旅游及景区 旅游及景区 2026 年 01 月 28 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -10% 0% 10% 19% 29% 38% 2025-01 2025-05 2025-09 旅游及景区 沪深300 相关研究报告 海南专题报告：风宜长物放眼量，自贸港赶海正当时 风险提示：宏观经济波动风险、政策落地不及预期、高端消费复苏不及预期。 ——行业深度报告 | 初敏（分析师） | 叶彬慧（联系人） | | --- | --- | | chumin@kysec.cn | yebinhui@kysec.cn | | 证书编号：S0790522080008 | 证书编号：S0790124070053 | yebinhui@kysec.cn 证书编号：S0790124070053 海南自贸港：双向循环战略支点，枢纽功能徐徐演进 开 源 证 券 证 券 研 海南自贸港是中央基于全球化格局深度调整、全球供应链加速重构背景，高标准 建设的中国特色自由贸易港，享有国内高规格、系统性的开放试验授权。对比全 球成熟的自贸港枢纽，依托内地超大规模统一市场的腹地优势和最大经济特区禀 赋，海南聚焦打造三大核心定位： ...

海南两会观察：锚定"十五五" 开放排首位 中新网海口1月27日电 (记者 王子谦)从建省办经济特区，到建设国际旅游岛，再到建设自由贸易港，开 放都是海南鲜明的底色。步入"十五五"开局之年，全岛封关后的海南自贸港如何起好步、开好局？ 2025年12月18日，海南自贸港正式启动全岛封关后，第一批通关"零关税"石化原辅料运抵洋浦港。 中 新网记者 骆云飞 摄 海南省两会正在此间举行。细读海南省省长刘小明在海南省七届人大五次会议上所作的政府工作报告可 见，"开放"依然被摆在了重要位置。无论是实现"十五五"目标必须做到的"八个聚焦"，还是实现"十五 五"开局之年经济社会发展主要预期目标要注重抓好的"十项工作"，都把"开放"排在第一位。 开放是海南自贸港的本质属性，也是必然要求。锚定"十五五"，海南官方把"聚焦对外开放，高标准建 设海南自贸港"排在"八个聚焦"的首位。 也就是，"十五五"时期，海南将全面落实海南自由贸易港建设总体方案，深入实施海南自由贸易港法， 稳步扩大制度型开放，深入推进商品和要素流动型开放，深化行政体制改革，在推进高水平对外开放中 发挥牵引作用，服务建设开放型世界经济。 2026年是"十五五"开局之年 ...

Core Points - The article discusses the tax policies related to the Hainan Free Trade Port, specifically focusing on the import tax exemption and the management of the import tax product catalog [1][2][3][4][5][6]. Group 1: Import Tax Product Catalog - The import tax product catalog for Hainan Free Trade Port includes goods specified in the notification issued by the Ministry of Finance, General Administration of Customs, and State Taxation Administration on July 18, 2025 [1]. - The number of tax-exempt items has expanded from 1,900 to over 6,600 following the closure of the port [2]. - The catalog will be adjusted based on comprehensive assessments, relevant tax reforms, and the actual needs of Hainan Province [2]. Group 2: Zero Tariff Beneficiaries - The main beneficiaries of the "zero tariff" policy include enterprises registered in Hainan Free Trade Port with independent legal status, public institutions within the port, and certain non-profit educational and technological entities approved by relevant authorities [3]. Group 3: Tax Policies for Goods Entering Mainland China - Goods entering the mainland through the "second line" are subject to specific tax policies, including the requirement to pay import duties, value-added tax, and consumption tax as per regulations [4]. - If import taxes have already been paid during the "first line" import or domestic circulation, no additional taxes will be levied to avoid double taxation [4][5]. - Goods that have completed all import tax payments will be managed according to domestic circulation regulations and will be subject to domestic value-added tax and consumption tax [5]. Group 4: Treatment of Goods Subject to Special Measures - Goods that fall under four specific measures (such as tariff quota management and trade remedy measures) must adhere to specific regulations when imported and when entering the mainland [6]. - "Zero tariff" goods that are subject to these measures will follow the relevant regulations and will not be subject to double taxation if they have already complied with the measures [6].

来源：香港经济导报 记者：孙磊 王靓 相比中国内地其他自贸区，刘梦熊认为海南的独特优势在于其作为全国唯一的"自贸港+经济特区+民族自治"政策叠加区所享有的更大改革自主权，其独立 地理单元便于风险防控，以及背靠国内市场、面向东盟的"双循环"枢纽地位。然而，挑战同样严峻。他坦率指出，产业基础薄弱、高端人才短缺、封关运作 的监管复杂性是内部主要瓶颈。在外部，则需在粤港澳大湾区、东盟自贸区等强劲邻居中寻找差异化定位。 尤为值得注意的是，刘梦熊提出了两个关联性极强的外部观察点。首先，要吸引国际巨头落地，需要认真研究和回应他们对营商环境中的具体形式、意识形 态宣传尺度以及司法独立性的现实关切。其次，他指出了与香港的联动效应："香港本身就是一个实行'一国两制'的自由港。它的繁荣稳定会增强外资对海 南自贸港的信心；反之，则可能削弱这种信心。这是一种客观存在的联动关系。" 在发挥"双循环"枢纽作用方面，刘梦熊建议，海南需重点联动粤港澳大湾区，在产业协同和基础设施互联上突破；同时深化与东盟合作，利用RCEP规则打 造贸易枢纽，并扩大人文交流与金融合作试点。 刘梦熊总结认为，海南自贸港是中国在复杂国际环境中坚持对外开放决心的关键试 ...

Core Insights - Hainan Free Trade Port has the potential to become a regional economic hub, leveraging "zero tariff" policies and its unique geographical position between China and Southeast Asia to facilitate the free flow of goods, capital, and services [2][3] Policy and Economic Impact - Since the full closure of Hainan Free Trade Port on December 18, 2025, the "zero tariff" product list expanded from over 1,900 to approximately 6,600 items, covering 74% of all product tax categories, an increase of nearly 53 percentage points [1] - The implementation of "zero tariff" policies is expected to stimulate new logistics routes and attract overseas raw materials and high-end equipment to Hainan [1][3] Industry Development - The aircraft maintenance industry has emerged as a high-value sector in Hainan, with "zero tariff" policies significantly reducing maintenance costs by 10% to 15%, attracting both domestic and international airlines [3][5] - Hainan's aircraft maintenance base has completed nearly 2,400 maintenance projects over three years, with foreign revenue increasing from 38 million yuan in 2023 to 152 million yuan in 2024, a growth of approximately four times [3][4] Cross-Border E-Commerce - Cross-border e-commerce has seen significant growth post-closure, with exports reaching approximately 12.51 billion yuan from January to September 2025 [8] - Hainan's geographical advantages position it as a core hub for connecting mainland China with Southeast Asian markets, with plans to establish a cross-border e-commerce logistics channel [8][9] Logistics and Infrastructure - Hainan aims to develop modern logistics as a key industry, with policies set to enhance the capabilities of its logistics hubs, including the Haikou and Sanya airports [10][11] - The province plans to increase its international passenger routes to 80 by 2026 and aims for a cargo throughput of 68 million tons at the Yangpu Port [11] Future Outlook - Hainan is working towards creating a comprehensive service system for cross-border e-commerce, with expectations of annual growth of 20% in import and export scales by 2030 [9][14] - The province is also focusing on developing a full industrial chain in aircraft maintenance, aiming to establish a significant presence in the Asia-Pacific region by 2028 [5][14]

Core Insights - In 2025, Hainan's private enterprises demonstrated resilience and vitality, achieving a significant increase in foreign trade, with total imports and exports reaching 197.54 billion yuan, a year-on-year growth of 11.5%, surpassing the national average growth rate for private enterprises by 4.3 percentage points [1][2] Group 1: Trade Performance - Hainan's private enterprises exported 66.01 billion yuan, marking a growth of 16.3%, while imports totaled 131.53 billion yuan, increasing by 9.2% [1] - The export and import values of private enterprises in Hainan have surged from 16 billion yuan in 2018 to nearly 200 billion yuan in 2025, indicating a remarkable growth trajectory [1] - In 2025, private enterprises accounted for over 80% of the total number of enterprises engaged in import and export activities in Hainan, contributing 71.6% to the province's total foreign trade value [1] Group 2: Global Market Expansion - Hainan's private enterprises have expanded their trade footprint to nearly 120 countries and regions, achieving breakthroughs in both emerging and traditional markets [2] - Exports to Africa and Latin America grew by 23.7% and 17.7%, respectively, while exports to the EU and Japan saw increases of 63.2% and 61.9% [2] - Hainan's representative fruits, such as lychee, mango, and passion fruit, were exported for the first time to over ten countries, including Nepal and Belarus [2] Group 3: Innovation and Industry Development - Driven by favorable policies like "zero tariffs" on self-use production equipment, Hainan's private enterprises accelerated the upgrade of equipment, with imports of electromechanical products reaching 37.16 billion yuan, a year-on-year increase of 24% [3] - The biopharmaceutical and petrochemical new materials industries in Hainan have shown significant innovation, with pharmaceutical exports reaching 890 million yuan, growing by 16.5% [3] - High-value-added petrochemical products, such as petroleum asphalt and acrylonitrile, have also seen rapid growth in international markets, reflecting significant progress in industrial upgrading [3]

中新网海口1月23日电 (徐安祺)海口海关23日介绍，一批价值约482.5万元的大溪地黑珍珠22日以"零关 税"方式入境海南。据悉，这批珍珠为海南海润珍珠股份有限公司申报进口，是三亚首批采用径予放行 模式通关的"零关税"货物，将在海南自贸港珠宝创新竞价会上正式面向市场开放竞拍，为竞价商提供现 场观摩鉴赏、竞价拍卖、个性化加工等自贸港竞拍新体验。 这是海口海关所属三亚海关依托自贸港政策叠加优势，创新融合"交易+加工"场景，指导企业开展的全 国首次"零关税"高端珍珠专项展示交易活动。 后续，该批货物可根据交易双方实际情况灵活安排，既可选择补缴相应进口税款销售给非享惠主体或个 人，也可通过加工增值备案企业开展加工，达到增值率超30%等条件后经"二线"出岛，享受免征关税优 惠。"这批珍珠的进口、交易、生产均可享受自贸港优势政策，给我们缓解了不少资金压力。"海南海润 珍珠股份有限公司总经理杨丹说。 业内人士介绍，"零关税"商品展示交易新模式，既发挥了"零关税"货物无存储地点限制等政策优势，缓 解了享惠主体资金占用压力，又推动了加工增值备案企业进口"零关税"商品，实现从料件展示到加工订 单成交的转化。(完) （文章来源： ...

Core Insights - Hainan Free Trade Port has shown a vibrant economic landscape with significant growth in foreign trade and investment since its closure on December 18, 2025, with daily average purchases of duty-free goods reaching 24,000 [1][5] Policy Implementation - The implementation of the free trade port policy framework, characterized by "one line open, one line controlled, and free movement within the island," has led to a smooth operation and initial positive outcomes within the first month of closure [1][3] - The customs department reported that the "zero tariff" policy has been fully implemented, enhancing the attractiveness of Hainan for foreign trade and investment [1][2] Trade and Economic Data - In the first month post-closure, the total import and export value through Hainan's open ports reached 16.368 billion yuan, a 3.6% increase [2] - The number of inbound and outbound travelers reached 289,100, with an average of 9,300 daily, marking a 31.3% increase [2] - The duty-free shopping amount reached 4.86 billion yuan, with a 95.2% increase in spending and 74.5 million shoppers [5] Consumer Behavior - The duty-free shopping sector has seen a surge in consumer interest, with significant increases in both the number of shoppers and the total amount spent [5] - The average daily shopping amount reached 160 million yuan, exceeding pre-closure levels [5] Logistics and Operational Efficiency - The establishment of a 100,000 square meter intelligent logistics park has improved logistics efficiency by approximately 35%, facilitating faster product turnover and timely restocking [5] - The average customs clearance time has been reduced by 27%, enhancing the overall efficiency of goods and personnel movement [6] Business Growth and Investment - Companies are benefiting from the policy advantages, with examples like China Petroleum & Chemical Corporation reducing production costs significantly due to the processing and value-added tax exemptions [7] - The influx of foreign investment is evident, with companies like Bao Aofeile leveraging the favorable policies for their operations in Hainan [7] Market Outlook - The positive market response reflects confidence in Hainan's long-term development and the effectiveness of China's institutional opening to attract global resources [8]

Core Insights - Hainan Free Trade Port has been operational for one month, implementing a "one line open, one line controlled" policy design to enhance high-quality development through tax incentives and other benefits [1] Group 1: Green Energy - China National Energy Group's Hainan branch has invested over 14 billion yuan in clean energy projects, including two major gas power projects and a 12 billion yuan offshore wind power project expected to generate 3.54 billion kWh annually, reducing CO2 emissions by 2.87 million tons [4] Group 2: Airport Economy - Hainan Airport Industry Development Group has rapidly developed a comprehensive aircraft maintenance base, benefiting from zero tariffs on aviation materials and other policies, with the tax exemption coverage increasing from under 20% to nearly 70%, resulting in a 10%-15% reduction in maintenance costs compared to competitors [5] Group 3: Grain and Oil Processing - Aoskai International Grain and Oil Co., as a pilot for the processing value-added tax exemption policy, has seen its output value grow nearly sixfold over five years, benefiting from over 300 million yuan in tax reductions and expanding its international market presence [6] Group 4: Technological Innovation - Hainan Flyer Technology Co. has achieved a compound annual growth rate of 105.8% over nine years, leveraging zero tariffs on production equipment and a 15% income tax reduction to enhance R&D investment, with applications in underwater robotics [7] Group 5: Sweet Industry - Add Green Chocolate Co., a Canadian chocolate manufacturer, has established its only Asian production facility in Hainan, benefiting from tax exemptions and securing contracts for its products, with plans to reach 400 million yuan in revenue by 2026 [8] Group 6: Future Outlook - Entrepreneurs express optimism about the future of Hainan Free Trade Port, viewing the recent closure as a starting point for higher levels of openness, with ongoing policy benefits creating a more attractive investment environment [8]

Core Insights - Hainan Free Trade Port has shown a vibrant economic landscape with significant growth in foreign trade and investment since its full closure on December 18, 2025 [1][8] - The implementation of "zero tariff" and processing value-added tax exemption policies has led to a notable increase in business activities and consumer spending [2][3] Policy Implementation - The Hainan Free Trade Port has successfully transitioned from policy design to practical implementation, with a focus on "one line open, one line controlled, and free movement within the island" [1] - The first month of operation has seen a smooth start, with policies effectively stimulating market vitality and ensuring risk control [1][3] Trade and Economic Data - In the first month post-closure, the total import and export value of goods through Hainan's open ports reached 163.68 billion yuan, a 3.6% increase [2] - Daily average of 24,000 consumers engaged in duty-free shopping, with total shopping amounting to 4.86 billion yuan, reflecting a 95.2% increase compared to the previous period [4][2] Business Growth - The number of new business entities established reached 26,800, with 21,000 new companies, marking a year-on-year growth of 16.42% [2] - The processing value-added tax exemption policy has led to a 37.2% increase in business activities, with a total value of 85.87 million yuan [2] Consumer Behavior - The duty-free shopping experience has been enhanced, with consumers reporting significant price advantages, leading to increased purchasing enthusiasm [4] - The average daily shopping amount reached 160 million yuan, surpassing pre-closure levels [4] Logistics and Efficiency - Logistics efficiency has improved by approximately 35% due to the implementation of "insurance and exemption connection" policies [5][6] - Average customs clearance time has been reduced by 27%, facilitating smoother operations for goods and personnel [6] Corporate Benefits - Companies like China Petroleum & Chemical Corporation have reported reduced production costs due to the processing value-added tax exemption, enhancing their competitive edge [7] - The favorable policies have attracted foreign investment, with companies like Baoafele benefiting from the advantageous business environment [7] Market Outlook - The positive market response indicates strong confidence from domestic and international enterprises in Hainan's future development [8] - The successful implementation of policies reflects China's commitment to creating a stable and attractive market through institutional openness [8]