【文/观察者网 王勇 编辑/赵乾坤】 随着中国滑雪旅游的持续增长，该产业在雪场建设、滑雪人次、硬件设施等方面均取得了明显提升，雪 场的地域分布、分类及交通更加多元，整体展现出蓬勃的发展活力。 《中国冰雪产业发展研究报告（2025）》显示，2025年中国冰雪产业规模预计将突破万亿元大关。这一 数字，不仅标志着冰雪经济正成为中国经济发展中的新兴力量，更反映出冰雪运动、冰雪旅游在中国已 经蔚然成风。 据市场调查机构艾媒咨询此前发布的关于今年冬季冰雪旅游前景报告称，2024年中国冰雪旅游市场规模 接近1.05万亿元，到2029年可能超过1.5万亿元。 有相关调查数据显示，71.2%的游客希望在2024—2025冰雪季体验冰雪休闲旅游活动，45.5%的游客希 望进行远距离的冰雪旅游，29.7%的游客希望同时开展近距离和远距离的冰雪休闲和冰雪旅游。 中国已成为全球滑雪旅游市场的重要参与者，分布于黑龙江、新疆、河北等地的数百家滑雪场，为国内 外游客提供了前所未有的滑雪便利。 据中国香港《南华早报》日前报道，随着冬季来临，中国北方地区的冰雪旅游正在蓄势待发。在过去几 年里，每到冬季，中国南方地区的旅行者都会到北方地区穿上滑雪 ...

Domestic Market Trends - The domestic flight bookings to Northeast China during the ice and snow season (December to January) are expected to exceed 1.16 million, representing a month-on-month increase of approximately 27% [1] - Harbin remains the top destination with over 400,000 flight bookings, showing a month-on-month growth of about 38% [1] - The Xinjiang region is also gaining popularity, with domestic flight bookings exceeding 390,000, marking an 11% month-on-month increase [1] - The ice and snow tourism market in China is experiencing unprecedented vitality, driven by large-scale market demand, strong policy support, and high-quality product supply [2] Ice and Snow Tourism Developments - The total scale of China's ice and snow sports industry is projected to reach 970 billion yuan in 2024, with a year-on-year growth of about 9%, and is expected to surpass 1 trillion yuan by 2025 [2] - The Northeast region continues to dominate the domestic ice and snow tourism market, with over 50% of bookings for ice and snow tours coming from the three northeastern provinces [4] - The 27th Harbin Ice and Snow World will expand to 1.2 million square meters, with a record ice and snow usage of 400,000 square meters [4] - The Heilongjiang provincial government has initiated a "100-day ice and snow tourism action" to develop a world-class ice and snow vacation destination [4] Popular Destinations and Trends - The Alatau region in Xinjiang has seen a significant increase in popularity, with bookings rising by 201.87% year-on-year, making it one of the top five ice and snow destinations this winter [7] - The "Keketuohai International Ski Resort" in Alatau has become a notable player in the ice and snow tourism market, offering a snow season of up to 240 days and 121 kilometers of ski trails [9] - The average ticket price for popular ice and snow routes is expected to rise, with the Shanghai-Harbin route seeing an increase of over 37.6% from approximately 960 yuan to around 1,321 yuan [9] International Market Insights - The outbound tourism market is witnessing a decline in interest for Japan's Hokkaido, contrasting with previous years, while European niche routes and customized tours are gaining traction [11] - The demand for personalized services in international ski markets is increasing, with tourists preferring comprehensive vacation experiences that combine skiing with cultural activities [18] - The search volume for flights to Russia has surged due to the visa-free policy, with hotel bookings in Russia increasing by 43% year-on-year [18]

Core Insights - There is a significant increase in Chinese tourists traveling to Russia, with a notable shift away from Japan as a preferred destination [1][2][3] - The rise in interest for Russia is attributed to its winter landscapes and experiences, which are appealing to Chinese travelers [1][3] - The implementation of visa-free travel for Chinese citizens to Russia is expected to further boost tourism and strengthen bilateral relations [3][5] Tourism Trends - Flight bookings from China to Russia have increased by approximately 32% for the period from January 1 to January 3, 2026, compared to the previous year [1] - Hotel bookings in Russia for December have surged over 50% year-on-year, indicating a strong demand from Chinese tourists [1][3] - The search volume for flights to St. Petersburg increased dramatically after the announcement of the visa-free policy, with some routes seeing a surge of up to 14 times [3] Market Comparison - In contrast, there has been a 56% increase in flight cancellations to Japan, with significant declines in hotel bookings and overall tourist interest [2] - Major hotels in Japan are experiencing a wave of cancellations, with some reporting over 1,000 cancellations from Chinese tourists [2] - The shift in preference from Japan to Russia is seen as a natural trend, with analysts suggesting that other countries could also become alternative destinations if they enhance their tourism offerings [5] Economic Impact - The deepening cooperation between China and Russia has led to a fourfold increase in bilateral trade over the past decade, with tourism being a growing sector [4] - The anticipated visa-free travel is expected to have a significant economic and cultural impact, acting as a catalyst for further development in bilateral relations [3][5]

Investment Rating - The industry investment rating is "Outperform the Market" [1][13] Core Insights - The report discusses the implementation plan issued by six ministries to enhance consumer goods supply and demand adaptability, aiming to optimize the supply structure by 2027, creating three trillion-level consumption fields and ten hundred-billion-level consumption hotspots [1][6] - By 2030, a high-quality development pattern of mutual promotion between supply and consumption is expected to be formed, with a steady increase in the contribution of consumption to economic growth [1][6] - The plan emphasizes the importance of new technologies and innovative applications, aiming to expand the supply of unique and new products while accurately matching the diverse needs of different consumer groups [1][3][6] Summary by Sections Overall Requirements - The plan aims for a significant optimization of the consumer goods supply structure by 2027, with a focus on creating high-quality consumer goods with cultural significance [6] - Key industries identified include smart connected vehicles, smart home products, consumer electronics, modern textiles, food, and green building materials [6] Accelerating New Technology and Model Innovation - The report highlights the promotion of flexible and customized manufacturing models, establishing a digital system that connects user demand with intelligent design and flexible production [6][7] - The integration of artificial intelligence across the consumer goods industry is emphasized, with a focus on developing smart home products and enhancing consumer experiences [6][7] Promoting Green Product Development - The plan encourages the expansion of green products and the promotion of low-carbon consumption trends, including the development of energy-efficient appliances and green building materials [6][7] Enhancing Consumer Experience - The report suggests creating new consumption scenarios and business models, leveraging technology to enhance consumer engagement through immersive experiences [6][7] - It also emphasizes the importance of establishing a robust environment for consumer goods supply and demand adaptability [6][7] Targeting Diverse Consumer Needs - The plan addresses the urgent need for products tailored to specific demographics, including children, students, and the elderly, promoting high-quality and safe products [6][7] - It encourages the development of personalized and modular learning tools for students and innovative fashion products for young consumers [6][7] Investment Recommendations - The report suggests focusing on companies related to employment, tourism, sports events, and cultural creative consumption, highlighting specific companies such as Keri International and Beijing Human Resources [3]

Group 1 - The domestic ice and snow industry is experiencing a surge in popularity with the construction of the 27th Harbin Ice and Snow World starting on November 25, featuring 200,000 cubic meters of quality ice and a workforce of nearly 10,000 to create ice and snow landscapes over a 1.2 million square meter area [1] - Policy initiatives are driving the ice and snow industry, such as Liaoning Province's measures aiming for a 15% increase in tourist numbers and a 13% rise in tourism revenue during the 2025-2026 ice and snow season [1] - Southern provinces like Zhejiang are also actively promoting the ice and snow economy, encouraging localities to apply for national-level ski tourism resorts and develop the entire industry chain, including ice and snow equipment and apparel [1] Group 2 - Companies in the ice and snow industry are expanding their operations towards scale and high-end development, with technology firms like Fujian Snowman Group focusing on refrigeration solutions and equipment supply for various ice and snow facilities [2] - Cultural tourism enterprises are leveraging scenic resources to enhance ice and snow experiences, such as Zhejiang Xiangyuan Cultural Tourism Co., which is developing ice and snow tourism at its Hunan Mangshan Wuzhifeng scenic area [2] - Travel companies are entering the equipment sector, with Zhongxin Tourism Group announcing a new ski brand to diversify products and enhance the overall ice and snow tourism experience [3] Group 3 - The ice and snow industry is expected to grow significantly due to policy support and market demand, with a strong spillover effect on related sectors like tourism, transportation, and retail [3] - The industry chain structure includes upstream activities like equipment manufacturing and technology research, midstream operations such as snow and ice venue management, and downstream services including tourism and media [3] - The "ice and snow +" model is evolving, integrating with emerging fields like education, health, and esports, leading to new business formats such as indoor ski resorts and virtual skiing platforms [3]

Core Insights - Zhongxin Tourism launched the "Zhongxin Ski" brand to expand its presence in the ice and snow tourism sector [2] - The new brand offers over 20 ski products covering various domestic and international destinations, including high-end international events and niche locations [2] Product Offerings - The offerings include three main categories: - International high-end events, such as products for the 2026 Winter Olympics in Italy and the Chongli Yunding World Cup viewing tours [2] - Thematic products, like the French electronic music ski experience that combines snow sports with trendy entertainment [2] - Niche destination products, such as skiing and sightseeing tours in Georgia, introducing emerging ski locations to tourists [2] Market Trends - The popularity of ice and snow tourism has surged this year, with search volume, inquiries, and orders for ice and snow products increasing by 300%, 180%, and 130% respectively for the 2025-2026 snow season [2] - The combination of skiing with elements like auroras and hot springs is driving the diversification of ice and snow experiences, creating a sustained consumer interest [2] Service Features - Zhongxin Ski focuses on flexible small group tours that can accommodate as few as two people, with multiple departure points and customizable itineraries based on tourists' skill levels [2] - The brand has partnered exclusively with Black Spade Ski to provide a Chinese-speaking service team for global routes, addressing language barriers and ensuring professional guidance for tourists [2]

北京商报讯（记者 关子辰 牛清妍）11月26日，众信旅游宣布推出"众信滑雪"品牌，旨在进一步布局冰 雪旅游领域。 据了解，众信滑雪覆盖滑雪产品定制、雪票预定、冰雪赛事观赛、全球中文专业教练指导等服务，此次 一次性发布了超20款覆盖国内、国外不同目的地的滑雪新品。此次涵盖了三大核心类型：国际高端赛事 类：如2026年意大利冬奥会观赛产品、崇礼云顶世界杯"跟着赛事去旅行"观赛团；特色主题类：法国电 音节滑雪产品，将冰雪运动与潮流娱乐深度融合；小众目的地类：格鲁吉亚旅游+观光产品，为游客解 锁新兴滑雪胜地。 今年以来，冰雪旅游热度持续升温。据众信旅游后台数据，2025-2026雪季，冰雪产品搜索量、咨询量 及订单量同比分别增长300%、180%和130%，滑雪与极光、温泉等元素的叠加，正推动"冰雪体验多元 化"，形成持续性消费热点。 目前，众信滑雪主打2人即可成行的灵活小团，支持多出发地，并可根据游客技术水平设计差异化行 程。同时，众信滑雪还独家携手黑桃滑雪，为全球线路配备中文服务团队，解决语言障碍，保障专业指 导，帮助游客实现"全球雪场任你滑"。 ...

Group 1 - The core viewpoint of the news is the official launch of the skiing brand "Zhongxin Skiing" by Zhongxin Tourism Group, which aims to integrate sports and tourism, leveraging over a decade of experience in the ice and snow tourism industry [1] - Zhongxin Tourism has established a comprehensive competitive advantage in the ice and snow tourism sector, evolving from early event IP cooperation to a multi-dimensional development model that includes product development, resource integration, service upgrades, and ecological construction [1] - The newly launched "Zhongxin Skiing" platform offers a one-stop service for ski bookings, including customized ski products, snow ticket reservations, ice and snow event viewing, and guidance from professional Chinese-speaking instructors [1] Group 2 - The brand has released over 20 new skiing products covering various domestic and international destinations during its launch event [1] - Data indicates a significant increase in interest in ice and snow products, with a 300% year-on-year growth in search volume, 180% increase in consultation volume, and 130% rise in product order volume for the 2025-2026 snow season [1] - Moving forward, "Zhongxin Skiing" plans to enhance innovation in three key areas: product development, resource integration, and comprehensive service, aiming to transition ice and snow tourism from "scale growth" to "quality upgrade" [2]

Core Insights - The appreciation of the Renminbi has positively impacted certain sectors, with the Renminbi appreciation benefiting stocks rising by 0.54% compared to the previous trading day [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Summary of Benefiting Stocks - China Eastern Airlines (600115) led the gainers with a closing price of 5.06, up 2.43%, with a trading volume of 1.2588 million shares and a turnover of 634 million yuan [1] - Other notable gainers include: - Pinwo Food (300892) at 34.70, up 2.18%, with a turnover of 172 million yuan [1] - Liangxing Paper (002067) at 5.51, up 1.85%, with a turnover of 4.98 million yuan [1] - Tongling Nonferrous Metals (000630) at 5.04, up 1.00%, with a turnover of 1.074 billion yuan [1] - China National Aviation (601111) at 8.08, up 0.25%, with a turnover of 716 million yuan [1] Capital Flow Analysis - The Renminbi appreciation benefiting sector saw a net inflow of 94.82 million yuan from main funds, while speculative funds had a net inflow of 248 million yuan, and retail investors experienced a net outflow of 342 million yuan [2] - Key stocks in terms of capital flow include: - China National Duty-Free (601888) with a main fund net inflow of 2.30 billion yuan and a retail net outflow of 3.19 billion yuan [3] - Tongling Nonferrous Metals (000630) with a main fund net inflow of 94.99 million yuan and a retail net outflow of 60.20 million yuan [3] - Rongsheng Petrochemical (002493) with a main fund net inflow of 13.96 million yuan and a retail net outflow of 14.28 million yuan [3]

证券之星消息，11月26日旅游及景区板块较上一交易日下跌1.13%，峨眉山Ａ领跌。当日上证指数报收 于3864.18，下跌0.15%。深证成指报收于12907.83，上涨1.02%。旅游及景区板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002707 | 众信旅游 | 743.85万 | 6.61% | -603.02万 | -5.36% | -140.83万 | -1.25% | | 6680003 | 西域旅游 | 275.35万 | 2.31% | -354.74万 | -2.97% | 79.39万 | 0.66% | | 000524 岭南控股 | | 175.00万 | 2.35% | -171.59万 | -2.30% | -3.41万 | -0.05% | | 603136 | 天目湖 | 129.37万 | 4.12% | -201.46万 | -6.42% | 72.08万 ...