三、机构解读 1）封关政策涵盖了税收优惠、金融开放、产业支持等多个方面，为企业提供了广阔的发展空间。 产业支持政策上，海南自贸港对旅游业、现代服务业、高新技术产业等核心产业给予了重点扶持，通过专项扶持政策和税收杠杆，推动了技术突破和产业 化。此外，保税加工、转口贸易、跨境电商等业态也得到了创新发展，形成了高效便捷的境内开放环境。（中信建投） 一、行情 12月10日，海南板块迎来集体大涨，罗牛山、海南瑞泽、海南高速、海南发展、海德股份、京粮控股、欣龙控股、神农种业（20CM）等集体涨停，康芝药 业、海峡股份、凯撒旅业、海南机场、海汽集团、海马汽车等集体大涨。 | | 海南自由贸易港 +5.40% | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 理 海南"十五五"规划建议:加快完善自由贸易港政策制度体系 | | | | | | 股票名称 | 最新价 = | 涨跌幅 ◆ | 涨停时间 ◆ | 换手率一 | 流通市值 ◆ | 解读 | | 海南发展 3天2板 | 17.27 | +10.00% | 13:02:48 | 19.31% | 13 ...

外国游客在海南三亚南山文化旅游区游玩。 陈文武摄（新华社发） 12月18日，海南自贸港将迈入全岛封关运作新阶段。封关意味着什么？将带来哪些利好？这些问题备受 国际社会瞩目。一段时间以来，多家海外媒体聚焦海南自贸港建设取得的新进展，关注中国高水平对外 开放迈出的新步伐，期待"中国的这座热带岛屿，为21世纪的全球经济带来机遇和创新之风"。 海南洋浦国际集装箱码头作业繁忙。 张 茂摄（人民图片） 近日，在中免集团海口国际免税城内，各类活动吸引不少消费者。 苏弼坤摄（人民图片） 那么，封关究竟意味着什么？多家外媒予以高度关注。 《俄罗斯商业咨询报》的报道关注到三大方面的变化：首先，免税商品类别清单将从1900个增加到6600 个，增加设备、原材料、医药产品、高科技商品等类别。其次，将引入税收优惠，例如，在海南岛上注 册、符合相关条件的公司在2027年之前只需缴纳15%的所得税。第三，统一电子申报系统将加快所有手 续的办理。总体而言，海南岛的营商壁垒将降至最低。 "海南启动全岛封关运作后，将成为实行自由化便利化政策制度的海关监管特殊区域。"乌拉圭《共和国 报》网站关注到一项产业激励政策：部分产品若在海南加工后，加工增值 ...

Core Viewpoint - The board meeting of RiShang Duty Free (Shanghai) Co., Ltd. was convened unexpectedly to vote on whether to participate in the Shanghai airport duty-free project bidding, with the majority of directors opposing the bid, potentially leading to the company's exclusion from the bidding process [1][2]. Group 1: Company Background - RiShang Shanghai was established in June 1999 and is the first foreign company to operate airport duty-free shops in China [2]. - In 2018, China Duty Free Group acquired a 51% stake in RiShang Shanghai for 1.505 billion yuan, becoming the controlling shareholder [2]. - The acquisition aimed to secure duty-free operating rights at Shanghai airports and enhance procurement scale and economic efficiency [2]. Group 2: Current Situation - The bidding for duty-free shops at Shanghai Pudong and Hongqiao International Airports started on November 17 and will close on December 9 [1]. - The internal conflict among shareholders raises doubts about RiShang Shanghai's ability to participate in the bidding [1]. Group 3: Market Context - Investors speculate that the current situation reflects a changing landscape in the airport duty-free channel, with China Duty Free Group potentially opting to bid directly rather than through its subsidiary [5]. - China Duty Free Group has faced declining performance, with a reported revenue of 39.862 billion yuan for Q3 2025, down 7.34% year-on-year, and a net profit of 3.052 billion yuan, down 22.13% [5]. - The company's performance has been weak, with a revenue drop of 16.38% to 56.474 billion yuan in 2024 and a net profit decline of 36.44% [6].

Core Viewpoint - The board of directors of RiShang Duty Free (Shanghai) Co., Ltd. is in a dispute regarding participation in the Shanghai airport duty-free project bidding, with the majority of directors opposing the bid, potentially leading to the company's exit from the bidding process [1][3]. Group 1: Company Background - RiShang Shanghai was established in June 1999 and is the first foreign enterprise to operate airport duty-free shops in China [3]. - In 2018, China National Duty Free Group (CNDG) acquired a 51% stake in RiShang Shanghai for 1.505 billion yuan, becoming the controlling shareholder [3]. - The acquisition aimed to enhance CNDG's presence in the Shanghai airport duty-free market and improve procurement scale and economic efficiency [3]. Group 2: Current Situation - The bidding for duty-free operations at Shanghai Pudong and Hongqiao International Airports started on November 17 and will close on December 9 [1]. - CNDG currently holds a controlling stake in RiShang Duty Free (China) Co., Ltd., and the agreement stipulates that all duty-free operations in Shanghai and Beijing airports will be conducted through RiShang [3]. Group 3: Market Implications - Investors speculate that the current situation reflects a shift in the competitive landscape of airport duty-free channels in China, with CNDG potentially opting to bid directly rather than through its subsidiary [5]. - The bidding process is divided into three segments, and if RiShang is excluded, CNDG could secure a bid for one of the segments [5]. Group 4: Financial Performance - CNDG reported a revenue of 39.862 billion yuan for Q3 2025, a decrease of 7.34% year-on-year, and a net profit of 3.052 billion yuan, down 22.13% [6]. - The company’s performance has been declining, with a revenue drop of 9.96% in the first half of the year and a significant decline in net profit [6]. - CNDG's stock price has fallen over 70% from its peak market value of 740 billion yuan in 2021, closing at 81.02 yuan per share on December 5 [6].

Group 1 - The inbound tourism market in China has shown strong growth this year, supported by upgraded policies and services to attract foreign tourists [1] - At Xiamen Gaoqi International Airport, over 330,000 visa-free foreign travelers have entered this year, marking a year-on-year increase of over 35% [1] - The implementation of measures such as online entry card filling and the establishment of a "one-stop comprehensive service center" has enhanced the efficiency of services for foreign travelers [1] Group 2 - The newly launched "border inspection information reporting system" at Xi'an Xianyang International Airport has reduced average customs clearance time by 5 to 8 minutes, improving overall efficiency by 30% [1] - The introduction of a new duty-free store in Xi'an incorporates local cultural elements and aims to guide overseas consumption back to China through an innovative "duty-free + cultural tourism + consumption" model [2] - In Hangzhou, the implementation of "one-click tax refund" service has streamlined the tax refund process for international tourists, with 292 duty-free stores and a sales volume exceeding 202 million yuan, a year-on-year increase of 103.97% [2]

Investment Rating - The report maintains an "Outperform" rating for China Tourism Group Duty Free, expecting a relative return exceeding 10% over the next 12-18 months [22]. Core Insights - The company is poised for a rebound in performance due to the release of policy benefits, with Hainan's offshore duty-free shopping reaching 506 million yuan and 72,900 shoppers in the first week of the new policy, reflecting year-on-year increases of 34.86% and 3.37% respectively [2][9]. - The company plans comprehensive upgrades across various sales channels, including the Haitang Bay project, downtown duty-free stores, and airport duty-free stores, to enhance sales performance [3][10]. - The introduction of high-quality products, particularly in the gold and 3C electronics categories, is expected to drive additional sales growth, with a target of 2.5 billion yuan in sales for Apple products by 2025 [4][11]. - A growing membership base of 46 million, with a focus on high-net-worth clients and differentiated sales strategies, is anticipated to enhance customer engagement and increase average transaction values significantly [5][12]. - The company is managing capital expenditures efficiently while exploring investment and acquisition opportunities to support rapid growth [6][14]. Summary by Sections Policy Impact - The new offshore duty-free policy has led to a significant increase in shopping activity, validating demand resilience and setting a positive outlook for the company [2][9]. Channel Upgrades - The Haitang Bay project will be developed in three phases, focusing on one-stop shopping, taxed retail formats, and lifestyle experiences, while downtown and airport stores will leverage tax refund policies and enhance service offerings [3][10]. Product Diversification - The company is enhancing its product offerings with a focus on gold, 3C electronics, health products, and emerging categories like pet products and musical instruments, which are expected to contribute to sales growth [4][11]. Membership and Customer Engagement - The membership system is expanding rapidly, with strategies tailored for high-net-worth individuals and emerging customer bases, aiming to significantly increase transaction values and customer loyalty [5][12]. Financial Management - The company is focused on controlling capital expenditures and maintaining a strong cash flow, while actively seeking growth opportunities through strategic investments [6][14].

Core Viewpoint - The South Korean tourism industry is urging the government to extend the visa exemption policy for Chinese group tourists, which has significantly boosted local tourism and sales, reflecting a broader trend of countries seeking to attract Chinese tourists through similar policies [2][4][6]. Group 1: Impact on South Korean Tourism - Since the implementation of the visa exemption on September 29, the number of Chinese visitors to the New World Duty-Free store in Myeongdong surged by 90%, with sales increasing by 40% [2]. - During peak seasons, Chinese tourists account for up to 60% of bookings in mid-range hotels around Myeongdong, highlighting the importance of this demographic for the local hospitality sector [4]. - The number of bilateral tourists between China and South Korea reached 7 million from January to October 2023, recovering to 65% of the levels seen in 2019 [8]. Group 2: Global Trends in Visa Policies - Several countries, including New Zealand and the Philippines, are also easing visa restrictions for Chinese tourists, indicating a global trend towards more open travel policies [4][6]. - Russia is expected to implement a visa exemption for Chinese citizens starting in January, particularly for popular cities like Moscow and St. Petersburg, which has already led to a doubling of flight search volumes [11]. Group 3: Changing Consumer Behavior - Chinese tourists are increasingly shifting from traditional shopping to cultural experiences, with 68% opting for cultural experience tours in 2023, a 23 percentage point increase from 2019 [12]. - The focus on cultural experiences is driving service upgrades in tourist destinations, as seen in Italy where local museums are adapting to cater to Chinese tourists [12]. Group 4: Strengthening People-to-People Connections - The visa exemption policy is facilitating grassroots exchanges between Chinese and foreign tourists, enhancing mutual understanding and cultural appreciation [14][19]. - In rural areas of China, foreign tourists are increasingly participating in local cultural activities, with a reported 180% increase in orders for rural tourism from foreign visitors [16]. Group 5: Future Prospects - The Chinese government plans to add 10 more countries to its unilateral visa exemption list, focusing on regions like the Middle East and Africa, which may further enhance global connectivity [23][25]. - The ongoing expansion of visa exemptions is expected to normalize cross-border travel, making it easier for tourists to explore different cultures and experiences [25].

每经头条（nbdtoutiao）——5年期大面积下线，3年期利率低至1.5%仍一单难求：要么"售罄"要么"额度 紧张"！中长期大额存单为何在消失？ （记者 王晓波） 每经AI快讯，珠免集团（SH 600185，收盘价：6.97元）12月1日晚间发布公告称，公司第八届第四十二 次董事会会议于2025年12月1日以通讯表决方式召开。会议审议了《关于 <珠海珠免集团股份有限公司 重大> 资产出售暨关联交易报告书（草案）（修订稿）>及其摘要的议案》等文件。 2025年1至6月份，珠免集团的营业收入构成为：免税商品销售占比61.4%，房地产占比24.43%，其他占 比12.4%，其他业务占比1.78%。 截至发稿，珠免集团市值为131亿元。 ...

Group 1 - The company held a Q3 2025 earnings presentation on November 28, 2025, from 15:00 to 16:00 via an online interactive format [1][2] - Key participants included the Chairman and President, Mr. Li Xiangdong, and other senior executives [2] - Investors were able to submit questions before and during the meeting through the online platform [3] Group 2 - Investors raised several key questions regarding the company's strategic plans, including the impact of recent duty-free policies and the use of funds from the sale of a 100% stake in Gree Real Estate, amounting to approximately 5.1 billion [8][11] - The company expressed its commitment to comply with information disclosure obligations regarding future plans for acquiring the remaining 49% stake in Zhuhai Duty-Free [9][10] - The company is actively monitoring the policy changes related to duty-free operations and is planning to expand its business accordingly, including the promotion of domestic products [12][18]

Core Viewpoint - China Duty Free Group (中国中免) shares rose over 3%, currently up 3.62% at HKD 74.4, with a trading volume of HKD 179 million, driven by the upcoming launch of the Hainan Free Trade Port's closure operations on December 18 [1] Group 1: Hainan Free Trade Port Developments - The Hainan Free Trade Port is set to officially start its closure operations, with preparations progressing smoothly and foundational conditions in place [1] - Key policies and supporting documents, including the import tax product catalog and tax policies for goods flow, have been established [1] Group 2: Market Trends and Performance - Hainan's offshore duty-free shopping is experiencing a recovery, with shopping amounts reaching CNY 506 million and visitor numbers at 72,900 from November 1 to 7, marking increases of 34.86% and 3.37% year-on-year, respectively [1] - The growth is attributed to a low base effect, new offshore duty-free policies, large events like concerts, and promotional activities [1] - The decline in Japanese tourism is expected to redirect some overseas shopping demand back to Hainan, alongside a wealth effect from the stock market this year, benefiting winter tourism and duty-free sales in Hainan [1]