ZHESHANG SECURITIES·2025-12-31 05:00Core Insights - The official launch of the Hainan Free Trade Port on December 18, 2025, marks a transition from preparation to implementation, with significant policy benefits expected in 2026, which is seen as a historic investment opportunity [1][2] - The Hainan Free Trade Port theme received a score of 61.25 based on eight dimensions, with 23 beneficiary stocks selected to form the Hainan Free Trade Port stock pool, which has outperformed the Wind All A index by 17.8% since the end of 2024 [4][3] Policy Foundation - The Hainan Free Trade Port is built on the "One Law and Three Core" principles, including "one line open, two lines controlled, and free flow within the island," which aims to enhance economic dynamism through a policy framework of "zero tariffs, low tax rates, and simplified tax systems" [2][13] - The "zero tariff" policy has shifted from a positive list to a negative list management approach, expanding the range of goods eligible for zero tariffs [16] Investment Opportunities in Core Industries - The free flow of production factors is expected to reshape Hainan's industrial structure, with tourism, cross-border logistics and finance, and new productive forces in commercial aerospace and deep-sea economy identified as the primary beneficiaries of policy dividends [3][18] - The tourism sector is transitioning from "duty-free on departure" to a "whole island consumption" model, enhancing the attractiveness of Hainan for both domestic and international consumers [21][19] - Cross-border logistics and finance are positioned to benefit from higher levels of openness, with Hainan becoming a hub for offshore trade and digital trade [30][32] - New productive forces are expected to thrive in Hainan's unique geographical and policy environment, particularly in commercial aerospace and deep-sea technology [38][40] Hainan Free Trade Port Theme Evaluation - The theme evaluation score of 61.25 reflects high scores in policy effectiveness, support intensity, and industry coverage, indicating a favorable investment environment [45][46] - The evaluation criteria include market capitalization, policy effectiveness, support intensity, industry coverage, valuation levels, trading congestion, performance realization capability, and future growth potential [46][47] Hainan Free Trade Port Stock Pool - The stock pool is constructed based on three dimensions: tourism, cross-border logistics, and new productive forces, providing a selection of stocks that could benefit from the Hainan Free Trade Port policies [48][49] - Specific sectors within the stock pool include duty-free retail, healthcare tourism, and experiential cultural tourism, which are expected to see significant growth [22][23][26] Hainan Free Trade Port Index - The Hainan Free Trade Port Index, based on the selected stocks, has shown a significant increase of 43.02% from December 31, 2024, to December 26, 2025, outperforming the Wind All A index by 17.8% [54][55]