Core Viewpoint - Haima Automobile (000572.SZ) clarifies that it has no equity cross-relationship with Jinpan Technology, emphasizing both are independent listed companies operating in Hainan [1] Group 1 - The company confirms there is no business interaction with Jinpan Technology [1] - The core strategy of the company is to focus on the development of its automotive main business [1]

Group 1 - The core viewpoint of the article is that Haima Automobile (000572.SZ) clarifies its independence from Jinpan Technology, stating that there is no equity cross-relationship between the two companies [1] - Both Haima Automobile and Jinpan Technology are independent listed companies operating in Hainan [1] - Currently, there are no business interactions between Haima Automobile and Jinpan Technology, with the company's core strategy focused on the development of its automotive main business [1]

Group 1 - The article discusses the issuance of a convertible bond by Jinpan Technology, with a conversion price set at 100.00 yuan [1] - The bond has been rated AA+ by the rating agency, indicating a strong credit quality [1] - The current trading price of the bond is 89.28 yuan, suggesting a potential discount compared to the conversion price [1]

Group 1 - The company, Haima Automobile, confirmed that there is no equity overlap with Jinpan Technology, as both are independent listed companies operating in Hainan [1] - Currently, there are no business interactions between Haima Automobile and Jinpan Technology, with the company's core strategy focused on the development of its automotive business [1]

Group 1 - JunDa Co., Ltd. experienced a significant increase, rising over 8% [1] - Caesar Travel Industry saw a rise of over 9% [1] - Other stocks such as JinPan Technology, ShenNong Agriculture, HaiQi Group, and XinLong Holdings also followed the upward trend [1]

证券代码：688676 证券简称：金盘科技 公告编号：2025-087 海南金盘智能科技股份有限公司 向不特定对象发行可转换公司债券发行提示性公告 保荐人（主承销商）：浙商证券股份有限公司 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。 特别提示 海南金盘智能科技股份有限公司（以下简称"公司""发行人"或"金盘科技"） 向不特定对象发行 167,150.00 万元可转换公司债券（以下简称"可转债"或"金 05 转 债"，代码"118063"）已获得中国证券监督管理委员会（以下简称"中国证监会"） 证监许可〔2025〕2719 号文同意注册。本次发行的保荐人（主承销商）为浙商证券股份 有限公司（以下简称"保荐人（主承销商）"或"主承销商"）。本次发行的《海南金 盘智能科技股份有限公司向不特定对象发行可转换公司债券募集说明书摘要》（以下简 称"《募集说明书摘要》"）及《海南金盘智能科技股份有限公司向不特定对象发行可 转换公司债券发行公告》（以下简称"《发行公告》"）已于 2025 年 12 月 23 日披露。 投资者亦可在上海证券 ...

Group 1 - The A-share market in Hainan continues to rise, with Hainan Development and Antong Holdings hitting the daily limit, and Caesar Travel approaching the limit, indicating strong investor interest in these stocks [1] - The sales performance of duty-free shops in Sanya has been robust, with total sales reaching 535 million yuan from December 18 to 22, marking five consecutive days of daily sales exceeding 100 million yuan [1] Group 2 - Hainan Development has seen a price increase of 10.01% with a total market value of 16.3 billion yuan and a year-to-date increase of 106.95% [2] - Antong Holdings increased by 9.96%, with a market value of 22.9 billion yuan and a year-to-date increase of 91.17% [2] - Caesar Travel rose by 9.12%, with a market value of 12.5 billion yuan and a year-to-date increase of 92.10% [2] - Jinpan Technology increased by 4.77%, with a market value of 41.9 billion yuan and a year-to-date increase of 123.70% [2] - Haikou Group and Shennong Seed Industry both saw increases of over 2%, with market values of 9.392 billion yuan and 8.161 billion yuan respectively [2]

Group 1 - The A-share market in Hainan continues to rise, with Hainan Development and Antong Holdings hitting the daily limit, while Caesar Travel approaches the limit and Jinpan Technology increases by nearly 5% [1] - The duty-free consumption market in Sanya has been booming since the launch of the Hainan Free Trade Port's full island closure, with total sales in duty-free shops reaching 535 million yuan from December 18 to 22, with daily sales exceeding 100 million yuan for five consecutive days [1] Group 2 - Hainan Development's stock rose by 10.01%, with a total market value of 16.3 billion yuan and a year-to-date increase of 106.95% [2] - Antong Holdings increased by 9.96%, with a market capitalization of 22.9 billion yuan and a year-to-date rise of 91.17% [2] - Caesar Travel's stock rose by 9.12%, with a market value of 12.5 billion yuan and a year-to-date increase of 92.10% [2] - Jinpan Technology's stock increased by 4.77%, with a market capitalization of 41.9 billion yuan and a year-to-date rise of 123.70% [2] - Haikou Group and Shennong Seed Industry saw increases of over 2%, with market values of 9.392 billion yuan and 8.161 billion yuan respectively, and year-to-date increases of 62.76% and 102.80% [2]

Group 1 - The core viewpoint of the news is that Jinpan Technology's stock has seen a significant increase of 5.16%, reaching a price of 91.56 yuan per share, with a trading volume of 1.035 billion yuan and a turnover rate of 2.50%, resulting in a total market capitalization of 42.098 billion yuan [1] - Jinpan Technology, established on June 3, 1997, and listed on March 9, 2021, specializes in the research, production, and sales of power distribution and control equipment products, primarily serving the fields of new energy, high-end equipment, and energy conservation and environmental protection [1] - The company's main business revenue composition includes: power distribution equipment at 87.05%, energy storage series at 9.59%, photovoltaic power station business at 1.90%, installation engineering business at 0.73%, other (supplementary) at 0.54%, and digital overall solutions at 0.19% [1] Group 2 - From the perspective of major fund holdings, Manulife Fund has one fund heavily invested in Jinpan Technology, specifically the Manulife Chuangyi Mixed A (001418), which held 4,015 shares in the third quarter, accounting for 0.41% of the fund's net value, ranking as the seventh largest holding [2] - The Manulife Chuangyi Mixed A (001418) was established on June 16, 2015, with a latest scale of 10.1743 million. The fund has achieved a year-to-date return of 2.69%, ranking 7315 out of 8088 in its category, and a one-year return of 2.69%, ranking 7301 out of 8058 [2]

Core Viewpoint - The official launch of the Hainan Free Trade Port's full island customs operation on December 18, 2025, marks a significant milestone in China's reform and opening-up, aiming to create a highly convenient business environment with policies characterized by "one line open, one line controlled, and free movement within the island" [2][5]. Group 1: Strategic Significance - Hainan Free Trade Port construction provides a Chinese solution for global economic cooperation amidst globalization challenges, exploring a system that aligns with international high-standard economic and trade rules [6]. - The design of "one line open, one line controlled" positions Hainan as a "converter" between domestic and international markets, facilitating the introduction of advanced international production factors to support domestic industrial upgrades [7]. - Hainan's development is expected to strengthen regional cooperation with areas like the Guangdong-Hong Kong-Macao Greater Bay Area, enhancing collaboration with inland provinces and creating a new pattern of coordinated development [8]. - Hainan aims to become a source of national innovation by focusing on future industries such as seed industry, deep sea, aerospace, green, and digital economy [9]. Group 2: Policy Benefits - The scope of "zero tariff" has significantly expanded, with the proportion of zero-tariff items increasing from 21% to 74%, covering approximately 6,600 tariff items, which lowers import and operational costs for enterprises [10]. - A "double 15%" tax incentive is available for eligible enterprises and core talents, offering a competitive income tax rate of 15%, alongside visa-free entry for 86 countries [11]. - The increase in duty-free shopping limits and the expansion of duty-free categories enhance consumer access to quality imported goods [12]. - Trade facilitation policies will benefit sectors such as tourism, aviation, logistics, and duty-free industries, marking a shift towards a system-oriented openness in China's economic model [13]. Group 3: Beneficiary Companies - **Duty-Free Consumption**: China Duty Free Group (601888) is expected to benefit directly from the expansion of duty-free policies, with significant revenue contributions from Sanya International Duty-Free City [14]. - **Transportation and Logistics**: Hainan Airport (600515) operates two major international airports, with a high international route coverage, while Hainan Highway (600238) is involved in key infrastructure projects [17][18]. - **Infrastructure and Manufacturing**: Hainan Ruize (002596) anticipates a 25% increase in construction orders due to the customs operation, while Jinpan Technology (688676) benefits from tax incentives and infrastructure projects [19]. - **Healthcare**: Kangzhi Pharmaceutical (300086) is positioned to accelerate the approval of innovative medical products, while Hainan Haiyao (000566) benefits from reduced R&D costs due to zero tariffs [21][22]. - **New Energy and Advanced Manufacturing**: Haima Automobile (000572) is transitioning to new energy vehicles, benefiting from reduced equipment costs and tax incentives [23]. - **Other Specialty Enterprises**: Hainan Rubber (601118) and Hainan Mining (601969) are expected to see growth in exports and resource development opportunities due to the Free Trade Port's establishment [24][25].