资本市场的“冰雪奇缘”
Shang Hai Zheng Quan Bao·2026-01-06 17:56

Core Insights - The ice and snow economy in China is evolving into a comprehensive industry, moving beyond the traditional winter season limitations, driven by policy support and consumer upgrades [5][6][14] - The market for ice and snow tourism is projected to reach 3.6 billion visitors and generate 450 billion yuan in revenue by the 2025-2026 winter season, with the overall ice and snow economy expected to exceed 1 trillion yuan by 2025 [8][10] Industry Growth - The ice and snow tourism demand is expanding, with a shift from passive avoidance of cold to active pursuit of winter activities, leading to longer stays and higher spending [7][8] - The number of operational ski resorts in China has reached 865, with indoor ski resorts increasing by 20% [10] Investment Opportunities - The ice and snow economy index includes 41 A-share listed companies, with a growth of over 16% in 2025, indicating a robust investment landscape [9] - Companies like Mingxing Ice and Snow Technology are experiencing over 30% annual growth in production value, driven by the demand for indoor ski facilities in southern cities [10] Consumer Trends - Consumers are increasingly seeking comprehensive vacation experiences that integrate leisure, entertainment, and wellness, rather than just skiing [7][8] - The demand for snow sports equipment is rising, with companies like Decathlon reporting strong performance in sales, reflecting a shift towards regular participation in snow sports [12] Operational Challenges - The industry faces challenges such as high energy consumption and complex maintenance of indoor ski facilities, necessitating innovative technologies and refined operations [15][16] - The conversion of casual participants into regular consumers remains a critical focus for the industry, as many only experience skiing once or twice a season [15][16] Talent Development - The development of professional talent in ice and snow sports is essential for the industry's growth, with an emphasis on training and educational initiatives [17]