Sou Hu Cai Jing·2025-12-23 10:35Core 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].