社会服务：冰雪经济全景图之旅游专题-冰雪旅游活力持续，带动区域发展

Investment Rating - The report maintains a "Strong Buy" rating for the social services sector, particularly focusing on the ice and snow tourism industry [1]. Core Insights - The ice and snow tourism sector is experiencing sustained vitality driven by international competitions and significant policy support, with participation expected to reach 5.2 billion visitors and revenue exceeding 630 billion yuan in the 2024-2025 season [2][26]. - The ice and snow tourism industry is projected to grow to a total scale of 1.2 trillion yuan by 2027 and 1.5 trillion yuan by 2030, indicating robust long-term growth potential [2][20]. Summary by Sections 1. International Competitions and Policy Support - The successful bid for the 2022 Winter Olympics in 2015 initiated a series of policies aimed at promoting ice and snow sports, with a goal of engaging 300 million people in these activities [7]. - From 2016 to 2017, ice and snow tourism attracted 170 million visitors, generating approximately 270 billion yuan in revenue, while the 2023-2024 season is expected to see 430 million visitors and over 500 billion yuan in revenue [2][26]. 2. Regional Development Driven by Ice and Snow Tourism - The Northeast region is benefiting significantly from ice and snow tourism, with local policies and infrastructure improvements enhancing visitor experiences and economic contributions [32][38]. - The report highlights the role of major events, such as the upcoming Asian Winter Games in 2025, in further stimulating the ice and snow tourism market in Northeast China [38]. 3. Key Investment Targets and Recommendations - The report suggests focusing on listed companies like Changbai Mountain and local firms in Northeast China that are expected to benefit from increased visitor traffic due to ice and snow tourism [2]. - The ongoing development of high-speed rail networks in Northeast China is anticipated to facilitate greater access to ice and snow tourism destinations, further driving growth in the sector [2].