《海南自由贸易港建设总体方案》2020年发布以来，海南锚定打造引领我国新时代对外开放的重要 门户的战略目标，把制度集成创新摆在突出位置，稳步推进制度型开放，持续完善自贸港政策制度体 系，向种、向海、向天、向绿、向数"五向图强"的现代化产业体系加快构建，市场化、法治化、国际化 的一流营商环境不断完善。 充分发挥自贸港制度型开放优势 12月8日，超大型耙吸式挖泥船"通浚"轮在海南顺利完成登记，正式入籍"中国洋浦港"。该轮的加 入，使"中国洋浦港"登记国际船舶总运力突破700万载重吨，登记艘次与运力规模稳居全国自贸区(港) 首位。 作为海南自贸港面向全球的重要门户，洋浦持续做强港口功能、释放产业链效能。5年来，累计新 开国内国际航线54条，基本形成覆盖国内沿海、辐射东南亚、贯通太平洋的航线网络;石化新材料产业 补链强链，海上风电产业快速崛起，洋浦经济开发区成为海南首个产值突破千亿元的重点园区。 人民日报记者 赵鹏 周亚军 碧海云天，烟波浩渺。登上海南深儋科创中心远眺，儋州市环新英湾区域的自贸港新城拔地而起。 习近平总书记强调，建设海南自由贸易港，是党中央着眼新时代全面深化改革开放作出的重大决 策。12月18日，海南 ...

二、当日热点 1.海南自贸港 一、行情回顾 市场全天探底回升，三大指数涨跌互现。海南板块集体爆发，海马汽车、海南高速等近10股涨停。房地产板块午后走强，万科A、华夏幸福等涨停。光通信 概念延续涨势，长飞光纤、中瓷电子等涨停。零售概念表现活跃，永辉超市3连板，茂业商业、中央商场2连板。下跌方面，福建板块冲高回落，海欣食品跌 停。个股跌多涨少，沪深京三市超2800股飘绿，今日成交1.79万亿。 海南自贸港今日反弹大涨，海南发展、罗牛山、海南瑞泽等多股涨停。 2.房地产 房地产板块午后开盘爆发，万科A、世联行、财信发展等多股涨停。 据智通财经报道，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。其中提出，推动"买全球精品"。促进免税购物提质 升级，进一步挖掘国潮、海南独家、科技新品等供给，有序构建"离岛免税+岛内居民日消品免税+跨境电商"多层次供给格局。持续提升中国国际消费品博 览会的规模和影响力。 | 股票名称 | | 最新价 = | 涨跌幅 = | 涨停时间 = | 换手率 = | 流通市值 = | | | --- | --- | --- | --- | --- | --- | ...

Core Viewpoint - Hainan Province is planning to establish a modern industrial system with a "45432" framework, focusing on optimizing existing industries and fostering new productive forces to enhance economic development [1][2]. Group 1: Industrial Optimization - The four leading industries in Hainan, namely tourism, modern services, high-tech industries, and tropical efficient agriculture, currently account for over 67% of the province's GDP. The province aims to enhance these sectors through chain supplementation and optimization during the 14th Five-Year Plan period [2]. Group 2: New Productive Forces - Hainan will leverage its unique resources to develop five new productive force tracks, including creating a "Southern Seed Silicon Valley," establishing a core hub for deep-sea technology innovation, expanding aerospace-related industries, developing a low-altitude economy, and building a green and low-carbon industrial supply chain [2]. Group 3: Future Industries - The province will focus on four cutting-edge fields: biomanufacturing, hydrogen energy, brain-computer interfaces, and embodied intelligence, to cultivate new hotspots for future industries [2]. Group 4: Consumer Development - Hainan plans to enhance its duty-free shopping reputation, develop the Boao Lecheng Medical Special Zone, and strengthen the "Study in Hainan" brand to boost consumption [2]. Group 5: Talent and Innovation - The province will implement the "Million Talents to Prosper Hainan" initiative to create a hub for technological innovation, reform, and open cooperation [3].

华西证券研报指出，中国中免25年1-3Q实现收入及归母净利润分别为398.62亿元和30.51亿元，同 比-7.34%和-22.13%。其中，单Q3实现收入及归母净利润分别为117.11亿元和4.52亿元，同比-0.38% 和-28.94%。Q3收入端呈现下滑显著收窄态势，经营逐步筑底回升。2025年9月海南离岛免税月销售额 同比增长3.4%，喜获近18个月以来的正增长回归态势。今年中秋国庆双节期间，海口海关共监管离岛 免税销售金额9.44亿元，同比+13.6%，海南离岛免税呈现筑底回暖态势。考虑到公司经营呈现触底反转 态势，叠加自贸港封关新发展机遇红利及未来市内免税店增量空间，预期公司经营有望迎来困境反转， 重新迎来新一轮成长。首次覆盖公司，给予"增持"评级。 ...

Core Insights - The Hainan Free Trade Zone concept is gaining momentum, with the sector index rising over 5% today and accumulating a 17% increase over the past six trading days [1] - The Hainan Free Trade Port is set to officially start its full island closure operation on December 18, 2025, marking a significant milestone in its development [2][3] Stock Performance - Notable stock performances include: - Jinpan Technology up by 17.73% to 87.00 - Intercontinental Oil & Gas up by 10.16% to 2.82 - Caesar Travel Industry up by 10.01% to 7.47 - Haima Automobile up by 10.01% to 8.79 - Hainan Airport up by 5.89% to 5.75 [2] Policy Developments - The new duty-free shopping policy in Hainan, effective from November 1, has shown initial positive effects, with a 6.1% increase in sales on the first day compared to the previous day [3] - The "15+15+zero tariff" tax policy provides a competitive advantage, with significant tax reductions for businesses operating in the Hainan Free Trade Port [5] Economic Outlook - The overall performance of Hainan-listed companies is improving, with a 24.92% year-on-year increase in net profit to 3.584 billion yuan in the first three quarters of this year [9] - Companies like HNA Holding, Jinpan Technology, and Zhongtung High-tech have reported double-digit growth in profits [10] Future Investment Trends - The upcoming full closure operation is seen as a turning point for investment logic in Hainan, shifting focus from consumer-driven themes to B2B industrial upgrades and high-value service sectors [11] - Key investment areas include modern logistics and trade services, high-tech and green energy sectors, and high-value "tourism+" services such as medical care and international education [11]

Core Insights - The Hainan Free Trade Port will officially start its island-wide customs closure operation on December 18, 2025, marking a significant milestone in China's economic reform and opening-up strategy [1] Group 1: Significance of Customs Closure - The upcoming customs closure operation is seen as a symbol of institutional openness, reflecting the global economic restructuring [1] - Hainan Free Trade Port aims to achieve a higher standard of openness, attracting global enterprises and integrating into global industrial chains [1] Group 2: Attractiveness to Enterprises - Increased financial facilitation is expected to draw more international capital into Hainan, positioning it as a highland for reform and opening-up [1] - The focus on high-standard sectors such as education and healthcare will lead to the establishment of more schools and hospitals in Hainan post-closure [1] Group 3: Consumption Potential - Hainan is encouraged to enhance its efforts in duty-free shopping, healthcare, and education to maximize its consumption potential [1]

Market Overview - A-shares experienced a significant rise, with the Shanghai Composite Index closing at 3605.73 points, up 0.65% [1] - The Shenzhen Component Index and the ChiNext Index both increased by over 1%, reaching new highs for the year [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets was 18,742 billion yuan, a decrease of 245 billion yuan from the previous day [1] Hainan Free Trade Zone - The Hainan Free Trade Zone concept saw a strong surge, with the overall sector rising by 9.59% and 29 constituent stocks all increasing, including 21 hitting the daily limit [2] - Key stocks such as Kangzhi Pharmaceutical and Hainan Airport reached their daily limit [2] - The National Development and Reform Commission announced that the full island customs closure for Hainan is set to officially start on December 18, 2025, marking a significant milestone for the free trade port [2][3] Energy Metals and Rare Earths - The energy metals and rare earth sectors led the market, with lithium and rare earth concepts showing significant activity [4] - Lithium stocks like Shengxin Lithium Energy and Tibet Mining saw substantial gains, with lithium futures prices reaching a new high of 77,000 yuan/ton, up over 30% since late June [4][5] - The rare earth sector also performed well, with companies like Longmag Technology and Baotou Steel hitting their daily limit, driven by improving domestic demand and limited supply growth [5] Film and Entertainment Sector - The film and entertainment sector experienced a notable increase, with the overall index rising by 3.06% [6] - Key stocks such as Happiness Blue Ocean and China Film saw significant gains, supported by local government initiatives to distribute movie vouchers [6] - The summer box office for 2025 has already surpassed 4.4 billion yuan, indicating a positive trend for the industry [6][7]

Group 1 - The core viewpoint is that the Hainan Free Trade Zone is set to officially launch its customs closure on December 18, 2025, which is expected to significantly enhance the region's tourism and retail market [1][2] - The announcement led to a strong market response, with companies like Kangzhi Pharmaceutical hitting a 20% limit up, and others such as Hainan Airport and Haixia Co. also reaching their limit up [1] - The customs closure will create a special customs supervision area across Hainan Island, implementing a policy characterized by "freeing up the first line, controlling the second line, and allowing freedom within the island" [1] Group 2 - The continued implementation of the offshore duty-free policy is expected to maintain the competitive advantage of duty-free operators, as it offers more relaxed limits for consumers entering the "second line" [2] - The closure is anticipated to enhance Hainan's attractiveness, increase the flow of people, and promote the overall development of the tourism retail market [2] - Companies that have established a leading advantage in core property layout, supply chain resources, and operational capabilities are likely to maintain their competitive position in Hainan's retail market under the new policies [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the near term [6]. Core Insights - The company's revenue for Q1 2025 was 16.746 billion yuan, a decrease of 10.96% year-on-year, with a net profit attributable to the parent company of 1.938 billion yuan, down 15.98% [1]. - The decline in duty-free sales has been narrowing, with a recovery in average transaction value, although shopping conversion rates remain a challenge. The duty-free shopping amount in Hainan for Q1 2025 was 11.31 billion yuan, down 11.4%, with the number of shoppers decreasing by 27.8% [2]. - The international passenger flow is recovering significantly, with Q1 2025 international passenger traffic at major airports showing increases of 20% to 26% compared to the previous year, suggesting a positive trend for duty-free sales [2][3]. Financial Summary - The company is projected to achieve net profits of 4.7 billion yuan, 5.2 billion yuan, and 5.7 billion yuan for the years 2025, 2026, and 2027 respectively, reflecting a recovery trend [3]. - The comprehensive gross margin for Q1 2025 was 33.0%, a slight decrease of 0.3 percentage points year-on-year, while the net profit margin was 11.6%, down 0.7 percentage points [2]. - The company’s revenue is expected to grow from 56.474 billion yuan in 2024 to 72.772 billion yuan in 2027, with a compound annual growth rate of approximately 6.25% [5].

Group 1 - The travel and tourism sector experienced a significant rise on April 16, with notable stock increases for companies such as Junting Hotel (301073) up over 10%, Jinling Hotel (601007) hitting the daily limit, and Tongqinglou (605108) rising over 6% [1] - The State Taxation Administration announced measures to promote "immediate refund" services for overseas travelers' shopping tax refunds, which is expected to optimize tax refund policies and increase interest in duty-free concepts [1] - Hainan Province's government released a three-year action plan aiming for duty-free sales to reach 470.3 billion yuan in 2024, down from 580.9 billion yuan in 2023, with a target of exceeding 600 billion yuan by 2027 [1] Group 2 - Zhongyin Securities noted the current high market sentiment in the travel sector, with several listed companies set to release annual reports in late April, making their performance a point of interest [2] - Companies with strong growth potential in the travel chain and related industries include Junting Hotel, Jinjiang Hotel (600754), and Shoulu Hotel (600258), benefiting from the recovery of business travel and increased market share post-pandemic [2] - The recovery of cross-border travel is expected to boost airport duty-free sales and accelerate the introduction of new city duty-free policies, with a focus on companies like China Duty Free Group (601888) and Wangfujing (600859) [2]