【环球时报赴海南特派记者 郭媛丹】编者的话：随着18日海南自由贸易港正式启动全岛封关运作，多种政策利好将为企业注入新的发展活力。"加工增值超 30%免关税"等核心政策将给海南的二次加工企业带来前所未有的增长空间；"零关税"等政策则为飞机、游艇维修等新型产业释放更多发展潜力。在接受 《环球时报》记者采访时，多家相关产业的企业负责人对海南封关后的发展前景充满信心，表示"未来必将更加开放、更加便利、更具成本优势"。 "边运行、边发现、边整改、边完善" 全岛封关是海南自贸港建设新阶段的开始。封关后，海南将敞开一扇通往全球的"便捷之门"，形成新的经济增长点。其中，"一线"放开是指将海南自贸港与 中国关境外其他国家和地区之间作为"一线"，实施进口货物"零关税"、放宽贸易管理等自由化便利化措施。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。 "像'零关税'政策、放宽贸易管理措施、加工增值免关税政策都是希望海南打造对外开放的高地。一方面提高对外开放能效，另一方面助力产业高质量发 展。"海口海关所属洋浦海关副关长王远忠对《环球时报》记者说，洋浦港现有35条国际航线，将来会是自贸港"一线"放开的主 ...

海口新海港和南港"二线口岸"（货运）集中查验场俯瞰。 建设前的海口新海港和南港"二线口岸"（货运）集中查验 场所在地。 以上图片均为中铁广州工程局集团提供 镶嵌在南海万顷碧波之上的海南岛，正成为引领我国新时代对外开放的重要门户。经党中央批准，海南 自由贸易港于12月18日正式启动全岛封关。 封关，是一次物理上的定义：将海南岛全岛建成一个海关监管特殊区域。 封关，是一次制度上的探索："一线"放开、"二线"管住、岛内自由，扩大高水平对外开放。 2018年4月，习近平总书记在庆祝海南建省办经济特区30周年大会上郑重宣布，"党中央决定支持海南全 岛建设自由贸易试验区，支持海南逐步探索、稳步推进中国特色自由贸易港建设"。2020年，中共中 央、国务院印发《海南自由贸易港建设总体方案》。日前举行的中央经济工作会议提出，"扎实推进海 南自由贸易港建设。" 海南自由贸易港全岛封关如何运作？为了这一天，各方做了哪些准备？收效如何？封关首日，记者深入 机场、园区、一二线口岸等多个点位，记录这不平凡的一天。 "一线"放开 放宽各类限制，简化流程手续，对标国际高标准经贸规则 时间：凌晨近2点 工作人员在大新华飞维空港维修基地维修飞机 ...

《中国民航报》、中国民航网 记者许晓泓 通讯员徐嘉婧 报道： 12月18日，由海航航空技术有限公司 （以下简称"海航技术"）保障的"海南自由贸易港"主题涂装飞机从海口美兰机场展翼起飞，与海南自贸 港封关运作同步启航。封关前夕，海航技术已接连完成多项具有代表性的国际维修业务。12月15日，海 航技术旗下大新华飞机维修服务有限公司（简称大新华飞维）、海南海航斯提斯喷涂服务有限公司（以 下简称"海航斯提斯"）完成约旦皇家航空的波音787型飞机的专项改装和整机喷漆服务。12月初，海航 斯提斯完成了一架大韩航空的波音737-900ER机型的整机喷涂工作并顺利交付，该架飞机是波音737NG 家族中尺寸最大、载客量最多的延程型号。 如今，走进海南自贸港一站式飞机维修基地，机坪上来自卡塔尔、韩国、越南、柬埔寨等国家的飞机有 序停放，等待着接受从深度定检到飞机喷漆的各项专业服务。这幅多国飞机来自贸港修飞机的景象，生 动印证了海南作为区域性国际航空维修枢纽的吸引力正与日俱增。 曼群岛民航局（CAACI）、根西岛民航局(DCA)、百慕大民航局（BCAA）、阿鲁巴民航局 （ARUBA）等17个国家及地区颁发的22张维修许可资质。 值 ...

Core Viewpoint - The Hainan Free Trade Port is set to officially launch its island-wide customs closure on December 18, which is expected to significantly boost the aircraft maintenance industry, attracting global airlines and increasing international flight routes [2][11]. Group 1: Aircraft Maintenance Industry Growth - The aircraft maintenance industry in Hainan has seen unprecedented growth, with the value of aircraft maintenance under customs supervision at Haikou Meilan Airport increasing by nearly 70% year-on-year in the first 11 months of this year [2]. - The one-stop aircraft maintenance base in Haikou has serviced over 2,400 aircraft this year, indicating a strong demand for maintenance services [5]. - The base has already filled its business capacity for the next three years, with an expected annual maintenance volume of around 700 aircraft post-customs closure [7]. Group 2: Advantages of Hainan Free Trade Port - Hainan's geographical advantage allows a 4-hour flight radius to cover 21 countries and regions, reaching 47% of the global population, while an 8-hour radius extends to 59 countries and 67% of the population [9]. - The policy advantages of the free trade port enable foreign airlines to save 10% to 15% on maintenance costs through tax exemptions and the ability to store maintenance materials in advance, reducing waiting times for parts by 2 to 3 months [9]. Group 3: Customs and Tax Policies - The customs closure will expand the range of "zero tariff" goods from 1,900 to approximately 6,600 tax items, covering about 74% of all goods, which is an increase of nearly 53 percentage points compared to before the closure [11]. - The management of imported "zero tariff" goods will shift to a negative list model, replacing the previous positive list approach [11]. Group 4: Air Rights Expansion - Hainan is the only province in China that has proactively opened up fifth and seventh freedom rights, with 14 fifth freedom routes already established [14]. - Following the customs closure, the seventh freedom rights will be fully opened, allowing foreign airlines to operate routes from Hainan to third countries independently [14]. - New international cargo routes have been added since September, enhancing the air economic corridor between Hainan and Europe and the Middle East [16].

Core Insights - Hainan Free Trade Port will officially start full island closure operations on December 18, creating unprecedented opportunities for the aircraft maintenance industry due to the continuous release of policy dividends [1] - The aircraft maintenance sector in Hainan has seen a nearly 70% year-on-year increase in the value of aircraft maintenance goods under customs supervision at Haikou Meilan Airport in the first 11 months of this year [1] Group 1: Aircraft Maintenance Industry Growth - The one-stop aircraft maintenance base in Haikou has become a significant choice for Vietnamese airlines, with the base already having a full schedule for the next three years, expecting to handle around 700 aircraft repairs annually [2] - The base has received its 22nd aircraft from VietJet Air for maintenance, indicating strong demand from international airlines [2] Group 2: Policy Advantages - Hainan Free Trade Port offers significant advantages, with a 4-hour flight radius covering 21 countries and regions, and an 8-hour radius covering 59 countries, facilitating international aircraft maintenance [4] - Foreign airlines can save 10% to 15% on maintenance costs due to tax exemptions on bonded materials and fuel, with a total value of 515.7 billion yuan in aircraft maintenance goods supervised by customs, marking a 68.6% increase year-on-year [4] Group 3: Tax Policy Changes - The "zero tariff" feature of the free trade port will expand from 1,900 to approximately 6,600 tax items, covering about 74% of all goods, a 53% increase compared to before the closure [4] - The management of imported "zero tariff" goods will shift to a negative list model, replacing the previous positive list [4] Group 4: Air Rights Expansion - Hainan is the only province in China that actively opens up fifth and seventh freedom rights, with 14 fifth freedom passenger and cargo routes already established [6] - The full opening of seventh freedom rights post-closure will allow foreign airlines to operate independent routes from Hainan to third countries, representing the highest level of air rights openness in the world [6][8]

Core Viewpoint - The rebound in air travel presents investment opportunities in local stocks, particularly comparing SATS Limited and SIA Engineering as potential beneficiaries of this trend [1]. SATS Limited (SGX: S58) - SATS is one of the largest providers of air cargo and handling services globally and Asia's leading airline caterer [2]. - For the second quarter of FY26, SATS reported an 8.4% year-on-year revenue increase to S$1.57 billion, with profit after tax rising 13.3% to S$78.9 million [3]. - Operating cash flow and free cash flow turned positive at S$77.2 million and S$3.4 million, respectively, indicating a recovery post-pandemic with net earnings of S$244 million for FY2025 [4]. - The company is expanding its global reach through the integration of the WFS acquisition, covering 225 stations in 27 countries, with 50% of global air cargo volume flowing through these routes [4][5]. - Future growth is expected from increased cargo volume handling and cross-selling Food Solutions to the WFS network [5]. SIA Engineering (SGX: S59) - SIAEC operates in the maintenance, repair, and overhaul (MRO) space, with a 26.5% year-on-year turnover increase to S$729 million in the first half of FY26, and profit after tax up over 21% to S$83.3 million [7]. - The operating margin improved to 1.8%, up from 0.6% in the previous year [7]. - SIAEC is pursuing strategic joint ventures with global airlines and OEMs, recently expanding its relationship with Safran Aircraft Engines [8]. - Future growth is contingent on the rebound in air travel, which will drive demand for MRO services [9]. Head-to-Head Comparison - SATS has a global revenue growth potential post-WFS acquisition, while SIAEC's revenue is more reliant on steady MRO demand in the Asian region [10]. - SATS has a debt-to-equity ratio of 1.4 times with total borrowings of S$2.45 billion, whereas SIAEC has a low debt-to-equity ratio of 0.05 times and borrowings of S$4.9 million [11]. - SIAEC has a better dividend history, missing only two annual payments in six years compared to SATS's three missed payments [11]. - Both companies have sustainable dividends, with SIAEC's payout ratio at 69% and SATS at around 32% [12]. - SIAEC's MRO services are expected to be more resilient during downturns compared to SATS [12]. Investment Considerations - For investors seeking higher growth potential, SATS may be more appealing, albeit with higher execution risks related to the WFS integration [13]. - Conversely, for those preferring stability, SIAEC offers a better balance sheet, steadier dividends, and cash flows, albeit with slower growth [13].

Group 1 - The Sichuan provincial government is promoting the implementation of the spirit of the 20th Central Committee, focusing on high-quality development and the reform of state-owned enterprises [1][2] - The "1+8" key area reform initiative has been launched, with new entities like the Sichuan Energy Development Group and Sichuan Urban Renewal Group established to enhance state-owned enterprise reform [2] - Companies are encouraged to leverage technology and innovation to drive growth and improve operational efficiency, aligning with the national strategy for a modern industrial system [2][3] Group 2 - Sichuan Energy Development Group aims to build a multi-energy system and enhance the quality and efficiency of the energy industry through technological innovation [1][2] - The Sichuan Urban Renewal Group is focusing on sustainable urban development, aiming to create replicable models for urban renewal [2] - Sichuan Airlines Group is set to enhance asset scale and profitability while fostering technological and industrial innovation [2][3] Group 3 - The Sichuan Provincial Investment Company is committed to breaking traditional operational barriers and enhancing core competitiveness through strategic planning [3] - The Sichuan Port Investment Group is focused on supporting transportation infrastructure and modern industrial layout along rivers [3][4] - The Sichuan Biopharmaceutical Group is prioritizing innovation and collaboration to create a comprehensive innovation ecosystem [3][5]

Core Insights - The Beijing Aircraft Engine Maintenance Project has officially opened, marking a significant breakthrough in China's high-end aircraft engine maintenance sector [1][2] - The project is a joint venture between China International Airlines and Rolls-Royce, with each holding a 50% stake, filling a gap in high-thrust engine maintenance capabilities in mainland China [1][2] - The establishment of Beijing Aircraft Engine Maintenance Co., Ltd. (BAESL) enhances the self-repair capabilities and safety levels of the civil aviation industry in China [1] Company Overview - BAESL has received formal maintenance certification from the Civil Aviation Administration of China, enabling it to conduct deep maintenance on engines [2] - The company plans to gradually undertake major repairs for various Rolls-Royce engines starting in 2026, aiming to reach an annual capacity of 250 engine overhauls by 2034 [2] Industry Context - The Capital Airport Economic Zone is a leader in domestic airport economic development, housing over 240 aviation service enterprises, and forming the largest aviation service industry cluster in China [2] - The economic zone has seen a revenue increase of 6.5% year-on-year, with significant contributions from the aviation maintenance sector, which generates an annual industrial output value of 14 billion yuan, accounting for nearly 20% of the national total [2][3] - The launch of BAESL is expected to enhance the regional aviation industry's competitiveness and inject new momentum into the development of high-end aviation services in China [3]

Core Viewpoint - The opening of the Beijing Aircraft Engine Maintenance Project marks a significant advancement in China's aviation maintenance capabilities, particularly in high-thrust engine repairs, enhancing the safety and self-repair capacity of the civil aviation industry in China [1][2]. Company Summary - Beijing Aircraft Engine Maintenance Co., Ltd. (BAESL) is a joint venture established by Air China and Rolls-Royce, with each holding a 50% stake. This partnership aims to provide reliable and efficient maintenance support for Air China's fleet and aligns with Rolls-Royce's strategic goal of increasing global maintenance capacity by 2030 [2][3]. - BAESL has received formal maintenance certification from the Civil Aviation Administration of China, allowing it to conduct in-depth engine repairs and ensuring high-quality service for its clients [2][3]. Industry Summary - The project is part of the broader development of the Capital Airport Economic Zone, which has established a modern aviation service industry system supported by various sectors, including healthcare, logistics, and business consumption. The zone hosts over 240 aviation service enterprises, making it the largest aviation service industry cluster in China [3][4]. - The establishment of BAESL is expected to enhance the regional aviation industry's competitiveness and contribute to the growth of high-end aviation services in China, promoting high-quality development of the airport economy [4][5].

Group 1: High-end Equipment Manufacturing - The high-end equipment manufacturing industry in Hainan is rapidly growing, focusing on marine equipment, clean energy equipment, and yacht repair manufacturing [3][4] - The average annual growth rate of the output value of large-scale equipment enterprises in Hainan exceeds 22% from 2021 to 2024, with the power equipment sector becoming the first billion-level equipment manufacturing industry in the province [4] - The value added of the equipment manufacturing industry increased by 90.9% year-on-year from January to August this year, contributing 2.7 percentage points to the growth of large-scale industry [4] Group 2: Commercial Aerospace - Hainan has signed a strategic cooperation agreement with China Aerospace Science and Technology Corporation to develop commercial aerospace, focusing on major aerospace engineering and technology applications [6][7] - The Wenchang International Aerospace City has attracted over 700 aerospace-related enterprises, forming an initial industrial cluster effect [7] - The commercial launch site in Hainan has achieved regular launches of Long March 8 rockets and is expected to have sea recovery capabilities by the end of 2026 [7] Group 3: Biomedicine and High-end Food Processing - Hainan's biomedicine industry has reached a scale of 50 billion yuan, with over 700 enterprises and a continuous double-digit growth in export value for six consecutive years [8] - The "Lecheng Research and Use + Haikou Production" model has significantly accelerated the market entry of over 500 special drugs and devices [8] - The high-end food processing industry in Hainan has achieved an annual growth rate of 20.5% in industrial added value during the 14th Five-Year Plan period, with a total industry scale of 55 billion yuan [10]