【导读】事关海南自由贸易港建设，重磅消息来了 中国基金报记者 张舟 事关海南自由贸易港建设，重磅消息来了！ 10月10日，海南省人民代表大会常务委员会官网消息，《海南自由贸易港旅游条例》（以下简称《条例》）已由 海南省第七届人民代表大会常务委员会第二十次会议于2025年9月30日通过，现予公布，自2025年12月1日起施 行。 2.允许符合条件的中外合资旅行社、外商独资企业从事除台湾地区以外的出境旅游业务。 3.允许设立中方控股的外商投资文艺表演团体，吸引更多国际资本参与海南旅游业发展。 4.实施更加开放便利的离岛旅客免税购物政策，打造具有国际影响力的免税购物目的地。 5.推动邮轮母港建设，吸引国际邮轮注册，推动开发国际邮轮路线，发展国际邮轮和外国游客入境旅游业务。 6.鼓励发展森林旅游、 鼓励发展康养旅游、鼓励发展乡村旅游、鼓励发展体育旅游、鼓励发展低空旅游、鼓励发 展研学旅游、鼓励发展自驾车房车露营旅游、鼓励发展夜间经济。 7.海南自由贸易港按照国家有关规定实施更大范围的旅游免签入境政策。 多只海南自贸概念个股收涨 《条例》专设"旅游开放与国际化"一章，围绕国际旅游消费中心建设目标，率先在旅游领域实施一系 ...

【导读】事关海南自由贸易港建设，重磅消息来了 中国基金报记者 张舟 事关海南自由贸易港建设，重磅消息来了！ 10 月 10 日，海南省人民代表大会常务委员会官网消息，《海南自由贸易港旅游条例》（以 下简称《条例》）已由海南省第七届人民代表大会常务委员会第二十次会议于 2025 年 9 月 30 日通过，现予公布，自 2025 年 12 月 1 日起施行。 《条例》专设 " 旅游开放与国际化 " 一章，围绕国际旅游消费中心建设目标，率先在旅游领 域实施一系列高标准开放政策。 重要内容包括 —— 1. 海南自由贸易港逐步放宽或者取消外商投资旅游业在准入资格、投资占比、经营范围等方 面的限制 2. 允许符合条件的中外合资旅行社、外商独资企业从事除台湾地区以外的出境旅游业务。 3. 允许设立中方控股的外商投资文艺表演团体，吸引更多国际资本参与海南旅游业发展。 4. 实施更加开放便利的离岛旅客免税购物政策，打造具有国际影响力的免税购物目的地。 5. 推动邮轮母港建设，吸引国际邮轮注册，推动开发国际邮轮路线，发展国际邮轮和外国游 客入境旅游业务。 6. 鼓励发展森林旅游、 鼓励发展康养旅游、鼓励发展乡村旅游、鼓励发展体育 ...

Core Viewpoint - The draft of the Hainan Free Trade Port Tourism Regulations aims to enhance tourism development, promote international tourism consumption, and establish a more open and convenient duty-free shopping policy for outbound travelers [1][4][5]. Group 1: Promotion of Tourism Integration Development - The draft emphasizes the need for local governments to create policies that promote the integration of tourism with various industries such as agriculture, commerce, marine fisheries, aerospace, technology, healthcare, and cultural sports [2]. - It encourages the development of sports tourism by hosting events like marathons, cycling, and sailing competitions, and aims to establish national sports tourism demonstration zones [2]. - The draft supports the development of new tourism formats, including marine, wellness, and self-driving tourism, while ensuring effective regulation of emerging tourism technologies and business models [2][3]. Group 2: Support for International Tourism Consumption Center Construction - The draft allows qualified foreign tour guides to operate in Hainan and promotes foreign investment in the tourism sector, aligning their qualifications and investment ratios with domestic entities [4]. - It aims to implement more open and convenient duty-free shopping policies for outbound travelers and enhance the internationalization of tourism services [4][5]. - The draft encourages international tourism development through various means, including independent operations and mergers of large international tourism companies in Hainan [4]. Group 3: Duty-Free Shopping Policy Enhancement - The draft proposes to increase the variety of duty-free products, enhance shopping limits, and innovate regulatory models to create a globally influential duty-free shopping destination [5]. - It encourages duty-free operators to build modern shopping facilities, introduce international high-end brands, and improve service quality to create a high-quality consumer environment [5]. - The draft also emphasizes the importance of integrating duty-free shopping with tourism to enhance overall benefits and customer experience [5]. Group 4: Regulation of Tourism Operations - The draft sets strict regulations against false advertising and unauthorized charges by tourism operators, ensuring compliance with legal standards [6]. - It establishes legal responsibilities for travel agencies regarding low-price solicitation and forced consumption practices, aiming to protect tourists' rights [6].

Core Viewpoint - The draft of the Hainan Free Trade Port Tourism Regulations aims to enhance tourism development, promote new tourism formats, and facilitate international tourism consumption through various measures and policies [1][4]. Group 1: Promotion of Tourism Integration Development - The draft emphasizes the need for local governments to create policies that promote the integration of tourism with other industries such as agriculture, commerce, marine fisheries, aerospace, technology, healthcare, and culture [2]. - It encourages the development of sports tourism by hosting events like marathons and sailing competitions, and aims to establish national sports tourism demonstration zones [2]. Group 2: Support for New Tourism Formats - The draft outlines a strategy for promoting new tourism formats including marine, wellness, and self-driving tourism, while ensuring effective regulation of emerging tourism technologies and industries [3]. - It calls for the cultivation of tourism market entities and encourages investment from various market players to diversify tourism investment [3]. Group 3: Assistance in Building an International Tourism Consumption Center - The draft allows qualified foreign tour guides to operate in Hainan and promotes foreign investment in the tourism sector, aligning it with domestic operational standards [4]. - It proposes more open and convenient policies for duty-free shopping for outbound travelers and broader visa-free entry policies [4]. Group 4: Duty-Free Shopping Policies - The draft aims to enhance the duty-free shopping experience by increasing the variety of duty-free goods, raising shopping limits, and improving regulatory models [5]. - It encourages the integration of duty-free shopping with tourism to enhance overall value and experience [5]. Group 5: Regulation of Tourism Operations - The draft sets strict regulations against false advertising and unauthorized charges by tourism operators, ensuring the protection of tourists' rights [5][6]. - It establishes legal responsibilities for travel agencies engaging in low-price solicitation and forced consumption practices [6].

Core Insights - The announcement of Hainan Free Trade Port's closure date on December 18, 2025, marks a significant opportunity for various industries, particularly tourism and retail [1][4]. Industry Summaries Tourism Industry - The closure policy will facilitate smoother and freer international exchanges, enhancing Hainan's position as an international tourism consumption center and promoting long-term development of the tourism industry [1][4]. - The continued implementation of duty-free policies will maintain Hainan's competitive advantage, attracting more visitors and boosting the overall development of the tourism retail market [1][4]. Retail Industry - The duty-free shopping market in Hainan is expected to see new growth opportunities post-closure, with optimized duty-free policies attracting more consumers [1][4]. Airport Industry - The airport sector will benefit from the expansion of international routes and infrastructure upgrades, leading to significant growth in passenger and cargo throughput in Hainan during 2025-2026 [1][4]. Real Estate Industry - Hainan's real estate market, particularly in high-end residential and tourism-related properties, is anticipated to gain more attention following the closure [4]. Related Companies - China Duty Free Group (1880.HK): Expected to benefit from duty-free policies, with a potential recovery in profitability due to supportive policies and increased consumer traffic [5]. - Meilan Airport (0357.HK): Structural opportunities from Hainan Free Trade Port development and innovation in non-aviation business models are likely to drive performance improvements [5].

Core Viewpoint - Japan is considering increasing taxes on foreign tourists, including the potential elimination of tax-free shopping and an increase in departure taxes, to address issues of "over-tourism" and illegal resale practices while balancing government revenue needs [1][2][3] Group 1: Tax Policy Changes - The Japanese Ministry of Finance announced that the "International Tourist Tax" (departure tax) for the fiscal year 2024 has reached a record high of 48.1 billion yen, driven by an increase in foreign visitors [2] - A proposal from some ruling party members suggests the "principle abolition of the tax-free shopping system," citing concerns over illegal resale practices and the belief that the system has fulfilled its purpose [2][3] - The current tax-free shopping system allows foreign tourists to avoid consumption tax, which has led to exploitation by some individuals for profit [2][3] Group 2: Economic Implications - The estimated tax-free sales for fiscal year 2024 are approximately 2.4 trillion yen, with a corresponding consumption tax exemption of about 240 billion yen [4] - If the tax-free system is abolished and foreign tourists maintain their spending levels, it is projected to generate an additional 240 billion yen in tax revenue [4] - A proposal to increase the departure tax from 1,000 yen to 5,000 yen could raise tax revenue from 4.9 billion yen to approximately 25 billion yen [4] Group 3: Political Context - The ruling party and opposition parties are proposing various measures to alleviate household burdens ahead of the upcoming summer elections, with tax increases on foreign tourists seen as a less controversial option [3][5] - The push to abolish the tax-free system has garnered support across party lines, indicating a growing consensus on the need for reform [3][5] Group 4: Tourist Sentiment and Market Impact - Concerns have been raised that these tax changes may deter foreign tourists, with some indicating that tax-free shopping is a significant factor in their spending decisions [5][6] - Despite potential impacts, some tourists express that they would continue to visit Japan regardless of tax changes, although there are mixed feelings about increased departure taxes [6][7] - The Japanese government aims to balance the need for increased revenue with the potential risk of reducing tourist numbers, which are crucial for the tourism-dependent economy [7][8]

Core Insights - Shenzhen is launching the "Shopping in China 2025 Shenzhen Summer Consumption Season" to enhance the international consumer market with over 500 unique events [1] - The optimization of duty-free shopping models is a key focus of this initiative, including the establishment of more duty-free shops and tax refund services [1][2] - The influx of international visitors is driving consumption opportunities, with a significant increase in inbound traffic and spending [2] Group 1: Duty-Free Shopping and Tax Refunds - Shenzhen's duty-free shopping model will see an increase in tax refund rates for international travelers to 9% [2] - There are over 400 duty-free shops in Shenzhen, with 63 located in the MixC shopping center, 47 of which offer "buy and refund" services [2] - The Guangdong Provincial plan aims to promote inbound consumption and enhance the duty-free shopping experience [1][2] Group 2: Inbound Tourism Growth - As of May 19, 2023, Shenzhen's border inspection station recorded over 100 million inbound and outbound travelers, a 17% year-on-year increase [2] - The number of foreign nationals entering and exiting Shenzhen reached 2.64 million, up 40.6% year-on-year, with visa-free entries increasing by 110% [2] Group 3: New Commercial Projects - Shenzhen has recently launched four new commercial complexes, including K11 ECOAST, which is positioned as the first flagship project in mainland China [3][4] - The PA MALL, located in the Ping An Financial Center, has a 60% rate of new store openings, featuring international luxury and light luxury brands [3][4] - The iN City Plaza aims to create an innovative model combining sports, social activities, and dining, with over 40% of its stores being new or flagship [4] Group 4: Retail Performance - In the first quarter of 2023, Shenzhen's total retail sales of consumer goods reached 240.317 billion yuan, reflecting a year-on-year growth of 3.1%, accelerating by 1.4 percentage points compared to January-February [4]

Core Insights - Sanya has been recognized as the most desirable prefecture-level city for young people in 2023, attracting a significant number of visitors aged 18 to 35, with a 31.8% share in the first quarter, up 2.8 percentage points year-on-year [1] - The city is experiencing a transformation in consumer behavior among young people, who are increasingly drawn to Sanya for its diverse and engaging experiences [1][3] Group 1: Young Consumer Trends - The proportion of young visitors in Sanya increased to 36.3% from February to March 2023, reflecting a growing influence of this demographic on the tourism market [1] - Young consumers are characterized by their focus on value and experience, leading to a shift in spending habits towards more engaging and memorable activities [1][3] Group 2: Attractions and Activities - Sanya offers a variety of adventure tourism options such as helicopter tours, skydiving, and water sports, with over 104.71 million visitors expected for yacht outings in 2024 [1][2] - The opening of the Sanya International Duty-Free City in April 2023 has further enhanced the appeal of the city, providing unique shopping experiences for young tourists [2] Group 3: Cultural and Entertainment Offerings - Sanya is actively promoting cultural events and activities, including film festivals, art festivals, and various sports events, to cater to the interests of young consumers [3] - The city is enhancing its nightlife offerings by developing cultural and tourism consumption areas, which include diverse night-time activities and events [3] Group 4: Service Quality and Customer Experience - Sanya is implementing measures to improve tourism service quality, including welcoming initiatives and hassle-free services to enhance visitor experiences [5] - The city aims to create a "smart tourism" ecosystem with 128 initiatives focused on elevating the overall quality of service for young tourists [5] Group 5: Market Positioning and Future Strategies - To maintain its status as a top destination for young people, Sanya must continue to adapt to the evolving preferences and needs of this demographic [6] - The city is focusing on building a comprehensive and multi-layered tourism ecosystem that addresses the diverse demands of young consumers [6]

Core Viewpoint - The integration of commercial spaces with cultural tourism is becoming a trend, as exemplified by the transformation of shopping malls into tourist attractions, enhancing visitor experiences and engagement with local culture [3][4][8]. Group 1: Development of Tourist Attractions - The Sanya International Duty-Free City has been designated as China's first national 4A-level tourist attraction centered around duty-free shopping, marking a new path for the integration of commerce and cultural tourism [3][4]. - Since its opening in 2014, Sanya International Duty-Free City has received over 92 million visitors, evolving from a shopping destination to a comprehensive leisure experience [3]. Group 2: Examples of Commercial and Cultural Integration - In Guangdong, the International Furniture Art Expo Center combines shopping with cultural experiences, attracting over a million visitors annually from various countries [6]. - The "This Has Mountain" cultural and commercial complex in Jilin integrates natural elements into its shopping experience, receiving nearly 200,000 visitors during the recent holiday, reflecting a 15.63% year-on-year increase [6]. Group 3: Visitor Experience and Engagement - Foreign tourists are increasingly engaging with local markets, such as the Wuzhong Market in Shanghai, where they learn about local ingredients and cooking methods, enhancing their cultural experience [7][8]. - The popularity of the "supermarket tour" in Xuchang, particularly at the "internet celebrity" store Pang Donglai, illustrates how shopping can become a significant part of the travel experience, with 300 million visitors during the recent holiday [9]. Group 4: Future Trends in Commercial Spaces - The trend of transforming shopping malls into park-like environments is gaining traction in cities like Shenzhen, where commercial spaces are designed to provide a seamless blend of shopping and nature [10][11]. - The future of urban commercial spaces is expected to lean towards thematic and tourism-oriented designs, creating new consumer experiences that cater to visitors' desires for both commercial and emotional value [11].

Investment Rating - The industry investment rating is maintained as "Accumulate" [5] Core Viewpoints - The travel and tourism sector shows significant growth, with domestic travel during the May Day holiday reaching 314 million trips, a year-on-year increase of 6.4%, and a 36.4% increase compared to 2019 [1] - The average spending per traveler during the holiday was 574 yuan, reflecting a 1.5% year-on-year increase [1] - The overall retail and catering sales during the holiday increased by 6.3% year-on-year, indicating sustained consumer market vitality [4] Summary by Sections Travel and Tourism - Popular scenic spots saw substantial visitor increases, with notable growth in ticket sales and revenue for various attractions [2] - Long-distance travel destinations in western China experienced ticket sales growth of 100-200% year-on-year [3] - Outbound travel orders increased by 20% year-on-year, while inbound travel orders surged by 130% due to favorable policies [3] Hotel and Accommodation - Hotel bookings during the May Day holiday increased by 24.93% year-on-year, with average booking prices for economy hotels rising compared to last year [2] - High occupancy rates were reported in various regions, particularly in second and third-tier cities [2] Retail and Consumer Spending - Key retail and catering enterprises reported a year-on-year sales increase of 8.7% during the holiday [4] - Specific sectors such as home appliances, automobiles, and communication equipment saw sales growth of 15.5%, 13.7%, and 10.5% respectively [4] - The overall consumer market remains vibrant, with significant increases in foot traffic and sales in major cities [7] Investment Opportunities - The report highlights potential investment opportunities in hotel and tourism companies such as Huazhu Group, Jinjiang Hotels, and Xiangyuan Culture Tourism [8] - The retail sector is expected to benefit from ongoing policy support, with companies like Yonghui Supermarket and Chongqing Department Store identified as key players [8]