Core Viewpoint - The launch of the all-island customs closure in Hainan Free Trade Port on December 18 marks a significant step in China's commitment to high-level opening-up and the construction of an open world economy [1]. Group 1: Definition and Features of All-Island Customs Closure - The all-island customs closure defines Hainan Island as a special customs supervision area, implementing a policy characterized by "one line" being open, "two lines" being controlled, and free movement within the island [2]. - The "one line" refers to the more liberal and convenient movement of goods between Hainan and foreign countries, allowing for the release of eligible "zero tariff" goods [2]. - The "two lines" control the taxes and certificates for goods moving between Hainan and the mainland, ensuring that the "one line" open goods are managed appropriately [2]. Group 2: Impact on Tourism and Trade - The customs closure does not require additional permits for travel to Hainan, maintaining the same regulations for personnel and goods as before [4]. - The "zero tariff" policy has expanded from over 1,900 tax items to more than 6,600, increasing the proportion to 74%, benefiting all enterprises and non-enterprise units on the island [6]. - The policy allows for the free circulation of "zero tariff" goods and their processed products among eligible entities, optimizing the processing and value-added tax exemption policies [6]. Group 3: Future Policy Enhancements - The policy benefits will continue to be released, with plans to expand the range of duty-free goods available to residents and tourists [9]. - Research is underway on tax policies for imported goods for island residents, allowing for tax-free purchases of certain imported products [10]. - Hainan has implemented the most favorable visa exemption policies in the country, allowing for visa-free entry for citizens from 86 countries [10]. Group 4: Development Goals - The all-island customs closure is a milestone in the construction of the free trade port, marking the beginning of a new phase of open development [14]. - The construction of Hainan Free Trade Port is planned in three phases, with the first phase aiming to establish a policy system focused on trade and investment freedom by 2025 [15]. - The second phase aims for a mature system and operational model by 2035, while the final phase targets the establishment of a high-level free trade port with significant international influence by the middle of this century [15].

Core Viewpoint - The official launch of the Hainan Free Trade Port on December 18, along with a series of favorable policies, is expected to significantly enhance Hainan's attractiveness as an international tourism consumption center and regional aviation hub, creating favorable conditions for the company's main business growth [1] Group 1: Business Performance - Hainan Airport has seen strong passenger growth, with 86 countries now allowing visa-free entry, and record-breaking passenger throughput at Haikou Meilan Airport and Sanya Phoenix Airport [1] - For the period from January to September 2025, Hainan Airport achieved an operating income of 3.28 billion yuan and a net profit attributable to shareholders of 64 million yuan, with total assets of 52.969 billion yuan and a net asset of 23.543 billion yuan [1] Group 2: Strategic Developments - The company is pursuing the acquisition of Meilan Airport to unify operations across three major international airports in Hainan, with all prerequisites for the transaction now met [2] - The completion of the acquisition is expected to create a large airport operating group with an annual passenger throughput exceeding 50 million [2] Group 3: Policy Impact - A series of policy incentives, including the seventh freedom of the air, visa-free access for 86 countries, and enhanced duty-free shopping policies, are seen as strong drivers for Hainan Airport's development [2] - The seventh freedom of the air is expected to attract foreign airlines to expand routes and establish operational bases in Hainan, enhancing air transport capacity for both passengers and cargo [2]

1218 海南封关有哪些关注点？20251217 摘要 海南封关后，进口原材料已实施免三税及加工增值 30%免关税政策，但 主要针对企业间交易，对零售环境影响有限，物品和运输方面的政策落 地尚不明显。 海南对约 85 国实行免签，内地游客无需海关检查，但无感通关模式可 能导致回内地时监管缺失，短期内 C 端商品低税率政策难实施。 离岛免税政策优化，预计 2026 年游客数量和购物转化率将提升。2025 年全岛免税商品销售额同比增长超 20%，手机和黄金占比提升。 客单价可能略降，但总体规模预计增长，2026 年增长幅度保底 10%， 得益于即买即提政策和入境游增加。 2026 年离岛游客数量预计增加，购物转化率有望提升。今年最后两月 全岛免税商品销售额同比增长超 20%，手机换机周期及黄金需求是重要 因素。 为迎接封关及春节假期，当局计划发放消费券刺激消费，预计明年市场 规模将继续扩大，但需关注整体消费趋势的影响。 自贸港封关利好机场运营、航运及旅游服务等相关公司，如海南机场股 份、海峡股份及海汽集团等，需结合公司具体情况评估盈利能力。 Q&A 海南自贸港封关的整体进展如何？ 海南自贸港的封关进展相较最初预期 ...

Core Points - The article discusses the official launch of the Hainan Free Trade Port's full island closure on December 18, 2025, marking a significant milestone in China's efforts to expand its openness and enhance the development of the Hainan Free Trade Port [1]. Group 1: Full Island Closure - "Full island closure" refers to establishing Hainan Island as a special customs supervision area, implementing a policy characterized by "one line open, one line managed, and free movement within the island" [2]. - The "one line open" policy allows for a series of free and convenient measures for goods entering and exiting between Hainan and other countries and regions [4]. - The "two lines managed" policy involves precise management of goods entering the mainland from Hainan, with ten designated ports facilitating smooth passage for eligible goods [6]. Group 2: Trade and Tax Benefits - The full island closure is not equivalent to an island lockdown; instead, it aims to further open up to the outside world, attract global resources, and promote high-quality development of the Hainan Free Trade Port [9]. - The "zero tariff" policy will apply to 6,600 categories of goods, covering approximately 74% of all product categories, representing a 53 percentage point increase from before the closure [14]. - Enterprises can benefit from a reduced corporate income tax rate of 15% if they meet specific criteria, including operating in encouraged industries listed in the Hainan Free Trade Port's directory [18][21]. Group 3: Consumer and Resident Benefits - Residents will not need additional permits to travel to Hainan after the full island closure [11]. - The upgraded duty-free shopping policy allows island residents to purchase duty-free items without limit after one departure from the island within a calendar year [13]. - The policy changes also include the expansion of duty-free product categories, which now encompass nearly all production equipment and raw materials, potentially saving import equipment companies about 20% in costs [17].

Group 1: Stock Market Activity - A total of 31 stocks were listed on the institutional trading leaderboard, with 13 stocks experiencing net buying and 18 stocks facing net selling [1] - The top three stocks with the highest net buying by institutions were: Shennong Agricultural Industry (265 million), Zhongci Electronics (157 million), and Longzhou Co., Ltd. (112 million) [1] Group 2: Key Stocks Performance - Shennong Agricultural Industry saw a price increase of 20.07% with 4 buyers and 2 sellers [2] - Zhongci Electronics experienced a price rise of 10.00% with 2 buyers and no sellers [2] - Longzhou Co., Ltd. had a price increase of 9.96% with 3 buyers and no sellers [2] Group 3: Economic Indicators and Consumer Trends - The National Bureau of Statistics reported that the Consumer Price Index (CPI) rose by 0.7% year-on-year in November, with the core CPI (excluding food and energy) increasing by 1.2% [3] - Hainan's duty-free shopping in November amounted to 2.38 billion, reflecting a year-on-year growth of 27.1% [3] - The restaurant sector's retail sales in October grew by 3.8%, marking the highest increase since June [3] Group 4: Real Estate Sector Developments - Vanke A held a bondholders' meeting to discuss the extension of its bonds, which is considered crucial for the company's financial relief [5] - Market expectations for fiscal support to stabilize the real estate market are strong, with a focus on reducing the likelihood of further defaults among real estate entities [5] - The approach to local debt emphasizes prioritizing development over debt resolution, suggesting a gradual easing of investment restrictions in previously constrained areas [5]

Group 1 - The core viewpoint of the articles highlights the potential for China Duty Free Group (中国中免) to win bids for duty-free stores at Shanghai and Beijing airports, which could significantly enhance its profitability and market position [1][2] - China Duty Free Group's stock price has shown a positive trend, with a 4% increase in the afternoon session, reflecting investor optimism regarding the upcoming bidding results [1] - The company is expected to leverage its strong supply chain, operational capabilities, and talent to secure contracts, similar to its past successes at major airports [1] Group 2 - Morgan Stanley outlines various scenarios regarding the bidding outcomes, with a baseline expectation that China Duty Free Group will secure contracts at both airports, potentially stabilizing its stock price [2] - If the company utilizes its wholly-owned duty-free licenses effectively, it could see a stock price increase of 5% to 10% [2] - Conversely, if Sunrise, the company operating the current duty-free stores, wins contracts at both airports, there could be a potential decline in China Duty Free Group's stock price by 5% to 10% [2]

转自：智通财经 【中国中免：海南离岛免税新政拉动购物金额同比增34.86%】智通财经12月8日电，中国中免在互动平 台表示，离岛免税新政已于11月1日开始执行，进一步增加免税品类和扩大覆盖人群，海口海关统计数 据显示，11月1-7日，海口海关共监管海南省离岛免税购物金额5.06亿元，购物人数7.29万人次，同比分 别增长34.86%、3.37%，政策拉动效应初步显现。口岸免税店和市内免税店也将按照新政要求，积极推 动国产品销售，进一步扩大免税店经营品类，丰富旅客购物选择，并提供网上预定服务，持续提升旅客 免税购物体验。 ...

Core Viewpoint - The report from CICC highlights that China Duty Free Group (CDFG) is the most competitive bidder for the duty-free shops at Shanghai's Pudong and Hongqiao airports, with the bidding process initiated on November 17 and opening on December 9 [1] Group 1: Competitive Position - CDFG's core competitive advantages include scale, supply chain, operations, channels, and talent [1] - Historical examples include CDFG winning bids at Beijing Capital Airport T3 and Daxing Airport despite not having the highest financial scores, due to superior technical scores [1] - CDFG's market share has increased in Hainan over the past few years, demonstrating its competitive strength [1] Group 2: Growth Potential - The growth rate of offshore duty-free sales is accelerating, with new policies expected to bring additional growth potential [1] - CICC has raised the target prices for CDFG's A/H shares by 13% and 18% to 93 RMB and 86 HKD, respectively, reflecting a corresponding P/E of 35x and 29x for 2026, indicating a potential upside of 15% and 16% [1]

中金公司研报指出，根据中国招标投标公共服务平台，上海机场11月17日开启浦东、虹桥国际机场进出 境免税店招标，开标时间为12月9日。中免仍为最有竞争力投标方，若用100%持股主体投标有利于增厚 归母净利润。认为规模、供应链和运营、渠道、人才是中免的核心竞争力，中免2018-19年在首都机场 T3和大兴机场香化精品标段招标中财务分并非第一却由于技术分高最终中标、及过去几年在海南竞争 中市占率提升均是例证。预计中免与品牌方和机场的协同共赢关系能够持续。离岛免税增速提速，关注 新政策带来的增量潜力。当前A/H股股价对应31x/25x 26e P/E。维持"跑赢行业"评级，考虑新政策带来 的增量潜力，上调A/H目标价13%/18%至93元/86港币，对应35x/29x 26e P/E和15%/16%上行空间。 ...

本报海口12月2日电 (记者孙海天)海口海关数据统计，2025年11月1日至30日海南"离岛免税"升级政策实 施首月，海南离岛免税购物金额23.8亿元，同比增长27.1%，件数190.5万件，政策实施首月运行平稳有 序，政策拉动消费作用初步显现。 《 人民日报》( 2025年12月03日 07 版) 其中，新政新增的宠物用品、可随身携带的乐器等品类(包括小家电、电子消费品类)共销售7597件，金 额1300万元；国产商品共销售126件，金额39.1万元。 从购物群体上看，离境旅客购买离岛免税商品4100件，金额906.3万元；岛内居民"即购即提"购物件数 13903件，购物金额1080.8万元。 ...