行 华福证券 行 业 定 期 报 告 海南离岛免税政策方面，本周财政部等国家部委研究制定并出台 《公告》，为激发海南消费市场潜能注入新动力、拓展新空间，核心 包括品类拓展等利好政策，关注四季度海南封关主线下中国中免等海 南免税运营商。旅游标的方面，2025 年前三季度，国内居民出游人次 49.98 亿，比上年同期增加 7.61 亿，同比增长 18.0%，旅游出行 beta 不断向好，建议关注四季度冰雪游旺季公司长白山、大连圣亚，以及 拥有收并购预期的头部公司祥源文旅、西域旅游等。 黄金珠宝：税收新政落地，长期有望推动行业合规发展。 黄金税收新政发布后，针对黄金首饰产品，从上海金交所采购标 准黄金的增值税进项税抵扣额从 13%下降至 6%，企业税负成本增加， 预计成本压力将传导至终端，导致首饰产品价格提升。我们估计价格 变动短期将影响终端克重产品销售，长期看民众对高金价逐步接受后 终端消费有望回补，且水贝等渠道销售有望向合规金店转移。建议关 注一口价产品占比高的老铺黄金，公司产品价格相对稳定，金价持续 上行受益；其他建议关注潮宏基、菜百股份。 餐饮：关注具备成长动能的细分赛道龙头。 餐饮板块分化延续，看好具备成 ...

证券代码： 002735 证券简称：王子新材 深圳王子新材料股份有限公司投资者关系活动记录表 编号：2025-006 | 投资者关系活动 □ | 特定对象调研 □ 分析师会议 | | --- | --- | | 类别 □ | 媒体采访 业绩说明会 □ | | □ | 新闻发布会 路演活动 □ | | □ | 现场参观 | | ☑ | 其他 （2025 年度深圳辖区上市公司投资者网上集体接待日 | | | 活动） | | 参与单位名称及 | 通过"全景路演"网站（https://rs.p5w.net/）参加公司 2025 | | 人员姓名 | 年度深圳辖区上市公司投资者网上集体接待日活动 | | 时间 2025 | 年 11 月 20 日 (周四) 下午 14:30~17:00 | | 地点 | 全景网"投资者关系互动平台"（https://ir.p5w.net） | | 上市公司接待人 | 1、董事会秘书兼副总裁：白琼女士 | | 员姓名 | 2、财务总监：屈乐明先生 | | 形式 | 网络互动 | | | 投资者提出的问题及公司回复情况 | | | 公司就投资者在本次说明会中提出的问题进行了回复： | | ...

Core Points - The concept of "first line" opening and "second line" control is central to the discussion of Hainan's customs closure policy [1] - "Island freedom" refers to the regulatory environment within Hainan, allowing for certain liberties in trade and movement [1] Summary by Categories - **First Line Opening** - This term indicates the relaxation of restrictions for certain areas or sectors, promoting economic activity and investment [1] - **Second Line Control** - This refers to the maintenance of stricter regulations in other areas to manage and control economic activities, ensuring stability [1] - **Island Freedom** - This implies a more flexible and open economic environment within Hainan, aimed at fostering local development and attracting investment [1]

Core Viewpoint - The 2025 Hainan Automotive Ecological Camping Expo and Haikou Island Camping Life Carnival successfully showcased a new model of integrated industry exhibition, cultural exchange, leisure tourism, and investment promotion, attracting significant attention and participation from various sectors [1][3]. Group 1: Event Overview - The expo spanned 9 days and covered an area of approximately 300,000 square meters, featuring over 400 renowned domestic and international brands, including major automotive manufacturers like Audi, BYD, and Toyota [3][4]. - The event adopted an innovative "sea, land, and air" three-dimensional display format, providing immersive experiences for attendees interested in automotive ecological tourism and camping [5][7]. Group 2: Attendance and Engagement - The event attracted a total of 124,543 visitors from across the country, indicating strong public interest and engagement in the activities offered [7]. - Various activities, including the 2025 China Classic Car Rally and New Energy Vehicle Gathering, were held concurrently, enhancing the overall experience for participants [13][16]. Group 3: Diverse Offerings - The expo featured a comprehensive range of vehicle categories, including RVs, camping cars, new energy vehicles, and classic cars, showcasing nearly 1,000 RVs organized by various clubs [13][18]. - A variety of thematic zones were established, such as the low-altitude economy zone and cross-border e-commerce zone, highlighting the event's diverse offerings [23][27]. Group 4: Cultural and Culinary Experiences - The event included a fishing competition and various cultural activities aimed at exploring and preserving traditional Chinese culture, showcasing non-material cultural heritage from Jilin Province [21][41]. - A food experience area featured culinary delights from across China, enhancing the cultural richness of the event and providing attendees with a taste of regional specialties [38]. Group 5: Industry Collaboration and Future Prospects - The expo hosted several industry conferences, including the 2025 Automotive Brand Conference and the 6th RV Tourism Conference, focusing on the development paths of automotive brands in the new economic landscape [43][44]. - The event's promotional efforts resulted in approximately 120 million exposures across various media platforms, indicating strong industry interest and potential for future growth [46].

Market Performance - The Shanghai Composite Index decreased by 0.18% last week, closing at 3990.49 points, with a high of 4034.08 points [1] - The Shenzhen Component Index fell by 1.4%, ending at 13216.03 points, with a peak of 13502.16 points [1] - The ChiNext Index dropped by 3.01%, closing at 3111.51 points, with a maximum of 3236.61 points [1] - In global markets, the Nasdaq Composite Index declined by 0.45%, while the Dow Jones Industrial Average rose by 0.34% and the S&P 500 increased by 0.08% [1] - In the Asia-Pacific region, the Hang Seng Index increased by 1.26% and the Nikkei 225 rose by 0.2% [1] ETF Market Performance - The median weekly return for stock ETFs was -1.05% [2] - The highest weekly return among scale index ETFs was 2.32% for the Yinhua CSI 2000 Enhanced Strategy ETF [2] - The highest weekly return among industry index ETFs was 3.9% for the CMB CSI Hong Kong-Shenzhen 500 Healthcare ETF [2] - The highest weekly return among strategy index ETFs was 2.55% for the Bosera CSI All-Share Free Cash Flow ETF [2] - The highest weekly return among theme index ETFs was 5.92% for the Huaxia CSI Tourism Theme ETF [2] ETF Liquidity - Average daily trading volume for stock ETFs decreased by 3.8%, while average daily trading volume increased by 24.1% [6] - The turnover rate decreased by 0.07% [6] ETF Fund Flows - The top five stock ETFs by fund inflow were: - Southern ChiNext AI ETF with an inflow of 899 million yuan - Huaxia SSE Sci-Tech 50 ETF with an inflow of 734 million yuan - Harvest SSE Sci-Tech Chip ETF with an inflow of 707 million yuan - Huatai-PB CSI 300 ETF with an inflow of 580 million yuan - E Fund ChiNext ETF with an inflow of 556 million yuan [9] - The top five stock ETFs by fund outflow were: - GF CSI A500 ETF with an outflow of 336 million yuan - Southern CSI 1000 ETF with an outflow of 324 million yuan - Harvest CSI A500 ETF with an outflow of 283 million yuan - Guotai CSI Coal ETF with an outflow of 199 million yuan - Hua Bao CSI Bank ETF with an outflow of 192 million yuan [10] ETF Financing and Margin Trading - The financing balance for stock ETFs decreased from 47.9148 billion yuan to 47.7222 billion yuan [11] - The highest financing buy amount was for E Fund ChiNext ETF, totaling 54.5 million yuan [11] ETF Market Size - The total market size for ETFs reached 572.9922 billion yuan, a decrease of 2.968 billion yuan from the previous week [14] - The stock ETF market size was 369.935 billion yuan, accounting for 64.6% of the total ETF market size [16] ETF Issuance and Establishment - No new ETFs were issued last week, but five new ETFs were established [17]

11月本是三亚旅游淡季,但随着11月1日海南离岛免税购物新政落地,三亚免税店内依旧人气爆棚。在CDF 免税店美妆个护区,游客们在各品牌专柜前有序排队选购。封关进入倒计时,免税新政率先"热身",记者亲 赴三亚海棠湾CDF免税城,感受这片消费热土的鲜活脉动。 记者 孙佳琪 三亚报道 免税政策让苹果手机 成为"三亚特产" 免税新政落地: 封关前的"实战热身" 销售数据显示,11月1日新政发布以来,海南离岛免税首周销售额同比增速超30%。在增长的这30%中,新政 影响约1.5个百分点。剩余部分中,苹果手机及3C产品贡献18-22个百分点；香化品类增速不温不火,在总 体占比中甚至呈持续下降趋势,目前整体稳定在40%-45%。 为什么会出现这样的反差?以中国免税品(集团)有限责任公司为代表,离岛免税企业都有自己的线上商城 (小程序),记者对比后发现,同一款香化类产品,线上和线下的价格大多相同,有些品牌的产品在线下免税店, 甚至要略高于线上商城。这样一来,这些香化类商品在线下购买就失去优势,显得不那么划算了。 11月2日抵达海南三亚,记者在了解被网友调侃为"官方剁手福利"的免税新政后,便前往位于三亚海棠湾的 CDF免税城。 ...

华西证券研报指出，中国中免25年1-3Q实现收入及归母净利润分别为398.62亿元和30.51亿元，同 比-7.34%和-22.13%。其中，单Q3实现收入及归母净利润分别为117.11亿元和4.52亿元，同比-0.38% 和-28.94%。Q3收入端呈现下滑显著收窄态势，经营逐步筑底回升。2025年9月海南离岛免税月销售额 同比增长3.4%，喜获近18个月以来的正增长回归态势。今年中秋国庆双节期间，海口海关共监管离岛 免税销售金额9.44亿元，同比+13.6%，海南离岛免税呈现筑底回暖态势。考虑到公司经营呈现触底反转 态势，叠加自贸港封关新发展机遇红利及未来市内免税店增量空间，预期公司经营有望迎来困境反转， 重新迎来新一轮成长。首次覆盖公司，给予"增持"评级。 ...

今年12月18日，海南自由贸易港正式启动全岛封关运作。中信建投指出，海南封关即将落地，海南有望迎来对外开放新篇章。离岛免税政策依旧是海南消费市场核心支柱，岛民即买即提及国际 富瑞发布研报称，中国中免正积极布局2026年的发展规划，以把握海南封关预期，进一步扩大开放带来的机遇。虽然消费情绪仍然疲弱，但预期活跃的资本市场或有助支持奢侈品销售。基于第 责任编辑：卢昱君 中国中免（01880）盘中股价上涨5.46%，现报71.50港元，成交额4.90亿港元。 ...

Investment Rating - The report maintains a positive outlook on the hotel and duty-free sectors, anticipating a rebound in these industries [4][3]. Core Insights - The social service index has increased by 9.00% year-to-date as of October 31, 2025, ranking 20th among 31 sub-industries in the Shenwan classification [4][40]. - The hotel industry is experiencing growth driven by a booming holiday tourism market, although the business market remains challenging [4][11]. - The duty-free sector is benefiting from policy adjustments aimed at enhancing consumer shopping experiences in Hainan [4][37]. Summary by Sections 1. Hotel Expansion and Market Dynamics - The hotel industry in China continues to expand, with Shoulu Hotel opening 1,051 new stores in the first three quarters of 2025, a 10.4% increase from the previous year [10]. - The overall hotel occupancy rate is recovering but remains under pressure due to ample supply, with a shift towards brand and experience-focused strategies [11][14]. 2. Scenic Area Performance - Scenic areas are seeing stable visitor numbers, particularly in major tourist destinations, while ancient towns face challenges [22]. - Notable revenue growth has been observed in companies like Xiangyuan Cultural Tourism and Jiu Hua Tourism, with the latter seeing a 19.51% increase in visitor numbers [27][28]. 3. Recruitment Services and Market Trends - The recruitment market remains stable, with AI tools helping to reduce costs for human resource companies [33]. - The overall hiring activity has not significantly improved, influenced by corporate profit declines and cost-cutting strategies [33]. 4. Duty-Free Policy Adjustments - Recent adjustments to Hainan's duty-free shopping policies aim to diversify consumer options and enhance the shopping experience [37][38]. - The changes include expanding the range of duty-free goods and allowing more domestic products to be sold in duty-free stores [37]. 5. Social Service Sector Performance - The social service sector has shown positive absolute returns in the first three quarters of 2025, with a 18.08% increase in revenue across selected companies [51]. - The professional services and tourism sectors have experienced significant revenue growth, while the hotel and duty-free sectors have faced declines compared to the previous year [51]. 6. Company Valuation and Stock Performance - The report highlights key companies in the hotel, duty-free, and scenic area sectors, suggesting potential investment opportunities [4][40]. - Notable companies include Shoulu Hotel, China Duty Free Group, and Sanxia Tourism, which have shown varying performance metrics [39][40].

Core Viewpoint - China Duty Free Group (601888) (01880) experienced a nearly 5% decline in stock price, attributed to disappointing financial results for the first three quarters of the year [1] Financial Performance - For the first three quarters, the company reported revenue of 39.862 billion yuan, a year-on-year decrease of 7.34% [1] - The net profit attributable to shareholders was 3.052 billion yuan, down 22.13% year-on-year [1] - In the third quarter, revenue was 11.711 billion yuan, showing a slight decline of 0.38% year-on-year [1] - The net profit for the third quarter was 452 million yuan, reflecting a significant drop of 28.94% year-on-year [1] Market Analysis - CICC indicated that the company's performance fell short of previous expectations, primarily due to foreign exchange losses and disturbances in minority shareholder equity [1] - Jefferies noted that despite weak consumer sentiment, the active capital market may support luxury goods sales [1] Future Outlook - The company is actively planning for development in 2026 to capitalize on the anticipated opening of Hainan [1] - Jefferies adjusted its net profit forecasts downwards for 2025 and 2026 by 6% and 1%, respectively, while increasing the 2027 forecast by 3% [1]