海南自由贸易港全岛封关完成，元旦出行假期将至

Investment Rating - Industry rating: "Overweight" (maintained) [7] Core Insights - The launch of the Hainan Free Trade Port's full island closure on December 18, 2025, marks a new phase in China's high-level opening-up, with the range of "zero tariff" goods expanding from over 1,900 to 6,600 tax items, increasing the proportion to 74% [7] - The introduction of the "ice and snow holiday" in Jilin Province for compulsory education students led to a 119% year-on-year increase in domestic tourist reception and a 31% increase in total spending during the holiday period [7] - Sanya's duty-free sales exceeded 100 million yuan for three consecutive days from December 18 to 20, with a year-on-year growth of 47% on December 20 [7] - Sanya Phoenix International Airport's passenger throughput reached a historical peak in 2025, with a total of 21.849 million passengers, a year-on-year increase of 5.8% [7] Summary by Sections Recent Industry Performance - Relative returns over the past month: 2.61%, three months: -5.0%, and twelve months: -14.53% [3] - Absolute returns over the past month: 5.18%, three months: -3.53%, and twelve months: 1.78% [3] Investment Recommendations - Focus on companies like China Duty Free Group for their comprehensive product upgrades and on airport and transportation companies such as Hainan Airport, Meilan Airport, and Hainan Airlines [7] - Attention is also recommended for travel-related companies like Changbai Mountain, Huangshan Tourism, and others as the winter season and New Year holiday approach [7]