服务贸易是国际贸易的重要组成部分和国际经贸合作的重要领域。我国坚定不移扩大高水平对外开 放，积极对接国际高标准经贸规则，加快在自由贸易试验区、国家服务贸易创新发展示范区等平台先行 先试，有序推进服务市场开放，推动服务贸易高质量发展。 实现服务贸易高质量发展，既要积极引进来，也要主动走出去。如何助力服贸企业高效出海，挖掘 服务贸易发展潜力？记者探访浙江杭州、福建厦门、四川成都等地，展现不断优化相关政策、推动服务 贸易创新提升的生动实践。 ——编者 浙江杭州—— 政策护航，"智慧"成果高效出海 人民日报记者 窦瀚洋 夜幕降临，浙江杭州未来科技城的写字楼里灯火通明。在慧博云通科技股份有限公司的离岸交付中 心，工程师们正与海外技术团队协同工作，为一家国外互联网企业构建跨境测试专项方案。 这是知识密集型服务贸易的典型场景之一。杭州市商务局相关负责人介绍，知识密集型服务贸易一 般不交易实体货物，而是通过跨境提供技术解决方案、软件开发和数字化服务等"智慧"成果来创造价 值。 今年4月，在海外的一场人工智能展览会上，包括慧博云通在内的浙江企业组团登台，集中展示了 一批具备国际竞争力的企业级信息服务以及人工智能解决方案，吸引了 ...

Core Insights - The Hainan Tourism Price Index (TPI) experienced a week-on-week decline of 1.99% during the third week of August 2025, indicating a downward trend in tourism-related prices in Hainan [1] Price Index Breakdown - The TPI's seven categories (dining, accommodation, transportation, tickets, shopping, entertainment, and specialty tourism) showed a trend of "four declines and three stable" [1] - The price indices for transportation, tickets, accommodation, and shopping decreased by 6.16%, 0.93%, 0.87%, and 0.26% respectively, contributing to the overall decline in the TPI by 1.67, 0.06, 0.21, and 0.05 percentage points [1] - The indices for dining, entertainment, and specialty tourism remained stable compared to the previous week [1] Accommodation Pricing - In Sanya, the average nightly rates for standard double rooms in five-star, four-star, three-star, and below three-star hotels were 882 yuan, 274 yuan, 150 yuan, and 129 yuan respectively, with three-star, four-star, and five-star hotels experiencing week-on-week declines of 6.50%, 4.29%, and 2.95% [1] - In Haikou, the average nightly rates were 651 yuan, 253 yuan, 184 yuan, and 160 yuan, with five-star and four-star hotels seeing declines of 2.60% and 1.72%, while three-star and below three-star hotels increased by 9.01% and 1.43% respectively [1] Conference Room Pricing - The prices for medium-sized conference rooms in five-star, four-star, and three-star hotels were 7710 yuan, 5263 yuan, and 2063 yuan per room per day, remaining stable compared to the previous week [1] Future Trends - As the summer season comes to an end, the Hainan TPI is expected to show a trend of slight decline in the following week [1]

Group 1 - The total non-gaming expenditure of tourists in Macau for Q2 2025 reached MOP 18.25 billion, representing a year-on-year increase of 4.6% [1] - Among the total, overnight tourists contributed MOP 14.64 billion (up 4.4%) and same-day visitors contributed MOP 3.61 billion (up 5.5%) [1] - The average non-gaming expenditure per tourist was MOP 1,950, showing a year-on-year decrease of 12.3% [1] Group 2 - The main spending categories for tourists were shopping (41.5%), accommodation (24.9%), and dining (22.5%), with a noted increase in dining expenditure and a decrease in shopping expenditure [1] - By major source markets, the average non-gaming expenditure per tourist from mainland China, Hong Kong, and Taiwan decreased by 15.0%, 9.1%, and 5.1% respectively [2] - International tourists had an average expenditure of MOP 2,134, down 10.2%, with specific changes noted for tourists from South Korea (down 1.5%) and Japan (up 18.5%) [2] Group 3 - For the first half of 2025, total non-gaming expenditure by tourists was MOP 37.86 billion, a slight increase of 0.2% year-on-year [3] - Overnight tourists' expenditure totaled MOP 30.01 billion (down 1.4%), while same-day visitors' expenditure increased by 7.0% to MOP 7.85 billion [3] - The average non-gaming expenditure per tourist for the first half was MOP 1,970, reflecting a year-on-year decrease of 12.8% [3]

Core Viewpoint - The Hainan Provincial Government has issued a three-year action plan (2025-2027) to accelerate the construction of a modern industrial system with distinctive advantages, aiming for high-quality economic development and significant contributions from key industries to GDP. Group 1: Commercial Aerospace Development - The action plan emphasizes the cultivation of a complete commercial aerospace industry chain, focusing on the Wenchang International Aerospace City and aiming for an industry cluster revenue of 10 billion yuan by 2027 [2]. Group 2: Financial Reform and Cross-Border Asset Management - The plan includes initiatives for financial reform, expanding the EF account pilot program to enhance cross-border capital flow, and establishing a cross-border asset management policy pilot, targeting an asset management amount of nearly 600 billion yuan in the Sanya Central Business District by 2027 [3]. Group 3: Consumer Goods and Medical Tourism - The action plan aims to optimize the duty-free shopping policy and expand the "immediate purchase and pick-up" product list, with a goal of attracting over 1.5 million medical tourists by 2027 [4]. Group 4: Investment in Industrial Parks - The plan proposes the establishment of a provincial investment company for industrial parks to support development through flexible financing mechanisms, including the issuance of real estate investment trusts and asset-backed securities [5]. Group 5: Industry Cluster Development - The action plan targets the cultivation of 30 key industry clusters with a scale of 10 billion yuan or more by 2027, focusing on sectors such as offshore wind power, energy conservation, low-altitude economy, and artificial intelligence [6]. Group 6: Capital Market and Insurance Development - The plan encourages the development of a multi-tiered capital market and industry insurance, aiming to increase the proportion of loans to the manufacturing sector and establish a project library for modern industrial system key projects [7].

Core Viewpoint - The Hainan Provincial Government has issued a three-year action plan (2025-2027) aimed at establishing a modern industrial system with distinctive advantages, targeting a GDP contribution of 70% from four leading industries by 2027 [1] Group 1: Economic Development Goals - By 2027, the contribution of four leading industries to GDP is expected to reach approximately 70% [1] - The construction of an international tourism consumption center is advancing, with continuous release of tourism consumption potential [1] Group 2: Service and Manufacturing Integration - The integration of productive services and advanced manufacturing is accelerating, while the life service industry is optimizing towards high quality and diversification [1] - The value added of modern services is projected to approach 30% of GDP [1] Group 3: Innovation and R&D Investment - There is a deep integration of technological innovation and industrial innovation, with a target R&D expenditure intensity of 1.8% by 2027 [1] - The value added of high-tech industries is expected to exceed 17% of GDP by 2027 [1] Group 4: Agricultural Development - A collaborative development pattern is forming in tropical characteristic high-efficiency agriculture, with an annual growth rate of over 5% in the value added of the entire industrial chain of leading agricultural industries [1]

Core Points - The Hainan Free Trade Port will officially start its full island closure operation on December 18, 2023, marking a significant historical milestone in China's reform and opening-up process [1] - The closure operation is expected to enhance Hainan's international competitiveness and facilitate smoother connections with global markets [1][2] - The new policies will implement a "one line open, two lines control, and island-wide freedom" approach, allowing for greater trade liberalization and facilitation [2] Policy Changes - The number of zero-tariff import items will increase from approximately 1,900 to about 6,600, raising the proportion of zero-tariff items from 21% to 74% [2] - The new negative list management for zero-tariff goods will replace the previous positive list, allowing for more comprehensive trade facilitation [2] - The introduction of a comprehensive list of prohibited and restricted import/export goods will enhance trade transparency and compliance with international standards [5] Economic Impact - Hainan's actual foreign investment reached 102.5 billion yuan over the past five years, with an annual growth rate of 14.6%, indicating strong global capital attraction [7] - The tourism sector, particularly duty-free shopping, is expected to see increased attractiveness, with Hainan currently holding over 8% of the global duty-free market share [9] - The modern service industry, including aircraft maintenance, is expanding rapidly, with over 2,200 aircraft serviced since the establishment of a one-stop maintenance base [9][10] Industry Development - The four leading industries now account for 67% of Hainan's GDP, with marine production growing at an annual rate of 13.9% [10] - High-tech industries are emerging as a core competitive advantage for Hainan, focusing on areas like genetic resource protection and deep-sea equipment development [10] - The green technology transition in manufacturing, exemplified by a lithium hydroxide project, is expected to enhance global competitiveness and achieve an annual output value exceeding 2 billion yuan [10][11] Future Prospects - The Hainan Free Trade Port aims to attract global asset management institutions, enhancing the investment landscape for international investors [8] - The ongoing optimization of the business environment is expected to lower operational costs for foreign enterprises, facilitating better market engagement [8] - Hainan's strategic location along the Maritime Silk Road positions it as a key player in global resource allocation and trade [8]

目前，深圳正提速打造离境退税标杆城市。据悉，深圳下一步将以更快速度、更强力度推进离境退税提质增效，抓紧释放退税购物消费潜力，以扩大入境消费的先 行先试创新实践，推动深港"双向奔赴"，高质量服务国内国际双循环的新发展格局。持续提升服务水平，全市推广"一单一包"模式，优化离境退税"云平台"，积极 深圳是离境退税全国首批实施城市之一，也是"海陆空"离境口岸全覆盖的城市。7月31日，深圳进一步增设罗湖口岸为离境退税陆路口岸，加上此前已开 通口岸，离境退税口岸达6个，从东到西覆盖主要口岸，旅客入境消费便捷性、满意度大幅提升。 据悉，罗湖口岸离境退税办理点是目前深圳离境退税陆路口岸设置离境退税窗口和海关核验窗口最多的口岸。今年上半年，罗湖口岸出入境旅客超3370万人次，同 比增长11.7%，占全市比重25.9%，位居全市第一、全国前列，为离境退税业务提供了庞大的客流基础。 旅客罗女士购买了一个充电宝，成为了此次罗湖离境退税口岸首个尝鲜客。她告诉记者，整个退税过程十分便利，退税款几分钟后便到账。 记者获悉，今年上半年深圳离境退税规模迅速增长，退税商品销售额、办理业务量，分别同比增长1.6倍、3.9倍；大疆、华为等深圳国货潮 ...

Economic Overview - China's economy is showing a stable and positive development trend, with summer grain achieving stable production and harvest in 2025, reaching a total output of 2994.8 billion jin, laying a solid foundation for overall grain production stability [1][3]. Agriculture Sector - The summer grain planting area remains stable, with 20 out of 25 provinces increasing their planting area. However, some western regions are adjusting their crop structure, leading to a slight decrease in summer grain planting area [5]. - The summer grain yield is reported at 375.6 kg per mu, which is a marginal increase of 0.1 kg compared to the previous year, indicating stability in production levels [5]. Automotive Industry - The automotive industry has seen significant growth in the first half of 2025, with production and sales both exceeding 15 million units, reflecting a year-on-year increase of over 10% [8]. - New energy vehicles (NEVs) have particularly strong performance, with production and sales reaching 6.968 million and 6.937 million units respectively, marking year-on-year growth of 41.4% and 40.3%. NEVs now account for 44.3% of total new car sales [10]. - Exports of NEVs are also robust, with 1.06 million units exported, representing a year-on-year increase of 75.2% [10]. Logistics and E-commerce - The express delivery sector has surpassed 1 trillion packages since the beginning of 2025, achieving this milestone 35 days earlier than in 2024. This marks the fifth consecutive year of exceeding 1 trillion packages [13]. Consumer Market - The Ministry of Commerce is actively promoting summer consumption through initiatives like the "Buy in China" campaign, coinciding with the peak travel season. Various local activities are being organized to enhance consumer engagement [14][16]. - Specific regional campaigns, such as the "Shanghai Summer" international consumption season and themed events in Guangxi and Fujian, aim to attract both domestic and international consumers, further stimulating summer consumption [16].

Investment Rating - The report maintains an optimistic outlook for the Hong Kong stock market, particularly for new IPOs and sectors like new consumption and innovative pharmaceuticals [8]. Core Insights - The report highlights that the recent subsidies from food delivery e-commerce platforms directly benefit coffee, tea, and advertising channels [8]. - The education sector remains robust, with leading institutions expanding market share and developing AI products for international education [3][19]. - The luxury goods sector is experiencing slight pressure from macroeconomic factors, but brands with strong innovation capabilities are still seeing growth [20]. - The coffee and tea industry is in a growth cycle, with coffee demand remaining strong, while tea faces short-term challenges due to increased competition [27]. - E-commerce is under pressure with slowing growth rates, but instant retail is emerging as a new battleground [31]. - The travel and OTA sectors are seeing limited impact from recent subsidies, with a focus on undervalued leading players [8]. - Music streaming platforms are identified as quality internet assets driven by domestic demand, with ongoing developments in subscription services [36]. - The virtual asset market is on an upward trend, supported by traditional financial institutions entering the space [40]. - The real estate market is under pressure, particularly in major cities, with a focus on opportunities in companies like Beike [8]. - The automotive service market is experiencing a decline, with a continued focus on ecosystem changes [8]. Summary by Sections 1. Education - The K12 education sector remains highly prosperous, with leading institutions reporting good summer enrollment progress and a focus on AI product development [3][19]. - The education index saw a decline of 1.78% during the reporting period, outperforming the Hang Seng Technology Index but underperforming other major indices [10]. 2. Luxury Goods - The luxury goods sector is slightly pressured by macroeconomic factors, with notable growth in brands with strong innovation [20]. - Key luxury stocks showed positive performance, with Samsonite and Prada increasing by 5.61% and 6.09% respectively [20]. 3. Coffee and Tea - The coffee sector remains in a growth cycle, with strong demand and a high frequency of consumption [27]. - The tea sector faces short-term challenges due to increased competition and supply growth [27]. 4. E-commerce - The e-commerce sector is experiencing a slowdown, with significant competition impacting profitability [31]. - Instant retail is becoming a new focus, with major platforms launching aggressive subsidy plans [31]. 5. Travel and OTA - The travel sector is seeing limited impact from subsidies, with a focus on undervalued leading players [8]. 6. Music Streaming - Music streaming platforms are identified as high-quality assets driven by domestic demand, with ongoing developments in subscription services [36]. 7. Virtual Assets - The virtual asset market is on an upward trend, with traditional financial institutions increasingly entering the space [40]. 8. Real Estate - The real estate market is under pressure, particularly in major cities, with a focus on opportunities in companies like Beike [8]. 9. Automotive Services - The automotive service market is experiencing a decline, with a continued focus on ecosystem changes [8].

Group 1 - The introduction of the "immediate refund" tax refund policy in Shenzhen enhances the international influence of major shopping districts and boosts consumer spending [1] - The first "immediate refund" tax refund point was inaugurated in the Dongmen pedestrian street, a historically significant and densely populated area in Shenzhen [1] - The sales of tax refund eligible goods in Shenzhen increased by over 2.1 times year-on-year in the first five months of this year, with "immediate refund" goods sales growing over 20 times [1] Group 2 - Shenzhen has been implementing the tax refund policy since 2016 and introduced the "immediate refund" measure in 2023, becoming the only city in China with all types of tax refund ports (land, sea, and air) by 2024 [2] - The "one order, one package" model introduced by Shenzhen optimizes the tax refund process, reducing customs verification time from an average of 10 minutes to 5 minutes [2] - The number of outbound and inbound travelers in Shenzhen surpassed 100 million by May 19, 2025, with foreign travelers reaching 2.64 million, a 41% increase year-on-year [3]