Group 1: Policy Changes and Economic Impact - The Hainan Free Trade Port will officially start its full island closure operation on December 18, 2025, with a significant increase in the proportion of "zero tariff" goods from 21% to 74% [1] - The processing value-added threshold for island products to enter the mainland duty-free is set at over 30%, indicating a major shift in trade dynamics [1] - The cross-border asset management pilot program will initiate with a scale of 10 billion yuan, marking a breakthrough in financial services [1] Group 2: Industry Opportunities - The zero tariff policy will encompass 6,600 product categories under a negative list management system, facilitating the free flow of industrial chains across the island [2] - The opening of bonded maintenance for 38 types of goods and the removal of import licenses for 60 types of old machinery will create a market space worth trillions for high-end manufacturing [2] - The annual limit for duty-free shopping for tourists will increase to 100,000 yuan, leading to a significant expansion in the variety of duty-free products available [2] Group 3: Key Companies and Their Prospects - Hainan Ruize (002596), a leading local cement company with over 40% market share, is expected to benefit from increased infrastructure demand due to the Free Trade Port's development [4] - China Duty Free Group (601888), the world's largest duty-free operator, is likely to see its market share grow as the scope of "island-wide duty-free" expands [4] - Caesar Travel (000796), a local tourism leader, may experience explosive growth in cruise and high-end customized travel services due to the facilitation of international tourist entry and enhanced duty-free shopping [4] - Hainan Highway (000886), a state-owned transportation infrastructure platform, will likely see increased toll revenue and commercial value from service areas as tourist numbers rise [4] - Hainan Development (002163) plans to inject duty-free assets from its controlling shareholder, which could synergize with its existing construction business [5] - Hainan Qicheng Group (603069), a public transport leader, may shift its valuation from traditional passenger transport to duty-free operations if its parent company injects duty-free business into it [5]

Core Viewpoint - The official announcement of the Hainan Free Trade Port's closure is set for December 18, 2025, marking a significant milestone in the region's development and further opening up to international markets [2][4]. Group 1: Closure Policy and Implementation - The closure will transform Hainan Island into a customs supervision special zone, characterized by a policy of "one line open, one line controlled, and free flow within the island" [4]. - The closure is not intended to isolate the island but to enhance international connectivity and attract global resources, facilitating high-quality development of the Hainan Free Trade Port [4][5]. - Preparations for the closure policy are complete, including the establishment of tax exemption lists and necessary infrastructure [5][6]. Group 2: Tax Policies and Trade Facilitation - The "zero tariff" policy will significantly expand, covering more goods and increasing the range of beneficiaries, thereby reducing production costs and enhancing market vitality [7][8]. - The tax policies will allow independent legal entities registered in Hainan to import goods outside the taxable list without incurring import taxes, promoting trade freedom [7][8]. - The new tax framework will be implemented upon the closure, integrating existing zero tariff policies into the overall tax system for the Free Trade Port [7]. Group 3: Travel and Trade Impact - Travel to and from Hainan will remain unaffected, with no additional documentation required for travelers, ensuring smooth international and domestic connections [9]. - The current management of goods and personnel will largely remain unchanged, with only specific goods subject to inspection when entering the mainland [9]. Group 4: Economic Development and Open Policies - Hainan aims to leverage the closure to accelerate the establishment of an international tourism consumption center, enhancing the tourism experience and consumer confidence [10]. - From 2020 to 2024, Hainan's actual foreign investment is expected to exceed the total of the previous 32 years, with a significant annual growth rate in trade [11]. - The Ministry of Commerce will continue to support the development of Hainan as a key open platform, focusing on enhancing institutional openness and fostering new economic growth [12].

王昌林表示，1978年12月18日，党的十一届三中全会开启了改革开放和社会主义现代化的伟大征程。在 12月18日这一天启动封关运作，具有重要象征意义，也是向世界展示我国坚定不移扩大高水平开放的决 心和信心。接下来还有几个月时间，我们将抓紧做好后续准备工作，帮助经营主体充分了解封关政策、 开展相关业务测试。 来源：新华社 记者：魏玉坤、张晓洁；海报制作：栾若卉 关注" 新华网财经 "视频号 更多财经资讯等你来看 往期推荐 新华社权威快报| 2025年12月18日海南自贸港全岛封关正式启动 国家发展改革委副主任王昌林7月23日在国新办发布会上表示， 关于海南自贸港封关的具体时间，经党 中央批准，定于2025年12月18日正式启动。 万达，再卖资产 金价大涨！ ...

Core Viewpoint - The Hainan Free Trade Port will officially start its customs closure operation on December 18, 2025, symbolizing China's commitment to high-level openness and development [1][2]. Group 1: Customs Closure and Policy Implementation - The customs closure will not restrict the island but will enhance openness and promote high-quality development of the Hainan Free Trade Port [1]. - The closure will implement a policy characterized by "one line open, two lines controlled, and free flow within the island," facilitating international trade and movement [2]. - The current management of goods and personnel entering and exiting Hainan will remain unchanged before and after the customs closure [1]. Group 2: Financial and Trade Policies - After the customs closure, the National Development and Reform Commission will gradually establish financial policies that align with openness and development, including cross-border asset management pilot programs [4]. - The customs closure will expand the range of zero-tariff goods and adapt to the shift from manufacturing to service industry openness [4]. - The Ministry of Commerce will support the Hainan Free Trade Port in becoming a significant gateway for China's new era of openness, enhancing the business environment and promoting trade innovation [7]. Group 3: Regulatory and Tax Reforms - The customs closure will optimize the processing and value-added tax exemption policy in four key areas, enhancing the overall tax system [9]. - The range of zero-tariff goods will increase to approximately 6,600 tax items, covering 74% of all goods, a significant increase of nearly 53 percentage points compared to before the closure [9]. - The Ministry of Finance will continue to deepen tax reforms, ensuring sustained policy strength and benefits, including adjustments to the import tax item catalog and the duty-free shopping policy [9][11].

Core Viewpoint - The establishment of the Hainan Free Trade Port is a significant step towards enhancing international trade and economic cooperation, with a focus on high-quality development and increased openness [2][3][4][6]. Group 1: Policy Implementation - The "closure" of Hainan is not a restriction but a means to further open up and facilitate smoother international exchanges, maintaining efficient connections with the mainland [2][5][6]. - The current focus is on policy implementation to enhance the sense of gain for businesses and the public, integrating innovative systems, and establishing Hainan as a crucial point for domestic and international dual circulation [3]. Group 2: Taxation and Trade - The coverage of "zero tariff" goods has significantly increased, expanding from approximately 1,900 tax items to about 6,600 tax items, which constitutes 74% of all goods, marking a 53 percentage point increase compared to pre-closure policies [4]. - The implementation of a negative list management system for "zero tariff" goods will replace the previous positive list, indicating a substantial increase in the openness of the trade environment [4].

王昌林表示，1978年12月18日，党的十一届三中全会开启了改革开放和社会主义现代化的伟 大征程。在12月18日这一天启动封关运作，具有重要象征意义，也是向世界展示我国坚定不 移扩大高水平开放的决心和信心。接下来还有几个月时间，我们将抓紧做好后续准备工作， 帮助经营主体充分了解封关政策、开展相关业务测试。 来源：新华社 据新华社消息，国家发展改革委副主任王昌林7月23日在国新办发布会上表示，关于海南自贸 港封关的具体时间，经党中央批准，定于2025年12月18日正式启动。 ...

智通财经7月23日电，国家发展改革委副主任王昌林7月23日在国新办发布会上表示，封关不是封岛，而 是要进一步扩大开放，促进海南自贸港高质量发展。封关后，海南与国际的往来将更加顺畅自由，与内 地的联系将保持便捷高效。按照现阶段的封关制度设计，除部分货物从海南自贸港进入内地需要接受查 验外，大多数货物以及所有的人员、物品、交通运输工具等进出海南岛，仍按现行规定管理，封关前后 没有变化。大家到海南出差、旅游等，都和现在一样，不需要额外办理证件。 封关后到海南出差、旅游等不需要额外办理证件 ...

Core Viewpoint - The acquisition of Hainan Meilan International Airport by Hainan Airport is a strategic move to enhance the airport's core business and capitalize on the opportunities presented by the Hainan Free Trade Port's development, aiming to create a robust aviation hub and improve investor returns [1][3][12]. Group 1: Acquisition Details - Hainan Airport announced the acquisition of 50.19% of Hainan Meilan International Airport for 2.339 billion yuan, with plans for a comprehensive takeover to maintain its listing status [1][4]. - The acquisition is expected to consolidate core assets and optimize aviation resource allocation, potentially reshaping the airport industry in Hainan and China [3][4]. Group 2: Operational Synergies - The merger will allow for unified management of Hainan's three major airports, increasing annual passenger throughput to over 50 million, enhancing the region's status as a significant aviation hub [4][9]. - The integration will eliminate related party transactions, improve operational efficiency, and enable coordinated route planning to reduce competition among airports [6][9]. Group 3: Financial Implications - Post-acquisition, Hainan Airport's revenue from airport management is projected to exceed 60%, facilitating a shift from real estate to aviation transportation classification [7][12]. - Hainan Meilan International Airport will benefit from improved financial stability, allowing for infrastructure upgrades and better credit ratings, which will lower financing costs [8][12]. Group 4: Strategic Development - The acquisition aligns with the Hainan Free Trade Port's goal of enhancing infrastructure control and facilitating smoother customs operations [9][10]. - Future developments will focus on diversifying business operations, including low-altitude economy, aviation logistics, and high-end manufacturing, leveraging the strengths of both airports [10][11]. Group 5: Market Positioning - The merger positions Hainan Airport to become a key player in the national aviation market, enhancing its competitive edge and ability to attract international business [9][12]. - The strategic focus on airport operations and duty-free business is expected to create a unique flow entry point for the Hainan Free Trade Port, maximizing policy benefits [11][12].