潮起海南，金耀未来。12月11日，由中国黄金协会与世界黄金协会联合主办的2025中国（三亚）国际黄 金市场年会，在海南省三亚市成功举办。本届年会旨在贯彻落实党中央关于高质量建设海南自由贸易港 的决策部署，以政策为桥、以产业为脉、以合作为魂，为海南自由贸易港打造国际黄金产业高地注入强 劲动能。 中国黄金协会党委书记严弟勇在主持开幕式时指出，本届年会恰逢海南自由贸易港即将封关运作的战略 节点择址三亚召开，绝非行业单一活动的简单落地，而是立足"国之大者"、贯彻党中央决策部署、服 务"两个毫不动摇"，以产业之力赋能海南自由贸易港高质量建设的重大实践，意义深远而非凡。 他强调，建设海南自由贸易港是习近平总书记亲自谋划、亲自部署、亲自推动的重大国家战略，是党中 央在新时代全面深化改革开放的重大决策，更是我国坚定不移扩大高水平对外开放、推动建设开放型世 界经济的标志性举措。当前，三亚市凭借独特的政策优势和区位潜力，全力推进工业提质增效，重点布 局黄金珠宝产业园等核心平台，加速产业链供应链集聚融合和能级跃升，成为投资兴业的新前沿和黄金 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 行业国际化的重要门户。本 ...

Core Points - The Hainan Railway Company is advancing the Zhanhai High-speed Railway project, aiming for completion and operation during the "14th Five-Year Plan" period, which is crucial for connecting Hainan Free Trade Port with the mainland [1] - The Zhanhai High-speed Railway is part of the national "Eight Vertical and Eight Horizontal" high-speed railway network, serving as a key rapid transit route that enhances regional transportation connectivity [1][2] - The project is expected to create a modern comprehensive transportation framework that facilitates efficient internal circulation on the island and smooth external connections, thereby upgrading Hainan Free Trade Port to a significant regional transportation hub [2] Project Development - The Zhanhai High-speed Railway will link key areas in Guangdong and Hainan, filling the gap of direct high-speed rail connection between Hainan Free Trade Port and the mainland [1] - The project is supported by a dedicated task force established by Hainan Railway to ensure effective implementation and address challenges during the development process [1] - The railway aims to foster resource sharing and industrial collaboration between Hainan and the Guangdong-Hong Kong-Macao Greater Bay Area, promoting a development ecosystem characterized by complementary advantages and collaborative growth [2]

Group 1 - The construction of Hainan Free Trade Port is a significant decision by the central government aimed at deepening reform and opening up in the new era, with the official closure of the island set for December 18 [1] - Hainan aims to become a key gateway for China's new era of opening up, focusing on institutional innovation and creating a modern industrial system [1][3] - The total registered international shipping capacity at "China Yangpu Port" has surpassed 7 million deadweight tons, making it the leading port in China's free trade zones [2] Group 2 - The Yangpu Economic Development Zone has become the first key park in Hainan to exceed 100 billion yuan in output value, supported by the rapid growth of the petrochemical and offshore wind power industries [2] - The cooperation between Danzhou and Shenzhen is a model for promoting mutual development, enhancing resource and capital efficiency [3] - Hainan's import and export growth rates for goods and services are projected to average 31.3% and 32.3% respectively from 2020 to 2024 [3] Group 3 - Hainan's biopharmaceutical industry has seen significant advancements, with policies reducing drug approval times by half, attracting investment [4][5] - The Haikou High-tech Zone has added 45 foreign-funded enterprises, with biopharmaceutical output reaching 26 billion yuan, contributing to the formation of a trillion-yuan industry cluster [6] - Hainan has implemented over 60 regulations related to the business environment, enhancing its attractiveness for foreign investment [6] Group 4 - The tourism sector in Sanya is evolving from sightseeing to experiential tourism, with significant revenue growth from non-room income [7][8] - The implementation of the duty-free shopping policy has led to over 200 billion yuan in sales since its launch, with a 27.1% year-on-year increase in shopping amounts following recent policy adjustments [8] - Hainan has signed agreements with 48 renowned domestic and international universities, enhancing its educational landscape [8]

智通财经APP获悉，12月12日，海关总署党委召开扩大会议，部署海关贯彻落实措施。会议要求，全国 海关要立足职能职责，全面落实党中央关于明年经济工作的思路、任务、政策，确保中央有部署、海关 有落实、执行见成效。要聚焦建强国内大市场，加强海关政策供给，促进贸易创新发展，优化进出口结 构，畅通国内国际双循环。要聚焦扩大高水平对外开放，以海关监管制度创新，支持高标准建设海南自 由贸易港，拓展多领域合作共赢新空间，商签更多区域和双边贸易协议，服务高质量共建"一带一路"。 要聚焦推动区域协调发展，优化口岸开放布局，编制好海关发展规划，完善区域开放布局支持政策。要 聚焦统筹发展和安全，完善全链条监管体系，筑牢国门安全屏障。 原文如下： 海关总署党委召开扩大会议 传达学习中央经济工作会议精神 12月12日，海关总署党委召开扩大会议，传达学习中央经济工作会议精神，部署海关贯彻落实措施。海 关总署党委书记、署长孙梅君主持会议并讲话，在京总署党委委员出席会议。 会议指出，这次中央经济工作会议是党中央在"十四五"即将圆满收官、"十五五"即将开局起步的关键时 期召开的一次十分重要的会议。习近平总书记发表的重要讲话，全面总结了今年经济 ...

在权益市场方面，刘郁认为，2026年的重点任务中，坚持内需主导排第一位，其中包括提振消费、释放 服务消费潜力。考虑到今年市场对消费行情预期偏弱(万得消费大类指数今年以来上涨13.40%，明显低 于万得全A的23.85%)，若2026年消费政策加力，有望推动阶段性行情，关注消费板块的修复趋势。此 外，科技和"反内卷"紧随其后。科技方面，会议强调"加紧培育壮大新动能"，新旧动能交替仍将是2026 年的主要线索，科技板块如AI、半导体、机器人等值得关注；"反内卷"方面，会议强调"制定和实施进 一步深化国资国企改革方案"，意味着"反内卷"不只与光伏、锂电相关，部分国企也将成为"反内卷"的 整治方向。此外，会议提到"扎实推进海南自由贸易港建设""推动海洋经济高质量发展"，相关题材也有 望在2026年出现阶段性行情。 中证报中证网讯(王珞)12月10日至11日，中央经济工作会议在北京举行。华西证券（002926）首席经济 学家刘郁表示：2026年是逆周期与跨周期并重之年，对经济增长更加重视质量。从"内需不足"到"供强 需弱"的表述变化，指向扩内需、"反内卷"同步推进，以扭转低效竞争导致的价格低迷状态。政策方 面，存量政策 ...

Core Viewpoint - The article emphasizes the imminent launch of the Hainan Free Trade Port's customs operation, which is set to officially begin on December 18, 2025, marking a new phase in its development [4]. Group 1: Hainan Free Trade Port Development - The central economic work conference held on December 10-11 outlined the need for steady progress in institutional openness and the construction of the Hainan Free Trade Port, highlighting a pragmatic and methodical approach to development [3]. - The concept of "one line" and "two lines" is introduced, where "one line" refers to the open policies between Hainan and foreign countries, while "two lines" involves precise management of the relationship between Hainan and the mainland [5]. - Risk prevention is identified as a critical factor for the success of the Free Trade Port, with preparations made to address key risk areas such as smuggling, taxation, and environmental concerns [5]. Group 2: Operational Readiness and Policy Framework - A third round of pressure testing for the customs operation was conducted from December 2-10, with positive evaluations on the coordination among customs, police, and other departments, indicating readiness for the upcoming launch [5]. - Policy documents related to import taxation, restricted items, and tax exemptions for value-added processing have been issued, with ongoing support from the National Development and Reform Commission to enhance the policy framework [5]. - Experts suggest that the Hainan Free Trade Port's development will not only benefit the region but also serve as a model for higher levels of openness across the country, aligning with global trends in trade and investment liberalization [6].

Core Viewpoint - The Hainan Free Trade Port is set to officially commence its customs closure operations on December 18, marking a new phase in its development, with a focus on systematic and high-quality progress in its construction [1][2]. Group 1: Customs Closure Operations - The customs closure will transform Hainan Island into a special customs supervision area, implementing a policy of "one line" for liberalization and "two lines" for management, which requires effective management of the "two lines" while allowing freedom on the "one line" [2]. - The Hainan Provincial Deep Reform Office has conducted pressure tests and risk assessments to prepare for potential risks such as smuggling, taxation, and ecological issues, ensuring that the necessary regulations and mechanisms are in place [2]. Group 2: Policy and Institutional Framework - The import tax item catalog, restricted and prohibited lists, and policies for duty-free processing and domestic sales have been issued as part of the customs closure policy framework [3]. - The National Development and Reform Commission has indicated that it will support Hainan in continuously improving its policy system to align with high-level free trade port standards and accelerate its opening-up process [3]. Group 3: Broader Implications - The construction of the Hainan Free Trade Port is expected to have a ripple effect, promoting higher levels of openness across the country, aligning with global trends in trade and investment liberalization [3]. - Local businesses are optimistic about the acceleration and intensification of efforts in the construction of the free trade port as the customs closure approaches [3].

邹来昌表示，依托海南自由贸易港政策优势，紫金矿业正在三亚投资建设国际业务总部，建设黄金主题 公园。紫金矿业将抓住机遇在海南适时开展黄金精深加工业务，拓展贸易和国际市场业务，深化国际合 作，为黄金产业的发展和海南自由贸易港建设注入更多的"紫金力量"。 据国家企业信用信息公示系统显示，紫金(海南)国际矿业运营管理有限公司于12月9日成立，注册资本1 亿元人民币，经营范围包含非煤矿山矿产资源开采、金属与非金属矿产资源地质勘探、矿产资源储量估 算和报告编制服务等。股权穿透显示，该公司由紫金矿业集团股份有限公司全资持股。 消息面上，12月11日，在2025中国国际黄金市场年会上，紫金矿业集团股份有限公司党委副书记、副董 事长、总裁邹来昌在致辞时表示，海南自由贸易港将迎来封关运作的新阶段，将为中国高质量发展和更 高层次对外开放注入崭新的动力，为黄金产业提供历史机遇。 紫金矿业(02899)早盘涨超3%，截至发稿，涨2.6%，报33.94港元，成交额1.99亿港元。 ...

Group 1: Economic Policy Framework - The central economic work meeting emphasizes the principle of "seeking progress while maintaining stability," focusing on stabilizing employment, enterprises, markets, and expectations to ensure smooth economic operation[2] - The meeting suggests a combination of "mandatory options + optional options" in macroeconomic policy, indicating a relatively stable approach to mandatory macro policies while allowing for counter-cyclical adjustments as needed[3] - The integration of stock and incremental policies is highlighted, with a commitment to continue implementing a more proactive fiscal policy while maintaining necessary fiscal deficits and total debt levels[3] Group 2: Consumer and Market Dynamics - Consumption is prioritized over investment in policy discussions, with specific measures to enhance consumer capacity, including the implementation of urban and rural resident income increase plans[4] - The meeting calls for the expansion of quality goods and services supply and the removal of unreasonable restrictions in the consumption sector to unleash service consumption potential[4] - The focus on addressing "involution" competition indicates a recognition of deeper structural issues, requiring comprehensive solutions rather than superficial capacity clearing[4] Group 3: Taxation and Industry Support - The meeting proposes to improve the local tax system, addressing the decline in local tax revenue share in fiscal income and expenditure, with potential adjustments to shared tax ratios to stabilize local government finances[5] - Specific industries are identified for targeted support, including artificial intelligence, digital trade, and green trade, aiming to create a favorable policy environment for development[5] - Employment remains a top priority in social policy, with a focus on stabilizing job opportunities for key groups such as college graduates and migrant workers[5] Group 4: Risk Management - The meeting emphasizes risk prevention, particularly in the real estate sector and local government debt, encouraging the acquisition of existing residential properties for affordable housing[6] - The report highlights potential risks including policy changes, unexpected economic fluctuations, and delays in updating research information[6]

《国资报告》：对于党的二十届四中全会精神，您有哪些学习体会？ 马咏华：党的二十届四中全会，是我党在向第二个百年奋斗目标进军的新征程上举行的一次十分重要的会议，让我们倍感振奋、催人奋进。四中全会要 求，要深化国资国企改革，做强做优做大国有企业和国有资本，推进国有经济布局优化和结构调整，增强国有企业核心功能，提升核心竞争力。四中全会 还指出，要高标准推进海南自由贸易港建设，都为海南的国资国企改革发展，指明了方向，提供了根本遵循。我们要按照中央和海南省委省政府的要求， 进一步推进海南国资国企，做强做优做大，在自贸港建设中发挥好主力军和顶梁柱的作用，为自贸港高水平建设海南自由贸易港和推进海南高质量发展发 挥战略支撑作用。具体来说，我们要进一步把资源、资产、资本、资金向优势产业、优秀企业集中，向旅游业、现代服务业、高新技术产业和热带特色高 效农业集中，聚焦"向天图强、向海图强、向种图强、向数图强、向绿图强"，培育新质生产力，为海南打造最有海南特色和优势的现代化产业体系做出我 们的贡献。我们还将进一步完善国有企业履行战略功能的评价体系，让国有企业为海南经济高质量发展和民生保障、基础设施建设发挥更好的作用。 今年10月底， ...