Logistics and Transportation Sector Driven by Import Trade Growth
[4] Central Economic Work Conference Emphasizes Promoting Domestic Demand for 6 Consecutive Years
[5] 2025 China Outbound Tourism Data and Consumption Trends
[6] Three Departments Strengthen Business-Finance Coordination to Boost Consumption
[7] 2025 Consumption Promotion Activities Over 100 Policy Plan