Group 1 - The A-share market showed an overall upward trend on July 24, with the Hainan sector experiencing significant growth, becoming one of the market's highlights [1][2] - The Hainan sector surged over 9% by midday, with multiple stocks hitting the daily limit, including Kangzhi Pharmaceutical, Hainan Airport, and Hainan Highway [4][6] - Major industry sectors such as retail, steel, and real estate saw gains exceeding 2%, while sectors like communication and banking underperformed [4] Group 2 - The China Electric Power Construction Company (China Power Construction) reached its daily limit, with trading volume exceeding 150 billion yuan, marking a near ten-year high [9] - The government announced that the Hainan Free Trade Port will officially start operations on December 18, 2025, with significant policy changes including an increase in zero-tariff goods from 21% to 74% [8] - The new policies will allow for a broader range of zero-tariff goods and more flexible trade management, enhancing the operational environment for businesses in Hainan [8]

今天（7月24日）上午A股市场整体上行，海南板块全线爆发，成为上午市场最大亮点之一。 | 海航控股 | 1.63 | 10.14% | 0.15 | | --- | --- | --- | --- | | 600221.SH | | | | | 海南机场 | 4.14 | 10.11% | 0.38 | | 600515.SH | | | | | 海德股份 | 7.32 | 10.08% | 0.67 | | 000567.SZ | | | | | 海马汽车 | 4.92 | 10.07% | 0.45 | | 000572.SZ | | | | | 海汽集团 | 23.73 | 10.01% | 2.16 | | 603069.SH | | | | | 海南矿业 | 8.79 | 10.01% | 0.80 | | 601969.SH | | | | | 海南高速 | 7.47 | 10.01% | 0.68 | | 000886.SZ | | | | | 海南橡胶 | 5.50 | 10.00% | 0.50 | | 601118.SH | | | | | 罗牛山 | 7.04 | 10.00% | 0. ...

Market Overview - On July 24, stocks related to Hainan and duty-free concepts experienced significant gains, with multiple companies hitting the daily limit, including Caesar Travel, Haixia Co., China Duty Free Group, and others [1] - The Hainan Free Trade Port index rose by 8.81% [2] Event: Hainan's Customs Closure Launch - The Hainan Free Trade Port will officially start its customs closure on December 18, 2025, establishing the entire island as a special customs supervision area [3] - New policies will be implemented upon the closure, including an increase in the proportion of "zero tariff" goods from 21% to 74% [3] Institutional Analysis - The coverage of "zero tariff" goods will expand significantly from 1,900 to approximately 6,600 items, representing a 53 percentage point increase [4] - The beneficiaries of the "zero tariff" policy will now include various enterprises and non-profit organizations with actual import needs, broadening the scope of the policy [4] - Restrictions on the flow of imported "zero tariff" goods will be relaxed, allowing free movement among beneficiaries, which is expected to enhance the competitiveness of local industries [4] - The efficient management model and diverse consumer market in Hainan are anticipated to boost tourism, with the tourism industry expected to benefit from policy incentives [4] - The demand for professional tour guide services and one-stop solutions for international tourists is expected to rise, benefiting travel agencies involved in cross-border tourism [5] - The independent nature of the duty-free policy is likely to remain, with expectations of increased consumption post-closure, aiming for over 60 billion yuan in sales by 2027 [5]

Core Viewpoint - The announcement of the specific date for the closure of Hainan Free Trade Port on December 18, 2025, has led to a significant rise in local stocks, particularly in the tourism and retail sectors, indicating strong market optimism about the future economic benefits of the policy [1][2]. Group 1: Stock Performance - Hainan local stocks have seen substantial increases, with Kangzhi Pharmaceutical reaching a 20% limit up, and other companies like HNA Holding and Haixia Co. also experiencing significant gains [1][2]. - The stock performance of various companies includes: - Kangzhi Pharmaceutical: +20.00% - HNA Holding: +10.14% - Hainan Airport: +10.11% - Haide Co.: +10.08% - Hainan Expressway: +10.01% - Hainan Bus Group: +10.01% - Haixia Co.: +49.99% - Caesar Travel: +9.98% - Haima Automobile: +7.61% - Shennong Seed Industry: +7.68% [2]. Group 2: Policy Details - The closure policy includes four key measures: 1. Implementation of a more favorable "zero tariff" policy, increasing the proportion of zero-tariff goods from 21% to 74% for "first-line" imports, allowing tax-free circulation among eligible entities within the island [3][4]. 2. More relaxed trade management measures, opening up certain previously restricted imports [3]. 3. Enhanced convenience in transportation, with eight existing open ports designated as "first-line" ports and ten additional "second-line" ports for smoother import processes [3]. 4. A more efficient and precise regulatory model to ensure smooth implementation of the open policies [3]. Group 3: Industry Implications - The closure is expected to significantly benefit the tourism industry in Hainan, helping to establish it as an international tourism consumption center, with long-term advantages for related businesses such as scenic spots, hotels, and travel retailers [4]. - The continued implementation of duty-free policies will maintain the competitive edge of duty-free operators, while the increased attractiveness of Hainan is anticipated to boost the overall development of the tourism retail market [4]. - The efficient management model and diverse consumer market in Hainan are projected to enhance its tourism appeal, driving growth in inbound tourism [4].

A股机场航运板块持续走强，海航控股、海南机场双双涨停，上海机场、中国东航、中信海直跟涨。 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 海南航空控股股份有限公司（以下简称"公司"）于 2025 年 6 月 18 日收到 上海证券交易所《关于对海南航空控股股份有限公司重大资产购买草案的问询函》 （上证公函【2025】0871 号）（以下简称《问询函》），要求公司在 10 个交易 日内针对相关问题书面回复。详见公司于 2025 年 6 月 19 日披露的《关于收到上 海证券交易所〈关于对海南航空控股股份有限公司重大资产购买草案的问询函〉 的公告》（编号：临 2025-050）。 公司收到《问询函》后高度重视，积极组织相关方针对《问询函》涉及的问 题进行逐项落实、回复。鉴于《问询函》的回复内容尚需进一步补充和完善，为 确保回复内容的准确和完整，切实保护全体股东的合法权益，以及更新交易标的 的审计报告的需要，公司于 2025 年 7 月 2 日、7 月 9 日、7 月 16 日向上海证券 交易所申请了延期回复，详见公司于 2025 年 7 月 3 日、7 月 10 日、7 月 17 日分 别披露的《关于延期回复上海证券交 ...

Core Viewpoint - The aviation sector in Hong Kong and mainland China is experiencing a positive performance, with significant stock price increases for major airlines, while the industry is also addressing challenges related to competition and profitability [1][5][6]. Group 1: Stock Performance - Hong Kong aviation stocks showed active performance, with China National Aviation rising by 6.25%, China Southern Airlines and China Eastern Airlines increasing by over 3%, and Cathay Pacific rising by 0.17% [1]. - In the A-share market, Huaxia Airlines rose over 4%, while China National Aviation and Juneyao Airlines increased by over 3% [2]. Group 2: Industry Developments - The Civil Aviation Administration of China (CAAC) held a meeting on July 22, 2025, outlining nine requirements to enhance the aviation sector, including the establishment of a unified market and addressing "involution" competition [3][4]. - In the first half of the year, the aviation industry achieved a total transport turnover of 783.5 billion ton-kilometers and a passenger transport volume of 37 million, marking year-on-year growth of 11.4% and 6% respectively [3]. Group 3: Financial Performance of Airlines - Major state-owned airlines are expected to report significant losses for the first half of 2025, with China Eastern Airlines projecting a net loss of 1.2 to 1.6 billion yuan, China Southern Airlines expecting a loss of 1.338 to 1.756 billion yuan, and China National Aviation forecasting a loss of 1.7 to 2.2 billion yuan [6][8]. - In contrast, Huaxia Airlines anticipates a net profit of 220 to 290 million yuan, reflecting a year-on-year increase of 741% to 1009% [9]. Group 4: Market Recovery and Future Outlook - The international flight recovery remains slow, with only 84% of pre-pandemic levels restored by 2024, and 88% by the first half of 2025, impacting the profitability of major state-owned airlines [8][10]. - The aviation industry is projected to benefit from the "anti-involution" policies, which may stabilize ticket prices and improve revenue management strategies, potentially leading to a recovery in profitability [14][15].

权威消息人士向经济观察报记者介绍，宣判之后，陈峰当庭表 示不服，提起上诉。余下两名被告人，一位表示服判不上诉， 一位表示将与律师商量后再行决定。 作者： 李微敖 封图：图虫创意 同样在2022年3月，海航原监事会主席孙明宇，以及也曾担任过海航董事长的包启发也被警方刑 拘。 2023年4月，海口市人民检察院就陈峰等人一案，向海口中院提起公诉。 海口市人民检察院指控陈峰犯有背信损害上市公司利益罪、骗取贷款罪、职务侵占罪；孙明宇以及 包启发，则被指控犯有背信损害上市公司利益罪。 在被海口市中级人民法院（下称"海口中院"）一审判处有期徒刑12年之后，海航集团有限公司 （下称"海航"）原董事长陈峰当庭表示不服，提起上诉。 2025年17日至18日，数位权威消息人士向经济观察报记者证实了上述消息。 熟悉陈峰的人士告诉经济观察报记者，陈峰祖籍山西临汾霍州，1953年6月生于太原，取名"陈太 生"，即"在太原出生"之意，后更名为陈峰。陈峰在2岁时，随父母到北京生活。 1974年，21岁的陈峰到当时的中国民用航空总局援外司工作，1982年获得公费出国留学机会，到 原联邦德国汉莎航空运输管理学院管理专业学习。1984年毕业回国， ...

熟悉陈峰的人士告诉经济观察报记者，陈峰祖籍山西临汾霍州，1953年6月生于太原，取名"陈太生"，即"在太原出生"之意，后更名为陈峰。陈峰在2岁时， 随父母到北京生活。 1974年，21岁的陈峰到当时的中国民用航空总局援外司工作，1982年获得公费出国留学机会，到原联邦德国汉莎航空运输管理学院管理专业学习。1984年毕 业回国，在民航总局统计处、国家空中交通管制局计划处等单位工作。1988年，陈峰参与组建了中国农村信托投资公司。1989年，陈峰任海南省省长航空事 务助理，主持组建海南省航空公司。 1995年12月，海南省航空公司正式成立，后公司进行股改，更名为海南航空股份有限公司（下称：海航股份）。1999年11月，海南航空股份有限公司在上海 证券交易所挂牌上市，股票代码600221，陈峰任首任董事长兼总裁。 1998年4月，海航集团成立，陈峰任董事长。 在被海口市中级人民法院（下称"海口中院"）一审判处有期徒刑12年之后，海航集团有限公司（下称"海航"）原董事长陈峰当庭表示不服，提起上诉。 2025年17日至18日，数位权威消息人士向经济观察报记者证实了上述消息。 海航集团发展颇为迅猛，成为中国第四大航空集团 ...

Core Insights - Hainan Airlines and InterContinental Hotels Group have launched a collaborative upgrade event at Shanghai Pudong International Airport, marking a significant milestone in their strategic partnership established last year [1][2] - The collaboration aims to enhance the travel experience by integrating high-end services from both the airline and hotel sectors, creating a seamless journey for travelers from the air to the ground [2] Group 1: Partnership and Development - Hainan Airlines has been on a steady growth trajectory since joining the Liaoning Fangda Group in December 2021, operating nearly 800 aircraft and offering around 3,000 passenger routes, with over 21 million flight hours accumulated [2] - The airline has received multiple accolades, including the "SKYTRAX Five-Star Airline" honor and the "World's Best Business Class Sleep Products" award, reflecting its commitment to service excellence [2] Group 2: Lounge and Dining Experience - The newly unveiled Shanghai Haiyixuan VIP lounge features a design inspired by "Garden Oasis," blending Hainan Airlines' "Dream Feather" visual elements with the elegance of InterContinental Hotels, creating a space that combines Eastern aesthetics with modern functionality [6] - The lounge includes interactive cooking areas and private dining spaces, enhancing the overall guest experience [6] - The collaborative dining menu offers a unique culinary experience, featuring local flavors and international cuisine, including a signature dish "High Soup Wonton" and a custom tea drink "Fresh Coconut White Tea" [10][11] Group 3: Themed Flight Activities - A themed flight event titled "Dream Garden, Heading to Oasis" was held on flight HU7322 from Shanghai Pudong to Sanya, featuring interactive activities such as quizzes and cake sharing, enhancing the in-flight experience for passengers [11][14]