Core Viewpoint - The major stock indices in China experienced a significant decline, with the Shanghai Composite Index dropping nearly 2%, reflecting a decrease in market risk appetite and a mixed performance across various sectors [1]. Market Performance - The Shanghai Composite Index closed down 1.95% at 3839.76 points, the Shenzhen Component fell 3.04% to 12688.94 points, and the ChiNext Index decreased by 3.36% to 2935.37 points [1]. - The total trading volume in the Shanghai and Shenzhen markets reached 19.547 trillion yuan [1]. Sector Analysis - Sectors such as semiconductors, automobiles, non-ferrous metals, brokerage firms, and liquor companies saw declines, while gas, oil, coal, and banking sectors performed positively [1]. - The duty-free concept stocks were notably active despite the overall market downturn [1]. Market Sentiment - The recent trading volume has significantly shrunk, reaching a new low, indicating a decrease in overall market risk appetite and a prevalent wait-and-see attitude among investors [1]. - The market's focus is expected to shift towards corporate earnings and fundamentals as the third-quarter earnings reporting period approaches [1]. Monetary Policy Context - Data from the central bank indicates that new social financing and credit data for September maintained a high growth rate, reflecting a moderately loose monetary policy stance and continued financial support for the real economy [1].

优化流程厚植营商沃土 经济日报记者 王伟 走进海南海口综合保税区，目之所见一派繁忙。在营商局服务窗口，值班长谢梅英忙着接待咨询投 资项目备案情况的企业代表;在中免海南国际物流中心，工作人员正将一件件免税商品出库装车，送往 免税店。 "'免保衔接'等政策实施后，通关时间较传统模式缩短三成，配套仓储、货物调拨等营运成本也降 低了50%，有效压缩企业30%的用工及物流成本。"海口综合保税区管理委员会总经济师仇方建说。 在海关、药监、商务等部门的大力支持和推动下，海口综保区率先试点推行"电子标签"通关、"先 入区后报关"、"免保衔接"等系列创新举措，提高进口、通关入区、配送流转等环节效率，优化离岛免 税品监管服务，促进境外消费回流，助推免税产业发展。自2020年6月至今年4月，海口海关共监管离岛 免税购物金额1940.4亿元，购物人数2858.4万人次;共监管"免保衔接"业务5440票、货值78.35亿元。 近年来，海口市充分发挥自贸港政策优势，通过优化跨境服务贸易开放环境、持续深化制度集成创 新等举措，合力优化营商环境，解决企业发展中的痛点、难点，实现企业运营效率和园区服务质量双提 升。 海口海关、海口江东新区管理 ...

中国中免(01880)午后涨超4%，截至发稿，涨4.1%，报63.5港元，成交额2.76亿港元。 消息面上，为进一步扩大政策效应，支持海南自由贸易港建设，10月17日，财政部、海关总署、税务总 局联合印发公告，调整海南离岛旅客免税购物政策，并定于11月1日起实施。调整后的政策，包括扩大 离岛免税商品范围，优化后的离岛免税商品由45大类提高至47大类等。政策调整后将有利于扩大离岛免 税政策享惠面，增加商品供给，改善消费者购物体验，提升岛内居民获得感，推动海南自由贸易港建设 不断取得新成效。 财通证券指出，公司是国内免税行业龙头，持续深耕运营能力，该行认为随着海南离岛免税节假日数据 逐步改善，叠加出入境数据恢复较好，公司的离岛免税和口岸免税有望迎来拐点，同时公司积极发力市 内免税业务打造第二增长曲线。 ...

Core Viewpoint - The adjustment of the duty-free shopping policy for Hainan's offshore travelers is expected to enhance the consumer shopping experience and support the development of the Hainan Free Trade Port, benefiting companies in the duty-free industry, particularly China Duty Free Group. Group 1: Policy Changes - On October 17, the Ministry of Finance, General Administration of Customs, and State Taxation Administration jointly announced adjustments to the duty-free shopping policy for Hainan, effective from November 1 [1] - The number of categories of duty-free goods has increased from 45 to 47, which is expected to expand the benefits of the duty-free policy and improve the supply of goods [1] Group 2: Company Performance - China Duty Free Group's stock rose over 4%, reaching HKD 63.5, with a trading volume of HKD 276 million [1] - According to Caitong Securities, the company is a leader in the domestic duty-free industry and is expected to see a turning point in its offshore and port duty-free businesses as holiday data improves and inbound and outbound travel data recovers [1] - The company is also actively developing its domestic duty-free business to create a second growth curve [1]

Core Insights - Hainan's foreign trade has experienced continuous growth for five years, with import and export values increasing from 93.63 billion in 2020 to 277.89 billion in 2024, representing an average annual growth rate of 31.3% [1] - The implementation of zero-tariff policies and other favorable trade measures is expected to further stimulate market vitality and promote foreign trade growth [1][4] Trade Growth - Since the release of the Hainan Free Trade Port construction plan in 2020, a series of open policies have been implemented, leading to a foreign trade dependency rate increase to 35% [1] - By the end of September this year, 565 enterprises benefited from the zero-tariff policy, with cumulative imported goods valued at 27.06 billion and tax reductions amounting to 5.09 billion [1] Duty-Free Market - Hainan has become the ninth largest consumer goods importer and the third largest for cosmetics in China, with duty-free shopping exceeding 200 billion since the new policy implementation in July 2020 [3] - The medical special zone in Boao Lecheng has supported zero-tariff imports of medical devices and drugs valued at 270 million [3] Customs and Trade Facilitation - Customs has introduced a series of facilitation measures to support Hainan's outward-oriented economy, with six innovative measures approved by the General Administration of Customs [3] - The number of registered enterprises has reached 84,000, a 10.5-fold increase since 2020, and the AEO enterprise ratio is higher than the national average [3] Future Prospects - The upcoming full island closure on December 18 is expected to enhance Hainan's external trade, with a significant expansion of the zero-tariff product range [4] - The closure will also facilitate the development of a modern industrial system and open up new emerging markets, particularly in Southeast Asia, contributing nearly 70% to the province's foreign trade growth [4]

海口国家高新区实行"标准化+非标准化"问题解决机制，推进"一业一策""一企一策"服务模式，解 决标准化服务难以覆盖的痛点、难点和堵点。此外，园区还积极建立"资源清单"，提醒企业应享尽享、 能享快享，不断加强产销对接，以菜单式服务助企发展。 经济日报记者 王伟 走进海南海口综合保税区，目之所见一派繁忙。在营商局服务窗口，值班长谢梅英忙着接待咨询投 资项目备案情况的企业代表；在中免海南国际物流中心，工作人员正将一件件免税商品出库装车，送往 免税店。 "'免保衔接'等政策实施后，通关时间较传统模式缩短三成，配套仓储、货物调拨等营运成本也降 低了50%，有效压缩企业30%的用工及物流成本。"海口综合保税区管理委员会总经济师仇方建说。 在海关、药监、商务等部门的大力支持和推动下，海口综保区率先试点推行"电子标签"通关、"先 入区后报关"、"免保衔接"等系列创新举措，提高进口、通关入区、配送流转等环节效率，优化离岛免 税品监管服务，促进境外消费回流，助推免税产业发展。自2020年6月至今年4月，海口海关共监管离岛 免税购物金额1940.4亿元，购物人数2858.4万人次；共监管"免保衔接"业务5440票、货值78.35亿 ...

Core Insights - Haikou's Business Bureau has implemented a dual-driven model of "policy subsidies + cultural experiences" to stimulate consumption during the recent National Day and Mid-Autumn Festival holidays, effectively enhancing market vitality and leveraging the benefits of Hainan's free trade port policies [1][3]. Group 1: Consumption Promotion Activities - The "Haikou Qiong Cuisine & Old Dad Tea Food Festival" attracted over 150 local restaurant representatives and engaged citizens and tourists, creating a vibrant atmosphere [3]. - During the event, 158 Qiong cuisine restaurants and 35 Old Dad Tea shops offered diverse promotional activities, boosting demand for banquet reservations from October to December and for the upcoming Spring Festival [5]. - The Haikou Business Bureau distributed 3.5 million yuan in dining vouchers, which significantly increased restaurant visit frequency during the holidays [8]. Group 2: Economic Impact - The dining voucher initiative served as a key driver for revenue growth among participating businesses, with some restaurants experiencing sales increases of up to 85% [10]. - The total expected sales from the "old-for-new" campaign reached approximately 9.18 million yuan, with significant transactions in both the automotive and home appliance sectors [15]. Group 3: Cultural and Tourism Integration - The integration of "duty-free + cultural tourism" was highlighted through various events, such as the "Art Duty-Free Exhibition" and special packages combining shopping and experiences [17]. - Over 160 themed activities were launched across more than 20 key commercial districts, enhancing the shopping experience and attracting new brands to the region [19]. Group 4: Nightlife and Consumer Engagement - Haikou ranked fourth in the "Top Ten Nightlife Cities" during the National Day holiday, showcasing its vibrant consumer atmosphere [26]. - Various nighttime activities, including heritage markets and live performances, were organized to extend daytime consumption into a full-time experience [23].

Group 1 - The core viewpoint indicates that the consumption and travel during the National Day holiday in 2025 showed significant growth in volume with stable prices, with per capita travel expenditure remaining roughly unchanged [1][2] - The National Day holiday from October 1 to October 8, 2025, saw an average daily cross-regional flow increase of 6.2% year-on-year, with railways up 2.6%, waterways up 4.2%, and civil aviation up 3.4% [2] - The average hotel room price saw a recovery, while the average domestic flight ticket price increased slightly by 0.3% to 849 yuan during the holiday [2] Group 2 - There was a notable increase in long-distance travel, with cross-border travel and experiential consumption gaining popularity, while the film box office revenue decreased compared to the previous year [3] - The average daily number of inbound and outbound travelers reached 204.3 million, up 11.5% year-on-year, with international flight volumes also increasing by 11.1% [3] - The total box office for the National Day holiday in 2025 was 1.835 billion yuan, a decrease of 13% from the previous year's 2.1 billion yuan, with average ticket prices dropping from 40.4 yuan to 36.6 yuan [3] Group 3 - Hainan's offshore duty-free sales showed a significant recovery, with sales amounting to 944 million yuan, a year-on-year increase of 13.6%, and the average shopping amount per person rising by 10% to 7,685 yuan [4] - The number of shopping visitors in Hainan increased by 3.2% year-on-year, indicating a rebound compared to the previous holiday period [4]

Core Viewpoint - China Duty Free Group (601888) (01880) experienced a decline of over 3% in stock price, closing at HKD 59.3, with a trading volume of HKD 139 million [1] Group 1: Sales Performance - Haikou Customs reported that during the National Day and Mid-Autumn Festival holiday, the total duty-free sales monitored reached CNY 9.44 billion, representing a year-on-year increase of 13.6% [1] - HSBC's report indicated that the adjusted average daily sales during the Golden Week in October only grew by 5% year-on-year [1] Group 2: Market Challenges - The domestic duty-free market, primarily led by China Duty Free Group, is being negatively impacted by weakened consumer spending and increased outbound tourism [1] - Despite a low base, the sales in the second quarter of this year still saw a year-on-year decline of 8.5%, which was worse than HSBC's earlier prediction of a low single-digit decline [1] Group 3: Future Outlook - HSBC anticipates that China Duty Free Group's revenue for the third quarter will decline in the mid-single digits year-on-year [1] - The revenue decline is expected to narrow to low single digits in the fourth quarter due to a low base, but the growth outlook for the company beyond this year remains uncertain [1]

Core Viewpoint - China Duty Free Group (01880) experienced a decline of over 3% in stock price, closing at HKD 59.3, with a trading volume of HKD 139 million [1] Group 1: Sales Performance - Haikou Customs reported that during the National Day and Mid-Autumn Festival holiday, the total duty-free sales monitored reached RMB 9.44 billion, marking a year-on-year increase of 13.6% [1] - HSBC's research indicated that the adjusted average daily sales during the Golden Week in October only grew by 5% year-on-year [1] Group 2: Market Challenges - The domestic duty-free market, primarily led by China Duty Free Group, is being negatively impacted by weakened consumer spending and increased outbound tourism [1] - Despite a low base, the sales in the second quarter of this year still saw a year-on-year decline of 8.5%, which was worse than HSBC's earlier forecast of a low single-digit decline [1] Group 3: Future Outlook - HSBC anticipates that China Duty Free Group's revenue for the third quarter will decline in the mid-single digits year-on-year [1] - The revenue decline is expected to narrow to low single digits in the fourth quarter due to a low base, but the growth outlook for the company beyond this year remains uncertain [1]