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Gisele Bündchen and Joaquim Valente aren't sipping cocoa and warming by the fire this holiday season ... they're enjoying the sun and surf off the coast of Florida.

The happy couple hopped on jet skis and carved up the clear water near their home in Surfside, FL ... life jackets and sunglasses on as they whipped around the area. Backgrid

Bündchen showed off those long, supermodel legs of hers ... strengthened by all that jiu jitsu she's practiced with her beau of more than 2 years.

It's been a milestone year for the GB and JV ... who welcomed their first child together back in February -- a son whose name and face the couple's keeping under wraps. Backgrid

Gisele's wrapping up her busy year with tons of hours by the water ... taking

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