经贸合作基于全面了解与积极互信，只有更加全面、客观地了解新疆的发展和成就、新疆的发展投资环 境和消费需求，才能更有针对性地寻求合作，选准投资方向。正如奥中商业协会主席格奥尔格·章格所 言，很高兴能有机会了解更加真实的新疆，希望此行能和更多新疆企业共同努力深化关系，实现合作共 赢。在此次活动中，许多奥地利来宾表示"没想到"，这其中，既有为开放、繁荣、文明、美丽的新疆点 赞，没想到新疆的发展如此活力迸发、欣欣向荣；也有对于合作机会的惊喜，"没想到竟有这么多商 机"。 在日常烟火中认识"中国西北角"，在现代车间里触摸发展新脉动，在熙攘市场中探寻合作新商机，在广 袤田野上感受大地新能量，在动人歌舞中领略"最炫民族风"…… 在收获的秋天，由经济日报社、新疆维吾尔自治区党委宣传部主办的奥地利商界及媒体新疆行活动中， 20多名奥地利来宾走进工厂、访问园区、探访市场、驻足田间、徜徉古城，完成了一次认识新疆之旅、 收获友谊之旅、寻求合作之旅。此次活动的成功举办，架设起一道中奥经贸合作彩虹桥。 中国新疆与奥地利虽相距万里，但有很多共同点和互补性。比如，奥地利是冰雪运动强国，具有冰雪经 济发展优势，在滑雪度假区基础设施、冰雪装备、 ...

Core Viewpoint - The article highlights the rapid growth and integration of skiing into urban life in China, driven by major events like the Beijing Winter Olympics and government support for the ice and snow economy, indicating a shift towards year-round skiing activities across various regions [2][4]. Group 1: Industry Growth and Economic Impact - The Chinese ice and snow economy is positioned as a new growth point, with the government emphasizing its development in recent policy documents [4]. - The projected consumer spending on ice and snow sports for the 2024-2025 season is expected to exceed 187.5 billion yuan, marking a growth of over 25% compared to the previous season [4]. - The number of indoor ski resorts has surged from 5 in the 2013-2014 season to 59 in the 2023-2024 season, with an anticipated increase to 79 by the 2024-2025 season [4][6]. Group 2: Regional Developments and Trends - Southern provinces like Zhejiang, Jiangsu, and Guangdong are leading in the number of indoor ski resorts, with 12, 7, and 5 respectively, showcasing a trend of integrating skiing into local lifestyles [6]. - The ice and snow sports sector in regions like Guangdong, particularly Guangzhou, is transitioning from an experimental phase to a normalized development stage, contributing to regional economic growth [7]. Group 3: Leading Companies and Market Position - China has become the global leader in indoor ski resorts, with seven out of the top ten largest indoor ski areas worldwide located in the country, including Shanghai Yao Snow and several others [9]. - The company "Hot Snow Miracle" has rapidly expanded its operations, with plans for additional ski resorts, including the upcoming Shenzhen location, which will be its 11th indoor ski facility [11]. Group 4: Training and Talent Development - The indoor ski industry is experiencing significant growth in talent development, with over 160 million training sessions conducted and a compound annual growth rate of over 80% in the training sector since 2021 [11]. - The establishment of competitive skiing teams in collaboration with local educational institutions is fostering a new generation of athletes, with approximately 2,000 children entering competitive skiing through this system [11]. Group 5: Future Prospects and Innovations - The indoor ski industry is seen as a high-frequency consumption scenario, with potential for diverse collaborations across various sectors, including tourism and logistics [12]. - The company "Hot Snow Miracle" is exploring international partnerships for indoor ski projects, indicating confidence in the global expansion of the indoor skiing market [12].

Core Insights - The ice and snow industry in China is experiencing rapid growth, driven by increased participation in winter sports and the development of indoor skiing facilities, which are becoming integral to urban life [2][5][8] Group 1: Industry Growth and Economic Impact - The Chinese government is prioritizing the development of the ice and snow economy as a new growth driver, with plans to enhance the entire industry chain, including culture, equipment, and tourism [2][4] - The projected consumer spending on ice and snow sports for the 2024-2025 season is expected to exceed 187.5 billion yuan, marking a growth of over 25% compared to the previous season [2] - The number of indoor ski resorts in China has surged from 5 in the 2013-2014 season to 59 in the 2023-2024 season, with an anticipated increase to 79 by the 2024-2025 season [2] Group 2: Regional Development and Market Dynamics - Southern provinces such as Zhejiang, Jiangsu, and Guangdong are leading in the number of indoor ski resorts, with 12, 7, and 5 respectively, indicating a shift in ice sports culture beyond traditional northern regions [5] - The ice and snow sports sector in regions like Guangdong is transitioning from an experimental phase to a normalized development stage, contributing to regional economic growth [5][9] Group 3: Company Developments and Innovations - Shanghai YaoXue Ice and Snow World, covering 350,000 square meters, is set to attract over 500,000 visitors in its first summer, showcasing the potential of large-scale indoor ski facilities [4] - The "Hot Snow Miracle" brand operates multiple indoor ski resorts, with the latest opening in Shenzhen, reflecting a strategic expansion to meet market demand in the Greater Bay Area [4][6] - The training segment of the "Hot Snow Miracle" has seen over 160 million participants, with a compound annual growth rate exceeding 80% since 2021, highlighting the growing interest in ski training [9] Group 4: Future Prospects and Strategic Insights - The indoor ski industry is viewed as a high-frequency consumption scenario, with revenue streams expanding beyond ticket sales to include memberships and training services [9][10] - The industry is witnessing a collaborative ecosystem, integrating various partners such as travel agencies and hotels, which enhances the overall customer experience [10] - The leadership in the industry emphasizes the importance of rational investment strategies tailored to different cities and demographics to optimize returns and operational efficiency [10]

Core Viewpoint - Heilongjiang Province is leveraging its role as a demonstration zone for ice and snow sports under the Shanghai Cooperation Organization (SCO) to enhance cooperation in sports, culture, talent, and industry among SCO and Belt and Road Initiative countries [1][4] Group 1: Sports Events and Infrastructure - The province has upgraded several sports facilities, including the provincial ice training center and Harbin ice hockey arena, in preparation for the 9th Asian Winter Games, establishing a high-level international ice and snow sports center [1] - The 9th Asian Winter Games will feature participation from 16 countries within the SCO, expanding the international reach of ice and snow sports [1] - The demonstration zone has successfully hosted eight major events, including the 6th SCO International Chess Team Championship and an international curling invitation tournament, attracting over 2,000 athletes from more than ten SCO countries [1][2] Group 2: Talent Development and International Cooperation - The province is conducting joint training sessions with ice hockey and figure skating teams from Russia, Kazakhstan, and Uzbekistan, enhancing competitive levels through international coaching [2] - A comprehensive talent development system integrating education, training, and research has been established to support the internationalization of ice and snow sports [2] - A regional ice and snow sports university alliance has been formed, involving 15 Chinese and Russian universities to foster joint training and research collaborations [2] Group 3: Standardization and Industry Development - Heilongjiang Province has released local standards for ice and snow sports events, promoting the standardization and regulation of the ice and snow industry [2] - The establishment of an ice and snow equipment industrial park has attracted companies like Qianmao Xuelong and Heilong International, leading to the production of advanced ice and snow equipment [2] Group 4: Cultural Promotion and Tourism - The province has developed various ice and snow cultural activities, such as the Harbin International Ice and Snow Festival, showcasing the unique charm of ice and snow culture [3] - The construction of SCO-themed ice and snow attractions has facilitated international cultural exchange and tourism, drawing visitors from SCO member countries [3] - Recent meetings among SCO sports ministers have resulted in multiple cooperation agreements in competitive sports and the ice and snow industry [3] Group 5: Future Development and Strategic Goals - The SCO ice and snow sports demonstration zone aims to utilize the "Ice and Snow Silk Road" concept to drive economic growth and deepen practical cooperation across various fields [4] - Heilongjiang Province is committed to integrating into national strategies and expanding international influence to promote high-quality development in the ice and snow sports sector [4]

Group 1 - The core viewpoint of the article emphasizes the importance of developing new consumption scenarios to align with consumption upgrades and tap into domestic demand potential [1][2] - The "Opinions" released by the Central Committee and State Council highlight the promotion of various economies, including the first-release economy, silver economy, ice and snow economy, and low-altitude economy [1] - Experts suggest that multi-dimensional consumption scenarios can effectively meet diverse consumer needs, driving consumption upgrades and releasing consumption potential [1][3] Group 2 - Various cities have introduced supportive policies to adapt to new consumption trends, with Beijing implementing over 20 policies in sectors like fashion, culture, and dining, resulting in 469 new first stores in the first half of the year [2] - Future work should focus on optimizing the policy environment and enhancing supporting services, such as improving consumption ecology and accelerating the construction of elderly care facilities [2] - There is a call for strengthening industrial integration, such as combining the first-release economy with cultural tourism to expand consumption scenarios [3]

Core Viewpoint - China Tourism Group's subsidiary, Hong Kong China Travel International Investment Co., has announced the acquisition of Vanke Group's Jilin Songhua Lake International Resort Development Co. and Beijing Wanbingxue Sports Co. This move is aimed at enhancing its presence in the Northeast region and capitalizing on the growing winter sports market in China [1][4][12]. Group 1: Acquisition Details - The acquisition includes Jilin Songhua Lake International Resort, which has seen over 1 million ski visitors this season, breaking the long-standing dominance of European and American ski resorts [5]. - The resort is strategically located in the "ice and snow golden latitude belt," making it one of the world's top three powder snow bases, with a ski area of 220 hectares and 50 ski trails [3][12]. - The acquisition also includes Beijing Wanbingxue Sports Co., which manages multiple ski resorts and schools, enhancing operational capabilities [5][12]. Group 2: Market Context - The summer of 2023 has been exceptionally hot globally, yet Songhua Lake remains a cool retreat, attracting visitors for both summer and winter sports [2]. - The ski industry in China has seen significant growth, with ski visits reaching 23.08 million, a 16.3% increase year-on-year, indicating a rising interest in winter sports [7]. - The Songhua Lake resort is positioned to attract both domestic and international tourists, especially with the easing of travel restrictions and promotional activities targeting new skiers [8][9]. Group 3: Strategic Implications - China Tourism Group aims to establish Songhua Lake as a leading international tourist destination, leveraging its unique ecological and climatic resources [6][12]. - The acquisition aligns with the company's strategy of focusing on scarce resources and unique cultural assets, enhancing its competitive edge in the tourism market [10][12]. - The timing of this acquisition coincides with a growing trend in winter sports participation in China, positioning the company to capitalize on this emerging market [9][12].

Core Insights - The article highlights the emerging trends in higher education, particularly the rapid expansion of new academic programs in response to technological advancements and economic demands [2][4]. Group 1: New Academic Programs - In 2023, nearly 800 universities added over 1,800 new programs, focusing on cutting-edge technology fields such as "low-altitude economy" and "low-altitude technology and engineering" [2]. - The rise of niche fields like "companion animal" studies reflects the growing pet economy, while "ice and snow dance performance" indicates the booming ice and snow economy [4]. Group 2: Traditional and Interdisciplinary Fields - Traditional engineering disciplines such as electrical engineering, automation, and mechanical design are regaining popularity due to the transition to renewable energy and advanced manufacturing [5]. - Interdisciplinary programs combining education with artificial intelligence and arts with technology are on the rise, aiming to cultivate versatile professionals capable of adapting to future changes [5]. Group 3: Regional Trends and Industry Alignment - The addition of digital economy and big data programs in the Beijing-Tianjin-Hebei region aligns with the presence of over 80,000 digital economy enterprises in Beijing [6]. - In Anhui, five universities introduced smart vehicle engineering programs to support the automotive industry's growth, while Hubei leads the nation in new smart construction programs to meet urban development needs [6].

Group 1 - The central government emphasizes enhancing urban development momentum through tailored policies based on local resources and conditions [1] - There is a focus on cultivating an innovation ecosystem to stimulate entrepreneurial activity and original innovation [1] - The strategy includes strengthening the collaboration between technological innovation and industrial innovation, while promoting the transformation and upgrading of traditional industries and the growth of emerging industries [1] Group 2 - The plan aims to accelerate the construction of international and regional technology innovation centers [1] - It highlights the implementation of national strategic emerging industry cluster development projects [1] - The initiative seeks to foster advanced manufacturing clusters and develop modern construction industry chains [1] Group 3 - There is a strong push for the development of productive service industries and the enhancement of living service industries [1] - The government aims to promote new consumption scenarios through the development of various economies, including the silver economy and low-altitude economy [1] - The initiative also includes deepening the construction of international consumer center cities [1]

Core Viewpoint - Hong Kong China Travel International Investment Co., Ltd. has acquired Vanke's Jilin Songhua Lake International Resort Development Co., Ltd. and Beijing Wanbingxue Sports Co., Ltd., marking its first large-scale ski resort project and a significant step in promoting the ice and snow economy and revitalizing the cultural tourism industry in Northeast China [1][11]. Industry Summary - The ice and snow tourism market in China is experiencing robust growth, with participation expected to reach 520 million person-times in the 2024-2025 season, a year-on-year increase of 18%, and total revenue exceeding 630 billion RMB [3]. - The State Council has set ambitious targets for the ice and snow economy, aiming for a total scale of 1.2 trillion RMB by 2027 and 1.5 trillion RMB by 2030, indicating sustained growth in the sector [3]. Company Summary - Songhua Lake Resort is positioned as a premier winter tourism destination, located in Jilin City, which is part of the "golden latitude belt" for snow sports, comparable to the Alps and Rockies [4]. - The resort features a skiing area of 220 hectares with 50 ski trails, accommodating up to 15,000 skiers simultaneously, and has received over 9 million visitors in its ten years of operation [7]. - The acquisition of Wanbingxue Company provides access to a professional team and resources, enhancing the company's capabilities in managing ski resorts and expanding its operational footprint [11]. - China Travel International has over 60 tourism projects under its management, including 17 5A scenic spots and 21 4A scenic spots, demonstrating its comprehensive operational capabilities in the tourism sector [13].

Core Viewpoint - The company reported a significant decline in total revenue and net profit for FY25, attributed to a sluggish real estate market in Hong Kong, leading to reduced project launches and contract signings [1][2] Group 1: Financial Performance - For FY25 H1, total revenue and net profit decreased by 29.3% and 29.8% respectively, amounting to HKD 3.34 billion and HKD 390 million [1] - Revenue from the Hong Kong and Macau regions fell by 32.3% to HKD 2.07 billion, representing 62.0% of total revenue [1] - New signed contracts for curtain wall projects dropped by 27.9% to HKD 3.84 billion, with contracts in Hong Kong and Macau down by 30.5% to HKD 2.20 billion and HKD 1.48 billion respectively [1] Group 2: Market Conditions - The number of new private residential projects in Hong Kong decreased by 57.0% year-on-year to approximately 6,100 units [1] - The inventory of unsold completed private residential units increased by 42.1% to about 27,000 units as of June this year [1] - The vacancy rate for Grade A office buildings in Hong Kong reached a near-high level of 13.6% in Q2 FY25, with a low completion volume of 462,700 square feet and a net absorption of only 130,700 square feet [1] Group 3: Strategic Developments - The company maintains a focus on high-value cities in mainland China, targeting quality real estate developers and new economy enterprises [2] - In FY25 H1, the company secured three curtain wall projects from Swire Properties and a project from Huawei, indicating a strategic alignment with high-profile clients [2] - The company is also expanding into friendly overseas markets, winning three projects in Singapore, including its first BIPV project at Changi Airport [2] Group 4: Rating Adjustment - Based on the mid-year performance, the company has revised down its net profit forecasts for FY25-26 by 9.7% and 15.6%, while introducing a forecast for FY27 [2] - The target price has been adjusted from HKD 1.93 to HKD 1.75, reflecting a corresponding P/E ratio of 6.0 times FY25 earnings and a potential upside of 17.2% [2] - The rating has been changed from "Buy" to "Hold" due to reduced upside potential [2]