Group 1 - The national unified market is a globally open market that promotes both domestic and international circulation, with Hainan Free Trade Port serving as a crucial link to the world [1] - Hainan Free Trade Port is leveraging its large domestic market and aligning with international high-standard economic and trade rules to explore collaborative opportunities between free trade policies and inland industries [1][5] - The establishment of the Xiang-Qiong Advanced Manufacturing Industrial Park in Hainan aims to address transportation challenges for large equipment from inland provinces, with a planned area of approximately 5,000 acres and expected production start in February 2026 [3][5] Group 2 - The cross-provincial industrial park initiative in Hainan capitalizes on the advantages of "zero tariffs, low tax rates, and simplified tax systems," while integrating resources from partner provinces in terms of industry, technology, talent, and capital [5] - The introduction of a local standard for the maintenance and remanufacturing of used construction machinery by market regulatory departments from Hunan and Hainan aims to enhance quality and reduce risks in cross-provincial cooperation [7] - The Guangdong-Hainan Advanced Manufacturing Cooperation Industrial Park is not merely about transferring industries but focuses on expanding overall market size through the establishment of the Qiong-Yue Industrial Investment Fund to attract social capital [9] Group 3 - Since the release of the overall plan for Hainan Free Trade Port over five years ago, Hainan has become a new frontier for China's opening up, implementing 22 special measures to relax market access and offering preferential tax rates, resulting in tax reductions exceeding 310 billion yuan for enterprises and 170 billion yuan for individuals [11] - As of now, personnel from 85 countries can enter Hainan visa-free, and the full island closure operation is set to officially start on December 18, which will accelerate the gathering of global quality resources and promote high-quality development of Hainan Free Trade Port [11]

Core Viewpoint - The non-trading roadshow event in Hainan aimed to showcase the achievements and investment opportunities of the Hainan Free Trade Port, enhancing the confidence of foreign investors in the region [1][4]. Group 1: Event Overview - The non-trading roadshow took place from August 25 to 26, marking the first invitation of foreign investors to Hainan since the issuance of offshore RMB local government bonds in 2022 [1]. - The event attracted representatives from nearly 20 investment institutions, including equity funds and investment banks from the Middle East and Hong Kong [1]. Group 2: Key Projects and Developments - Investors visited the Wenchang International Aerospace City and Sanya Yazhou Bay Science and Technology City, observing the progress of key projects funded by foreign debt [2]. - The Wenchang International Aerospace City has developed a commercial aerospace ecosystem, with infrastructure construction reaching a significant scale and regular launch operations underway [2]. - In Sanya, investors learned about various projects, including water system engineering and a national saline-alkali resistant rice technology innovation platform, demonstrating the effective use of raised funds [2]. Group 3: Future Plans and Investor Sentiment - The Hainan Provincial Finance Department highlighted the successful issuance of foreign debt in recent years, emphasizing the targeted investment in key areas of the Free Trade Port [3]. - Hainan plans to continue issuing offshore RMB bonds in Hong Kong, aiming to share the development dividends of the Free Trade Port with international capital markets [3]. - Investors expressed strong confidence in Hainan's future development, particularly in high-tech fields such as aerospace and deep-sea technology, following their firsthand observations during the visit [3].

Group 1: Infrastructure Development - The Hainan Free Trade Port is accelerating the construction of major projects to establish a solid foundation for its operation and expansion [1][4] - The T3 terminal of Sanya Phoenix International Airport is currently undergoing interior decoration, with a total area of approximately 22,000 square meters [1] - The project is expected to be completed by the end of the year, significantly enhancing the airport's passenger throughput capacity and route network coverage [2] Group 2: Commercial Aerospace Initiatives - The Hainan commercial aerospace launch site is under construction, with the second phase focusing on building additional launch positions to meet the growing demand for commercial space launches [3] - The successful launch of ten low-orbit satellite internet satellites using the Long March 8 rocket highlights the province's commitment to developing its aerospace industry [2][3] Group 3: Healthcare Infrastructure - The Hainan Provincial People's Hospital South Campus project is nearing completion, with over 90% progress, aiming to enhance the healthcare service system in the region [3] - This project is part of the broader goal to achieve a "one-hour service circle" for tertiary hospitals across the province [3]

Core Insights - Haikou Jiangdong New District is positioned uniquely compared to other areas in Hainan, showcasing significant development potential [1][3] - The district's overall plan includes a focus on an airport economic zone, coastal ecological headquarters, and various functional clusters [3][5] Economic Development - Since its establishment in 2020, Jiangdong New District has attracted 483 key enterprises, including 48 Fortune 500 companies, forming industry clusters in air transport economy, new finance, premium consumption, and digital intelligence [3][5] - By mid-2025, the economic openness of Jiangdong New District reached 198%, an increase of 25.5 percentage points from 2024, with modern commercial services and air transport economy generating revenues exceeding 800 billion yuan and 130 billion yuan respectively [3][5] Investment and Infrastructure - The district is actively promoting high-quality economic development through "business-driven investment," establishing professional committees to attract new members and hosting specialized economic activities [5] - The Fude Group is investing in a comprehensive urban project in Jiangdong New District, covering over 500,000 square meters with a total investment of 10 billion yuan [5] International Perception - International media representatives express surprise at the rapid development in aviation and foreign economic sectors within Jiangdong New District, indicating a strong interest in promoting its progress to global audiences [5][6] - The district is seen as a new hub for global enterprise investment, innovation, and cooperation, highlighting its ecological and economic integration [6]

Group 1 - The first batch of duty-free maintenance services for engine gearboxes in Hainan Free Trade Port has been successfully implemented, marking a significant development in the high-end automotive industry in the region [1] - The service is provided by CRRC International Vehicle Industry (Hainan) Co., Ltd., which is a subsidiary of China General Technology (Group) Holding Limited, and focuses on duty-free maintenance as its core business [1] - The special regulatory policies in the comprehensive bonded zone allow the company to enjoy benefits such as "domestic maintenance + no guarantee," significantly reducing the financial pressure on enterprises [1] Group 2 - The company expects to complete the maintenance of 2,000 to 3,000 automotive gearboxes in the second half of the year, expanding its business footprint and promoting the "China Maintenance" brand internationally [2] - The implementation of this business is a strong measure by customs to support the development of the new business model of "duty-free maintenance remanufacturing" as outlined in the overall plan for Hainan Free Trade Port [2] - The Haikou Comprehensive Bonded Zone has attracted four companies in the automotive and electronics sectors to establish duty-free maintenance operations, with total import and export value exceeding 100 million yuan from January to July [2]

第三场活动以"就业创业机遇分享"为主题。相关专家围绕海南自贸港封关运作，深入剖析自贸港建 设为港澳青年带来的就业与创业新机遇，系统解读了贸易、投资、税收等领域的核心政策，并现场解答 了港澳青年提出的有关项目落地、补贴申请、人才公寓等问题。 首场"港澳创享汇"活动以"海南自贸港人才政策解读"为主题。现场，专家深入解析"1+3人才政 策"体系，聚焦港澳青年在创业扶持、安居保障、子女教育、税收减免等方面的需求，解读海南自贸港 针对港澳人才的支持政策和制度优势，增强港澳青年在琼长远发展的信心。 在第二场活动中，多位在琼成功创业的港澳青年代表分享经验，激发港澳青年投身海南经济社会发 展的热情。如，澳门"大堂街炸鸡"主理人涂庆博分享了品牌借力"首店经济"政策、融合在地文化的经 验;海南云端无人机科技服务有限公司总经理郭志福讲述了抢抓国家低空经济发展战略机遇、在琼开拓 创新的实践历程。 省委统战部举办"港澳创享汇"活动 向港澳青年宣传海南自贸港创业机遇 海南日报讯(海南日报全媒体记者 张文君)近期，省委统战部举办了三场"港澳创享汇"活动，旨在 通过政策赋能与创业引领，吸引港澳青年共享海南自贸港建设机遇。 ...

Core Viewpoint - The company reported a revenue of 1.079 billion yuan for 1H25, a year-on-year decline of 6.1%, with a net loss attributable to shareholders of 70 million yuan, narrowing by 71.7% compared to the previous year. The weaker performance is attributed to poor traffic flow and competition from other airports and transport modes, but long-term prospects remain positive due to the benefits from the Hainan Free Trade Port [1][2]. Revenue Performance - The company's traffic volume faced pressure, with passenger throughput at 13.91 million, down 4.1% year-on-year, primarily due to changes in popular tourist destinations and competition from other airports [1]. - Revenue from aviation-related businesses fell by 4.6% to 576 million yuan, aligning with traffic growth rates. Non-aviation revenue showed weaker monetization capabilities, with total non-aviation revenue declining by 15.6% to 260 million yuan, despite a 2.5% increase in concession revenue to 243 million yuan driven by steady growth in advertising [1][2]. Cost Structure and Losses - The company's operating costs were rigid, with total costs rising by 5.5% to 1.046 billion yuan in 1H25. Labor costs increased by 13 million yuan, and maintenance costs rose by 19 million yuan due to renovation needs [2]. - Despite the decline in revenue, the net loss attributable to shareholders narrowed to 70 million yuan, a reduction of 178 million yuan year-on-year, mainly due to a decrease in extraordinary expenses from arbitration compensation [2]. Future Outlook - The Hainan Free Trade Port is set to officially launch operations on December 18, 2025, which is expected to stimulate traffic to Hainan Island, providing additional growth opportunities for the company [2]. - The potential acquisition of control over Hainan Airport is anticipated to enhance the efficiency of aviation resource utilization on the island, allowing the company to better leverage its hub position in the region [2]. Profit Forecast and Valuation - The company has revised its net profit forecast for 2025 to a loss of 76 million yuan, down from a previous estimate of a profit of 267 million yuan. Projections for 2026 and 2027 have also been reduced by 45% and 29% respectively [2]. - The company is expected to improve profitability in the medium to long term, driven by the benefits of the Hainan Free Trade Port, with a target price adjustment to 11.50 HKD from 11.00 HKD, maintaining a "buy" rating [2].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 11.50, up from the previous target of HKD 11.00 [6][5][17] Core Views - The company reported a revenue of RMB 1.079 billion for 1H25, a decrease of 6.1% year-on-year, with a net loss attributable to shareholders of RMB 70 million, which is a 71.7% improvement compared to the previous year [1][3] - The weak performance in passenger traffic, which decreased by 4.1% to 13.91 million passengers, is attributed to changes in popular travel destinations and competition from other airports and transport modes [2][4] - The company is expected to benefit from the upcoming Hainan Free Trade Port policies, which are anticipated to stimulate passenger flow and enhance the operational efficiency of the airport [4][5] Financial Performance Summary - The company's operating costs for 1H25 were RMB 1.046 billion, an increase of 5.5% year-on-year, leading to a gross profit decline to RMB 33 million [3] - The report projects a downward revision of the company's net profit for 2025 to a loss of RMB 76 million, with subsequent years showing a recovery to profits of RMB 271 million in 2026 and RMB 499 million in 2027 [5][10] - The earnings per share (EPS) are forecasted to be -0.16 for 2025, 0.57 for 2026, and 1.05 for 2027 [10][5] Market Position and Future Outlook - The establishment of a joint venture with Changi Airport Group is expected to enhance the company's ability to monetize non-aeronautical revenues [1][4] - The anticipated completion of the acquisition of control over Hainan Airport is expected to improve the utilization of aviation resources on Hainan Island, reinforcing the company's hub status [4][5] - The report highlights the potential for long-term profitability improvements driven by the Free Trade Port's benefits and the company's capacity expansion [5][4]

Core Viewpoint - The article highlights the transformation of the Qiongya Anti-Japanese Base from a historical battleground during the Anti-Japanese War to a vibrant area contributing to the development of Hainan Free Trade Port, showcasing the spirit of struggle and the blueprint for modern development [1][13]. Historical Context - The Qiongya Anti-Japanese Base was established during the Anti-Japanese War, where the local population and military collaborated to resist Japanese invaders, creating a stronghold that played a crucial role in the war effort [3][5]. - Between 1939 and 1945, the Qiongya Special Committee led the establishment of several anti-Japanese bases, conducting over 2,200 operations against Japanese forces, resulting in significant casualties for the enemy [5][7]. Economic Development - The area that once served as a military stronghold has now become a key part of Hainan's economic development, with the establishment of the Hainan Free Trade Port attracting numerous enterprises and driving local economic growth [15][17]. - The Jiangdong New District has attracted 451 key enterprises since 2020, leading to substantial improvements in local economic indicators and the introduction of 24 institutional innovation measures to enhance cross-border trade [15]. Agricultural Innovation - The region has evolved into a strategic platform for agricultural research and breeding, with over 70% of new crop varieties in China originating from this area, now known as the South Breeding Research Base [9][11]. - The breeding efforts in Sanya's Yazhou have led to the development of over 40 new soybean varieties, with significant yields achieved in major production areas [11]. Cultural Heritage - The transformation of the Qiongya Anti-Japanese Base into a modern development hub reflects the ongoing commitment to honoring revolutionary history while fostering economic and social progress [1][17]. - The local community is actively engaged in preserving the ecological environment while promoting agricultural products, contributing to both economic prosperity and cultural heritage [19].

三亚崖州湾科技城高新区海南专项研究生实地感受海南重点园区发展新貌—— 在自贸港建功立业愿望更加强烈 海南日报海口8月20日讯(海南日报全媒体记者 刘杰)"这里有许多行业创新的东西，让我们开了眼 界。"8月20日，走进海南文昌冯家湾现代化渔业产业园，中国海洋大学三亚海洋研究院材料工程专业研 究生何海燕兴奋地说。 8月20日，三亚崖州湾科技城高新区海南专项研究生自贸港重点园区行(以下简称园区行)活动进入 第二天，40名海南专项研究生奔赴文昌冯家湾现代化渔业产业园、文昌国际航天城和海口江东新区，感 受产业发展新貌。 文昌冯家湾现代化渔业产业园被誉为"水产硅谷"，以科技赋能，促进传统产业实现转型升级，走出 了一条绿色发展新路径。在这里，鱼虾螺纷纷"上楼"，让同等面积的土地产出提高60%以上。 "这里有海洋专业的海南专项研究生吗?我们可以留个微信。"在园区内中云农水产科技有限公司， 总经理伭宏伟一边介绍公司情况，一边迫不及待地打开微信二维码，希望能和大家有进一步的交 流。"这几年公司发展迅速，十分需要海洋相关专业的高素质人才，没想到园区行活动'送才上门'，让 我可以和海南专项研究生面对面交流，真是太好了!"伭宏伟感慨道 ...