旅游业作为海南四大主导产业的"排头兵"，它的吸引力早就不是"看海、玩沙、晒太阳"那么简单 了，已经实现从"旅游"到"旅游+"的高价值转变。 近年来，海南全力建设国际旅游消费中心，催生大量旅游消费新业态，第五、第七航权开放叠加86 国人员入境免签政策，为国际游客来琼打开方便之门，也给企业投资海南旅游业带来了更大流量和更广 阔机遇。 比如，免税购物可以说是"全域旅游+全球购物"的结合体。独一无二的离岛免税购物政策，每个人 每年10万元的免税购物额度，这可是巨大的消费磁铁。而且，符合条件的企业还可以享受进口设备"零 免税"、15%企业所得税等优惠政策，让投资成本直接降低，利润空间更大了。 西门子能源海南燃机总装基地落户洋浦;全国最大的钢质入级游艇"亚特兰蒂斯号"正式入驻三 亚……海南自贸港全岛封关后，越来越多的企业到海南做生意，仅外贸经营主体备案数量，截至今年1 月10日就达4709家。 从一个个案例看，企业前来重点投资的是海南四大主导产业——也就是旅游业、现代服务业、高新 技术产业和热带特色高效农业。这四大产业产值已占海南GDP的近七成。缘何它们对企业有那么高的吸 引力? 本期封关运作"知"多少，我们先看旅游业和 ...

海南日报三亚1月23日电（海南日报全媒体记者 刘操）1月23日，记者从三亚市第八届人民代表大 会第七次会议上获悉，三亚今年将大力发展开放型经济，立足开放做好"外资、外贸、外国人"三篇文 章。 招商引资方面，三亚力争引进"三类500强"60家、央企子公司11家、总部企业10家，全年新增经营 主体不少于3.7万家。 今年，三亚将积极引进高质量外资项目，大力推动跨国公司在三亚设立区域总部、功能性总部、结 算中心、研发中心，持续推进旅游消费、医疗健康、商贸物流等领域标志性外资项目落地；加快推进琼 港经济合作三亚示范区建设，提升港资企业吸引力和集聚度；打造"两个总部基地"三亚示范区，大力建 设三亚环球贸易之窗，引进高品质外资外贸企业，加快形成集聚规模；聚力提升货物贸易，扩大"零关 税"产品进口、农产品进出口等外贸业务；创新服务贸易发展，用好跨境服务贸易负面清单、国家中医 药服务出口基地、国家对外文化贸易基地等政策叠加优势，培育壮大运输、旅游、商业等服务贸易新业 态；实行更加开放的人才引进政策，提升人才和外国游客规模，持续增辟国际航空、邮轮航线，加密班 次，推动机场、邮轮港游客扩容。 做好"外资、外贸、外国人"三篇文章 ...

新华社海口1月19日电（记者周慧敏）当我国北方冰天雪地时，地处热带的海南温暖如春，也迎来了一年之中最繁忙的冬日旅游旺季。尤其自 2025年12月18日海南自贸港全岛封关运作以来，各项政策红利持续释放，海南入境旅游市场热度持续攀升。 在海南三亚的大东海沙滩上，大批外国游客惬意地享受冬日暖阳。来自莫斯科的玛莉卡特意将三亚选为首次来到中国的度假目的地。"我们想 找一个热带滨海城市度假，同时感受一下中国风情。"她说。 数据是市场热度最直观的印证。据海口出入境边防检查总站统计，海南自贸港全岛封关首月，该总站共查验入出境外国人18.6万人次，同比 增长46%。其中，免签入境海南的外国旅客8.7万人次，同比增长64%。 海南入境游的持续火爆，离不开便利的免签政策与日益完善的航空网络双重支撑。目前，入境海南免签国家已达到86个，空港国际及地区客 运航线达到92条，航线网络覆盖东北亚、东南亚、欧洲、大洋洲等核心区域。 白俄罗斯游客安东第二次携家人来三亚度假。"免签政策非常方便，可以在海南待30天！"他说，以前从白俄罗斯到海南很麻烦，要先从明斯 克飞到莫斯科，再乘坐航班到三亚。随着2025年10月白俄罗斯与海南之间的直航航线开通 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The overall performance of social retail in 2025 was steady, with a total retail sales of 501,202 billion yuan, reflecting a year-on-year growth of 3.7%. December's retail sales reached 45,136 billion yuan, with a growth of 0.9% [4] - Essential categories like grain, oil, and food maintained resilience, while optional categories like cosmetics performed relatively well. The overall Consumer Price Index (CPI) in December increased by 0.8%, with food prices rising by 1.1% [5] - Online retail channels showed a continuous recovery, with total online retail sales reaching 159,722 billion yuan in 2025, marking an 8.6% increase. The share of physical goods in online retail was 130,923 billion yuan, growing by 5.2% [6] Summary by Sections Retail Performance - In 2025, the retail sales of essential goods such as grain and oil increased by 3.9%, while optional goods like cosmetics saw an increase of 8.8% in December [5] - The online retail sector showed significant growth, with a year-on-year increase in online sales of food, clothing, and daily necessities [6] Investment Recommendations - The report suggests focusing on high-quality companies in the "emotional consumption" theme, particularly in four investment lines: 1. Gold and jewelry brands with differentiated product offerings [7] 2. Offline retail companies adapting to market changes [7] 3. Domestic cosmetics brands that emphasize emotional value and innovative ingredients [7] 4. Medical beauty firms with unique products and expansion strategies [7]

Core Insights - The Hainan Free Trade Port has implemented comprehensive policies such as "zero tariffs," tax exemptions for processing and value-added, and relaxed trade management measures, significantly enhancing its attractiveness for investment and trade [1][2] Group 1: Policy Implementation - In the first month of closure, Hainan approved 10,038 entities to benefit from "zero tariffs" and registered 112 companies for tax exemptions on processing and value-added [1] - The total number of registered foreign trade enterprises in Hainan surpassed 100,000 for the first time, with 5,132 new registrations, including 113 foreign-invested enterprises [1] Group 2: Trade Performance - Hainan's foreign trade import and export value exceeded 27 billion yuan in the first month [1] - The "zero tariff" policy allowed 30 entities to import goods worth 750 million yuan, covering 37 tax categories, with major imports including crude oil and mineral products [1] Group 3: Processing and Value-Added Policy - 30 enterprises utilized the tax exemption for processing and value-added, exporting goods worth 85.87 million yuan, resulting in a tax exemption of 3.318 million yuan [2] - The policy has effectively integrated local products like coconuts and sea salt into the "overseas raw materials - Hainan processing - domestic sales" supply chain [2] Group 4: Trade Management and Consumer Trends - The relaxation of trade management measures led to the import of bonded maintenance goods worth 347,000 yuan [2] - The amount spent on duty-free shopping in Hainan reached 4.86 billion yuan, a 95.2% increase compared to the previous month, indicating strong consumer demand [2]

Core Insights - The Hainan Free Trade Port has seen significant growth in its inbound tourism market since its closure on December 18, 2025, achieving a strong start in the first month of operation [1][4] Group 1: Market Performance - In December 2025, Hainan welcomed 773,000 overnight inbound tourists, a 59.5% increase compared to 2024, surpassing pre-pandemic levels [1] - Total inbound tourism expenditure reached $14,140 million in December 2025, marking a 63% year-on-year increase [2] Group 2: Market Structure - The source market structure has diversified, with stable growth from traditional markets like Russia and Southeast Asia, and notable increases from distant markets such as the UK (56%), France (83%), Italy (144%), Spain (62%), and Australia (52%) [1][2] Group 3: Consumer Behavior - There is a shift in tourism consumption patterns towards deeper vacation experiences, with the average length of stay increasing from 3.37 nights in 2024 to 3.96 nights in 2025 [2] - The focus of spending is moving from single shopping experiences to more comprehensive and immersive activities, highlighting Hainan's appeal as a high-quality vacation destination [2] Group 4: Future Strategies - Hainan's tourism department plans to enhance inbound tourism by focusing on deepening source market engagement, strengthening promotional efforts, and solidifying service foundations [4] - The province aims to conduct at least 10 promotional activities in key source markets and invite international travel agencies and airlines for collaboration [4]

Core Insights - The first month of Hainan's free trade port operation has shown significant growth in inbound tourism, surpassing pre-pandemic levels, with a 59.5% increase in overnight visitors compared to the same period in 2024 [1][4] - The inbound tourism market is experiencing a structural shift, with diverse source markets emerging, particularly strong growth from Europe and Australia [1][3] Group 1: Inbound Tourism Growth - Hainan received 773,000 overnight visitors in December 2025, marking a 59.5% year-on-year increase [1] - The inbound tourism total expenditure reached $14,140 million in December 2025, reflecting a 63% increase compared to the previous year [3] - The average length of stay for inbound tourists increased from 3.37 nights in 2024 to 3.96 nights in 2025, indicating a shift towards deeper vacation experiences [3][4] Group 2: Market Structure and Consumer Behavior - Traditional markets such as Russia and Southeast Asia continue to grow, while long-distance markets like the UK, France, Italy, Spain, and Australia have shown remarkable increases in visitor numbers, with growth rates of 56%, 83%, 144%, 62%, and 52% respectively [1] - The focus of tourist spending is shifting from mere shopping to immersive experiences, with a notable demand for cosmetics and domestic premium products [3] - The increase in average stay duration suggests a successful transition from shopping tourism to vacation and experiential tourism, enhancing Hainan's international reputation [4] Group 3: Future Strategies - Hainan plans to enhance inbound tourism by conducting promotional activities in key source markets and inviting international travel agencies and airlines for site visits [3] - The government aims to strengthen its promotional efforts by hosting significant events and leveraging online platforms to promote its "visa-free + duty-free" brand [3] - Continued investment in international flight routes, language services, and payment facilitation is expected to position inbound tourism as a new economic growth engine for Hainan [4]

消息面上，1月18日，海南自由贸易港封关运作满月。据海口海关统计，自2025年12月18日至2026年1月17日，海口海关共监管离岛免税购物金额48.6亿元， 同比增长46.8%；购物人数74.5万人次，同比增长30.2%；购物件数349.4万件，同比增长14.6%。 国金证券认为，公司增长的核心来自基本面回暖，而非市场认为的政策刺激。政策刺激是短期的，而基本面的改善是长期的。从内需看，高端消费的恢复是 免税行业复苏的基础，免税行业存在整体性机会；从外需看，入境游客的消费潜力，并未被市场充分认识。因此中免业绩增长持续性将超预期。 编辑/Liam 智通财经APP获悉，中国中免(01880)涨超5%，截至发稿，涨5.55%，报86.5港元，成交额1.81亿港元。 ...

Core Insights - Hainan's free trade port has seen a significant boost in its inbound tourism market, achieving a "good start" in its first month of full operation [1] Group 1: Inbound Tourism Market Growth - The scale of inbound tourist flow has rapidly increased, with Hainan receiving 773,000 overnight visitors in December 2025, marking a 59.5% growth compared to 2024, surpassing pre-pandemic levels [1] - The operational advantages of the free trade port have quickly transformed into strong momentum for attracting global tourists [1] Group 2: Market Structure Optimization - The source market structure is continuously optimizing, with stable growth from traditional markets such as Russia, Southeast Asia, and Hong Kong, Macau, and Taiwan, while remote markets like Europe and Australia also show impressive performance [1] - Visitor numbers from the UK, France, Italy, Spain, and Australia in December 2025 increased by 56%, 83%, 144%, 62%, and 52% respectively compared to the previous year [1] Group 3: Upgrading of Tourism Consumption Patterns - Inbound tourism spending has also surged, reaching $14,140 million in December 2025, with a year-on-year increase of 63% [1] - The popularity of duty-free shopping remains high, particularly for cosmetics and domestic products, indicating a shift in consumer focus from mere shopping to deeper experiential travel [1] - The average length of stay for inbound tourists has increased from 3.37 nights in 2024 to 3.96 nights in 2025, highlighting the unique charm and comprehensive competitiveness of Hainan's high-quality vacation tourism [1]

中国中免（601888）(01880)涨超3%，截至发稿，涨3.36%，报84.7港元，成交额6840.17万港元。 消息面上，1月18日，海南自由贸易港封关运作满月。据海口海关统计，自2025年12月18日至2026年1月 17日，海口海关共监管离岛免税购物金额48.6亿元，同比增长46.8%；购物人数74.5万人次，同比增长 30.2%；购物件数349.4万件，同比增长14.6%。 国金证券认为，公司增长的核心来自基本面回暖，而非市场认为的政策刺激。政策刺激是短期的，而基 本面的改善是长期的。从内需看，高端消费的恢复是免税行业复苏的基础，免税行业存在整体性机会； 从外需看，入境游客的消费潜力，并未被市场充分认识。因此中免业绩增长持续性将超预期。 ...