Galaxy Securities: Suggest seizing the bottom layout opportunities of the airport sector.

Galaxy Securities research report states that, at the level of the airport sector, the pessimistic sentiment regarding the decrease in the renegotiation rate of duty-free agreements in the current airport sector has been largely priced in. The future recovery of international passenger flows will continue to be the main focus of the airport sector. Additionally, under the driving force of a package of policies, the macro economy and domestic consumption will further rebound, providing momentum for the increase in per capita spending in the commercial sector by 2025. It is necessary to continue to pay attention to the revision of duty-free agreements at hub airports and the progress of tax-paying shop leasing. Although it is unlikely that duty-free rates will return to pre-epidemic levels in the future, with limited downside potential under certain expectations, the accelerated entry of luxury brands is likely to bring new value growth points. It is recommended to seize the opportunity to lay out the bottom of the airport sector.