Morgan Stanley issued a research report on July 4th, stating that the market is concerned about the authorities expanding the scope of taxation in the new round of consumption tax reform, covering more luxury goods, and shifting the tax burden from producers to end consumers. Morgan Stanley points out that since the current policies lack clear direction, it is premature to quantify any potential impact. It is expected that any increase in the ordinary retail tax rate will make duty-free products more attractive. However, it is reminded that even if the tax rate is raised, the ultimate demand for consumption still depends on macroeconomic performance and whether retailers can raise prices in the current weak economic environment. Morgan Stanley maintains China Tourism Group Duty Free Corporation's 'synchronized with the market' rating with a target price of RMB 85.