冰雪游&免签政策+消费券，旅游经济活力再提振

Investment Rating - The industry investment rating is maintained at "Overweight" [1][44]. Core Viewpoints - The report highlights the support from the State Council for the high-quality development of ice and snow sports, indicating that the upcoming winter season will boost the "ice and snow economy" [1][20]. - The report notes a significant increase in ice and snow tourism, with a 38% year-on-year growth in visitor numbers and a 50% increase in revenue for the 2023-2024 snow season [1][20]. - The expansion of China's visa-free "circle" is expected to accelerate the recovery of inbound tourism, with new visa-free policies for nine countries, including Slovakia and Finland [1][20]. - The report emphasizes the structural opportunities in the travel sector driven by policies supporting ice and snow tourism, visa-free travel, and consumer vouchers [1][21]. Summary by Sections Market Review - The social services sector index rose by 6.21% in the week, ranking 16th among 31 first-level industries [11][16]. - The sub-industry performance showed hotel and catering leading with a 10.29% increase, followed by sports II (9.13%) and tourism and scenic spots (9.00%) [18]. Core Viewpoints - Investment theme one focuses on the "ice and snow tourism & visa-free policies + consumer vouchers" driving accelerated development in the tourism economy [1][20]. - Investment theme two discusses the rapid development of data circulation infrastructure and the data factor industry, with a projected annual growth rate exceeding 15% by 2029 [31][32]. Industry News Dynamics - The report mentions the implementation of the "Hundred Days Action" for ice and snow tourism in Heilongjiang, aimed at enhancing visitor experience and safety [33].