记者从海口海关获悉，海南离岛免税购物新政策自2020年7月1日实施以来，海关累计监管离岛免税购物 金额1958.2亿元，购物人数2858.9万人次，购物件数2.4亿件，比新政实施前5年同期分别增长315.3%、 123.3%、288.8%。根据2020年6月29日发布的《关于海南离岛旅客免税购物政策的公告》，自2020年7 月1日起，离岛旅客每年每人免税购物额度由3万元提升至10万元，并取消单件商品免税限额，免税商品 种类增加电子消费产品等7类消费者青睐商品。海南离岛免税政策的重大调整，有力推动海南离岛免税 产业发展。随着免税额度大幅提升、商品种类更加丰富、提货方式不断增加，旅客购物体验感和满意度 持续提高。(新华社) ...

Core Viewpoint - The article discusses the recent crackdown on "套代购" (proxy purchasing) activities at Sanya Airport, where customs authorities intercepted smuggling cases involving duty-free goods, highlighting the illegal practices and the measures taken to combat them [1][3][5]. Group 1: Smuggling Activities - "套代购" refers to the illegal practice of using another person's duty-free quota to purchase and sell duty-free goods for profit [1]. - Recently, Sanya Airport customs successfully intercepted four cases of smuggling disguised as "helping friends," involving a total of 124 items of duty-free cosmetics [1]. - Data analysis revealed abnormal shopping behaviors among certain travelers, indicating potential smuggling activities due to excessive purchases beyond personal use [1]. Group 2: Investigation and Evidence - The investigation revealed that the perpetrators used a "hometown" identity to solicit help, offering "thank you fees" to entice individuals to transfer their duty-free quotas for smuggling purposes [3]. - Customs authorities collected substantial evidence, including interrogation records, ID copies, chat logs, and confirmed shopping information, to establish the illegal activities [5]. - The actions of the individuals involved were found to violate the relevant customs regulations, constituting smuggling [5]. Group 3: Legal Consequences - The customs authorities imposed administrative penalties, including the confiscation of illegal gains and the duty-free goods purchased [7]. - This crackdown serves as a warning to potential violators regarding the serious consequences of engaging in smuggling activities [7]. - The customs department emphasized that purchasing duty-free goods for profit or organizing others to do so constitutes illegal behavior, which may lead to criminal charges [7].

Key Points - The report emphasizes an overweight rating for the consumer services sector, highlighting a new phase of travel transformation driven by high demand for themed tourism [1][5] - The consumer services index has shown stability with a slight decline of 3.43% as of June 13, 2025, underperforming the CSI 300 index [7][16] - The report suggests that the consumer services industry is experiencing a trend of increasing volume but decreasing prices, leading to greater pressure on corporate profitability and necessitating transformation [7][68] Sector Investment Strategy Consumer Services Sector Overview - The consumer services index has been relatively stable since the beginning of 2025, with a recent underperformance compared to the CSI 300 index [16][17] - The tourism and hospitality sectors have weakened due to declining per capita travel spending [7][16] Tourism and OTA - Domestic travel demand has rebounded significantly, with 1.794 billion domestic trips in Q1 2025, a year-on-year increase of 26.43% [25] - The average travel expenditure per person in Q1 2025 was 1,003.34 yuan, indicating a decline from previous trends due to the rapid increase in travel frequency [25][26] - The report anticipates that the demand for self-driving and short-distance travel will continue to rise, with a focus on experiential tourism rather than traditional sightseeing [25][69] Duty-Free Sector - The duty-free market in Hainan has seen a decline in sales, but the rate of decline is narrowing, with sales of 13.33 billion yuan in the first four months of 2025, down 10.75% year-on-year [32][33] - The report notes that the average spending per customer in Hainan's duty-free shopping has rebounded, reaching 8,319 yuan, a 25.11% increase compared to the previous year [33] - The international travel market is recovering, benefiting airport duty-free shops, with significant growth in international passenger traffic at major airports [37][38] Hotel Sector - The hotel industry is facing increased competition due to rapid supply growth, with the number of hotel facilities reaching 570,100 by the end of 2024, a 6.87% decrease year-on-year [42][44] - The report highlights that leading hotel groups are maintaining strong performance despite price competition primarily affecting budget hotels [42][51] - The expansion of chain hotels in lower-tier markets is expected to continue, with major hotel groups increasing their market presence [54][55] Human Resources Services - The report indicates a slight increase in employment pressure, particularly among recent graduates, with policies aimed at promoting employment expected to be introduced [57][61] - The human resources service market is projected to grow, with a market size of 2.76 trillion yuan in 2023, expected to reach 5.03 trillion yuan by 2028 [65][66] - The integration of AI in human resources services is anticipated to enhance efficiency in recruitment and management processes [66][67] Investment Recommendations - The report recommends focusing on sectors with strong demand, such as scenic spots and OTA, as well as the hotel sector, which is expected to expand despite competitive pressures [68][69] - Specific stocks to watch include Long White Mountain (603099), Emei Mountain A (000888), and China Duty Free (601888) [69]

Group 1: Hainan Free Trade Port Developments - Hainan Free Trade Port is approaching a critical milestone with only 102 days left until full island closure operations by the end of 2025 [2] - Key infrastructure projects, including customs supervision facilities and tax system conversion, are over 80% completed [2] - The summer tourism consumption season has begun, with duty-free shops offering discounts up to 50% on cosmetics and jewelry [2] - Duty-free sales in Hainan are expected to exceed 20 billion yuan from June to August, representing a 15% increase compared to the same period last year [2] Group 2: Economic Indicators and Trends - In May, industrial added value increased by 6.1% year-on-year, with new energy vehicle production reaching 1.025 million units, a 37% increase [3][4] - Retail sales of consumer goods grew by 4.7%, while the restaurant sector saw a growth rate of 12.3% [4] - New energy and consumption are identified as the main drivers of economic growth [4] Group 3: Global Economic Context - The Russia-Ukraine conflict has entered a tactical adjustment phase, with both sides claiming to hold the initiative [5] - The Federal Reserve's meeting minutes indicated a potential interest rate cut later this year if inflation continues to decline, leading to a drop in the dollar index [5] - The offshore RMB exchange rate against the dollar has risen to around 7.18 [5]

2020年6月1日，《海南自由贸易港建设总体方案》正式发布，一幅新时代改革开放的壮美画卷在南海之 滨徐徐展开。5年来，作为海南自由贸易港建设的前沿阵地和重要窗口，海南省三亚市与时代同频共 振，结合自身资源禀赋，以"挑大梁"的担当扛起历史重任，以"当先锋"的锐气突破发展瓶颈，加快推动 形成园区平台支撑、上下游协作配套的产业发展新格局，培育壮大新质生产力，积极抢占南繁种业、深 海科技等新领域新赛道，构建具有三亚特色和优势的现代化产业体系，扎实推进三亚改革开放和经济社 会高质量发展，全力建设世界知名宜居宜游宜业热带滨海城市，为海南自由贸易港建设和中国式现代化 发展贡献三亚智慧与力量。 释放政策红利，离岛免税购物"金字招牌"越擦越亮 产业兴则经济兴。5年来，三亚从单一发展旅游业、房地产业，到向"旅游消费+科技创新+现代产业"的 城市形态演进，多点支撑、多业并举、多元发展的产业发展新格局正加快构建。多元产业矩阵构筑起三 亚高质量发展的"强引擎"，2024年，三亚地区生产总值首次突破千亿元大关。 三亚崖州湾科技城高新区牵手百健士等国际知名企业，依托科大讯飞、一飞科技、三亚通航、京东方艺 云、三亚深海化合物资源中心等企事业 ...

Group 1: Domestic Travel Trends - During the 2025 "May Day" holiday, 314 million domestic trips were made, representing a year-on-year increase of 6.4% [1] - Total spending by domestic tourists reached 180.27 billion yuan, marking an 8.0% increase compared to the previous year [1] - The aviation sector transported 11.15 million passengers during the holiday, with an average of 2.23 million passengers per day, reflecting an 11.8% increase from 2024 and a 55.4% increase from 2019 [2] Group 2: Hainan Duty-Free Shopping - Hainan's duty-free shopping market saw a total consumption of 510 million yuan during the "May Day" holiday, with 79,100 shoppers participating [3] Group 3: Hotel Performance - Atlantis Sanya received 120,000 visitors during the holiday period, achieving an average hotel occupancy rate of 94% [4] Group 4: New Hotel Developments - Minor Hotels announced plans to open the Anantara Clear Water Bay Sanya Resort in October 2027, featuring 90 guest rooms [5] Group 5: Investment Activity - Boyu Capital is set to acquire a 42%-45% stake in Beijing SKP, maintaining control alongside Radiance Company, which will continue to hold a majority stake [6]

Investment Rating - The report maintains a rating of "Outperform the Market" for the industry [3]. Core Insights - The industry fundamentals are expected to remain under pressure in 2024, with most sectors and companies still significantly affected by macroeconomic factors. However, a number of companies are emerging that are successfully navigating the challenges of consumer downgrade by upgrading from categories to quality and then to brand [1][2]. - The report highlights that companies with strong brand attributes are likely to continue outperforming as the market transitions from price-performance to quality-price comparisons [2]. Summary by Sections 1. Duty-Free Sector - The duty-free sales in Hainan are gradually stabilizing, with the implementation of the Hainan closure policy expected to benefit the duty-free sector. The market is seeing improvements in channel and supply chain capabilities, leading to a stable outlook for profitability [2][49]. - Key companies to watch include China Duty Free Group and Wangfujing [2]. 2. Tourism and Gaming - The tourism sector shows strong resilience in demand, becoming a crucial driver for domestic consumption. The recovery in inbound and outbound travel is significant, with a focus on new consumption scenarios and the silver-haired tourism market [2][3]. - Recommended companies include Jiuhua Tourism, Lingnan Holdings, and Sands China [2]. 3. Hotel Industry - The hotel sector is experiencing weak business travel demand, leading to pressure on RevPAR. However, leisure demand remains resilient, and leading companies are enhancing profitability through brand matrix validation and supply chain optimization [3][72]. - Companies to focus on include Huazhu Group, Atour, and Jinjiang Hotels [3]. 4. Restaurant Sector - Leading restaurant companies are demonstrating strong supply chain negotiation and profitability advantages. The overall supply in the restaurant industry is optimizing, with a competitive trend in price-performance [3][7]. - Notable companies include Mixue Ice City, KFC, and Haidilao [3][7]. 5. Cosmetics and Medical Aesthetics - The cosmetics sector is seeing a shift in focus towards profitability, with companies restructuring their product and channel strategies. High-growth companies are expected to achieve both revenue and profit increases [7][23]. - Key players include Juzhibio, Shumei, and Marubi [7][23]. 6. General Retail - The retail sector is undergoing digital upgrades and operational adjustments, with a focus on essential demand and cash flow stability. Companies like Yonghui Supermarket and Multi-Point Intelligence are recommended [8][30]. - The report also highlights the ongoing challenges in the jewelry sector due to rising gold prices [8][30]. 7. Overall Market Performance - The consumer services sector is expected to face challenges, with a projected performance of -8.70% in 2024. However, the beauty and personal care sector is anticipated to recover with a growth of +8.15% in 2025 [11][19].

Core Viewpoint - The capital market is responding positively to the upcoming full closure operation of Hainan Free Trade Port, with Hainan Development's major shareholder announcing a share buyback plan, reflecting confidence in the long-term value of the company and the benefits of the free trade policies [1][2]. Group 1: Share Buyback Plan - Hainan Development's major shareholder, Hainan Provincial Development Holding Co., plans to buy back shares worth between 100 million and 200 million yuan, representing up to 2% of the total share capital over the next six months [1]. - The buyback is seen as a strong endorsement of the company's current value and a demonstration of the shareholder's confidence in the ongoing release of policy dividends from the Hainan Free Trade Port [1][2]. Group 2: Strategic Importance - Hainan Holding's buyback plan aligns with national policies encouraging state-owned enterprises to increase share repurchases to stabilize market expectations and support high-quality development [2]. - The funding for the buyback will come entirely from the company's own resources, highlighting the deep recognition of the long-term value of Hainan-listed companies by state-owned capital [2]. Group 3: Market Potential - The duty-free market in Hainan is expected to grow significantly, with sales projected to exceed 60 billion yuan by 2027, becoming a key driver of economic growth in the region [2]. - Hainan Development is positioned as a platform for the injection of duty-free assets, which is anticipated to provide historical development opportunities as the company aims to capitalize on the policy benefits of the free trade port [2][4]. Group 4: Long-term Confidence - Despite facing short-term operational pressures due to macroeconomic conditions and industry competition, the buyback action serves as a reassuring signal to the market, indicating strong confidence in the company's long-term value [3]. - The integration of duty-free assets is crucial for Hainan Development's strategic transformation, and the buyback is expected to boost confidence among all shareholders, particularly minority shareholders [3][4].

2025年5月7日 证券研究报告 | 5月投资策略暨五一假期总结 旅游量增价稳半径延长，板块关注政策发力与AI+进展 行业研究 · 行业投资策略 社会服务 投资评级：优于大市（维持评级） | 证券分析师：曾光 | 证券分析师：张鲁 | 证券分析师：杨玉莹 | | --- | --- | --- | | 0755-82150809 | 010-88005377 | 0755-81982942 | | zengguang@guosen.com.cn | zhanglu5@guosen.com.cn | yangyuying@guosen.com.cn | | S0980511040003 | S0980521120002 | S0980524070006 | ◼ 行情回顾：4月社服板块跑赢基准1.42pct，关税扰动下政策促进方向与一季报绩优个股相对领涨，其中A股景区以及教育龙头相对居前，港 股强供应链茶饮龙头领涨。五一假期，港美股市场教育绩优个股与AI+教育主题个股涨幅居前，OTA、酒店受益于出行景气亦收获良好表现。 请务必阅读正文之后的免责声明及其项下所有内容 ◼ 五一假期总结：国内总花费增长8.0%，出游意 ...

21世纪经济报道记者 周牧 广州报道 为助力全球精品突破盈利瓶颈，海南控股已打出一套"组合拳"。在市场拓展维度，三亚市场成为战略突 破口。全球精品与海南机场集团成立合资公司，并与海狸环球贸易有限公司(阿里巴巴-Avvolta合资公 司)达成战略合作，计划布局三亚凤凰国际机场T3航站楼旅游零售项目。凤凰机场三期项目2023年开工 建设，建成后年旅客吞吐量预计提升至3000万人次。机场的流量优势将为全球精品带来可观商业价值， 助力提升业绩，加速资产注入承诺的兑现。同时，当前全球精品还在积极拓展自营会员购、电商零售等 业务，与免税主业协同发展，实现差异化经营。 此外，随着海南自贸港全岛封关运作日益临近，一大批核心政策落地见效。根据《海南自由贸易港建设 总体方案》的部署安排，2025年前全岛封关运作的同时，将依法简并现行增值税、消费税、车辆购置 税、城市维护建设税及教育费附加等税费，并启动在货物和服务零售环节征收销售税相关工作，届时海 南自贸港不再征收增值税，独具特色的税制安排将进一步降低企业运营成本，激发市场活力。在企业所 得税方面，注册在海南自贸港并实质性运营的鼓励类产业企业减按15%征收，旅游业、现代服务业、高 ...