Last weekend, the special economic zone in Hainan ushered in heavy interest, Hainan boiling! Today's opening, Hainan plate set off a surge in daily life.
First look at the overall situation of the stock market, today's opening, the Shanghai Composite Index, Shenzhen Component Index and the Shanghai and Shenzhen 300 have declined, as of the close, the decline was 1.53%, 0.61% and 1.61%, only the entrepreneurial index rose 0.77%.
However, today's Hainan plate broke out after the opening of the group, Hainan Rubber, Luo Niu Shan, Channel shares, Hainan high-speed and other 21 stocks all daily limit.
Recalling the situation on the previous Friday, the Shanghai Composite Index fell 0.65% to close at 3,157.39 points; Shenzhen Component Index fell 0.37%, and the GEM fell 0.13%. Among them, gold, intellectual property, Hainan, chemical drugs and other sectors fell the top. Undoubtedly, the news of the weekend made the Hainan plate set off a rising tide.
Hainan free trade port set sail
On the news side, on April 13, Xi Jinping attended the 30th anniversary conference of the Special Economic Zone of Hainan Provincial Construction Office and delivered an important speech, announcing the construction of the Hainan Free Trade Pilot Zone and a free trade port with Chinese characteristics. On April 14, the State Council issued “About Supporting Hainan. Comprehensively deepen the guidance for reform and opening up."
The Opinion states:
1. By 2020, significant progress has been made in the construction of the Free Trade Pilot Zone, and international openness has increased significantly; by 2025, the free trade port system has been initially established, and the business environment has reached the domestic first-rate level;
2. Encourage the development of beach sports, water sports, horse racing and other projects and support the creation of a national sports tourism demonstration zone.
3. Explore the development of sports guessing sports lottery tickets and large-scale international tournaments that open lottery tickets.
4. Accelerate the promotion of new energy vehicles and energy-saving and environmentally friendly vehicles, and gradually prohibit the sale of fuel vehicles in Hainan Island.
5. To implement a more open and convenient policy of out-of-island duty-free shopping, to achieve full coverage of passengers on outlying islands and to increase duty-free shopping limits.
6. To comprehensively implement and improve the international medical tourism pioneer district policy of Boao Music City, encourage the research and application of new medical technology, new equipment, and new medicines, and formulate a facilitation policy to support the overseas patients to enter the predecessor area.
7. Support Hainan's opening of a multinational cruise travel route, support the pilot ports of Sanya and other cruise ports in the development of sea-going routes, and accelerate the development of Sanya in the direction of the home port of cruise ships.
8, build "digital Hainan." We will promote the full coverage of urban and rural fiber optic networks and high-speed mobile communication networks, accelerate the implementation of information into villages and households projects, and strive to improve the ability of communications and protection in the South China Sea.
9. Encourage Hainan tourism companies to optimize and reorganize, support eligible companies in listing and financing, promote the scale, brand, and network management of the tourism industry and form a group of internationally competitive tourism groups.
10. It is necessary to formulate a preliminary plan to stabilize market expectations and resolutely prevent speculation in real estate speculation.
At the same time, development goals have been set:
By 2020, significant progress has been made in the construction of the Free Trade Pilot Zone and international openness has increased significantly. By 2025, the quality and benefits of economic growth will be significantly improved; the free trade port system will be initially established and the business environment will reach the domestic first-rate level.
By 2035, China will be at the forefront of the socialist modernization drive. The free trade port system will have a more mature system and mode of operation, and the business environment will rank among the top in the world.
Institutions: Focus on key beneficiary areas
Minsheng Securities stated that the "Guiding Opinions" highlighted ten major industries: seed industry, medical care, education, sports, telecommunications, internet, culture, maintenance, finance, and shipping. It is required to focus on these key areas, deepen the opening up of modern agriculture, high-tech industries and modern service industries, promote the accelerated development of service trade, protect the legitimate rights and interests of foreign investment, and promote the gradual opening up of shipping.
Ping An Securities Strategy commentary on medium and long-term investment opportunities in Hainan's reform and opening up, tourism (sightseeing tourism, sports tourism, hotel entertainment, etc. and betting), modern service industry (finance, education, sports and culture) and high-tech industries (new energy vehicles and The new development opportunities of green environmental protection, information technology, biomedicine, modern agriculture, and marine economy will not stop at the expansion of the Hainan market, but will also benefit from the interaction of global markets, capital, and technology under a full-scale opening up and new modes of new business. The liberalization of China's economy and the tilt of its industrial policy under the strategic height of China's reform and opening up. Hainan’s investment opportunities for reform and opening up are not limited to Hainan. The new plan is committed to promoting Hainan’s new benchmark for a new era of deepening reform and opening up. In particular, the development of high-tech industries will play an important positive and long-term role for China’s emerging economy. Demonstration of the role of pull, and the corresponding industry investment opportunities worth the long-term focus of the equity market configuration.
The GF Strategy believes that the core points of the Hainan policy are: 1) gradually explore the construction of free trade ports on the basis of the experience of the free trade zone; 2) reshape the four strategic positioning of Hainan and promote the opening up at a higher starting point; 3) focus on tourism and modern services And high-tech industries to build Chinese characteristics of free trade ports.
Hainan's free trade port policy will help increase the market's risk appetite for the Hainan plate, and it is recommended to focus on benefiting the industry chain: 1) Main line 1: Infrastructure is a priority. It is recommended to focus on the "sea, land and air" (ports, expressways, and aviation) transportation sector. 2) Main line 2: "Tourism +" based. On the one hand, it is recommended to pay attention to traditional tourism elements (hotels, scenic spots, catering, etc.); on the other hand, it is recommended to focus on cultural and sports (race, gambling, games, etc.), agriculture, medical, and other derivative industrial chains. 3) Main line 3: Central protection. The proposal focuses on such areas as landscaping.
Huachuang Strategy believes that for Hainan, the special economic zones, eco-provincial provinces, international tourism islands, and South China Sea townships are their core orientations. These major industries and their associated infrastructure, ports, and aviation construction are either "Heavy" lies. Therefore, it is recommended to focus on five major subdividing directions: ecological gardens, tourism, local building materials, ports and aviation, and tax incentives. The main concern is: Hainan Ruize, Straits shares, China National Tourism, Hainan High Speed, and Hainan Rubber. Focus on Hainan Ruize, China National Travel Service and Straits shares.
Attached to the list of 30 A-share listed companies in Hainan:
The Three-Level Meaning of Hainan Free Trade Port Construction
Source: GF Securities
1) What is the difference between Hainan Free Trade Zone and Free Trade Port?
What is a free trade zone? According to the definition of the United States Customs Committee, the free trade zone is different from the general tariff area in the exemption of customs duties for goods used for re-export, and is an independent blockade area that can eliminate tariffs as long as imported goods do not flow into the domestic market. What is a free trade port? According to an article written by Wang Yang, vice premier of the State Council, in the “People’s Daily” in November 17th, the free trade port is a special area set up outside the borders of a country (region), free entry and exit of goods and capital, and the vast majority of commodities are exempted from tariffs. The most open special economic function area. Starting from the definition, compared with the free trade zone, the free trade port has a wider area, a greater degree of free circulation, and a more special mode of operation:
The free trade area is more extensive. Freeport is usually located in a seaport (sometimes airport) city, including the entire city (such as Hong Kong, Singapore, Rotterdam, Dubai, etc.), and the free trade zone is defined in the area around the city (such as Waigaoqiao Free Trade Zone, etc.).
The Free Trade Port has a wider scope of free circulation. The Free Trade Zone focuses on the free circulation of goods, and the Free Trade Port is committed to full-scale opening. Apart from free trade, it also includes freedom of investment, freedom of employment, freedom of operation, and free entry and exit of business personnel.
The free trade port usually adopts the “overseas customs” operating mode, that is, from the geographical perspective, the free trade port is in the country, but from the perspective of administrative supervision, it is outside the customs management level. Compared with the free trade zones, the free trade ports are more special in terms of customs supervision, taxation arrangements, and other typical free trade ports in Singapore, Dubai, and Hong Kong have all formed a “one line free, second line, free zone” regulatory model. .
For Hainan, the Free Trade Zone can be seen as an intermediate form of going to a free trade port, with narrower scope and functions, and relatively low requirements for the precision of supervision. Therefore, we believe that Hainan will commit itself to self- Based on the experience of the trade zone and combined with successful cases from abroad, we will gradually explore the construction of an international free trade port. The focus and difficulty lies in the design of such systems as supervision.
2) Why Hainan builds an international free trade port?
For the world, the “free trade port” reflects China’s new heights and new measures for reform and opening up; for Hainan, whether it is building a free trade pilot zone or promoting the construction of a free trade port with Chinese characteristics is a local historical development. opportunity. We believe that the decision of the party Central Committee to build an international free trade port in Hainan will be based on three levels: policy, location, and industry:
Policy level: Hainan is both a special economic zone and an area for reform and opening up. Hainan is China’s largest special economic zone. Chairman Xi Jinping emphasized at the opening ceremony of the Boao Forum on April 10 that “Hainan development is an important historical witness for China’s 40-year reform and opening up” and fully affirmed Hainan’s special position in China’s overall reform and opening up. And important achievements.
Location level: Hainan has significant ecological advantages and is located at the “One Belt and One Road” strategic fulcrum. On the one hand, Hainan is located in the tropics and has geographical advantages such as coastal areas, borders, and islands. The major ecological environmental indicators are leading in the country, and it is rich in natural resources. On the other hand, Hainan is located in the center of East Asia and Southeast Asia, close to the main international shipping lanes. , is the "21st Century Maritime Silk Road" strategic fulcrum.
Industry level: Take tourism as the pillar industry and promote all-round opening. At present, the tertiary industry has become the leading industry in Hainan, and the tourism industry has the highest contribution rate. According to statistics of the Hainan Provincial Bureau of Statistics, Hainan Province achieved total tourism revenue of 81.199 billion yuan in 2017, a year-on-year increase of 20.8%, accounting for 18.20% of GDP, accounting for The proportion of the tertiary industry is as high as 32.66%. With the further liberalization of the islander’s tax-free shopping policy and tourism as a starting point, Hainan will drive the rapid development of a series of “tourism+” derivative industries such as horse racing, sports lottery, agriculture, culture and entertainment.
3) Which industrial chains took the lead in the initial phase of the free trade port exploration?
Hainan Provincial People’s Government “Hainan Provincial Master Plan (2015-2030)” has proposed 12 key industries (including tourism, high-efficiency agriculture with tropical features, internet industry, medical and health industry, modern financial services, conference and exhibition industry, modern logistics industry , oil and gas industry, pharmaceutical industry, low-carbon manufacturing, real estate, high-tech and educational, cultural and sports industries), according to a press conference on the performance of Hainan's economy on January 23, 2017, the growth of the value of these 12 key industries 10.1%, faster than GDP growth rate of 3.1%, investment growth of 10.5%, higher than the overall investment growth rate of 0.4%. With the advancement of the Hainan Free Trade Zone and the establishment of a free trade port, we combined Hainan's key industrial planning and the development orientation of the free trade port, and proposed the "Key Infrastructure First, 'Tourism +', and Central Protection and Aviation" key beneficiary industrial chain:
Infrastructure will be given priority, focusing on the transportation of land, sea and air (ports, expressways, and aviation). Looking at the completed amount of fixed assets investment in Hainan Province, the accumulated total of 17 years has increased by 10.1% year-on-year, which is at a historically low level. Hainan's investment in infrastructure construction has a large room for improvement. According to the “Hainan Provincial Master Plan (2015-2030)” of the People’s Government of Hainan Province, the goal is to promote the integration and interoperability of “three-dimensional land, sea and air transportation systems”: 1) In terms of ports, Hainan has initially established the “Four Parties and Five Ports” pattern, and port construction. It needs to be further improved; 2) In the aspect of highways, Hainan is now opening to a total of 803 kilometers, which is far below the inland level, and the convenience of transportation needs to be improved. 3) In aviation, currently Hainan operates two airports, Phoenix Airport and Meilan Airport. The main forms of tourists and materials travel to Hainan.
"Tourism +" is the focus, focusing on "tourism +" derivative industrial chains for specialty tourism and cultural and sports (race, gambling, games), agriculture, and healthcare. The international tourist island is a special label for Hainan. According to the plan, it will basically build an international tourist island by 2020. The tax exemption policy relaxes Hainan's characteristic tourism industry: Since the implementation of the tax free shopping policy for outlying islanders in 11 years, according to the Ministry of Commerce, as of the end of 2017, the cumulative sales of Hainan's two island-island duty-free stores have exceeded 30 billion yuan, of which 17 years of sales have reached 8.02 billion yuan. Yuan, a year-on-year increase of 32%. With the advancement of free trade zones and free trade ports, the island’s tax exemption policy will be further liberalized. The tourism industry will promote a series of “tourism+” including agriculture, medical and health, exhibitions, culture and sports, finance and insurance, forestry, internet, and industry. The derivative industry accelerated development.
Central protection and navigation, focusing on the ecological construction of the garden. According to Xinhuanet, on April 13, Chairman Xi Jinping proposed at the 30th anniversary of the establishment of a special economic zone in Hainan Province that the Party Central Committee decided to support Hainan in building a national ecological civilization pilot zone and explore experiences for the construction of a nationwide ecological civilization. A good ecological environment is an important guarantee for Hainan to achieve full-scale opening to the world. According to the Hainan Daily, on March 26th, Hainan Province issued the “Large Action Plan for Deepening Ecological Environment in Hainan Province (2018-2020)” The manuscript) once again proposed that we must do a good job in the construction of ecological civilization and six major special rectifications, with emphasis on forestry and wetland restoration.
Related Themes Funds
|Fund code||Fund abbreviation||Near-month earnings||Fees||operating|
|501008||Huitianfu China Securities Internet Healthcare Index C||7.33%||0.00% 0.00%||buy Open an account to buy|
|290005||The growth of Thai letter||4.14%||1.50% 0.15%||buy Open an account to buy|
|000061||Huaxia Prosperity Blend||0.62%||1.50% 0.15%||buy Open an account to buy|