冰雪经济进入快速发展期

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - The ice and snow economy is rapidly emerging as a significant new economic sector, transitioning from a niche market focused on ice and snow sports to a large industrial system encompassing ice and snow tourism, equipment manufacturing, and cultural activities. This sector is expected to reach a scale of over 1 trillion yuan by 2025, driven by rising consumer demand and strong policy support [12][14][35]. Summary by Sections 1. Ice and Snow Economy Overview - The ice and snow industry encompasses a complete ecosystem from resource development and equipment manufacturing to service operations and consumer activities, indicating a robust industrial chain [13]. - The market size of China's ice and snow industry reached 980 billion yuan in 2024, with a year-on-year growth of 10.8%, and is projected to exceed 1 trillion yuan in 2025 [14]. 2. Growth Drivers of the Ice and Snow Economy - Government policies and major events are key drivers of growth, with the State Council aiming for the ice and snow economy to reach 1.2 trillion yuan by 2027 and 1.5 trillion yuan by 2030 [35]. - The hosting of major events like the Winter Olympics has significantly boosted public interest and participation in ice and snow sports, enhancing the overall industry [40][41]. 3. Case Study: Harbin's Ice and Snow Tourism - Harbin has emerged as a top destination for ice and snow tourism, receiving 1.79 billion visitors in 2024, with total tourism revenue reaching 231.42 billion yuan, marking significant year-on-year growth [51]. - The local government has implemented various policies to support the ice and snow economy, aiming for the total output value of the ice and snow industry in Heilongjiang to exceed 300 billion yuan by 2025 [55]. 4. Investment Recommendations - The report suggests focusing on companies across the entire ice and snow industry chain, including upstream equipment manufacturers, midstream service providers, and downstream consumer platforms, as the sector is expected to see substantial growth opportunities [6][4].