本报记者 许林艳 12月12日，北京迎来了今冬初雪。受此轮冷空气影响，北方多地将陆续开启降雪模式，冰雪旅游热度同步升温，严寒冬日 的消费市场"热气腾腾"。 "冬季去滑雪"已成为众多家庭休闲度假的选择之一，滑冰滑雪等冰雪运动项目正从小众消费逐步迈向大众化。当前，国内 主要冰雪游目的地的门票、民宿等预订数据持续走高，勾勒出冰雪消费的旺盛需求。 去哪儿网2026元旦出行报告显示，吉林延边长白山景区的林海雪原与滑雪体验吸引大批游客北上，门票量跻身热门景区 TOP10；黑龙江牡丹江中国雪乡、哈尔滨亚布力滑雪度假区的票量分别同比增长2.7倍和2倍。 民宿市场同样热度爆棚。据途家平台数据，新疆阿勒泰的小木屋、河北崇礼直达雪场的民宿、吉林长白山脚下的玻璃房、 山东威海"一半蓝海一半雪"的观景民宿搜索量持续领先，特色化、场景化成为民宿消费新亮点。 陕西巨丰投资资讯有限责任公司投资顾问总监郭一鸣表示，冰雪装备制造是未来产业发展的重要增长极。随着消费者对高 品质、专业化冰雪装备的需求持续释放，国内企业通过技术创新突破核心零部件瓶颈、提升产品性价比，有望在滑雪板、滑雪 服、造雪设备等领域实现突破，为冰雪产业注入更多"中国制造"的力量 ...

12月10日，阿里巴巴官方信息显示，自11月17日公测仅23天，千问月活跃用户数（含App、Web、PC 端）已突破3000万，成为全球增长最快的AI应用。 二、冰雪经济步入万亿时代，上市公司抢滩全产业链布局 第一财经资讯2025-12-12 20:32:42 一、阿里千问成全球增长最快AI应用，产业链价值空间全面打开 伴随气温下降，冰雪经济近期逐步升温。《2025中国冰雪产业发展研究报告》显示，我国冰雪产业总规 模从2015年的2700亿元快速增长至2024年的9800亿元，预计在2025年突破1万亿元大关，达10053亿元。 ...

Group 1: Economic Impact of Snow Holidays - The first snow holiday in Urumqi has transformed ice and snow "cold resources" into economic "hot assets," boosting tourism, accommodation, and dining sectors [1] - Urumqi will continue to promote its ice and snow economy with over 160 themed activities planned for the winter season, including skiing events and cultural experiences [1] Group 2: Educational and Cultural Integration - The snow holiday in Altay, covering 73,000 students, has integrated ice sports and cultural education, enhancing winter tourism and promoting the synergy between ice economy and quality education [2] Group 3: Growth of Ice and Snow Equipment Manufacturing - China's ice and snow economy is experiencing unprecedented growth, with the number of related enterprises increasing from approximately 300 in 2015 to around 900 in 2023, and sales revenue rising from under 5 billion to about 22 billion [3] - The ice and snow industry in China is projected to exceed 1 trillion yuan this year, driven by the popularity of ice sports and technological innovations [3]

可见，这种从"专业运动场景"到"品质生活方式"的转型，既大幅度拓宽了冰雪产业的服务边界，也显著 提升着产业附加值与市场吸引力，为行业长效发展注入全新动能。当然，这些探索可不只是赚了短期客 流，更给地方文旅指引了方向。以前不少县城总愁没特色资源，现在看，文旅生意不用死磕稀缺资源， 而是要找准本地特色、盘活周边需求，就能够"分一杯羹"。"雪假"的短期热度会退，南北方文旅的差异 化突围思路则都值得借鉴。北方要把冰雪资源做透，延长冰雪产业链条；南方则可依托室内雪场和特色 业态，把本土优势玩出花样。毕竟到2030年，我国冰雪经济要冲刺1.5万亿元规模，只有各展所长，才 能让冰雪经济真正成为全民共享的新赛道！ 最长连休可达9天且没有作业，近期北方多地学生迎来了令人羡慕的"雪假"：新疆乌鲁木齐、阿勒泰等 地开启5天"雪假"模式；吉林省为全省义务教育阶段学生特设专属冰雪假期，省内39家滑雪场还免费提 供3小时雪具体验。原本以为，这波冰雪假期的红利会被北方冰雪旅游目的地尽数包揽，谁料想即便无 雪的南方城市，文旅市场也同步迎来火爆行情。这波"反向引流"，可把许多地方的文旅智慧体现得明明 白白。 按理说，真冰真雪才是"雪假"标配， ...

Market Performance - The Hong Kong stock market experienced a strong upward trend on December 12, with the Hang Seng Index rising by 446.28 points, or 1.75%, closing at 25,976.79 points [1] - The Hang Seng Tech Index increased by 103.46 points, or 1.87%, closing at 5,638.05 points [1] - The China Enterprises Index rose by 145.07 points, or 1.62%, closing at 9,079.35 points [1] - The Red Chip Index gained 47.77 points, or 1.16%, closing at 4,150.4 points [1] Sector Performance - Technology stocks saw significant gains, with NetEase rising over 4%, and Tencent, Alibaba, and Lenovo increasing by over 2% [1] - Power equipment stocks surged, with Dongfang Electric rising over 13% [1] - Gold stocks generally rose, with Zijin Mining International increasing by over 3% [1] - Chinese brokerage stocks saw a late rally, with China Galaxy rising over 6% [1] - Insurance stocks strengthened in the afternoon, with China Pacific Insurance and China Life both rising over 5% [1] - AIGC concept stocks and real estate blue-chip stocks also saw gains [1] - However, the Everbright system and tobacco stocks declined [1] Company News - Hong Kong Electronic Commerce reported a total merchandise transaction value of HKD 636 million in November, a year-on-year decrease of 7.4% [2] - BOE Technology Group signed a total product processing agreement with its Vietnam subsidiary [2] - China Galaxy completed the issuance of a short-term corporate bond worth 4 billion yuan [2] - Cloudy Technology plans to establish a joint venture focusing on innovative robotic solutions [3] - Cloudtop New Horizon signed a commercialization service agreement with Haisen Bio [3] - Peijia Medical's TaurusTrio transcatheter aortic valve system received approval from the National Medical Products Administration [3] - China Antibody's SM17 new drug research application was accepted by the National Medical Products Administration [4] - Hengyi Holdings plans to undergo capital restructuring and fundraising activities [5] Institutional Insights - GF Securities noted that the Hong Kong stock market is more sensitive to external risks, with potential rebounds expected in mid to late December and early January [6] - Dongwu Securities believes the market is still in a left-side phase, requiring patience for a rebound [6] - Everbright Securities indicated that while there is significant room for growth compared to previous bull markets, the current market may lack strong catalysts [6] - Guoxin Securities highlighted that the recent net inflow of southbound funds into the Hong Kong market exceeded 110 billion yuan in November, indicating strong liquidity and a willingness to invest at lower levels [6] - The forecast for the Hong Kong market in 2026 is expected to range between 30,000 and 32,000 points [6] Industry Trends - The ice and snow economy is emerging as a new growth point, encompassing ice and snow sports, tourism, equipment, and culture [7] - This sector is characterized by a long industrial chain, significant spillover effects, and high social benefits, contributing to regional economic development [7] - The increasing popularity of ice and snow sports and tourism is transforming "cold resources" into a "hot economy," leading to rapid growth in the ice and snow industry [7] - There is a recommendation to focus on ice and snow sports brands with marginal improvements and stable dividend-paying leading companies [7]

Core Insights - The ice and snow industry in China is experiencing significant growth, with a projected consumer spending of over 187.5 billion yuan during the 2024-2025 season, reflecting a year-on-year increase of over 25% [1] - The integration of digital technology with the ice and snow industry is creating new business models and enhancing consumer experiences [1] - The demand for ice and snow equipment is surging, with production levels reaching three times that of the previous year in some manufacturing facilities [3] Industry Growth - The ice and snow economy is expanding rapidly, with various new business formats emerging, driven by increased participation in ice and snow sports [1] - Ski resorts are enhancing their offerings by increasing the number of ski trails, hiring professional coaching teams, and creating family-friendly skiing environments [1][2] - The consumer spending at ski resorts reached 78.61 billion yuan, with a notable 27.97% increase in spending within a two-kilometer radius of these resorts [1] Technological Integration - Ski resorts are adopting smart technologies, such as high-definition cameras and satellite positioning, to enhance the skiing experience for visitors [2] - A mobile application for skiing services has gained over 10 million registered users, indicating a growing interest among younger consumers [3] Recommendations for Development - The industry should focus on enhancing technological capabilities for smarter management, utilizing 5G, IoT, and big data for operational efficiency [3][4] - Establishing a talent cultivation and standardization system is crucial for providing specialized and versatile professionals to the industry [3][4] - Strengthening statistical monitoring and regional collaboration can help create a unified national strategy for the ice and snow economy [4] - Policy and resource support should be optimized to ensure a balanced approach between long-term and short-term strategies, alongside infrastructure improvements to enhance accessibility to ice and snow attractions [4]

Core Insights - The ice and snow industry in China is experiencing significant growth, with a projected consumer spending of over 187.5 billion yuan during the 2024-2025 season, marking a year-on-year increase of over 25% [1] - The demand for ice and snow equipment is surging, with production orders in some manufacturing companies reaching three times the volume of the previous year [3] - The integration of digital technology into the ice and snow industry is creating new business models and enhancing consumer experiences [1][3] Industry Growth - The ice and snow economy is expanding rapidly, with various new business formats emerging, driven by increased participation in ice and snow sports [1] - Ski resorts are enhancing their offerings by increasing the number of ski trails, providing professional coaching teams, and creating family-friendly skiing environments [1][2] - The report indicates that ski resort consumption reached 78.61 billion yuan, with a 27.97% increase in spending within a two-kilometer radius of ski resorts [1] Technological Integration - Ski resorts are adopting smart technologies, such as high-definition cameras and satellite positioning, to enhance visitor experiences [2][3] - A mobile application for skiing services has gained over 10 million registered users, indicating a growing interest among younger consumers [3] Recommendations for Development - The industry should focus on strengthening technological empowerment for smart management, utilizing 5G, IoT, and big data to improve operational efficiency and visitor experience [3][4] - Establishing a talent cultivation and standardization system is crucial for providing specialized and versatile professionals to the industry [3][4] - Enhancing statistical monitoring and regional collaboration can help create a unified national strategy for the ice and snow economy [4] - Strengthening policy and resource support is essential for optimizing the policy framework and improving infrastructure accessibility to boost the ice and snow tourism sector [4]

Market Performance - The Hong Kong stock market opened higher and experienced a rebound, with the Hang Seng Index rising by 1.36% to 25,878.49 points, the Hang Seng Tech Index increasing by 1.45% to 5,614.94 points, the National Enterprises Index up by 1.17% to 9,038.54 points, and the Red Chip Index gaining 0.72% to 4,132.23 points [1] Sector Performance - Major technology stocks generally rose, with Alibaba up by 1.2%, Tencent Holdings increasing by 1%, JD.com rising by 0.7%, Xiaomi up by 2.7%, NetEase increasing by 2.19%, Meituan rising by 1.97%, Kuaishou up by 1.35%, and Bilibili increasing by 0.93% [1] - Power equipment stocks surged, with Dongfang Electric and Shanghai Electric both rising over 7%, and Northeast Electric increasing by over 5% [1] - Gold stocks saw significant gains, with Zijin Mining rising by over 3% [1] - New consumption concept stocks generally rose, with Cha Bai Dao increasing by over 4% and Guoquan rising by over 3% [1] - Consumer electronics stocks, which were strong yesterday, declined, with most semiconductor stocks experiencing a drop [1] Company News - Hong Kong Technology Exploration (01137.HK) reported a total merchandise transaction value of HKD 636 million in November, a year-on-year decrease of 7.4% [2] - BOE Technology Group (00710.HK) signed a total product processing agreement with BOE in Vietnam [3] - China Galaxy (06881.HK) completed the issuance of a short-term corporate bond worth 4 billion yuan [5] - Cloudy Technology (02670.HK) plans to establish a joint venture focusing on innovative robotic solutions [6] - Nocera Biopharma (09969) received approval for the use of Entrectinib in treating adult and adolescent solid tumors with NTRK fusion genes in China [7] - Peijia Medical-B (09996) received approval from the National Medical Products Administration for the registration application of the TaurusTrio transcatheter aortic valve system [8] - China Antibody-B (03681) had its new drug research application accepted by the National Medical Products Administration [9] - Hengyi Holdings (01894.HK) plans to conduct capital restructuring and fundraising activities [10] Institutional Insights - GF Securities noted that the Hong Kong stock market is more sensitive to external risks, with potential rebound points to watch in mid to late December and early January [11] - Dongwu Securities believes the market is still in a left-side phase and that a rebound requires further waiting [11] - Everbright Securities indicated that while there is significant room for the index to rise compared to previous bull markets, the duration of the bull market may be more important than the magnitude of the increase [11] - Guoxin Securities stated that the recent adjustments in the Hong Kong market could open up space for a market rise in 2026, with over 110 billion yuan of net inflow from southbound funds in November [11] Industry Trends - Ping An Securities highlighted the growing importance of the ice and snow economy, which includes ice and snow sports, tourism, equipment, and culture, as a new economic growth point [12] - The ice and snow industry is experiencing rapid growth, with recommendations to focus on brands with marginal improvements and stable dividend-paying leading companies, specifically mentioning Anta Sports, Bosideng, and Sanfu Outdoor [12]

Core Viewpoint - The stock of Xue Ren Group has seen a significant increase, rising by 9.99% and hitting the daily limit for two consecutive trading days, driven by the growing interest in the ice and snow economy and controlled nuclear fusion concepts [1]. Company Summary - Xue Ren Group is a high-tech enterprise focused on thermal power technology and precision manufacturing, providing products, technology, and services in cold chain logistics, industrial refrigeration, clean energy, and hydrogen power [1]. - The company is recognized for its international brand "SNOWKEY" in the global ice-making equipment manufacturing industry and is responsible for setting national and industry standards through its position in the national cold standard committee [1]. Industry Summary - The ice and snow economy is gaining momentum with the arrival of winter, as highlighted by the recent "14th Five-Year Plan" from Jilin, which emphasizes the development of ice and snow sports, culture, equipment manufacturing, tourism quality, and talent cultivation [1]. - The plan aims to establish world-class ice and snow brands and tourism destinations, indicating a supportive environment for companies like Xue Ren Group to thrive in this sector [1].

12月12日，A股三大股指开盘走势分化，沪指跌0.1%报3869.41点，深成指涨0.21%报13174.45点，创业板指涨0.29%报 3172.73点，科创50指数跌0.12%报1324.3点；贵金属板块高开，晓程科技高开3%，招金黄金、中金黄金、赤峰黄金纷纷高开； 摩尔线程开跌6.6%，公司称股票涨幅过快面临回调风险， 盘面上，市场焦点股东百集团（5板）低开6.17%，实控人变更的安妮股份（6天5板）低开4.26%，商业航天概念股再升科 技（4板）高开4.44%、航天动力（5天3板）平开、四川金顶（6天3板）高开6.45%，房地产产业链的中源家居（6天4板）高开 0.78%、南都物业（2板）低开6.46%，光通信板块跃岭股份（3板）低开1.51%，零售板块南京商旅（4天3板）低开0.46%，创 新药概念股重药控股（2板）高开4.65%，芯片产业链的立昂微（2板）平开。 公司新闻 摩尔线程：公司基于自主研发的MUSA架构，将保持较高研发投入和进行产品迭代。但与部分国际巨头相比，公司在综合 研发实力、核心技术积累、产品客户生态等方面仍存在一定的差距。公司目前新产品和新架构均处于在研阶段，量产及产生收 入仍需 ...