一是完善政策制度。针对离境旅客购物、国内商品进店销售、岛内居民"即购即提"等新场景，配套修订《中华人民共 和国海关对海南离岛旅客免税购物监管办法》、印发《海关总署 财政部 税务总局关于免税商店经营国内商品监管流 程和退税有关事宜的通知》，增列专门适用免税店销售国内商品的监管方式代码，优化国内商品通关和退税流程，为 新政落地提供坚实制度保障。 二是推进智慧监管。优化离岛免税海关监管系统，新增、升级24个功能模块，部署智能化监管设备，严密全流程数字 化监管体系。对离岛免税商品实施全流程溯源管理，建立动态风险监测模型，对"套代购"等违规行为进行精准识别和 有效打击。同时，强化协同治理与联动处置，会同相关部委及海南省织密反走私联防联控网络，维护离岛免税市场公 平有序，让合规旅客充分享受政策红利。 三是优化服务保障。主动面向企业开展政策解读和申报指导，帮助企业准确把握新政要求，提前做好运营调整；允许 新增品类商品提前向海关备案、入库，解决企业提前备货问题，确保新政实施当日新增品类顺利上架销售。建立关企 数据联动机制，旅客购物额度实时更新、即时释放，购物体验更顺畅。从新政实施半个月以来的效果来看，新增的电 子消费产品备受 ...

Core Points - The Hainan Free Trade Port is set to officially start its island-wide customs closure operation on December 18, 2025, establishing a special customs supervision area with a policy of "one line open, one line controlled, and free flow within the island" [2][3] - The customs supervision system for the Hainan Free Trade Port has been established, including several regulatory measures and facilitation policies to enhance operational efficiency [3][4] Group 1: Customs Closure Preparation - The necessary hardware and software conditions for the island-wide customs closure operation have been prepared, with the customs regulatory system fully established [1] - Comprehensive testing and rehearsal for the customs closure operation are underway, ensuring smooth and orderly operations [1] Group 2: Regulatory Framework - The customs authority has developed and published several regulatory measures, including the "Regulations on Customs Supervision of Hainan Free Trade Port" and tax management measures for duty-free goods [3] - A total of 12 supporting measures have been formulated for the supervision of zero-tariff goods and other policies [3] Group 3: Efficient Supervision Mechanism - The customs supervision method emphasizes precise management and efficient facilitation, distinguishing between goods that require supervision and those that do not [4] - Ten "second-line ports" have passed national acceptance, and the necessary regulatory facilities are ready for use [4] Group 4: Duty-Free Shopping Policy - Recent adjustments to the duty-free shopping policy for departing travelers have led to a significant increase in shopping activity, with sales amounting to 1.325 billion yuan, a year-on-year increase of 28.52% [5] - The new policy includes the addition of product categories and allows for more flexible purchasing options for travelers and residents [5]

（央视财经《正点财经》）最新的离岛免税政策调整后，海关监管离岛免税销售金额有哪些变化？哪些 产品受青睐？ 海关总署口岸监管司副司长 华正红：从新政策实施半个月以来的效果来看，新增的电子消费产品很受 欢迎，离境旅客购物持续升温。截至11月17日，海关共监管离岛免税销售金额13.25亿元，同比提升 28.52%。 与此同时，海关坚持"管放"结合， 坚决打击"套代购"走私等违法行为，今年5月以来，离岛免税高风险 金额占比连续6个月控制在2%以下。 转载请注明央视财经 编辑：令文芳 据了解，11月1日起，我国调整离岛旅客免税购物政策的公告正式实施。 政策优化调整主要在四个方 面：一是新增2个商品大类和3个商品细类；二是将离境旅客纳入享惠主体范围；三是允许6类国内商品 在离岛免税店销售；四是岛内居民一年内一次离岛可不限次购买"即购即提"商品。 ...

Core Viewpoint - The recent optimization of the duty-free shopping policy in Hainan aims to enhance consumer experience and stimulate economic growth, coinciding with the upcoming full closure operation of the Hainan Free Trade Port [3][6][11]. Policy Adjustments - The new policy introduces one addition and three optimizations to the existing duty-free shopping framework [7]. - The addition includes two new product categories: pet supplies and portable musical instruments, expanding the total to 47 categories [7]. - The three optimizations involve: 1. Allowing six categories of domestic products to be sold in duty-free shops, including clothing, ceramics, and coffee [8]. 2. Expanding the eligible consumer base to include departing travelers, allowing them to enjoy the duty-free shopping benefits [8][9]. 3. Permitting island residents to purchase "immediate pick-up" items without limit within a year after leaving the island [9]. Economic Impact - From 2020 to August 2025, Hainan's cumulative duty-free sales reached 206.9 billion yuan, 3.8 times the total from 2011 to 2019, with the duty-free market share exceeding 8% globally [5][11]. - The annual growth rate of duty-free sales has been nearly 30% since 2018, significantly contributing to the economic development of Hainan [10][11][13]. - The duty-free policy has become a key driver for the tourism and retail sectors, with over 54 million visitors entering duty-free shops in 2024 [13]. Consumer Engagement - The introduction of over 900 international brands and various promotional activities, including shopping festivals and consumer vouchers, has enhanced consumer engagement and satisfaction [14][16]. - The competitive landscape has improved with seven operators in the duty-free market, leading to better choices and services for consumers [16]. Future Directions - The Hainan government plans to ensure smooth implementation of the new policy, enhance the shopping experience, and promote the integration of tourism and shopping [16].

Investment Rating - The report indicates a positive investment outlook for the social services industry, particularly focusing on the recent adjustments to the duty-free shopping policy in Hainan, which is expected to stimulate consumption and enhance the market dynamics [16][20]. Core Insights - The recent adjustments to the Hainan duty-free shopping policy aim to expand product categories and consumer demographics, enhancing the shopping experience and supporting the construction of Hainan as an international tourism consumption center [16][20]. - The policy changes include the introduction of new high-potential product categories such as pet supplies and portable musical instruments, which align with current trends in smart home technology and quality living [16][19]. - The integration of "duty-free" and "departure duty-free" mechanisms is seen as a significant step towards facilitating trade and consumption in the region, providing a practical test for future customs operations [17][20]. - The policy now allows both residents and travelers to benefit from duty-free shopping, which is expected to activate local consumption potential and promote the growth of the duty-free economy in Hainan [19][20]. Summary by Sections Market Review - The social services industry ranked 11th in the weekly performance among Shenwan's primary industry sectors, with a decline of 1.72% during the week of October 13-17, 2025 [9][21]. Core Viewpoints - The investment theme revolves around the structural expansion of the duty-free policy, which is anticipated to drive consumption upgrades and stimulate sales growth in the short term, while also laying the groundwork for a comprehensive duty-free ecosystem post-customs closure [16][20]. Industry News Dynamics - The tourism market is entering a low season, with younger demographics becoming the primary travelers, indicating a shift in consumer behavior towards more cost-effective and experience-oriented travel [21]. - Recent data shows a significant increase in e-commerce logistics, reflecting the ongoing growth in the digital economy and its integration with traditional sectors [22].

Core Points - The announcement adjusts the duty-free shopping policy for travelers leaving Hainan to support the construction of the Hainan Free Trade Port [2][3] Group 1: Policy Adjustments - Two new categories of products are added: pet supplies and portable musical instruments. The category "home air purifiers and accessories" is changed to "small appliances," which now includes robotic vacuum cleaners and vacuum cleaners. The category "wearable electronic consumer products" is updated to "electronic consumer products," adding digital photography and videography equipment and accessories, as well as micro drones [2] - The age requirement for duty-free shopping is raised from 16 to 18 years [3] Group 2: Eligibility and Purchase Limits - Travelers who are 18 years or older, holding valid departure tickets from Hainan, and leaving the country can enjoy the duty-free shopping policy. Their purchases will count towards an annual duty-free shopping limit of 100,000 RMB, with no limit on the number of purchases [3] - Residents of Hainan with departure records within a calendar year can purchase duty-free items without limit under the "immediate purchase and pick-up" method [3] Group 3: Tax and Regulatory Framework - Businesses with duty-free sales qualifications can sell domestic products in duty-free shops as exports, allowing for VAT and consumption tax refunds. Specific regulations for supervision and tax refunds will be established by the customs and tax authorities [2][3] - Other provisions of the duty-free shopping policy will continue to follow the previous announcement from 2020 [3][4]

Core Points - The announcement adjusts the duty-free shopping policy for travelers leaving Hainan to support the construction of the Hainan Free Trade Port [1][2][3] Group 1: Policy Adjustments - Two new categories of products are added: pet supplies and portable musical instruments. The category "home air purifiers and accessories" is reclassified as "small appliances," adding items like robotic vacuum cleaners and vacuum cleaners. The category "wearable electronic products" is reclassified as "electronic consumer products," adding digital photography equipment and accessories, as well as mini drones [1] - The total number of duty-free product categories is now 47, with specific purchase quantities and requirements detailed in an attachment [2] Group 2: Eligibility and Purchase Regulations - The age requirement for duty-free shopping is raised from 16 to 18 years [3] - Travelers who are 18 years or older and have purchased tickets to leave Hainan can enjoy the duty-free shopping policy. This includes both domestic and international travelers, as well as Hainan residents. The annual duty-free shopping limit is set at 100,000 RMB, with no limit on the number of purchases [3] - Island residents with departure records within a calendar year can purchase duty-free items without limit under the "immediate purchase and pick-up" method. The policy applies from the date of the announcement [3] Group 3: Implementation and Compliance - The existing regulations from the Ministry of Finance, General Administration of Customs, and State Taxation Administration regarding the duty-free shopping policy will continue to be enforced [4] - The new policy will take effect on November 1, 2025 [5]

Core Points - The announcement aims to expand the policy effects and support the construction of Hainan Free Trade Port by adjusting the duty-free shopping policy for outbound travelers [1][2] Group 1: Adjustments to Duty-Free Shopping Policy - Two new categories of goods have been added: pet supplies and portable musical instruments. The category "household air purifiers and accessories" has been changed to "small appliances," which now includes robotic vacuum cleaners and vacuum cleaners. The category "wearable electronic consumer products" has been updated to "electronic consumer products," adding digital photography and videography equipment and accessories, as well as mini drones. Additionally, the "tablet computer" category now includes digital accessories such as mice and keyboards [1] - After the adjustments, there are a total of 47 categories of duty-free goods available for purchase, with specific categories, purchase quantities, and requirements detailed in an attachment [2] Group 2: Eligibility and Purchase Regulations - The age requirement for duty-free shopping has been raised from 16 to 18 years old [3] - Outbound travelers who are 18 years or older, have purchased tickets for departure from Hainan, and possess valid entry and exit documents can enjoy the duty-free shopping policy. The annual duty-free shopping limit for these travelers is set at 100,000 RMB, with no limit on the number of purchases. Specific limits on product categories and quantities are outlined in the attachment [3] - Residents of Hainan with outbound travel records within a calendar year can purchase duty-free goods without limit under the "immediate purchase and pick-up" method. The policy is effective from the date of this announcement [3] Group 3: Implementation and Compliance - The existing provisions of the duty-free shopping policy as per the announcement by the Ministry of Finance, General Administration of Customs, and State Taxation Administration (Announcement No. 33 of 2020) will continue to be enforced [4] - The new policy will take effect on November 1, 2025 [5]

Core Insights - The event focused on the theme "CMF Innovation · Quality Manufacturing for the Future," addressing the material and design upgrade needs in industries such as biomedicine, apparel, and rail transportation in Hebei Province [1][4] - Experts and representatives discussed how CMF (Color, Material, Finish) design can enhance product high-end, green, and brand development [1][3] Group 1: Event Overview - The CMF design matchmaking event was held at the Xiong'an Green Building Exhibition Center, with nearly a hundred participants from CMF companies, design institutions, and local industry clusters [1] - The event aimed to connect Hebei's manufacturing sector with international material and design resources, creating an innovative collaboration platform that integrates "materials - design - manufacturing - application" [4] Group 2: Expert Insights - Former Lenovo senior CMF designer Zhou Lan emphasized the role of CMF design in enhancing product recognition, emotional value, and sustainable competitiveness, particularly in biomedicine and rail transportation [3] - Ye Yuling, project manager at Shengwu Technology Co., shared advancements in bio-based, biodegradable, and recycled materials, advocating for sustainable principles in CMF design to support the "dual carbon" goals [3] Group 3: Market Trends - Jing Kaiyuan, general manager of New Materials Online, presented the "2025 New Materials Demand Trend Report," analyzing the application prospects of smart materials, eco-friendly materials, and health-functional materials in biomedicine, apparel, and transportation equipment [3] - The event facilitated discussions between representatives from Hebei's biomedicine, apparel, and rail transportation sectors and CMF experts on topics such as material selection, color trends, surface treatment processes, and environmental compliance [3]

Core Viewpoint - Rongyang Industrial (02078) reported a significant decline in revenue and a net loss for the six months ending June 30, 2025, primarily due to weak market sentiment and reduced order volumes across key segments [1] Financial Performance - Revenue for the period was HKD 243 million, representing a year-on-year decrease of 44.1% [1] - The company recorded a net loss of HKD 26.39 million, compared to a profit of HKD 5.896 million in the same period last year [1] - Basic loss per share was HKD 0.022 [1] Segment Performance - Solar frame revenue decreased by approximately 46.6% [1] - Consumer electronics revenue fell by about 49.7% [1] - Electric vehicle segment saw a decline of around 9.0% [1] - Industrial products revenue dropped by approximately 54.2% [1] Market Conditions - Overall revenue decline attributed to weak market sentiment and a reduction in order volumes, particularly in the solar frame segment and other major areas experiencing a slowdown [1]