Core Insights - The opening policy dividends of Hainan Free Trade Port are gradually being released, with local product exports expected to grow at an average annual rate of 13.6% from 2019 to 2024, surpassing the national average by 5.5 percentage points [1][3]. Group 1: Economic Growth and Opportunities - After the full closure of Hainan Free Trade Port, policy advantages are becoming evident, leading to a rapid increase in enterprises with supply chain service functions registered in Hainan, presenting significant growth opportunities for "offshore trade" similar to "island trade" [3]. - The tourism, maintenance and repair, and cultural and entertainment service sectors are expected to inject lasting momentum into the open economy of Hainan Free Trade Port [3]. - The establishment of Siemens Energy (Hainan) Co., Ltd. as a landmark foreign investment project in the manufacturing sector is indicative of the positive market response following the full closure [3]. Group 2: Strategic Positioning and Development - Hainan Free Trade Port is positioned at the center of the Regional Comprehensive Economic Partnership (RCEP), the world's largest integrated market, aiming to become a headquarters base for Chinese enterprises going global and foreign enterprises entering the Chinese market [3]. - The construction of "dual headquarters" is anticipated to support the high-quality development of Hainan [3]. - Suggestions for Hainan to leverage its legislative autonomy to create a more business-friendly and open environment to attract international investors have been made [4]. Group 3: Regional Cooperation and Strategic Hub - Hainan is expected to play a strategic hub role in China-ASEAN economic cooperation, focusing on three areas: becoming a base for comprehensive strategic cooperation and cultural exchanges, a key link between the Chinese market and RCEP, and a platform for blue economy cooperation [5]. - The importance of predictability, efficiency, transparency, and institutional credibility in determining the success of the next phase of Hainan Free Trade Port has been emphasized, highlighting the need for alignment with international standards [5].

专题：2025三亚•财经国际论坛 三亚•财经国际论坛暨第五届三亚财富管理大会12月27日在海南三亚举办。新加坡国立大学东亚研究所 高级研究员、经济研究主管，海南大学特聘教授陈波出席并发言。 陈波表示，与新加披相比，海南自贸港在融合方面优势巨大。 他指出，新加坡周围都是独立国家，各有发展目标，且"超越新加坡"已非我国城市开发发展时的目标。 海南一方面有内部凝聚力共识，要发展成为世界最优秀的自贸港，同时也有全国人民的支持，大家在能 力、人才、资金等各方面都给予支持，所以在这方面也有优势。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：王翔 他指出，新加坡周围都是独立国家，各有发展目标，且"超越新加坡"已非我国城市开发发展时的目标。 海南一方面有内部凝聚力共识，要发展成为世界最优秀的自贸港，同时也有全国人民的支持，大家在能 力、人才、资金等各方面都给予支持，所以在这方面也有优势。 责任编辑：王翔 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描 ...

三亚•财经国际论坛暨第五届三亚财富管理大会12月27日在海南三亚举办。中信城市开发运营（海南） 有限公司董事长张国良出席并发言。 张国良指出，海南尤其是三亚，具备资产保值甚至增值的机会。目前地产行业确实面临较大压力，全国 中等以上城市库存周期超过30个月，即近三年才能消化完现有房源，而三亚仅有9个月。 他认为，未来随着人口增加、政策变化，包括个人所得税、企业所得税便利，以及医疗等条件的改善， 必将带动海南整体经济发展。 他建议，海南全域放开限购，甚至对能为海南自贸港做出贡献的外籍人士降低购房门槛。 专题：2025三亚•财经国际论坛 三亚•财经国际论坛暨第五届三亚财富管理大会12月27日在海南三亚举办。中信城市开发运营（海南） 有限公司董事长张国良出席并发言。 张国良指出，海南尤其是三亚，具备资产保值甚至增值的机会。目前地产行业确实面临较大压力，全国 中等以上城市库存周期超过30个月，即近三年才能消化完现有房源，而三亚仅有9个月。 他认为，未来随着人口增加、政策变化，包括个人所得税、企业所得税便利，以及医疗等条件的改善， 必将带动海南整体经济发展。 他建议，海南全域放开限购，甚至对能为海南自贸港做出贡献的外籍人 ...

来源：中信建投证券 一、往期观点回顾 我们在上期策略中认为，本周操作需聚焦结构性机会，配置方向上，建议重点关注两大主线：一是科技创新领域， CPO、半导体等算力相关板块受益于产业需求爆发与政策支持，留意AI应用、数字经济等延伸方向；二是政策驱动型板 块，消费板块中可关注受益于促消费政策的必选消费与改善型消费细分领域，基建相关板块则可跟踪专项债落地进度带 来的机会。仓位管理上，建议保持六成左右灵活仓位，避免追高近期涨幅过大的热点品种，优先选择业绩可验证、产业 趋势明确的标的。风险防范方面，需警惕海外市场波动传导、短期获利盘了结带来的回调压力，同时关注地缘政治扰动 因素。 二、一周市场回顾及走势分析 （一）市场整体表现 本周行情持续反弹，三大指数本周均录得五连阳。市场主要指数中，中证500以4.03%的周涨幅排名前列，上证50和沪深 300指数表现相对落后。 资料来源：中信建投通达信 （二）板块表现 从行业板块表现来看，有色金属、工业贸易、国防军工、化工等涨幅居前，公用事业、媒体娱乐、交通运输、医药生物 等涨幅相对落后。 从概念主题板块的表现看，玻纤、锂电电解液、海南自贸港、光伏、电池等涨幅居前。 资料来源：wi ...

Group 1 - Hainan Airlines (600221) focuses on international, domestic, and regional air passenger and cargo transportation, operating nearly 1800 routes and covering all provinces in China, as well as over 100 international routes [1][30] - Hainan Airport (600515) operates major airports in Hainan and is involved in airport construction, management, and related industries, including aircraft maintenance and logistics [2][31] - Zhongtung High-tech (000657) is a state-owned enterprise focusing on the tungsten and hard alloy industry, with a complete industrial chain from tungsten ore to products, and is involved in high-end manufacturing sectors [3][32] Group 2 - Jinpan Technology (688676) is a key player in the new energy sector, specializing in the research and manufacturing of power distribution and control equipment, benefiting from supportive policies in Hainan [4][33] - Haixia Co., Ltd. (002320) controls important maritime transport routes, enhancing its passenger and cargo transport services, and is positioned to benefit from increased demand post-border closure [5][34] - Hainan Mining (601969) focuses on mineral resource extraction and processing, with products supporting the new energy battery industry, and is exploring green development models [6][35] Group 3 - Hainan Rubber (601118) is a leading enterprise in natural rubber production, extending its business into rubber products and international trade, leveraging Hainan's free trade policies [7][36] - Guangsheng Nonferrous (600259) specializes in non-ferrous metal mining and smelting, with a focus on rare earths and tungsten, essential for high-end manufacturing and new energy sectors [8][37] - Haima Automobile (000572) is transitioning into the new energy vehicle sector, supported by Hainan's policies, and is expanding its production capabilities [9][38] Group 4 - Haide Co., Ltd. (000567) focuses on distressed asset management, with a strategy to optimize asset allocation in the region, and is involved in photovoltaic projects [10][39] - Hainan Public Transport Group (603069) provides passenger transport services and is enhancing its operations through the integration of duty-free services [11][40] - Junda Co., Ltd. (002865) is engaged in the new energy sector, focusing on photovoltaic battery research and manufacturing, and is expanding its market presence [12][41] Group 5 - Luoniushan (000735) is involved in livestock farming and related industries, leveraging Hainan's agricultural resources to expand its market [13][42] - Jingliang Holdings (000505) focuses on oil processing and food manufacturing, utilizing Hainan's logistics advantages for trade [14][43] - Hainan Coconut Island (600238) specializes in alcoholic beverages, particularly health wines, and is expanding its market through tourism channels [15][44] Group 6 - Hainan Haiyao (000566) is a pharmaceutical manufacturer focusing on chemical raw materials and traditional Chinese medicine, benefiting from supportive policies for the pharmaceutical industry [16][45] - Hainan Ruize (002596) produces construction materials and is involved in tourism, aligning its business with Hainan's infrastructure development [17][46] - Hainan Expressway (000886) operates key highways in Hainan and is expanding its business through tourism and duty-free services [18][47] Group 7 - Puli Pharmaceutical (300630) specializes in chemical drug development and international market expansion, leveraging Hainan's trade policies [19][48] - Shennong Technology (300189) focuses on seed research and production, aiming to expand its market through trade policies [20][49] - Shuangcheng Pharmaceutical (002693) is dedicated to peptide drug development and international market expansion, supported by Hainan's policies [21][50] Group 8 - Xinlong Holdings (000955) specializes in non-woven fabrics and related products, with a focus on medical and industrial applications, and is exploring export opportunities [22][51] - ST Intercontinental (600759) is involved in oil and gas exploration and is expanding into the hydrogen energy sector [23][52] - Huawen Group (000793) operates in media, tourism, and supply chain services, aiming for growth through Hainan's logistics advantages [24][53]

俄罗斯游客伊万诺娃是封关后首批通过海南自贸港旅游免签政策入境的境外游客，她在专业导购陪同下 选购了中国茶叶和陶瓷。"我的家人朋友都很喜欢中国制造的商品，以前在三亚购物需要另外办理离境 退税，现在可以直接免税购买，就像免签入境通关一样丝滑。"她说。 12月23日，在海南保亭椰泽坊食品有限公司厂区内，工人将一箱箱椰子油成品搬运装车，通过海口新海 港和南港"二线口岸"(货运)集中查验场发往广州。这批货物成为海南全岛封关后首批使用海南自产货物 开展加工增值业务的货物。 《海南自由贸易港建设总体方案》提出，"实施更加开放的航空运输政策""支持在海南试点开放第七航 权"。12月21日，由海南三亚飞往捷克布拉格的DV481航班从三亚凤凰国际机场起飞，这条航线是我国 首条投入运营的第七航权航线。封关运作首周，海口海关共监管空港口岸进出境人员7.6万人。 海南自贸港实施的"零关税、低税率"等开放政策升级，吸引更多外贸主体来琼投资兴业。封关首周，海 南新增外贸备案企业1972家，同比增长2.3倍。截至目前海南全年新增备案报关单位3万余家，同比增长 超40%。 海南全岛封关启动前1个月，离岛免税迎来了新一轮的政策调整，离岛免税政策 ...

- The report does not contain any quantitative models or factors for analysis[1][2][3]

该航线由马来西亚飞萤航空运营，计划每周一、三各执飞一班，使用波音738机型执飞。进港航班 FY8970计划于23:25从马来西亚亚庇国际机场起飞，次日02:50抵达海口；出港航班FY8971计划于03:50 从海口起飞，06:50抵达马来西亚亚庇国际机场。以上时刻均为北京时间，具体时刻以航空公司官方发 布为准。 中新网海口12月25日电(蔡莲珠 林杉)海口美兰国际机场(以下简称美兰机场)12月24日正式开通海口=马 来西亚亚庇定期客运航线。 据悉，2025年以来，美兰机场累计运营国际及地区客运航线45条，境外通航城市27个，覆盖中国香港、 澳门地区，以及东南亚、东北亚、中东、澳新、欧洲、北美等区域。此外，美兰机场还计划于12月28日 开通海口=越南河内国际客运航线，持续丰富海南自贸港联通东盟地区国家的航线网络布局，为海南自 贸港实现高水平开放和高质量发展提供有力支撑。(完) 这是12月18日海南自贸港全岛封关后，美兰机场开通的首条国际航线，成为今年继吉隆坡、古晋、槟城 之后，美兰机场通航的第四个马来西亚城市，填补了海口至马来西亚沙巴州地区的航线空白，为旅客前 往马来西亚提供更丰富多样的出行选择和便捷通道。 ...

格隆汇12月25日丨南极电商(002127.SZ)在投资者互动平台表示，公司目前暂无海南自贸港业务布局。 ...

图为海南封关运作首日繁忙的洋浦港。 12月18日，海南自由贸易港全岛封关运作正式启动，这一历史性时刻标志着中国对外开放迈入全新阶段，为全球消费市场注入强劲动能。作为我国新时代 对外开放的重要门户和国内国际双循环的交汇点，海南自贸港以"零关税"政策扩容、贸易投资自由化便利化为核心引擎，封关首日呈现出免税消费火爆、 跨境消费便捷、文旅消费融合、产业消费联动的蓬勃景象。从1小时售罄的马来西亚进口榴莲到亿元级免税消费盛典，从跨境加工增值的产业红利到全球 品牌集聚的消费升级，海南正以封关为契机，加速构建具有全球影响力的国际旅游消费中心，政策红利逐步转化为惠及全球消费者的切实福利。 免税消费提质升级 政策红利直达终端 封关运作启动当日，中免集团"封关启航"仪式在海口国际免税城举行，重磅推出覆盖全岛6家免税门店的"十二重礼"立体福利体系，发放1.218亿元礼券， 燃动离岛免税消费热潮，将封关红利精准转化为消费动能，进一步放大消费价值。 政策赋能下的免税消费不仅福利丰厚，更实现了商品供给与消费体验的双重升级。封关当日，迪奥美妆全球最大旗舰店、MONCLER（盟可睐）海南首家 全球最新形象双层店等30家新店集中亮相，浪琴表中免 ...