Core Viewpoint - The article highlights the positive market performance of the Shanghai and Shenzhen stock exchanges, with specific emphasis on the significant gains in the Hainan Free Trade Zone sector and the tourism industry, driven by upcoming policy changes and market conditions [1][5]. Market Performance - As of the midday close, the Shanghai Composite Index is at 3599.44 points, up 0.48%, the Shenzhen Component Index is at 11130.72 points, up 0.65%, and the ChiNext Index is at 2327.36 points, up 0.72% [1][2]. - The total trading volume in the Shanghai and Shenzhen markets reached 1.12 trillion yuan, a decrease of 23 billion yuan compared to the previous trading day, with over 3900 stocks rising [3]. Sector Analysis - The Hainan Free Trade Zone sector experienced significant gains, alongside strong performances in the semiconductor supply chain, large financial stocks, duty-free shop concepts, rare earth permanent magnets, and the tourism and hotel sectors [2][5]. - Conversely, sectors such as precious metals, CPO, and pork stocks showed weakness [2]. Institutional Insights - According to Citic Securities, the official announcement regarding the Hainan Free Trade Port's full island closure on December 18, 2025, is expected to enhance trade and accelerate the development of Hainan as an international tourism consumption center, benefiting various stakeholders in the tourism industry [5]. - The continued implementation of the offshore duty-free policy is anticipated to maintain the competitive advantage of duty-free operators, with the closure expected to increase Hainan's attractiveness and boost the overall development of the tourism retail market [5]. - China Galaxy Securities notes that the government's focus on "stabilizing growth and the stock market" will positively influence the securities sector, with expectations of improved liquidity and investor confidence contributing to the sector's upward trend [5].

证券研究报告 点评报告 2025 年 7 月 24 日 晨会纪要 核[心Ta观bl点e_：Summary] 第一创业证券研究所 一、产业综合组： 农业农村部 23 日召开推动生猪产业高质量发展座谈会。提出要合理淘汰能繁母猪， 适当调减能繁母猪存栏，减少二次育肥，控制肥猪出栏体重，严控新增产能。去年 下半年以来，生猪行业及时开展逆周期调节，生猪养殖自去年 5 月份以来已连续 14 个月盈利。目前生猪产能和出栏量进一步向大企业集中的趋势明显，在本次进 一步压控产能政策后，我们认为生猪价格下跌的风险较小，上涨的概率加大，因此 看好行业景气度提升的投资机会。 玖龙纸业多个生产基地发布涨价函，宣布将在 8 月 1 日起上调瓦楞纸、再生牛卡纸 30 元/吨。这是该纸企自 7 月 1 日、7 月 10 日之后、7 月 12 日发布的第四轮涨价 函。目前国内多数传统行业都在发布"反内卷"的政策压控产能产量，造纸行业也 因为下游需求萎缩和行业产能出清慢，一直处于微利或亏损状态，存在后续也会有 造纸行业反内卷政策出台的可能，因此我们看好以包装用途为主的瓦楞纸行业景气 度提升的机会。 风险提示： 对上述事件发展趋势的点评，存在由于 ...

Core Viewpoint - The recent announcement regarding the Hainan Free Trade Port has significantly boosted market sentiment, leading to a surge in related stocks, with expectations of long-term benefits for various sectors, particularly tourism and retail [1][2][11]. Summary by Sections Hainan Free Trade Port Announcement - The State Council announced that the Hainan Free Trade Port will officially start its full island customs closure on December 18, 2025, which is expected to enhance the region's trade and tourism capabilities [4][11]. Market Reaction - Following the announcement, Hainan-related stocks experienced a dramatic increase, with the entire sector rising over 9%, and specific companies like Kangzhi Pharmaceutical and China Duty Free Group reaching their daily limits [4][11]. Tax and Trade Policy Changes - The updated customs policies include a significant increase in the "zero tariff" goods from 1,900 to approximately 6,600 items, covering 74% of all goods, which is a 53 percentage point increase compared to before the closure [5][8]. - The scope of beneficiaries for the "zero tariff" policy has expanded to include various enterprises and organizations with actual import needs, enhancing the competitiveness of local industries [9]. Long-term Benefits for Industries - The trade closure is expected to accelerate the development of Hainan as an international tourism consumption center, benefiting the tourism industry, including scenic spots, hotels, and retail services [2][11]. - The continued implementation of duty-free policies is anticipated to maintain the competitive edge of duty-free operators, while the overall attractiveness of Hainan is expected to drive growth in the tourism retail market [11][12]. Implications for Specific Companies - Companies in the travel agency sector are likely to benefit from increased demand for professional services as Hainan becomes a key destination for international travelers [12]. - Duty-free retailers may face challenges due to increased competition but will still have potential for growth driven by policy and demand [12].

Group 1: Humanoid Robots Sector - The humanoid robot sector is entering a period of intensive catalysts, with improved sentiment following previous corrections and positive changes in the domestic and international robot industry chain [1] - Domestic manufacturers are achieving order breakthroughs, indicating that humanoid robots are gradually moving towards commercialization [1] - Major events such as the 2025 World Artificial Intelligence Conference and the 2025 World Robot Conference are expected to continuously catalyze the sector [1] Group 2: Hainan Free Trade Port and Tourism Industry - The Hainan Free Trade Port will officially start its full island closure on December 18, 2025, which will significantly benefit the tourism industry chain, including scenic spots, hotels, and travel retailers [2] - The continued implementation of offshore duty-free policies will maintain competitive advantages for duty-free operators, enhancing the overall development of Hainan's tourism retail market [2] - Leading commercial layouts and supply chain resources will support the competitive position of offshore duty-free operators in Hainan's retail market [2] Group 3: Electrolytic Aluminum Sector - The electrolytic aluminum sector is experiencing a strong fundamental outlook, with low inventory levels and a rebound in downstream operations [3] - The demand for electrolytic aluminum is expected to maintain high growth rates in sectors like photovoltaics, supporting price increases [3] - The outlook for the second half of 2025 indicates an expansion in profits for the electrolytic aluminum sector [3] Group 4: Securities Sector - Multiple factors are driving the upward trend in the securities sector's prosperity, including government policies aimed at stabilizing growth and boosting the capital market [4] - A moderately loose liquidity environment and improved capital market conditions are enhancing investor confidence and expectations for long-term capital expansion [4] - The overall improvement in the basic outlook for the securities sector is expected to continue [4]

Group 1 - The next round of China-US economic talks is scheduled for July 27-30 in Sweden, focusing on mutual respect and cooperation [2] - The Hainan Free Trade Port is set to officially launch on December 18, 2025, as part of its development strategy [2] - The Ministry of Public Security emphasizes that current "smart driving" systems in vehicles have not achieved full automation, highlighting the legal responsibilities of drivers [2] Group 2 - A new round of coal production checks is being initiated to stabilize coal supply, as confirmed by the National Energy Administration [3] - The National Development and Reform Commission is working on enhancing cooperation between state-owned and private enterprises to boost economic vitality and competitiveness [3] - The Ministry of Agriculture and Rural Affairs is focusing on stabilizing the pig market and promoting the transformation of the pig industry [3] Group 3 - The Ministry of Science and Technology has released ethical guidelines for automated driving technology to mitigate ethical risks in its development [4] - The Dalian Commodity Exchange has adjusted trading limits and margin requirements for industrial silicon and polysilicon futures [4] - The Supreme People's Court has issued new regulations to protect the rights of homebuyers, effective July 24, 2025 [5] Group 4 - Companies such as Hanjian He Shan and China Railway Industry have reported no significant changes in their operational environments [6][7] - There are uncertainties regarding the participation of companies like *ST Zhengping and Huaxin Cement in the Yaxia Hydropower Project [10][11] - Watson Bio has signed a strategic cooperation framework agreement with a state-owned capital operation company [16] Group 5 - The establishment of China Fusion Energy Co., Ltd. marks a significant development in the nuclear fusion industry, indicating a trend towards commercialization [21] - The Hainan Free Trade Port's upcoming closure will lead to significant changes in tax policies, enhancing its attractiveness for tourism and retail [21]

Investment Rating - The industry investment rating is "stronger than the market," indicating an expected increase of over 10% in the industry index relative to the broader market within the next six months [9]. Core Insights - The Hainan Free Trade Port is set to officially start its customs closure on December 18, 2025, implementing a more liberalized and convenient policy framework characterized by "one line open, one line controlled, and free movement within the island" [2]. - The updated customs policies will significantly enhance the scope of "zero tariff" goods, increasing the number of applicable tariff items from 1,900 to approximately 6,600, which represents about 74% of all tariff items, a rise of nearly 53 percentage points compared to before the closure [3]. - The tourism sector in Hainan is expected to benefit greatly from the new policies, with projections indicating that the province will receive 97.2 million domestic and international tourists in 2024, a year-on-year increase of 8%, with inbound tourists growing by over 100% [4]. Summary by Sections Investment Highlights - The customs closure will introduce more favorable "zero tariff" policies, with the proportion of zero tariff goods increasing significantly [2][3]. - The scope of beneficiaries for the zero tariff policy will expand to include various enterprises and institutions with actual import needs across the island [3]. - The new policies will facilitate the free flow of zero tariff goods among beneficiaries, enhancing the competitiveness of local industries and fostering industrial clusters [3]. Tourism Impact - Hainan's tourism appeal is expected to rise sharply, benefiting from both domestic and inbound tourism growth due to the new customs policies [4][7]. - The demand for professional tour services and one-stop solutions for international tourists is anticipated to increase, benefiting travel agencies involved in cross-border tourism [7]. Investment Recommendations - The report suggests focusing on travel agencies that will benefit from the recovery of tourist flows and the expansion of inbound tourism, as well as duty-free retailers that will enjoy dual drivers from policy and demand [8].

Core Insights - The implementation of the Hainan Free Trade Port in 2025 signifies a new phase in its development, leading to significant impacts on trade, taxation, resource attraction, international status, and personnel mobility [2][3][4][5][6]. Trade Liberalization and Facilitation - After the closure, Hainan will allow free movement of goods, capital, and personnel with a regulatory model of "one line open, one line controlled, and free within the island," enhancing trade efficiency [2]. Tax Policy Advantages - Hainan will operate as a "domestic outside" area, where most goods entering the island will be exempt from import duties, significantly reducing operational costs for businesses and shopping costs for consumers [3]. Attraction of Global Resources - The new operational model will create a more open and efficient international trade and investment environment, attracting global capital, technology, and talent, leading to job creation and economic diversification [4]. Enhancement of Hainan's International Status - Hainan will gain significant influence as a free trade port, increasing its participation in global economic cooperation and enhancing China's position in the world economic landscape [5]. Improved Personnel Mobility - The closure will facilitate easier travel for visitors, with many countries allowing visa-free entry to Hainan, and local residents will find it easier to travel abroad for business and tourism [6]. Company Registration Changes - Companies can still be registered post-closure, but with changes in requirements, including industry restrictions and the need for real business addresses [7][8]. Housing Policy Adjustments - Post-closure, external individuals can still purchase property, with significant changes in purchasing qualifications and reduced restrictions based on social security contributions [11][12][13][14]. Comparison with Hong Kong - While both Hainan and Hong Kong implement free port policies, they differ in regulatory nature, economic policies, industry focus, personnel movement, and legal frameworks [16][17]. Tax Incentives - Hainan will offer various tax incentives, including a reduced corporate income tax rate of 15% for qualifying businesses and a simplified tax structure to attract investment [23][24][25][26][27].