Group 1 - The recent nationwide snowfall has led to various ice and snow events, injecting new momentum into regional economic development through activities like "ice and snow + food" and "ice and snow + folk customs" [1] - The 2025 Xinjiang Hot Snow Festival features the World Wild Snow Tour 1-star qualification competition, showcasing 90 participants in a unique scoring system for wild snow events, highlighting Xinjiang's ice and snow resources [4] - The 12th National Public Ice and Snow Season in Inner Mongolia has attracted 3,000 skiing enthusiasts and tourists, with activities including snow football and snow horseback riding, promoting community engagement and enjoyment of winter sports [6] Group 2 - The 2025 Winter Tourism Promotion Series in Ningxia includes ice and snow experiences alongside local culinary offerings and high-quality agricultural products, enhancing the region's tourism appeal [8] - Liaoning has combined "ice and snow tourism" with an entry visa exemption policy, allowing eligible foreign tourists to apply for a 30-day stay extension, thus promoting longer visits during the winter season [10]

仪式上，宁夏回族自治区文化和旅游厅发布了"冬日狂欢.冰雪奇缘""冬游塞上.研学实践""冬令进补.美食 康养""年韵宁夏.民俗文化""嗨玩冬季.新潮体验"五大主题旅游线路。同时联动多部门推出三大惠民举 措：发放20万张文旅消费券，涵盖"0元门票""50元立减"和"100元住玩双享"三类；在宁夏推行"票根联 动"，游客凭十日内来宁机票或火车票票根，可在超过500家合作商户享受专属优惠；深化"体旅融合"， 将旅游服务嵌入全国性重大体育赛事，打造"跟着赛事去旅行"的消费新风尚。 活动现场，银川、石嘴山、吴忠、固原、中卫五市文旅部门生动推介了各具特色的冬季旅游项目。国风 滑雪秀与专业滑雪表演精彩亮相，展现了冰雪运动的激情与美感。市集区设有30余家特色摊位，"热 雪"逛吃场集中展示了地道美食、非遗手作与贺兰山东麓葡萄酒，现场提供的铜锅宴、铁锅羊肉、热红 酒等免费品鉴活动，让游客感受到宁夏冬季的热情。 12月14日，"冬游宁夏.享受阳光"2025年宁夏冬季旅游促消费系列活动启动仪式暨冰雪嘉年华在宁夏固 原市泾源县雅豪国际滑雪场举行。这标志着宁夏今冬旅游促消费活动全面展开，进一步推动冰雪"冷资 源"转化为消费"热经济"。 ...

Group 1 - The Hang Seng Index opened down 1% and the Hang Seng Tech Index fell by 1.34%, while the Hong Kong consumer sector showed slight recovery with the consumer ETF (513230) experiencing a minor increase [1] - The Ministry of Commerce, the People's Bank of China, and the National Financial Regulatory Administration jointly issued a notification on December 14, proposing 11 policy measures to boost consumption across various sectors including goods, services, and new consumption [1] - Galaxy Securities noted a slight pullback in the food and beverage index in early December, attributing it to a minor slowdown in monthly sales data, influenced by the timing of the Mid-Autumn Festival [1] Group 2 - Ping An Securities highlighted the growing significance of the ice and snow economy, which encompasses ice sports, tourism, equipment, and culture, as a new economic growth driver [2] - The ice and snow economy is characterized by a long industrial chain, significant diversion effects, and high social benefits, contributing to regional economic development and urban-rural integration [2] - The increasing popularity of ice sports and tourism in China is transforming "cold resources" into a "hot economy," leading to rapid growth in the ice industry [2] Group 3 - Related popular ETFs include: Tourism ETF (562510) benefiting from holiday catalysts and the ice and snow economy, Food and Beverage ETF (515170) aimed at boosting domestic demand in undervalued sectors, and Hong Kong Consumer ETF (513230) focusing on e-commerce leaders and new consumption [3]

恒生指数低开1%，恒生科技指数跌1.34%。盘面上，辅助生殖概念活跃，三胎概念股锦欣生殖开涨约 3%；医药板块跌幅居前，歌礼制药跌超5%。 光大证券认为，与往年牛市相比，当前指数仍然有相当大的上涨空间，但是在国家对于"慢牛"的政策指 引之下，牛市持续的时间或许要比涨幅更加重要。不过短期来看，市场可能缺乏强力催化，叠加年末部 分投资者在行为上可能趋于稳健，股市短期或以震荡蓄势为主。 国信证券认为：港股短期调整为2026年市场上涨打开空间。从资金面上看，11月南向资金净流入港股市 场超1100亿元人民币。今年南向资金在港股下跌时依然逆向加仓，这既体现了内地资金的充裕流动性， 也彰显了其低位布局港股的强烈意愿。该机构预测，港股2026年有望在30000-32000点之间运行。 平安证券表示，近年来，随着冰雪运动的普及和冰雪旅游的发展，冰雪经济逐渐成为新的经济增长点。 冰雪经济涵盖冰雪运动、冰雪旅游、冰雪装备、冰雪文化等相关产业的综合经济体系。它具有产业链条 长、导流效应大、社会效益高的特点，并已成为推动地区经济社会发展、促进城乡一体化发展的重要力 量。随着我国冰雪运动逐渐普及，冰雪旅游热度持续升温，"冷资源"正在加 ...

内容概要：滑雪板是一种专门用于滑雪的设备，其发展与滑雪运动息息相关。近年来，随着冰雪运动的 普及和人们健康意识的提高，滑雪作为一种时尚、健康的运动方式受到越来越多人的喜爱，特别是年轻 一代消费者，这为滑雪板市场提供了广阔的市场空间。同时，政府及相关部门出台了一系列支持政策， 加大对滑雪装备产业的支持力度，通过资金补贴、税收优惠等措施，降低企业生产成本，提升市场竞争 力。在政策和需求的推动下，我国滑雪板行业市场规模呈现上升趋势。数据显示，2024年中国滑雪板行 业市场规模达到13.1亿元，同比上涨63.8%。 相关上市企业：三夫户外（002780）、中复神鹰（688295）、吉林化纤（000420）、光威复材 （300699）、中简科技（300777）、阿里巴巴-W（09988）、京东集团-SW（09618）等。 相关企业：北京娅豪冰雪产业发展有限公司、北京冰雪时代机械设备有限公司、牡丹江雪城机械制造有 限责任公司、铭星冰雪(北京)科技有限公司、山东森林雪滑雪设备有限公司、山东瀚雪交通设施有限公 司、厦门唯绅运动器材有限公司、黑龙江奥格斯特旅游设备有限公司、哈尔滨乾卯雪龙体育用品有限公 司、广东威耐体育用品有限 ...

Core Viewpoint - The proposal by the Shenyang Municipal Committee emphasizes the integration of culture, tourism, sports, and commerce to enhance economic and social development in Shenyang [1] Group 1: Cultural Industry Development - The plan aims to optimize the development space for the cultural industry by leveraging historical, red, industrial, and ethnic cultural resources [1] - It focuses on promoting industries such as creative design, broadcasting media, and handicrafts, while accelerating the construction of cultural districts and creative parks [1] - The initiative includes the establishment of a national cultural and technology integration demonstration base to foster new business formats like animation, digital creativity, micro-short dramas, and e-sports [1] Group 2: Tourism Enhancement - The proposal seeks to improve the "Four Seasons Tour" brand and cultivate new integrated scenarios for leisure, night consumption, and outdoor sports [1] - It aims to create a national cultural and tourism consumption demonstration city and accelerate the development of a strong tourism city [1] - Hosting internationally influential sports events and exploring city-specific events are also part of the strategy [1] Group 3: Sports Development - The plan emphasizes strengthening the brand matrix of "three major ball" sports events and aims to establish Shenyang as a key city for football development in China [1] - It promotes nationwide fitness activities to enhance both public and competitive sports levels, contributing to the construction of a strong sports city [1] - The development of the ice and snow economy is highlighted, particularly in relation to hosting the 15th National Winter Games in Shenyang and promoting the entire industry chain of ice and snow tourism, sports, culture, and equipment [1] Group 4: Economic Policies - The proposal includes implementing proactive cultural economic policies to enhance the professional, large-scale, and intensive development capabilities of state-owned cultural enterprises [1] - It encourages social capital to invest in the cultural and tourism industry through various forms [1]

Group 1: Retail and Service Industry Insights - The report highlights a recovery in the hotel and duty-free sectors, suggesting that the hotel prices have gradually increased since the second half of this year, with a recommendation to focus on hotel stocks such as Huazhu Group, Jinjiang Hotels, and ShouLai Hotels [6][12][17] - Duty-free sales are showing signs of bottoming out, with new policies implemented to expand the range of duty-free products and eligible consumers, leading to a significant increase in sales figures [12][15][16] - The report emphasizes the importance of service consumption policies, particularly in the context of the ice and snow economy, silver-haired economy, and sports events, recommending investments in companies like Changbai Mountain and Sanchuan Tourism [26][28][29] Group 2: AI Applications in Various Industries - The report discusses the acceleration of AI applications in the education and human resources sectors, with companies like Keri International and Beijing Renli leveraging AI to enhance recruitment efficiency [39][44] - AI's integration into 3D printing and e-commerce is highlighted, with a focus on companies like Huina Technology and Xiaogoods City, which are expected to benefit from cost reductions through full-chain penetration [6][39] - The report notes that AI applications are driving significant changes in operational efficiency and commercial opportunities across various sectors, particularly in human resources [39][44] Group 3: Beauty and Personal Care Sector - The beauty and personal care industry is experiencing a mild recovery, with domestic brands showing strong performance during the Double Eleven shopping festival, indicating a shift in competitive dynamics [6][32] - The report identifies key players in the beauty sector, recommending brands like Mao Ge Ping and Shanghai Jahwa, while also suggesting a focus on high-growth segments within the industry [6][32] - The medical beauty sector is under pressure but is seeing consolidation and innovation, with recommendations for companies like Jinbo Biological and Kedi-B [6][32] Group 4: Jewelry and Precious Metals - The jewelry sector is undergoing a transformation, with a focus on overseas expansion as a second growth curve, recommending companies like Laopu Gold and Chaohongji [6][32] - The report emphasizes the importance of high-value jewelry products and the impact of new tax regulations on the market dynamics [6][32] Group 5: Food and Beverage Industry - The food and beverage sector is witnessing a shift, with a focus on leading brands expanding their store counts and product categories, particularly in the tea and dining segments [32][38] - The report highlights the competitive landscape in the restaurant industry, noting the resilience of Western fast food and the growth of Chinese casual dining brands [32][38]

冰雪不再是北方专属的"季节限定"，而是覆盖全地域、全人群、全年可享的万亿级消费市场。 冰雪文化拓展延伸，业态创新层出不穷。黑龙江举办首届"冰超"，既涵盖冰球、冰壶、滑冰、滑雪等传 统冰雪项目，又包括冰上龙舟、雪地足球等创新体育活动。在更多地方，"冰雪+"持续升温，串联起音 乐派对、林海骑马、围炉煮茶、温泉疗养等文旅体验，不断丰富冰雪文化内涵，为业态提质升级点 燃"冰雪里的一把火"。跟着冰封雪景、冰雪赛事、雪国创意去旅行，成为许多人的新选择。 12月7日，大雪节气的松花江畔，震天鼓声与采冰号子交织回荡，第六届哈尔滨采冰节启幕。 不只是哈尔滨，放眼全国，冰雪产业正呈现"全域开花"的蓬勃态势。 在北方，吉林依托"东雪西冰"的地理格局，给游客带来"滑雪、溜冰、渔猎"的跨区域多元体验；新疆凭 借天然蓬松的"粉雪"资源，备受滑雪爱好者推崇；河北张家口以冬奥为牵引，推动"滑雪+研学+康养"多 维业态融合。 在南方，深圳依托世界最大室内滑雪中心，实现"室外26℃、室内零下6℃"的玩雪自由；成都的室内滑 雪场不仅让游客体验雪地投壶、投掷橄榄球的乐趣，还推出雪地吃火锅项目。 服务保障更上一层楼，细节之处见温度。"尔滨模式"出圈， ...

围绕风险化解方面，韩文秀表示，今年以来风险化解取得了积极进展。地方政府隐性债务有序置换，保 交房任务全面完成。地方重要金融机构改革化险成效明显，清理拖欠企业账款扎实推进，守住了不发生 系统性风险的底线。 韩文秀谈到，本次中央经济工作会议总结了近年来的工作实践，提出了做好新形势下经济工作的规律性 认识，概括为"五个必须"：必须充分挖掘经济潜能、必须坚持政策支持与改革创新并行、必须做到既放 得活又管得好、必须坚持投资于物与人紧密结合、必须苦练内功应对外部挑战。 2025年12月13日，由中国国际经济交流中心主办的"2025—2026中国经济年会"在北京召开。本届年会主 题为"贯彻落实中央经济工作会议精神，以高质量发展为'十五五'开好局"。中央财办分管日常工作的副 主任、中央农办主任韩文秀，国家发展和改革委员会副秘书长肖渭明，中国国际经济交流中心副理事长 王一鸣，国际货币基金组织原副总裁朱民等嘉宾就中央经济工作会议精神做了全面深入解读。此次年会 由中国国际经济交流中心副理事长胡晓炼主持。 韩文秀 继续实施积极的财政政策和适度宽松的货币政策 韩文秀表示，一年来，我国经济顶压前行，向新向优发展，展现出了强大的韧性和活力 ...

Group 1: Real Estate Regulations - Multiple first and second-tier cities have implemented height restrictions for residential buildings, capping them at 80 meters, which translates to a maximum of 26 floors based on a standard floor height of 3 meters [1] - Recent documents from Shenzhen and Guangzhou require that residential projects exceeding 80 meters seek opinions from local fire rescue agencies to ensure alignment with local firefighting capabilities [1] - The Ministry of Housing and Urban-Rural Development has set clear guidelines for residential land use, including maximum building heights and density, effective from May 1 [1] Group 2: Economic Policies and Market Outlook - The Central Economic Work Conference emphasized the need for proactive macroeconomic policies to enhance demand and optimize supply, aiming for a stable and harmonious social environment [4] - The conference highlighted the importance of maintaining a balance between existing and new policies, with a focus on fiscal and monetary measures to support economic growth [4] Group 3: Trade and Economic Performance - China's trade surplus exceeded $1 trillion in the first 11 months of the year, with exports increasing by 5.9% year-on-year in November, reversing a previous decline [6] - The trade value with the EU grew by 5.4%, while trade with the US saw a decline of 16.9%, indicating shifting trade dynamics [6] Group 4: Technology and AI Developments - Meta is shifting its focus towards commercializable AI models, with a new model named Avocado expected to launch in spring, likely in a closed-source format [9] - Alibaba's Qwen app has rapidly gained popularity, surpassing 30 million active users within 23 days of its public testing, indicating strong demand for AI applications [11] Group 5: Safety and Regulatory Changes - The production of mercury thermometers and blood pressure monitors will be banned starting January 1, 2026, due to health and environmental concerns [15] - The National Taxation Administration has mandated that platform companies cannot transfer tax obligations to gig workers, ensuring better protection for this growing workforce [14]