社会服务行业点评：冰雪经济规划出台，长远发展可期

Investment Rating - The industry investment rating is "Increase" [5] Core Viewpoints - The State Council has released a future plan for the ice and snow economy, aiming for a total scale of 1.2 trillion yuan by 2027 and 1.5 trillion yuan by 2030, indicating a promising long-term growth potential for the domestic ice and snow economy [2] - The plan includes the construction of an "ice and snow economy" spatial layout, development of ice and snow project competitions and performances, and the implementation of an ice and snow tourism enhancement plan [2] - The number of ice and snow-related enterprises in China has reached 12,500, with a significant increase in registrations since 2021, showing a year-on-year growth of 37.37% in 2023 [3] - The report suggests focusing on the performance of ice and snow tourism in the short term, as the recent government plan is expected to inject new development momentum into domestic tourism consumption [4] Summary by Sections Government Initiatives - The State Council's plan aims to create a high-quality development environment for the ice and snow economy, with specific goals for 2027 and 2030 [2] - The plan emphasizes the establishment of key regions and nodes for ice and snow economic activities, particularly in northern provinces [2] Industry Growth - The number of ice and snow-related enterprises has grown significantly, with 2,430 new registrations in 2023 alone, reflecting a robust industry expansion [3] - The ice and snow equipment and materials industry has also seen growth, with the number of companies increasing from approximately 300 in 2015 to around 900 in 2023, and sales revenue rising from less than 5 billion yuan to about 22 billion yuan [3] Investment Recommendations - The report recommends focusing on companies such as Changbai Mountain, Ctrip Group, Huazhu Group, Jinjiang Hotels, and ShouLai Hotels, as they are expected to benefit from the growth in the ice and snow economy [4]