准备就绪。 海关总署自贸区和特殊区域发展司司长潘城指出，目前海南自贸港封关海关监管制度体系已建成。具体来看，海关总署已研究制定并发布了《中华人民共和国海关 对海南自由贸易港监管办法》《中华人民共和国海关对海南自由贸易港加工增值免关税货物税收征管暂行办法》以及"径予放行"管理等5项配套制度；海口海关则 就"零关税"货物及适用加工增值免关税政策的货物等实施全流程监管、"分批出岛、集中申报"便利化措施、口岸监管等细化制定了12项关级配套制度。 分线监管 既精准管住又高效便捷 11月18日，海关总署举行海关支持海南自由贸易港建设总体情况介绍通报会，海口海关关长高瑞峰在会上表示，目前全岛封关运作所需的软硬件条件已准备就绪， 海关监管制度体系已建设完成，封关运作测试演练全面推进，海关监管风险防线持续加强，关地协同共管机制全面建立，封关运作人力和组织保障已整体到位。下 一步，海口海关将做好封关各项准备工作，确保封关运作平稳有序。 海南自贸港封关海关监管制度体系已建成 海南自由贸易港将于2025年12月18日正式启动全岛封关运作。所谓"封关"是指将海南岛全岛建成一个海关监管特殊区域，实施以"'一线'放开、'二线'管住、岛内自 ...

Investment Rating - The report maintains a "Buy" rating for the company [7][8]. Core Views - The new tax-free shopping policy in Hainan is expected to boost consumption and attract overseas spending back to the region, benefiting China Duty Free Group (CDFG) due to its scale and operational experience [1]. - The recent policy changes include an expansion of product categories, relaxed eligibility criteria, and simplified approval processes, which are anticipated to significantly enhance the performance of duty-free shopping in Hainan [2][3]. - CDFG has proactively positioned itself to leverage these policy benefits, focusing on product variety, membership systems, and expanding its duty-free store network [4]. Summary by Sections Investment Rating - The investment rating for CDFG is "Buy" for both A-shares and H-shares, with target prices set at RMB 104.16 and HKD 93.96 respectively [7]. Policy Changes - The new policies include the addition of two major product categories and six types of domestic goods eligible for tax exemption, as well as allowing island residents with departure records to purchase duty-free items without restrictions [2]. - The implementation of these policies has already shown positive results, with Hainan's duty-free shopping amounting to RMB 506 million from November 1 to November 7, reflecting a year-on-year increase of 34.86% [2]. Company Positioning - CDFG has introduced various domestic brands and is enhancing its membership system, which has grown to over 26 million members as of Q3 [4]. - The company is developing a comprehensive duty-free platform that includes island, airport, and city duty-free operations, with expectations of revenue and profit recovery as policies improve [4]. Financial Projections - The report projects an increase in net profit for CDFG, with estimates for 2026 and 2027 being RMB 47.60 billion and RMB 56.09 billion respectively, reflecting a 13% and 17% increase [5]. - The target price adjustments are based on a slight increase in premium rates, with the A-share target price reflecting a 45x PE ratio for 2026 [5].

Core Insights - The new duty-free policy in Hainan has led to significant increases in both shopping amounts and customer numbers during its first week of implementation, with a total shopping amount of 506 million yuan and 72,900 shoppers, representing year-on-year growth of 34.86% and 3.37% respectively [1][3]. Group 1: Sales Performance - The new categories of products, including pet supplies and portable musical instruments, have seen sales of 1,488 items amounting to 2.7468 million yuan [1]. - Departure travelers purchased 886 duty-free items worth 2.2047 million yuan, while local residents engaged in "immediate purchase and pick-up" for 403 items totaling 356,100 yuan [1]. Group 2: Consumer Behavior - The implementation of the new policy has prompted duty-free stores to launch various promotional activities to attract customers, particularly targeting younger consumers through trendy brands and engaging shopping experiences [3]. - The number of outbound travelers from Hainan has exceeded 2 million this year, marking a year-on-year increase of 22.4%, with foreign travelers accounting for over 1.06 million, a 45.1% increase [3]. Group 3: Policy Impact - The new duty-free policy extends benefits to departing travelers, allowing them to purchase duty-free items that were previously unavailable to them [3]. - Local residents with outbound travel records can now purchase unlimited quantities of 15 categories of "immediate purchase and pick-up" items within a calendar year, enhancing their shopping convenience [3][4].

Core Insights - The new duty-free policy in Hainan officially took effect on November 1, leading to a significant increase in sales and consumer participation on the first day of implementation [2][3] Group 1: Sales Performance - On the first day of the new policy, the customs reported a duty-free sales amount of 78.549 million yuan, with 54,800 items sold and 12,700 shoppers participating, marking a 6.1% increase in sales compared to the previous day [2] - The sales included 243 items from new categories such as pet supplies and portable musical instruments, generating over 410,000 yuan in sales [2] Group 2: Policy Impact - The new policy extends the benefits of the duty-free shopping to departing travelers, who previously relied on duty-free shops and tax refund stores when leaving the country [2] - Hainan has seen over 2 million inbound and outbound travelers this year, a year-on-year increase of 22.4%, with foreign travelers exceeding 1.06 million, reflecting a 45.1% growth [2] Group 3: Product Category Changes - The duty-free product catalog has been optimized, adding two new categories: pet supplies and portable musical instruments, which include 19 types of musical instruments such as flutes, guitars, violins, and accordions [2]

Core Viewpoint - The Ministry of Finance, General Administration of Customs, and State Taxation Administration jointly announced an upgrade to the duty-free shopping policy for Hainan's offshore travelers, effective November 1, which aims to enhance the shopping experience and support the construction of the Hainan Free Trade Port [1] Group 1: Policy Changes - The new policy increases the number of duty-free product categories from 45 to 47, adding items such as pet supplies and portable musical instruments [16] - Domestic products like clothing, coffee, and tea are now allowed in duty-free stores, exempting them from value-added tax and consumption tax [4] - The policy expands the eligible consumer base, allowing island residents to purchase duty-free items without limit as long as they have at least one record of leaving the island within a calendar year [6][9] Group 2: Implementation and Preparation - Hainan's duty-free stores, such as Haikou International Duty-Free City, have prepared for the new policy by creating special sections for new product categories and ensuring that new items are available on the first day of the policy [2][4] - The duty-free city has upgraded its checkout system to accommodate the new policy changes starting November 1 [6] - The "island resident immediate pickup" shopping option has been added to enhance the shopping process for local consumers [8] Group 3: Consumer Guidelines - Eligible island residents must be at least 18 years old and possess a valid Hainan ID, residence permit, or social security card; foreign residents must have a residence permit for working or living in Hainan [9][10] - The calculation of the "departure record" for residents is based on actual departures from January 1 to December 31 of each year, with the first valid record for the new policy starting from November 1, 2023 [12] - Residents can purchase "immediate pickup" duty-free items without limit, but these items must fall under specific categories and have a single item price below 20,000 RMB, with an annual shopping limit of 100,000 RMB [13]

Core Points - The announcement details the revised regulations for duty-free shopping for travelers leaving Hainan, effective from November 1, 2025, replacing the previous regulations from 2020 [2][3] - The revisions aim to enhance the management of duty-free shopping and promote Hainan as an international tourism consumption center [5] Regulatory Changes - Modifications were made to several articles of the previous regulations, specifically Articles 2, 3, 5, 7, 10, 12, 14, 17, and 19 [1] - New provisions were added to regulate domestic goods sold in duty-free shops that are subject to VAT and consumption tax exemptions [1] Duty-Free Shopping Process - Travelers must provide valid identification and relevant travel information when purchasing duty-free items [7] - Duty-free shopping is limited to a specific annual quota and item categories as defined by the relevant authorities [7] - Any excess purchases beyond the annual quota will incur import taxes based on the retail price of the items [8] Tax Payment Procedures - Duty-free shops are required to handle tax payments on behalf of travelers within a specified timeframe, with penalties for late payments [8] Legal Responsibilities - Duty-free shops must comply with regulations or face warnings, suspension of operations, or revocation of registration for serious violations [14][18] - Travelers engaging in prohibited activities, such as reselling duty-free items, may face penalties and restrictions on future duty-free shopping [17]

Core Viewpoint - The new round of adjustments to Hainan's offshore duty-free shopping policy will be implemented starting November 1, aiming to enhance consumer experience and support the development of Hainan as an international tourism consumption center [1][4]. Group 1: Policy Adjustments - The adjustments include "one new addition" and "three optimizations," expanding the product range to include pet supplies and portable musical instruments, while also allowing six categories of domestic products to be sold duty-free [4][5]. - The duty-free shopping limit has been significantly increased from 30,000 RMB to 100,000 RMB per person annually, and the number of product categories has expanded from 18 to 45 since 2020 [3][4]. Group 2: Market Impact - From 2020 to August 2025, the cumulative sales of Hainan's offshore duty-free shopping are projected to reach 206.9 billion RMB, which is 3.8 times the total sales from 2011 to 2019 [3][4]. - Hainan's offshore duty-free sales now account for over 8% of the global duty-free market, highlighting its significance as a key player in the industry [3]. Group 3: Consumer Demand - The adjustments are designed to meet the diverse shopping needs of consumers, reflecting a trend towards experiential and personalized consumption, with new categories like tech gadgets and home appliances being introduced [6][7]. - The policy aims to enhance the shopping experience for both domestic and international travelers, with a focus on integrating duty-free shopping into daily consumption for local residents [7][8]. Group 4: Future Outlook - The upcoming full closure operation of Hainan Free Trade Port on December 18 is expected to further stimulate the consumption market and provide new opportunities for growth [8].

Core Viewpoint - The adjustment of the Hainan duty-free shopping policy aims to enhance consumer experience and support the construction of the Hainan Free Trade Port, effective from November 1, 2025 Group 1: Policy Adjustments - The range of duty-free products has been expanded from 45 to 47 categories, including pet supplies, portable musical instruments, micro drones, and small appliances [1][3] - Domestic products such as clothing, ceramics, and coffee are now allowed to be sold in duty-free shops with VAT and consumption tax exemptions [1][4] - The minimum age for duty-free shopping has been raised from 16 to 18 years [1][5] Group 2: Shopping Limits and Conditions - Travelers leaving the island can enjoy the duty-free policy, with purchases counting towards an annual limit of 100,000 RMB, with no restrictions on the number of purchases [1][6] - Island residents with departure records can purchase duty-free items without limit under the "immediate purchase and pick-up" method within the same calendar year [1][6][7] Group 3: Implementation and Compliance - The policy adjustments are expected to broaden the benefits of the duty-free policy, increase product supply, and improve consumer shopping experiences [1] - The Hainan provincial government is responsible for preventing smuggling risks associated with the new policy [6][7]

Core Insights - The adjustment of Hainan's offshore duty-free shopping policy is seen as a significant move to enhance the attractiveness of Hainan as a duty-free shopping destination, effective from November 1 [1][2]. Group 1: Policy Impact - The offshore duty-free policy is a key element in the construction of Hainan Free Trade Port and International Tourism Consumption Center [2]. - The policy is summarized by five continuous effects: market scale growth, sustained pull effect, increasing consumer attraction, market vitality, and industry driving force [2]. - From 2018 to 2024, the average annual growth rate of Hainan's offshore duty-free sales is nearly 30%, with domestic consumers' purchases in Hainan rising from about 5% to over 20% compared to overseas [2]. Group 2: Market Dynamics - Hainan's share of the national duty-free market has increased from one-quarter to nearly 70%, while its global market share rose from 2% to 8.6%, indicating strong development momentum [2]. - Over 900 international brands are now present in Hainan, with seven operating entities competing, creating a vibrant market landscape [2]. Group 3: Product Expansion - The policy introduces six new categories of domestic products, including scarves, clothing, hats, coffee, ceramics, and tea, into the duty-free stores, which are treated as exports and exempt from VAT and consumption tax [2][3]. - This expansion not only diversifies the range of duty-free products but also promotes domestic brands [2]. Group 4: Regulatory Support - The tax authority will assist businesses in utilizing the tax refund policy and ensure that the benefits reach both businesses and consumers [3]. - Hainan's commerce department is focused on enhancing the shopping experience by attracting more renowned domestic and international brands [3]. Group 5: Customs Innovation - Hainan Customs is implementing innovative regulatory measures to optimize service, having already expedited the release of new product categories for duty-free enterprises [5]. - A regulatory plan has been established to accommodate new shopping scenarios for residents and departing travelers, ensuring smooth policy execution [5].

Core Viewpoint - The recent announcement by the Ministry of Finance, Customs, and the State Taxation Administration regarding the adjustment of the duty-free shopping policy for outbound travelers in Hainan is a significant move to support the construction of the Hainan Free Trade Port, set to take effect on November 1, 2023, enhancing both supply and demand sides to meet diverse consumer shopping needs [1][2]. Summary of Key Points New Additions - The policy introduces two new categories of duty-free goods: pet supplies and portable musical instruments, expanding the existing 45 categories [3]. - Three new subcategories are added: 1. "Home air purifiers and accessories" is reclassified as "small appliances," adding 15 items like robotic vacuums and humidifiers. 2. "Wearable devices and electronic consumer products" is redefined as "electronic consumer products," adding two items including digital cameras and drones. 3. The "tablet computer" category now includes digital accessories like mice and keyboards [3]. Optimizations - Six categories of domestic products are now allowed for duty-free sale in Hainan's duty-free shops, including clothing, ceramics, and coffee, with VAT and consumption tax exemptions [4]. - The policy's beneficiary group is expanded to include outbound travelers, allowing them to enjoy the duty-free shopping policy with an annual limit of 100,000 RMB, with no restrictions on the number of purchases [4]. - Local residents can now purchase "immediate pick-up" items without limit during a year if they have traveled outside the island, covering 15 categories including cosmetics and clothing [4]. Market Impact - From 2020 to August 2025, Hainan's cumulative duty-free sales reached 206.9 billion RMB, 3.8 times the total sales from 2011 to 2019, with the current sales scale accounting for over 8% of the global duty-free market [4]. - The average annual growth rate of duty-free sales from 2018 to 2024 is nearly 30%, establishing duty-free shopping as a key feature of the Hainan Free Trade Port and contributing significantly to the province's economic and social development [4].