Macroeconomic Insights - November inflation data shows CPI increased by 0.7% year-on-year, meeting expectations, while month-on-month decreased by 0.1%. Core CPI, excluding food and energy, rose by 1.2% year-on-year. PPI decreased by 2.2% year-on-year, lower than the expected -2%, but increased by 0.1% month-on-month [5][7]. - The IMF projects China's economy to grow by 5.0% in 2025 and 4.5% in 2026 [7]. - The bond market continued its recovery, with long-term government bonds showing significant improvement. The main contract for 30-year government bonds rose by 0.3% [7]. Equity Market Analysis - The market exhibited a rebound after a dip, indicating strong support at lower levels. The computing hardware sector was pivotal in driving the index's recovery, and its core stocks will be crucial for future observations [9]. - The Ministry of Commerce's promotion of the "Fat Donglai model" focuses on the lower-tier market, indicating a shift in retail competition towards refined operations, personalized services, and deep digital integration for high-quality development [10]. - Hainan's free trade port's full island closure and its 14th Five-Year Plan mark a new phase of higher-level openness. Short-term investment prospects include consumer return and policy benefits, while medium-term focuses on modern service industries and unique industrial clusters [10].

Core Viewpoint - Hainan Free Trade Port will enter a new phase of full island closure operation on December 18, implementing a customs supervision special zone with a policy characterized by "one line open, one line controlled, and free movement within the island" [1][2] Group 1: Customs Supervision and Policy Implementation - The customs supervision system will differentiate between regulated and non-regulated goods, allowing most goods to exit through non-customs channels while only specific categories require customs supervision [2] - A series of customs regulatory systems have been established to support high-level open policies, ensuring smooth customs clearance and efficient supervision [2][4] - The customs regulatory framework has been preliminarily established to adapt to the needs of the Hainan Free Trade Port [4][16] Group 2: Infrastructure and Technological Support - Key projects for customs operations, including the Hainan International Travel Health Care Center, have been put into use, and ten "second-line ports" have passed national acceptance [4] - The customs smart supervision platform has been launched, integrating with existing systems to facilitate a streamlined process for goods [4][15] - A credit management system has been established for over 80,000 foreign trade entities in the province, enhancing customs efficiency through reduced inspection rates for AEO enterprises [5][12] Group 3: Operational Readiness and Testing - Multi-departmental tests and simulations are being conducted to ensure operational readiness for the full closure, focusing on optimizing processes and identifying issues [12][13] - The customs has implemented a "pre-declaration + smart diversion + non-intrusive inspection" model to expedite the clearance process for low-risk goods [12] - Pressure tests are being conducted to improve customs efficiency and ensure smooth port operations, with real-time monitoring of the entire process [11][12] Group 4: Innovations and Future Developments - Innovative measures such as a "one-stop customs service" and enhanced smart regulatory technology are being introduced to improve efficiency and convenience for personnel and goods [14] - The "front push and back move" policy aims to streamline agricultural product inspections, reducing congestion at ports [14] - The customs will continue to optimize the zero-tariff and processing value-added tax exemption policies to support enterprise development and industrial transformation [13][16]

Group 1 - Haikou Meilan International Airport has officially resumed its route to Macau, operated by Hainan Airlines using Boeing 737 aircraft, with flights scheduled twice a week on Tuesdays and Saturdays [1][2] - The outbound flight HU7935 departs Haikou at 19:30 and arrives in Macau at 20:45, while the return flight HU7936 leaves Macau at 21:45 and reaches Haikou at 23:15 [1] Group 2 - In November, Meilan Airport has opened direct flights to Kuching, Penang, and Nha Trang, and has increased the frequency of flights to Jeddah, London, Auckland, Sydney, Melbourne, and Kuala Lumpur [2] - By the end of the year, Meilan Airport is expected to launch international routes to Seoul, Ho Chi Minh City, and Hanoi, enhancing connectivity for Hainan Free Trade Port with the world [2]

民企奋进海南自贸港 抢抓全岛封关运作历史机遇 随着12月18日全岛封关运作日益临近，海南正以更加开放包容的姿态融入全球经济格局，释放出前所未 有的发展活力。11月27日至29日，知名民营企业助力海南自贸港高质量发展大会在海南举行。700多家 民企赴会，探寻海南自贸港全岛封关新机遇。 大会期间发布了《2025中国民营企业国际化发展报告》，全国工商联向民营企业发出助力海南自由贸易 港高质量发展的倡议。多位民营企业家表示要抢抓海南自贸港封关运作的契机，乘势而上。 (记者 林士杰 李宇凡 海口报道) 来源：中国新闻网 编辑：徐世明 广告等商务合作，请点击这里 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 本文为转载内容，授权事宜请联系原著作权人 ...

Group 1 - The core concept of the "full island closure operation" is to establish Hainan Island as a customs supervision special area, implementing a policy characterized by "open on the first line, controlled on the second line, and free within the island" [4] - The "first line" refers to the open trade between Hainan Free Trade Port and other countries, while the "second line" involves precise management of trade between Hainan and mainland China [4][6] - The "zero tariff" policy means that imported goods are exempt from import duties, value-added tax, and consumption tax, with the scope of zero-tariff goods expanding from over 1,900 to more than 6,600 items, covering approximately 74% of all tariff items [8][10] Group 2 - The zero-tariff goods mainly include production materials such as traditional Chinese medicine, textile raw materials, non-ferrous metal products, and machinery, while personal consumer goods like meat, seafood, cosmetics, clothing, mobile phones, and home appliances will still be subject to import taxes [10] - The beneficiaries of the zero-tariff policy are eligible enterprises, institutions, and certain non-profit educational organizations, while individuals do not qualify for zero-tariff benefits and must pay import taxes on goods processed from zero-tariff items [13]

Group 1 - The concept of "full island closure operation" refers to establishing Hainan Island as a special customs supervision area, implementing a policy characterized by "one line open, two lines controlled, and free flow within the island" [3] - "One line open" means facilitating trade between Hainan Free Trade Port and other countries, while "two lines controlled" refers to managing trade between Hainan and mainland China [3][5] - The "zero tariff" policy allows for the exemption of import duties, VAT, and consumption tax on certain goods, expanding the range of zero-tariff items from over 1,900 to more than 6,600, covering approximately 74% of all product categories [7] Group 2 - The zero-tariff goods include traditional Chinese medicine materials, textile raw materials, non-ferrous metal products, and machinery, primarily focusing on production materials [7] - Personal daily consumer goods such as meat, seafood, cosmetics, clothing, mobile phones, and household appliances will still be subject to import taxes under the taxable goods directory [8] - The beneficiaries of the zero-tariff policy are eligible enterprises, institutions, and certain non-profit educational organizations, while individuals do not qualify for zero-tariff benefits [10]

Core Viewpoint - Hainan Free Trade Port will officially start full island customs closure on December 18, implementing a customs supervision system characterized by "open on the first line, controlled on the second line, and free within the island" [1] 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] - Eight open ports will be upgraded and ten "second line ports" have passed national acceptance, with customs smart supervision platforms operational [2] Group 2: Processing and Value-Added Tax Policies - The processing and value-added tax exemption policy will be implemented across Hainan Free Trade Port, allowing goods processed with imported materials to enter the mainland without import duties if value-added exceeds 30% [4] - The policy has been optimized to lower the threshold for enterprises to benefit, removing the requirement that 60% of revenue must come from encouraged industries [4] - The calculation formula for value-added has been improved, allowing the value of self-produced goods in Hainan to be included in the value-added portion [4] Group 3: Taxation Policies - "Zero tariff" imported goods include those transported to Hainan Free Trade Port, and no additional import taxes will be required for goods entering the mainland after being processed [5] - The adjustment of tax policies has led to a 28.52% year-on-year increase in duty-free sales from the island [6][7] Group 4: Duty-Free Shopping Policy - The duty-free shopping policy for departing travelers has been adjusted, adding two new product categories and allowing six types of domestic goods to be sold in duty-free shops [7] - The new policy has resulted in a significant increase in duty-free sales, with a total of 1.325 billion yuan in sales monitored by customs, reflecting a strong market response [7]

准备就绪。 海关总署自贸区和特殊区域发展司司长潘城指出，目前海南自贸港封关海关监管制度体系已建成。具体来看，海关总署已研究制定并发布了《中华人民共和国海关 对海南自由贸易港监管办法》《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》以及"径予放行"管理等5项配套制度；海口海关则 就"零关税"货物及适用加工增值免关税政策的货物等实施全流程监管、"分批出岛、集中申报"便利化措施、口岸监管等细化制定了12项关级配套制度。 分线监管 既精准管住又高效便捷 11月18日，海关总署举行海关支持海南自由贸易港建设总体情况介绍通报会，海口海关关长高瑞峰在会上表示，目前全岛封关运作所需的软硬件条件已准备就绪， 海关监管制度体系已建设完成，封关运作测试演练全面推进，海关监管风险防线持续加强，关地协同共管机制全面建立，封关运作人力和组织保障已整体到位。下 一步，海口海关将做好封关各项准备工作，确保封关运作平稳有序。 海南自贸港封关海关监管制度体系已建成 海南自由贸易港将于2025年12月18日正式启动全岛封关运作。所谓"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 ...

Core Viewpoint - Hainan Free Trade Zone concept stocks experienced a significant surge, with the overall sector rising by 3.8% amid a weak market backdrop, indicating strong investor interest and optimism regarding the upcoming policy changes in Hainan [1][4]. Group 1: Market Performance - Hainan Free Trade Zone stocks, including Xunlong Holdings and Hainan Haiyao, saw rapid increases, with several stocks hitting the daily limit up within minutes of market opening [1][4]. - By 14:00, stocks such as Kangzhi Pharmaceutical and Hainan Mining also reached their daily limit, showcasing a broad-based rally in the sector [4]. Group 2: Policy Changes and Implications - The full island closure operation of Hainan Free Trade Port is set to officially start on December 18, 2025, with significant expansions in the range of "zero tariff" products from 1,900 to approximately 6,600 items, covering about 74% of all goods [4][8]. - The new policies will lower the threshold for companies to benefit from tax exemptions and expand the range of imported materials, which is expected to enhance the development prospects of local retail, tourism, manufacturing, and cross-border e-commerce sectors [1][4]. Group 3: Economic Impact - The "zero tariff" policy has already led to substantial tax reductions, with the import value of goods under this policy reaching 9.834 billion yuan and tax exemptions totaling 2.585 billion yuan as of September this year [6]. - The introduction of new aircraft under the "zero tariff" policy has significantly reduced costs for companies, exemplified by a recent Airbus A330 acquisition that saved approximately 114 million yuan in taxes [4][5]. Group 4: Future Investment Opportunities - Analysts suggest that the new policies will catalyze a shift in investment focus from B2C consumption to B2B industrial upgrades and high-value service sectors, with particular attention on modern logistics, high-tech industries, and tourism-related services [9][10]. - The strategic positioning of Hainan as a new hub for domestic and international trade is expected to attract significant investment, driven by its unique policy advantages and the ongoing restructuring of supply chains [10].

Group 1 - The Hainan Free Trade Port's processing value-added tax exemption policy has resulted in a cumulative domestic sales value of 110.8 billion yuan and a tax exemption of 8.6 billion yuan since the beginning of the 14th Five-Year Plan, as of late September this year [1] - The "zero tariff" policy for raw materials has attracted many "two ends outside" enterprises, leading to a significant increase in investment inquiries, with the import value reaching 270.6 billion yuan and tax reductions amounting to 50.9 billion yuan since the start of the 14th Five-Year Plan [2] - The Hainan Free Trade Port is preparing for its full island customs closure operation, which is expected to enhance the efficiency of business operations and attract more enterprises to register their vessels under the "China Yangpu Port" policy [2][3] Group 2 - The automation in production lines and the ongoing communication with customs for policy benefits indicate a positive outlook for local enterprises, with plans for celebrations to mark business milestones [3] - The establishment of a special customs supervision area across Hainan Island aims to provide opportunities and benefits for enterprises investing in the region, enhancing connectivity with global markets [3]