1. Report Industry Investment Rating No information provided in the content. 2. Core Views of the Report - The overall market shows a complex and diversified trend, with different sectors and varieties having different investment outlooks and risks. For example, in the stock index futures, it is necessary to focus on the sustainability of liquidity repair; in the black sector, steel and ore are expected to be short - term volatile and medium - long - term bearish; in the energy sector, the rise of crude oil driven by geopolitics is limited [15][17][40]. 3. Summary by Relevant Catalogs 3.1 Macro Information - China's Hainan Free Trade Port officially launched the full - island customs closure operation on December 18, 2025, expanding the "zero - tariff" commodity scope to more than 6,600 tariff items. China has re - implemented the export license management for steel products after 16 years and approved some rare earth export general license applications. A large gold mine was discovered in Laizhou, Shandong, with a cumulative proven gold resource reserve of over 3,900 tons, accounting for about 26% of the national total [9]. - The National Development and Reform Commission will take measures to expand effective investment. The State Administration for Market Regulation will promote the construction of a unified national market. Market institutions expect a 0.5 - percentage - point reserve - requirement ratio cut and a 0.1 - percentage - point interest - rate cut in 2026. The CSRC will promote the compilation and implementation of the capital market's "14th Five - Year Plan" [10]. - In 2026, the photovoltaic industry will strengthen capacity control. The next - nominee for the Fed chair may support "substantial" interest - rate cuts. Trump will sign a nearly trillion - dollar annual defense policy bill. The US November core CPI and overall CPI growth rates are lower than expected, but the reliability of the inflation report is questioned. The number of initial jobless claims in the US last week decreased, and the number of continued jobless claims increased [11]. - The European Central Bank maintained the benchmark interest rate unchanged, and the Bank of England cut interest rates by 25 basis points. Japan increased its holdings of US Treasury bonds in October, while China decreased its holdings. The main contracts of palladium and platinum futures on the Guangzhou Futures Exchange had significant movements, and trading restrictions were imposed [12]. 3.2 Macro Finance 3.2.1 Stock Index Futures - The strategy is to focus on the sustainability of liquidity repair. If it is realized, the index may strengthen. A - share large and small indexes are differentiated. US economic data shows mixed performance, and domestic November macro - economic data shows a decline in most indicators. The stock market and the bond market strengthened simultaneously on Wednesday, and the market was differentiated on Thursday [15]. 3.2.2 Treasury Bond Futures - The strategy is that medium - and short - term bonds have certain odds and may fluctuate strongly. The capital market is balanced and loose, and the central bank restarts the 14 - day reverse repurchase. The macro - policy expression in the central economic work conference is marginally relaxed, but it is not enough to drive interest - rate cut transactions in the short term. Attention should be paid to the central bank's MLF renewal and bond - buying scale at the end of the month [16]. 3.3 Black Sector 3.3.1 Steel and Ore - From a policy perspective, the implementation of important meeting spirits is in line with market expectations, with no new policies and a relatively gentle policy. From a fundamental perspective, the demand for building materials is weak, and the demand for coils is acceptable. The supply side may see a decline in iron - water production, and the inventory is still at a high level compared with last year. The cost side is expected to continue to decrease. In the short term, steel and ore will fluctuate, and in the medium - long term, a bearish view is maintained [17]. 3.3.2 Coal and Coke - The prices of coking coal and coke may fluctuate and rise in the short term. In the medium term, the domestic mine start - up rate is restricted by policies, and in the short term, coal production is restricted by safety supervision and environmental protection. The potential negative feedback risk of weakening steel demand still restricts the prices of coal and coke. The 05 contract may have a phased rebound, but the space is limited [20]. 3.3.3 Ferroalloys - For ferrosilicon, it is recommended to close out the previous long positions and pay attention to short - selling opportunities in the short term. For manganese silicon, a bearish view is maintained in the medium term. The performance of ferrosilicon and manganese silicon is weak, and the supply of ferrosilicon has decreased in the near two weeks, while the supply of manganese silicon has not significantly shrunk [21]. 3.3.4 Soda Ash and Glass - For soda ash, it is recommended to wait and see. For glass, it is advisable to try to go long after the market sentiment stabilizes. The supply of soda ash has recovered, but the upstream start - up willingness is weak. The market has expectations for the cold - repair of glass production lines, and the follow - up should focus on the implementation of production cuts and other factors [22]. 3.4 Non - ferrous Metals and New Materials 3.4.1 Lithium Carbonate - In the short term, the fundamentals show signs of weakening, but in the medium - long term, the demand is still positive. Attention should be paid to the rhythm of demand and the opportunity to buy on dips [24]. 3.4.2 Industrial Silicon - In the short term, it is difficult to see production cuts. At the end of the month, attention should be paid to the supply disturbance caused by environmental protection in Xinjiang and the fluctuation of coking coal prices, which may lead to a partial repair of valuation. In the future, it will gradually shift to the game of polysilicon production - cut expectations [25]. 3.4.3 Polysilicon - The adjustment of the minimum order quantity for polysilicon futures contracts may weaken the trading enthusiasm and increase price fluctuations. The policy - expected pricing is stronger than the supply - demand contradiction pricing, and the spot price is expected to be strong [26]. 3.5 Agricultural Products 3.5.1 Cotton - In the short term, it will fluctuate and sort out. The supply is temporarily loose, but the long - term supply is expected to shrink. The cost and policy expectations support the cotton price, but the USDA report is negative [28]. 3.5.2 Sugar - The domestic sugar supply - demand situation is still bearish. The new - sugar listing pressure weighs on the sugar price. The Zhengzhou sugar futures price is at a low level. It is advisable to wait and see, and short - sellers at low levels should be cautious [30]. 3.5.3 Eggs - Before the Spring Festival, the inventory of laying hens in production is expected to remain high, and the short - term contract is bearish. The long - term contract is supported by the expectation of a decline in inventory, and it is advisable to wait and see [32]. 3.5.4 Apples - The futures price may fluctuate. The出库 of apples is slightly reduced year - on - year, and the sales in the market are slow. The high price restricts consumption, and the substitution of citrus fruits suppresses demand [34]. 3.5.5 Corn - Attention should be paid to the change of spot prices in the production area. It is advisable to short - sell the far - month contracts on rallies or look for reverse - spread opportunities in the far - month contracts. The supply - demand mismatch is gradually alleviated, and the far - month contracts face greater supply pressure [35]. 3.5.6 Red Dates - The current view is that the price will fluctuate. The prices in the production and sales areas are stable, but the increase in the arrival volume in Cangzhou may suppress the spot price. The follow - up should focus on the performance in the consumption peak season [37]. 3.5.7 Pigs - The pattern of strong supply and weak demand remains unchanged. The spot price lacks the driving force for a rebound and is likely to continue to be weak. It is advisable to short - sell the near - month contracts on rallies and control the position [38]. 3.6 Energy and Chemical Industry 3.6.1 Crude Oil - The geopolitical situation in Venezuela drives the oil price to rebound, but the impact is limited. In the medium term, the oil price may continue to decline. Goldman Sachs predicts that the average prices of Brent and WTI crude oil in 2026 will be $56/barrel and $52/barrel respectively [40]. 3.6.2 Fuel Oil - The supply and demand structure of fuel oil is loose, and its price follows the oil price. The geopolitical situation affects the oil price, and the fuel oil inventory is accumulating [41]. 3.6.3 Plastics - Polyolefins have a large supply pressure and weak downstream demand. The price may have a small - scale rebound due to production losses, but there is no strong driving force for a large - scale rebound [42]. 3.6.4 Methanol - The supply - demand situation of methanol has slightly improved, and the inventory is starting to decline, but there is still a possibility of inventory accumulation at the end of the month. It is not recommended to continue to be bearish. The near - month contract may have a small - scale rebound, and the far - month contract can be considered for long - position allocation after smooth inventory reduction [43]. 3.6.5 Caustic Soda - The rise of caustic soda futures price is mainly due to the strong performance of coking coal futures. The decline in the price of the liquid chlorine industry chain supports the far - month contract. It is advisable to stop profiting from the long - position in the near - month contract and hold the long - position in the main contract dynamically [44]. 3.6.6 Asphalt - The price fluctuation of asphalt is expected to increase, and the focus in the future is the price bottom after the winter - storage game [45]. 3.6.7 Polyester Industry Chain - The short - term trend of the polyester industry chain is mainly driven by cost and market sentiment. It is advisable to try to go long on dips and pay attention to market sentiment changes. Consider the positive spread between PX and PTA 5 - 9 contracts on dips [47]. 3.6.8 Liquefied Petroleum Gas - The LPG market shows a pattern of near - strong and far - weak. The decrease in supply supports the price rebound, but the high - level support is insufficient, and the futures price is prone to fall [48]. 3.6.9 Pulp - The old warehouse receipts are compulsorily cancelled, and the fundamentals are gradually improving. It is advisable to wait and see in the short term. If the spot price is stable, a virtual short - call option on the 03 contract can be sold to achieve high - level risk - free hedging [49]. 3.6.10 Logs - The fundamentals are weakly bearish, and the spot price is under pressure. The follow - up is expected to maintain a weak supply - demand balance, and the futures price is still under pressure [49]. 3.6.11 Urea - The high price in the futures market is not sustainable. A bearish view should be maintained under the high - supply pressure [50].

【环球时报赴海南特派记者 郭媛丹】编者的话：随着18日海南自由贸易港正式启动全岛封关运作，多种政策利好将为企业注入新的发展活力。"加工增值超 30%免关税"等核心政策将给海南的二次加工企业带来前所未有的增长空间；"零关税"等政策则为飞机、游艇维修等新型产业释放更多发展潜力。在接受 《环球时报》记者采访时，多家相关产业的企业负责人对海南封关后的发展前景充满信心，表示"未来必将更加开放、更加便利、更具成本优势"。 "边运行、边发现、边整改、边完善" 全岛封关是海南自贸港建设新阶段的开始。封关后，海南将敞开一扇通往全球的"便捷之门"，形成新的经济增长点。其中，"一线"放开是指将海南自贸港与 中国关境外其他国家和地区之间作为"一线"，实施进口货物"零关税"、放宽贸易管理等自由化便利化措施。以岛内现有8个对外开放口岸作为 "一线"口岸， 对符合条件的进口货物径予放行。 "像'零关税'政策、放宽贸易管理措施、加工增值免关税政策都是希望海南打造对外开放的高地。一方面提高对外开放能效，另一方面助力产业高质量发 展。"海口海关所属洋浦海关副关长王远忠对《环球时报》记者说，洋浦港现有35条国际航线，将来会是自贸港"一线"放开的主 ...

Core Viewpoint - The Hainan Free Trade Port officially commenced its full island closure on December 18, 2025, marking a significant milestone in the region's economic development and trade facilitation [1] Group 1: Policy Implementation - All eight open ports and ten "second-line ports" in Hainan have activated their regulatory facilities, establishing the island as a customs supervision special area [1] - The new policy framework allows for "first-line" liberalization, "second-line" regulation, and internal freedom, creating a new chapter for Hainan's trade environment [1] Group 2: Economic Impact - The range of "zero tariff" goods has expanded to over 6,600 tax items, stimulating new vitality in various industries [1] - On the first day of closure, it is expected that Hainan's Yangpu Port and Sanya Phoenix International Airport will import "zero tariff" goods, including crude oil, medical equipment, aviation materials, and food raw materials, with a total value exceeding 500 million yuan [1] Group 3: Company Benefits - Companies like Jingbo (Hainan) New Materials Co., Ltd. are anticipated to benefit from nearly 10 million yuan in tax reductions due to "zero tariff" policies on raw materials [1] - Hainan Hairun Pearl Co., Ltd. will enjoy duty-free policies for processed value-added goods sold domestically, enhancing their market competitiveness [1]

海口新海港和南港"二线口岸"（货运）集中查验场俯瞰。 建设前的海口新海港和南港"二线口岸"（货运）集中查验 场所在地。 以上图片均为中铁广州工程局集团提供 镶嵌在南海万顷碧波之上的海南岛，正成为引领我国新时代对外开放的重要门户。经党中央批准，海南 自由贸易港于12月18日正式启动全岛封关。 封关，是一次物理上的定义：将海南岛全岛建成一个海关监管特殊区域。 封关，是一次制度上的探索："一线"放开、"二线"管住、岛内自由，扩大高水平对外开放。 2018年4月，习近平总书记在庆祝海南建省办经济特区30周年大会上郑重宣布，"党中央决定支持海南全 岛建设自由贸易试验区，支持海南逐步探索、稳步推进中国特色自由贸易港建设"。2020年，中共中 央、国务院印发《海南自由贸易港建设总体方案》。日前举行的中央经济工作会议提出，"扎实推进海 南自由贸易港建设。" 海南自由贸易港全岛封关如何运作？为了这一天，各方做了哪些准备？收效如何？封关首日，记者深入 机场、园区、一二线口岸等多个点位，记录这不平凡的一天。 "一线"放开 放宽各类限制，简化流程手续，对标国际高标准经贸规则 时间：凌晨近2点 工作人员在大新华飞维空港维修基地维修飞机 ...

在海南自由贸易港全岛封关运作 正式启动的历史性时刻 《海南自由贸易港》特种邮票 首发仪式于海口举行 在云洞图书馆门前草坪 这枚承载着时代印记的邮票正式揭幕 向世界展现了 中国特色自由贸易港的开放新图景 2025年12月18日 《海南自由贸易港》特种邮票正式揭幕 海南省委常委、宣传部部长王斌，国家邮政局普遍服务司司长涂刚，中国邮政集团有限公司邮政业务部副总经理曹建申，海南省委宣传部副部长陆海鹰， 海南省邮政管理局局长丰圣少，海口市委常委、宣传部部长华晓东，中国邮政集团有限公司海南省分公司总经理张延军，中国邮政储蓄银行海南省分行行 长高连媛，《海南自由贸易港》特种邮票设计师韩秉华等领导嘉宾，以及在活动现场的集邮爱好者、市民及游客共同见证了邮票的首发。 海南省委常委、宣传部部长王斌现场致辞 海南省委常委、宣传部部长王斌在致辞中表示，《海南自由贸易港》特种邮票以"国家名片"的形式，向世界生动展示中国最高水平开放形态的宏伟蓝图。 这枚特种邮票，见证了历史跨越，记录了自贸港建设新征程；这枚特种邮票，浓缩万千气象，展现了自贸港建设新风貌；这枚特种邮票，铭刻文化印章， 呈现了自贸港建设新活力。它向全世界传递出一个清晰信号：中 ...

Core Insights - The Hainan Free Trade Port officially commenced its full island closure operation on December 18, implementing a series of policies including import tax exemption, tax policies for goods circulation, and customs supervision measures [2][4] Group 1: Customs and Trade Operations - The first batch of "zero tariff" goods, consisting of 179,000 tons of petrochemical raw materials valued at nearly 400 million yuan, arrived at Yangpu Port, saving companies nearly 10 million yuan in costs [2][4] - The first batch of goods benefiting from the processing value-added tax exemption policy successfully cleared customs at Meilan Airport, including medical equipment and aircraft parts [3][4] - The proportion of "zero tariff" imported goods will increase from 21% to 74%, covering various enterprises and institutions with actual import needs [4] Group 2: Economic Development and Investment - Three international vessels received ownership certificates on the first day of closure, marking the first batch of ships registered under the "China Yangpu Port" initiative [5] - Siemens Energy (Hainan) Co., Ltd. became the first Fortune 500 company to establish operations in Hainan, launching a significant manufacturing project [5] - The Hainan Free Trade Port's international recognition and influence have significantly increased, attracting global investors and companies [6]

12月18日，海南自由贸易港全岛封关运作首日，一批批享受加工增值免关税政策的货物，经"二线口岸"海关监管通道顺利验放，发往内地。其中，通往广东 的货物成为了当日通关的一道鲜明轨迹。 and the -27000 - 此外，海口海关还大幅简化了"二线"申报项目，并实施 "分批出岛、集中申报"的通关模式，以降低企业成本。对于"零关税"货物及其加工制成品，在海南自 由贸易港内可不设存储期限自由存放，海关通过建立电子账册，运用信息化手段进行管理。 封关首日，发往广东的多样化货流，从食品原料到深加工产品，从港口运输到空中快线，初步展现了政策驱动下琼粤两地经贸联系的紧密程度。加工增值免 关税政策，使得在海南进行增值加工后销往广东及内地市场更具成本优势。 这一切顺畅流动的背后，是海南自由贸易港"一线放开、二线管住"的制度。所谓"二线"，即在海南与内地之间设立的监管环节。目前，海南全岛共设有包括 海口新海港在内的10个"二线口岸"。 在这些口岸，海关对享受加工增值免关税政策的保税货物等实施监管。根据政策，企业在海南进口原料，经加工后增值超过30%，其产品内销时可免关税。 作为从广州来到海南的企业，海南维力医疗科技开发有限公司 ...

世界的目光，聚焦中国南海之滨。 2025年12月18日，海南自由贸易港正式启动全岛封关，中国对外开放迎来新的里程碑时刻。 建设海南自由贸易港，是习近平总书记亲自谋划、亲自部署、亲自推动的改革开放重大举措。历经七年多的精心筹备与建设，海南自贸港如期 启动封关，正式迈入发展新阶段。 封关不是封岛，而是进一步扩大开放。在世界经济格局深刻演变的今天，中国以实际行动兑现开放承诺，以坚定决心冲破单边主义、保护主义 逆流，为推动经济全球化、构建开放型世界经济注入更多稳定力量。 历史长河奔涌浩荡，中国开放潮声澎湃。海南自贸港封关运作，不是一地一域的局部安排，而是牵引全国、增益世界的战略擘画，不仅为海南 跨越式发展提供历史性机遇，也将为全面建设社会主义现代化国家注入强劲动能，向世界展现共享机遇、共创繁荣的中国担当。 2025年12月18日，加绿巧食品制造业（海南）有限责任公司的加工增值内销免关税货物在海口美兰机场"二线口岸"海关监管通道过检。新华社 记者 陈碧琪 摄 当天，海南全岛对外开放口岸及"二线口岸"监管设施悉数启用，标志着3万多平方公里的海南岛，正式成为海关监管特殊区域，"'一线'放 开、'二线'管住、岛内自由"的全新 ...

外籍货船工作人员说："感谢海南自贸港提供的便利条件，特别是给予我船此次装载运输免税货物及原 材料的优惠待遇。我将永远铭记中国的友好与慷慨，再次致以最深切的感谢。" （总台记者 李海锋 高乐淳 钟华夏 魏安 苏开远） 责编：秦雅楠、侯兴川 0:00 海南自由贸易港正式启动全岛封关，第一批通关"零关税"货物在今天如期抵达海南洋浦港。 ...

内容速览 今日摘要 习近平总书记指出，今年12月18日海南自由贸易港正式启动全岛封关，这是我国坚定不移扩大高水平对 外开放、推动建设开放型世界经济的标志性举措。今天，海南自贸港正式启动全岛封关，这将吸引全球 优质要素集聚，促进海南自贸港高质量发展，也为全国改革开放探路开路。 "十四五"期间，我国湿地面积稳定在8亿亩以上。 今年以来，国家密集出台配套政策，推动未来产业从实验室走向现实应用。 各地多举措激发冰雪消费活力。 部分日本议员和日本民众在东京举行抗议集会，要求高市早苗撤回错误言论。 俄罗斯称，已控制战略要地库皮扬斯克；乌克兰称，在库皮扬斯克击退俄军。 【新思想引领新征程】海南自贸港今天全岛封关打造引领新时代对外开放重要门户 习近平总书记指出，今年12月18日海南自由贸易港正式启动全岛封关，这是我国坚定不移扩大高水平对 外开放、推动建设开放型世界经济的标志性举措。今天，海南自由贸易港正式启动全岛封关。封关后， 海南与国际的联系将更加便捷，将加快吸引全球优质要素集聚，促进海南自贸港高质量发展，也为全国 改革开放探路开路。 多国人士表示海南自贸港封关为国际贸易带来新机遇 推动建设开放型世界经济 多国人士表示，在 ...