今日免税店板块集体拉升，中国中免盘中触及涨停，收盘涨8.25%，带动旅游ETF涨3.08%。 旅游ETF跟踪中证旅游主题指数，聚焦文旅与航空机场板块，涉及旅游住宿、旅游游览、旅游购物、旅 游娱乐、旅游综合服务、旅游出行、旅游餐饮、旅游地产开发等旅游产业链的上市公司证券，从行业分 布来看，航空机场、旅游及景区、旅游零售、酒店餐饮等行业在指数的行业配置中占据重要角色，权重 分别为 34.2%、26.6%、17.6%、12.2%；从权重股看，免税消费龙头中国中免是该指数的核心权重，权 重占比超17.6%。 责任编辑：钟离 此外，中国中免近日发布公告，近日收到上海机场中标通知书，公司全资子公司中免集团为上海浦东国 际机场和上海虹桥国际机场相关免税店项目的中标人，并分别签署了进出境免税店项目经营权转让合 同。 机构认为，离岛免税政策的优化与海南封关在即创造了潜在消费增量空间，重点建议关注财富效应传 导、供给端优化推动的经营拐点机会，包括受益于资本市场财富效应潜在传导的偏高端消费，如出境 游、酒店、博彩、免税、奢侈品&高端美护、高端地产物业等。 中信建投研报称，海南封关政策是中国新一轮改革开放的重要举措，其制度设计深度和 ...

政策红利下，海南有望成为产业迁移的热土，高端制造、航空物流、数字经济等产业或将在海南集聚， 形成新的经济增长点。同时，海南通过放宽免签政策、优化旅游环境等措施，有效拉动境外消费，提升 国际旅游消费中心地位。在人口迁移方面，海南落户政策放宽和人才引进计划显著推动人口结构优化和 城镇化进程。高素质人才的流入为海南自贸港建设提供了强劲的人才支撑。然而，海南封关政策也面临 国际经贸关系恶化、全球贸易保护主义抬头等风险挑战，制约海南人口迁移。整体来看，海南封关政策 将显著提升海南在全球价值链中的地位，为中国经济高质量发展注入新动力。未来，海南需继续深化政 策落实，强化风险防控，推动自贸港建设不断取得新成效。 转自：证券时报 人民财讯12月19日电，中信建投研报称，海南封关政策是中国新一轮改革开放的重要举措，其制度设计 深度和政策覆盖广度均达到前所未有的水平。海南以"全域性制度突破"为特征，通过"零关税、低税 率、简税制"构建自贸港政策体系，显著降低企业运营成本。在金融领域，海南实施"一线放开、二线管 住"的监管模式，推动跨境资金流动自由化便利化，EF账户体系的建立更是为金融开放提供了基础设施 升级。 ...

随后，中泰证券三亚迎宾路证券营业部正式揭牌，标志着该营业部正式开业运营，将为广大客户提供证 券经纪、投资咨询、融资融券等多元化金融服务，成为中泰证券服务海南自贸港建设的重要桥头堡。 主旨演讲环节，中泰国际首席经济学家李迅雷，中泰证券研究所联席所长、电子行业首席王芳等多位专 家，围绕国家宏观经济、海南封关政策、人工智能机遇、海南优势产业、未来产业发展等核心产业领 域，带来前沿解读与趋势分析。 海南省知联会会长、海南省发展控股有限公司总经理李国红在致辞中对中泰证券三亚迎宾路证券营业部 揭牌表示热烈祝贺。他说，前期海南控股与中泰证券已在多领域结下深厚合作情谊，此次集团层面的战 略合作升级，标志着双方合作迈入全方位、深层次的新阶段，彰显了金融机构与省属国企携手助力三亚 实体经济高质量发展、共同服务海南自贸港建设大局的坚定决心。海南控股将整合旗下低空经济、免税 商贸、城市开发等核心产业资源，深入探索在航空航天、生物制药、数字经济等战略性新兴产业领域的 发展机会，依托中泰证券的专业金融服务能力，共同打造一批具有标杆意义的金企合作示范项目，积极 推动优质项目与要素资源落地，在服务地方经济社会发展、助力海南自贸港建设中发挥更 ...

【环球时报赴海南特派记者 陈子帅 丁雅栀 张蔚蓝 张舒雅 环球时报记者 杨沙沙】编者的话：从粮油到牛肉，从椰子加工到医疗器械，海南封关政策的东风 正吹向各类企业。随着12月18日封关运作正式启动，"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发展机遇，一船船原料在 这里蜕变升级，成为走向全国乃至全球的优质产品。接受《环球时报》记者采访的企业表示，"海南自贸港的'样板间'效应，正在转化为实实在在的产业竞 争力"。 12月17日，海南海口秀英港集装箱码头，货轮在泊位上有序装卸。（视觉中国） 得益于免税，"我们将再造一个企业" 澳斯卡国际粮油有限公司是全国首批享受加工增值免关税政策的试点企业，其厂区位于海南洋浦经济开发区保税港区内。《环球时报》记者抵达时，恰巧遇 到一辆装载原材料的货车驶入厂区，地磅称重、入仓储存，整个流程行云流水。抬眼望去，数座巨型的筒仓矗立，这些单体容量达万吨的储存罐，承载着企 业全年200万吨大豆和菜籽的加工需求。在预处理车间，自动化流水线正在对原料进行清理、破碎、软化，巨大的传送带将原料送入压榨设备。灌装车间 里，一瓶瓶金黄透亮的食用油在流水线上完成封装、贴标，准备 ...

东方证券指出，海南离岛免税景气回升。11月1–7日海南离岛免税购物金额5.06亿元、购物人数7.29万人 次，同比分别+34.86%、+3.37%，该行判断是受益于低基数、离岛免税新政、演唱会等大型活动、叠加 渠道促销所致。此外，日本游被"劝退"有望推动部分境外购物需求回流、叠加今年以来股市财富效应抬 升，冬季海南游和海南的免税销售有望受益。 消息面上，海南自由贸易港将于今年12月18日正式启动全岛封关运作。中国中免表示，现行离岛免税的 45 大类商品均已被列入《海南自由贸易港进口征税商品目录》。因此，封关后一定时期内，海南离岛 免税的整个体系将仍按目前情况运行，而旅客和商旅出行人次则有望随自贸港建设而持续增长，免税行 业占比较高的消费者服务有望受益。 智通财经APP获悉，中国中免(01880)早盘涨超4%，截至发稿，涨4.81%，报76.3港元，成交额1.48亿港 元。 ...

Group 1: Industry Trends and Recommendations - The article emphasizes three key investment themes for the second half of the year: improvement in cash flow, expansion of domestic demand, and technological innovation [1] - Sectors recommended for cash flow improvement include engineering machinery, beverage and dairy, food processing, chemical pharmaceuticals, passenger vehicles, and industrial metals [1] - New consumption areas with high valuation attractiveness include gaming, cosmetics, personal care products, internet e-commerce, digital media, entertainment products, snacks, and feed [1] - Industries benefiting from the technological innovation cycle and domestic self-sufficiency policies include computer equipment, automation equipment, semiconductors, and national defense [1] - Specific sectors highlighted for attention are computers, machinery (engineering and automation), national defense, non-ferrous metals, and pharmaceuticals (chemical pharmaceuticals) [1] Group 2: Precious Metals Market Insights - The fundamentals of precious metals remain stable, with market risk appetite declining due to trade agreements between the US, Japan, and Europe, impacting gold prices [3] - The primary influence on gold prices is the US dollar index, with historical trends indicating that high gold prices struggle to rise significantly in a strong dollar environment [3] - The article suggests monitoring the dollar index closely, as easing tariffs suppress sentiment, and expectations for interest rate cuts are changing marginally [3] - Long-term, geopolitical uncertainties and US-China tariff policies will continue to drive demand for gold as a safe haven, with central bank purchases and stagflation trades being core to gold trading strategies [3] Group 3: Financial Sector Developments - Securities firms are actively seizing business opportunities by serving as lead underwriters or financial advisors for listed companies' private placements, expanding investment banking growth [5] - These firms are also participating in private placements to capture investment opportunities, benefiting from increased trading commissions and investment banking revenues during bull markets [5] - The banking sector has seen significant inflows from institutional funds, particularly public funds, which have increased their holdings in bank stocks due to policy effects and asset price stabilization [5] - Despite recent adjustments in the banking sector, medium-term investment attractiveness remains, with expectations of continued interest in bank stocks [5] Group 4: Market Dynamics and Monetary Policy - The Shanghai Composite Index is experiencing a stagnation trend, with financial stocks serving as market barometers, indicating potential shifts in capital flows [9] - There is an anticipated 50 basis points interest rate cut in the US, with expectations for the next cut possibly occurring in September, leading to a loosening of overseas liquidity [9] - The ChiNext Index is facing a pullback, with critical support levels being monitored to determine future market direction [9] - Domestic monetary policy will prioritize stabilizing growth and combating deflation in the second half of the year, with expectations for further interest rate cuts and reserve requirement ratio reductions [9]

Summary of Key Points from Conference Call Records Industry Overview: Home Appliances - Emerging markets have a low penetration rate in home appliances, driving demand growth due to economic development. These markets account for 32% of global home appliance sales and 67% of the population, indicating significant future growth potential [1][2][4] - The export growth rate for white goods is notably high, with Southeast Asia and Latin America experiencing compound annual growth rates of over 13% and 20%, respectively, over the past five years [1][2] Core Insights and Arguments - Short-term fluctuations in exports to the U.S. are influenced by tariff policies, but stable end-user demand is expected to lead to a gradual recovery in exports in the third and fourth quarters once tariff policies are clarified [1][5] - Domestic market growth has been stimulated by national subsidy policies, with air conditioner, refrigerator, and washing machine sales increasing in the first half of the year. However, the sustainability of these subsidy policies is uncertain, and their potential cessation could disrupt the industry, though the impact is expected to be less than anticipated [1][6][7] - The national subsidy policy has significantly boosted sales of emerging appliance categories like robotic vacuum cleaners, which saw sales growth exceeding 40%. Even if subsidies are withdrawn in the future, these categories are expected to maintain high growth potential due to short replacement cycles [1][8] Investment Opportunities - The white goods industry primarily relies on replacement demand, with limited oversupply. Companies with high dividend yields and payout ratios above 50%, such as Gree Electric, Midea Group, Haier, and Hisense, are recommended for investment [1][9][10] - Companies with strong overseas advantages and notable performance reversals, such as Ecovacs, Roborock, Anker Innovations, TCL Electronics, and Hisense Visual, are also highlighted as worthy of attention [1][10] Additional Important Insights - The national subsidy policy has had a limited impact on overall market sales, primarily affecting pricing and product structure rather than significantly increasing total sales volumes [1][7] - Emerging markets, particularly in Asia, are expected to see rapid increases in penetration rates as GDP per capita rises, further driving industry growth [4] - The home appliance sector is characterized by a focus on replacement demand domestically, with emerging categories showing significant growth potential even in the absence of subsidies [1][9]