Core Viewpoint - The official launch of the Hainan Free Trade Port's full island customs operation on December 18, 2025, marks a significant milestone in China's reform and opening-up, aiming to create a highly convenient business environment with policies characterized by "one line open, one line controlled, and free movement within the island" [2][5]. Group 1: Strategic Significance - Hainan Free Trade Port construction provides a Chinese solution for global economic cooperation amidst globalization challenges, exploring a system that aligns with international high-standard economic and trade rules [6]. - The design of "one line open, one line controlled" positions Hainan as a "converter" between domestic and international markets, facilitating the introduction of advanced international production factors to support domestic industrial upgrades [7]. - Hainan's development is expected to strengthen regional cooperation with areas like the Guangdong-Hong Kong-Macao Greater Bay Area, enhancing collaboration with inland provinces and creating a new pattern of coordinated development [8]. - Hainan aims to become a source of national innovation by focusing on future industries such as seed industry, deep sea, aerospace, green, and digital economy [9]. Group 2: Policy Benefits - The scope of "zero tariff" has significantly expanded, with the proportion of zero-tariff items increasing from 21% to 74%, covering approximately 6,600 tariff items, which lowers import and operational costs for enterprises [10]. - A "double 15%" tax incentive is available for eligible enterprises and core talents, offering a competitive income tax rate of 15%, alongside visa-free entry for 86 countries [11]. - The increase in duty-free shopping limits and the expansion of duty-free categories enhance consumer access to quality imported goods [12]. - Trade facilitation policies will benefit sectors such as tourism, aviation, logistics, and duty-free industries, marking a shift towards a system-oriented openness in China's economic model [13]. Group 3: Beneficiary Companies - **Duty-Free Consumption**: China Duty Free Group (601888) is expected to benefit directly from the expansion of duty-free policies, with significant revenue contributions from Sanya International Duty-Free City [14]. - **Transportation and Logistics**: Hainan Airport (600515) operates two major international airports, with a high international route coverage, while Hainan Highway (600238) is involved in key infrastructure projects [17][18]. - **Infrastructure and Manufacturing**: Hainan Ruize (002596) anticipates a 25% increase in construction orders due to the customs operation, while Jinpan Technology (688676) benefits from tax incentives and infrastructure projects [19]. - **Healthcare**: Kangzhi Pharmaceutical (300086) is positioned to accelerate the approval of innovative medical products, while Hainan Haiyao (000566) benefits from reduced R&D costs due to zero tariffs [21][22]. - **New Energy and Advanced Manufacturing**: Haima Automobile (000572) is transitioning to new energy vehicles, benefiting from reduced equipment costs and tax incentives [23]. - **Other Specialty Enterprises**: Hainan Rubber (601118) and Hainan Mining (601969) are expected to see growth in exports and resource development opportunities due to the Free Trade Port's establishment [24][25].

中国中免解释称，本轮追加投资的原因是随着项目的开发推进，为进一步提高项目的综合竞争力，同时 公司综合考虑了项目产品定位、市场条件及实际推进情况等多方面因素。 已营业的三亚国际免税城（即"一期一号地项目"）是中国中免最为重要的商业项目。中国中免曾经披 露，三亚国际免税城在2018年—2020年分别实现营业收入80.10亿元、104.65亿元、213.53亿元，实现净 利润11.06亿元、14.21亿元、29.67亿元。作为对比，2020年度中国中免营收、净利润规模分别为525.97 亿元、61.4亿元。 2月27日晚间，中国中免(601888)宣布拟对三亚国际免税城一期二号地项目加码投资10.7亿元，以进一步 提高项目的综合竞争力。值得注意的是，中国中免原计划在去年对该项目实现商业部分的顺利开业，目 前该项目建设进度不及预期。 加码投资海南 中国中免发布公告介绍，公司董事会当日审议通过议案，拟对三亚国际免税城一期二号地项目追加投资 10.7亿元，主要用于增加建筑面积、停车面积、外立面及幕墙品质提升、机电系统及电力系统配置提升 等。 三亚国际免税城一期二号地项目（简称"一期二号地项目"）是中国中免重金打造的重磅项 ...