一是完善政策制度。针对离境旅客购物、国内商品进店销售、岛内居民"即购即提"等新场景，配套修订《中华人民共 和国海关对海南离岛旅客免税购物监管办法》、印发《海关总署 财政部 税务总局关于免税商店经营国内商品监管流 程和退税有关事宜的通知》，增列专门适用免税店销售国内商品的监管方式代码，优化国内商品通关和退税流程，为 新政落地提供坚实制度保障。 二是推进智慧监管。优化离岛免税海关监管系统，新增、升级24个功能模块，部署智能化监管设备，严密全流程数字 化监管体系。对离岛免税商品实施全流程溯源管理，建立动态风险监测模型，对"套代购"等违规行为进行精准识别和 有效打击。同时，强化协同治理与联动处置，会同相关部委及海南省织密反走私联防联控网络，维护离岛免税市场公 平有序，让合规旅客充分享受政策红利。 三是优化服务保障。主动面向企业开展政策解读和申报指导，帮助企业准确把握新政要求，提前做好运营调整；允许 新增品类商品提前向海关备案、入库，解决企业提前备货问题，确保新政实施当日新增品类顺利上架销售。建立关企 数据联动机制，旅客购物额度实时更新、即时释放，购物体验更顺畅。从新政实施半个月以来的效果来看，新增的电 子消费产品备受 ...

Core Points - The Hainan Free Trade Port is set to officially start its island-wide customs closure operation on December 18, 2025, establishing a special customs supervision area with a policy of "one line open, one line controlled, and free flow within the island" [2][3] - The customs supervision system for the Hainan Free Trade Port has been established, including several regulatory measures and facilitation policies to enhance operational efficiency [3][4] Group 1: Customs Closure Preparation - The necessary hardware and software conditions for the island-wide customs closure operation have been prepared, with the customs regulatory system fully established [1] - Comprehensive testing and rehearsal for the customs closure operation are underway, ensuring smooth and orderly operations [1] Group 2: Regulatory Framework - The customs authority has developed and published several regulatory measures, including the "Regulations on Customs Supervision of Hainan Free Trade Port" and tax management measures for duty-free goods [3] - A total of 12 supporting measures have been formulated for the supervision of zero-tariff goods and other policies [3] Group 3: Efficient Supervision Mechanism - The customs supervision method emphasizes precise management and efficient facilitation, distinguishing between goods that require supervision and those that do not [4] - Ten "second-line ports" have passed national acceptance, and the necessary regulatory facilities are ready for use [4] Group 4: Duty-Free Shopping Policy - Recent adjustments to the duty-free shopping policy for departing travelers have led to a significant increase in shopping activity, with sales amounting to 1.325 billion yuan, a year-on-year increase of 28.52% [5] - The new policy includes the addition of product categories and allows for more flexible purchasing options for travelers and residents [5]

（央视财经《正点财经》）最新的离岛免税政策调整后，海关监管离岛免税销售金额有哪些变化？哪些 产品受青睐？ 海关总署口岸监管司副司长 华正红：从新政策实施半个月以来的效果来看，新增的电子消费产品很受 欢迎，离境旅客购物持续升温。截至11月17日，海关共监管离岛免税销售金额13.25亿元，同比提升 28.52%。 与此同时，海关坚持"管放"结合， 坚决打击"套代购"走私等违法行为，今年5月以来，离岛免税高风险 金额占比连续6个月控制在2%以下。 转载请注明央视财经 编辑：令文芳 据了解，11月1日起，我国调整离岛旅客免税购物政策的公告正式实施。 政策优化调整主要在四个方 面：一是新增2个商品大类和3个商品细类；二是将离境旅客纳入享惠主体范围；三是允许6类国内商品 在离岛免税店销售；四是岛内居民一年内一次离岛可不限次购买"即购即提"商品。 ...

近日，在海口海关所属文昌海关、马村港海关联合监管下，一辆载有587件免税品、4768件完税商品的 运输车辆，顺利从海口综合保税区运抵万宁王府井国际免税港离岛免税商品海关监管仓库。这是企业首 次运用同车运输模式，即同一车辆运送免税品和完税商品，解决运输车辆装载少量免税品，增加企业物 流成本，延长配送周期的难题，可极大程度降低免税企业的物流成本。 ...

11月本是三亚旅游淡季,但随着11月1日海南离岛免税购物新政落地,三亚免税店内依旧人气爆棚。在CDF 免税店美妆个护区,游客们在各品牌专柜前有序排队选购。封关进入倒计时,免税新政率先"热身",记者亲 赴三亚海棠湾CDF免税城,感受这片消费热土的鲜活脉动。 记者 孙佳琪 三亚报道 免税政策让苹果手机 成为"三亚特产" 免税新政落地: 封关前的"实战热身" 销售数据显示,11月1日新政发布以来,海南离岛免税首周销售额同比增速超30%。在增长的这30%中,新政 影响约1.5个百分点。剩余部分中,苹果手机及3C产品贡献18-22个百分点；香化品类增速不温不火,在总 体占比中甚至呈持续下降趋势,目前整体稳定在40%-45%。 为什么会出现这样的反差?以中国免税品(集团)有限责任公司为代表,离岛免税企业都有自己的线上商城 (小程序),记者对比后发现,同一款香化类产品,线上和线下的价格大多相同,有些品牌的产品在线下免税店, 甚至要略高于线上商城。这样一来,这些香化类商品在线下购买就失去优势,显得不那么划算了。 11月2日抵达海南三亚,记者在了解被网友调侃为"官方剁手福利"的免税新政后,便前往位于三亚海棠湾的 CDF免税城。 ...

Core Viewpoint - The new policy on duty-free shops aims to enhance consumption and support the high-level opening-up of the economy, effective from November 1, 2025, focusing on consumer demand and market development challenges [1][2]. Group 1: Policy Implementation - The policy encourages the expansion of domestic product sales in duty-free shops, promoting traditional cultural products and high-quality domestic goods [1]. - New categories of goods will be added to the duty-free shops, including mobile phones, drones, sports goods, health foods, over-the-counter drugs, and pet foods, significantly enriching shopping options for travelers [1][3]. Group 2: Market Impact - The implementation of the policy is expected to attract foreign tourists and stimulate domestic consumption, with early signs of success shown by a 34.86% year-on-year increase in duty-free shopping in Hainan, surpassing 5 billion yuan in the first week [2][4]. - The policy aligns with the diverse shopping needs of both domestic and international travelers, enhancing the convenience of shopping and accelerating the consumption boost effect [2]. Group 3: Hainan Free Trade Port - The Hainan Free Trade Port will start full closure operations on December 18, 2023, with the duty-free policy continuing to be implemented, further enhancing shopping convenience for departing travelers [3]. - The number of duty-free product categories has increased from 45 to 47, now including pet supplies and musical instruments, catering to a wider range of consumer preferences [3]. Group 4: Historical Context - Over the past five years, the duty-free policy has generated approximately 195.8 billion yuan in shopping amounts, with around 28.58 million shoppers and 240 million items purchased, becoming a significant driver of tourism consumption in Hainan [4].

Core Insights - The new duty-free policy in Hainan has shown promising initial results, with sales reaching 506 million yuan and a 34.86% increase in sales compared to the same period last year [1] - The policy marks the tenth optimization of Hainan's duty-free regulations, expanding the range of products and emphasizing the sale of domestic brands [2][3] Sales Performance - In the first week of the new policy, 72,900 shoppers participated, reflecting a 3.37% increase year-on-year [1] - New product categories, including pet supplies and portable musical instruments, accounted for 1,488 items sold, totaling 2.7468 million yuan [1] Policy Changes - The new policy expands the number of duty-free product categories from 45 to 47, adding items such as mobile phones and health foods [2] - A requirement for at least 25% of retail space in duty-free shops to be dedicated to domestic products has been introduced [2] Market Opportunities - The new policy is expected to enhance Hainan's appeal as an international tourist destination, particularly for foreign travelers who can now enjoy duty-free shopping [4] - Duty-free shopping is seen as a key strategy to attract international visitors and boost local consumption [5][6] Regulatory Innovations - Hainan customs have implemented innovative regulatory measures, including credit-based supervision and intelligent monitoring systems, to ensure smooth policy execution [5][6] - The new measures aim to balance consumer convenience with risk management, addressing potential issues like "purchase stacking" [6] Future Prospects - The duty-free policy is anticipated to evolve further, potentially extending benefits to local residents and integrating with broader service trade sectors [7] - There is potential for the duty-free framework to incorporate high-end services such as healthcare and cultural events, creating a comprehensive consumer ecosystem [7][8]

Core Viewpoint - The target price for China Duty Free Group (601888)(01880) has been raised by 50% from HKD 60 to HKD 90, reflecting stronger profit growth momentum supported by favorable policies and better growth prospects. The rating remains "Outperform" [1] Group 1: Financial Performance - For Q3 2025, the net profit of China Duty Free Group decreased by 29% year-on-year to RMB 4.52 billion, which was below both the firm's and market expectations [1] - Sales decline has narrowed compared to the previous quarter, with gross margin stabilizing around 32%-33% [1] - The company is expected to gradually improve operations in the future, with gross margins likely to remain stable due to optimized product and merchandise mix [1] Group 2: Cost and Profitability - Due to business expansion, there is an anticipated increase in sales and marketing, rental, and personnel costs, leading to a slower improvement in operating profit margins [1] Group 3: Policy Impact - China has implemented several new duty-free policies aimed at boosting domestic consumption, enhancing tourism in Hainan Province, and expanding shopping channels for domestic and international consumers [1] - Preliminary data from Hainan Province indicates a positive response to these policies, suggesting that the company, as a leading duty-free retailer in the region, will be one of the main beneficiaries [1]

Core Viewpoint - Jianyin International has raised the target price for China Duty Free Group (01880) by 50% from HKD 60 to HKD 90, reflecting stronger profit growth momentum supported by favorable policies and better growth prospects. The rating remains "Outperform" [1] Group 1: Financial Performance - For Q3 2025, China Duty Free's net profit decreased by 29% year-on-year to RMB 452 million, which was below both Jianyin International's and market expectations [1] - Sales decline has narrowed compared to the previous quarter, with gross margin stabilizing around 32%-33% [1] - The expectation is that operational performance will gradually improve, supported by product and merchandise optimization, with gross margins likely to remain stable [1] Group 2: Market and Policy Environment - China has implemented several new duty-free policies aimed at boosting domestic consumption, enhancing tourism in Hainan Province, and expanding shopping channels for domestic and foreign consumers [1] - Preliminary data from Hainan Province indicates a positive response to these policies, suggesting that China Duty Free Group, as a leading duty-free retailer in the region, will be one of the main beneficiaries of the new policies [1]

Core Viewpoint - China Tourism Group Duty Free Corporation Limited plans to hold a performance briefing on November 19, 2025, to discuss its Q3 2025 results and address investor concerns [1] Group 1 - The company released its Q3 2025 report on October 31, 2025, providing insights into its operational performance and financial status [1] - The performance briefing is scheduled for November 19, 2025, from 10:00 to 11:00 [1]