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： ...

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 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 - The establishment of China's first seventh freedom passenger route marks a significant milestone for Hainan, enhancing its connectivity and tourism appeal [1][11] - Hainan's duty-free shopping has seen explosive growth, with a reported revenue of 3.89 billion yuan from 585,000 visitors, reflecting a year-on-year increase of 49.6% [2] - The overall operation of Hainan Free Trade Port has been smooth, with multiple indicators showing positive trends since the implementation of new policies [1][3] Tourism Sector - Hainan has experienced a surge in tourism, with Sanya and Haikou seeing a year-on-year increase in inbound visitors of 28% and 15%, respectively [3] - The implementation of visa-free policies for 86 countries and the opening of 89 international passenger routes have made Hainan a more accessible destination [4] Trade and Export - Hainan's trade activities have intensified, with a total import and export value of 21.42 billion yuan since the closure, and 4,709 new foreign trade enterprises registered [4] - The ease of customs clearance has improved significantly, allowing for faster processing times and reduced documentation requirements [7] Investment Landscape - The Hainan Free Trade Port has attracted significant investment, with over 10,000 new business entities established within ten days of the closure, expanding investment reach to 180 countries and regions [5] - Companies in Hainan are experiencing increased demand, with many reporting a rise in client inquiries and new business opportunities [4][5] Industry Development - The cumulative processing and value-added policies have led to reduced production costs for companies, enhancing their competitiveness [7] - The establishment of a full industrial chain ecosystem in sectors like medical devices and food processing is underway, driven by favorable trade policies [9] Economic Growth - The overall economic activity in Hainan is on the rise, with significant projects and investments being initiated, such as the specialized grain and oil terminal [13] - Companies are leveraging cost savings from tax reductions to reinvest in equipment upgrades and product development, leading to increased production capacity [13]

Core Insights - The establishment of China's first seventh freedom passenger route marks a significant milestone for Hainan, enhancing its connectivity and tourism appeal [11] - Hainan's duty-free shopping has seen explosive growth, with 585,000 visitors spending 3.89 billion yuan, reflecting a year-on-year increase of 32.4% in visitors and 49.6% in spending [2] - The overall operation of Hainan Free Trade Port has been smooth, with multiple indicators showing positive trends, indicating a strong start for the year [1] Tourism Sector - Hainan's tourism has surged, with Sanya and Haikou experiencing a 28% and 15% increase in inbound tourist numbers respectively during the New Year week [3] - The implementation of visa-free policies for 86 countries and the opening of 89 international passenger routes have made Hainan a more attractive destination for tourists [4] Trade and Investment - Hainan has seen a rapid increase in foreign trade enterprises, with 4,709 new registrations and a total import-export volume of 21.42 billion yuan since the closure [4] - The introduction of new policies has led to a significant reduction in production costs for local companies, enhancing their competitiveness [7][8] - The number of service enterprises has increased by approximately 100, with foreign clients making up 10% of the new business [5] Industry Development - The establishment of a comprehensive industrial chain in Hainan is underway, with local companies benefiting from reduced costs and enhanced production capabilities due to favorable policies [6][7] - The first batch of bonded maintenance services for medical devices has been successfully implemented, marking a significant development in the local healthcare industry [9] Economic Growth - The overall economic activity in Hainan is on the rise, with significant investments in infrastructure and projects aimed at enhancing the port's capabilities and attracting related industries [13] - The proactive approach of local businesses and government initiatives is expected to further stimulate economic growth and attract global resources [12][14]

Core Points - The construction of Hainan Free Trade Port has entered a new phase of closure operation, aiming to implement the Hainan Free Trade Port Law as a legal guarantee for the overall plan of the port's construction [1] - The Hainan Free Trade Port Law is characterized as the "basic law" for the port's construction, a "high-level opening law," and an "authorization law" [1] Group 1: Implementation of Core Policies - The key to implementing the Hainan Free Trade Port Law is to accelerate the landing of core policies such as "zero tariffs, low tax rates, and simplified tax systems" [2] - Currently, 74% of the imported goods in Hainan Free Trade Port are under "zero tariffs," with a goal to continuously upgrade this policy [2] - The transition from specific industry tax incentives to a universal low tax rate system is required, expanding the scope of beneficiaries [2] Group 2: Legal Arrangements for Policy Implementation - Establishing a legal framework for the core policy landing mechanism, allowing policies to be implemented after filing [3] - The law supports the innovation and specification of policies under the basic principles of higher laws, particularly regarding the "special area system" for customs supervision [3] - The Hainan Free Trade Port Law will coordinate with other existing laws, ensuring its priority in case of inconsistencies [3] Group 3: Institutional Opening and Trade - Hainan Free Trade Port aims to become a new high ground for institutional opening, focusing on service trade development to boost domestic demand and consumption [4] - By 2035, the service trade's share is expected to rise from 14.6% in 2024 to over 20%, aligning with global averages [4] - The law mandates a negative list management system for cross-border service trade, with a dynamic adjustment mechanism for the list [5] Group 4: Legislative Authority and Reform - The Hainan Free Trade Port Law grants legislative authority to Hainan, which needs to be clearly defined to enhance its legislative effectiveness [7] - A timely authorization mechanism is necessary to meet the demands of Hainan's development [9] - The law emphasizes the need for administrative and judicial reforms to create an efficient management system and enhance international credibility [9][10]

Core Insights - The "zero tariff" and "low tax rate" tax system in Hainan Free Trade Port is a key driver for industrial potential and market connectivity, enhancing Hainan's status as a processing base and regional value-added center [1][3] Policy Framework - The core framework of the policies includes exemption from import tariffs, value-added tax, and consumption tax for raw materials used in production under the "two ends outside" model [2] - The new management measures encourage enterprises producing goods with over 30% value-added from imported materials to be exempt from import tariffs when entering the mainland [2] Industry Development - The tax system has expanded to cover 6,637 product categories, with 74% of the categories required by enterprises now included in the "zero tariff" range [4] - The "low tax rate" policy offers a 15% income tax incentive for encouraged industries and high-demand talent, significantly benefiting multiple key industries [4] Company Growth - Companies like Hainan Beite Pharmaceutical Co. and Hainan Huanglong Pharmaceutical Co. are expanding their product lines and production capabilities, directly benefiting from the "zero tariff" and "low tax rate" policies [5][6] - The policies have led to a cumulative tax exemption of approximately 840 million yuan for 54 companies, facilitating over 11 billion yuan in value-added internal sales [6] Operational Efficiency - Companies are able to enjoy multiple overlapping policies throughout their production chain, enhancing their operational efficiency and market competitiveness [7] - Hainan has established over 60 regulations related to the business environment, creating a stable and transparent institutional framework [7][8] Service Mechanisms - The "2025 version of Hainan Province's Key Measures to Optimize the Business Environment" includes 166 specific tasks aimed at improving service efficiency for enterprises [8] - Collaborative mechanisms among various departments have been established to proactively address enterprise needs and streamline processes [8]

Core Viewpoint - The establishment of the Hainan Free Trade Port (FTP) marks a significant step in China's commitment to high-level opening-up and serves as a new gateway for international trade and investment, with a focus on creating a more open and competitive economic environment [2][3][4]. Group 1: Policy Implementation and Goals - The Hainan FTP will implement a policy framework characterized by "open on the first line, controlled on the second line, and free within the island," aiming for zero tariffs, low tax rates, and simplified tax systems [3][4]. - By 2025, the initial establishment of a policy system focusing on trade and investment facilitation is expected, with a more mature system by 2035, ultimately aiming to create a high-level FTP with significant international influence by the mid-21st century [4][5]. Group 2: Economic Impact and Growth - The first week of the FTP's operation saw the addition of 1,972 new foreign trade registered enterprises, and over 30,000 new registered customs units since 2025, reflecting a growth of over 40% [7]. - The adjustment of the duty-free shopping policy has expanded the eligible items to 47 categories, resulting in a shopping amount of 1.1 billion yuan, with increases of 54.9% in spending and 34.1% in the number of shoppers during a specific week [7]. Group 3: Customs and Trade Facilitation - The customs supervision of "zero tariff" imports exceeded 400 million yuan in value during the first week of operation, with significant expansions in the range of goods eligible for zero tariffs [8][9]. - The number of zero-tariff product categories will increase from 1,900 to approximately 6,600, covering about 74% of all goods, which is a 53% increase compared to before the FTP's operation [8][9]. Group 4: Strategic Positioning and Regional Cooperation - The FTP is positioned as a key platform for deepening openness and resource allocation in the context of a unified national market, enhancing international connections and cooperation opportunities, particularly with neighboring countries [5][6]. - The policy changes are expected to attract global resources and promote the development of service, tourism, and digital trade sectors in Hainan, shifting the focus from tourism consumption to trade, manufacturing, and logistics [5][6].

Core Insights - The establishment of Hainan Free Trade Port is a significant decision by the Central Committee aimed at deepening reform and opening up in the new era, focusing on self-initiated, unilateral, and institutional openness [1][4] - The full island closure of Hainan Free Trade Port on December 18, 2025, marks a milestone in Hainan's development and a significant event in China's reform and opening-up process, showcasing China's commitment to high-level openness [2] Strategic Goals - Hainan Free Trade Port aims to become a crucial gateway for China's new era of openness, adapting to new trends in the changing economic landscape and playing a pivotal role in China's high-level opening strategy [2] - It is positioned as an important base for China-ASEAN comprehensive strategic cooperation, with a 36.8% year-on-year increase in direct investment from China to ASEAN in 2024, of which 8.5% is through Hainan Free Trade Port [2] Trade and Investment - Hainan Free Trade Port is set to connect with the RCEP market, with 40% of its foreign trade and 50% of its foreign direct investment directed towards RCEP regions in 2024 [3] - The port will leverage zero-tariff policies in conjunction with RCEP to enhance trade and investment flows, focusing on aligning market rules and service systems with RCEP member countries [3] Blue Economy and Maritime Cooperation - Hainan Free Trade Port is envisioned as a strategic platform for the China-ASEAN blue economy, addressing the need for cooperative governance in the South China Sea, where over 50,000 vessels pass annually [3] - The port aims to facilitate cooperation in marine industries, green development, maritime security, and cultural exchanges between China and ASEAN [3] Policy Implementation - The core policies of Hainan Free Trade Port include "zero tariffs, low tax rates, and simplified tax systems," which will gradually be implemented post-closure to enhance the business environment [7] - The port will also focus on reducing the foreign investment negative list and implementing more open visa policies to facilitate global access [7][8] Legal Framework - The legal framework will support the implementation of core policies, adapting to international trade rules and promoting reforms in service trade, digital trade, and intellectual property protection [8] - The port's development is a major national strategy personally planned and promoted by President Xi Jinping, emphasizing that closure is not isolation but an expansion of openness [8]

Group 1 - The Hainan Free Trade Port has officially launched its full island closure, with significant policy benefits being released to empower industrial development [2][3] - During the first week of the closure, Hainan Customs supervised over 400 million yuan worth of "zero tariff" imported goods and over 20 million yuan of domestic processing goods exempt from tariffs [2] - The first batch of goods processed using locally sourced materials under the new policies has been successfully shipped, indicating a smooth experience for businesses in terms of registration and customs clearance [2] Group 2 - The implementation of "zero tariffs and low tax rates" has attracted a surge in foreign trade entities, with 1,972 new foreign trade registration companies established in the first week, a 2.3 times increase year-on-year [3] - The duty-free shopping market in Hainan has seen a significant boost, with total shopping amounts reaching 1.1 billion yuan and a 54.9% year-on-year increase in spending during the period from December 18 to 24 [3] - The introduction of the seventh freedom of the air policy has led to the launch of the first operational route from Sanya to Prague, enhancing Hainan's connectivity [4]