商贸零售行业深度：万亿冰雪产业研究系列之掘金商社-政策引领、赛事驱动，旅游及本土零售有望受益

Investment Rating - The report maintains an "Outperform" rating for the retail trade industry [2] Core Insights - The ice and snow industry is entering a rapid development phase driven by policies and events, with significant growth potential expected in the coming years [7][8] - The ice and snow economy is anticipated to become a crucial growth point for domestic demand in China, particularly benefiting the tourism sector by addressing the seasonal downturn in winter tourism [8][137] Summary by Sections 1. Ice and Snow Industry Development - The ice and snow industry has evolved from a niche market to a mainstream lifestyle choice, significantly boosted by the successful hosting of the Winter Olympics and subsequent policy support [15][18] - The industry has seen substantial growth, with the market size expanding from CNY 270 billion in 2015 to CNY 890 billion in 2023, and projected to exceed CNY 1 trillion by 2025 [30][31] 2. Retail Sector Key Companies - Dalian Shengya: Focuses on aquarium operations and has seen significant revenue growth from its main attractions, benefiting from increased tourist flow in Northeast China [112][122] - Dashi Group: A leading retail enterprise in Northeast China, with a diverse business model including department stores and supermarkets, showing stable revenue growth [66][67] - Zhongxing Commercial: A key player in the Liaoning region, focusing on department store operations and innovative projects like an immersive dinosaur museum [80][84] 3. Tourism Sector Key Companies - Changbai Mountain: Positioned to benefit from increased tourist traffic due to improved transportation and unique ice and snow resources, with a focus on comprehensive tourism services [88][100] - Xiyu Tourism: The only state-owned listed tourism company in Xinjiang, leveraging rich ice and snow resources and exploring new low-altitude tourism opportunities [130][135] 4. Investment Recommendations - The report suggests focusing on companies like Changbai Mountain, Dalian Shengya, Xiyu Tourism, Dashi Group, and Zhongxing Commercial, as they are well-positioned to capitalize on the growth of the ice and snow economy [8][138]