本报讯 海南自由贸易港正式启动全岛封关首周，政策红利持续释放、产业发展动能持续增强、国际旅 游消费中心建设迈出新步伐，激活了发展的一池春水，海南自贸港迎来新一轮发展机遇。 《海南自由贸易港建设总体方案》提出，"实施更加开放的航空运输政策""支持在海南试点开放第七航 权"。12月21日，在海关监管下，由海南三亚飞往捷克布拉格的DV481航班从三亚凤凰国际机场起飞， 这条航线是我国首条投入运营的第七航权航线，也彰显了我国在航权方面的超高水准开放。这不仅有效 提升了海南自贸港的国际航空枢纽地位，也有助于加强区域间经贸合作和文化交流。随着海南自贸港航 线扩容，自贸港磁吸效应持续凸显。封关运作首周，海口海关共监管空港口岸进出境人员7.6万人。 海南自贸港全岛封关运作启动以来，海口海关聚焦关键环节，全力保障封关运作首周各项业务运行平稳 有序。进一步指导企业用好自贸港优惠政策，结合企业实际业务，详细解读"零关税""加工增值内销免 关税"等政策如何使用，指导享惠主体、物流企业做好全流程规范申报，保障高效顺畅通关。 封关运作不是终点，而是海关常态化监管的新起点，高标准建设海南自由贸易港任重道远。海口海关关 长高瑞峰表示，海口海 ...

本文转自【央视新闻客户端】； 12月23日，海南保亭黎族苗族自治县一家食品企业生产的198公斤初榨椰子油，通过海口新海港和南 港"二线口岸"货运集中查验场，离岛发往广州。 这是海南自贸港全岛封关运作后，首批使用海南自产货物开展加工增值业务的货物。 据了解，此次享受加工增值免关税政策的椰子油货值3.2万元，部分使用了海南自产货物椰子，将用于 生产美妆产品。海南自贸港"对原产于海南或含进口料件加工增值超过30%的货物进入内地免征进口关 税"的政策，让企业实实在在享受到自贸港封关后的政策红利。 保亭椰泽坊食品有限公司负责人 周福琼：海南自贸港加工增值免关税政策，实实在在给我们减免12% 的关税成本。低成本的椰子的确非常有竞争优势，确实给下游企业带来实惠。 企业负责人表示，他们采购了200个海南老椰子，搭配从印度尼西亚进口的椰子，用于本次生产。如 此，既兼顾本土的椰子种植户，带动当地经济发展，同时也有利于稳定货源。 保亭智农农业发展有限责任公司负责人 卓斌：封关后我们向企业提供了第一批保亭本地自产货物老椰 子200个，助力其完成自贸港第一批加工增值免关税政策下海南自产货物业务。后续我们会不断扩大货 物品类和供货量。 ...

Core Insights - The core viewpoint of the news is that the implementation of the Hainan Free Trade Port policy, effective from December 18, 2025, will create significant market opportunities through zero tariffs and low tax rates, benefiting both consumers and businesses [1][3]. Group 1: Policy Overview - The "closure" of Hainan is a misunderstanding; it is about upgrading policy benefits, allowing for freer movement of goods and capital between Hainan and foreign countries, with 6,637 items achieving zero tariffs, covering 74% of goods [3]. - The policy framework includes "one line open," "two lines controlled," and "freedom within the island," facilitating a favorable business environment with a corporate tax rate as low as 15% and personal income tax for high-end talent capped at 15% [3][4]. Group 2: Cross-Border E-Commerce - Cross-border e-commerce is highlighted as a key growth area, with a target of 20% annual growth in import and export scale by 2030, supported by reduced logistics costs and improved customs efficiency [5]. - Opportunities for individuals include starting cross-border e-commerce stores selling zero-tariff products or collaborating with e-commerce parks for supply chain and logistics services [5]. Group 3: Manufacturing Sector - The manufacturing sector benefits from a dual advantage of zero tariffs on imported raw materials and exemption from tariffs on domestic sales of products with over 30% added value, leading to significant cost savings [6]. - Industries such as grain and oil processing, meat processing, and medical device manufacturing are expected to see substantial profit margins due to these policies [6]. Group 4: Tourism and Consumer Experience - The tourism sector is evolving from a focus on duty-free shopping to a combination of duty-free, cultural tourism, and health care, expanding market potential [7]. - Data shows that duty-free sales in Sanya surged to 3.31 billion yuan in the first three days post-closure, with the annual sales expected to exceed 20 billion yuan [8]. Group 5: High-Tech Industry - The high-tech sector is receiving significant support, with 70% of industrial funding directed towards it, and the number of high-tech enterprises in Hainan surpassing 5,000, growing at an annual rate of 40% [9]. - Key focus areas include digital economy, marine technology, and new energy, with favorable tax incentives and policies to attract investment [9]. Group 6: Strategic Considerations - Companies are advised to comply with regulations, avoid blindly following trends, and stay updated on policy changes to seize opportunities effectively [10]. - The emphasis is on finding familiar fields to invest in, aligning with official policies to benefit from the wealth opportunities presented by the new trade environment [10].

Summary of Conference Call on Hainan Free Trade Port's Impact on the Pharmaceutical Industry Industry Overview - The conference call discusses the impact of the Hainan Free Trade Port (FTP) on the pharmaceutical industry, highlighting the benefits of zero tariffs, low tax rates, and value-added tax exemptions for pharmaceutical companies operating in the region [1][2]. Key Points and Arguments 1. Cost Reduction and Profitability - The zero tariff policy and 30% value-added tax exemption in Hainan significantly reduce operational costs for pharmaceutical companies, enhancing their gross margins. For instance, Weili Medical in Haikou High-tech Zone benefits from these policies by utilizing imported latex for processing [3][5]. 2. Accelerated Drug Approval Processes - The establishment of real-world data research in the Lecheng Pilot Zone has expedited the approval process for innovative drugs and medical devices, saving companies substantial costs in clinical trials and shortening the cash flow recovery period [3][4]. 3. Investment Fund Expansion - The Hainan Free Trade Port Construction Investment Fund is set to expand from 10 billion to 20 billion yuan, focusing on supporting innovation in the biopharmaceutical sector and cross-border mergers and acquisitions [1][5][6]. 4. Growth in Haikou High-tech Zone - The Haikou High-tech Zone accounts for approximately 70%-80% of Hainan's pharmaceutical output, with a reported output of 420 million yuan as of August 2025, and an expected growth of 20%-30% in 2023 [4][5]. 5. Tax Incentives and Internationalization - The corporate income tax rate in Hainan is 15%, positioning it as a potential offshore center for Chinese pharmaceutical companies, attracting international capital and enhancing local industry competitiveness [5][9]. 6. Medical Device Maintenance and Repair - The combination of zero tariffs and a bonded maintenance model allows foreign equipment to be repaired in Hainan before being re-exported, reducing maintenance costs and improving customs efficiency [5][9]. 7. Patient Access and Drug Availability - The establishment of medical alliances with hospitals across provinces has improved patient access to special medications, with an anticipated patient flow conversion rate of 70% [2][14][15]. 8. Regulatory Adjustments Post-Closure - Post-closure, the regulatory framework in the Lecheng Pilot Zone will focus on balancing safety and convenience, including measures for drug traceability and online follow-up services [16]. 9. Fund Focus for 2025 - The investment strategy for the Hainan Free Trade Port Fund in 2025 will emphasize licensing in and medical technology transformation, leveraging unique policy advantages for biopharmaceutical development [17]. 10. Cross-Border Financial Advantages - The unique EF account system in Hainan facilitates seamless cross-border capital flow, exempting new foreign direct investments from corporate income tax, which attracts large pharmaceutical companies to establish operations in the region [18]. Additional Important Insights - The Haikou High-tech Zone is actively attracting companies in the stem cell and cell therapy sectors, although economic benefits from these new entrants have yet to materialize [7]. - The real-world data research pathway has led to the approval of numerous products, with a goal of reaching 1,000 approved products to enhance international competitiveness [7][12]. - Successful case studies, such as SuSheng Bio and Huaxi Bio, illustrate the potential for rapid growth and operational success in Hainan due to favorable policies [10]. This summary encapsulates the critical insights from the conference call regarding the Hainan Free Trade Port's influence on the pharmaceutical industry, emphasizing the strategic advantages and growth opportunities presented by the region's policies.

最近商界弥漫着一股躁动，一股奔向海南岛的"淘金热"正在暗流涌动。 一些嗅觉敏锐的企业家，正用最实际的行动投票。 有消息称，长三角地区的某些食品加工企业，正在严肃评估将 核心生产线整体南迁的可能性。 这不是心血来潮，而是生存本能的驱使。 这股热潮背后，藏着一个让资本无法抗拒的秘密。 这个秘密的核心，是海南自贸港一项堪称"点金术"的政策——"加工增值超30%免关税"。 在今天这个利润比刀片还薄的年代，这12%的关税直接转化为纯利润，足以让任何一个老板心动。 还有企业把进口大豆在海南加工成豆油，轻松越过 30%的增值门槛，那 3%的进口关税就瞬间消失了。 难怪有企业家在镜头前难掩兴奋，坦言每年省下的这笔钱，够他"再造一个企业"了。 如果说免税政策是块诱人的蛋糕，那海南打出的另一套"组合拳"，则是一股让人无法抗拒的强大引力。 商人们的算盘打得比谁都精，他们发现，从东南亚装船，如果走海南的洋浦港进入中国内地，比起传统绕道新加坡的航线，航程足足缩短了近2000公里。 这在地图上只是一小段，但在航运公司的账本上，意味着单趟运输成本能降低三成以上。 对于一艘远洋巨轮而言，光是烧油的钱，跑一趟就能省下几十万美元。 这笔钱，在任 ...

证券研究报告 2025 年 12 月 22 日 湘财证券研究所 行业研究 商贸零售行业周报 海南封关正式启动 相关研究： | 1.《近期板块走强，关注零售百货 | | --- | | 业态变革》 2024.12.11 | | 2.《2024年社零总额增长3.5%，线 | | 下商超业态平稳复苏》2025.01.24 | 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 4.6 1.6 -11.4 绝对收益 5.6 3.1 4.9 -50.00% 0.00% 50.00% 沪深300 商贸零售(申万) 注：相对收益与沪深 300 相比 分析师：聂孟依 证书编号：S0500524040001 Tel：(8621) 50299667 Email：nmy06967@xcsc.com 地址：上海市浦东新区银城路 88 号 中国人寿金融中心 10 楼 核心要点： ❑ 商贸零售板块上周上涨 6.66% 根据 wind，上周，商贸零售报收 2458.79 点，上涨 6.66%，涨幅排名位列 申万一级行业第1位，跑赢沪深300指数6.94个百分点；贸易Ⅱ报收4739.49 点，上涨 3. ...

Core Viewpoint - The official launch of the Hainan Free Trade Port on December 18 marks a significant shift in trade dynamics, transforming previously theoretical policies into tangible profit opportunities for traders [1] Group 1: Policy Changes - "One line open" allows for zero-tariff movement of goods between Hainan and foreign countries, while "two lines manage" establishes a control line between Hainan and mainland China to prevent tax-free goods from flooding the domestic market [3] - The policy of "processing value-added over 30% exempt from tariffs" enables foreign raw materials to enter Hainan, be processed, and then sold to mainland China without import duties, significantly impacting traditional transshipment trade models [3] Group 2: Economic Impact - The direct shipping volume from Yangpu Port to Indonesia surged by 78% in the first ten months of 2025, while Singapore's transshipment volume to Indonesia dropped by 23% [4] - Major companies like the Golden Agri-Resources Group are establishing factories in Yangpu, saving up to $120 million annually in transshipment costs [4] - The cost advantages in Yangpu include a 8%-15% lower price for bonded fuel compared to Singapore, and a maximum corporate and personal income tax rate of 15%, lower than Singapore's 17% [4] Group 3: Shipping and Trade Dynamics - The volume of bonded fuel at Yangpu Port increased by 210% year-on-year in the first three quarters of 2025, with 30% of clients coming from ships registered in Singapore [6] - The number of container ships passing through the Malacca Strait from China decreased by nearly 40% in the first half of 2025, leading to a 30% drop in Singapore's port container throughput [6] Group 4: Broader Economic Shifts - The energy supply and financial services sectors in Singapore are facing challenges as China's energy transport routes diversify, reducing reliance on Singapore [8][10] - The transformation of Hainan is creating new job opportunities, attracting talent from various regions, while also leading to rising costs and pressures in local businesses [10] Group 5: Competitive Landscape - The competition between Hainan and Singapore is characterized by differentiated positioning, with Singapore maintaining its reputation in high-end services while Hainan focuses on processing and trade linked to the vast Chinese market [12] - The global trade landscape is shifting from a "sugar stick model" to a "spider web model," reducing dependency on Singapore for trade between China and ASEAN countries [13]

多项自由贸易港核心政策在洋浦落地见效 封关首日，自贸港"样板间"破局开路 海南日报全媒体记者 吴心怡 海南自由贸易港正式启动全岛封关时，繁忙的洋浦港似乎与往日无异——码头灯火通明，船舶靠泊作 业，岸桥、场桥有序装卸集装箱。然而在涛声壮阔、潮汐涌动中，一切正在寻常之中悄然改写。 洋浦港作为区域国际集装箱枢纽港，是海南自由贸易港最大的海运对外开放口岸。12月18日清晨，伴随 着悠长响亮的鸣笛声，一艘装载着17.9万吨原油的船舶停靠在洋浦港国投洋浦油储码头30万吨级原油泊位。 这是海南自由贸易港正式启动全岛封关后的第一批通关"零关税"石化原辅料。封关首日，许多"第一次"在洋 浦经济开发区落地。 洋浦是海南自贸港的"样板间"，也是"烧开第一壶水"的地方。封关当日，这里的每一艘船舶、每一辆货 车、每一个集装箱都在向世界证明着，海南自贸港正迈上高水平对外开放的新起点。 新红利：多项政策落地提供实施样板 享受累计加工增值免关税的产品是伟达化工的集装吨袋。它的原料是海南炼化进口丙烷后加工生产出的 聚乙烯、聚丙烯，由伟达化工经拉丝、吹膜等多项工序制作而成，累计加工增值率达到30%以上，免关税后 成本明显下降。"我们一年在海南采 ...

本报（chinatimes.net.cn）记者张智 北京报道 12月18日，海南封关首日，海南购物氛围浓厚地仿佛过上了"双十一"。 在三亚海旅免税城，苹果手机门店人山人海，免税叠加满15000减1000的优惠活动，使得一台最贵的 iphone17proMax手机比官网便宜2140元；在三亚国际免税城，封关首日限时"三件一折"活动让人们在商 场结账处排起了长队。 更加便宜的免税品仅仅是封关带来的基本利好。事实上，从封关这一天开始，一扇面向全球的大门自海 南轰然打开：绝大多数进口商品零关税，对符合条件的货物实施"径予放行"，海南与境外之间的货物、 资金、人员往来，将享有前所未有的自由。 其中，"零关税、低税率、简税制"的税收组合拳是海南自贸港最具吸引力的政策之一，为企业带来实实 在在的利好。 比如，"零关税"方面，封关前，海南自贸港"零关税"清单涵盖1900多个税目商品，封关后，"零关税"商 品税目扩大至约6600个，占全部商品税目的比重由21%提升至74%，从高精尖科研设备、生物医药原料 到日常消费品、生产资料，进入海南均可免缴关税、进口环节增值税和消费税。这一政策将为实体企 业、特别是依赖进口原材料的高端制造 ...

Group 1 - The core point of the news is the official implementation of the full island closure operation in Hainan Free Trade Port, marking a significant step towards institutional opening and the establishment of a new cross-sea channel connecting Hainan to the national market [1][2] - The new tax policy in Hainan includes a maximum corporate and personal income tax rate of 15%, and goods processed in Hainan with a value added of 30% or more can enter the mainland market exempt from import duties [2] - The first day of closure saw Zhanbang Pharmaceutical Co., Ltd. export 26,750 boxes of Arginine Ibuprofen granules valued at approximately 680,000 yuan through the "second line port" [2] Group 2 - The strategic location of Xu Wen has been enhanced, with the county announcing measures to support the supply chain for Hainan Free Trade Port, emphasizing the synergy between Hainan's needs and Xu Wen's capabilities [3] - On the day of closure, Xu Wen Port experienced a significant increase in passenger and cargo flow, with a 9% increase in ferry departures and a 27% increase in the transportation of new energy vehicles compared to the previous month [4] - Xu Wen is accelerating its collaborative development with Hainan in areas such as logistics, low-altitude economy, and modern agriculture, aiming to establish a robust support system for the Free Trade Port [4][5]