海南免税和口岸调研最新反馈 20251128 摘要 海南交通运输企业受益于传统旺季和高频演艺经济，业务量显著回升， 部分指标接近双位数增长，商务、探亲和候鸟式客流占比持续提升，为 未来发展奠定基础。 海南封关运作预计将提升本地居民出岛购物和出行需求 10%-20%，并 推动高附加值制造产业如珠宝加工落地，升级产业物流，无需额外资本 开支或运营成本。 海南省交通运输企业通过资产整合（如机场和海运板块）和精细化成本 管理，实现降本增效，预计部分企业将在 2026 年实现实质性经营改善。 自贸港建设将通过保税航油政策（降低航油成本 10%-20%）和企业所 得税优惠（15%），提升海南区域航空枢纽的成本竞争力，并吸引国内 外航空公司设立运营基地。 离岛免税销售数据表现良好，手机及精品类销售增速较高，化妆品类也 实现正增长，头部化妆品公司库存合理，折扣力度平稳过渡，底层需求 端修复。 Q&A 海南省交通运输行业在 2025 年第三季度的表现如何？未来发展趋势如何？ 2025 年第三季度，海南省交通运输行业整体基本面有所修复，客流量和货运 量均呈现同比增长态势。具体来看，无论是海运客滚船还是航空业务，三季度 业务量增速 ...

成为手机软件劫持流量的惯用手段，让消费者不堪其扰。 近日，市场监管总局点名手机"三宗罪"，针对流量截取、强制跳转、恶意设置不兼容等行为，面向相关 企业进行集中提醒与规范引导。 移动互联网时代，小小的一块手机屏幕，早已晋升为流量的主战场。正是在这个战场中，利用算法设计 的引流套路成为许多手机软件劫持用户的基本操作。 比如，被点名的强制跳转，未经用户明确同意，不得擅自更改默认跳转路径。但在现实中，人为更改跳 转路径时有发生，手指点哪未必去哪反倒越来越常见。 市场监管总局披露，这种技术劫持能使广告主获客成本大降，却让用户陷入"鬼打墙"式的浏览体验。 隐私授权默认勾选，弹窗跳过多次才能关闭，手机晃一下就跳转的开屏广告……类似套路 短期利益驱动之下，偷流量的鸡贼操作愈发猖狂。这些幕后操作，并非通过技术赋能、质量提升赢得用 户，而是人为设置技术藩篱，干扰正常的市场秩序，是对市场资源配置效率的极大损耗。 如果手机厂商只会用小算盘，把用户锁定在自我的圈层中，看似是巩固了自己的市场份额，实际上可能 失去更大的市场。 没有开放的生态，没有自由的竞争，任何一款产品都不会走太远。只停留在自家的一亩三分地，抑制潜 在竞争者的进入，互设 ...

【深圳商报讯】（首席记者 王海荣）"如果有购机计划的话，现在是好时机，明年手机价格会更 贵。"集邦咨询资深研究副总经理吴雅婷在深圳参加11月27日的"MTS2026存储产业趋势研讨会"时指 出，本轮存储芯片价格的持续上涨，已经对消费电子供应链形成了冲击，明年消费电子产品的上涨预期 将增加。 "现在一天一个价格，有时候上午一个价格，下午一个价格。"深圳市铨兴科技有限公司一位市场人员告 诉记者，受到供应极度吃紧的心理影响，现货市场价格急速上扬，报价甚至呈现"每日一变"。 这场罕见的行业普涨正以前所未有的速度向下游传导，包括手机、笔记本电脑在内的电子产品厂商已感 受到来自成本上涨的压力。 2025年的存储芯片市场用 "暴涨"形容毫不为过。今年下半年以来，DDR5（DRAM行业成熟工艺制程的 最新产品）、DDR4等主流存储芯片价格单月涨幅突破100%，三星、SK、海力士等原厂暂停报价。进 入四季度后，涨势愈演愈烈。 集邦咨询最新发布的存储现货价格趋势报告显示，DRAM方面，DDR4与DDR5颗粒的现货价格已经大 幅上涨。自9月初至今，DDR4 1Gx8颗粒价格环比上涨158%，DDR5 2Gx8颗粒现货价环比大涨30 ...

Core Insights - The global DRAM market is experiencing a supply-demand imbalance due to a surge in AI computing power demand, leading to rapidly increasing storage chip prices [1] - The price of 512GB storage has risen by nearly 500 yuan compared to the previous month [1] - The mobile terminal market is facing the highest risk of price increases, with some manufacturers halting storage chip purchases [1] - A wave of price hikes for mobile products is anticipated in the near future [1]

联合资信 工商评级一部 |郭察理 2025 年 10 月，国家发展改革委会同财政部向地方下达了今年第四批 690 亿元超长期特别国债支 持消费品以旧换新资金，至此，全年 3000 亿元中央资金已全部下达，本次下达的 690 亿元作为全年 3000 亿元国补计划中的最后一批，为四季度"双十一""双十二"消费旺季预留出充足的政策空 间。此外，国家贴息支持分期免息，形成"政策补贴+金融支持+商家优惠"的政策组合拳，进一步 释放消费潜力。 伴随国补进入第二年末期，政策激励效应边际递减，加之国内房地产市场仍低位运行、需求不 足等经济结构调整持续深化为家电行业带来挑战，家电行业增速放缓、竞争趋于白热化，或将面临 政策退坡带来的阵痛与转型。另一方面，《中共中央关于制定国民经济和社会发展第十五个五年规划 的建议》仍将"大力提振消费"放在首位，从国家到地方将协同发力，通过更为精准而有针对性的 补贴政策和深层次的民生保障稳定消费预期，实现家电行业从"补贴拉动"到"内生增长"的转 变。 www.lhratings.com 研究报告 0 一、政策背景及主要内容 以旧换新激活内需潜力，促进消费持续复苏 ——2025 年第四批国补落地政 ...

Core Insights - The article highlights the shift in focus of various automotive companies towards AI and technology, with Tesla's CEO emphasizing AI as a primary goal, while NIO's CEO, Li Bin, maintains a focus on core automotive business and profitability [1][2]. Company Focus - NIO's CEO Li Bin emphasized the importance of focusing on automotive products and sales, stating that the company will not pursue robotics or AI aggressively at this time, but rather concentrate on who can use their chips in robotics [2][3]. - NIO has undergone a significant transformation in its operational mindset, moving from a user-service-centric approach to a more financially disciplined model, where each business unit operates like an independent company [3][4]. Financial Performance - In Q3 2025, NIO achieved a delivery volume of 87,000 vehicles, revenue of 21.79 billion yuan, and a gross margin of 14.7%, all of which are historical highs for the company [3][4]. - The company’s cash reserves increased to 36.7 billion yuan, with both operating cash flow and free cash flow turning positive [3][4]. Strategic Goals - NIO aims for high-quality growth rather than merely increasing sales volume, with a target of achieving profitability in 2026 [4][5]. - The company plans to continue focusing on high-margin products, with expectations of a gross margin reaching 20% [4]. Market Challenges - Li Bin acknowledged that supply chain issues are a short-term pressure, but the real challenge lies in demand, particularly due to the reduction in vehicle replacement subsidies affecting consumer behavior [5][6]. - The company is adapting to market conditions by maintaining stable pricing and focusing on profitability per vehicle sold, rather than just sales volume [6][12]. Operational Efficiency - NIO is implementing a detailed cost-benefit analysis for all projects, shifting from large-scale investments to smaller, more manageable projects [3][14]. - The company is also exploring new revenue streams through partnerships and services, such as providing technology services to other companies [14][15]. Management Philosophy - Li Bin has adopted a more pragmatic management style, emphasizing the need to distinguish between what should be changed and what should be maintained in the company's strategy [15][16]. - The company is committed to improving operational efficiency and ensuring that all team members understand the financial aspects of the business [15][17].

Core Viewpoint - Artificial intelligence (AI) is becoming the core engine driving the transformation of traditional industries, with the perspective that "all industries are worth redoing with AI" emphasized by the founder and CEO of Xiaomi, Lei Jun [1][3] Group 1: AI Integration in Manufacturing - AI and manufacturing deep integration is expected to create a trillion-level new market [3] - Xiaomi's smart factories in Yizhuang and Changping demonstrate significant advancements, with the Changping factory achieving an annual production capacity of 10 million units and a 60% increase in production efficiency compared to traditional methods [3][5] - The use of AI in quality inspection processes, such as through X-ray machines combined with AI visual models, can complete assessments in 2 seconds, improving efficiency by 10 times and accuracy by over 5 times [1][3] Group 2: Industry Collaboration and Innovation - Single enterprises cannot cover the entire technology chain and must collaborate with the best partners in the industry to drive collective upgrades [3] - Lei Jun suggests that Beijing should further open smart manufacturing application scenarios and support leading enterprises in building demonstration factories [5] Group 3: Future of Robotics and Smart Manufacturing - In the next five years, humanoid robots are expected to enter Xiaomi's factories on a large scale, with significant potential and higher demands in home scenarios [3] - The capital and talent ecosystem in Beijing, along with its concentration of academicians and universities, provides a fertile ground for AI and smart manufacturing development [3][5]

市场监管总局将持续强化反不正当竞争监管执法，不断完善公平竞争制度规则，用好梯次性监管工具， 切实维护市场公平竞争和消费者合法权益，推动手机行业规范健康可持续发展。 市场监管总局、中央网信办、最高人民法院相关司局同志，广东、上海、重庆等地市场监管部门同志， 以及手机企业、手机应用平台企业、行业协会和媒体代表参加活动。 市场监管总局通报了手机行业不正当竞争典型案例，并指出，作为数字经济关键组成部分，手机和手机 应用领域当前非理性竞争问题较为突出，部分企业利用技术、数据、平台规则等优势实施流量劫持、强 制跳转、恶意不兼容等不正当竞争行为，损害其他经营者和消费者的合法权益，扰乱市场公平竞争秩 序。 市场监管总局强调，手机行业相关经营者要切实增强责任意识，深入学习新反不正当竞争法，高度重视 反不正当竞争合规工作。要全面排查风险隐患，建立健全内部合规管理体系，自觉维护公平竞争市场环 境。要坚决停止并防范各类不正当竞争行为，推动形成优质优价、良性竞争的市场秩序。要遵守法律和 商业道德，共同构建健康有序、互利共赢的产业生态。 据市说新语公众号27日消息，11月26日，市场监管总局在广东深圳对手机和手机应用平台企业开展反不 正 ...

Core Viewpoint - The article emphasizes the importance of implementing a strategy to expand domestic demand, which is crucial for China's long-term development and stability, as outlined in the 20th Central Committee's Fourth Plenary Session [3][4]. Achievements Since the 18th National Congress - Significant achievements in expanding domestic demand have been made, with domestic demand becoming the main driver of economic growth, contributing an average of 93.1% to economic growth from 2013 to 2024 [4]. - Final consumption expenditure and capital formation reached 76.3 trillion yuan and 54.8 trillion yuan in 2024, respectively, which are 2.7 times and 2.2 times the levels in 2012 [4]. - The structure of consumption and investment has continuously upgraded, with the penetration rate of new energy vehicles rising from less than 0.1% in 2013 to 48.9% in 2024 [5]. - China has become a globally influential super-large market, with significant growth in consumption across various sectors, including white goods and mobile phones [5]. Policy Framework and Implementation - A comprehensive policy framework has been established to promote consumption and investment, including the "Strategic Plan for Expanding Domestic Demand (2022-2035)" [6]. - The government has implemented various measures to increase residents' income, with per capita disposable income growing at an average annual rate of 6.1% from 2013 to 2024 [7]. - Major projects in transportation, energy, and ecological protection have been initiated to enhance domestic supply capabilities and foster new growth drivers [8]. New Challenges and Requirements in the 15th Five-Year Plan - The 15th Five-Year Plan period presents new challenges, including the need to address the weak internal consumption dynamics and improve investment efficiency [9]. - Expanding domestic demand is seen as a strategic response to external shocks and a key point for strengthening the domestic economic cycle [10]. - The demand for services such as healthcare and cultural tourism is expected to grow, necessitating a focus on enhancing the quality of life for residents [10]. Strategic Actions for the 15th Five-Year Plan - The government aims to boost consumer spending by optimizing the environment and reducing restrictions on consumption [13]. - Effective investment will be expanded by optimizing investment structures and enhancing the efficiency of investments [14]. - Major landmark engineering projects will be implemented to align with national strategic needs, focusing on urban renewal and new energy systems [15]. - Efforts will be made to deepen the construction of a unified national market, eliminating barriers to market access and promoting the free flow of goods and services [16].

Core Viewpoint - The article emphasizes the importance of implementing a strategy to expand domestic demand, which is crucial for China's long-term development and stability [1] Achievements Since the 18th National Congress - Domestic demand has become the main driving force for economic growth, contributing an average of 93.1% to economic growth from 2013 to 2024, with final consumption and capital formation contributing 55% and 38.1% respectively [2] - By 2024, final consumption expenditure and capital formation reached 76.3 trillion yuan and 54.8 trillion yuan, respectively, which are 2.7 times and 2.2 times that of 2012 [2] - The structure of consumption and investment has continuously upgraded, with the penetration rate of new energy vehicles rising from less than 0.1% in 2013 to 48.9% in 2024 [3] - China has become a globally influential super-large market, with significant growth in per capita consumption of white goods and mobile phones [3] Policy Framework and Implementation - A comprehensive policy framework has been established to promote consumption and investment, including the "Strategic Plan for Expanding Domestic Demand (2022-2035)" [4] - Employment and social security policies have been implemented to increase residents' income, with per capita disposable income growing at an average annual rate of 6.1% from 2013 to 2024 [5] - Major projects in transportation, energy, and ecological protection have been initiated to enhance supply-side advantages and foster new development momentum [6] New Challenges and Requirements for the 15th Five-Year Plan - The 15th Five-Year Plan period is critical for expanding domestic demand amid complex international and domestic conditions [8] - There is a need to address issues such as weak consumer motivation and investment efficiency, as well as barriers in the unified national market [9] - The strategy to expand domestic demand is essential for meeting the diverse needs of the population and improving living standards [9] Strategic Actions for the 15th Five-Year Plan - Efforts will focus on boosting consumer spending by optimizing the environment and reducing restrictions on consumption [12] - Investment structures will be optimized to stimulate private investment and enhance the quality of projects [13] - Major landmark engineering projects will be implemented in key areas such as urban renewal and new energy systems [14] - The construction of a unified national market will be advanced to eliminate barriers and promote the smooth flow of goods and factors [15]