Investment Rating - Industry rating: "Overweight" (maintained) [7] Core Insights - The launch of the Hainan Free Trade Port's full island closure on December 18, 2025, marks a new phase in China's high-level opening-up, with the range of "zero tariff" goods expanding from over 1,900 to 6,600 tax items, increasing the proportion to 74% [7] - The introduction of the "ice and snow holiday" in Jilin Province for compulsory education students led to a 119% year-on-year increase in domestic tourist reception and a 31% increase in total spending during the holiday period [7] - Sanya's duty-free sales exceeded 100 million yuan for three consecutive days from December 18 to 20, with a year-on-year growth of 47% on December 20 [7] - Sanya Phoenix International Airport's passenger throughput reached a historical peak in 2025, with a total of 21.849 million passengers, a year-on-year increase of 5.8% [7] Summary by Sections Recent Industry Performance - Relative returns over the past month: 2.61%, three months: -5.0%, and twelve months: -14.53% [3] - Absolute returns over the past month: 5.18%, three months: -3.53%, and twelve months: 1.78% [3] Investment Recommendations - Focus on companies like China Duty Free Group for their comprehensive product upgrades and on airport and transportation companies such as Hainan Airport, Meilan Airport, and Hainan Airlines [7] - Attention is also recommended for travel-related companies like Changbai Mountain, Huangshan Tourism, and others as the winter season and New Year holiday approach [7]

这是份来自内蒙古冰雪的邀约，想和你分享内蒙古冰雪那达慕、英雄会热闹启幕，也想分享给你竞 技的热血和烟火的暖意。当众人共御严寒，心底热意便无限放大，这份专属冬日的温暖邀约，持续至明 年3月。等你奔赴，共赴一场凛冬之约。 内蒙古自治区第二十一届冰雪那达慕12月21日起在呼伦贝尔市举行。那达慕本是草原上历史悠久的 传统盛会。近年来，内蒙古依托冰雪资源禀赋，将传统民俗与冰雪旅游相结合，推动那达慕由夏季活动 向冬季延伸，形成具有鲜明地域特色的冰雪那达慕品牌。 本届冰雪那达慕首次走进城市，在呼伦贝尔市海拉尔区伊敏河冰面上举办。呼麦、长调、民族舞蹈 等传统艺术元素，与曲棍球、冰球、花样滑冰等冰雪运动交融，为游客带来新奇体验。呼伦贝尔市有着 漫长的雪期、纯净的雪质、多样的地貌和丰富的文化底蕴，已连续成功举办20届冰雪那达慕活动，是内 蒙古和全国冰雪旅游重要目的地。 本届冰雪那达慕现场设置VR那达慕体验区、冰雪旅拍区、访牧户体验区等11个功能区域，可容纳 约3000名游客同时参与冰雪互动。内蒙古12个盟市和呼伦贝尔14个旗市区首次集中亮相，通过线下展销 与线上直播相结合的方式，集中展示各地特色物产和文旅资源。 记者：达日罕 新 ...

河北省目前已经形成张家口、沧州、廊坊、定州4个冰雪产业聚集区。宣化冰雪产业园、张家口高新区冰雪运动装备产业园已成为冰雪装备 研发、制造、销售、服务的全产业链条园区。 火热的冰雪运动带动了对冰雪场地和冰雪装备的需求。 近年来，随着冰雪装备自主研发能力不断提升，在河北，一些企业加大技术攻关力度，在滑雪板、造雪机、仿真冰板等装备领域实现突破。 《中国冰雪产业发展研究报告（2025）》指出，2025年我国冰雪产业规模将突破万亿元。工业和信息化部数据显示，我国已经形成15个大类 冰雪装备器材产品体系，相关企业数量从2015年的约300家增长至2023年900家左右，销售收入也从2015年不到50亿元增长到2023年220亿元左 右。 记者：张玮华、付旭遥 新华社音视频部制作 【纠错】 【责任编辑:施歌】 如今，大众参与冰雪运动的热情，催生了一条日趋完善的冰雪产业链，为产业发展提供了许多潜在空间。冰天雪地，正在变成金山银山。 ...

进入冬季，尔滨又开始发力了：冰雪大世界规模创历届之最，总面积达120万平方米，总用冰用雪量突 破40万立方米；哈尔滨极地公园培育了100只适合室外集体巡游的南极企鹅，系有史以来规模最大；位 于哈尔滨音乐长廊的网红雪人今年长高1米…… 根据国务院办公厅此前印发的一份文件，冰雪经济到2030年达到1.5万亿元。那么，包括哈尔滨在内的 整个东北地区，能否乘着冰雪经济的热潮，赢回当年"老大哥"的底气？ 近日，南都N视频记者实地探访哈尔滨、大庆、齐齐哈尔等地，调研黑龙江冰雪产业发展实效。 消费热 冰雪大世界以核心IP强力带动各种消费业态 12月21日，哈尔滨冰雪大世界刚刚开园第五天，一家园内的文创店工作人员在对账时透露，该店日营业 额已达到2.3万元。在冰雪大世界内，这样的文创店还有很多，冰箱贴、摩天轮玩偶、企鹅毛绒玩具都 备受游客喜爱。 由冰雪经济带动的消费热不止文创这一个案例。哈尔滨乾卯雪龙体育用品有限公司是国内第一家滑雪场 专用滑雪鞋、固定器的生产厂家，该公司总经理李智博告诉南都N视频记者："从2023年开始，也就是 疫情结束的第一年，我们订单量翻了3倍左右，这背后既有疫情结束后人们对户外滑雪的追求，也和哈 尔滨 ...

Group 1: Industry Overview - The first local regulation focusing on the ice and snow industry in China, the "Qitaihe City Ice and Snow Industry Promotion Regulations," was approved and will take effect on January 1, 2026, providing clear support for the industry's development [1] - The ice and snow economy is experiencing rapid growth, with projections indicating that the industry scale will reach 980 billion yuan in 2024, a year-on-year increase of 10.8%, and is expected to exceed 1 trillion yuan in 2025 [1] - By 2025, the ice and snow industry scale is anticipated to reach 1,005.3 billion yuan, nearly quadrupling since 2015, with an average annual compound growth rate exceeding 14% [1] Group 2: Consumer Engagement - During the 2024-2025 ice and snow season, approximately 292 million residents participated in ice and snow sports, with a participation rate of 20.61%, an increase of about 27.44 million compared to the previous season [2] - The consumer spending driven by residents participating in ice and snow sports exceeded 187.5 billion yuan, showing a year-on-year growth of over 25%, with ski resort spending reaching 78.613 billion yuan [2] - The search volume for "outdoor ski resorts" surged nearly 900% since mid-October 2025, indicating a significant increase in industry activity and interest [2] Group 3: Policy Support - The State Council has issued opinions to stimulate the vitality of the ice and snow economy, aiming for a total scale of 1.2 trillion yuan by 2027 and 1.5 trillion yuan by 2030 [2] - The "Special Action Plan to Boost Consumption" for 2025 emphasizes promoting ice and snow consumption and supports the development of globally recognized ice and snow tourism destinations [2] Group 4: Key Companies in the Industry - Major companies in the ice and snow industry include Snowman Group and Ice Wheel Environment, which are leaders in the global ice-making equipment sector and have completed several ice and snow project constructions [5] - Companies like Ice Mountain Cold and Crystal Snow Energy are involved in constructing ice and snow venues, while others like Sanfu Outdoor and Anta Sports are engaged in manufacturing personal equipment for ice and snow sports [5][6] - Online travel agencies such as Ctrip and Tongcheng Travel are significant players in the travel sector, with revenues of 53.3 billion yuan and 17.3 billion yuan, respectively, in 2024 [7]

Group 1 - The consumer sector is experiencing a rebound after a period of absence, driven by policies aimed at expanding domestic demand and boosting consumption [1] - The food and beverage industry, as a core segment of essential consumption, is expected to benefit directly from the domestic demand enhancement strategy, with trends towards health, quality, and cost pressure relief [1] - Current consumer industry indicators suggest a bottoming out, with policy benefits and fundamental recovery creating a resonance that presents allocation value [1] Group 2 - The new consumption investment sentiment has shifted from enthusiasm to caution, with expectations that continued policy support in 2026 will boost consumer confidence [1] - Investment in the new consumption sector is anticipated to focus on companies with solid business models and sustainable profit patterns, moving away from short-term narratives [1] - The new consumption industry is expected to evolve towards three trends: health, new pragmatism, and emotional consumption, alongside two dimensions: intelligence and overseas consumption [1] Group 3 - Relevant ETFs include tourism ETF (562510) benefiting from holiday catalysts and ice and snow economy, food and beverage ETF (515170) focusing on undervalued sectors, and Hong Kong consumption ETF (513230) linked to e-commerce leaders and new consumption [2]

Core Insights - The article highlights that China Youth Travel Service (CYTS) has seen a net financing inflow of 39.9765 million yuan in the last week, ranking 151st in the market [1] - CYTS's financing buy amount reached 170 million yuan, while the repayment amount was 130 million yuan [1] Financial Performance - Over the past 5 days, the main capital inflow for CYTS was 38.0885 million yuan, with a price increase of 3.85% [1] - In the last 10 days, the main capital inflow was 61.2656 million yuan, with a price increase of 4.21% [1] Company Overview - CYTS was established in 1997 and is located in Beijing, primarily engaged in business services [1] - The registered and paid-in capital of the company is 72.384 million yuan [1] - The legal representative of the company is Ni Yangping [1] Investment Activities - CYTS has invested in 39 companies and participated in 538 bidding projects [1] - The company holds 253 trademark registrations and has 58 administrative licenses [1]

这两天，随着哈尔滨冰雪大世界的开园，今年的冰雪季再度升温。前不久发布的《中国冰雪产业发展研 究报告(2025)》显示，中国冰雪产业规模从2015年的2700亿元持续增长至2024年的9800亿元，预计2025 年将首次突破万亿元大关。今年这个冬天，冰雪运动更加丰富多样，从北方到南方，从传统冰雪项目到 层出不穷的"冰雪+"新场景，带动了消费，更带动了国产装备制造、目的地运营、旅游服务等全产业链 的蓬勃发展。 这两天，备受关注的哈尔滨冰雪大世界开园，首日客流就达到了4.5万人次。今年的冰雪大世界以"冰天 雪地 童话世界"为主题，面积达120万平方米，总用冰用雪量达40万立方米，规模为历届之最。占园 区"C位"的主塔"冰灯启梦"是单体最大的冰建景观，它以雪花托举的"山"字为意象，生动呼应了"冰天雪 地也是金山银山"的理念。 而今年的亮点远不止于规模最大。园区以三大景观轴线串联，新增大型主题巡游和室外舞台，加入了智 能灯光、AI互动等，科技感拉满。 机器狗、机器人身着喜庆服装，迈着小碎步在人群中穿梭；AI互动集合区内，AI照相机、激光雕刻机 前人头攒动，游客只需几分钟就能定制专属于自己的数字文创产品。作为园区的"网红 ...

这两天，备受关注的哈尔滨冰雪大世界开园，首日客流就达到了4.5万人次。今年的冰雪大世界以"冰天雪地 童话世界"为主题，面积达120万平方米，总用冰 用雪量达40万立方米，规模为历届之最。占园区"C位"的主塔"冰灯启梦"是单体最大的冰建景观，它以雪花托举的"山"字为意象，生动呼应了"冰天雪地也是 金山银山"的理念。 央视网消息（焦点访谈）：这两天，随着哈尔滨冰雪大世界的开园，今年的冰雪季再度升温。前不久发布的《中国冰雪产业发展研究报告（2025）》显示， 中国冰雪产业规模从2015年的2700亿元持续增长至2024年的9800亿元，预计2025年将首次突破万亿元大关。今年这个冬天，冰雪运动更加丰富多样，从北方 到南方，从传统冰雪项目到层出不穷的"冰雪+"新场景，带动了消费，更带动了国产装备制造、目的地运营、旅游服务等全产业链的蓬勃发展。 而今年的亮点远不止于规模最大。园区以三大景观轴线串联，新增大型主题巡游和室外舞台，加入了智能灯光、AI互动等，科技感拉满。 记者发现，今年一个明显的变化是不少游客不再携带厚重的雪具，而是选择到雪场租赁滑雪装备。目前，崇礼雪具租赁店超100家，可租赁雪具超7万件。其 中，拥有自主 ...

证券日报网讯12月22日，龙建股份（600853）在互动平台回答投资者提问时表示，公司坚持主责主业， 围绕主业发展相关多元，在冰雪经济、旅游经济等领域内积极参与公路、市政等基础设施建设。 ...