Investment Rating - The report maintains an "Overweight" rating for the retail industry [1]. Core Insights - The Hainan Free Trade Port has entered the final 30-day sprint phase for its full closure operation, which began on November 18. The port optimization and "second-line" regulatory facility construction are nearing completion, with the expectation of achieving a regulatory framework of "first-line opening, second-line management, and island-wide freedom" [4][9]. - The policy framework post-closure focuses on "zero tariffs, low tax rates, and simplified tax systems." Approximately 6,600 products will benefit from zero tariffs, covering most production equipment and raw materials, allowing companies to save about 20% on import tax costs. Additionally, encouraged industries will enjoy a 15% corporate income tax rate, significantly reducing operational costs [10]. - The adjustment of the duty-free shopping policy for departing island travelers was implemented on November 11, which has led to a 28.52% year-on-year increase in duty-free sales amounting to 1.325 billion yuan as of November 17 [10]. Summary by Sections Industry Viewpoint - The report highlights the operational upgrade of port management as a critical step towards establishing a high-level free trade port system, facilitating the free flow of various elements within Hainan [9]. Market Review - For the week of November 17 to November 21, the retail index decreased by 7.24%, while the overall market indices also experienced declines, with the Shanghai Composite Index down by 3.90% [12]. Company Valuation Table - The report includes a valuation table for various companies, indicating that companies like China Duty Free Group, Wangfujing, and Hainan Airport are expected to benefit from the duty-free shopping policy adjustments [11][19].

海南日报讯(海南日报全媒体记者 袁宇)近日，为深入贯彻落实习近平总书记在听取海南自由贸易 港建设工作汇报时的重要讲话精神，进一步帮助全省各级干部掌握自贸港封关政策，根据省委关于开展 自贸港封关政策"大学习"部署要求，省委组织部会同省委深改办等自贸港相关政策省级主管部门，在海 南干部网络学院开设了"海南自由贸易港封关政策学习培训"专栏，供全省各级干部学习使用，推动更多 优质培训资源共享共用。 专栏围绕海南自贸港封关运作政策、早期收获政策和产业发展等，紧扣实际操作，上线了关于"零 关税"等税收优惠、跨境服务贸易、跨境金融、鼓励类产业等一批高质量网络课程，系统解读政策的制 定背景、具体内容、实操要点和管理要求等，帮助各级干部增强实际工作中运用政策的能力水平。 下一步，省委组织部将会同有关部门持续丰富专栏课程资源，跟进解读新发布的自贸港政策，推动 各级干部学政策、懂政策、用政策。 ...

什么是全岛封关运作？"零关税"政策是指什么？全岛封关运作后，哪些货物能够"零关税"？ 0:00 什么是全岛封关运作？ 海口海关自贸区和特殊区域发展处科长 崔瑞康：全岛封关运作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 由"为基本特征的自由化便利化政策制度。其中，"一线"放开就是将海南自贸港与我国关境外其他国家和地区之间作为"一线"，实施一系列自由便利进出举 措；"二线"管住就是将海南自贸港与内地之间作为"二线"，针对"一线"放开的内容实施精准管理；岛内自由就是在海南自贸港内，各类要素可以相对自由的 流通。 "对外开放口岸"和"二线口岸"指什么？ 海口海关自贸区和特殊区域发展处科长 崔瑞康：对外开放口岸是指经国务院批准，供货物、交通运输工具和人员直接出入国（关）境的港口、机场等。"二 线口岸"是指经国务院批准，供货物、交通运输工具和人员在海南自贸港与中华人民共和国关境内的其他地区之间进出的港口、机场等。 什么是"零关税"？ 海口海关关税处科长 刘子林："零关税"是指对进口货物免征进口关税、进口环节增值税和消费税，全岛封关运作以后，进口零关税商品将实行负面清单管 理，以进 ...

什么是全岛封关运作？"零关税"政策是指什么？全岛封关运作后，哪些货物能够"零关税"？ 什么是全岛封关运作？ 海口海关自贸区和特殊区域发展处科长 崔瑞康：全岛封关运作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 由"为基本特征的自由化便利化政策制度。其中，"一线"放开就是将海南自贸港与我国关境外其他国家和地区之间作为"一线"，实施一系列自由便利进出举 措；"二线"管住就是将海南自贸港与内地之间作为"二线"，针对"一线"放开的内容实施精准管理；岛内自由就是在海南自贸港内，各类要素可以相对自由的 流通。 "对外开放口岸"和"二线口岸"指什么？ 什么是"零关税"？ 哪些货物能够"零关税"？ 海口海关关税处科长 刘子林：全岛封关运作以后，"零关税"商品范围由目前的1900多个税目扩大至6600多个税目，约占全部商品税目的74%，这比封关前提 高了近53个百分点。中药材、纺织原料、贱金属制品以及机械器具等，在封关后可以享受"零关税"。从商品名称也可以看出来，主要还是集中在企业生产资 海口海关关税处科长 刘子林："零关税"是指对进口货物免征进口关税、进口环节增值税和消费税，全岛封关运 ...

"二线口岸"是连接海南自贸港与内地其他省份的重要通道，包括海口、三亚等地的10个海运和航空口岸。正式封关运作后，海关在"二线口 岸"监管的"零关税"货物等三类货物，要经由专门的通道查验。这次演练按照"全场景模拟、全流程验证"的标准，围绕海关布控查验、放行与 处置等多个核心环节展开。 央视网消息：12月18日，海南自贸港全岛将正式封关运作。11月18日，海南自贸港10个"二线口岸"同步开展合成演练。什么是全岛封关运 作？正式封关运作后有哪些变化？"零关税"货物如何快速进入海南岛？"零关税"的享惠主体是谁？ 记者探访海口新海港和南港 海南省商务厅口岸管理处罗贵生介绍，总体看，本次演练整体进展顺利，多个部门的协同操作顺畅，系统设备运行稳定，进一步检验封关准备 工作的顺畅性与可控性。 硬件设施全竣工验收 信息化项目上线运行 据了解，目前，海南自贸港8个对外开放口岸、64个非设关地综合执法点等硬件设施项目已全部竣工验收，海关智慧监管平台、国际贸易单一 窗口等信息化项目已完成联调联试和上线运行，为保障各类通行对象安全高效便捷进出提供了有力支撑。 此外，封关之后，除海关监管货物从海南自贸港进入内地需要接受查验外，大多数货物 ...

Core Insights - The preparation for the Hainan Free Trade Port's full closure operation is on track, with a focus on establishing a robust customs supervision system and risk prevention measures [1][3][8] Group 1: Customs Supervision and Infrastructure - The customs authority has completed the necessary soft and hard infrastructure for the closure operation, including the establishment of a comprehensive customs supervision system [3][4] - Twelve supporting regulations have been developed for the supervision of "zero tariff" goods and other applicable policies, which have been publicly announced [3][4] - The customs supervision system is designed to facilitate efficient and precise management, ensuring a smooth transition to the new operational model [5][8] Group 2: Innovative Regulatory Measures - The customs authority is implementing innovative regulatory measures, including a "batch departure, centralized declaration" model to streamline the customs process [6][8] - A smart regulatory platform has been launched to support the new customs procedures, allowing for efficient tracking and management of goods [6][7] - The processing and manufacturing sectors will benefit from a reduced threshold for tax exemptions on certain goods, promoting industrial development within the free trade port [6][8] Group 3: Market Response and Consumer Behavior - The recent increase in shopping among departing tourists indicates a positive market response to the preparations made by customs authorities [7] - Enhanced digital monitoring systems have been established to ensure compliance and prevent violations in the duty-free shopping sector [7][8] Group 4: Future Outlook and Policy Implementation - The customs authority aims to ensure a smooth transition to the new operational model post-closure, focusing on trade facilitation and effective supervision [8] - Policies will be actively promoted to ensure that market participants can fully benefit from the advantages of the free trade port [8]

封关运作软硬件条件已具备。封关运作需要升级8个对外开放口岸、高标准建设10个"二线口岸"。 潘城介绍，10个"二线口岸"通过国家验收，监管设施设备具备启用条件，海关智慧监管平台已上线运 行，海南国际旅行卫生保健中心等4个海关封关保障项目已全部投入使用。 12月18日，海南自由贸易港将正式启动全岛封关。封关后，海南岛全岛将建成一个海关监管特殊区 域，实施以"'一线'放开、'二线'管住、岛内自由"为基本特征的自由化便利化政策制度。 全岛封关准备工作进展如何？将为企业和旅客带来哪些变化？如何实现安全高效精准监管？海关总 署11月18日举办记者通报会，介绍海关支持海南自贸港建设总体情况。 3类货物以外的其余货物均可通过非海关监管通道出岛 封关运作海关监管制度体系已建成。海关总署自贸区和特殊区域发展司司长潘城介绍，海口海关 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。 "享惠门槛降低，受益面扩大，助力岛内相关企业开展加工制造，培育打造产业链和产业集群。"海 关总署关税征管司副司长信燕介绍，海关将帮助企业了解并用好这项政策。 ...

Core Viewpoint - The Hainan Free Trade Port will officially commence its customs closure operations in one month, with significant implications for both internal and external trade dynamics on the island [1] Group 1: Customs Closure Operations - The customs closure is not a closure of the island but a policy aimed at creating a special customs supervision area, characterized by "first line" openness, "second line" control, and internal freedom [1] - The "first line" connects Hainan with foreign countries and regions, allowing for free and convenient entry and exit, while the "second line" connects Hainan with the mainland, requiring precise management [1][3] - The customs operations are set to begin with 10 "second line" ports conducting synchronized exercises, ensuring readiness for the upcoming closure [1][2] Group 2: Regulatory Framework - The customs authority has established a regulatory framework that emphasizes "first line" openness and "second line" control, ensuring efficient management of goods entering and exiting the island [3] - Specific measures include zero tariffs, processing value-added, and exemptions from tariffs for certain goods, which will be managed under a negative list system [4][5] Group 3: Zero Tariff Implementation - The zero tariff policy will allow a significant increase in the number of goods eligible for duty-free entry, expanding from over 1,900 to more than 6,600 tax items [4] - Only qualified entities can import goods under the zero tariff policy, excluding individuals, and goods processed in Hainan with over 30% value-added can enter the mainland without import duties [5] - Internal freedom allows for the flexible circulation of goods within the Hainan Free Trade Port, enabling businesses to trade surplus products among qualified entities [5]

12月18日，海南自由贸易港将正式启动全岛封关。封关后，海南岛全岛将建成一个海关监管特殊区域， 实施以"'一线'放开、'二线'管住、岛内自由"为基本特征的自由化便利化政策制度。 全岛封关准备工作进展如何？将为企业和旅客带来哪些变化？如何实现安全高效精准监管？海关总署11 月18日举办记者通报会，介绍海关支持海南自贸港建设总体情况。 3类货物以外的其余货物均可通过非海关监管通道出岛 封关运作海关监管制度体系已建成。海关总署自贸区和特殊区域发展司司长潘城介绍，海口海关就"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。 封关运作软硬件条件已具备。封关运作需要升级8个对外开放口岸、高标准建设10个"二线口岸"。潘城 介绍，10个"二线口岸"通过国家验收，监管设施设备具备启用条件，海关智慧监管平台已上线运行，海 南国际旅行卫生保健中心等4个海关封关保障项目已全部投入使用。 岛内129家企业获批加工增值业务试点资格，截至今年9月，海关累计监管内销货值110.8亿元，减免关 税8.6亿元。筑牢重大风险防控体系，今年5月以来，离岛免税 ...

HTH: 40 7 关注海南自贸港全岛封关投资机 11月18日,海南自由贸易港正式启动全岛封关进 入30天倒计时,"一线放开、二线管住、岛内自 由"的政策制度即将落地。 "封美" 是什么? "封关"即海南全岛成为一个"境内关外"区域, 海南岛内可以享受零关税等优惠政策。 在这一特定区域内,"封关"的概念也可以简称为: 一线放开,二线管住,岛内自由。 中山 金牛座 图看道 -线放开 将海南自贸港与我国关境外其他国家和地区之间 作为"一线"，实施一系列自由便利进出举措。 二线管住 将海南自贸港与内地之间作为"二线",针对"一 线"放开的内容实施精准管理。 在海南自贸港内,各类要素可以相对自由流通。 当前进展如何? 到目前为止,海南省已经组织了大大小小上百次 压力测试,不断查漏补缺,完善提升。 海南全省范围内10个"二线口岸"都已经建设完 成,并通过了国家验收。 海南自贸港海关智慧监管平台也已经实现了与多 个系统的互联互通,目前运行平稳。 委员会 - Same - Tax Press 中信证券 封关有助于海南加快建设国际旅游消费中心, 整体基础设施和营商环境的升级、对于人才的吸 引，均为当地旅游产业提供较好的发展基 ...