Group 1 - The training program for enhancing the capabilities of grassroots theoretical propaganda backbone in Hainan province commenced on May 14, 2025, with over 100 participants from various city and county propaganda departments and relevant provincial departments [1] - The opening ceremony highlighted the contributions of frontline propagandists in promoting the Party's innovative theories through diverse methods and real-life examples, fostering a common ideological foundation among the people of Hainan [1] - Participants are encouraged to improve their political awareness, enhance their sense of responsibility and mission in theoretical propaganda work, and innovate their methods to meet the needs of the public [1] Group 2 - The training program will last until May 16 and will feature experts and leaders from the Hainan Province Xi Jinping Cultural Thought Propaganda Group and the Hainan Free Trade Port Propaganda Group [2] - The curriculum includes specialized teaching, practical training, demonstration propaganda, and group discussions focusing on Xi Jinping Cultural Thought, the operation of the Hainan Free Trade Port, and practical skills in propaganda [2]

Core Viewpoint - Hainan Airport plans to acquire a 50.19% stake in Meilan Airport for RMB 2.339 billion, aiming to become the controlling shareholder and enhance its core competitiveness in the context of Hainan's Free Trade Port development [1][3][9] Group 1: Acquisition Details - The acquisition price is set at RMB 9.85 per share, with the total transaction amounting to RMB 2.339 billion for 237.5 million shares [1][5] - Following the acquisition, Hainan Airport intends to maintain Meilan Airport's listing status and will conduct a comprehensive tender offer for all outstanding shares [1][6] - The acquisition is expected to resolve the issue of intra-industry competition between Hainan Airport and Meilan Airport, which are currently independent listed companies [2][3] Group 2: Strategic Rationale - The acquisition is strategically timed to leverage the upcoming operational closure of Hainan's Free Trade Port by the end of 2025, which is anticipated to enhance Meilan Airport's operational performance [7][8] - Hainan Airport aims to integrate the operations of the three major airports in Hainan, potentially achieving an annual passenger throughput of over 50 million [3][4] - The consolidation is expected to improve operational efficiency and reduce costs, while also enhancing the overall profitability of Hainan Airport [4][8] Group 3: Financial Implications - Hainan Airport's financial performance has been under pressure due to its "de-real estate" strategy, with net profits declining in recent years [3][10] - The acquisition of Meilan Airport, which is currently experiencing losses, could significantly enhance Hainan Airport's financial results once Meilan returns to profitability [3][10] - Post-acquisition, the revenue from airport management is projected to exceed 60% of Hainan Airport's total income, facilitating a shift from real estate to aviation transportation classification [10] Group 4: Future Outlook - The integration of airport resources is expected to create a unique flow entry point for Hainan's Free Trade Port, enhancing the region's attractiveness for international trade and tourism [8][9] - Hainan Airport is actively working to expand international flight routes, with a target of 90 international routes by 2025, which will further attract businesses and enhance the flow of people and goods [8][9] - The acquisition is seen as a necessary step for Hainan Airport to solidify its position as a key player in the aviation sector within the context of the Free Trade Port [9]

中金研究 根据2025年海南省人民政府工作报告，2025年底封关运作是海南自贸港建设的关键性阶段目标。我们梳理了海南自贸港航空机场及旅游零售业的发展 趋势，整体而言，我们认为：1）机场客流受其他目的地分流影响，今年以来表现稍显逊色，但长期有望受益自贸港建设带来的经济活动往来增加； 2）旅游零售业今年或逐步回归稳健增速，建议关注封关后海南销售税制度变化对于离岛免税政策的影响；3）航空市场建设或受益于最大承运人经营 逐步进入正轨，此外各类税收减免政策也有望降低航司经营成本。 点击小程序查看报告原文 Abstract 2020年来海南经济增速略快于全国；2025年底封关运作是海南自贸港建设的关键性阶段目标。 从经济发展情况看，自2020年一系列支持海南自贸港建设 的政策出台以来，2020至2024年5年海南省GDP复合增速为5.5%，略好于全国整体0.6个百分点。从目前海南岛的进出港方式看，航空为主要途径，在2024 年离港旅客量中占比74%。 机场：旅客量短期受分流逆风；长期受益封关带来的客流增长。 海南省目前拥有3座民航机场，2019年前整体旅客量增长基本与全国持平；2023年来旅客 增速略滞后于全国水平，我们 ...

Group 1 - The Hainan Free Trade Port (FTP) is set to enhance its openness with the implementation of a zero tariff policy for most goods post-closure in 2025, which will significantly lower import costs [1][3] - The establishment of a comprehensive policy system characterized by "zero tariffs, low tax rates, simplified tax systems" is nearly complete, with key policies expected to be introduced within the year [1][3] - The upcoming policies will likely result in a much shorter list of restricted import/export goods compared to other regions in China, potentially reducing the number of taxable items by more than half [1][3] Group 2 - The Hainan FTP aims to become a global hub for cross-regional manufacturing and value-added processing, particularly benefiting ASEAN enterprises through relaxed origin rules [2] - Major investments are being made in sectors like marine wind power and commercial satellite systems, with companies expecting reduced production costs and increased competitiveness post-closure [3] - The tourism, modern services, high-tech industries, and tropical agriculture sectors are identified as key growth areas, with significant benefits anticipated from the integration of the FTP's system and industry advantages [3] Group 3 - The Hainan FTP is expected to strengthen connections with both domestic and international markets, facilitating foreign investment into China and enabling Chinese companies to expand globally [4] - Companies are positioning Hainan as a critical hub for regional economic influence, with plans for international operations and logistics to enhance global outreach [4] - The FTP is seen as a frontline for China's unilateral opening, particularly towards ASEAN and the Middle East, leveraging its geographical advantages [4]

Core Viewpoint - Hainan Airport's 2024 annual report shows a significant decline in revenue and net profit, attributed to a contraction in real estate development and the impact of the "Hainan Free Trade Port" policy, which is expected to provide growth opportunities in airport operations, free trade, and related industries [1][4][14]. Financial Performance - The company reported operating revenue of 4.368 billion yuan, a decrease of 35.40% year-on-year [1]. - The net profit attributable to shareholders was 459 million yuan, down 51.88% compared to the previous year [1]. Business Segments - The airport management business generated revenue of 1.820 billion yuan, accounting for 41.68% of total revenue, reflecting a strategic focus on core operations [3][7]. - The duty-free and commercial business recorded revenue of 226 million yuan, a decline of 15.67% due to slowed consumer growth and industry cycles [3]. - Real estate revenue fell to 916 million yuan, a significant drop of 69.52%, primarily due to market adjustments and project completion delays [4][5]. Strategic Transition - The company is actively reducing its reliance on real estate, having implemented a "de-real estate" strategy since 2020, focusing on airport operations and related services [5][6]. - Hainan Airport is transitioning towards developing its free trade and logistics capabilities, leveraging its airport's natural advantages [5][10]. Future Growth Potential - The company aims to capitalize on the "Hainan Free Trade Port" policy, which is expected to enhance operational efficiency and attract more industries [10][14]. - The ongoing expansion of Sanya Phoenix Airport is projected to increase passenger capacity by 30% upon completion in 2025, further supporting growth in airport operations [8][10]. - The establishment of a one-stop aircraft maintenance base has attracted significant interest, with a reported cargo value of 14.8 billion yuan in the first quarter of 2023, indicating strong demand for aviation services [11]. Policy Impact - The upcoming "Hainan Free Trade Port" closure is anticipated to bring favorable policies, including zero tariffs and low tax rates, which will significantly reduce operational costs for businesses [14][15]. - The implementation of the seventh freedom of the air will enhance Hainan's position as a domestic aviation hub, providing further growth opportunities for the airport [15].

离岛免税购物是海南旅游消费的"金字招牌"，2024年海关共监管海南离岛免税购物金额低于2023年。报 告分析，2024年出境消费全面恢复，部分高端消费者重新回流至境外购物，叠加国货崛起对部分国际品 牌销售的分流，是市场承压原因。 不过报告认为，尽管增长出现波动，但2024年海南离岛免税销售第一季度和第四季度环比分别录得 44.6%和24.9%的增长，显示市场仍具活力。今年随着封关临近，预计政府将进一步出台扶持政策，推 动行业向好发展。(完) 中新社海口4月13日电 (记者王子谦)第五届中国国际消费品博览会13日在海口开幕，毕马威中国与穆迪 达维特报告在展会上联合发布《海南自贸港旅游零售白皮书2025版》。报告预计，海南自贸港封关运作 后，短期内将形成免税零售与有税零售并轨共存的格局，长期将逐步推行"落地免税"政策。 今年是海南自贸港的封关运作之年。报告预计，未来在"简税制"平稳过渡的背景下，海南在进口消费品 的税制安排方面更具有独特优势。预计海南的旅游零售市场在短期内形成免税(离岛免税、岛民免税、 离境退税等)+有税(传统线上线下有税、回头购、跨境电商O2O新试点等)共存格局，长期将逐步推行"落 地免税"政策 ...

以下文章来源于中新经纬 ，作者薛宇飞 中新经纬 . 中新经纬是由中国新闻社主办的财经新媒体，拥有中国互联网新闻信息采编发布服务资质。以手机客户端（APP）等为主要传播平台，以"权威、前瞻、 专业、亲和"为特色宗旨，传播财经资讯、解读经济政策、讲述商界故事，打造精英的财经资讯平台。 自贸港"封关"是什么？ 文 ｜ 薛宇飞 编辑 ｜ 李晓萱 来源｜ 中新经纬（ID：jwview） 封面来源 ｜ Pexels "当前，海南正加紧落实封关运作方案，推进自由贸易港核心政策落地，精心做好各项准备工作，确保 2025 年底如期顺利实现封关运作。" 在博鳌亚洲 论坛 2025 年年会 上， 海南省省长刘小明 表示。 自贸港"封关"是什么？封关后去海南，需要办理通行证吗？企业和居民如何享受便利？ 资料图 中新经纬 王玉玲摄 "一线""二线"是个啥？ 对于关注海南自贸港建设的人来讲，可能会听到过"一线"放开、"二线"管住等内容。何为"一线"，哪里又是"二线"？ 禁限类清单、进口征税商品目录尚待正式公布。于涛预计，这两个目录未来会不断地调整，比如，进口征税商品目录会变得越来越短，海南自贸港的对外 开放力度会越来越大。 于涛表示，根 ...