此次赴海南自贸港考察调研，是我初次到访这个位于中国最南端的省份。海南与泰国地理位置相近，飞行时 间仅需两个多小时，饮食文化也多有相通，因而吸引了众多东南亚投资者来海南投资，其中尤以泰国客商为众。 在海南自贸港实施封关政策的前夕，我们走访了多个正积极迎接这一政策的企业与机构。每到一处，我们都 深切感受到各界对封关政策的热情拥抱与积极实践，这也让我们亲眼见证并真切体会到，中国政府推出的这项政 策是切实有效的。 博鳌乐城国际医疗旅游先行区 海南博鳌乐城是海南自贸港13个重点园区之一。这里汇聚了4家知名公立医院和35家私立医院，并设有健康疗 养中心和旅游景点。乐城利用特许政策引进国际前沿创新药械，将特许药械使用审批时限从6个月缩短至3至5个工 作日，使急需用药的患者能够更快获得药物，同时降低了进口药品的税务成本，最终让患者能以更实惠的价格用 上药。 海南陵水黎安国际教育创新试验区 这里汇集了6所中外知名大学，如格拉斯哥大学、北京语言大学等。各高校共享教学设施和师资资源。同时， 每所大学也拥有自己的专属教学楼，例如摄影教室、人工智能与数字经济教室。中国传媒大学海南国际学院多媒 体人工智能专业的魏老师介绍，该校在2017 ...

Summary of Conference Call Notes Industry Overview - The conference call discusses the duty-free market in Hainan, China, highlighting the growth in customer traffic and sales performance in 2025 compared to previous years [1][2]. Key Points and Arguments Customer Traffic and Sales Performance - Hainan's overall customer traffic increased by approximately 2-3% year-on-year, with Sanya showing over 7% growth and a peak of 15% from November 1 to 4 [2] - Sales in Hainan turned positive starting September 2025, primarily due to a low base from the previous year and strong performance during the National Day holiday [2] - Average transaction value increased by over 30%, driven by sales of electronic products and premium goods, although conversion rates remain negative [1][2] Product Category Performance - Electronic products' share in the duty-free category rose to about 10%, aided by the launch of Huawei phones in the duty-free market and relaxed purchase restrictions [1][3] - Premium goods benefited from economic recovery and promotional activities, while the share of cosmetics declined, though year-on-year growth rates did not significantly drop [4] Impact of New Policies - The new policies in Hainan, which include the addition of pet supplies and musical instruments, have had a limited impact on the duty-free market [5] - The policy allowing island residents to shop multiple times has made purchasing more convenient, but its effects will take time to manifest [5] Border Closure Policy - The border closure policy has not had a substantial impact on Hainan's offshore duty-free business, with existing policies remaining unchanged [6] - Mainstream duty-free product categories are still on the negative list, meaning they do not enjoy zero tariffs, and taxable goods still incur normal customs duties, consumption taxes, and value-added taxes [6] Company-Specific Insights - Nichi's sales have continued to decline, with half-year reports showing a drop from over 8 billion to over 6 billion, primarily due to a contraction in taxable business rather than poor performance in duty-free sales [7] - Nichi is expected to explore new business models, such as online reservations, to address current challenges and seek new growth opportunities [7] Future of Duty-Free Shops - City duty-free shops have seen improved sales since the implementation of new policies on November 1, allowing for pick-up upon return to the country [9] - New product categories, including mobile phones and drones, have been introduced, and the online reservation platform offers an unrestricted shopping experience [9] - The potential for home delivery could significantly expand the reach of these shops, especially in smaller airports [9] Comparison with Korean Duty-Free Model - Chinese city duty-free shops share similarities with the Korean model but have advantages in shopping convenience and product selection [10] - If market conditions allow for home delivery, it could further enhance convenience and mitigate the impact of airport pick-up limitations [10] Company Growth Potential - Zhongmian Company has a clean shareholding structure with limited foreign investment, indicating low downside risk [11] - The company aims for a long-term revenue growth target of 10% annually, with potential revenue reaching 80-100 billion RMB in five years if growth is maintained [11] - The company has significant room for improvement, particularly in its two main duty-free stores in Hainan, which could enhance its operational performance [12] Other Important Insights - The overall market remains heavily influenced by the recovery of high-end consumer spending [5] - The current environment presents opportunities for companies to optimize operations and improve brand and product offerings [12]

Core Viewpoint - The company believes that the closure policy will positively impact its business in Hainan Province, facilitating market expansion and diversification [1] Company Summary - The company operates in the tourism service sector in Hainan Province [1] - The closure policy is expected to enhance local business operations [1]

（文章来源：证券日报） 证券日报网讯壹网壹创10月14日在互动平台回答投资者提问时表示，公司积极关注"封关"政策可能带来 的机遇，并及时结合业务模式对运营、物流及税收等方面的影响进行综合评估。如有相关计划公司将严 格按照法律法规及上市公司相关规定履行披露义务。 ...

Group 1 - The 2025 China International Service Trade Fair has commenced in Beijing, showcasing Hainan's free trade port policies, latest projects, and development achievements to promote international economic and trade cooperation [1][2] - The Hainan pavilion features a central display that highlights the achievements of the Hainan free trade port and its closure policies, attracting significant interest from visitors, many of whom are considering investment or relocation to Hainan [1][2] - The slogan for this year's Hainan pavilion is "New Blue Ocean for Free Trade, Setting Sail at the Right Time," emphasizing the rapid growth of Hainan's service trade, which reached a total import and export value of 56.74 billion yuan in 2024 [2] Group 2 - A promotional event for Hainan's free trade port policies and modern service industry was held in Beijing, attracting over 50 key business associations and enterprise leaders, providing insights into investment opportunities [3] - Officials from various Hainan provincial departments detailed the free trade port policies and investment opportunities, while leaders from key economic zones showcased the potential and advantages of modern service industries [2][3] - The event has encouraged participants to accelerate their exploration and investment plans in Hainan, recognizing the significant opportunities presented by the development of the free trade port [3]

【纠错】 【责任编辑:赵文涵】 新华社快讯：海南省委书记冯飞7月23日在国新办发布会上表示，封关政策方面，已准备就绪。进口征 税商品目录、禁限清单、加工增值内销免关税等政策和配套文件都制定好了。软硬件条件方面，已全面 完成。封关硬件设施通过国家验收，国际贸易"单一窗口"、海关智慧监管平台等信息系统也建好了。压 力测试演练方面，正压茬推进。加紧"全流程、全要素、全覆盖、大样本、实战化"压力测试，"管得 住"的能力明显增强。 ...

Investment Rating - The report maintains an "Outperform" rating for the social services industry, indicating an expected performance that exceeds the broader market index by more than 10% [10]. Core Insights - The report highlights the upcoming full closure of Hainan Free Trade Port on December 18, 2025, which is anticipated to create investment opportunities, particularly in the duty-free sector [1]. - Key policy measures include an increase in the proportion of zero-tariff goods from 21% to 74%, more relaxed trade management, and efficient regulatory frameworks to support the implementation of these policies [6]. - The report suggests continued focus on bottoming stocks such as China Duty Free Group and Wangfujing, with expectations of sustained activity in the Hainan sector leading up to the closure [6]. Summary by Sections Industry Overview - The report discusses the significant developments in Hainan's free trade policies, which are expected to enhance the attractiveness of the duty-free market [1][6]. Policy Measures - The report outlines specific measures such as zero-tariff policies, relaxed import restrictions, and improved customs procedures to facilitate trade [6]. Investment Recommendations - The report recommends monitoring specific stocks in the duty-free sector, indicating potential for growth as the market prepares for the upcoming policy changes [6].

Core Viewpoint - The construction of Hainan Free Trade Port is progressing with significant policy measures aimed at enhancing trade, investment, and tourism, with a focus on international cooperation and high-standard economic rules. Group 1: Policy and Regulatory Framework - Hainan Free Trade Port's policy system is initially established, allowing visa-free entry for personnel from 85 countries [2] - The official start of Hainan Free Trade Port's customs closure operation is set for December 18, 2025 [3] - Current customs closure policies are summarized as "four more," including more favorable zero-tariff policies, relaxed trade management measures, more convenient passage measures, and efficient regulatory models [4] Group 2: Economic Performance and Investment - Over the past five years, Hainan has seen an average annual growth of 14.6% in actual foreign investment, totaling 102.5 billion yuan [5] - The number of newly established foreign enterprises has increased by an average of 43.7% annually, with 8,098 new foreign enterprises established [5] - Trade in goods and services has grown by 31.3% and 32.3% respectively [5] Group 3: International Cooperation and Market Integration - Hainan aims to build two bases for international trade: a headquarters for Chinese companies going global and a base for foreign companies entering China [6] - The customs closure will enhance the convenience of travel between Hainan and the mainland, with no additional documents required for mainland travelers [7] Group 4: Taxation and Trade Management - After customs closure, the coverage of zero-tariff goods will significantly increase, expanding to 6,600 items under a negative list management system [8] - The policy will allow for the free movement of zero-tariff goods among various entities within the island, eliminating the need for additional import taxes [8] Group 5: Tourism Development - Hainan is positioned as a premier destination for international tourism, with a projected increase of 8% in total visitors, reaching 97.2 million in 2024 [13] - The province is actively working to create a safe and enjoyable tourism environment, launching a "reassured consumption in Hainan" service system [14] Group 6: Future Development Goals - Hainan plans to leverage its advantages in domestic and international dual circulation to enhance cooperation with Arab countries in various sectors [11] - The province aims to develop its marine economy, with a focus on deep-sea technology and creating a "Sea Hainan" [17]

金十数据7月23日讯，海南省委书记冯飞7月23日在国新办发布会上表示，封关政策方面，已准备就绪。 进口征税商品目录、禁限清单、加工增值内销免关税等政策和配套文件都制定好了。软硬件条件方面， 已全面完成。封关硬件设施通过国家验收，国际贸易"单一窗口"、海关智慧监管平台等信息系统也建好 了。压力测试演练方面，正压茬推进。加紧"全流程、全要素、全覆盖、大样本、实战化"压力测 试，"管得住"的能力明显增强。 （新华社） 海南省委书记冯飞：封关政策已准备就绪 ...