Core Viewpoint - The combination of the "ice and snow economy" and visa-free policies is becoming a key driver for the growth of China's tourism industry, particularly in the winter season of 2025 [7]. Group 1: Ice and Snow Economy Growth - The "ice and snow economy" is thriving in various regions of China, with diverse and personalized experiences being developed [13]. - The introduction of official "snow holidays" in regions like Jilin and Xinjiang encourages students to participate in winter sports, contributing to a winter consumption boom [10]. - The search interest and booking rates for ice and snow travel routes, popular cities, and hotels near ski resorts are rapidly increasing, indicating a surge in demand [10]. Group 2: Visa-Free Policy Impact - The expansion of visa-free arrangements significantly enhances the convenience for international tourists entering China, creating a synergistic effect with the ice and snow tourism [7]. - The increase in foreign tourists is complemented by domestic visitors who are shifting from quick visits to multi-day stays, transforming ice sports into a lifestyle [7]. Group 3: Unique Tourist Experiences - Various regions are innovating unique ice and snow tourism projects, such as ice fishing competitions and immersive experiences like "fog rafting" and "snow house hot pot" [16][21]. - The first ice and snow tourism special train from Harbin to Mohe emphasizes a "slow travel, deep experience" approach, catering to tourists from major urban areas [4][30]. - The special train features themed decorations and offers tailored services for elderly travelers, enhancing the overall travel experience [38].

Investment Rating - The report maintains a "Recommendation" rating for the consumer services industry, indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [41][43]. Core Insights - The report highlights the positive impact of Hainan's customs closure and the winter sports season on service consumption, predicting a robust demand for hospitality and travel services in 2026. Notably, Hainan's first week of duty-free shopping post-closure saw sales of 1.1 billion RMB, with year-on-year growth of 54.9% [4]. - The report anticipates a significant increase in domestic ski and ice tourism ticket bookings, with a projected year-on-year growth of approximately 70% from November 2025 to February 2026 [4]. - Key investment targets include hotels with balanced supply and demand, human resources services, the duty-free sector, and internet platforms that integrate online and offline operations [4]. Industry Basic Data - The consumer services industry comprises 55 listed companies with a total market capitalization of 498.8 billion RMB and a circulating market capitalization of 457.1 billion RMB [1]. Market Performance - The consumer services sector experienced a decline of 1.05% in the week from December 22 to December 26, 2025, while the overall A-share market rose by 2.77% [7][10]. - The report notes that the hospitality sector, including hotels, saw varied performance, with some companies like Green Tea Group and Dingdong Maicai showing significant gains [16][19]. Important Announcements - Key announcements from companies in the consumer services sector include share buybacks and financial updates, such as Guilin Tourism's court ruling to recover illegal profits of 52.15 million RMB [31][30]. Upcoming Shareholder Meetings - Several companies in the consumer services sector have scheduled shareholder meetings in the upcoming month, including Nanjing Commercial Travel and Changbai Mountain [34].

本届冰雪季活动由鄂尔多斯市文旅局、教体局、商务局及东胜区人民政府联合主办，深度融合文化、旅 游、体育、商贸四大板块。活动精心策划了"冰雪不夜天""冰雪嘉年华"等七大主题共17项特色文旅内 容，并着力打造"1+2+8"冰雪赛事矩阵，即1场冰雪那达慕、2项专业滑雪联赛以及8项雪地排球、定向 越野等大众热门赛事，有效串联起冰雪运动、民俗文化与美食体验。市区两级还联动推出一系列促消费 举措，通过票务联动、折扣优惠等方式，充分激活冬季消费市场。 近年来，鄂尔多斯市以"冰雪+"为重要抓手，积极构建"赛事引流+文旅赋能+商业助力"的可持续发展模 式，推动冰雪运动、旅游与文化深度融合发展。今冬以来，全市上下联动，策划推出了120项特色文旅 活动及多项重点赛事，配套打造10条冬季旅游主题线路和3条冰雪赛事旅游线路，有机串联"吃住行游购 娱"全产业链。通过将冰雪"冷资源"转化为产业"热动能"，不仅显著提升了冬季节庆消费活力，持续擦 亮"歌游内蒙古"及鄂尔多斯冰雪品牌，也为区域经济社会高质量发展注入了新的活力。 本次冰雪文化旅游季是鄂尔多斯市2025～2026年冬季系列文旅活动的核心组成部分。该冬季系列活动围 绕"冰雪体验、康养度 ...

Group 1: Market Performance - The Hong Kong stock market opened with the Hang Seng Index up by 0.43%, the National Index up by 0.59%, and the Hang Seng Tech Index up by 0.88% [1] - New energy vehicle stocks saw a broad increase, while copper and other non-ferrous metal stocks led the rise in the sector [1] - Semiconductor stocks showed strong performance, while the consumer sector experienced slight fluctuations with the Hong Kong Consumer ETF (513230) showing a small decline [1] Group 2: Hainan Free Trade Port Developments - In the first week of the Hainan Free Trade Port's full closure, policy benefits have stimulated market activity, with impressive data in duty-free shopping and foreign trade [1] - Duty-free shopping figures for the first week reached 1.1 billion yuan, with 775,000 items purchased and 165,000 shoppers, representing year-on-year increases of 54.9%, 11.8%, and 34.1% respectively [1] - The number of newly registered foreign trade enterprises in Hainan increased by 1972, a year-on-year growth of 230%, with over 30,000 new registered customs declaration units for the year, up over 40% [1] - The passenger throughput at Meilan Airport during the first week post-closure increased by 11.8% year-on-year, with significant growth in ticket bookings for the New Year holiday [1] Group 3: Government Initiatives - The Ministry of Finance announced plans to significantly boost consumption in the coming year, implementing special actions to support consumer spending [2] - The government will continue to allocate funds for consumer goods trade-in programs and adjust subsidy ranges and standards [2] Group 4: Related ETFs - Tourism ETF (562510) is positioned to benefit from holiday catalysts and the ice and snow economy [3] - Food and Beverage ETF (515170) is seen as undervalued in the context of boosting domestic demand [3] - Hong Kong Consumer ETF (513230) is linked to e-commerce leaders and new consumption trends [3]

Core Viewpoint - The first Winter Sports Games in Shaanxi Province will be held in Yulin City from January to February 2026, marking a significant event for promoting winter sports and integrating tourism and sports in the region [1][6]. Group 1: Event Overview - The Winter Sports Games will feature youth and mass categories, covering 11 events including skiing, skating, and ice hockey, with 1,655 participants registered [1]. - The theme of the event is "Ice and Snow Passion, Vitality of Shaanxi," incorporating local cultural elements in the opening and closing ceremonies [2]. - The torch relay will take place from January 8 to 18, 2026, across six locations, showcasing Yulin's diverse cultural imagery [2]. Group 2: Community Engagement - Yulin has already hosted the 8th Winter Ice and Snow Sports Games and organized various community activities, attracting over 10,000 participants [2]. - Upcoming events like the Shaanxi Skiing Conference and youth winter camps aim to further stimulate public interest in winter sports [2]. Group 3: Economic Development - The Winter Sports Games serve as a catalyst for transforming ice and snow resources into an ice and snow economy, with over 30 ski venues established in Yulin [3]. - The Yulin Water Sports Center has hosted approximately 120,000 visitors since 2024, generating over 1.5 million yuan in revenue from ice and snow events [3]. - The integration of ice and snow sports with local culture is being pursued through the development of creative products and a planned sports and wellness tourism resort [4]. Group 4: Future Prospects - The local team has achieved notable success in preliminary events, winning 5 gold, 3 silver, and 1 bronze medal, indicating the potential for ice and snow sports in the region [5]. - The Winter Sports Games are expected to enhance regional economic development and attract more tourists, enriching the cultural experience of winter sports in Shaanxi [5][6].

Core Viewpoint - The second "Passionate Ice and Snow · Taste of Folk Customs" Winter Tourism Culture Season in the Beijing-Tianjin-Hebei region was launched, focusing on ice and snow as a theme, with an emphasis on folk customs and family-friendly activities [1] Group 1: Event Overview - The event aims to connect cultural tourism resources across Beijing, Tianjin, and Hebei, creating a collaborative platform for regional cooperation [1] - It offers a winter tourism experience that caters to all age groups, combining fun and cultural warmth [1] Group 2: Activities and Features - The winter tourism culture season includes four core segments: competitive events, ice and snow activities, folk culture gatherings, and rural New Year celebrations, featuring a total of 32 unique activities [1] - Five distinctive tourism routes themed "Ice and Snow +" have been planned to further stimulate the economic impact of ice and snow resources [1]

Group 1 - The resurgence of winter sports is driving the growth of the ice and snow economy, creating significant opportunities in the sports industry [1] - Companies listed on the Beijing Stock Exchange are leveraging their unique advantages to strengthen their presence in the sports industry [1] - Kangbiter, a high-tech enterprise in the sports nutrition sector, has been recognized for its comprehensive production and service system, including advanced automated production lines [1][2] Group 2 - Huayang Racing has established a unique research and testing capability in off-road motorcycle development, contributing to its recognition in the industry [2] - In the chemical sector, Yinuowei has become a key player in the sports market, leveraging its competitive advantages in polyurethane products [2][3] - The sports industry in China is entering a new phase of high-quality development, supported by various national and local policies [3][4] Group 3 - Policies aimed at enhancing sports consumption are crucial for the high-quality development of the sports industry, with a projected market size of 7 trillion yuan [4] - The booming ice and snow economy is linked to the popularization of winter sports, with ambitious growth targets set for the industry by 2027 and 2030 [4][5] - The development of the ice and snow economy is supported by provincial policies, focusing on a comprehensive industry chain [5][6] Group 4 - New companies in the sports sector are seeking to list on the Beijing Stock Exchange to capitalize on the industry's growth potential [6] - Jin Smith is planning to issue stocks to the public and aims to list on the Beijing Stock Exchange, focusing on smart fitness equipment [6] - Aoxiang Sports is also advancing its listing efforts, specializing in sports flooring materials and construction [6]

在中国北方的地理版图上，一条跨越疆、蒙、冀、京、辽、吉的弧形冰雪产业带愈发清晰，人们将其称 作"冰雪微笑曲线"。在"2025中国向上·冰雪微笑曲线"调研行中，半月谈记者发现，冰雪经济正在这条 产业带上酝酿升级。 这条曲线有三层指向：空间上串联冰雪黄金纬度带的资源禀赋；产业上牵引价值链向高端环节延伸；体 验上托举公众在严寒季节的获得感与幸福感。冰雪已经不再只是冬日风景，消费时段被拉长，体验内容 更细分，产业链条也在向更完整的方向延伸。在这条三位一体的曲线中，冰雪正以前所未有的姿态，跃 升为驱动高质量发展的"热动能"。 夜间场景的扩容，最能看出冰雪经济的"新业态"如何落地。过去，冰雪经济常受限于日落而息的短促链 条。而如今，夜滑、夜游、夜演、夜食、夜宿彼此咬合，带来一整晚的停留与复合消费。延吉的网红墙 把民族风情、夜间餐饮与打卡留念汇成一条动线；长春冰雪新天地用灯光叙事与沉浸式演艺把夜色变 成"黄金后半场"。夜间热度能不能转为长期口碑，考题落在一整套的服务细节上：接驳顺不顺、排队乱 不乱、价格清不清、暖屋与休憩点够不够、应急响应快不快。细节越扎实，预期越稳定，停留时间越 长，消费就越容易从"单点购买"走向"组合消 ...

竞技与趣味并行是本次赛事的鲜明特色。"出溜吧老铁""疯狂的冰车"等竞技项目热血开赛，选手们在冰面驰骋角逐；"舞动的冰嘎""圈套的鸭子"等互动体验 妙趣横生，后续即将开展的冰上钻孔挑战更设置重磅大奖，全方位满足不同群体的参与需求。本次赛事共评选10名获奖选手，奖金由快手平台独家提供支 持，其中冠军1名可获2万元奖金，亚军1名获1万元奖金，季军1名获5000元奖金，第4名至第10名各1名，均可得1000元奖金。 据悉，梅河口将持续以当地的知北村、海龙湖、五奎山三大景区为核心，以地域文化为引领，以精准服务和政策保障为支撑，打造集"逛雪村、玩冰钓、学 滑雪、过大年"于一体的冰雪IP，让"有一种生活叫梅河"品牌形象更加深入人心。 吉林省梅河口市知北村夜景。（梅河口市委宣传部供图） 作为梅河口新雪季"逛雪村、玩冰钓、学滑雪、过大年"主题活动的重要组成部分，本次赛事是当地打造"一景一品"冰雪体验矩阵的关键载体。赛事由快手平 台支持，邀请了全国各地的30名冰钓选手同台竞技，另外组织了100余名网络达人参与冰上趣味赛，进一步丰富赛事的参与维度与观赏性。开幕式上，悠扬 的朝鲜族歌伴舞与灵动的东北秧歌轮番上演，尽显地域文化特色；路 ...

本次林海雪原穿越赛依托首届黑龙江省冰雪运动超级联赛("冰超")平台，是牡丹江地区积极探索"体育 +文旅"融合发展模式的一次创新尝试。通过沉浸式场景设计和低门槛的参与方式，活动有效激发了大 众参与冰雪运动的热情，将静态的雪景资源转化为可体验、可共享的全民健身产品，为拓展冰雪消费场 景、助力寒地经济高质量发展探索了新路径。(完) 超"·林海雪原穿越赛在牡丹江海林市童话小镇林海雪原风景区正式拉开帷幕。张应力 摄 中新网哈尔滨12月28日电(记者 王妮娜)27日，"冰超"·林海雪原穿越赛在牡丹江海林市童话小镇林海雪 原风景区正式拉开帷幕，活动吸引了近千名徒步爱好者参与，通过一场深度沉浸的冰雪赛道穿越，将壮 丽的北国风光转化为全民共享的健身平台，成为推动"冰雪经济"与"全民健身"深度融合的生动实践。 27日，"冰 赛事在景区内一条全长8公里、宽6米的专业雪道上展开。赛道两旁积雪绵延、林海苍茫，为参与者提供 了近距离观赏雪原奇景的独特视角，也让徒步穿越深厚积雪成为难忘的体验。活动注重场景化营造，现 场重现了"杨子荣小分队"、"穿林海、跨雪原"的经典情景，还融入马拉爬犁、驯鹿互动等东北特色元 素。参赛者身着特色服饰，与冰雪 ...