智通财经APP获悉，中国中免(01880)跌超4%，截至发稿，跌4.23%，报62.2港元，成交额2.03亿港元。 消息面上，中国中免公布2025年中期业绩，实现收入人民币281.51亿元，同比减少9.96%；毛利为89.9 亿元，同比减少12.23%；公司权益股东应占利润约26.22亿元，同比减少20.68%。东吴证券指出，公司 二季度营收降幅收窄，盈利显著承压。该行认为，中免集团作为旅游零售龙头市场地位稳固，海南自贸 港2025年12月18日封关政策利好、市内免税店陆续落地，有望带来长期销售增量。考虑到当前免税消费 需求承压，下调公司盈利预期。 ...

Core Insights - The Hainan Free Trade Port will officially start its full island closure operation on December 18, 2025, marking a new phase of openness and presenting significant development opportunities for local companies while raising the bar for brand value construction [1][3] Brand Value Status - Hainan has 9 listed companies in the national brand value TOP 3000 list, indicating a substantial room for improvement in brand building among local firms [1] - Hainan Rubber leads with a brand value of 9.56 billion, significantly surpassing the combined brand values of the second to fourth ranked companies, highlighting the need for more leading brand enterprises in the region [2] - The agricultural sector has the highest combined brand value exceeding 14 billion, while most other sectors have not surpassed 1 billion, indicating an imbalance in brand value distribution [2] Opportunities from Closure Policy - The total brand value of Hainan's listed companies is approximately 25.5 billion, ranking 30th among provincial administrative regions, which correlates closely with the region's GDP ranking [3] - The closure policy will implement a unique system of liberalization, expanding the range of zero-tariff goods from 1,900 to about 6,600, covering 74% of all goods [3] - Local companies are positioned to leverage policy advantages, but their success will depend on their ability to enhance competitiveness, address talent shortages, and innovate while facing increased competition [3]

智通财经7月23日电，国家发展改革委副主任王昌林7月23日在国新办发布会上表示，按照总体方案关 于"分步骤、分阶段建立自贸港政策制度体系"的要求，结合海南发展实际，我们会同有关方面制定了现 阶段的封关政策措施，具体可以概括为"四个更加"：一是实施更加优惠的货物"零关税"政策。"一线"进 口的"零关税"商品税目比例将由21%提高至74%，在岛内享惠主体之间可以免进口税收流通，加工增值 达到30%的可免关税销往内地。二是实施更加宽松的贸易管理措施。在"一线"进口方向，对全国现有的 部分禁止、限制类进口货物作出开放性安排。三是实施更加便利的通行措施。以岛内现有8个对外开放 口岸作为"一线"口岸，对符合条件的进口货物径予放行；设置运行海口新海港、海口南港等10个"二线 口岸"，对进入内地的货物创新采取多种便捷通行举措。四是实施更加高效精准的监管模式。对"零关 税"货物、放宽贸易管理措施货物等实行低干预、高效率的精准监管，保障各项开放政策平稳落地。有 关政策文件稍晚时候将陆续对外公布，并于全岛封关之日起施行。 现阶段封关政策措施可以概括为"四个更加" ...

Investment Rating - The report maintains an "Outperform" rating for Hainan Airport, indicating a positive outlook for the company's stock performance relative to the market [3][7]. Core Insights - The increase in shareholding by the controlling shareholder, Hainan Airport Group, signals confidence in the company's future development and strategic value as a hub in Hainan Free Trade Port [7]. - The company's short-term performance is under pressure, but profitability is expected to improve in the long term as it focuses on its core airport operations [7]. - The ongoing expansion of Sanya Phoenix International Airport is a key project that will enhance the company's operational capacity and growth potential [7]. - Adjustments to profit forecasts for 2024 and 2025 reflect the impact of previous high revenue from real estate and the slow recovery of duty-free consumption [7]. Financial Data and Profit Forecast - Total revenue for 2023 is projected at 6,762 million, with a significant decrease expected in 2024 to 5,106 million, reflecting a year-on-year decline of 24.5% [6][9]. - The net profit attributable to the parent company is expected to drop to 462 million in 2024, a decrease of 51.6% compared to the previous year [6][9]. - The company's gross margin is forecasted to decline from 48.9% in 2023 to 35.6% in 2024, with a gradual recovery expected thereafter [6][9]. - The estimated target market value for 2025 is projected to be 448 billion, based on a sum of valuations from its core airport and duty-free businesses [7].