Core Points - The Hainan Free Trade Port is set to officially start its island-wide customs closure operation on December 18, 2025, establishing a special customs supervision area with a policy of "one line open, one line controlled, and free flow within the island" [2][3] - The customs supervision system for the Hainan Free Trade Port has been established, including several regulatory measures and facilitation policies to enhance operational efficiency [3][4] Group 1: Customs Closure Preparation - The necessary hardware and software conditions for the island-wide customs closure operation have been prepared, with the customs regulatory system fully established [1] - Comprehensive testing and rehearsal for the customs closure operation are underway, ensuring smooth and orderly operations [1] Group 2: Regulatory Framework - The customs authority has developed and published several regulatory measures, including the "Regulations on Customs Supervision of Hainan Free Trade Port" and tax management measures for duty-free goods [3] - A total of 12 supporting measures have been formulated for the supervision of zero-tariff goods and other policies [3] Group 3: Efficient Supervision Mechanism - The customs supervision method emphasizes precise management and efficient facilitation, distinguishing between goods that require supervision and those that do not [4] - Ten "second-line ports" have passed national acceptance, and the necessary regulatory facilities are ready for use [4] Group 4: Duty-Free Shopping Policy - Recent adjustments to the duty-free shopping policy for departing travelers have led to a significant increase in shopping activity, with sales amounting to 1.325 billion yuan, a year-on-year increase of 28.52% [5] - The new policy includes the addition of product categories and allows for more flexible purchasing options for travelers and residents [5]

Core Points - Hainan Free Trade Port is set to launch its full island closure operation on December 18, 2023, with preparations progressing smoothly [2] - A comprehensive simulation exercise for the closure operation has begun, involving multiple departments to ensure readiness for the actual implementation [1][2] Group 1: Simulation Exercise - The simulation exercise commenced on November 18, 2023, involving 10 "second-line ports" to replicate the operational conditions post-closure [1] - The exercise focuses on core processes such as customs inspection, release, and handling, adhering to a "full scenario simulation, full process verification" standard [1] - The overall progress of the exercise has been reported as smooth, with effective collaboration among various departments and stable system operations [1] Group 2: Infrastructure and Policy Readiness - Hainan Free Trade Port has completed the infrastructure and inspection facilities for 8 open ports and 10 "second-line ports" [1] - 64 anti-smuggling comprehensive law enforcement stations are operational, equipped with professional personnel [1] - Key policies related to import taxation, goods circulation tax policies, and customs supervision methods have been established and are ready for implementation [1]

央视网消息：再有一个月，海南自贸港全岛将正式封关运作。11月18日，在封关倒计时30天之际，海南自贸港10个"二线口岸"同 步开展合成演练，各项准备工作加快推进。 海口海关所属海口港海关监管科副科长 李哲漪：在合成演练中，车辆审图图像存在异常，转人工开箱查验发现，实际装载货物 多于申报数量，海关对该车辆和所载货物进行暂扣处理。 海南省商务厅口岸管理处 罗贵生：总体看，本次演练进展顺利，多个部门的协同顺畅，系统设备运行稳定，进一步检验封关准 备工作的顺畅性与可控性，未来一个月的持续测试将为12月18日正式封关运作打好重要基础。 硬件设施全部竣工 验收信息化项目已上线运行 据了解，目前，海南自贸港8个对外开放口岸、64个非设关地综合执法点等硬件设施项目已全部竣工验收，海关智慧监管平台、 国际贸易单一窗口等信息化项目已完成联调联试和上线运行，为保障各类通行对象安全、高效、便捷进出提供了有力支撑。 在海口新海港和南港"二线口岸"货运集中查验场，这里正在进行一场由口岸、海关、交通、港口等多部门共同参与的多场景合成 演练，模拟封关之后"二线口岸"遇到的多种实际情况。在现场可以看到，模拟载有海关监管货物的车辆正在等待通过进 ...

证券日报网讯海峡股份11月14日发布公告，在公司回答调研者提问时表示，2025年第三季度，公司营业 收入累计39.23亿元；归属于上市公司股东的净利润1.90亿元；加权平均净资产收益率2.96%，基本每股 收益0.0852元。公司第三季度单季营收较前两季度逆势回升，同比实现2.19%的正增长。今年三季度归 属于上市公司股东的净利润虽出现一定下滑情况，但这一阶段性调整源于公司为应对海南自贸港封关后 车流量增长的前瞻性布局导致的短期成本费用上涨。今年以来，公司加大了人员投入，同时在运力和新 航线上不断发力，新购置2艘平板货船进行改造运输新能源汽车，完成北海航线运力更新，新增运营南 沙、防城港航线，为海南自贸港封关运作做好万全准备。 （文章来源：证券日报） ...

Core Insights - Hainan Free Trade Port will enter a new phase of full island closure operation, establishing a customs supervision special area to release multiple development dividends for enterprises, individuals, and regional economies [1] Group 1: Policy Benefits for Enterprises - After the closure, Hainan Free Trade Port enterprises will experience concentrated policy benefits, with "zero tariff" product categories increasing to approximately 6,600, covering about 74% of goods, which is expected to save around 20% in tax costs for importing equipment companies [2] - The scope of beneficiaries will expand to cover all enterprises and institutions with actual import needs across the island, enhancing the penetration of policy dividends into the real economy [2] - The processing value-added tax exemption policy will further lower the threshold for enterprises to enjoy benefits, thereby increasing profits and promoting upstream industrial chain collaboration [2] Group 2: Benefits for Residents - High-end and scarce talents working in Hainan Free Trade Port will have their personal income tax burden exempted for amounts exceeding 15%, with optimized residency calculation allowing for more flexible time spent outside the island [3] - Ordinary residents will benefit from adjusted offshore duty-free policies, allowing for more flexible and convenient shopping options, which is expected to lead to higher quality employment opportunities and increased income [3] Group 3: Regional Development and Infrastructure - Infrastructure construction is set to inject momentum into regional development, with significant improvements in customs clearance efficiency and reduced transportation costs through new shipping routes [4] - Hainan aims to become a strategic hub for China-ASEAN economic cooperation, leveraging its geographical and policy advantages to embed deeply into the global industrial chain [4] - The establishment of multi-functional free trade accounts will facilitate cross-border settlements, while innovations in the data sector will open new avenues for digital trade [4]

Group 1: Company Overview - Hainan Strait Shipping Co., Ltd. was established in 2002 and listed on the Shenzhen Stock Exchange in 2009, laying the foundation for rapid development [2] - In 2017, the company expanded its business to port services by acquiring ferry terminal assets [2] - The company completed the integration of shipping resources in the Qiongzhou Strait in 2021, enhancing transportation service capabilities [2] - By 2025, the company will have a fleet of 64 passenger and roll-on/roll-off ships, ranking first globally [2] Group 2: Financial Performance - As of Q3 2025, the company reported cumulative revenue of CNY 3.923 billion and a net profit of CNY 190 million [3] - The weighted average return on equity was 2.96%, with basic earnings per share at CNY 0.0852 [3] - Revenue in Q3 2025 showed a 2.19% year-on-year growth despite a decline in net profit due to increased costs from strategic investments [3] Group 3: Business Operations - The revenue breakdown for Hainan Strait Shipping includes: - 72% from the Haian route - 10% from the Yantai to Dalian route - 6% from the Xisha route - 5% from port services [6] - The newly launched Haikou to Fangchenggang route covers 157 nautical miles and takes approximately 12 hours, enhancing connectivity with strategic initiatives [5] Group 4: Future Opportunities - The implementation of favorable tax policies in Hainan's free trade port is expected to lower operational costs and attract more investors [9] - The completion of infrastructure projects, such as the circular island tourism road, is anticipated to boost passenger traffic [9] Group 5: Strategic Initiatives - The company plans to invest in two new passenger and roll-on/roll-off ships to replace aging vessels [10] - Future strategies include improving operational efficiency and enhancing collaboration with partners to maximize resource utilization [11]

Core Points - The Hainan Free Trade Port will officially start its full island closure operation on December 18, 2025, enhancing the efficiency of cargo clearance at "second-line ports" [2][3] - The Haikou Meilan International Airport has successfully passed national-level acceptance for its "second-line port" operation project, indicating improved construction and operational mechanisms [2] - The cargo clearance process at Meilan Airport will transition from a paper-based model to a digital and efficient model, increasing overall clearance efficiency by 30% and reducing peak-time queuing [2][3] Group 1 - The centralized inspection area at Haikou New Port and South Port will handle over 80% of the province's cargo and express mail clearance tasks, implementing an efficient clearance model of "one declaration, one inspection, one release" [3] - The expected increase in production factors and enterprises gathering in Hainan post-closure will lead to a rise in goods sent to other domestic regions [3] - Customs will implement supervision on "zero tariff," relaxed trade management measures, and tax exemption for processing and value-added goods at the "second-line ports" after the closure operation [3] Group 2 - The customs smart supervision platform is connected with the Hainan International Trade "single window," allowing for rapid approval and data analysis of all outbound goods [3] - Low-risk goods can clear customs in about one minute, while high-risk goods will undergo further inspection [3] - Comprehensive pressure tests are ongoing at various ports to ensure smooth and orderly operations of the Hainan Free Trade Port [4]

Core Points - The China Gold Association announced a conference on December 10 in Sanya, focusing on the platinum group metals market and its dynamics within the global economic landscape [1] - The conference will discuss industry policy adjustments and trends in technological innovation, aligning with the national strategy of integrating production and finance [1] - Concurrently, the 2025 China (Sanya) International Gold Market Conference and Sustainable Development Conference for the Gold Industry will take place from December 11 to 12 [1]

Core Points - Hainan Free Trade Port is set to implement a liberalization policy characterized by "one line open, one line controlled, and free within the island" as it approaches its closure operation [1] - The operation of "second line ports" such as Haikou New Port and Haikou South Port will utilize innovative customs supervision for goods entering the mainland [1] Group 1 - The Haikou Meilan International Airport has successfully passed national-level acceptance for its "second line port" operation project, enhancing its overall construction and operational mechanisms [2] - The transition from a paper-based customs clearance process to a digitalized model at Meilan Airport allows for a significant reduction in the number of physical documents required, improving overall clearance efficiency by 30% [2][5] - The centralized inspection area at Haikou New Port and South Port is the only shared truck inspection area in the country, expected to handle over 80% of the province's cargo and express mail customs inspection tasks [5] Group 2 - Customs will implement a regulatory approach based on "smart supervision, credit supervision, situational supervision, and collaborative supervision" for three categories of goods, including zero tariffs and relaxed trade management measures [5] - The customs smart supervision platform is integrated with Hainan's international trade "single window," allowing for rapid approval and risk analysis of all outbound goods [5] - Continuous high-pressure testing is being conducted at various ports to ensure smooth operations post-closure, with Meilan Airport having organized 16 trial runs for the "second line port" [6]

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the tourism retail industry, indicating a projected investment return that will exceed the CSI 300 Index by 10% or more over the next six months [6]. Core Insights - The Hainan Free Trade Port is steadily advancing its closure operations, focusing on institutional innovation to achieve a higher level of openness to the outside world. The policy design includes "one line open, one line controlled, and free within the island," which aims to maximize the benefits of openness while ensuring safety and efficiency [1]. - The continuous optimization of the duty-free shopping policy for outbound travelers is expected to further stimulate consumption in Hainan. Recent adjustments have expanded the range of duty-free goods and included domestic products, enhancing the shopping experience and increasing the number of beneficiaries [2][3]. - The adjustment of the duty-free policy has already shown positive effects, with a reported shopping amount of 506 million yuan and 72,900 shoppers in the first week after the new policy implementation, reflecting a year-on-year increase of 34.86% and 3.37%, respectively [3]. - The facilitation of personnel exchanges between Hainan and foreign countries has improved, with 85 countries now allowing visa-free entry. This has led to over 2 million inbound and outbound travelers, including more than 1.06 million foreigners, marking a year-on-year growth of 45.1% [4]. Summary by Sections Hainan Free Trade Port Operations - The core mechanism of Hainan's closure operations is designed to integrate high-level trade liberalization with effective management, ensuring a closed-loop management of goods while maximizing the benefits of openness [1]. Duty-Free Policy Adjustments - The recent adjustments to the duty-free shopping policy include the addition of two new categories of goods, the inclusion of six categories of domestic products for tax exemption, and the expansion of eligible beneficiaries to include outbound travelers [2]. Consumption Impact - The initial impact of the new duty-free policy has been significant, with a notable increase in shopping amounts and participation, indicating a positive trend in consumer behavior in Hainan [3]. International Exchange Facilitation - The ongoing optimization of visa policies and the hosting of international events in Hainan are expected to further enhance the flow of people and boost the local economy [4].