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].

Group 1 - Duty-free shops and Hainan Free Trade Zone sectors continue to rise, with Kangzhi Pharmaceutical (300086) hitting a 20% limit up [1] - Hainan Airport (600515), Haixia Co., Ltd. (002320), and Caesar Travel (000796) also reached their daily limit up [1] - China Duty Free Group (601888) increased by over 7%, while Wangfujing (600859) rose by over 4% [1] Group 2 - Dark pool funds are flowing into these stocks [2]

Core Viewpoint - The West Sand Islands are becoming a significant destination for educational tourism in China, with a focus on marine culture and ecological protection, aiming to establish a new benchmark for marine tourism in the country [1][3]. Group 1: Development of West Sand Islands Ecological Tourism - The West Sand Islands ecological tourism route has created a multi-layered product matrix to meet diverse tourist needs, having successfully completed 183 voyages and welcomed 58,563 visitors since its inaugural sailing in December 2023 [3]. - The cruise ship Xianglong Island has traveled a total of 65,100 nautical miles, becoming a "national business card" for China's marine tourism, integrating ecological protection, national defense education, and cultural experiences [3][8]. Group 2: Educational and Cultural Activities - The recent four-day educational tour included activities such as a sailing reading club themed "Beautiful China in Books, Charming Xisha in My Eyes," which involved sharing stories of South China Sea culture and national defense [5][6]. - Participants engaged in hands-on activities like planting coconut seedlings and raising the national flag on the islands, emphasizing patriotism and environmental awareness [6][9]. Group 3: Future Prospects and Strategic Goals - The initiative aims to transform the West Sand Islands from a niche exploration destination into a widely shared marine cultural feast, integrating marine science education, ecological research, and historical cultural experiences [8][9]. - The West Sand Islands educational tourism is recognized for its marine characteristics, with plans to elevate the site to a national-level educational demonstration point, contributing to the "Marine Power" strategic goals [9][11].

股票简称：海峡股份 股票代码：002320 公告编号：2025-52 重要内容提示： 海南海峡航运股份有限公司（以下简称"公司"或"本公司"）根据《2022 年股票期权激励计划（草案修订稿）》（以下简称"本激励计划"或"《激励计 划》"），于 2025 年 6 月 19 日召开第八届董事会第九次临时会议和第八届监事 会第七次临时会议，审议通过了《关于 2022 年股票期权激励计划首次授予股票 期权第一个行权期行权条件成就的议案》，同意满足行权条件的 94 名激励对象 持有的 7,177,500 份股票期权在第一个行权期内以自主行权方式行权，行权价格 为 5.119 元/份。 至本公告发布之日，本次自主行权事项已获深圳证券交易所审核通过，并在 中国证券登记结算有限责任公司深圳分公司完成自主行权相关登记申报工作。现 将有关事项说明如下： 一、本激励计划已履行的相关审批程序 关于2022年股票期权激励计划首次授予股票期权 第一个行权期自主行权的公告 本公司及其董事会全体成员保证公告内容真实、准确和完整，并对公告 中的虚假记载、误导性陈述或者重大遗漏承担责任。 （五）2023 年 5 月 29 日，公司召开 2023 ...

股票简称：海峡股份 股票代码：002320 公告编号：2025-52 关于2022年股票期权激励计划首次授予股票期权 第一个行权期自主行权的公告 本公司及其董事会全体成员保证公告内容真实、准确和完整，并对公告 中的虚假记载、误导性陈述或者重大遗漏承担责任。 重要内容提示： 1.期权简称：海峡 JLC1，期权代码：037373 2.本次可行权的股票期权数量为：7,177,500 份 3.行权价格：5.119 元/股 4.行权模式：自主行权 5.实际可行权期限：2025 年 7 月 21 日至 2026 年 5 月 29 日 6.本次可行权股票期权若全部行权，公司股份仍具备上市条件。 海南海峡航运股份有限公司（以下简称"公司"或"本公司"）根据《2022 年股票期权激励计划（草案修订稿）》（以下简称"本激励计划"或"《激励计 划》"），于 2025 年 6 月 19 日召开第八届董事会第九次临时会议和第八届监事 会第七次临时会议，审议通过了《关于 2022 年股票期权激励计划首次授予股票 期权第一个行权期行权条件成就的议案》，同意满足行权条件的 94 名激励对象 持有的 7,177,500 份股票期权在第一个行权 ...

Core Viewpoint - The optimization and new routes of Hainan Strait Shipping Co., Ltd. have significantly enhanced tourism connectivity between Hainan and Guangxi, attracting more visitors and promoting the integration of cultural and tourism markets [1][2]. Group 1: Route Optimization and Impact - The "Haikou-Beihai" route has been upgraded, and a new "Haikou-Fangchenggang" route has been established, creating a more efficient transportation network that reduces travel time compared to land routes [1]. - As of the end of June, passenger volume on the "Haikou-Beihai" route increased by 61.8% year-on-year, indicating a strong demand for the new travel options [1]. Group 2: Tourism Promotion and Incentives - Hainan plans to issue 40 million yuan in summer tourism consumption subsidies from July 1 to September 30, covering various expenses such as transportation, accommodation, and entrance fees to attractions [1]. - Tourists can apply for these subsidies by uploading valid receipts, aiming to stimulate tourism spending and encourage more visitors to explore the Hainan-Guangxi maritime journey [1]. Group 3: Future Plans and Developments - The company intends to continue upgrading its services, including the introduction of sea-view observation decks, cultural experience areas, and other tourism-related activities to enhance the travel experience [2]. - The goal is to transform the routes into "mobile cultural and tourism complexes," contributing to the high-quality development of coastal tourism in South China and the broader regional economy [2].

Core Viewpoint - The optimization and expansion of maritime routes by Hainan Strait Shipping Co., Ltd. is reshaping regional economic geography, enhancing connectivity between Hainan Free Trade Port and the Beibu Gulf Economic Zone [2][3]. Group 1: Strategic Layout Reshaping Transportation Map - The company has upgraded the "Haikou-Beihai" route and launched the "Haikou-Fangchenggang" route, establishing a dual-line operation that improves efficiency and reduces travel time [3]. - The "Chang Le Gong Zhu" ship is equipped with advanced navigation systems and emergency response mechanisms to ensure safe operations [3]. - As of June, the "Haikou-Beihai" route saw a 61.8% increase in passenger volume and a 265.6% increase in vehicle transport, indicating strong market demand for efficient sea-land intermodal transport [3]. Group 2: Economic Vitality Activating Regional Collaboration - The new routes facilitate direct transportation of products such as Hainan tropical agricultural products and Beihai electronic goods, creating a logistics channel that integrates "Beibu Gulf manufacturing + Hainan exports" [4]. - The routes enable cross-regional flow of economic elements, allowing for the export of machinery and components from Yunnan, Guizhou, and Sichuan to Hainan, while steel and chemicals from Guangxi can enter the Hainan market [4]. - The upgrade of the maritime routes is a key initiative for collaborative development between Hainan and Guangxi, transforming Hainan from an "island economy" to a "bay area collaboration" [4]. Group 3: Integration of Livelihood and Cultural Tourism - The new routes are significantly changing residents' lifestyles and cultural experiences, with lower travel costs compared to flights, enhancing accessibility for families [5]. - The routes are equipped with facilities for accessibility and family needs, and plans for educational activities related to marine culture are in place [6]. - The optimization of routes is driving deeper integration of cultural tourism, linking various attractions across Hainan and Guangxi, and promoting tourism through initiatives like the issuance of tourism consumption vouchers [6].

Group 1: Port Capacity and Operations - The annual design capacity of Haikou New Port passenger hub is 35 million passengers and 5.6 million vehicles [2] - The combined throughput capacity of Haikou New Port and Xiuying Port has significant room for growth compared to current operational volumes [2] - The company plans to increase capacity by adding flat-deck barges and new roll-on/roll-off vessels, as well as opening new routes to alleviate pressure on the Haikou to Hai'an route [2] Group 2: Pricing and Revenue Strategies - The ticket price for the Haikou to Hai'an route has remained unchanged in recent years [3] - Future revenue enhancement will focus on providing port and route value-added services and strengthening commercial operations at the new passenger hub [3] Group 3: Strategic Acquisitions and Synergies - The acquisition of Xuwen Port will enable unified scheduling and management of ports on both sides of the Qiongzhou Strait, improving vessel turnaround and operational efficiency [4] - The integration of shipping resources in the Qiongzhou Strait increased the fleet from 15 to 47 vessels by the end of 2021 [5] Group 4: Future Opportunities and Market Position - The implementation of the Hainan Free Trade Port policy is expected to lower operational costs and attract more investors, leading to increased passenger and vehicle traffic [6][7] - The company holds approximately 80% market share in the Qiongzhou Strait roll-on/roll-off transport market and about 40% in the Bohai Bay market [7] Group 5: Capital Expenditure and Competitiveness - The company plans to invest in the construction of two new roll-on/roll-off vessels to replace aging ships [7] - Compared to competitors, the company has a higher average vessel age and lower operational efficiency, but aims to improve profitability through capacity upgrades and enhanced management practices [7]

法律意见书 大成 is Dentons'Preferred Law Firm in China. 北京大成（海口）律师事务所 www.dacheng.com 海口市国兴大道 57 号海口中交国际中心 1 号楼 23A 层（570203） Tel: +86 898-66982281 Fax: +86 898-66501969 北京大成（海口）律师事务所 北京大成（海口）律师事务所 关 于 海 南 海 峡 航 运 股 份 有 限 公 司 2025 年 第 四 次 临 时股东大会的 关于海南海峡航运股份有限公司 2025 年第四次临时股东大会 的法律意见书 致：海南海峡航运股份有限公司 根据《中华人民共和国证券法》（以下简称《证券法》）、《中华人民共和 国公司法》（以下简称《公司法》）和中国证券监督管理委员会《上市公司股东 大会规则（2022 年修订）》（以下简称《股东大会规则》）等法律、法规和其 他有关规范性文件的要求，北京大成（海口）律师事务所（以下简称"本所"） 接受海南海峡航运股份有限公司（以下简称"公司"）的委托，指派律师参加公 司 2025 年第四次临时股东大会（以下简称"本次股东大会"）。 本所声明： ...

关 于 海 南 海 峡 航 运 股 份 有 限 公 司 2025 年 第 四 次 临 时 股 东 大 会 的 法 律 意 见 书 大成 is Dentons'Preferred Law Firm in China. 北京大成（海口）律师事务所 www.dacheng.com 海口市国兴大道 57 号海口中交国际中心 1 号楼 23A 层（570203） 23A/F, THE CCCC HAIKOU INTERNATIONAL CENTER , No.57, Guoxing Avenue 570203,Haikou,Hainan,China Tel: +86 898-66982281 Fax: +86 898-66501969 北 京 大 成 （ 海 口 ） 律 师 事 务 所 北京大成（海口）律师事务所 关于海南海峡航运股份有限公司 2025 年第四次临时股东大会 的法律意见书 致：海南海峡航运股份有限公司 根据《中华人民共和国证券法》（以下简称《证券法》）、《中华人民共和 国公司法》（以下简称《公司法》）和中国证券监督管理委员会《上市公司股东 大会规则（2022 年修订）》（以下简称《股东大会规则》）等法律 ...