Core Viewpoint - The company emphasizes its commitment to technological innovation and the incubation of high-tech enterprises, focusing on strategic emerging industries [2] Group 1: Technological Innovation - The company has been actively promoting the transformation of technological achievements and enhancing its incubation advantages [2] - Several high-tech enterprises have been incubated, including Shenmu Technology, which focuses on millimeter-wave and terahertz imaging technology research and application [2] - Tongfang Ultra-light is dedicated to high-energy short-pulse solid laser products and their applications [2] - New Hong Electronics specializes in "cold cathode" multi-focus distributed X-ray source products [2]

（文章来源：证券日报） 证券日报网讯 12月18日晚间，昊创瑞通发布公告称，公司近日收到北京市科学技术委员会、北京市财 政局、国家税务总局北京市税务局联合颁发的《高新技术企业证书》，再次被国家高新技术企业认定管 理机构评定为高新技术企业，预计2025年度至2027年度继续按15%税率缴纳企业所得税。 ...

Core Viewpoint - The launch of the Hainan Free Trade Port's full island closure operation is a strategic move by China to enhance high-level openness to the outside world, rather than a means of isolation from the mainland [1][3]. Group 1: Policy Changes - The term "closure" refers to establishing a regulatory boundary between Hainan and foreign countries, not between Hainan and the mainland, allowing for continued free movement of people and goods within China [3]. - Hainan will become a "special zone" with policies such as duty-free imports, tax incentives for processing and value-added sales, and enhanced trade liberalization [3][5]. - This transformation positions Hainan as China's largest "super open test field," facilitating the import of foreign raw materials for processing and re-exporting to the mainland without tariffs [3][5]. Group 2: Economic Opportunities - The new policies will attract global resources to Hainan, making it a strategic hub connecting domestic and international markets, thus expanding China's openness from "points" to "lines" and then to "areas" [3][5]. - Consumers in Hainan will benefit from a wider variety of affordable imported goods, enhancing the shopping experience without the need to travel abroad [5]. - The influx of domestic and international businesses will create numerous job opportunities in sectors such as cross-border trade, high-end tourism, digital economy, and high-tech industries [5]. Group 3: Strategic Implications - The full closure operation sends a clear signal to the world that China's doors to openness will continue to expand, even amid a complex international environment [5][7]. - Hainan's development is expected to drive high-quality growth in the South China region and provide a replicable model for high-level openness across the country [5][7]. - The initiative aims to elevate Hainan from a "tourist island" to an "open highland," contributing significantly to China's modernization efforts [7].

Group 1 - The company emphasizes the importance of technology innovation incubation and actively promotes the transformation of technological achievements [1] - The company has successfully incubated several high-tech enterprises, including Shenmu Technology, which focuses on millimeter-wave and terahertz imaging technology, Tongfang Ultra Light, which specializes in high-energy short-pulse solid-state laser products, and New Hong Electronics, which develops "cold cathode" multi-focus distributed X-ray source products [1] Group 2 - An investor inquired about the various venture capital enterprises and technology parks associated with the company, questioning whether these entities have participated in the incubation of unicorns or high-tech enterprises in future industries [3]

昊创瑞通(301668.SZ)公告称，公司收到北京市科学技术委员会、北京市财政局、国家税务总局北京市 税务局联合颁发的《高新技术企业证书》，再次被国家高新技术企业认定管理机构评定为高新技术企 业。根据国家对高新技术企业税收优惠政策的有关规定，公司自本次高新技术企业证书颁发之日所在的 年度起的连续三个会计年度（即2025年度至2027年度）将继续享受国家高新技术企业的相关税收优惠政 策，即按15%的税率缴纳企业所得税。 ...

12月18日，海南自由贸易港正式启动全岛封关运作。这不仅是海南发展（002163）的里程碑，更是我国 坚定不移扩大高水平对外开放、推动建设开放型世界经济的标志性举措，标志着海南将打造成为引领我 国新时代对外开放的重要门户。 在当前全球单边主义、保护主义抬头，多边贸易体系面临挑战的背景下，我国大力推动贸易和投资自由 化便利化，实施高水平对外开放，致力于建设开放型世界经济，以高水平对外开放推动构建新发展格 局，增强国内大循环内生动力和可靠性，提升国际循环质量和水平，以对外开放的主动赢得经济发展的 主动、赢得国际竞争的主动。 海南的独特优势正在于此，其毗邻东盟，联动粤港澳大湾区，处于RCEP成员国网络的中心位置。从海 南出发的"4小时飞行圈"可覆盖全球47%的人口、30%的GDP。凭借地理区位与制度创新的双重优势， 海南有望成为连接中国国内市场与东南亚乃至全球的双循环关键枢纽之一。 封关后，海南将实施以"'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。"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；约74%的商品将享受进口"零关税"， ...

大有大的道理。海南聚焦旅游业、现代服务业和高新技术产业"三大领域"，依托国家深海基地南方中心 等"五大平台"构建特色产业体系，充足的空间体量能承载完整的产业链布局。 大也有大的底气。海南自贸港的大体量是中国超大规模经济的必然要求，其不仅仅着眼于外，也立足于 国内广阔的经济腹地——南繁科研育种基地可联动全国农业市场，航天基地能对接国内航天产业集 群……这种产业联动的模式，让海南既能吸引全球高端要素，又能将开放红利传导至国内，形成国内国 际双循环的枢纽节点。 2025年12月18日，中国改革开放进程迎来历史性时刻——海南自由贸易港正式启动全岛封关运作。 这种覆盖全要素、全产业的制度革新，以《中华人民共和国海南自由贸易港法》的形式得到确认和保 护，为来自全世界的市场主体创造了稳定的政策环境。海南自贸港"2025年初步建立、2035年更加成 熟、本世纪中叶全面建成"的目标也就有了高确定性的预期。 封关并非物理隔绝，而是以"'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。随之落地的零关税、低税率等政策红利，将广泛惠及市场主体——企业可享受进口生产资料免税、 对鼓励类产业企业生产的含进口料件加工 ...

Core Viewpoint - The Hainan Free Trade Port will officially start its full island closure operation on December 18, 2025, marking a significant milestone in China's reform and opening-up process, with policies aimed at higher levels of openness to the world [3][4]. Policy Changes - The closure operation represents a systematic and institutional upgrade, significantly enhancing the "zero tariff" level, optimizing processing and value-added tax exemptions, improving the investment environment, and facilitating entry and exit from Hainan [4]. - The "zero tariff" policy will expand from 1,900 tax items to approximately 6,600 tax items, covering about 74% of all product tax items, an increase of nearly 53 percentage points compared to before the closure [9][13]. Tax Incentives - The low tax rate policy, known as the "two 15%" policy, allows qualifying enterprises to be taxed at a reduced rate of 15% on corporate income tax, significantly lowering operational costs [14]. - Individuals classified as high-end or urgently needed talents working in Hainan can also benefit from personal income tax reductions, with any income tax burden exceeding 15% being exempted [19][21]. Comparison with Other Free Trade Ports - Hainan Free Trade Port differs from other international free trade ports like Singapore and Dubai by remaining within China's customs territory, allowing for domestic circulation of goods and easier access for mainland residents [23][24]. - Hainan's unique advantages include its vast market potential, being the largest free trade port globally at 33,900 square kilometers, and a focus on developing a modern industrial system centered on tourism, modern services, high-tech industries, and tropical agriculture [23][24]. Industry Development Focus - Post-closure, Hainan will prioritize the development of tourism, modern services, high-tech industries, and tropical agriculture, while also enhancing high-end shopping, healthcare, and international education sectors [26]. - The digital economy is expected to be a key industry, supported by significant infrastructure developments, including the establishment of the largest data center in Hainan and the world's first commercial underwater data center [27].

Core Insights - Hainan Free Trade Port will officially launch its full island closure on December 18, marking its enhanced role as an open gateway in China's new development landscape [1] - Hainan serves as a "testbed" for China's exploration of innovation and expansion of opening-up, playing a crucial role in trade, finance, logistics, and ecological civilization [1] - The construction of Hainan Free Trade Port has made significant progress, with continuous optimization of policies in finance, customs, and investment, and a dual 15% tax incentive for eligible enterprises and core talents [1] Economic Growth and Trade - Hainan's enterprises have increased their import and export value with RCEP member countries from 57.36 billion yuan in 2021 to 102.98 billion yuan in 2024, a growth of 79.5% [2] - In 2024, the trade value of Hainan enterprises with RCEP countries will account for 37.1% of the province's total, with ASEAN being the largest trading partner for six consecutive years [2] Sustainable Development - Hainan emphasizes green development, seeking a balance between ecological and economic growth, and has established the Hainan Tropical Rainforest National Park and initiated mangrove restoration projects [3] - The province aims to promote over 1.5 million new energy vehicles by 2030, exploring a low-carbon island development model [3] Reform and Governance - Hainan continues the tradition of "promoting reform through trials," exploring new paths in trade liberalization and institutional opening [4] - The construction of Hainan Free Trade Port is supported by central government design, legal guarantees, and coordinated policy execution, with a focus on infrastructure, talent development, and international exchanges [4]

Core Insights - Jiangsu Province has achieved significant advancements in technology innovation during the "14th Five-Year Plan" period, ranking second nationally in regional innovation capability [1][2] - The province's government has reported on its achievements in a press conference, highlighting the integration of technological and industrial innovation [1][9] Investment and Growth - Jiangsu's total R&D investment reached 459.75 billion yuan last year, a 53% increase compared to the end of the "13th Five-Year Plan" [2] - The R&D intensity increased to 3.36%, up by 0.43 percentage points from the end of the previous plan, placing it above average among innovative countries and regions [2] - The number of high-tech enterprises in Jiangsu is expected to exceed 61,000, an 85% increase from the end of the "13th Five-Year Plan" [2] Innovation and Research - Jiangsu's total investment in basic research reached 24.07 billion yuan last year, nearly three times the amount at the end of the "13th Five-Year Plan" [3] - The province has established a network of laboratories, including national and provincial key laboratories, to support foundational research [3] - The number of R&D personnel in Jiangsu exceeds 1.26 million, with the highest number of national major scientific talent [3] Industry Integration - Jiangsu has focused on creating an innovation ecosystem led by enterprises, integrating technology research and industrialization [4] - The province supports the establishment of national and provincial manufacturing innovation centers, enhancing collaboration between industry and academia [4] Breakthroughs in Key Areas - Jiangsu has achieved breakthroughs in various sectors, including the approval of 49 innovative drugs, leading the nation [5] - The province has filled domestic gaps in critical technologies such as photoresists and high-strength steel [5] - A total of 273 major projects in artificial intelligence, quantum technology, and biomedicine have been organized to drive further innovation [5] Policy and Regulation - Jiangsu has revised and introduced regulations to strengthen the legal framework for technology innovation and the connection between innovation and industry [6] - The province has established a new model for technology property transactions, facilitating the transformation of scientific achievements [6] Talent and Reform - Jiangsu has implemented reforms to enhance the innovation ecosystem, including expanding the scope of technology achievement rights [7] - The province has supported over 3,597 outstanding postdoctoral researchers since the beginning of the "14th Five-Year Plan" [7] Technology Transfer and Application - Jiangsu has established a national center for technology transfer and conversion, with significant financial backing to support innovation [8] - The province has promoted the application of 6,269 new technologies and products over the past five years [8] Future Outlook - Jiangsu aims to deepen the integration of technology and industry in the next five years, providing robust support for the modernization of the province [9]