海南日报海口9月2日讯(海南日报全媒体记者 陈卓斌)9月2日，省委副书记、政法委书记杨晋柏在 海口海关调研反走私等风险防控工作，现场观看海南自贸港海关智慧监管平台实操演示，详细了解风险 排查、联防联控、打击治理等情况并召开座谈会，听取意见建议。 杨晋柏指出，海南自贸港封关在即，风险防控工作面临新的挑战和更高要求。要深入学习贯彻习近 平总书记关于防范化解重大风险的重要论述及关于海南工作的系列重要讲话和指示批示精神，把反走私 工作作为重中之重抓实抓好，发挥专业优势，提升监管质效，全力筑牢打击走私防线。进一步细化走私 风险场景，逐一制定应对措施，提升反走私工作的针对性、有效性。开展好打击"套代购"等反走私集中 行动，加强法治教育和宣传力度，在全社会形成浓厚的反"套代购"走私氛围。持续深化压力测试，加强 实战演练，加快补齐短板弱项。充分发挥琼粤桂反走私联防联控机制作用，加强与其他省区市的工作协 作，形成反走私工作合力。健全海南自贸港"一点触发、多点联动"风险防控工作机制，加强协调联动， 推动数据共享，全面提升风险防控能力，确保封关运作平稳有序。 杨晋柏在海口海关调研时指出 全力筑牢打击走私防线 全面提升风险防控能力 ...

旅游零售Ⅱ 执业证书编号：S0740524040004 1、《需求仍是核心变量，观察 25 年 收入情况》2025-03-31 2、《需求承压充分反映，当前仍是 交易预期》2024-11-11 Email：zhengch@zts.com.cn 执业证书编号：S0740523060001 Email：zhangji01@zts.com.cn 基本状况 | 总股本(百万股) | 2,068.86 | | --- | --- | | 流通股本(百万股) | 2,068.86 | | 市价(元) | 68.69 | | 市值(百万元) | 142,109.93 | | 流通市值(百万元) | 142,109.93 | 中国中免（601888.SH） 证券研究报告/公司点评报告 2025 年 08 月 28 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师： ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report indicates that the revenue decline has narrowed and customer traffic has stabilized, with a focus on the increase in city store openings [1] - The company is expected to benefit from the long-term sales increment due to the Hainan Free Trade Port policy and the gradual opening of city duty-free stores [9] - The report has adjusted the profit forecast downwards due to current pressure on duty-free consumption demand, with expected net profits for 2025, 2026, and 2027 being 4.33 billion, 5.00 billion, and 5.52 billion respectively [9] Financial Performance Summary - Total revenue for 2023 is projected at 67.54 billion, with a year-on-year growth of 24.08%, while 2024 is expected to see a decline of 16.38% to 56.47 billion [1] - The net profit attributable to the parent company for 2023 is estimated at 6.71 billion, with a year-on-year increase of 33.46%, followed by a significant decline of 36.44% in 2024 to 4.27 billion [1] - The latest diluted EPS for 2023 is projected at 3.25 yuan, decreasing to 2.06 yuan in 2024 [1] Market Data Summary - The closing price of the stock is 71.41 yuan, with a market capitalization of approximately 147.74 billion [6] - The price-to-earnings ratio (P/E) is 22.01 for 2023, increasing to 34.62 for 2024 [1][6] - The company has a net asset value per share of 26.68 yuan and a debt-to-asset ratio of 18.61% [7]

Core Viewpoint - Hainan's land market is experiencing a significant surge following the announcement of the free trade port's closure date, with Haikou launching two rounds of land promotions that have ignited market enthusiasm [1] Group 1: Land Promotion Details - In late July, Haikou introduced 45 plots of land totaling approximately 2020 acres, which sparked market interest [1] - In early August, a second round featured 23 plots covering about 846 acres, a reduction of 22 plots and a decrease of approximately 1174 acres compared to the first round [1] Group 2: Key Land Areas - The newly released plots are concentrated in two major areas: Jiangdong New District and West Coast, with Jiangdong offering 12 plots totaling about 521 acres and West Coast providing 9 plots covering approximately 284 acres [8][10] - Jiangdong New District is positioned as a strategic high ground for the Hainan Free Trade Port, attracting numerous Fortune 500 companies and showcasing high standards in urban planning and infrastructure [10][12] Group 3: Land Use and Potential - The 23 plots include 11 residential plots totaling about 506 acres, with a buildable area of approximately 729,000 square meters, and 10 commercial plots covering about 297 acres [14] - Notable residential plots in Jiangdong New District feature excellent locations, rich amenities, and top-tier educational resources, making them highly attractive for developers [17][23] Group 4: Market Dynamics and Future Outlook - The land's quality and the government's supportive policies for development are expected to enhance the speed of project approvals and reduce the time from land acquisition to market entry [44][45] - The upcoming closure of the free trade port is anticipated to further increase the value of Haikou's land, raising questions about future land supply and pricing [47]

Core Viewpoint - Meilan Airport reported a total revenue of RMB 1.079 billion in the first half of 2025, a year-on-year decrease of 6.3%, with a net loss attributable to shareholders of approximately RMB 70.2024 million, narrowing by 71.7% compared to the previous year [1][2] Revenue Analysis - The aviation business revenue decreased to RMB 576 million, down 4.64% year-on-year, influenced by a decline in business volume [2] - Despite the overall decline in aviation-related income, the special operating rights revenue increased by 2.51% to RMB 243 million due to enhanced advertising rights [2] - Non-aviation revenues from hotels, VIP services, and rentals also saw a decline due to reduced business volume [2] Operational Performance - In the first half of 2025, Meilan Airport recorded 95,500 aircraft movements, a decrease of 3.43% year-on-year, with domestic movements dropping by 3.86% to 89,700 [1] - Passenger throughput totaled 13.907 million, down 4.05% from 14.494 million in the same period last year, with domestic passenger numbers decreasing by 4.87% [1] - International and regional routes showed growth, with passenger numbers increasing by 15.53% to 675,600 [1] Cargo and Mail Performance - Total cargo and mail throughput remained stable at 116,700 tons, a slight increase of 0.29% year-on-year [1] - Domestic cargo volume decreased by 0.73% to 106,100 tons, while international and regional cargo volume increased by 11.84% to 10,600 tons [1] Future Outlook - The acquisition of Meilan Airport's controlling stake by Hainan Airport is expected to enhance competitive strength through unified operations of the three major international airports in Hainan [3] - The commencement of Hainan Free Trade Port operations in December 2025 is anticipated to provide policy benefits and accelerate the development of an international hub [3] - Profit forecasts for 2025-2026 have been adjusted downwards due to underperformance in business volume, with new profit estimates of RMB 92 million and RMB 268 million respectively [3] - The 2027 profit forecast is projected at RMB 529 million, with a valuation basis of 18.7x PE, which remains below the industry average of 28x [3]

上 市 公 司 交通运输 2025 年 08 月 21 日 美兰空港 (00357) ——25H1 净亏损同比收窄，封关运作后优势可期 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 20 日 | | --- | --- | | 收盘价（港币） | 10.63 | | 恒生中国企业指数 | 9013.27 | | 52 周最高/最低（港币） | 12.18/6.04 | | H 股市值（亿港币） | 50.30 | | 流通 H 股（百万股） | 226.91 | | 汇率（人民币/港币） | 1.0932 | 一年内股价与基准指数对比走势： -16% 34% 84% HSCEI 美兰空港 资料来源：Bloomberg 证券分析师 刘衣云 A0230524100007 liuyy@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 罗石 A0230524080012 luoshi@swsresearch.com 研究支持 刘衣云 A0230524100007 liuyy@swsresearch.com 财务数 ...

翻看最近的海口楼市，不知道大家有没有啥想法，反正楼哥就一个感觉——新房暗流涌动，二手房在渡劫。 为啥这么说嘞？ 新房方面，前段时间年底封关的重磅消息，给海南打了一针鸡血。 紧接着，成交端开始有所起色，不仅7月表现尚可，8月首周更是迎来开门红；供应端，楼哥也梳理了，已有一大堆楼盘正在摩拳擦掌ing。 可以肯定，下半年的楼市绝对可以说得上是精彩纷呈。 来百度APP畅享高清图片 | 楼哥拍摄，未经授权不得使用 时间过得真快啊，一眨眼，2025年已经过去三分之二。 看到这里，大家先别急着兴奋啊。 前面楼哥说的可是新房，至于二手房，依旧还是没眼看，甚至可以用"渡劫"形容。 这不，7月份数据已经出炉，楼哥也帮大家看了，没错，海口二手房价，又双叒叕跌了！ 这还不算完，前几天楼哥另一篇二手房文章，还扒到了海口1500多个小区，有85%的都在跌。 这景象，屏幕前的各位房东们，心又提到嗓子眼了吧。 那么，现在的海口二手房啥情况？房价多少？卖得好不好？封关前后，房价会逆势上涨吗？最近成交情况如何？ 大家小板凳、小瓜子赶紧备好，楼哥马上开唠。 海口二手房价跌回2018年 每次一说起海口二手房价，不管是我们楼Sir的交流群，还是评论区 ...

Group 1 - The main theme of the discussion is that by 2025, China's economic endogenous power will gradually emerge, with an expanding consumer market and breakthroughs across the entire industrial chain serving as new growth engines [3][5] - The first subtopic focuses on more proactive economic and financial policies to stimulate growth [3] - The second subtopic addresses the restructuring of the industrial chain amid global economic and trade competition [3] - The third subtopic discusses consumption upgrades and technological innovation as leading factors for recovery [3] - The fourth subtopic highlights the opportunities for industrial development presented by the closure of the Hainan Free Trade Port [3] Group 2 - The current economic situation is characterized by a structural oversupply, which is a common phenomenon in the later stages of industrialization, and cannot be resolved merely by expanding domestic demand [6][9] - The real estate sector has historically faced oversupply issues, and this is not the first time it has encountered such challenges [9][12] - The discussion emphasizes the importance of balancing risks across the entire real estate transaction chain, rather than placing the burden solely on homebuyers [10][12] - The need for a more balanced development across cities is highlighted, suggesting that not all residents can or should live in major cities like Beijing [10][12] Group 3 - The conversation touches on the necessity of expanding the middle-income class in China to improve consumer expectations and behaviors [13][24] - The historical context of China's consumption patterns is discussed, indicating that despite high savings rates, consumer spending has not significantly increased relative to GDP [23][24] - The potential for new technologies to create new markets and balance supply and demand is emphasized, particularly in the context of low-altitude economy and AI development in Shenzhen [17][19] Group 4 - The concept of "closure" in the context of the Hainan Free Trade Port is clarified, indicating that it actually means increased openness for trade and economic stimulation [26][28] - The discussion suggests that the real estate market in Hainan will rely heavily on external demand, and without lifting purchase restrictions, local demand may remain limited [28][29]

Core Viewpoint - The National Development and Reform Commission's Deputy Director Wang Changlin emphasized that the closure of Hainan is not an island lockdown but aims to further expand openness and promote high-quality development of the Hainan Free Trade Port [1] Group 1: Policy Implications - The post-closure interactions between Hainan and international entities will be smoother and more free, while connections with the mainland will remain convenient and efficient [1] - Under the current closure system design, most goods and all personnel, items, and transportation tools entering and exiting Hainan will continue to be managed according to existing regulations, with only a few goods requiring inspection when entering the mainland [1] Group 2: Operational Continuity - Travel for business or tourism to Hainan will remain unchanged, with no additional documentation required for visitors [1]

Core Viewpoint - The Hainan Free Trade Port is set to officially launch its customs closure on December 18, 2025, marking a significant step in China's commitment to high-level openness and reform [3]. Group 1 - The specific date for the customs closure of Hainan Free Trade Port has been approved by the Central Committee of the Communist Party of China [3]. - The launch date, December 18, holds symbolic significance as it coincides with the anniversary of the Third Plenary Session of the 11th Central Committee, which initiated China's reform and opening-up policy in 1978 [3]. - Preparations will be made in the coming months to ensure that businesses understand the customs closure policies and can conduct relevant business tests [3].