Core Points - Hainan Free Trade Port will officially start full island closure on December 18, implementing a customs supervision system characterized by "one line open, one line controlled, and free within the island" [1][2] Group 1: Customs Supervision System - The customs supervision system has been established, allowing all goods except three categories to exit the island through non-customs supervision channels [2] - A total of 12 supporting regulations have been formulated for the customs supervision system, including full-process supervision for "zero tariff" goods and measures for "batch exit, centralized declaration" [2][3] - The customs operation's hardware and software conditions are ready, with upgrades to eight open ports and the establishment of ten "second-line ports" [2] Group 2: Tax Policies and Benefits - The processing and value-added tax exemption policy has been optimized, lowering the threshold for enterprises and expanding the range of applicable imported materials [4] - "Zero tariff" imported goods will not require additional import taxes when entering the mainland after being processed in Hainan [5] - The sales amount of duty-free goods for outbound travelers has increased by 28.52% year-on-year following the adjustment of duty-free shopping policies [6][7]

新华财经北京11月18日电（记者邹多为）11月18日，海南自由贸易港全岛封关运作进入倒计时30天。目 前，海关各项准备工作进展如何？企业怎样用好用足政策红利？百姓可以享受哪些生活实惠？在当天举 行的海关总署例行记者通报会上，相关负责人聚焦热点、回应关切。 准备工作基本就绪 海南自贸港封关运作后，将实施以"'一线'放开、'二线'管住、岛内自由"为基本特征的自由化便利化政 策制度。 高瑞峰表示，在强化安全准入（出）监管的基础上，"一线"通关将更加便捷，对不涉及检验检疫和许可 证件管理的进口"零关税"货物、保税货物实施径予放行，申报项目从105项简化至33项，同时，大幅压 缩"二线"出岛申报项目，实施"分批出岛、集中申报"通关模式，助力广大外贸企业降成本、增活力。 货物税收政策的变化也将为企业带来更多的机遇。《中华人民共和国海关对海南自由贸易港加工增值免 关税货物税收征管暂行办法》正是其中含金量很高的政策。 海关总署关税征管司副司长信燕表示，封关后，加工增值免关税政策进一步优化：一是放宽企业享惠门 槛；二是扩大进口料件范围；三是优化加工增值计算公式，将海南自产料件纳入增值部分；四是扩大加 工增值累计的适用范围。 " ...

Core Insights - The recent adjustments to the offshore duty-free shopping policy have led to significant changes in sales figures and product preferences among travelers [3][5]. Group 1: Policy Changes - The new policy, effective from November 1, includes the addition of two new product categories and three subcategories [5]. - It expands the benefits to departing travelers and allows six categories of domestic products to be sold in offshore duty-free shops [5]. - Island residents are now permitted to purchase "immediate pick-up" items without limit once a year when departing [5]. Group 2: Sales Performance - As of November 17, the total monitored offshore duty-free sales amount reached 1.325 billion yuan, reflecting a year-on-year increase of 28.52% [3]. - The newly added electronic consumer products have gained popularity among departing travelers, contributing to the rise in sales [3]. Group 3: Regulatory Measures - Customs authorities are maintaining a balance between regulation and facilitation, actively combating illegal activities such as "proxy purchasing" and smuggling [7]. - Since May, the proportion of high-risk amounts in offshore duty-free sales has been kept below 2% for six consecutive months [7].

海南自贸港封关运作各项准备工作基本就绪 中新社北京11月18日电 (记者 刘亮 尹倩芸)11月18日，距离海南自由贸易港全岛封关运作还剩一个月时 间。记者从中国海关总署当天举行的通报会上获悉，目前封关运作各项准备工作已基本就绪。 "封关运作所需的软硬件条件已准备就绪。"海口海关关长高瑞峰在会上指出，国际旅行卫生保健中心等 4个海关封关保障项目已全部投入使用。10个"二线口岸"通过国家验收，监管设施设备具备启用条件。 海关智慧监管平台已上线运行，功能完备、运行顺畅，满足封关运作海关监管需要。 海关总署等多部门高度重视服务保障海南自由贸易港建设，出台一系列政策文件，推动自由化便利化措 施加快落地见效。通报会介绍，封关运作后，政策效应将进一步释放。 例如，封关运作后的加工增值免关税货物税收征管办法享惠门槛降低，受益面扩大，能更好助力岛内相 关企业开展加工制造，有利于培育打造产业链和产业集群。同时，海南自贸港进口货物径予放行政策， 通过简化非涉税非涉检非涉证货物进口流程，实现口岸快速放行，推动商品、资本、技术等要素自由流 动，将助力提升招商引资政策优势。 海关总署口岸监管司副司长华正红指出，这些政策调整进一步满足旅客 ...

Core Viewpoint - The new policy on duty-free shops aims to enhance consumption and support the high-level opening-up of the economy, effective from November 1, 2025, focusing on consumer demand and market development challenges [1][2]. Group 1: Policy Implementation - The policy encourages the expansion of domestic product sales in duty-free shops, promoting traditional cultural products and high-quality domestic goods [1]. - New categories of goods will be added to the duty-free shops, including mobile phones, drones, sports goods, health foods, over-the-counter drugs, and pet foods, significantly enriching shopping options for travelers [1][3]. Group 2: Market Impact - The implementation of the policy is expected to attract foreign tourists and stimulate domestic consumption, with early signs of success shown by a 34.86% year-on-year increase in duty-free shopping in Hainan, surpassing 5 billion yuan in the first week [2][4]. - The policy aligns with the diverse shopping needs of both domestic and international travelers, enhancing the convenience of shopping and accelerating the consumption boost effect [2]. Group 3: Hainan Free Trade Port - The Hainan Free Trade Port will start full closure operations on December 18, 2023, with the duty-free policy continuing to be implemented, further enhancing shopping convenience for departing travelers [3]. - The number of duty-free product categories has increased from 45 to 47, now including pet supplies and musical instruments, catering to a wider range of consumer preferences [3]. Group 4: Historical Context - Over the past five years, the duty-free policy has generated approximately 195.8 billion yuan in shopping amounts, with around 28.58 million shoppers and 240 million items purchased, becoming a significant driver of tourism consumption in Hainan [4].

Investment Rating - The report maintains a "Buy" recommendation, focusing on opportunities arising from Hainan's customs closure and new duty-free policies [1]. Core Insights - The implementation of the new duty-free policy in Hainan has led to a significant increase in tourism consumption, with duty-free shopping amounting to 506 million yuan and a 34.86% year-on-year growth in shopping amounts during the first week of November [4][36]. - The Hainan Free Trade Port's policies are expected to stimulate regional economic development and industry upgrades, enhancing the performance of related companies such as China Duty Free Group, Wangfujing, and Caesar Travel [4][36]. - The consumer services sector showed a slight increase of 0.11% this week, underperforming compared to the broader market indices [7][26]. Summary by Sections Industry Basic Data - The consumer services industry consists of 55 listed companies with a total market capitalization of 498.8 billion yuan and a circulating market value of 457.1 billion yuan [1]. Relative Index Performance - The absolute performance over the last month was -7.7%, with a 12-month performance of 9.2% [2]. Weekly Industry Performance - The consumer services sector's weekly performance was 0.11%, while the broader indices like the CSI 300 and the Hang Seng Index showed gains of 0.82% and 0.77%, respectively [7][26]. Important Announcements - Guangzhou Restaurant repurchased 6.3184 million shares, accounting for 1.11% of its total share capital [31]. - Changbai Mountain reported a net profit of 150 million yuan for Q3, a 19.43% increase year-on-year [31]. Upcoming Shareholder Meetings - Notable upcoming meetings include China Duty Free Group on November 24 and Zhonggong Education on November 25 [35]. Industry News - The duty-free shopping market in Hainan is expected to grow significantly due to the new policies, with a notable increase in the variety of goods available [36]. - The trend of fresh dining experiences continues, with companies like Haidilao introducing new product lines to enhance competitiveness [36].

Core Points - Hainan Free Trade Port will enter a new phase of full island closure operation, establishing itself as a special customs supervision area rather than an isolated island [1][2] Group 1: Benefits for Enterprises - Enterprises will enjoy broader benefits and lower thresholds, with the first batch of coffee beans imported under the "zero tariff" policy marking the acceleration of policy dividends into the real economy [3] - The "zero tariff" policy will cover approximately 74% of product tax categories, benefiting key industries such as pharmaceuticals and high-end food processing, with an expected increase to about 6,600 tax categories [3] - The processing and value-added tax exemption policy has been upgraded, removing income proportion restrictions and expanding the range of imported materials, which will further lower the threshold for enterprises to benefit [4] - The "low tax rate" policy will also benefit enterprises, with over 1,100 encouraged industry categories now available, allowing for a 15% corporate income tax reduction [4] Group 2: Benefits for Individuals - High-end and urgently needed talents in Hainan will benefit from personal income tax exemptions on amounts exceeding 15%, with a more flexible residency requirement introduced [5][6] - The recent adjustments to the duty-free shopping policy for residents have increased shopping flexibility and convenience, allowing for unlimited purchases of 15 categories of goods with just one departure record [6] Group 3: Regional Development - The new "second-line port" for cargo has significantly improved customs efficiency, allowing for faster processing times and enhancing the flow of goods [7] - Infrastructure improvements are translating into development momentum, with new shipping routes established, enhancing trade connections between Hainan and South America [7][8] - Hainan is positioned to become a strategic hub for economic cooperation with ASEAN, leveraging its unique geographical and policy advantages [8]

Core Insights - The new duty-free policy in Hainan, effective from November 1, aims to boost the local duty-free market and tourism consumption, contributing significantly to the construction of Hainan as an international tourism consumption center [1][2] Group 1: Policy Implementation and Initial Impact - On the first day of the new duty-free policy, the shopping amount reached 78.549 million yuan, with 54,800 items sold and 12,700 shoppers, indicating a 6.1% increase in sales compared to the previous day [1] - Cumulative sales from 2020 to August 2025 are projected to reach 206.9 billion yuan, which is 3.8 times the total sales from 2011 to 2019, highlighting the rapid growth of Hainan's duty-free market [1] Group 2: Target Audience and Product Range Expansion - The policy now includes outbound travelers, expanding the benefits to those who previously relied on overseas duty-free shops, with over 2 million inbound and outbound travelers recorded in Hainan this year, a 22.4% increase year-on-year [2] - Six categories of domestic products have been added to the duty-free sales, promoting a blend of imported and domestic goods, which is expected to enhance the international influence of domestic brands [2] Group 3: Market Dynamics and Future Prospects - The new policy allows island residents with a record of leaving the island within a year to purchase duty-free items without limit, which is anticipated to increase shopping frequency and conversion rates [2]

Core Insights - The new duty-free policy in Hainan has shown an initial positive impact on sales, with a 6.1% increase in sales on the first day compared to the day before the policy was implemented [1] Sales Performance - On the first day of the new policy, the total duty-free shopping amount reached 78.549 million yuan, with a total of 54,800 items sold and 12,700 visitors participating [1] - The sales increase indicates a strong initial response from consumers to the new policy [1] Policy Details - The new policy allows six categories of domestic products to be sold duty-free, enhancing the shopping experience for residents [1] - Island residents are permitted to purchase "immediate pick-up" goods once a year without restrictions on the number of purchases [1]

Core Insights - The new duty-free policy in Hainan, effective from November 1, allows island residents to purchase duty-free items without limit after one departure, significantly enhancing consumer experience and satisfaction [1][3] - The policy expansion includes a broader range of eligible consumers, now encompassing departing travelers, which addresses previous limitations on duty-free shopping [2][3] - The introduction of new product categories, including pet supplies and portable musical instruments, increases the total number of duty-free categories to 47, enhancing the shopping experience for consumers [4][5] New Experience - Travelers can now enjoy duty-free shopping without previous restrictions, as seen with a traveler who adjusted his flight to take advantage of the new policy [2] - The new policy allows island residents to purchase 15 categories of "immediate purchase and pick-up" items without limit within a year, improving shopping convenience [3] New Consumption - The duty-free product list has been expanded to include two new categories and three new subcategories, enhancing the variety of available products [5] - Retailers have proactively stocked new products in anticipation of the policy changes, ensuring a diverse selection for consumers [5] New Support - The policy aims to promote domestic products alongside imported goods, enhancing the visibility and sales of local brands in the duty-free market [6] - Customs authorities have implemented supportive measures to ensure smooth execution of the new policy, including system upgrades and regulatory adjustments [7]