Group 1: Policy Overview - The Hainan Free Trade Port's closure policy aims to enhance market vitality and openness by reducing institutional costs through "zero tariffs," trade management relaxation, and efficient supervision[5] - "One line open" allows free movement of goods between Hainan and foreign countries, while "two lines control" regulates goods entering the mainland, ensuring tax security and preventing smuggling[5][17] - The proportion of "zero tariff" goods will increase from 1,900 to approximately 6,600 items, covering 74% of all tariff items, significantly reducing import costs[9] Group 2: Economic Impact - Hainan's policies are expected to attract global resources, enhancing its role as an international resource allocation hub[5] - The personal income tax rate for high-end and scarce talents in Hainan is capped at 15%, significantly lower than the mainland's 25%, attracting high-income individuals[27] - The corporate income tax rate for eligible enterprises is reduced to 15%, encouraging talent retention and investment[29] Group 3: Industry Development - Hainan's focus on processing and value-added tax exemptions is driving the clustering of high-tech enterprises and industrial upgrades, particularly in energy, digital economy, and biomedicine[24][30] - Key industrial parks in Hainan, such as Yangpu and Haikou, are becoming hubs for high-end industries, contributing over 30% of total tax revenue despite occupying less than 1% of the land area[32] Group 4: Regional Collaboration - The "front store, back factory" model is evolving, with Hainan serving as an order and trade settlement center while surrounding provinces handle large-scale production[45] - Enhanced logistics capabilities at Hainan's ports and airports are expected to create a complementary port cluster with Guangdong and Guangxi, improving regional cooperation and trade efficiency[45]

[Table_Industry] 证券研究报告 海南封关叠加旺季红利，重点关注免税板块 [Table_ReportDate] 2025 年 12 月 22 日 行业研究 [Table_ReportType] 行业事件点评 [Table_StockAndRank] 免税 投资评级 上次评级 [Table_Author] 范欣悦 商社行业首席分析师 执业编号：S1500521080001 邮 箱：fanxinyue@cindasc.com 陆亚宁 商社行业分析师 执业编号：S1500525030003 邮 箱：luyaning@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 海南封关叠加旺季红利，重点关注免税板块 [Table_ReportDate] 2025 年 12 月 22 日 本期内容提要: 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 [Table_S [➢Table_Summary 事件：ummar海南自由贸易港于 y] ...

封关政策显著带动海南旅游市场升温，机票预订量迎来快速增长。2026年元旦期间，飞往海口、三亚的 机票预订量同比分别增长19%/51%，其中三亚作为核心免税目的地，机票需求增幅领先。国际客流同样 表现强劲，海口入境国际机票订单量增长超40%，2026年春节飞往海口的国际机票销售量更是同比翻 倍，俄罗斯、新加坡、澳大利亚等国成为主要客源地。旅游客流的持续涌入，为离岛免税消费提供了充 足的需求支撑，形成"旅游+免税"的良性互动格局。 信达证券（601059）发布研报称，海南自由贸易港于2025年12月18日正式启动全岛封关运作，封关运作 带来的政策红利直接惠及离岛免税消费领域。建议关注：商社免税赛道及海南板块相关标的：中国中免 （601888）(601888.SH，海南离岛免税龙头，全牌照+全渠道布局)、王府井（600859）(600859.SH， 2020年获离岛免税牌照，运营万宁王府井国际免税港，"免税+有税"双轨运营)、海南机场（600515） (600515.SH，机场流量+物业+参股三重参与，参股海口美兰机场免税店)、珠免集团（600185）(有税 +跨境为主，与三亚旅文集团合资运营"珠海免税-三亚旅投商 ...

封关"核爆级"利好，正掀起海南资本财富狂潮！今天早盘截止海居君发文时，东方财富APP数据显示，A股海南板块指数飙涨9.2%，相当疯狂！ 投资自贸港，就是抢滩未来！借势海南封关，海南楼市今年以来的表现也非常强势，今天，2025年三亚住宅用地的最后一拍，也顺利落槌了！ 刚刚，三亚市土拍成交三亚中央商务区启动区(三亚CBD)海罗片区HLB-2-26地块，这是一宗城镇住宅用地，将用于开发建设市场化商品住房项目。 HLB-2-26地块，占地面积为36326.79平方米(约54.5亩)，容积率≤1.5，建筑密度≤25%，绿地率≥40%，最大可规划计容建筑面积约54490平方米。 该宗地最终由三亚城运集团旗下三亚海罗城市更新开发建设有限公司竞得，土地成交总价34522万元，但是需要额外斥资37225万元无偿配建相应工程。 也就是说，HLB-2-26地块的综合成本达34522万元+37225万元=71747万元，如果以此测算，该地块的土拍成交综合楼面地价约13167元/平方米。 三亚城运集团在海罗片区拿过几宗地，都转给了华润置地，海居君认为，今天成交的HLB-2-26地块，不排除也复刻此前的做法，与华润置地合作开发。 | | ...

12月22日，港股新消费板块午后走强。据大智慧VIP显示，截至当日收盘，蜜雪集团（02097.HK）涨近 10%，老铺黄金（6181.HK）涨超6%，泡泡玛特（9992.HK）涨3.68%。 A股消费股方面，免税店、百货股大涨，其中海汽集团（603069.SH）、中国中免（601888.SH）、东百 集团（600693.SH）涨停；王府井（600859.SH）与百大集团（600865.SH）涨超5%；珠免集团 （600185.SH）涨4.78%，上海九百（600838.SH）涨3.7%。 政策和行业消息面上，12月20日，商务部党组扩大会议在京召开。会议强调，大力提振消费，扩大优质 商品和服务供给，释放服务消费潜力。 海南封关后对海南当地免税消费直接形成拉动。据三亚日报报道，12月18日，海南自由贸易港全岛封关 运作正式启动。封关首日，三亚免税市场展现出强劲活力，政策红利加速释放，为海南自贸港注入新动 能。当天，三亚免税销售成绩亮眼。据三亚市商务局统计，全市免税销售额达1.18亿元。其中，三亚国 际免税城进店客流超3.6万人次，同比增长逾60%；销售额同比增长85%，直观体现了封关政策对消费市 场的强劲带动效 ...

Core Viewpoint - The announcement of Hainan's full island customs closure is not about isolation but about creating a more open and efficient trade environment, positioning Hainan as a global trade hub similar to Singapore [2][3][8]. Group 1: Customs Policy Changes - "One line open" allows for easier import of goods and personnel from abroad, with 74% of products enjoying zero tariffs, expanding the tax categories from over 1,900 to more than 6,600 [4]. - "Two lines control" ensures that while Hainan is open to international trade, it prevents the indiscriminate flow of duty-free goods into mainland China, requiring certain goods to meet a 30% value-added condition to avoid tariffs when brought to the mainland [6]. - "Island freedom" facilitates the free flow of goods, capital, and personnel within Hainan, aiming to transform the island into an "international transit station" for global resources [6][8]. Group 2: Infrastructure and Competitive Positioning - Hainan's Yangpu Port has undergone significant upgrades, increasing the water depth from under 10 meters to 17.5 meters, allowing the largest container ships to dock directly [10][14]. - The port's automation and advanced systems enhance operational efficiency, reducing shipping times by 3 to 4 days and cutting transportation costs significantly [14]. - These improvements position Hainan to potentially replace Singapore as a key transshipment hub, with the ability to streamline international shipping routes [14]. Group 3: Economic and Industrial Development - The immediate benefits for consumers include lower prices and greater variety of imported goods, as transportation costs decrease and zero tariffs apply to many products [17]. - Hainan is focusing on emerging industries such as healthcare, deep-sea technology, commercial aerospace, and green low-carbon initiatives, with substantial progress already made in these areas [19]. - The province's R&D funding is projected to reach 10.961 billion yuan in 2024, reflecting a 22.1% increase from the previous year, indicating a strong commitment to technological innovation [19]. Group 4: Strategic Implications - The competition between Hainan and Singapore is not a direct rivalry but rather a different approach to global trade, with Hainan leveraging policy innovation and infrastructure to create a comprehensive global hub [21]. - Hainan's customs closure is part of a broader strategy to reshape global trade dynamics, moving from a "lowland" of policy benefits to a "highland" driven by institutional innovation [23].

Core Viewpoint - The recent implementation of the "zero tariff" policy for imported vehicles in Hainan has generated significant public interest, particularly regarding its implications for consumers and businesses [3][5][10]. Group 1: Zero Tariff Policy for Imported Vehicles - The "zero tariff" policy allows eligible imported vehicles to be exempt from customs duties, value-added tax, and consumption tax, significantly reducing vehicle prices [3][5]. - For example, a Toyota Hiace valued at 227,000 yuan had tax exemptions of approximately 84,000 yuan, resulting in a price reduction of nearly 40% [3][5]. - However, this policy is limited to enterprises engaged in transportation and tourism in Hainan, and personal purchases are not permitted [5][6]. Group 2: Conditions for Eligibility - Vehicles must be used for operations and equipped with satellite positioning systems connected to regulatory networks [6]. - The vehicle's origin and destination must include at least one location within the Hainan Free Trade Port, and it must not stay in mainland China for more than 120 days annually [6][8]. - Enterprises must meet specific criteria, such as operating for over three years with a fleet of at least 15 vehicles or importing more than ten "zero tariff" vehicles at once [6][8]. Group 3: Consumer Impact and Market Response - The introduction of the "zero tariff" policy has led to a surge in consumer interest, with many looking to book flights to Hainan [10][15]. - The Hainan government is also distributing consumer vouchers, which can further reduce prices on various products, including gold and electronics [10][12]. - For instance, a 40-gram gold ornament can save consumers over 8,000 yuan when combined with government vouchers [10][12]. Group 4: Tourism and Travel Trends - Flight bookings to Hainan have increased significantly, with over 720,000 tickets sold for the upcoming New Year holiday, marking a 10% year-on-year growth [15][17]. - Popular routes include flights from Beijing, Chengdu, and Shanghai, with some tickets exceeding 2,000 yuan [17][47]. - The international flight bookings to Hainan have also seen a notable increase, with a 40% rise in international ticket reservations for the holiday period [17][47]. Group 5: Broader Implications of Hainan's Free Trade Port - The full closure of Hainan's Free Trade Port aims to create a special customs area, enhancing trade and travel convenience [20][52]. - The policy allows for a broader range of zero-tariff goods, expanding from 21% to 74%, covering over 6,600 products [53][54]. - The initiative is expected to boost economic opportunities and attract international resources, positioning Hainan as a significant hub for trade and tourism [28][60].

12月20日，话题"海南封关120多万卡宴只要60万"冲上热搜，引发网友热议。 巨大的免税价差，确实非常吸引人。但普通消费者要想去海南买"零关税"进口车并不可行，因为"零关税"进口汽车并不适用于个人消费。 早在海南封关之前，海南省人民政府就印发了《海南自由贸易港"零关税"进口交通工具及游艇管理办法（试行）》（以下简称《办法》），2025年1月 《办法》又进行了一次修订。办法规定，符合条件的进口车将直接免征关税、增值税、消费税这三项税，所以大幅降低了进口车的车价。 不过，普通消费者要想去海南买"零关税"进口车并不可行，因为"零关税"进口汽车并不适用于个人消费。 《办法》规定，海南进口车免税政策仅针对在海南从事交通运输、旅游业的企业，车辆必须是用于营运，并且须安装车辆自主卫星定位终端，并与监管系 统实行联网联控。 同时，车辆必须确保始发地及目的地至少一端在海南自由贸易港内，且每年在中国内地停留时间累计不超过120天（按日计算，不计次数）。而且即便是 企业购买，还得满足条件：公司要么有15辆以上营运满3年的车，要么一次性进口不少于15辆零关税车。 所以，如果有不法商家宣称"能代购零关税车"，大家请一定要警惕！这种行 ...

Group 1 - The "zero tariff" import policy for vehicles in Hainan is only applicable to enterprises engaged in transportation and tourism, not individual consumers [2][3] - The policy allows eligible imported vehicles to be exempt from customs duties, value-added tax, and consumption tax, significantly reducing vehicle prices; for example, a Toyota Hiace valued at 227,000 yuan had tax exemptions of approximately 84,000 yuan, resulting in a nearly 40% price reduction [2] - Enterprises must meet specific criteria to qualify for the policy, including having at least 15 operational vehicles for over three years or importing a minimum of 15 zero-tariff vehicles at once [3] Group 2 - The vehicles purchased under the "zero tariff" policy are subject to strict regulations, including being registered for operational use only, with a mandatory scrapping period of 15 years [3] - Any transfer of the zero-tariff vehicles requires approval from customs, and if transferred to non-eligible entities, taxes must be repaid [3] - On December 18, Sanya reported impressive duty-free sales, with total sales reaching 118 million yuan, reflecting a 60% increase in customer traffic and an 85% increase in sales year-on-year, showcasing the positive impact of the closure policy on the consumer market [4]

世界上任何一个国家都不敢拿出一个省来搞自贸区。因为中国有具备的几个特点是这个世界上非常独特的。可以化解这种巨大的冲 击。新加坡和迪拜太小了，引起不了巨大的经济冲击。 别人羡慕都羡慕不来的，是海南背后14亿人的超大规模市场。新加坡、迪拜只能做中转贸易，海南却能玩"全球原料进岛加工，增 值30%就免关税进内地"的闭环。企业在这生产既能享74%商品零关税，又能轻松切入内陆市场，这种优势哪个小自贸港比得了？ 更关键的是中国的制度底气。15%的企业所得税、高端人才个税封顶15%，政策红利实打实；四大主导产业明确，不搞虚头巴脑的 转口贸易，倒逼企业搞实质性研发制造。反观有些国家，政策朝令夕改，别说一个省，一个小城的自贸区都搞不长久。 不是其他国家不敢，是真没中国这硬实力——既有超大规模市场当后盾，又有完善监管防风险，还有稳定政策做支撑。海南封关不 是冒险，是中国高水平开放的自信试金石，它证明：只要找对路径、守住底线，开放力度越大，发展后劲就越足！ 海南3.39万平方公里的面积，是新加坡的47倍，这么大的体量搞封关，换别的国家早慌了——怕走私泛滥、怕市场混乱、怕冲击本 土产业。但中国直接亮出"一线放开、二线管住"的绝招，靠 ...