Core Insights - Liaoning's "Nine-Nine Consumption Season" aims to transform the traditionally low winter consumption period into a peak season by hosting over 1,500 promotional activities over four months, leveraging local customs and resources [1] - The initiative aligns with the central government's focus on boosting domestic demand and building a strong domestic market, showcasing a proactive approach to economic revitalization during winter [1] Group 1 - The event creatively adapts to various consumer needs by dividing the long winter into nine periods, each with different themes and consumer benefits, addressing the psychological barriers of winter outings [2] - This approach encourages sustainable participation rather than merely distributing subsidies, effectively integrating consumption into daily life [2] - The launch event took place at a ski resort, emphasizing the connection between consumers and the ice and snow economy, with participation from international and domestic stakeholders to foster long-term industry collaboration [2] Group 2 - Unlike many regions that focus solely on ticket sales for winter sports, Liaoning aims to elevate the ice and snow economy from a single tourism product to a comprehensive industrial chain through the "Nine-Nine Consumption Season" [3] - The strategy includes introducing international competitions to enhance venue standards and service levels, strengthening local equipment manufacturing, and accelerating talent development and infrastructure upgrades [3] - This initiative positions Liaoning to potentially transition from a province rich in ice and snow resources to a strong ice and snow industry hub, enhancing the "Ice and Snow Liaoning" brand and driving economic growth [3]

Group 1 - The core point of the articles highlights the significant growth in passenger traffic on China's railways, with a total of 4.28 billion passengers transported from January to November, marking a year-on-year increase of 6.6%, setting a historical record for the same period [1] - The average daily operation of passenger trains reached 11,258, reflecting a year-on-year increase of 7.1%, further indicating the robust demand for rail travel [1] - The introduction of new ticketing products, including flexible travel options and enhanced customer service features, has contributed to the increased passenger volume, catering to group travel needs [1][2] Group 2 - The launch of the new tourism ticket product allows travelers to purchase tickets for 2 to 10 segments of travel within a 15-day validity period, enhancing convenience for passengers [2] - The railway sector is implementing various initiatives to promote winter tourism and sports, such as the "snow gear convenience service" trial on the Beijing-Zhangjiakou high-speed railway, facilitating easier travel for winter sports enthusiasts [2]

Macro Strategy - The core viewpoint indicates that the recent Federal Reserve interest rate cut and dovish signals from Powell have led to a decline in short-term U.S. Treasury yields, while concerns over AI investment bubbles have caused a downturn in U.S. stocks [1][15][16] - Analysts expect November non-farm employment to show a weak increase of 50,000 jobs, with a high standard deviation of 33,000, indicating significant market divergence [1][15][16] - The anticipated CPI for November is expected to be +3.1% year-on-year, with core CPI also at +3%, maintaining inflation around the 3% mark [1][15][16] Financial Products - The A-share market outlook suggests maintaining patience while waiting for stabilization in overseas markets, with a macro timing model score of -2 indicating a potential adjustment in the A-share index [2][17] - The report notes that the technology growth sector may regain attractiveness after adjustments in November, while the small and micro-cap sectors are viewed with caution [2][17] - Significant inflows into ETFs such as A500ETF and Sci-Tech 50ETF indicate some market optimism, despite ongoing concerns about AI investment bubbles [2][17] Industry Insights - The report highlights the PCB drilling process as a key beneficiary of high-end PCB development, recommending domestic leaders in drilling equipment and consumables [10] - The environmental industry is expected to benefit from the central economic work conference's focus on green transformation and energy independence, with investment opportunities in clean energy and recycling sectors [11][12] - The report emphasizes the importance of the "dual carbon" goals in driving the green transition, with specific recommendations for companies in clean energy and waste management sectors [12] Fixed Income - The fixed income report suggests that the bond market may not experience the same downward trend in interest rates as seen from 2022 to 2024, indicating a need for a more flexible approach to bond market operations [5][21] - The issuance of green bonds has increased significantly, with 29 new bonds issued in the week of December 8-12, totaling approximately 36.75 billion yuan, reflecting growing interest in sustainable finance [7] - The report also notes a substantial increase in secondary capital bonds, with a total transaction volume of approximately 329.2 billion yuan during the same period [8]

Core Insights - The national railway passenger volume reached 4.28 billion trips from January to November, marking a 6.6% year-on-year increase and setting a historical record for the same period [1] - The railway sector has optimized train operations and improved service quality to ensure safe and convenient travel for passengers [1] Group 1: Passenger Capacity and Demand - The railway has dynamically adjusted train schedules based on ticket sales data, with an average of 11,258 passenger trains operated daily, a 7.1% increase year-on-year [2] - Customized trains such as "fan trains" and "study tours" have been introduced to cater to specific events and tourism hotspots, enhancing service consumption [2] - Cross-border travel has been promoted, with 28.94 million passengers traveling via the Guangzhou-Shenzhen-Hong Kong high-speed rail and 244,000 via the China-Laos railway [2] Group 2: New Ticket Products - A new travel ticket product was launched on November 27, allowing passengers to purchase tickets for multiple segments with a validity of 15 days, enhancing travel flexibility [3] - Various themed travel tickets have been introduced, connecting popular winter tourism cities and cultural heritage sites [3] Group 3: Support for Winter Tourism - The railway has implemented several initiatives to support winter tourism, including the "ski equipment convenience service" for passengers traveling to ski resorts [4] - Additional trains have been added to meet weekend travel demand for winter sports, connecting key winter tourism destinations [4] - Unique travel experiences have been enhanced through upgraded tourist trains, offering cultural interactions and photography opportunities [4] Group 4: Future Outlook - The railway sector's growth reflects the success of market-oriented reforms and the vibrant mobility of the country [5] - The railway will continue to monitor passenger flow and adjust services to support domestic demand and service consumption [5]

Core Viewpoint - Harbin has been awarded the title of "World Ice and Snow Tourism Excellence City" by the United Nations World Tourism Organization, highlighting its significance as a major destination for ice and snow tourism [1][3]. Group 1: Economic Impact - The total scale of Harbin's ice and snow economy has surpassed 160 billion yuan, establishing it as a popular destination for both domestic and international tourists [3]. - The city has been increasing investments in ice and snow tourism infrastructure and optimizing public services to enhance the overall tourism experience [3]. Group 2: Upcoming Events and Attractions - For the 2025-2026 ice and snow season, Harbin will launch ten themed ice and snow tourism routes, including dreamlike ice experiences, alpine skiing, and cold-weather hot springs [5]. - The city plans to host over 20 large-scale events, including the 6th Harbin Ice Festival, the 42nd Harbin International Ice and Snow Festival, and the World Tourism Economic Forum [5]. - The 27th Harbin Ice and Snow World will open on December 17, with additional cultural activities such as the 38th Sun Island International Snow Sculpture Art Expo and the 52nd Zhaolin Park Ice Lantern Art Garden [5].

中新网哈尔滨12月16日电 (记者 史轶夫 王琳)16日下午，作为世界旅游经济论坛·黑龙江2025活动的重要 一项内容，哈尔滨市政府与联合国旅游组织签署《联合国旅游组织和哈尔滨市政府双方谅解备忘录》， 将发挥各自在冰雪旅游发展方面的优势，促进哈尔滨冬季冰雪旅游高质量发展。 哈尔滨市政府与联合国旅游组织签署《联合国旅游组织和哈尔滨市政府双方谅解备忘录》 主办方 供图 本次"世界旅游经济论坛·黑龙江2025"系列活动先后举办了世界旅游经济论坛投融资大会、黑龙江省招 商引资对接会、澳门旅游推介会等多场主题活动。 哈尔滨将与联合国旅游组织围绕冬季冰雪旅游高质量发展展开深度合作。双方将充分发挥各自在冰雪旅 游领域的资源与经验优势，共同开展冬季冰雪旅游推广、冬季冰雪旅游研究成果发布等项目，助力哈尔 滨冰雪旅游品牌走向世界，为全球冰雪旅游发展注入新动力。 此次合作不仅是哈尔滨拓展国际旅游市场的重要一步，更是推动冰雪经济创新升级的务实举措。哈尔滨 将以此为契机，持续深化冰雪旅游国际化、专业化发展，打造更具吸引力的世界级冰雪旅游目的地。 (完) 哈尔滨与联合国旅游组织签约 共促冰雪旅游升级 来源：中国新闻网 编辑：张嘉怡 广告 ...

国金证券首席经济学家宋雪涛表示，今年的中央经济工作会议确定明年经济工作首要任务为"坚持内需 主导，建设强大国内市场"。通过提振消费"组合拳"、加快补齐内需短板是明年经济增长的主动力和稳 定锚。宋雪涛表示，增强居民消费能力是提振消费的关键，核心在于推动重点群体增收减负。在增收方 面，通过促进就业、完善社会保障体系、优化收入分配结构等一系列举措，稳步扩大中等收入群体规 模，推动形成橄榄型分配格局，进而提高居民整体消费倾向。减负方面，持续完善教育、医疗、住房等 公共服务体系至关重要。通过发放育儿补贴、推动免费学前教育、推广养老服务消费补贴、提高城乡居 民基本养老金等举措落实"投资于人"，是增强居民消费能力的重要抓手。宋雪涛还提到，培育新型消费 有望成为明年提振消费的新抓手。发改委近日明确表示，将"加快出台实施首发经济、赛事经济、电子 商务、'人工智能 +'消费等领域提振消费的政策，大力发展银发经济和冰雪经济"，这些领域有望成为明 年消费的重要增量。 ...

（文章来源：新华财经） 新华财经长春12月16日电（记者王晓林）记者从吉林省民航机场集团获悉，12月16日，长春机场与海南 航空共同打造的长春—香港直飞航线正式启航。 据介绍，该航线的开通，不仅是吉林省民航机场集团完善航空网络的关键布局，更是服务吉林省对外开 放、推动冰雪经济与南方市场深度融合的重要举措。此条航线将直接联通吉林世界级的冰雪资源与香港 国际化的旅游市场，预期将显著带动客流增长，促进旅游消费升级，同时也为两地的投资、贸易及文化 交流构建起高效的空中通道。 本航线由海南航空执飞，班期为每周二、六。计划航班时刻为：去程航班HU7915于15:35从长春龙嘉国 际机场起飞，20:30抵达香港国际机场；回程航班HU7916于10:15从香港国际机场起飞，14:35返回长春 龙嘉国际机场。该时刻安排兼顾公商务与休闲旅客需求，实现"半日通达"，显著提升了两地往来的便捷 性。 ...

Core Insights - The ice and snow economy in China is experiencing significant growth, with the industry expected to surpass 1 trillion yuan, reaching 10,053 billion yuan by 2025 [2] - The demand for snow sports equipment is rising, with Zhejiang Yuanjing Sports Goods Co., Ltd. anticipating a 61.8% increase in ski goggles orders and a 14% increase in ski helmet orders for 2026 [4] - The ice and snow economy is supported by government policies aimed at promoting winter sports and boosting consumption [8] Industry Growth - The 2024-2025 snow season saw ski resorts in China generating a total consumption of 78.613 billion yuan, with a 27.97% increase in spending within a two-kilometer radius of ski resorts, positively impacting surrounding retail, transportation, and dining sectors [6] - The construction of the 27th Harbin Ice and Snow World is in its final stages, indicating ongoing investment in the ice and snow tourism sector [10] Policy Support - The Chinese government has issued several policies to support the development of the ice and snow economy, including the "Opinions on Stimulating the Vitality of the Ice and Snow Economy through High-Quality Development" and initiatives to promote ice and snow consumption [8] - The 2025 Central Economic Work Conference emphasized the importance of domestic demand and the expansion of quality goods and services, providing a framework for the growth of the ice and snow economy [8] Industry Ecosystem - The Chinese ice and snow industry encompasses a complete ecosystem, including upstream resource development, equipment manufacturing, midstream services and operations, and downstream consumption and derivative economies [10] - The current trends of industry upgrading, integration, and policy empowerment are driving the continuous release of vitality in the ice and snow economy, making it a key engine for boosting consumption and promoting high-quality regional development [10]

Group 1 - The core viewpoint is that the ice and snow economy in China is experiencing significant growth, with the industry expected to exceed 1 trillion yuan by 2025, reaching 10,053 billion yuan [1] - The new ski season has begun, with companies like Zhejiang Yuanjing Sports Goods Co., Ltd. ramping up production, anticipating a 61.8% year-on-year increase in ski goggles orders and a 14% increase in ski helmet orders for 2026 [3] - The ice and snow economy is supported by government policies, including the State Council's opinions on promoting high-quality development in ice and snow sports and the emphasis on boosting consumption in the 2025 Central Economic Work Conference [6] Group 2 - The ice and snow industry chain in China encompasses various segments, including resource development, equipment production, service and operation, and consumer spending, forming a complete ecosystem [9] - The 2024-2025 ski season saw a total consumption amount of 78.613 billion yuan at ski resorts, with a 27.97% increase in spending within a two-kilometer radius of ski areas, indicating a positive impact on surrounding retail, transportation, and dining sectors [5] - The construction of the 27th Harbin Ice and Snow World is in its final stages, showcasing ongoing investments in the ice and snow tourism sector [8]