封关是指将海南岛全岛建成一个海关监管特殊区域，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。"一线"放开，是将海南自贸港与我国关境外其他国家和地区之间作 为"一线"，实施一系列自由便利进出举措；"二线"管住，是将海南自贸港与内地之间作为"二线"，针 对"一线"放开的内容实施精准管理。 7月23日，财政部、海关总署、税务总局联合印发了两则通知，明确海南自由贸易港全岛封关时的货物 税收政策，海南自由贸易港进口"零关税"制度体系基本确立。这将大幅提升海南自由贸易港货物贸易自 由化便利化水平。 上述三部门发布的《关于海南自由贸易港货物进出"一线"、"二线"及在岛内流通税收政策的通知》（下 称《通知》），明晰了今年底海南自贸港封关后的具体货物适用税收政策。概括来说，《通知》有三项 核心内容： ·在海南自由贸易港登记注册的独立法人企业，自由贸易港内符合条件的事业单位及民办非企业单位 （下称"享惠主体"）经"一线"进口征税商品目录以外的货物（下称"'零关税'货物"）免征进口税收（包 括进口关税、进口环节增值税和消费税）。 两则《通知》拟于全岛封关运作之日起施行，届时现有进口"零关税"政策 ...

Group 1 - The core point of the news is that Hainan Free Trade Port will officially close customs on December 18, 2023, marking a significant step towards further opening up the region [1][2]. - "Closing customs" means establishing Hainan Island as a special customs supervision area, implementing a policy characterized by "one line" being open, "two lines" being managed, and free movement within the island [2]. - The "one line" refers to the open policy between Hainan Free Trade Port and other countries and regions outside China's customs, while the "two lines" involve precise management of the open policies with the mainland [2]. Group 2 - There will be no changes in the entry and exit of personnel to Hainan after the customs closure; travelers will continue to enjoy the same travel experience without needing additional documentation [3]. - The range of "zero tariff" products will expand from the current 1,900 tax items to approximately 6,600 tax items, covering about 74% of all product tax items, which is an increase of nearly 53 percentage points compared to before the customs closure [4]. - The benefits of the new policies will extend to various enterprises and institutions across the island, significantly reducing production costs and enhancing the level of trade liberalization and facilitation in Hainan Free Trade Port [4].

Group 1: Policy Changes and Economic Impact - The Hainan Free Trade Port will officially start its full island closure operation on December 18, 2025, with a significant increase in the proportion of "zero tariff" goods from 21% to 74% [1] - The processing value-added threshold for island products to enter the mainland duty-free is set at over 30%, indicating a major shift in trade dynamics [1] - The cross-border asset management pilot program will initiate with a scale of 10 billion yuan, marking a breakthrough in financial services [1] Group 2: Industry Opportunities - The zero tariff policy will encompass 6,600 product categories under a negative list management system, facilitating the free flow of industrial chains across the island [2] - The opening of bonded maintenance for 38 types of goods and the removal of import licenses for 60 types of old machinery will create a market space worth trillions for high-end manufacturing [2] - The annual limit for duty-free shopping for tourists will increase to 100,000 yuan, leading to a significant expansion in the variety of duty-free products available [2] Group 3: Key Companies and Their Prospects - Hainan Ruize (002596), a leading local cement company with over 40% market share, is expected to benefit from increased infrastructure demand due to the Free Trade Port's development [4] - China Duty Free Group (601888), the world's largest duty-free operator, is likely to see its market share grow as the scope of "island-wide duty-free" expands [4] - Caesar Travel (000796), a local tourism leader, may experience explosive growth in cruise and high-end customized travel services due to the facilitation of international tourist entry and enhanced duty-free shopping [4] - Hainan Highway (000886), a state-owned transportation infrastructure platform, will likely see increased toll revenue and commercial value from service areas as tourist numbers rise [4] - Hainan Development (002163) plans to inject duty-free assets from its controlling shareholder, which could synergize with its existing construction business [5] - Hainan Qicheng Group (603069), a public transport leader, may shift its valuation from traditional passenger transport to duty-free operations if its parent company injects duty-free business into it [5]

Core Viewpoint - The official announcement of the Hainan Free Trade Port's closure is set for December 18, 2025, marking a significant milestone in the region's development and further opening up to international markets [2][4]. Group 1: Closure Policy and Implementation - The closure will transform Hainan Island into a customs supervision special zone, characterized by a policy of "one line open, one line controlled, and free flow within the island" [4]. - The closure is not intended to isolate the island but to enhance international connectivity and attract global resources, facilitating high-quality development of the Hainan Free Trade Port [4][5]. - Preparations for the closure policy are complete, including the establishment of tax exemption lists and necessary infrastructure [5][6]. Group 2: Tax Policies and Trade Facilitation - The "zero tariff" policy will significantly expand, covering more goods and increasing the range of beneficiaries, thereby reducing production costs and enhancing market vitality [7][8]. - The tax policies will allow independent legal entities registered in Hainan to import goods outside the taxable list without incurring import taxes, promoting trade freedom [7][8]. - The new tax framework will be implemented upon the closure, integrating existing zero tariff policies into the overall tax system for the Free Trade Port [7]. Group 3: Travel and Trade Impact - Travel to and from Hainan will remain unaffected, with no additional documentation required for travelers, ensuring smooth international and domestic connections [9]. - The current management of goods and personnel will largely remain unchanged, with only specific goods subject to inspection when entering the mainland [9]. Group 4: Economic Development and Open Policies - Hainan aims to leverage the closure to accelerate the establishment of an international tourism consumption center, enhancing the tourism experience and consumer confidence [10]. - From 2020 to 2024, Hainan's actual foreign investment is expected to exceed the total of the previous 32 years, with a significant annual growth rate in trade [11]. - The Ministry of Commerce will continue to support the development of Hainan as a key open platform, focusing on enhancing institutional openness and fostering new economic growth [12].

王昌林表示，1978年12月18日，党的十一届三中全会开启了改革开放和社会主义现代化的伟大征程。在 12月18日这一天启动封关运作，具有重要象征意义，也是向世界展示我国坚定不移扩大高水平开放的决 心和信心。接下来还有几个月时间，我们将抓紧做好后续准备工作，帮助经营主体充分了解封关政策、 开展相关业务测试。 来源：新华社 记者：魏玉坤、张晓洁；海报制作：栾若卉 关注" 新华网财经 "视频号 更多财经资讯等你来看 往期推荐 新华社权威快报| 2025年12月18日海南自贸港全岛封关正式启动 国家发展改革委副主任王昌林7月23日在国新办发布会上表示， 关于海南自贸港封关的具体时间，经党 中央批准，定于2025年12月18日正式启动。 万达，再卖资产 金价大涨！ ...

Core Viewpoint - The Hainan Free Trade Port will officially start its customs closure operation on December 18, 2025, symbolizing China's commitment to high-level openness and development [1][2]. Group 1: Customs Closure and Policy Implementation - The customs closure will not restrict the island but will enhance openness and promote high-quality development of the Hainan Free Trade Port [1]. - The closure will implement a policy characterized by "one line open, two lines controlled, and free flow within the island," facilitating international trade and movement [2]. - The current management of goods and personnel entering and exiting Hainan will remain unchanged before and after the customs closure [1]. Group 2: Financial and Trade Policies - After the customs closure, the National Development and Reform Commission will gradually establish financial policies that align with openness and development, including cross-border asset management pilot programs [4]. - The customs closure will expand the range of zero-tariff goods and adapt to the shift from manufacturing to service industry openness [4]. - The Ministry of Commerce will support the Hainan Free Trade Port in becoming a significant gateway for China's new era of openness, enhancing the business environment and promoting trade innovation [7]. Group 3: Regulatory and Tax Reforms - The customs closure will optimize the processing and value-added tax exemption policy in four key areas, enhancing the overall tax system [9]. - The range of zero-tariff goods will increase to approximately 6,600 tax items, covering 74% of all goods, a significant increase of nearly 53 percentage points compared to before the closure [9]. - The Ministry of Finance will continue to deepen tax reforms, ensuring sustained policy strength and benefits, including adjustments to the import tax item catalog and the duty-free shopping policy [9][11].

Core Viewpoint - The establishment of the Hainan Free Trade Port is a significant step towards enhancing international trade and economic cooperation, with a focus on high-quality development and increased openness [2][3][4][6]. Group 1: Policy Implementation - The "closure" of Hainan is not a restriction but a means to further open up and facilitate smoother international exchanges, maintaining efficient connections with the mainland [2][5][6]. - The current focus is on policy implementation to enhance the sense of gain for businesses and the public, integrating innovative systems, and establishing Hainan as a crucial point for domestic and international dual circulation [3]. Group 2: Taxation and Trade - The coverage of "zero tariff" goods has significantly increased, expanding from approximately 1,900 tax items to about 6,600 tax items, which constitutes 74% of all goods, marking a 53 percentage point increase compared to pre-closure policies [4]. - The implementation of a negative list management system for "zero tariff" goods will replace the previous positive list, indicating a substantial increase in the openness of the trade environment [4].

王昌林表示，1978年12月18日，党的十一届三中全会开启了改革开放和社会主义现代化的伟 大征程。在12月18日这一天启动封关运作，具有重要象征意义，也是向世界展示我国坚定不 移扩大高水平开放的决心和信心。接下来还有几个月时间，我们将抓紧做好后续准备工作， 帮助经营主体充分了解封关政策、开展相关业务测试。 来源：新华社 据新华社消息，国家发展改革委副主任王昌林7月23日在国新办发布会上表示，关于海南自贸 港封关的具体时间，经党中央批准，定于2025年12月18日正式启动。 ...

Core Viewpoint - The acquisition of Hainan Meilan International Airport by Hainan Airport is a strategic move to enhance the airport's core business and capitalize on the opportunities presented by the Hainan Free Trade Port's development, aiming to create a robust aviation hub and improve investor returns [1][3][12]. Group 1: Acquisition Details - Hainan Airport announced the acquisition of 50.19% of Hainan Meilan International Airport for 2.339 billion yuan, with plans for a comprehensive takeover to maintain its listing status [1][4]. - The acquisition is expected to consolidate core assets and optimize aviation resource allocation, potentially reshaping the airport industry in Hainan and China [3][4]. Group 2: Operational Synergies - The merger will allow for unified management of Hainan's three major airports, increasing annual passenger throughput to over 50 million, enhancing the region's status as a significant aviation hub [4][9]. - The integration will eliminate related party transactions, improve operational efficiency, and enable coordinated route planning to reduce competition among airports [6][9]. Group 3: Financial Implications - Post-acquisition, Hainan Airport's revenue from airport management is projected to exceed 60%, facilitating a shift from real estate to aviation transportation classification [7][12]. - Hainan Meilan International Airport will benefit from improved financial stability, allowing for infrastructure upgrades and better credit ratings, which will lower financing costs [8][12]. Group 4: Strategic Development - The acquisition aligns with the Hainan Free Trade Port's goal of enhancing infrastructure control and facilitating smoother customs operations [9][10]. - Future developments will focus on diversifying business operations, including low-altitude economy, aviation logistics, and high-end manufacturing, leveraging the strengths of both airports [10][11]. Group 5: Market Positioning - The merger positions Hainan Airport to become a key player in the national aviation market, enhancing its competitive edge and ability to attract international business [9][12]. - The strategic focus on airport operations and duty-free business is expected to create a unique flow entry point for the Hainan Free Trade Port, maximizing policy benefits [11][12].