Core Viewpoint - China Duty Free Group (601888) (01880) experienced a decline of over 4%, currently trading at HKD 67.25 with a transaction volume of HKD 122 million [1] Group 1: Policy Changes - Starting from December 18, 2025, Hainan Free Trade Port will officially implement a full island closure, introducing a series of policies including import tax item catalog, tax policies for goods circulation, restricted item lists, and duty-free policies for domestic sales of processed goods [1] - Huaxi Securities (002926) indicated that with the continuous deepening of the company's retail network layout in Hainan, along with the gradual recovery of high-end consumption and optimization of Hainan Free Trade Port policies, the company's business operations are expected to continue to improve [1] Group 2: Business Developments - China Duty Free Group announced that it has received a bid notification from Shanghai International Airport, confirming that its wholly-owned subsidiary has won the bid for duty-free store projects at Shanghai Pudong International Airport and Shanghai Hongqiao International Airport [1] - The company has signed contracts for the transfer of operating rights for the duty-free store projects at Shanghai Pudong International Airport T2 terminal and S2 satellite hall, as well as the T1 terminal at Shanghai Hongqiao International Airport [1] - The market is currently focused on the upcoming disclosure of the bid candidates for the capital airport [1]

Core Insights - The establishment of the Hainan Free Trade Port (FTP) is progressing towards its full operation by December 18, 2025, with significant interest from various enterprises aiming to capitalize on the opportunities presented by the new policies [1][2][9]. Group 1: Company Developments - Hainan Oscar International Grain and Oil Co., Ltd. has successfully established its production facility in Hainan, achieving a record production timeline of just 8 months from signing to operation, reflecting the favorable business environment [4][6]. - The company reported a production value of 10 billion yuan in its first year of operation, which increased to 59.5 billion yuan by 2024, showcasing substantial growth driven by the FTP policies [6][8]. - The company has benefited from tax incentives, including a nearly 3 billion yuan reduction in costs due to various tax exemptions and incentives provided by the FTP [6][8]. Group 2: Policy Impact - The FTP's "zero tariff" policy has been a significant draw for businesses, allowing for the import of goods without tariffs, which is expected to expand from 1,900 to approximately 6,600 tariff items post-closure [9][10]. - The policy is designed to enhance the competitiveness of local businesses by reducing raw material costs, with estimates indicating savings of 24-26 million yuan on imported materials due to tariff exemptions [8][9]. - The overall business environment in Hainan has improved, with a reported increase in the number of operating entities surpassing the total from the previous 30 years, and 104 multinational companies establishing regional headquarters in the area [2][9]. Group 3: Future Opportunities - The upcoming full operation of the FTP is anticipated to create a surge in cross-border e-commerce, international logistics, and tourism-related industries, presenting new challenges and opportunities for local enterprises [14][15]. - Entrepreneurs are encouraged to engage in sectors that align with the FTP's incentive policies, particularly in high-end manufacturing, biotechnology, and deep processing of agricultural products, to maximize benefits from the favorable tax environment [15][16]. - The local population is expected to benefit from improved job opportunities and enhanced living standards as more businesses establish operations in Hainan [12][13].

Core Viewpoint - The establishment of the Hainan Free Trade Port will provide a broader platform for companies, particularly benefiting the research and development of high-end complex formulations, biological drugs, and specialty traditional Chinese medicine products [1] Group 1: Policy Benefits - The policies supporting pharmaceutical companies are comprehensive and systematic, with direct benefits such as exemptions from import tariffs, value-added tax, and consumption tax, significantly reducing operational costs [2] - The Hainan Free Trade Port is creating a complete industrial innovation ecosystem, offering financial rewards for various stages of drug development and clinical research, thus supporting the entire chain from research to manufacturing [2] - The company has already benefited from these policies, with its new drug, Fluorofenone capsules, being included in the list of breakthrough treatment varieties by the National Medical Products Administration [2] Group 2: Innovation and Market Strategy - The company has restructured its R&D system, forming a 92-member team and developing advanced technology platforms, achieving significant progress in new drug development and leading market share in certain products [3] - The company is actively participating in national procurement and has seen growth in exports of raw materials and formulations, indicating a successful market expansion strategy [3] - The company is focusing on internal research and external introduction to enrich and optimize its product pipeline [3] Group 3: Future Development Plans - The company aims to leverage the policy dividends of the Free Trade Port to drive high-quality development, adjusting its business structure to focus on stable pharmaceutical basics, strengthening traditional Chinese medicine, and enhancing medical device development [4] - The company plans to enhance the efficiency of the entire industry chain through lean production management and aims to penetrate global markets, moving beyond domestic competition [5] - The establishment of a cross-border e-commerce platform is intended to facilitate the import of foreign products without registration and promote comprehensive domestic sales, creating a new growth engine [5]

● 本报记者 刘丽靓 "海南自贸港全岛封关运作，对公司来说将迎来更广阔舞台。"新兴际华集团旗下海南海药股份有限公司 董事长王建平在接受中国证券报记者专访时表示，相关政策出台将对公司研发的高端复杂制剂、生物药 以及特色中药产品带来利好。同时依托博鳌乐城先行区特许药械政策，缩短全球创新产品在国内的上市 时间，将有利于公司下一步引进更多国外优质创新产品，先一步占领市场。 构筑医药产业新高地 "相关政策对医药企业的支持是全方位、系统性的。"王建平坦言，最直接的利好体现在税收方面，如对 于部分货物免征进口关税、进口环节增值税和消费税等。"这些政策显著降低了公司的运营成本。" 但王建平看重的远不止于此。在他看来，自贸港真正的价值在于构建了完整的产业创新生态。"从研发 端40万至1000万元的阶段性资金奖励，到临床端博鳌乐城真实世界数据研究的政策突破，再到'乐城研 用+海口生产'模式更给予最高500万元品种奖励，海南正在形成'研发-临床-制造-转化'全链条支持体 系。"王建平说。 展望"十五五"，王建平表示："我们将充分利用自贸港政策红利，推动企业迈向高质量发展。" 王建平表示，公司将加快业务结构调整，形成"稳定化药基本盘 ...

央广网北京12月16日消息（记者熊传刚 董彬）据中央广播电视总台中国之声《新闻和报纸摘要》报 道，海南自贸港封关运作在即，各部门加速推进市场主体享惠资格认定，确保政策红利充分释放。 根据海关总署要求，海南自贸港封关运作后，仅允许备案企业开展加工增值免关税业务。当前，海南加 速推进市场主体自贸港政策享惠资格认定。 海南自贸港加工增值免关税政策自2021年实施，截至今年11月，累计内销货值114.2亿元，减免关税8.78 亿元；"零关税"三张清单进口货值292.2亿元，减免税款54.74亿元。海南自贸港政策红利充分释放。 海口海关所属椰城海关保税监管科副科长吴淑延：探索扩大政策适用范围，提高企业办事便利化水平， 进一步释放加工增值免关税政策红利。 ...

这一政策为民营企业开展国际贸易和加工制造提供了较大灵活度。2020年，《海南自由贸易港建设 总体方案》发布，同年，奥克控股集团就来到海南投资。"我们的很多原料源自海外，产品出口东盟市 场。海南的区位优势方便我们进得来、出得去，税收优惠使生产成本显著降低，产品在国际市场的竞争 力大幅提升。"该集团董事局主席朱建民认为，海南自贸港正成为企业链接国内国际两个市场、两种资 源的高地。奥克控股集团计划利用政策红利进一步扩大进出口业务，加速国际市场布局。 除了"一线"的"零关税"外，《总体方案》明确，对属于鼓励类产业企业生产的含进口料件在海南自 贸港加工增值达到或超过30%的货物，经"二线"进入内地时同样免征进口关税。这一政策不仅有利于降 低企业经营成本，还将吸引更多高端制造、高附加值加工产业落地海南，也直接鼓励高新技术产业延链 补链强链。 12月18日，海南自由贸易港全岛封关运作将正式启动，为企业提供对接全球市场、集聚优质资源、 实现创新突破的广阔舞台。不少民营企业在这一黄金窗口期纷纷登岛、抢先布局。 封关，即将海南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 ...

Core Viewpoint - China Duty Free Group held an investor open day on November 28 in Sanya, Hainan, showcasing its Sanya International Duty-Free City (Phase III) and providing business introductions and on-site communication [1] Group 1: Business Operations - The company is expected to benefit from the continuous deepening of its retail network in Hainan, alongside a gradual recovery in high-end consumption and the optimization of Hainan Free Trade Port policies [1] - The recent impressive performance of duty-free sales in Hainan has led to an upward revision of the company's profit forecasts [1] Group 2: Investment Rating - The company maintains an "Overweight" rating based on the positive outlook for its business operations and profit potential [1]

"医疗器械制造和销售企业可在海南建立国际售后维修基地。"黄长林解释，出口海外的医疗设备维 修需经历繁琐的返厂流程，成本高昂，而在海南，在保税维修模式下，医疗器械企业可将境外存在部件 损坏、功能失效等问题货物，以保税方式运入综保区维修，再根据来源复运至境外。 海南自贸港国际医疗器械联合会： 借自贸港政策东风，医疗器械产业迎新机遇 黄长林表示，海南对医疗器械注册人制度的支持也极具吸引力。该制度核心在于"注册与生产解 绑"，企业无需自建生产厂房，可委托海南本省或外省具备合法生产条件的企业代工，完成医疗器械产 品注册并持有注册证，目前已有多家企业采用此模式成功布局。 海南日报海口11月23日讯(海南日报全媒体见习记者 陈明艳)12月19日至22日，第八届海南国际健 康产业博览会将在三亚保利国际博览中心举办。"本届健博会将吸引更多国内外医疗器械企业、专家与 产业链上下游从业者参与，这里不仅是产品与技术的展示平台，更是思想碰撞、合作对接与趋势洞察的 高端对话场。"近日，海南自贸港国际医疗器械联合会秘书长、医路通国际医疗器械俱乐部创始人黄长 林在接受海南日报全媒体记者采访时表示。 黄长林观察到，越来越多的医疗器械企业希望利 ...

Core Insights - Hainan Free Trade Port has become a preferred location for foreign airlines to conduct aircraft maintenance due to its policy advantages and high-quality services [1][2] Group 1: Aircraft Maintenance Achievements - Since its launch in 2022, the one-stop aircraft maintenance industrial base in Hainan Free Trade Port has completed over 2,400 aircraft maintenance tasks, 278 complete aircraft spray paint jobs, and 60,000 aviation component repairs [1] - The first inbound aircraft maintenance job was successfully completed for Philippine Airlines' Airbus A320, marking a significant milestone for Hainan's aircraft maintenance industry [1] Group 2: Policy Advantages - The policy benefits of Hainan Free Trade Port, such as zero tariffs on imported equipment for self-use and simplified customs processes, significantly reduce operational costs for airlines [2][3] - The introduction of a "one-stop" aircraft maintenance industrial center aims to meet the growing demand for comprehensive aircraft inspection, painting, and component repair services [2] Group 3: Growth in Maintenance Business - In 2024, the Haikou Meilan Airport Customs supervised 49 aircraft and 16 engines entering the Haikou Airport Comprehensive Bonded Zone for bonded maintenance, with a total value of 31.13 billion yuan, representing a 3.3-fold increase year-on-year [3] - From January to August 2025, the customs supervised 58 aircraft, 9 engines, and 6 batches of materials for bonded maintenance, with a total value of 37.02 billion yuan, reflecting a 67.4% year-on-year growth [3]

Core Insights - The Hainan Free Trade Port is promoting its advantages in the biopharmaceutical industry through a recent investment promotion conference held in Nanjing, focusing on policy benefits and development opportunities [1] Group 1: Event Overview - The conference attracted nearly a hundred participants, including government representatives, industry experts, and executives from well-known biopharmaceutical companies [1] - The event featured policy interpretations, park promotions, corporate sharing, and interactive exchanges to showcase Hainan's institutional innovations and investment potential in the biopharmaceutical sector [1] Group 2: Investment Opportunities - The investment promotion segment detailed the overall progress of Hainan Free Trade Port's construction, unique policy advantages, and key layouts in the biopharmaceutical field [1] - Representatives from various organizations, including Haikou National High-tech Zone and Boao Lecheng International Medical Tourism Pilot Zone, presented investment development opportunities in the biopharmaceutical industry [1] Group 3: Industry Insights - Company representatives from firms such as Xiansheng Pharmaceutical, Mengyang Pharmaceutical, and Xinnuo Biotech engaged in in-depth discussions on topics like the transfer of innovative drug industries, internationalization of traditional Chinese medicine, and RNA drug research and development [1]