Core Viewpoint - The article emphasizes the importance of major infrastructure projects, such as the Shen-Jia high-speed railway, in promoting investment, employment, and regional development, while also enhancing connectivity and tourism in Northeast China [1][6]. Group 1: Infrastructure Development - The Shen-Jia high-speed railway, spanning approximately 430 kilometers, connects key cities in Liaoning and Jilin provinces, forming a closed-loop high-speed rail network in Northeast China [2][6]. - The railway significantly reduces travel time, making it easier for tourists from major urban areas like Beijing to access destinations such as Changbai Mountain [4][7]. - The opening of the Shen-Jia high-speed railway marks a milestone in the "14th Five-Year Plan," enhancing the connectivity of the Northeast region and making Liaoning the first province in the area to achieve full high-speed rail coverage [6][8]. Group 2: Economic and Tourism Impact - The railway is expected to boost local tourism, with increased accessibility leading to higher visitor frequency to attractions like Changbai Mountain and other cultural sites along the route [7][8]. - In its first month of operation, the Shen-Jia high-speed railway transported over 660,000 passengers, indicating strong demand and potential for economic growth in the region [8]. Group 3: Technological Innovations - The construction of the Shen-Jia high-speed railway involved the application of advanced technologies to address challenges posed by the region's harsh climate, including frost and snow [9][10]. - New construction techniques and automated systems were implemented to enhance efficiency and reduce material waste during the building process [10][11]. Group 4: Environmental Considerations - The project incorporates eco-friendly designs, such as sound barriers to protect endangered species like the Chinese merganser, demonstrating a commitment to environmental sustainability [11][12]. - Efforts were made to preserve local flora during construction, including the use of tunneling methods to avoid damaging ancient trees [13][14]. - The railway's design features a high bridge-to-tunnel ratio, minimizing land disruption and promoting harmony with the natural landscape [14].

Core Insights - The winter sports season has officially begun in Zhangjiakou, Hebei, with the opening of two large outdoor ski resorts, including the YunDing Ski Park, which started operations on November 1 [2][4] - Zhangjiakou now boasts three major ski resorts, with a total of nine large ski resorts in the area, leveraging the legacy of the Beijing Winter Olympics [6][8] - The ski season is expected to feature ten high-level international events, enhancing local ice and snow consumption [6][8] Group 1: Ski Resort Operations - YunDing Ski Park opened with four ski trails, attracting thousands of winter sports enthusiasts on its first day [4] - Wanlong Ski Resort, which opened in late October, has seen daily visitor numbers exceed 3,000 during weekends [4] - Other ski resorts in the region are preparing to open by mid to late November, with a focus on maximizing visitor experience [6][12] Group 2: Regional Developments - In Xinjiang, the Keketohai International Ski Resort was the first large outdoor ski resort to open for the season, with increasing visitor numbers since mid-October [10] - Ski resorts in Jilin and Heilongjiang are ramping up snow-making efforts to ensure early operations, with some already conducting trial skiing [12] - Various regions are implementing promotional strategies, such as offering consumption vouchers and free access for locals, to boost winter sports participation [16] Group 3: Expanding Ice and Snow Sports - Indoor ski facilities and dry snow options are enabling year-round ice and snow sports, particularly in southern regions [18] - The world's largest indoor ski resort, located in Shenzhen, has been attracting an average of 5,000 visitors daily since its opening [18] - The Chengdu dry snow venue is facilitating off-season training for both amateur and professional athletes, contributing to the growth of winter sports [18]

Group 1 - The core point of the article highlights the record number of holidays in 2026, with a total of 33 days off and 9 days for the Spring Festival, significantly boosting market expectations for travel, tourism, and consumption [1] - The tourism sector continues to show strong performance, with the China Securities Tourism Index rising for six consecutive days, and the tourism ETF (562510) also experiencing gains [1] - There is a notable increase in interest for winter sports tourism, with a nearly 900% year-on-year rise in search volume for "outdoor ski resorts" since mid-October 2025, and a 279% increase for the early-opening Keketohai International Ski Resort [1] Group 2 - The 2025 "Special Action Plan to Boost Consumption" reiterates the commitment to promote winter sports consumption and initiate plans to enhance winter tourism, indicating a strong future outlook for the ice and snow economy [1]

Core Insights - The 8th China International Import Expo (CIIE) opened in Shanghai, featuring participation from 155 countries, regions, and international organizations, with a record 4,108 overseas enterprises exhibiting and an exhibition area exceeding 430,000 square meters [1] Group 1: Event Overview - The expo showcases 461 new products, technologies, and services, including advanced innovations in low-altitude economy and humanoid robots, as well as developments in information technology, artificial intelligence, and green economy [1] - The exhibition area for enterprises has expanded to over 367,000 square meters, with six major exhibition zones including medical devices, automotive, technology equipment, consumer goods, agricultural products, and service trade [1] - 290 of the participating companies are from the Fortune Global 500 and industry leaders [1] Group 2: Economic Impact - There is a 23.1% year-on-year increase in enterprises from the 123 Belt and Road Initiative countries participating in the expo [2] - The number of enterprises from the least developed countries reached 163, marking a 23.5% increase [2] - African enterprises saw an 80% increase in participation compared to previous years [2] Group 3: Supporting Events - The concurrent Hongqiao International Economic Forum will feature 33 sub-forums and closed-door meetings, along with the release of the "World Open Report 2025" and the latest global openness index [1] - Over 80 supporting activities, including trade negotiations and investment promotion, will be held during the forum [1]

Core Viewpoint - The 20th Central Committee of the Communist Party of China emphasizes the importance of expanding domestic demand as a strategic foundation, promoting interaction between consumption, investment, supply, and demand [1] Infrastructure Development - Major engineering projects are crucial for stabilizing investment, promoting employment, and strengthening infrastructure, benefiting both the present and the long term [1] - The ongoing infrastructure construction in China is focused on addressing shortcomings, optimizing networks, and improving efficiency as the "14th Five-Year Plan" approaches its conclusion [1] High-Speed Rail Significance - The newly opened Shenyang to Changbai Mountain high-speed rail (Shenbai High-Speed Rail) spans approximately 430 kilometers, connecting Liaoning and Jilin provinces, and forms a closed-loop high-speed rail network in Northeast China [2][6] - This rail line significantly reduces travel time, enhancing accessibility to tourist destinations like Changbai Mountain, which is expected to boost local tourism [7][8] Economic Impact - In its first month of operation, Shenbai High-Speed Rail transported over 660,000 passengers, with a maximum of 64 trains operating daily [8] - The rail line is part of the national "14th Five-Year Plan" and is a key connection in the "eight vertical and eight horizontal" main passageways [6] Technological Innovations - The construction of Shenbai High-Speed Rail utilized advanced technologies to address challenges posed by the region's harsh climate, including frost heave and snow damage [9][10] - New design and construction techniques were implemented to enhance project efficiency and reduce costs, such as using automated platforms for rail components [10] Environmental Considerations - The project includes innovative noise reduction measures, such as a closed sound barrier designed to protect endangered species like the Chinese merganser [12][13] - Environmental protection was prioritized during construction, with efforts made to preserve local flora and minimize ecological disruption [14][15]

党的二十届四中全会提出，"坚持扩大内需这个战略基点""促进消费和投资、供给和需求良性互动"。 重大工程，既有利于稳投资、促就业，又有利于强基础、补短板，既利当前，又利长远。迈入"十四 五"规划收官之年，我国基础设施建设持续深入推进，一项项重大工程不断刷新"进度条"，着力补短 板、优网络、提效能。 今起，本版推出"收官之际看工程"系列报道，带您走近具有代表性的重大工程，一起感受"中国建造"的 魅力、剖析重大工程的"乘数效应"。 火车一响，黄金万两。这条修建于高寒地区的高铁有何特色？开通运营后给当地带来哪些改变？记者进 行了采访。 ——编 者 从一张网到一盘棋—— 高铁拉动冰雪经济 在滑雪爱好者眼中，它是一条快速路。 "4个半小时就能从北京直达长白山脚，滑雪说走就走，冰雪游触手可及。"北京市市民许晴说。 在东北"老铁"眼中，它是一条开放路。 "白山市森林覆盖率高达84.6%，是'天然氧吧'，希望更多人坐着高铁打卡我的家乡。"吉林白山市市民 刘晓青说。 沈白高铁为何如此重要？ 祖国东北角，高铁网再添关键一笔。 沈佳高铁沈阳至长白山段，简称沈白高铁，全长约430公里，横跨辽宁、吉林两省。随着沈白、京哈、 沈大等高铁路 ...

新老朋友远跨重洋、如约而至，第八届进博会将有155个国家、地区和国际组织参与，4108家境外企业参展，展览面积超过43万平方米，展览 面积和企业总数均创历史新高。 0:00 / 2:50 东方风来，百川汇海。11月5日至10日，第八届中国国际进口博览会（CIIE）在上海举办。 11月3日拍摄的国家会展中心（上海）内的进博会主题装饰。 新华社记者 方喆 摄 进博会不仅是展商云集的平台，更是全球新品首发地。本届进博会展示461项新产品、新技术、新服务，展示低空经济、人形机器人等新产 业，引入银发经济、冰雪经济等新题材。 11月4日，工作人员在第八届进博会技术装备展区调试机器人。新华社记者 王翔 摄 东方之约，世界共享。进博会正书写着一个个在高水平开放中合作共赢的发展故事。 11月3日拍摄的第八届进博会汽车馆内的未来出行展区。新华社记者 方喆 摄 摄像：陈杰、洪凌、李恒毅 编导：马牧旺青、鲍佳艺、赵晓晴 新华社音视频部制作 10月29日拍摄的国家会展中心（上海）南广场。新华社记者 刘颖 摄 记者：马牧旺青、周阳、阮帅、沈倩、狄春、李海伟 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - The ice and snow economy is entering a rapid growth phase, with the national ice and snow industry expected to exceed 1 trillion yuan in 2025, reaching 10,053 billion yuan [7] - The winter ice and snow tourism "Hundred Days Action" in Heilongjiang Province will start on November 8, 2025, focusing on product supply and creating a new all-domain ice and snow tourism system [7] - The government has shown strong support for the ice and snow economy, aiming for the industry to reach 1.2 trillion yuan by 2027 and over 1.5 trillion yuan by 2030 [7] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of -10.04% compared to the CSI 300 index, with an absolute return of 7.04% [3] Investment Highlights - The ice and snow industry is projected to grow significantly, with a 25% year-on-year increase in consumer participation and spending during the 2024-2025 ice and snow season, amounting to over 1,875 billion yuan [7] - The search volume for outdoor ski resorts has surged nearly 900% since mid-October 2025, indicating a rising interest in ice and snow tourism [7] - Key companies in the ice and snow industry, such as Anta Sports and Bosideng, are expected to benefit from the growth in ice and snow sports and tourism [7]

三是夯实基础设施，构建"快进慢游"新支撑。以"畅行无忧在龙江"交通提升、"舒享畅游在龙江"旅游设 施提升行动为抓手，全面拓展旅游承载力。在航空方面，增开国际国内航线；在铁路方面，开行冰雪旅 游专列；在公路方面，加快重点风景道建设，加大亚布力、雪乡等重点景区公交线路及景区接驳车辆发 车频次，提升通行效率。智慧旅游建设方面同步推进，"一键玩龙江"小程序功能优化，全省智慧旅 游"一张网"加快形成。景区游客中心、取暖点、旅游厕所、5G网络等设施持续升级，全力营造便捷、 舒适、智能的旅游环境。 中国发展网讯 倪馨 记者袁小峰报道 11月4日，黑龙江省人民政府新闻办公室举行新闻发布会，介绍"2025— 2026年黑龙江冬季冰雪旅游百日行动"有关情况。会上，黑龙江省文化和旅游厅副厅长沈广春作主旨发 布。 沈广春表示，今冬黑龙江省定于2025年11月8日至2026年2月28日开展2025—2026年黑龙江省冬季冰雪旅 游"百日行动"，以"冰雪之冠·大美龙江"为品牌引领，系统实施"十大提升行动"，全力打造世界级冰雪旅 游度假胜地和冰雪经济高地，让每一位游客的龙江之旅成为一场安心、舒心、暖心的冰雪盛宴。 一是聚力产品供给，打造全 ...

Group 1 - The report indicates that the A-share market is experiencing a cautious sentiment, with the three major indices collectively declining and trading volume shrinking to below 2 trillion yuan, attributed to a triple pressure of policy vacuum, profit-taking, and weakness in the Asia-Pacific market [2][8][9] - The market style is shifting towards a more balanced approach, with a notable migration of funds from small and medium-sized growth stocks to heavyweight sectors like oil, petrochemicals, and banking, suggesting a structural equilibrium rather than a unilateral shift [2][9] - The report anticipates that the fourth quarter will see a more balanced market style, with a higher cost-performance ratio for a diversified allocation of "technology growth," "cyclical sectors," and "stable dividend core assets" [2][9] Group 2 - The report suggests a cautious and conservative investment strategy, focusing on low-cost acquisitions, with performance factors being a key consideration for fund allocation, while avoiding purely speculative stocks [3][10] - Key investment themes to watch include technology growth sectors such as AI, semiconductors, and robotics, high-dividend defensive sectors like banking and public utilities, and cyclical styles including solar energy, batteries, and rare earths, which are expected to benefit from policy optimization and improving profitability [3][10] - The report highlights the significant rise of the ice and snow economy, projecting that China's ice and snow industry will exceed 1 trillion yuan by 2025, driven by the upcoming winter sports events and increasing participation in winter sports [7]