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。 出差、旅行不受影响 大多数货物以及所有的人员、物品、交 通运输工具等进出海南岛仍按现行规定 管理,封关前后没有变化。到海南岛出 差、旅行不需要办理额外的证件。 离岛免税与人才个税优惠不变 离岛免税额度维持每人每年10万元。 高端紧缺人才个税超15%部分免征至 2027年底。 扩大对外开放的方向不变 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。 更加宽松的贸易管理措施 更加便利的通行措施 FF NIS 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。 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。 "封关"不是封闭,更不是封岛,而是 为了更好地"放开",通过形成"境内关 外"特殊监管区域,使海南更紧密融入 全 ...

"零关税"红利将全面升级。封关后，大量进口原材料、设备将免除关税，尤其利好"两头在外"的加工制造企业。而更具吸引力的"加工增值免关税"政策， 允许在海南加工增值超过30%的货物进入内地免关税，且新规将本地原料也计入增值，使达标更容易，为高端制造提供了独特落地方案。 12月11日，一场关于"出海口"与"加油站"的对话在全球服务中心热烈展开。由海南国际经济发展局、招商银行联合主办，海口国际经济促进局、全球服务 中心支持的海南自由贸易港科技消费产业封关政策推介暨第六届中国国际消费品博览会（大湾区）路演活动成功举办，吸引了超50名大湾区科技消费企业 代表参会。深汇通集团副总经理黄小军、全球服务中心总经理李效冶一同参会。 "我们此行不仅是推介，更是'扩圈'。"海南国际经济发展局总经济师曾蓉的开场白，点明了深琼联动的深层含义。本次活动聚焦海南自由贸易港全岛封关 运作关键阶段的政策机遇与产业合作，进一步宣介海南自贸港核心政策，深化海南与深圳南山及出海服务生态伙伴的合作，助力大湾区企业借助自贸港及 消博会平台链接全球资源，实现更高水平的国际化发展战略。 封关在即：政策"工具箱"释放"真金白银" 12月18日，海南自由贸易港将 ...

随着海南自贸港全岛封关带来的入境旅游便利化提升，首尔、曼谷、新加坡、墨尔本、莫斯科预计成为 12月18日至12月31日，从三亚凤凰国际机场入境海南旅游的五大热门客源地。 12月11日，海南自贸港全岛封关运作进入7天倒计时。同程旅行数据显示，海南自贸港正式启动全岛封 关运作后的首个周末(12月20日至21日)，包括三亚、海口等多个城市的度假酒店热门房型已售罄，热销 房型以亲子房和海景套房为主。 封关政策利好下，同程旅行旗下的呀诺达热带雨林景区预订增幅明显。截至12月10日，呀诺达热带雨林 景区在元旦假期的门票预订热度同比增长超过25%。目前，呀诺达热带雨林景区一方面推出优惠套票和 跨年主题活动，另一方面围绕入境旅游市场，新增俄语、英语等多语种导览服务，多条结合境外游客需 求打造的入境旅游线路已全面推向市场。 海南自贸港将于12月18日启动全岛封关运作，封关后更加优惠的货物"零关税"政策，将进一步提升海南 在冬季避寒游以及购物游市场的吸引力。其中，作为封关后的首个节假日，2026元旦假期的海南旅游热 度引发关注。 同程旅行数据显示，截至12月10日，元旦假期的三亚酒店搜索热度同比增长超过200%。从元旦假期的 航 ...

Core Viewpoint - The establishment of the Hainan Free Trade Port's customs closure operation marks a new phase in its strategic positioning as a comprehensive reform and opening-up pilot zone [1] Regulatory Framework - Hainan aims to create a new high ground for institutional openness through a regulatory framework of "open on the first line, controlled on the second line, and free within the island" [1] - The policy is designed to align with international high-standard economic and trade rules [1] Economic Impact - The customs closure policy reduces import costs for enterprises and enhances trade facilitation levels [1] - Tax incentives and financial openness measures have attracted significant domestic and foreign investment [1] Specific Policies - The implementation of "zero tariffs," tax exemptions for processing and value-added, and the establishment of multifunctional free trade accounts provide unprecedented development opportunities for enterprises [1] Compliance Requirements - The policy benefits come with increased compliance requirements, necessitating enterprises to establish more comprehensive compliance systems [1] Overall Outlook - The customs closure policy of the Hainan Free Trade Port is expected to profoundly change the regional economic landscape, bringing new opportunities for businesses and investors [1]

Core Insights - The establishment of the Hainan Free Trade Port marks a new phase in its strategic positioning as a comprehensive reform and opening-up pilot zone, aiming to create a new high ground for institutional openness and align with international high-standard economic and trade rules [1][2] Taxation Policies - Hainan Free Trade Port has implemented "zero tariff" and processing value-added tax exemption policies, significantly reducing the import costs of raw materials and customs clearance for enterprises [2] - The preferential measures for corporate income tax and individual income tax further enhance profit retention for businesses and attract talent [2] Financial Opening - The establishment of multi-functional free trade accounts facilitates cross-border capital flow for enterprises, lowering the cost of capital operations [2] Industry Support Policies - Hainan Free Trade Port provides key support to core industries such as tourism, modern services, and high-tech industries through special support policies and tax incentives, promoting technological breakthroughs and industrialization [2] - Innovative developments in bonded processing, transshipment trade, and cross-border e-commerce have created an efficient and convenient domestic open environment [2] Market Impact - The closure policy of Hainan Free Trade Port offers unprecedented development opportunities for enterprises, reducing costs and enhancing international competitiveness [2] - The policy dividends have attracted significant domestic and foreign investment, driving rapid regional economic growth [2] - However, the implementation of these policies comes with increased compliance requirements, necessitating enterprises to establish more robust compliance systems to ensure operations align with policy requirements [2] Future Outlook - Hainan Free Trade Port is expected to continue deepening reform and opening up, optimizing the business environment, and providing more opportunities for enterprises and investors [2] - With the in-depth implementation of the closure policy, Hainan is poised to become a key gateway for China's new era of opening up to the outside world [2]

Core Viewpoint - The establishment of the Hainan Free Trade Port's customs closure operation marks a new phase in its strategic positioning as a comprehensive reform and opening-up pilot zone [1] Regulatory Framework - Hainan aims to create a new high ground for institutional openness through a regulatory framework of "open on the first line, controlled on the second line, and free within the island" [1] - The policy is designed to align with international high-standard economic and trade rules [1] Economic Impact - The customs closure policy reduces import costs for enterprises and enhances trade facilitation levels [1] - Tax incentives and financial openness measures have attracted significant domestic and foreign investment [1] Specific Policies - The implementation of "zero tariffs," tax exemptions for processing and value-added, and the establishment of multifunctional free trade accounts provide unprecedented development opportunities for enterprises [1] Compliance Requirements - The policy benefits come with increased compliance requirements, necessitating enterprises to establish more comprehensive compliance systems [1] Overall Outlook - The customs closure policy of the Hainan Free Trade Port is expected to profoundly change the regional economic landscape, bringing new opportunities for businesses and investors [1]

Core Insights - The training session in Tunchang County focused on the implementation of the Hainan Free Trade Port closure policies and aimed to enhance the capabilities of local leaders and business representatives in executing these policies effectively [1] Group 1: Training Objectives - The training aimed to provide a systematic interpretation of the core policies of the Hainan Free Trade Port, including tax exemption policies for processing and value-added activities [1] - The session included interactive discussions, allowing representatives from relevant departments and local enterprises to engage actively [1] Group 2: Expected Outcomes - Participants were encouraged to integrate the training knowledge with their work, emphasizing the importance of regular risk assessments and conflict resolution [1] - The training was organized by the Tunchang County Committee, the County Development and Reform Commission, and the investment promotion task force, highlighting a collaborative approach to policy education [1] - The goal is for participants to become proficient in understanding policies, business operations, and practical applications, particularly in relation to Tunchang [1]

Investment Rating - The industry investment rating is "Accumulate" [5] Core Viewpoints - The duty-free industry is experiencing a positive turnaround in fundamentals, with high-frequency data for Hainan's offshore duty-free sales showing improvement in Q3 2025, and a stable outlook for Q4 2025 [1][3] - Recent policy implementations have clarified the direction for the Hainan Free Trade Port, with significant announcements made regarding the closure date and adjustments to duty-free policies [2][3] - The operational performance of duty-free businesses is expected to improve, with notable increases in shopping amounts and visitor numbers following the implementation of new policies [3] Summary by Sections Industry Performance - In Q3 2025, Hainan's offshore duty-free sales totaled 5.402 billion yuan, a year-on-year decrease of 2.7%, with shopping visits at 946,800, down 23.4% year-on-year. The average transaction value increased by 27.1% to 5,705.53 yuan [1] - September 2025 saw duty-free sales of 1.733 billion yuan, a year-on-year increase of 3.4%, with shopping visits at 280,000, down 7.3%, and an average transaction value of 6,189.29 yuan, up 22.0% [1] Policy Developments - On July 23, 2025, the State Council announced the closure date for the Hainan Free Trade Port as December 18, 2025, providing detailed policies that reflect a clear direction for the port [2] - On October 17, 2025, three departments released adjustments to the offshore duty-free policy, expanding the categories of duty-free goods and allowing more purchasing opportunities for travelers [2] Business Expectations - China Duty Free Group reported Q3 2025 revenue of 11.711 billion yuan, a year-on-year decrease of 0.38%, with net profit down 28.94% to 452 million yuan. However, there were improvements in revenue growth and gross margin on a quarter-on-quarter basis [3] - Following the implementation of the new duty-free policy on November 1, 2025, shopping amounts reached 78.549 million yuan, with significant increases in both the number of purchases and visitors compared to the previous day [3]

Core Viewpoint - China Duty Free Group (01880) experienced a decline of over 4%, with a current price of HKD 62.2 and a trading volume of HKD 203 million [1] Financial Performance - For the first half of 2025, the company reported revenue of RMB 28.151 billion, a year-on-year decrease of 9.96% [1] - Gross profit was RMB 8.99 billion, down 12.23% year-on-year [1] - Profit attributable to equity shareholders was approximately RMB 2.622 billion, reflecting a year-on-year decline of 20.68% [1] Market Position and Outlook - Dongwu Securities noted that the revenue decline in the second quarter has narrowed, but profitability remains under significant pressure [1] - The company maintains a solid market position as a leader in tourism retail, benefiting from the Hainan Free Trade Port's closure policy set for December 18, 2025, and the gradual establishment of duty-free shops [1] - Despite the current pressure on duty-free consumption demand, the long-term sales growth potential is expected to improve [1]

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]