12月10日，《中共海南省委关于制定国民经济和社会发展第十五个五年规划的建议发布，描绘了自贸港 的发展新图景。其中提到,高标准建设自由贸易港是海南高质量发展的总抓手。分步骤、分阶段构建与 高水平自由贸易港相适应的政策制度体系，以高水平开放促深层次改革、高质量发展，切实在国内大循 环中发挥服务保障作用、在国际循环中发挥枢纽促进作用。 川财证券研报称，海南自贸港的各项具体措施持续出台，涉及到人才引进、乡村振兴、优化营商环境、 拓展旅游消费、防治污染等多个方面。海南自贸港将旅游、金融、现代农业等与自身优势相结合的产业 作为未来发展的重点导向，可以最大化发挥其地理位置和自然资源的优势。 中信证券指出，今年12月18日，海南自贸港将正式启动全岛封关运作，贸易端开放将长期利好海南国际 旅游消费中心建设。推动旅游零售市场整体发展。 中国中免：为全球免税龙头，垄断海南85%免税市场。 海航控股：海南本地股，主营国际、国内航空客货邮运输业务，受益于海南旅游开发后的客流提升 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 公司方面，据上证报表示， ...

格隆汇12月8日｜中金公司研报指出，根据中国招标投标公共服务平台，上海机场11月17日开启浦东、 虹桥国际机场进出境免税店招标，开标时间为12月9日。中免仍为最有竞争力投标方，若用100%持股主 体投标有利于增厚归母净利润。认为规模、供应链和运营、渠道、人才是中免的核心竞争力，中免 2018-19年在首都机场T3和大兴机场香化精品标段招标中财务分并非第一却由于技术分高最终中标、及 过去几年在海南竞争中市占率提升均是例证。预计中免与品牌方和机场的协同共赢关系能够持续。离岛 免税增速提速，关注新政策带来的增量潜力。当前A/H股股价对应31x/25x 26e P/E。维持"跑赢行业"评 级，考虑新政策带来的增量潜力，上调A/H目标价13%/18%至93元/86港币，对应35x/29x 26e P/E和 15%/16%上行空间。 来源：格隆汇APP ...

大摩闭门会：新能源、锂电、交运行业更新 20251203 摘要 火电核准项目将在今年到"十五五"前期陆续投产，2021 年起每年有 10-12 台核电机组核准和开工，预计 2027-2028 年迎来核电投产高峰 期，关注相关产业链投资机会。 光伏方面，虽然"十四五"期间增长迅猛，但受政策和推进速度影响， 预计 2026 年光伏装机容量将下降，2027 年开始可能恢复性增长，需 关注政策变化对市场的影响。 风电整体需求强劲，"十五五"期间年装机容量预计 100-120 吉瓦，海 上风电受益于深远海发展规划，长期发展潜力巨大，关注技术进步和成 本下降带来的投资机会。 储能行业快速发展，独立储能投资积极性高，受益于新能源占比提升、 政策支持以及稳定的收入来源，关注储能技术创新和商业模式变革。 电网投资将持续增加，"十五五"期间特高压投资规模巨大，智能微网 发展潜力可期，关注电网设备升级和智能化改造带来的投资机会。 2025 年电池装机量预计达 150GWh，2026 年行业预期增速 50%- 100%，储能市场经济性显现，预计 2026 年政策调整后储能系统将更 广泛应用，关注电池技术和储能系统集成商。 上海机场和 ...

Investment Rating - The report maintains an "Outperform" rating for the social services industry, indicating that the industry index is expected to perform better than the benchmark index in the next 6-12 months [1][47]. Core Insights - The social services sector experienced a decline of 1.13% in the last two trading weeks, ranking 8th among 31 industries in the Shenwan classification. Despite this, the sector outperformed the CSI 300 index by 1.06 percentage points [1][12]. - The winter season typically sees a slowdown in cultural and tourism activities, but interest in winter snow tourism is rising, particularly in northern regions [1][4]. - The upcoming full closure of Hainan Island on December 18 is expected to positively impact the local tourism industry, with preparations already in place for this transition [1][4]. Summary by Sections Market Review & Industry Dynamics - The social services sector's performance was relatively better compared to the overall market, with the CSI 300 index down by 2.19% and the Shanghai Composite Index down by 2.55% during the same period [1][12]. - Among the sub-sectors, education saw a rise of 3.67%, while tourism and retail sectors faced declines of 4.03% and 10.48%, respectively [1][16]. Investment Recommendations - The report suggests focusing on companies with strong growth potential in the travel and related industries, including Tongcheng Travel, Huangshan Tourism, and Lijiang Co., among others. It also highlights hotel brands like Junting Hotel and Jinjiang Hotels that are expected to benefit from the recovery in business travel [1][4]. - The recovery of cross-border travel is anticipated to boost airport duty-free sales, with recommendations to monitor companies like China Duty Free Group and Wangfujing [1][4]. Industry Company News - Notable developments include the launch of the 2025 China Duty Free Year-End Festival, which aims to enhance sales across various duty-free outlets [1][29]. - Junting Hotel is undergoing a potential change in control, which may affect its market position [1][29]. Travel Data Tracking - Domestic travel is showing signs of recovery post-pandemic, with significant increases in passenger flow. The report notes that in the first ten months of 2025, cross-regional passenger flow reached 56.88 billion, a year-on-year increase of 3.6% [1][34].

Group 1 - The core point of the article is that Zhuhai免税集团 is accelerating its exit from the real estate sector by transferring 100% equity of Zhuhai Gree Real Estate Co., Ltd. to Zhuhai Toujie Holdings Co., Ltd., which is expected to constitute a major asset restructuring [1][2] - The transaction will be conducted in cash and does not involve issuing shares, with the actual controller of the buyer being the Zhuhai State-owned Assets Supervision and Administration Commission [1] - The company has initiated a strategic transformation to focus on duty-free business and the broader consumption industry, having already divested five real estate subsidiaries and acquired a 51% stake in Zhuhai免税企业集团有限公司 [1][2] Group 2 - The restructuring aims to accelerate the completion of the company's commitment to exit the real estate business, with the Zhuhai Municipal Government's State-owned Assets Supervision and Administration Commission having provided preliminary approval for the transaction [2] - The company anticipates that the transaction will lower its asset-liability ratio, optimize its asset structure, and enhance operational efficiency [2] - In the first half of the year following the restructuring, the company reported a revenue of 1.74 billion yuan, a year-on-year decrease of 45.62%, and a net profit attributable to shareholders of -274 million yuan, although the duty-free business segment generated a revenue of 1.131 billion yuan and a net profit of 391 million yuan [3]