2M17 duty free sales grew 13.1% yoy to RMB1.95bnand number of customers increased 19% to 0.5 million. This implies a 5% yoydecrease of ticket price to RMB3， [买入评级]CITS ALERT(601888)：2M17 DUTY FREE SALES INCREASED 13.1% YOY TO RMB1.95BN 时间：2017年04月06日 10:00:36nbsp; Duty free sales: Jan up 42.8% yoy，906. In our view，1.76英雄合击，。

It seems that theresult of Jan and Feb duty free sales gets off to a good start. □ .T.a.l.l.a.n. .Z.h.o.u./.K.a.r.e.n. .T.a.n.g .德.意.志.银.行.股.份.有.限.公.司 ， Feb down 3.3% yoy The Ministry of Commerce （MOFCOM） released January and February’sHainan duty free sales （Sanya + Haikou） this afternoon. January 2017 dutyfree sales growth was 42.8% yoy and February 2017 duty free sales slightlydropped by 3.3% yoy. We believe this is mainly due to the timing of ChineseNew Year （in late January 2017 vs. CNY in mid February 2016）。

we expect2017 duty free sales will keep a double digit growth （c.11%）， given the promotion efforts and accumulated demand， Based on MOFCOM data。