[Huatai Securities: continue to be optimistic about the acceleration of recovery in the follow-up peak season of tax exemption on outlying islands] Xinhua News Agency, April 21, Huatai Securities Research News believes that the repair of passenger flow in Hainan has led to a steady recovery of tax exemption on outlying islands. According to the official website of Hainan Airport, passenger traffic at 11 airports in Hainan has returned to 94% of that in the same period in 2019, and the throughput of Sanya Airport has exceeded that of the same period in 2019. According to Haikou Customs, the amount of duty-free shopping on Hainan outlying islands reached 16.9 billion yuan in the first quarter of 2023, a year-on-year increase of 14.6%. Since the second quarter of the Consumer Expo, May Day, Dragon Boat Festival, summer and other holidays continue to catalyse, Hainan tourism + shopping one-stop destination resources are strong scarcity, we continue to be optimistic about the follow-up peak season of tax-free recovery on outlying islands.