Core Viewpoint - Hainan Free Trade Zone concept stocks experienced a significant surge, with the overall sector rising by 3.8% amid a weak market backdrop, indicating strong investor interest and optimism regarding upcoming policy changes [1][4]. Group 1: Market Performance - Hainan Free Trade concept stocks collectively surged, with notable gains including 康芝药业 reaching a 20% limit up, and several others like 欣龙控股 and 海南海药 hitting 10% limit up [4]. - The overall performance of the Hainan Free Trade sector reflects a robust market response, with key stocks such as 海马汽车 and 海南矿业 also participating in the rally [1][4]. Group 2: Policy Changes and Implications - The full island closure operation of Hainan Free Trade Port is set to officially commence on December 18, 2025, which will significantly expand the range of "zero tariff" goods from 1,900 to approximately 6,600 items, covering about 74% of products [4][8]. - The new policies will lower the threshold for companies to benefit from tax exemptions and optimize the calculation methods for value-added processing, which is expected to reduce costs and extend supply chains for businesses [4][9]. Group 3: Economic Impact - The ongoing optimization of the duty-free shopping policy is anticipated to enhance retail sales and tourism in Hainan, with the number of duty-free product categories increasing from 45 to 47 [8][9]. - The introduction of "zero tariff" policies for transportation tools and yachts has already resulted in significant tax savings, with reported tax reductions of approximately 1.97 billion yuan for imported cargo aircraft [5][6]. Group 4: Future Investment Opportunities - Analysts suggest that the focus of investment in Hainan is shifting from B2C consumption to B2B industrial upgrades and high-value service industries, with three core investment themes identified: modern logistics and trade services, high-tech and green energy, and "tourism+" services [9][10]. - The strategic positioning of Hainan as a new hub for domestic and international circulation is expected to attract significant investment, particularly in emerging industries such as aerospace, digital economy, and green energy [10].

Core Viewpoint - Hainan Free Trade Zone concept stocks experienced a significant surge, with the overall sector rising by 3.8% amid a weak market backdrop, indicating strong investor interest and optimism regarding the upcoming policy changes in Hainan [1][4]. Group 1: Market Performance - Hainan Free Trade Zone stocks, including Xunlong Holdings and Hainan Haiyao, saw rapid increases, with several stocks hitting the daily limit up within minutes of market opening [1][4]. - By 14:00, stocks such as Kangzhi Pharmaceutical and Hainan Mining also reached their daily limit, showcasing a broad-based rally in the sector [4]. Group 2: Policy Changes and Implications - The full island closure operation of Hainan Free Trade Port is set to officially start on December 18, 2025, with significant expansions in the range of "zero tariff" products from 1,900 to approximately 6,600 items, covering about 74% of all goods [4][8]. - The new policies will lower the threshold for companies to benefit from tax exemptions and expand the range of imported materials, which is expected to enhance the development prospects of local retail, tourism, manufacturing, and cross-border e-commerce sectors [1][4]. Group 3: Economic Impact - The "zero tariff" policy has already led to substantial tax reductions, with the import value of goods under this policy reaching 9.834 billion yuan and tax exemptions totaling 2.585 billion yuan as of September this year [6]. - The introduction of new aircraft under the "zero tariff" policy has significantly reduced costs for companies, exemplified by a recent Airbus A330 acquisition that saved approximately 114 million yuan in taxes [4][5]. Group 4: Future Investment Opportunities - Analysts suggest that the new policies will catalyze a shift in investment focus from B2C consumption to B2B industrial upgrades and high-value service sectors, with particular attention on modern logistics, high-tech industries, and tourism-related services [9][10]. - The strategic positioning of Hainan as a new hub for domestic and international trade is expected to attract significant investment, driven by its unique policy advantages and the ongoing restructuring of supply chains [10].

11月1日，一架新引进的空客A330客机抵达海口美兰国际机场后，穿越了象征民航最高礼遇的"水门礼"，正式入列海南航空机 队。 这架新飞机创造了一项新纪录——海南自贸港交通工具及游艇"零关税"政策单票享惠数额新高。受益于"零关税"政策，企业可 以享受减免税款约1.14亿元的利好，大幅降低企业飞机引进成本。 海南以实现运输来往自由便利为目标，加快推进自贸港政策落地，持续释放航权开放政策效应，有序扩容航空运力，新开和加 密海南与RCEP国家、共建"一带一路"国家航线，积极推动海南机场航空枢纽能级提升，高质量高标准构建自贸港"空中桥梁"。 此次引进的A330新飞机，其最大航程较前代增加700海里，赋予了机队更丰富的航程梯度，使航线规划与运力调配更加从容。海 南航空总裁余超杰表示，新飞机将重点投入欧洲、大洋洲和中东的约15条关键远程航线，持续加密和拓展"空中丝绸之路"网 络。同时，新飞机也将服务于北京、海口出发的精品快线和自贸港快线，从而实现国际与国内航线网络的高效衔接。 通过"零关税"政策，民航客机持续上新，货运飞机也加快飞向海南自贸港。 作为海南省首家全货运主基地航空公司，中州航空陆续引进了两架波音777型全货机， ...

Core Insights - The "zero tariff" policy for transportation tools and yachts in Hainan Free Trade Port has resulted in a cumulative benefit of over 9.834 billion yuan, with tax reductions amounting to 2.585 billion yuan, benefiting 388 enterprises across various cities [6]. Group 1: Policy Impact - The introduction of the Airbus A330 aircraft marks a new record for the "zero tariff" policy, with a tax reduction of approximately 114 million yuan, significantly lowering the cost of aircraft acquisition for enterprises [2]. - The policy has led to the continuous introduction of new passenger and cargo aircraft, with Zhongzhou Airlines acquiring two Boeing 777 freighters valued at 1.397 billion yuan, resulting in a tax reduction of 197 million yuan [3]. - The policy has expanded to cover not only aircraft but also ships, yachts, and multi-functional passenger vehicles, achieving comprehensive coverage across air, land, and sea [6]. Group 2: Industry Development - Hainan Free Trade Port has established its first aviation spare parts consignment warehouse, enhancing the support for the aviation maintenance industry [4]. - The Haikou Jiangdong New District is cultivating a billion-level aviation economy cluster, attracting 63 key enterprises, including Zhongzhou Airlines and Huazhong Airlines, with a focus on aviation passenger transport, logistics, maintenance, and leasing [4]. - The policy has been optimized to include 22 additional items, such as road tractors and hybrid passenger cars, further enhancing its impact on various industries [6].