据观点网报道，10月9日海口海关发布数据显示，国庆中秋假期期间，海南离岛免税销售金额9.44亿 元，购物人数12.29万人次，人均购物金额7685元，较2024年同期分别增长13.6%、3.2%、10%；假期8 天内，海口海关共监管离岛免税购物12.29万笔，客单价稳步提升。免税购物热潮持续升温，带动海南 旅游零售市场保持两位数增长。 旅客出行人次创新高 根据交通运输部公布的数据，10月1日至8日，累计全社会跨区域人员流动量预计达到24.32亿人次，创 历史同期新高，日均3.04亿人次，同比2024年国庆假期增长6.2%。其中，铁路客运量预计共15396万人 次，日均1924万人次，同比增长2.6%；公路人员流动量预计共224751万人次，日均28094万人次，同比 增长6.5%；水路客运量预计共1167万人次，日均146万人次，同比增长4.2%；民航客运量预计共1917万 人次，日均240万人次，同比增长3.4%。 智通财经APP获悉，国泰海通发布研报称，根据文旅部公布的数据，2025年国庆中秋假期实现国内旅游 出游合计8.88亿人次，同比2024年+16.1%，同比2019年+13.6%；国内游客出游总花 ...

Investment Rating - The industry investment rating is "Outperform" [1][60]. Core Insights - The report highlights a significant recovery in civil aviation passenger traffic, with major airports seeing a notable rebound in international passenger flow [4][5]. - There is a sustained enthusiasm for domestic travel during holidays, with inbound tourism continuing to thrive [4][15]. - The service sector shows a positive trend, with service consumption and production indices on the rise [30][31]. Summary by Sections Civil Aviation Recovery - Civil aviation passenger volume is recovering, with August 2025 domestic passenger volume reaching approximately 75.36 million, a 3.3% increase from 2024 and a 23.1% increase from 2019 [8]. - The average domestic economy class ticket price in August 2025 was 694.1 yuan, down 1.0% from 2024 and 8.5% from 2019 [8]. - International passenger volume in August 2025 was about 7.47 million, a 15.3% increase from 2024 and a 6.5% increase from 2019 [10]. Domestic Travel Enthusiasm - During the National Day and Mid-Autumn Festival holiday, domestic travel reached 888 million trips, an increase of 1.23 million from 2024, with total spending of 809 billion yuan, up 1.08 billion yuan from 2024 [18]. - The average spending per trip during the holiday was 911 yuan, surpassing 2019 levels but slightly lower than 2023 [20]. - The average travel radius for tourists reached 212.66 kilometers, a 14.8% increase year-on-year, indicating a growing willingness to travel further [23]. Service Sector Performance - In August 2025, restaurant revenue grew by 2.1%, and retail sales increased by 3.6%, with the service production index rising by 5.6% [31]. - The service sector PMI remained above the threshold, recording 50.1% in September, indicating ongoing demand recovery [33]. - The total revenue of the service industry from January to July 2025 saw a cumulative year-on-year increase of 7.4% [31]. Key Company Tracking - Ctrip's net profit for 2025 is projected to be 17.71 billion yuan, with a potential for valuation improvement compared to international OTA leaders [54]. - The report indicates a strong trend towards long-distance and cross-border travel, with significant growth in bookings for destinations beyond traditional hotspots [53]. - The average occupancy rate for star-rated hotels in Shanghai reached 71.90% in August 2025, recovering to 105.74% of 2019 levels [47].

Core Viewpoint - The Hainan Free Trade Port is set to officially start its full island customs closure operation on December 18, 2025, aiming to establish a customs supervision special area with a focus on liberalization and convenience policies [1] Policy Implementation - Since the release of the "Overall Plan for the Construction of Hainan Free Trade Port" in June 2020, Haikou Customs has been optimizing regulatory services to ensure the effective implementation of Hainan's free trade port policies, significantly reducing operational costs for enterprises [1] - The customs has expanded zero-tariff policies for raw materials, self-use production equipment, and operational vehicles, achieving a cumulative import value of 25.5 billion yuan and tax reductions of 4.9 billion yuan, benefiting 558 enterprises [2] Industry Support - The customs has implemented a processing value-added tax exemption policy across the island, with 129 registered enterprises and 51 actively conducting business, leading to a cumulative domestic sales value of 10.9 billion yuan and tax exemptions of 850 million yuan, positively impacting industries such as pharmaceuticals and jewelry [2] - In the Boao Lecheng "Medical Special Zone," customs has ensured the implementation of zero-tariff policies for drugs and medical devices, with an import value of 22.5 million yuan and tax reductions of 2.947 million yuan [2][4] Smart Supervision Model - Post-closure, customs will emphasize trade freedom and convenience, innovating regulatory models to achieve efficient and precise supervision, aligning with the characteristics of a free trade port [5] - The customs has simplified the declaration process for zero-tariff goods, reducing the number of declaration items from 105 to 33, facilitating faster customs clearance and further lowering costs for enterprises [5][8] Integration of Policies and Industries - Haikou Customs is developing ten supporting systems based on customs supervision methods and processing value-added tax collection methods, ensuring stable and efficient operations at the "second-line ports" after the full island closure [9] - Adjustments to the processing value-added tax exemption policy have been made to lower the threshold for enterprises and expand the range of imported materials, enhancing market vitality and competitiveness for Hainan enterprises [9]

Core Viewpoint - The draft of the Hainan Free Trade Port Tourism Regulations aims to enhance Hainan's tourism appeal through various measures, including expanded visa-free entry policies and improved duty-free shopping experiences [1][4]. Group 1: Visa-Free Entry Policies - The draft proposes a broader range of visa-free entry policies for tourists, allowing citizens from certain countries approved by the State Council to enter Hainan without a visa [1]. - Foreign tourists can also enter Hainan without a visa if they arrive through designated ports and meet specific conditions, such as traveling in groups from Hong Kong or Macau [1]. - Cruise passengers arriving at Hainan's cruise ports will be exempt from visa requirements [1]. Group 2: Duty-Free Shopping Policies - The draft outlines a more open and convenient duty-free shopping policy for travelers, aiming to increase the variety of duty-free products and enhance shopping limits [4]. - It encourages the development of modern shopping facilities and the introduction of international high-end brands to improve service quality and create a high-quality consumer environment [4]. - The integration of duty-free shopping with tourism is promoted to extend the industry chain and enhance the overall value and experience of duty-free shopping [4].

Group 1 - The Hainan Free Trade Port is implementing a broader visa-free entry policy for tourism, allowing citizens from certain countries to enter without a visa and travel within the port for a specified period [1][2] - During the summer period, Hainan's tourism market showed strong vitality, with 12 duty-free operators reporting total sales of 3.67 billion yuan and 667,000 visitors from July 1 to August 31 [1] - The new regulations encourage the integration of duty-free shopping with tourism, enhancing the overall value and experience of duty-free shopping [2][3] Group 2 - The implementation of a broader visa-free entry policy is expected to align local service standards with international practices, prompting upgrades in the tourism industry towards higher quality and precision [3] - The increase in international visitors is anticipated to attract foreign investment in tourism-related sectors, creating a virtuous cycle of "visitor flow driving investment, and investment promoting industry" [3] - Long-term, this strategy aims to transform Hainan from a singular tourist destination into a global hub for tourism consumption resources, laying a solid foundation for the construction of an international tourism consumption center [3]

日前，海南省人民代表大会常务委员会网站就《海南自由贸易港旅游条例(草案)》(以下简称《条例》) 公开征求意见。《条例》涉及旅游规划与资源保护、旅游发展与促进、旅游业开放与国际化、旅游经营 与权益保护、旅游安全与应急处置、旅游监督管理等多个方面的内容。 其中，在旅游业开放与国际化方面，《条例》指出，海南自由贸易港实施更大范围的旅游免签入境政 策。具体来看，经国务院特别批准的国家的公民，可以免办签证从海南自由贸易港对外开放口岸入境， 在规定期限内在海南自由贸易港旅游。符合条件的外国人可以免办签证，从海南自由贸易港内实施过境 免办签证政策的城市口岸入境，在规定期限内在海南自由贸易港旅游。 此外，《条例》提出，鼓励离岛免税经营主体与旅游业态融合发展，延伸产业链，提升离岛免税购物的 综合效益与体验价值。 "海南积极对标国际，着力打造免税购物、国际医疗等核心品牌，并以此为基础构建多样化的旅游消费 品牌与产品体系。这些举措深度融合双向互动，正汇聚为加快建设国际旅游消费中心的强大新动能，催 生出一系列新业态与新产品。"一位旅游行业分析师对《证券日报》记者表示。 "创新是国际旅游消费中心建设的最根本特征。"中国旅游研究院余超博 ...

Core Viewpoint - The article discusses the draft of the "Hainan Free Trade Port Tourism Regulations," which aims to enhance tourism development, promote international tourism consumption, and establish a regulatory framework for the tourism industry in Hainan [1]. Group 1: Promotion of Tourism Integration Development - The draft mandates local governments to create policies that promote the integration of tourism with various sectors such as agriculture, commerce, marine fisheries, aerospace, technology, healthcare, and sports [3]. - It encourages the development of sports tourism by hosting events like marathons and sailing competitions, and aims to establish national sports tourism demonstration zones [3]. - The draft supports the development of new tourism formats, including marine, wellness, and self-driving tourism, while ensuring effective regulation of emerging tourism technologies and business models [3]. Group 2: Support for International Tourism Consumption Center Construction - The draft allows qualified foreign tour guides to operate in Hainan and permits foreign investors to establish performance agencies and tourism-related businesses [6]. - It promotes a more open and convenient duty-free shopping policy for outbound tourists and aims to enhance the internationalization of tourism services [7]. - The draft emphasizes increasing the variety of duty-free products and shopping limits, aiming to create a globally influential duty-free shopping destination [7]. Group 3: Regulation of Tourism Business Practices - The draft outlines strict regulations against false advertising and unauthorized charges by tourism operators, ensuring transparency and fairness in tourism activities [8]. - It establishes legal responsibilities for travel agencies that engage in low-price solicitation and forced consumption practices [9]. - The draft aims to improve the quality of tourism services and dispute resolution mechanisms to protect tourists' rights [8].

Core Viewpoint - The draft of the "Hainan Free Trade Port Tourism Regulations" aims to enhance tourism and shopping experiences in Hainan by implementing more open and convenient policies for duty-free shopping and visa-free entry for tourists [1][4][5]. Group 1: Duty-Free Shopping Policies - The draft proposes to implement more open and convenient duty-free shopping policies for island travelers, encouraging the government to increase the variety of duty-free goods, enhance shopping limits, innovate regulatory models, and facilitate pickup methods [4]. - It aims to create an internationally influential duty-free shopping destination by promoting modern shopping facilities and introducing international high-end brands [4]. Group 2: Visa-Free Entry Policies - The draft suggests a broader range of visa-free entry policies for tourists, allowing citizens from countries approved by the State Council to enter Hainan without a visa [5]. - Foreign tourists can also enter Hainan visa-free if they arrive via designated ports or travel through Hong Kong and Macau with registered travel agencies [5]. Group 3: Integration of Tourism Industries - The draft emphasizes the integration of culture, tourism, sports, and health industries, leveraging Hainan's unique cultural resources to promote all-area tourism development [6]. - It encourages the development of marine tourism and the establishment of comprehensive marine tourism complexes that include sightseeing, leisure, and docking facilities for cruise ships and yachts [6]. Group 4: Development of Various Tourism Types - The draft promotes forest tourism by utilizing ecological resources such as national parks and wetlands to develop eco-tourism products [7]. - It encourages health tourism by leveraging Hainan's climate and ecological advantages to develop wellness tourism products, including medical care and climate therapy [7]. - The draft also supports the development of educational tourism by establishing research bases and collaborating with educational institutions to create relevant courses [7]. Group 5: Self-Driving and RV Camping Tourism - The draft encourages the development of self-driving and RV camping tourism by creating premium driving routes and establishing well-equipped camping sites along scenic roads [8].

Core Viewpoint - China Duty Free Group (中国中免) reported a decline in both revenue and net profit for the first half of the year, primarily due to fluctuations in the Hainan duty-free market and intensified industry competition [1] Financial Performance - The company achieved operating revenue of 28.151 billion yuan, a year-on-year decrease of 9.96% [1] - Net profit attributable to shareholders was 2.599 billion yuan, down 20.81% year-on-year [1] - Net profit after deducting non-recurring gains and losses was 2.595 billion yuan, a decline of 19.84% year-on-year [1] - The net cash flow from operating activities was 2.607 billion yuan, a significant drop of 39.50% year-on-year, mainly due to reduced sales receipts [1] Duty-Free Market Conditions - The Hainan duty-free shopping amount for January to June 2025 was 16.76 billion yuan, a year-on-year decrease of 9.2%, indicating the market is still in an adjustment phase [1] - The number of duty-free shoppers decreased by 26.2% to 2.482 million, while the average spending per shopper increased by 23.0% to approximately 6,754 yuan [1] Strategic Initiatives - The company is implementing a "duty-free + cultural tourism" integration strategy, with the Sanya International Duty-Free City successfully designated as a national AAAA-level tourist attraction [2] - The company has secured operating rights for several duty-free stores at key ports, including Guangzhou Baiyun Airport and others, while also exploring a "duty-free + taxable" integration model [2] - Online sales accounted for 28.5% of total revenue, with 7.828 billion yuan generated from online channels [2] International Expansion - The company has made progress in overseas markets, entering Vietnam with the opening of duty-free stores at Hanoi's Noi Bai and Phu Quoc International Airports [2] - Strategic partnerships have been established with notable domestic brands to promote Chinese products in international markets such as Vietnam, Cambodia, and Japan [2] Cost Structure and Currency Impact - Sales expenses amounted to 4.262 billion yuan, a year-on-year decrease of 8.11%, with rental fees constituting over 51% of sales expenses at 2.179 billion yuan [3] - The company's international business faced significant impacts from currency fluctuations, resulting in an exchange loss of 194 million yuan, compared to 80.889 million yuan in the same period last year [3]

Core Insights - Haikou is leveraging cultural and sports events to boost tourism and consumer spending, aiming to become a vibrant consumption city [1][2][3] - The city has hosted numerous high-profile performances and events in 2023, significantly increasing visitor numbers and tourism revenue [2] - Haikou is promoting a multi-industry collaboration through "cultural, sports, tourism, commerce, and exhibitions" to unlock consumer potential [3] Group 1: Cultural and Sports Events - The performance of the ballet "Red Detachment of Women" attracted many visitors, highlighting the trend of traveling for cultural experiences [1] - Haikou plans to host various high-quality cultural events and sports competitions in the coming years to continuously stimulate market activity [1][3] - Major concerts and music festivals have been organized, including performances by renowned artists, contributing to the growth of the "performance + tourism" consumption model [2] Group 2: Economic Impact and Consumer Engagement - The Jay Chou concert in 2023 drew over 150,000 visitors, generating tourism revenue of 976 million yuan in just four days [2] - Local businesses are offering exclusive discounts to event attendees, enhancing the integration of cultural activities with consumer spending [2] - Haikou's exhibition industry is expanding, with plans for 450 large-scale exhibitions in 2024, aiming for comprehensive revenue exceeding 10 billion yuan [3] Group 3: Tourism and Shopping Innovations - Haikou is promoting marine tourism and water sports, capitalizing on its favorable coastal conditions [3] - The introduction of new duty-free shopping options allows tourists to take purchases immediately, enhancing the shopping experience [3]