免税概念爆發，免税政策有望放開，核心城市國資委旗下零售公司或受益
來源： 證券時報網
免税概念10日盤中集體發力走高，截至發稿，杭州解百、百聯股份、王府井、蘭州民百等漲停，上海九百漲逾6%，鄂武商A漲逾3%。
消息面上，6月9日晚間，王府井發佈公告稱，公司在當日收到控股股東，北京首旅集團轉發的《財政部關於王府井集團股份有限公司免税品經營資質問題的通知》，授予王府井免税品經營資質，允許公司經營免税品零售業務。受此消息刺激，公司股價近日走勢強勁，4月底以來累計漲幅已超140%。
據悉，目前我國共有中免、日上免税行（已被中免收購）、海免（已注入中國國旅）、珠免、深免、中出服、中僑七家企業擁有免税業牌照。
中國國旅是目前國內最大的免税龍頭，擁有三亞免税店、上海機場、北京機場、廣州機場免税店等核心店鋪，市佔率超過80%。
今年5月7日，國旅宣佈擬以20.65億元的價格收購公司控股股東中國旅遊集團持有的海南省免税品有限公司51%股權。交易完成後，海免公司將納入中國國旅合併報表範圍。
此外，格力地產5月11日發佈公告稱，公司正在籌劃以發行股份及支付現金方式購買珠海市免税企業集團有限公司全體股東持有的免税集團100%的股權，同時，非公開發行股份募集配套資金。有分析稱，珠海免税和格力地產實際控制人均為珠海國資委，如若資產重組成功，珠海免税將成為國內第二家上市的免税企業。受此影響，格力地產在5月25日至6月3日的八個交易日內連拉8個漲停板。
天風證券指出，中國免税市場屬於典型的寡頭壟斷格局，隨着中免在國內一系列的收購，其在國內具有明顯的經營牌照和門店數量優勢。目前的免税運營公司中，中免和中出服是唯二經國務院授權在全國範圍內經營免税業務的國有專營公司，隨着2016年及2019年，財政部、商務部、海關總署、國家税務總局、國家旅遊局聯合發佈文件，國內其他免税運營商開始放開經營免税店的地域和類別限制。在國家鼓勵海外消費迴流的戰略背景下，我國離島免税及市內免税政策有望持續放開，更多的免税經營主體也將參與進免税行業競爭中。
該機構認為，在國家免税政策有望放開的大背景下，將出入境人數、地方國資委控股這兩個條件作為篩選條件，北京、上海、重慶、武漢、杭州、廣州等城市國有商業系統有望在免税政策開放背景下參與免税運營，其中王府井、重慶百貨、鄂武商A、廣百股份、百聯股份、小商品城、杭州解百和銀座股份等上市公司有望受益。
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