Market Performance - The market experienced a rebound last week, with the CSI Xinhua National Brand Index rising by 4.14% to 2037.67 points [1][2] - The Shanghai Composite Index increased by 2.88%, the Shenzhen Component Index by 4.73%, the ChiNext Index by 8.05%, and the CSI 300 Index by 3.24% [2] Strong Stock Performances - Notable strong performers included: - Zhongji Xuchuang (up 32.23%) - Shiyuan Technology (up 14.54%) - Sunshine Power (up 14.37%) [2] - Other stocks with significant gains included: - Anji Technology and Wowo Bio (both up over 10%) - SMIC and Zhaoyi Innovation (both up over 9%) [2] Year-to-Date Stock Performance - Since the beginning of the second half of the year, Zhongji Xuchuang has surged by 239.03%, leading the gains [3] - Sunshine Power has increased by 145.06%, while other stocks like Lanke Technology and Yiwei Lithium Energy have risen over 70% [3] Market Outlook - According to Fangzheng Fubang Fund, liquidity remains a crucial driver for market development, and future capital inflow will significantly impact market trends [4] - The fund suggests focusing on sectors with solid fundamentals and reasonable valuations, rather than chasing high-performing stocks with poor earnings [4] - Long-term investment opportunities may lie in technology companies with real technological barriers that align with national strategies [4] - Kangmand Capital anticipates a volatile market in the short term due to uncertainties, but the core logic for an upward trend remains unchanged [4] - Xingshi Investment notes that positive incremental information could stabilize market expectations and emotions, with a potential shift in economic momentum towards technology and consumption [4]

Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Insights - The ice and snow tourism sector is experiencing a surge in popularity, with the ice and snow economy expected to exceed 1 trillion yuan. The government has set a target for the total scale of the ice and snow economy to reach 1.2 trillion yuan by 2027 and 1.5 trillion yuan by 2030 [1][2] - The introduction of spring and autumn breaks in various regions is anticipated to boost off-peak travel, with many scenic spots offering discounts to attract visitors [3][4] - The ice and snow tourism concept index has shown significant growth, outperforming the broader social service index, indicating strong market interest and investment potential in this sector [2] Summary by Sections Ice and Snow Tourism - The ice and snow economy is projected to grow significantly, with a government policy aiming for a total scale of 1.2 trillion yuan by 2027 and 1.5 trillion yuan by 2030. Recent data shows a 27.8% year-on-year increase in visitor numbers to ski resorts [1] - The popularity of outdoor skiing has surged, with search volumes increasing by nearly 900% since mid-October, indicating a strong market trend [1] - The ice and snow tourism concept index rose by 6.34% in the week of October 20-24, outperforming the social service index by 3.74 percentage points [2] Spring and Autumn Breaks - Various regions are implementing spring and autumn breaks for schools, which are expected to enhance travel during traditionally slow periods. Discounts and special offers from scenic spots are likely to attract more visitors [3][4] - Data indicates a significant increase in hotel bookings and flight reservations for destinations popular during the autumn break, suggesting a positive impact on travel demand [4] Investment Recommendations - The report suggests focusing on companies within the ice and snow tourism sector, such as Changbai Mountain, as well as those benefiting from the new school holiday policies, including Lingnan Holdings and Huangshan Tourism [4][8] - Short-term investment strategies should prioritize companies with strong third-quarter performance and those positioned to benefit from the upcoming holiday seasons [8][9]

Core Insights - The tourism and scenic spots sector experienced a decline of 1.62% on October 24, with Changbai Mountain leading the drop [1][2] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Sector Performance - The tourism and scenic spots sector saw a net outflow of 349 million yuan from major funds, while retail investors contributed a net inflow of 345 million yuan [2][3] - Key stocks in the sector showed varied performance, with ST Zhangjiajie rising by 2.50% and Changbai Mountain falling by 4.72% [1][2] Stock Details - Notable stock performances included: - ST Zhangjiajie: Closing price 7.78 yuan, up 2.50%, with a trading volume of 63,200 hands and a transaction amount of approximately 48.70 million yuan [1] - Changbai Mountain: Closing price 50.63 yuan, down 4.72%, with a trading volume of 180,600 hands and a transaction amount of approximately 924 million yuan [2] - Other stocks like Huangshan Tourism and Yunnan Tourism also experienced slight declines of 0.26% and 0.90%, respectively [1][2]

Core Viewpoint - The phenomenon referred to as "Hai Hao" is actually a type of evaporation fog, not a new atmospheric phenomenon, resulting from a significant temperature difference between cold air and warmer water surfaces [4][9]. Group 1: Definition and Origin - "Hai Hao" is a term that originated from local dialects in Dalian, first reported in November 2015, and is not officially documented [4][7]. - The term describes a natural occurrence where cold air flows over warmer water, leading to the formation of fog [9]. Group 2: Weather Conditions and Occurrences - The phenomenon has been observed in various locations, including Changbai Mountain, Qingdao, and Dalian, particularly during cold weather conditions [4][5]. - Specific weather conditions necessary for the formation of this fog include a temperature difference of over 20°C between the air and water [8][9]. Group 3: Expert Insights - Experts from the Ocean University of China emphasize that "Hai Hao" is not a new atmospheric phenomenon but rather a well-known occurrence of evaporation fog under specific climatic conditions [6][9]. - The phenomenon is likened to the steam rising when boiling water, illustrating the visual similarity of the fog formation [9].

Market Overview - A-shares experienced fluctuations with a decrease in trading volume, totaling 1.06 trillion yuan, down 39.3 billion yuan from the previous trading day, with over 3,800 stocks declining [1] Sector Performance - The coal sector showed resilience, with major stocks like Dayou Energy hitting the limit up for the eighth consecutive day, and others like Zhengzhou Coal Power and Liaoning Energy achieving two limit ups in four days [1][3] - Local stocks in Shenzhen surged, with companies such as Jian Ke Yuan and Guangtian Group reaching limit up [2] - The computing hardware sector faced significant declines, particularly in CPO concept stocks, with Tianfu Communication and Changfei Optical Fiber experiencing substantial drops [1] Ice and Snow Industry - The ice and snow industry concept stocks saw rapid increases, with Dalian Shengya achieving two limit ups in four days, driven by a strong cold air mass affecting temperatures across the country [4] - A report indicated that the scale of China's ice and snow industry is expected to exceed 1 trillion yuan by 2025, reaching 1,005.3 billion yuan [4] Media Sector - The media and short drama sectors showed strength, with Hai Kan Co. and Huanrui Century hitting limit up, and several stocks rising over 3% [5] - iQIYI announced a new cooperation plan for short dramas, offering a revenue-sharing model with a 70% exclusive share and a 50% non-exclusive share [5] Banking Sector - The banking sector opened strong but later saw a narrowing of gains, with Postal Savings Bank rising over 4% [6] - Guotai Junan Securities projected a 0.4% and 1.1% year-on-year growth in revenue and net profit for listed banks in the first three quarters of 2025, respectively, with city commercial banks expected to lead in performance growth [6] - CITIC Securities highlighted that the fourth quarter of 2025 may present a key opportunity for dividend stock positioning, as current pessimistic expectations may have been fully reflected [6]

Market Overview - On October 23, A-shares experienced fluctuations and adjustments, with trading volume shrinking again, totaling 1.06 trillion yuan, a decrease of 39.3 billion yuan compared to the previous trading day. Over 3,800 stocks declined [1] - The Shanghai Composite Index closed at 3,888.08, down 25.67 points or 0.66%, while the Shenzhen Component Index fell by 112.71 points or 0.87% [2] Sector Performance - The coal sector showed resilience, with major stocks like Daqo Energy hitting the limit up for eight consecutive trading days, and several stocks such as Zhengzhou Coal and Electricity and Liaoning Energy achieving two limit-ups in four days [2] - Conversely, the computing hardware sector faced significant declines, particularly CPO concept stocks, with Tianfu Communication and Changfei Optical Fiber experiencing substantial drops [3] Local Market Developments - Shenzhen local stocks surged, with companies like Jian Ke Yuan, Guangtian Group, and Shen Saige hitting the limit up, leading to a collective rise in local stocks [3] - A new action plan was issued by Shenzhen to promote high-quality mergers and acquisitions, aiming for a total market value of listed companies to exceed 20 trillion yuan by the end of 2027, and to complete over 200 merger projects with a total transaction value exceeding 100 billion yuan [5] Industry Trends - The ice and snow industry concept stocks saw rapid increases, with Dalian Shengya achieving two limit-ups in four days, alongside other stocks like Changbai Mountain and Sanfu Outdoor rising [6] - The media and short drama sectors continued to strengthen, with stocks like Haikan Co. and Huanrui Century hitting the limit up, while several others rose over 3% [6] Banking Sector Insights - The banking sector opened strong but later narrowed gains, with Postal Savings Bank rising over 4% and other banks like Industrial Bank and Minsheng Bank following suit [8] - According to Guotai Junan Securities, the cumulative revenue and net profit of listed banks are expected to grow by 0.4% and 1.1% year-on-year, respectively, in the first three quarters of 2025, driven by a narrowing decline in net interest margins and reduced credit costs [9] Investment Strategy - CITIC Securities indicated that the fourth quarter of 2025 may be a critical time for bottom-fishing dividend stocks to achieve excess returns, as current pessimistic expectations may have been fully reflected in the market [10]

Group 1 - The core point of the article highlights the recent performance of Changbai Mountain Tourism Co., Ltd., which saw a stock price increase of 5.78%, reaching 52.88 CNY per share, with a trading volume of 680 million CNY and a turnover rate of 4.96%, resulting in a total market capitalization of 14.102 billion CNY [1] - Changbai Mountain Tourism Co., Ltd. is located in the Changbai Mountain Protection and Development Zone, Jilin Province, and was established on December 8, 2010, with its listing date on August 22, 2014. The company primarily operates in the tourism service industry, including tourist transportation, travel agency services, and hot spring water development and utilization [1] - The revenue composition of the company is as follows: tourist transportation accounts for 66.82%, hotel business 24.09%, other businesses 6.82%, and travel agency services 2.28% [1] Group 2 - From the perspective of major fund holdings, data shows that one fund under Dongfang Fund has a significant position in Changbai Mountain. The Dongfang New Emerging Growth Mixed Fund (400025) held 66,000 shares in the second quarter, representing 2.69% of the fund's net value, ranking as the ninth largest holding [2] - The estimated floating profit from this position today is approximately 190,700 CNY [2] - The Dongfang New Emerging Growth Mixed Fund (400025) was established on September 3, 2014, with a latest scale of 93.4732 million CNY. Year-to-date returns are 6.52%, ranking 6365 out of 8159 in its category; the one-year return is 1.7%, ranking 7527 out of 8030; and since inception, the return is 39.78% [2]

Core Insights - Changbai Mountain's stock price decreased by 1.79% on October 22, with a trading volume of 635 million yuan [1] - The company experienced a net financing purchase of approximately 20.46 million yuan on the same day, indicating strong investor interest despite the stock price decline [1] Financing and Margin Trading - On October 22, Changbai Mountain had a financing buy-in amount of 77.37 million yuan and a financing repayment of 56.91 million yuan, resulting in a net financing purchase of 20.46 million yuan [1] - The total margin trading balance for Changbai Mountain reached 365 million yuan, with the financing balance accounting for 2.73% of the circulating market value, indicating a high level of leverage compared to the past year [1] - In terms of short selling, 200 shares were repaid while 2,300 shares were sold short, with a short selling amount of approximately 115,000 yuan [1] Company Overview - Changbai Mountain Tourism Co., Ltd. is located in the Changbai Mountain Protection and Development Zone, Jilin Province, and was established on December 8, 2010, with its stock listed on August 22, 2014 [1] - The company's main business includes tourism services, with revenue composition as follows: 66.82% from tourist transportation, 24.09% from hotel operations, 6.82% from other services, and 2.28% from travel agency services [1] Shareholder and Financial Performance - As of June 30, the number of shareholders for Changbai Mountain was 36,600, a decrease of 24.52% from the previous period, while the average circulating shares per person increased by 32.48% to 7,289 shares [2] - For the first half of 2025, the company reported a revenue of 235 million yuan, a year-on-year decrease of 7.44%, and a net profit attributable to shareholders of -2.05 million yuan, reflecting a significant decline of 109.75% [2] - Since its A-share listing, Changbai Mountain has distributed a total of 144 million yuan in dividends, with 42.53 million yuan distributed over the past three years [2] Institutional Holdings - As of June 30, among the top ten circulating shareholders, the Fortune CSI Tourism Theme ETF held 1.38 million shares, a decrease of 602,000 shares from the previous period [2] - New institutional shareholders include Guangfa Xinxiang Mixed A and Southern CSI 1000 ETF, while Huabao Advanced Growth Mixed has exited the top ten circulating shareholders list [2]

Core Viewpoint - Changbai Mountain's stock price has shown volatility, with a recent decline of 2.00% and a year-to-date increase of 18.65%, indicating mixed investor sentiment and market performance [1][2]. Financial Performance - As of June 30, 2025, Changbai Mountain reported a revenue of 235 million yuan, a year-on-year decrease of 7.44%, and a net profit attributable to shareholders of -2.05 million yuan, a significant decline of 109.75% [2]. - The company has distributed a total of 144 million yuan in dividends since its A-share listing, with 42.53 million yuan distributed over the past three years [3]. Shareholder Structure - The number of shareholders decreased by 24.52% to 36,600, while the average number of circulating shares per person increased by 32.48% to 7,289 shares [2]. - Notable changes in institutional holdings include a significant reduction in shares held by the top shareholders, with the fifth-largest shareholder reducing holdings by 60.20% [3]. Market Activity - As of October 22, 2023, the stock's trading volume was 341 million yuan, with a turnover rate of 2.52% and a total market capitalization of 13.30 billion yuan [1]. - The stock has experienced a 5.70% increase over the last five trading days, but a 1.91% decrease over the last 20 days, reflecting short-term volatility [1]. Business Overview - Changbai Mountain Tourism Co., Ltd. operates primarily in the tourism service industry, with its main revenue sources being tourism transportation (66.82%), hotel services (24.09%), and other business activities [1]. - The company is categorized under the social services sector, specifically in tourism and scenic areas, and is involved in various related concepts such as online tourism and the ice and snow industry [1].

Group 1 - Wang Meirong has been appointed as an independent non-executive director of Changbai Mountain International, effective from October 21, 2025 [1] - Wang Meirong will also serve as a member of the audit committee, nomination committee, and remuneration committee [1]