智通财经APP获悉，中金发布研报称，室内滑雪场是近年来新兴地产品类，常与商业、酒店等构成文旅 综合体。我国优质冰雪资源匮乏与滑雪群体蓬勃成长形成供需矛盾，室内雪场能精准解决痛点并推动滑 雪运动普及，看好头部室内雪场运营商的发展空间以及产业链企业的投资机会。 中金主要观点如下： 滑雪市场近年来快速扩容但普及率远低于海外，受制于优质雪场资源不足。国办[2024]49号文预计2030 年我国冰雪经济体量将达1.5万亿元，内核为冰雪运动，其中滑雪运动具有更高普及潜力，2014-2024年 国内滑雪人次翻倍至2605万次，是全球市场主要增长点但参与率仅0.9%，低于西欧等海外(5%-30%)。 国际经验看，滑雪参与率与经济发展水平正相关;更关键是，我国缺少优质冰雪资源且集中于高纬度， 远离经济发达区域，加之商业化运作处于起步阶段，导致我国滑雪普及率提升空间广阔。 优质室内雪场需兼顾优势区位、大体量与精细化运营。首先，本地亲子及家庭滑雪是多数室内场的需求 基本盘，常住人口多、经济发达是核心选址要求。其次，体量决定单体营收上限与赛道丰富度，影响趣 味性与客户黏性，但大场馆前期投资重、建设难度高，存在一定壁垒。最后是精细化运 ...

中金研究 室内滑雪场是近年来新兴地产品类，常与商业、酒店等构成文旅综合体。我国优质冰雪资源匮乏与滑雪群体蓬勃成长形成供需矛盾，室内雪场能精准 解决痛点并推动滑雪运动普及，我们看好头部室内雪场运营商的发展空间以及产业链企业的投资机会。 点击小程序查看报告原文 Abstract 滑雪市场近年来快速扩容但普及率远低于海外，受制于优质雪场资源不足。 国办[2024]49号文预计2030年我国冰雪经济体量将达1.5万亿元，内核为冰雪 运动，其中滑雪运动具有更高普及潜力，2014-2024年国内滑雪人次翻倍至2605万次，是全球市场主要增长点但参与率仅0.9%，低于西欧等海外 （5%-30%）。国际经验看，滑雪参与率与经济发展水平正相关；更关键是，我国缺少优质冰雪资源且集中于高纬度，远离经济发达区域，加之商业化运 作处于起步阶段，导致我国滑雪普及率提升空间广阔。 滑雪市场中长期有望实现千亿规模，室内滑雪场具有更高发展潜力。 我们估测目前国内狭义滑雪市场体量约370亿元；参考美国普及率与滑雪频次，中长 期或达到3000亿元。室内滑雪场能以较低成本满足反季节滑雪需求，我们判断室内雪场是中长期行业发展的加速器，并具有更高的投资 ...

Core Insights - SF Express has signed a strategic cooperation agreement with Hot Snow Miracle to develop the ice and snow economy and cultural tourism services, aiming to create a new ecosystem in the ice and snow industry and set a new service benchmark [1] Group 1: Company Developments - Hot Snow Miracle is a globally recognized high-level comprehensive service provider in the ice and snow industry, operating 10 ski resorts across China [1] - The Hua Fa Ice and Snow Hot Snow Miracle project, managed by Hot Snow Miracle and invested by Hua Fa Group and Sunac Group, is set to officially open in Qianhai, Shenzhen on September 29 [1] - SF Express plans to extend traditional logistics services into areas such as smart management of snow equipment, innovative operation of ski resorts, and co-building of member rights ecosystems through collaboration with the Hua Fa Ice and Snow Hot Snow Miracle project [1] Group 2: Industry Insights - According to the "China Ice and Snow Industry Development Research Report (2024)", the ice and snow industry in China is expected to exceed 1 trillion yuan by 2025, indicating a high growth trend [1] - The rise of ice and snow events, activities, and tourism is driving significant demand for logistics services, including the transportation of large equipment such as skis and ice skates, which creates new growth opportunities for the logistics industry [1] - The demand for specialized packaging, precise delivery, and insured transportation is emerging as a new blue ocean for logistics companies [1]

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The upcoming opening of the Shenzhen Qianhai Ice and Snow World project is expected to enhance the company's performance and operational metrics [3][11]. - The company has a strong state-owned background, which provides substantial support from major shareholders, ensuring liquidity remains robust [3][11]. - The company is expected to leverage the potential market recovery to increase land acquisitions following the issuance of targeted convertible bonds [3][11]. - The company has seen a reduction in land acquisition activities recently, focusing on optimizing its land reserve structure [3][31]. Summary by Sections Project Overview - The Shenzhen Qianhai Ice and Snow World project, developed and wholly owned by the company, is set to open at the end of September, becoming the largest indoor ski resort globally with a total area of 437,000 square meters and a total construction area of 1,311,000 square meters [1][20]. - The project includes diverse facilities such as a 100,000 square meter ice and snow theme park, 100,000 square meters of commercial space, a 49,000 square meter hotel, and 300,000 square meters of sellable talent housing [1][20]. Revenue and Profit Projections - The project is expected to contribute an annual revenue of 650 million yuan and a net profit of 130 million yuan once it reaches maturity [2][25]. - The pricing strategy for the ski tickets is higher than competitors, with price differences ranging from 15% to 27% [2][24]. - The company anticipates receiving over 1.25 million visitors annually, with revenue projections based on a sensitivity analysis estimating a range of 490 million to 920 million yuan [2][26]. Land Acquisition and Reserves - The company plans to acquire land worth 9.4 billion yuan in 2024 and 3.6 billion yuan in the first half of 2025, focusing on core cities [3][31]. - The total land reserve is expected to be 16.29 million square meters by the end of 2024, with a significant portion located in the East China region [3][39]. - The issuance of targeted convertible bonds is anticipated to improve liquidity and facilitate further land acquisitions [3][31]. Financial Forecasts - The company forecasts revenues of 66.26 billion yuan, 68.44 billion yuan, and 69.96 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 255 million yuan, 497 million yuan, and 1.005 billion yuan for the same years [3][5].

Core Viewpoint - The tourism and catering sector experienced a significant rise on October 10, with notable stocks such as Caesar Travel and Tianfu Culture reaching their daily limit, indicating strong market interest in this sector [1] Group 1: Market Performance - The stocks of Caesar Travel and Tianfu Culture hit the daily limit, while Dalian Shengya and Changbai Mountain increased by over 6%, and Junting Hotel and Jinling Hotel rose by more than 3% [1] Group 2: Policy and Industry Outlook - The State Council recently issued an opinion aimed at unleashing the potential of sports consumption and promoting high-quality development in the sports industry, targeting a total scale exceeding 70 trillion yuan by 2030 [1] - The focus includes expanding the supply of sports products and fostering the growth of the ice and snow economy, which is seen as having strategic importance and broad prospects [1] - Previous documents set ambitious targets for the ice and snow industry, aiming for a scale of 1.2 trillion yuan by 2027 and over 1.5 trillion yuan by 2030 [1] - The 2025 "Special Action Plan to Boost Consumption" emphasizes promoting ice and snow consumption and supports the development of globally recognized ice and snow tourism destinations [1]

(砥砺奋进七十载 天山南北谱华章)滑雪板的"古"与"今"见证新疆冰雪产业兴起 中新社新疆阿勒泰9月10日电 题：滑雪板的"古"与"今"见证新疆冰雪产业兴起 作者 胡嘉琛 李佳悦 在新疆阿勒泰市拉斯特乡，年过七旬的斯兰别克·沙和什俯身用工具刨着松木，制作"毛皮滑雪板"。"我 爷爷越冬狩猎时，它是必备工具。"从穿梭于林海雪原的交通工具，到巴掌大小的旅游纪念品，一副滑 雪板记录了老人50余载"守艺创新"，也见证新疆冰雪产业的蓬勃发展。 斯兰别克9日接受中新社采访时说，他15岁起就随爷爷和父亲学习制作"毛皮滑雪板"。阿勒泰冬季平均 积雪厚度在1.5米以上，积雪期在6个月以上。"冬季积雪深，马匹没法在雪地前行。而用毛皮制作的滑 雪板，下坡滑行时能加速，上坡时增加摩擦。"斯兰别克说。 "毛皮滑雪板"体现着生存智慧。斯兰别克说，当地人曾害怕下大雪，会影响交通和生产。而今，随着基 础设施建设不断完善和旅游业发展，全国各地乃至海外的游客纷纷前来"追雪"。 这种变化并非偶然。2015年，18个国家的专家学者在阿勒泰市共同发布的国际共识文件，宣告新疆阿勒 泰地区为人类滑雪最早起源地。2022年北京冬奥会更使中国民众冰雪热情高涨，八 ...

Group 1 - The core viewpoint of the news is the release of the State Council's opinion aimed at promoting high-quality development in the sports industry, with a target to exceed 7 trillion yuan by 2030 [2][3] - The opinion outlines 20 key measures across six areas, including expanding sports product supply and enhancing service support [2][4] - The sports industry is identified as a new highlight in economic development, with an average annual growth rate exceeding 10% during the 14th Five-Year Plan period [3][6] Group 2 - The opinion emphasizes the need to develop outdoor sports and ice and snow economies, with plans for a new round of outdoor sports development planning [5][6] - It aims to stimulate sports consumption by expanding consumption scenarios and implementing consumer-friendly measures [5][6] - The number of existing sports-related enterprises in China has surpassed 17 million, with a 10.08% year-on-year increase in registrations [6][7] Group 3 - The opinion calls for the strengthening of sports enterprises and the establishment of quality platforms for industry cooperation [6][7] - It encourages the integration of sports with technology, media, and other industries to promote digital transformation and innovation [7] - Financial support and talent development are highlighted as essential elements for reinforcing the sports industry's infrastructure [7]

Summary of Conference Call Notes Industry or Company Involved - The discussion primarily revolves around the **technology sector**, specifically focusing on **innovative pharmaceuticals** and the **computing power sector**. Core Points and Arguments 1. **Market Outlook**: The market is expected to experience a volatile upward trend, with a focus on technology sectors such as innovative pharmaceuticals and computing power, benefiting from performance expectations and a decline in the ten-year treasury yield [1][3][4]. 2. **Investment Recommendations**: - For high-risk investors, it is advised to focus on the technology sector, particularly innovative pharmaceuticals and computing power stocks, which have shown stable performance and good earnings expectations [4][5]. - For conservative investors, attention should be given to the insurance industry within the financial sector, which benefits from real estate policies and capital market conditions [6]. 3. **Market Comparison**: The current market conditions are likened to the bull market from 2019 to 2021, characterized by significant inflows of new capital, including retail and institutional investments [8]. 4. **Market Correction**: The current market correction is limited, with historical patterns indicating that corrections do not typically exceed 60% of the preceding gains [9]. 5. **Performance Indicators**: The assessment of whether the market has peaked should focus on earnings growth and trading volume. Strong sectors must demonstrate clear high growth expectations [10][11]. 6. **Turnover Rate**: The turnover rate of freely circulating stocks is closely linked to market trends. A decline in turnover in strong sectors could indicate reduced buying interest, increasing the risk of corrections [12]. Other Important but Possibly Overlooked Content 1. **Sector Specifics**: In the computing power sector, attention is drawn to specific areas such as PCB, CPU, and domestic chips, which are seen as having reasonable valuations and growth potential [4][5]. 2. **Economic Indicators**: Weak non-farm payroll data in the U.S. suggests potential economic recession, but the clear trend towards interest rate cuts is seen as supportive for the A-share market [7]. 3. **Investment Strategy**: Investors are encouraged to focus on mainline directions for investment rather than timing the market's end, with a recommendation to continue seeking strong sectors as long as new capital inflows persist [8].

Core Viewpoint - The Chinese sports industry is rapidly developing and is becoming a crucial support for the strategy to expand domestic demand, with a clear blueprint for future growth outlined in the recent government opinion document [1] Group 1: Industry Growth Targets - The opinion sets a target for the sports industry to exceed 7 trillion yuan by 2030, with 20 specific measures proposed to achieve this goal [1] Group 2: Supply and Demand Coordination - The document emphasizes the need to enrich the supply of sports products by developing a multi-level event system and promoting the growth of outdoor sports and ice and snow economies [3][4] - It encourages the expansion of sports consumption scenarios by utilizing various types of urban spaces for community fitness facilities [3] Group 3: Strengthening Sports Enterprises - The opinion calls for strengthening sports enterprises by implementing policies that support private sector investment in the sports industry and enhancing industry collaboration [4] Group 4: Cultivating Growth Points - The document highlights the importance of industry integration, promoting collaboration between sports, tourism, culture, and health sectors to stimulate economic growth [5] - It also emphasizes regional coordination in developing sports industries in key areas like Beijing-Tianjin-Hebei and the Greater Bay Area [5] Group 5: Support and Service Enhancement - The opinion stresses the need for increased financial support for sports enterprises, including the development of intellectual property pledge loans to alleviate financing difficulties [7] - It proposes measures to enhance service guarantees, such as exploring prepayment fund management models to mitigate risks associated with prepaid sports consumption [7]

Core Viewpoint - The State Council has issued opinions to enhance the potential of sports consumption and promote high-quality development of the sports industry, particularly focusing on the growth of the ice and snow economy [1] Group 1: Policy and Economic Development - The government aims to cultivate and expand the ice and snow economy by implementing nationwide consumption benefits and supporting the inclusion of eligible ice and snow equipment in large-scale equipment updates [1] - The strategy of promoting ice sports to the south, west, and east is being deepened, with a goal to consolidate and expand the achievement of engaging 300 million people in ice sports [1] Group 2: Industry Analysis - Debon Securities views the ice and snow industry as a strong segment within the tourism sector, driven by events and policy support, indicating ample growth potential [1] - The ice and snow economy is expected to become a significant growth point for domestic demand in China, helping to alleviate the seasonal downturn in winter tourism and providing incremental growth during winter [1] Group 3: Market Trends and Future Outlook - Ping An Securities notes that the ice and snow economy is gaining momentum due to the influence of the Winter Olympics and ongoing policy support, with cultural and tourism enterprises leveraging social media to reach a broader audience [1] - The development of the high-speed rail network in Northeast China is becoming clearer, and the full opening of the Shenyang-Jilin high-speed rail is anticipated to connect the eastern region with the rest of the country, further boosting the development of the Northeast ice and snow economy [1]