Core Viewpoint - The ice and snow tourism concept is gaining momentum as temperatures drop across the country, leading to a surge in related stocks and ETFs [1] Group 1: Market Performance - Companies such as Dalian Shengya, Hainan Airport, and Changbai Mountain are leading the tourism sector's gains today [1] - The tourism ETF (562510) is experiencing fluctuations and upward movement, influenced by the performance of major airlines like China Southern Airlines, China Eastern Airlines, and Air China [1] Group 2: Policy Developments - Recent policy updates from the Ministry of Finance, Ministry of Commerce, Ministry of Culture and Tourism, General Administration of Customs, and State Taxation Administration aim to enhance duty-free shop policies to boost consumption [1] - This policy initiative follows the new duty-free regulations in Hainan, indicating a continued governmental effort to stimulate growth in the sector [1] - Optimizations in the city duty-free pickup methods are expected to open up new growth opportunities [1]

Core Insights - The A-share market experienced a volume contraction and the ChiNext index fell nearly 2% on November 4, 2023 [1] - The ice and snow industry sector showed strong performance, with stocks like Dalian Shenya and Xue Ren Group hitting the daily limit, and Jingxue Energy rising over 13% [1] Industry Trends - According to the National Sports Administration's report, the participation in ice and snow sports is projected to reach 292 million people in the 2024-2025 season, with a participation rate of 20.61%, an increase of 1.93 percentage points year-on-year [1] - Guosheng Securities reported a rise in interest in ice tourism, with a significant increase in search volume for outdoor ski resorts, up nearly 900% since mid-October [1] - Specific ski resorts like Keketohai International Ski Resort and Harbin Ice and Snow World have seen search volume increases of 279% and nearly 163% respectively [1] Market Opportunities - The upcoming spring and autumn holidays are expected to boost off-season travel, as many scenic spots are launching promotional initiatives [1]

Core Insights - Amer Sports' subsidiary Armada has quietly entered the Chinese market, launching its products in eight selected ski service centers, indicating a cautious approach amidst recent management changes and market dynamics [1][2] Market Context - The Chinese snow sports industry is experiencing explosive growth, with the market size projected to increase from 270 billion yuan in 2015 to 970 billion yuan by 2024, and expected to surpass 10 trillion yuan by 2025 [2] - The number of companies in the snow equipment sector has grown from approximately 300 in 2015 to around 900 in 2023, with sales revenue increasing from less than 5 billion yuan to 22 billion yuan [2] Armada's Positioning - Founded in 2002 by professional skiers and photographers, Armada focuses on freestyle skiing and backcountry gear, targeting a niche market that complements Amer Sports' existing brands like Atomic and Salomon [2][3] - Armada's products are sold exclusively through Amer Sports' ski service centers rather than traditional retail outlets, enhancing brand visibility and consumer experience [3] Competitive Landscape - The high-end outdoor market in China is becoming increasingly competitive, with numerous international brands entering the market. The outdoor goods market is expected to reach 522.7 billion yuan in 2024, growing at a rate of 13.48% [4][5] - Traditional leaders in the high-end outdoor segment are facing challenges from both international brands and domestic competitors, with significant growth reported by brands like Mammut and KAILAS [6][7] Strategic Implications - Armada's entry into the Chinese market is seen as a strategic move for Amer Sports to tap into the growing demand for specialized ski equipment and to diversify its brand portfolio [3][6] - The performance of Amer Sports' outdoor segment, particularly Salomon, has outpaced that of its flagship brand Arc'teryx, indicating a shift in consumer preferences and market dynamics [7]

Market Overview - The A-share market experienced a collective decline on November 4, with the Shanghai Composite Index down 0.41% to 3960.19 points, the ChiNext Index down 1.96% to 3134.09 points, and the Shenzhen Component Index down 1.71% to 13175.22 points [1][2] - A total of 1627 stocks rose while 3646 stocks fell, with a trading volume of 19157 billion yuan, a decrease from the previous day's 21071 billion yuan [2][3] Sector Performance - Bank stocks showed resilience, with notable gains from Xiamen Bank (up over 5%) and several others rising over 2% [4] - The public utility sector also performed well, with stocks like Delong Huineng and Min Dong Power hitting the daily limit [4] - Conversely, the non-ferrous metals sector faced significant declines, with stocks like Guocheng Mining hitting the limit down [4][5] Investment Sentiment - Financial analysts suggest that the market is currently in a phase of consolidation, with reduced trading activity and a cautious approach from investors [6][10] - The "14th Five-Year Plan" emphasizes technological self-reliance and modern industrial system construction, providing a clear investment path for the market [9] - Analysts expect a slow bull market to continue, supported by favorable external conditions and domestic policy stability [9][10] Future Outlook - The market is anticipated to remain in a consolidation phase for the next 1-2 months, with potential for upward movement as new economic growth targets and policies are established [10] - There are structural opportunities in sectors like AI applications, commercial aerospace, and solid-state batteries, which may serve as catalysts for future market performance [8][9]

Market Performance - The ride-hailing concept index rose by 0.77%, ranking fourth among concept sectors, with 15 stocks increasing in value [1] - Leading stocks included Haima Automobile, which hit the daily limit, and others like Changbai Mountain, Shikong Technology, and Longzhou Co., which rose by 7.38%, 4.13%, and 3.44% respectively [1] Capital Flow - The ride-hailing sector experienced a net outflow of 631 million yuan, with 8 stocks seeing net inflows, and 5 stocks receiving over 10 million yuan in net inflows [2] - Changbai Mountain led the net inflow with 57.70 million yuan, followed by Haima Automobile, Sujiao Technology, and Wanma Technology with net inflows of 39.65 million yuan, 23.41 million yuan, and 21.92 million yuan respectively [2] Stock Performance - The top performers in the ride-hailing sector included: - Changbai Mountain: +7.38% with a turnover rate of 10.42% and a net inflow of 57.70 million yuan [3] - Haima Automobile: +10.06% with a turnover rate of 12.11% and a net inflow of 39.65 million yuan [3] - Sujiao Technology: +2.25% with a net inflow rate of 9.71% [3] - Stocks with significant net outflows included Yinxi Technology and Dazhong Transportation, with outflows of 19.78 million yuan and 27.89 million yuan respectively [4]

Group 1 - The ice and snow industry concept rose by 1.35%, ranking third among concept sectors, with 32 stocks increasing, including Dalian Shenya and Xue Ren Group hitting the daily limit [1][2] - Notable gainers included Jingxue Energy, Changbaishan, and Bingshan Refrigeration, which rose by 13.49%, 7.38%, and 6.04% respectively [1][2] - The largest net inflow of main funds was seen in Xue Ren Group, with a net inflow of 5.36 billion yuan, followed by Changbaishan and Dalian Shenya with net inflows of 576.98 million yuan and 544.13 million yuan respectively [2][3] Group 2 - The main fund inflow ratio was highest for Xue Ren Group, Huashang City A, and Xiangyuan Cultural Tourism, with net inflow rates of 24.91%, 11.52%, and 10.86% respectively [3] - The ice and snow industry concept saw a total net inflow of 446 million yuan, with 22 stocks receiving net inflows, and 6 stocks exceeding 30 million yuan in net inflows [2][3] - Stocks with significant net inflows included Xue Ren Group, Changbaishan, Dalian Shenya, and Xiyu Tourism, with respective net inflows of 535.54 million yuan, 57.69 million yuan, 54.41 million yuan, and 47.73 million yuan [3]

证券代码：603099 证券简称：长白山 长白山旅游股份有限公司 向特定对象发行股票 发行情况报告书 保荐人（主承销商） （住所：长春市生态大街 6666 号） 二〇二五年十一月 1 发行人全体董事、监事及高级管理人员声明 载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担相应的法律责 任。 全体董事签字： 王昆 王俊超 周青林 陈秀丽 彭德成 张超 长白山旅游股份有限公司 年 月 日 2 本公司全体董事、监事及高级管理人员承诺本发行情况报告书不存在虚假记 李洪刚 李春红 姜山 3 4 5 6 发行人全体董事、监事及高级管理人员声明 本公司全体董事、监事及高级管理人员承诺本发行情况报告书不存在虚假记 载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担相应的法律责 任。 全体监事签字： 孙青春 张玉国 赵玉东 王洋 曹建宇 7 长白山旅游股份有限公司 年 月 日 8 9 10 发行人全体董事、监事及高级管理人员声明 本公司全体董事、监事及高级管理人员承诺本发行情况报告书不存在虚假记 载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担相应的法律责 任。 高级管理人员签字（兼任董事的除外）： ...

证券代码：603099 证券名称：长白山 公告编号：2025-057 长白山旅游股份有限公司 关于向特定对象发行股票发行情况的提示性公告 本次发行的具体情况详见公司同日在上海证券交易所网站 （www.sse.com.cn)披露的《长白山旅游股份有限公司向特定对象发 行股票发行情况报告书》及相关发行文件。 特此公告 长白山旅游股份有限公司董事会 2025 年 11 月 5 日 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带责任。 长白山旅游股份有限公司（以下简称"公司"）向特定对象发行 股票（以下简称"本次发行"）的承销总结及相关文件已经上海证券 交易所备案通过，公司将依据相关规定尽快办理本次发行新增股份的 登记托管事宜。 ...

吉林兢诚律师事务所 关于 长白山旅游股份有限公司 向特定对象发行股票发行过程及认购对象合规性之 法律意见书 二〇二五年十一月 吉林兢诚律师事务所 关于 长白山旅游股份有限公司 本所接受长白山旅游股份有限公司（以下简称"发行人""公司""长白山"） 委托，担任长白山本次向特定对象发行股票的专项法律顾问。本所律师根据《中 华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》 （以下简称"《证券法》"）、《上市公司证券发行注册管理办法》（以下简称 "《发行注册管理办法》"）、《证券发行与承销管理办法》（以下简称"《发 行与承销管理办法》"）、《上海证券交易所上市公司证券发行与承销业务实施 细则》（以下简称"《实施细则》"）等法律、法规、部门规章及其他规范性文 件（以下简称"法律法规"）的有关规定，按照律师行业公认的业务标准、道德 规范和勤勉尽责精神，对发行人本次发行的发行过程和认购对象合规性进行了现 场见证，对相关文件、事实进行了核查和验证，并出具《吉林兢诚律师事务所关 于长白山旅游股份有限公司向特定对象发行股票发行过程及认购对象合规性之 法律意见书》（以下简称"本法律意见书"）。 第一部分 引 ...

长白山旅游股份有限公司 向特定对象发行股票募集资金 验资报告 | 索引 | | | | 页码 | | --- | --- | --- | --- | --- | | 验资报告 | | | | 1-2 | | — | 附件 | 1 | 注册资本及实收资本（股本）增加情况明细表 | 3 | | — | 附件 | 2 | 注册资本及实收资本（股本）变更前后对照表 | 4 | | — | 附件 | 3 | 验资事项说明 | 5-6 | | /F, Block A, Fu Hua Mansion, | | | --- | --- | | lo.8, Chaoyangmen Beidajie, | | | Dongcheng District, Beijing, 传真: | +86 (I | | 00027. P.R.China | facsimile: +86 (i | 验资报告 XYZH/2025QDAA1B0098 长白山旅游股份有限公司 长白山旅游股份有限公司： 我们接受委托，审验了长白山旅游股份有限公司（以下简称"贵公司"）截至 2025 年 10 月 29 日止新增注册资本实收情况。按照国家相关法律法规以及协 ...