Market Overview - The A-share market experienced a significant decline on October 17, with all three major indices dropping over 2% during the day. The Shanghai Composite Index fell by 1.95%, the Shenzhen Component Index by 3.04%, and the ChiNext Index by 3.36% [1][2] - The total trading volume in the Shanghai and Shenzhen markets reached 1.94 trillion yuan, an increase of 6.9 billion yuan compared to the previous trading day, with nearly 4,800 stocks declining [1][2] Sector Performance - Defensive sectors showed strong performance, with the gas sector rising against the trend, and the banking sector also performing well, highlighted by Agricultural Bank reaching a new high [3] - The port and shipping sector exhibited localized strength, with Haitong Development achieving two consecutive trading limits [3] - The Hainan sector saw a surge in the afternoon, with Haixia Co. hitting the trading limit and Hainan Airport rising over 5%, following the announcement of new tax-free shopping policies for travelers in Hainan effective from November 1, 2025 [3] Notable Stocks - ZTE Corporation saw a significant decline, with its A-shares hitting the trading limit down and its Hong Kong shares dropping over 13% [3][4] - The overall market saw 4,781 stocks decline, while only 598 stocks increased in value [2] Commodity Market - The futures market for the FTSE China A50 Index saw a decline of 2% [5] - In the domestic commodity futures market, prices were mixed, with caustic soda dropping over 4% and gold rising over 3% [5] Cryptocurrency Market - The cryptocurrency market experienced a sharp decline, with over 260,000 traders facing liquidation, and Bitcoin dropping from $111,500 to $106,200, a decrease of over 4.5% [7][9] - The total liquidation in the cryptocurrency market exceeded $700 million within 24 hours, with over 70% of the liquidations being long positions [9]

Core Viewpoint - The Ministry of Finance, along with the General Administration of Customs and the State Taxation Administration, has announced adjustments to the duty-free shopping policy for travelers in Hainan, effective November 1, aimed at enhancing consumer shopping experiences and supporting the development of the Hainan Free Trade Port [1] Summary by Relevant Categories Policy Adjustments - The range of duty-free products for travelers will be expanded from 45 categories to 47 categories, including pet supplies, portable musical instruments, mini drones, and small appliances [1] - Domestic products such as clothing, footwear, ceramics, silk scarves, coffee, and tea will now be allowed for sale in duty-free shops, with VAT and consumption tax exemptions [1] - The age requirement for duty-free shopping will be raised from 16 to 18 years [1] Consumer Benefits - Departing travelers will be able to enjoy the duty-free policy, with purchases counting towards an annual exemption limit of 100,000 RMB, with no restrictions on the number of transactions [1] - Local residents with records of leaving the island will be allowed to purchase duty-free items on an "immediate purchase and pick-up" basis without transaction limits within the same calendar year [1] Economic Impact - The adjustments are expected to broaden the benefits of the duty-free policy, increase product supply, enhance consumer shopping experiences, and improve the sense of gain for local residents, thereby contributing to the ongoing success of the Hainan Free Trade Port [1]