12月18日，海南自由贸易港将启动全岛封关运作。目前，准备工作进入最后阶段，海关工作人员抓紧调试监管设施，演练相关流程，"备战"封关。 # S (9 S D7 海口海关动植 12月11日拍摄的位于海南三亚崖州湾科技城月亮岛的海口海关动植物检疫中心。 新华社记者 金立旺 摄 .50U llo 173 CU.M. < I Vale OFFIC 12月11日，在位于儋州市的洋浦国际集装箱码头，货车在进行"二线口岸"压力测试演练。 新华社记者 金立旺 摄 IEW the first e United e and the FRE the state 8 14 7 20 the client Subtitle well n 1 Best Start of E and and The Market r on t 1 e is to C - 不應時模 and a the ( IDC 11 1 12月11日，在位于儋州市的洋浦国际集装箱码头，货车在进行"二线口岸"压力测试演练。 新华社记者 金立旺 摄 lle cdfamall | 日会民 越自在 允许"即购即提"方式提货的 高岛免税商品清单 日南即是 周岛都客在线下门店购买单 ...

海南省委深改办（自贸港工委办）压力测试与风险防控处副处长、海南自由贸易港封关运作前方工作组 第四组（海口组）组长陈坚介绍，海南自由贸易港封关运作前方工作组工作时间为1个月，跨 越"12.18"正式封关前后。下一步，各前方工作组将持续紧盯口岸运行、反走私实战运行、关键系统热 备运行、封关政策实单测试与落实等方面工作情况，与现场相关单位同题共答，及时推动解决各类运行 问题，协力做好封关各项准备工作，确保2025年12月18日海南自由贸易港正式启动全岛封关运作平稳有 序，以及正式封关后运行安全平稳。 为做好封关冲刺阶段准备和正式封关后衔接磨合工作，海南抽调了海南省委深改办（自贸港工委办）及 省直各相关单位精干力量，组建海南自由贸易港封关运作前方工作组。12月3日起，各前方工作组深入 全省各对外开放口岸、"二线口岸"、部分反走私综合执法站和离岛免税店开展蹲点工作，重点掌握口岸 试运行、反走私实战运行、政策实单测试、信息化系统运行等封关准备任务的最新情况，第一时间发现 问题、解决问题。 11日上午，海南自由贸易港封关运作前方工作组第四组（海口组）先后来到海口新海港和南港、海口美 兰国际机场，就加强封关氛围营造、"二线口 ...

人民财讯12月10日电，12月9日，海南省发展控股有限公司(简称："海南控股")与中国进出口银行(简 称："进出口银行")在海口举行工作座谈。双方就海南自由贸易港封关运作背景下，如何深化战略协 同、强化金融赋能实体经济等进行深入探讨。 ...

Group 1 - The core event marks the launch of Hainan Province's 2025 "Constitution Promotion Week" series of activities, aimed at promoting legal knowledge and creating a favorable legal environment for the Hainan Free Trade Port's operations [1][2] - The event is part of a national initiative, included in the Ministry of Central Propaganda, Ministry of Justice, and National Legal Promotion Office's coordinated projects, highlighting the importance of constitutional spirit and legal education [1] - Various interactive zones were established at the event, including a quiz area, legal consultation services, and artistic performances that integrated legal knowledge, enhancing public engagement and awareness [2] Group 2 - The upcoming week will see a series of diverse legal promotion activities across the province, focusing on the theme of "Learning, Promoting, and Implementing Xi Jinping's Rule of Law Thought," aiming to embed constitutional law into daily life [2] - The activities are designed to support the high-level opening and quality development of the Hainan Free Trade Port by establishing a solid legal foundation and fostering a strong social atmosphere [2]

人民财讯12月3日电，据海南日报，12月2日，海南省委书记冯飞在海口会见顺丰控股（002352）股份有 限公司董事长兼总经理王卫一行。双方围绕抢抓海南自由贸易港封关运作机遇，深化智慧物流、供应链 创新等领域合作进行交流。 ...

Core Viewpoint - The upcoming full closure operation of Hainan Free Trade Port marks a new stage of high-level opening in China, with China Duty Free Group (601888.SH) positioned as a key beneficiary due to its dominant position in the offshore duty-free market [3][4]. Policy and Strategic Significance - The closure operation is designed to create a new regulatory framework of "one line open, two lines controlled, and free within the island," significantly reducing tariffs on approximately 74% of goods, covering 6,600 tariff items, thus transforming Hainan into a "systemic open highland" [4][5]. - This policy change will create a favorable environment for duty-free and specialty goods, enhancing the development prospects for companies like China Duty Free Group [5]. Benefits for China Duty Free Group - The closure operation will bring three major policy benefits: 1. Continuous optimization of offshore duty-free policies, with increased quotas and expanded categories, directly benefiting China Duty Free Group as the market leader [6]. 2. Revolutionary upgrades in "island consumption" scenarios, allowing local residents and long-staying tourists to enjoy new consumption privileges, enabling the company to explore diversified business models [6]. 3. Significant improvements in supply chain efficiency, allowing better integration with international supply chains, reducing procurement costs and turnover times, thus enhancing price competitiveness and profitability [6]. Competitive Advantages - China Duty Free Group has established formidable competitive barriers through: 1. Exclusive licensing and first-mover advantages, being the only company with full duty-free channel licenses and extensive early investments in Hainan [8]. 2. Scale effects from partnerships with over 1,000 global brands, providing strong purchasing power and ensuring product diversity and exclusivity [8]. 3. Strong brand recognition and operational experience, making "China Duty Free" the preferred brand for duty-free shopping in China [8]. Future Growth Potential - The company's growth potential is reflected in three aspects: 1. Market expansion as Hainan aims to become an international tourism consumption center, with increasing tourist numbers and spending power [8]. 2. Consumption upgrades, benefiting from the trend of luxury goods consumption returning to China, with Hainan as a key destination [8]. 3. Business model innovation, exploring high-end taxable goods retail, brand flagship stores, and immersive experience consumption [9]. Financial Performance - In the first three quarters of 2025, the company reported revenues of 39.86 billion yuan, with a net profit of 3.05 billion yuan, reflecting year-on-year declines of 7.3% and 22.1% respectively [13]. - However, Q3 2025 showed signs of stabilization with revenues of 11.71 billion yuan, a slight year-on-year decrease of 0.4%, indicating a narrowing decline compared to earlier in the year [13][18]. - The gross profit margin remained high at 32.5%, showing a 0.5 percentage point increase from 2024, suggesting potential for recovery as the closure policy is implemented [18]. Market Trends - The Hainan offshore duty-free market is beginning to recover, with sales figures showing initial positive effects from new policies, indicating a potential expansion of the consumer base to include international travelers [18][19].

Core Points - Hainan Free Trade Port is preparing for its operational closure on December 18, with all foundational conditions in place and ongoing pressure tests indicating smooth operations [1][2] - The policy framework for the Hainan Free Trade Port has been established, including tax exemption policies for imported goods and customs supervision measures [1] - Comprehensive hardware facilities have been completed, including eight open ports and ten secondary ports, all of which are in trial operation [1] Summary by Sections - **Operational Readiness** - Hainan has initiated a comprehensive exercise and 24/7 hot operation to test the rapid response and collaborative capabilities of various departments [2] - Over 500 enterprises are participating in the trial operation of the secondary ports, with multiple rounds of testing already conducted [1][2] - **Policy Framework** - The Hainan Free Trade Port has established a complete policy system, including the import tax product catalog and tax policies for value-added processing [1] - Future policies will include more favorable zero-tariff measures, relaxed trade management, and efficient regulatory models [2] - **Investment Environment** - Hainan aims to create a market-oriented, rule-of-law, and international business environment to attract global resources and investments [2] - The government is actively inviting domestic and international investors to engage in business ventures in Hainan [2]

Core Insights - The preparation for the Hainan Free Trade Port's full closure operation is on track, with a focus on establishing a robust customs supervision system and risk prevention measures [1][3][8] Group 1: Customs Supervision and Infrastructure - The customs authority has completed the necessary soft and hard infrastructure for the closure operation, including the establishment of a comprehensive customs supervision system [3][4] - Twelve supporting regulations have been developed for the supervision of "zero tariff" goods and other applicable policies, which have been publicly announced [3][4] - The customs supervision system is designed to facilitate efficient and precise management, ensuring a smooth transition to the new operational model [5][8] Group 2: Innovative Regulatory Measures - The customs authority is implementing innovative regulatory measures, including a "batch departure, centralized declaration" model to streamline the customs process [6][8] - A smart regulatory platform has been launched to support the new customs procedures, allowing for efficient tracking and management of goods [6][7] - The processing and manufacturing sectors will benefit from a reduced threshold for tax exemptions on certain goods, promoting industrial development within the free trade port [6][8] Group 3: Market Response and Consumer Behavior - The recent increase in shopping among departing tourists indicates a positive market response to the preparations made by customs authorities [7] - Enhanced digital monitoring systems have been established to ensure compliance and prevent violations in the duty-free shopping sector [7][8] Group 4: Future Outlook and Policy Implementation - The customs authority aims to ensure a smooth transition to the new operational model post-closure, focusing on trade facilitation and effective supervision [8] - Policies will be actively promoted to ensure that market participants can fully benefit from the advantages of the free trade port [8]

Core Insights - The preparation for the Hainan Free Trade Port's full closure operation is on track, with a focus on establishing a robust customs regulatory system and risk prevention measures [1][2][8] - The customs authority has completed the necessary soft and hardware conditions for the closure operation, including the establishment of a comprehensive customs regulatory system [2][3] - Innovative customs supervision methods are being implemented to facilitate efficient and precise management of goods flow, particularly between Hainan and the mainland [4][5][8] Group 1: Customs Preparation - The customs authority has developed 12 supporting regulations for the supervision of "zero tariff" goods and other applicable policies, which have been publicly announced [2] - All four customs closure support projects have been put into operation, and the regulatory facilities at ten "second-line ports" have passed national acceptance [3] - The customs regulatory system for the Hainan Free Trade Port has been established, with ongoing pressure testing and comprehensive preparations for the closure operation [2][3] Group 2: Regulatory Innovations - The customs supervision design emphasizes a clear distinction between what is regulated and what is not, allowing for efficient management of goods leaving the island [4] - A new "batch departure, centralized declaration" model has been introduced, allowing eligible enterprises to streamline their export processes [4] - The "processing value-added tax exemption" policy aims to promote the development of Hainan's manufacturing sector and enhance industrial upgrading [5] Group 3: Risk Management and Monitoring - The customs authority has optimized the duty-free shopping regulatory system, adding 24 new functional modules and deploying intelligent monitoring equipment [6][7] - A comprehensive digital monitoring system has been established for duty-free goods, including dynamic risk monitoring models to combat illegal activities [6][7] - The customs authority is focused on ensuring a smooth transition to the new regulatory model post-closure, with an emphasis on effective policy implementation and communication [8]

Core Points - Hainan Free Trade Port has officially launched the countdown to its full closure, with 30 days remaining until the operation begins [2] - The composite drill for the closure operation and 7×24 hour hot operation has commenced, ensuring smooth and orderly operations [2] Group 1 - The composite drill includes coordination across ports, non-customs areas, core policies, and information systems, featuring multiple scenarios and cross-regional exercises [2] - Specific drills conducted include port and airport scenario drills, joint handling of misdirected port area incidents, and cross-regional anti-smuggling coordination exercises [2] - The overall progress of the composite drill was smooth, with effective collaboration among various departments and stable operation of systems and equipment [2] Group 2 - Future efforts will focus on core policies, market entities, hardware and software, personnel, process setup, operational coordination, and risk prevention [2] - The approach will be problem-oriented and goal-oriented, allowing for real-time adjustments and improvements to institutional mechanisms [2] - The aim is to ensure the stability of the soft and hard infrastructure and enhance collaboration across different positions, departments, and regions in preparation for the official operation launch on December 18 [2]