Core Points - The introduction of "snow holidays" for students in Xinjiang and Jilin is expected to boost winter tourism and related industries [1][2] - Students in Xinjiang can enjoy free skiing at four ski resorts and receive discounts on equipment rental and dining [1] - Jilin province will provide a five-day "ice and snow holiday" for all students starting December 3, promoting ice sports activities [1] Group 1 - The "snow holiday" initiative aims to enhance student engagement in winter sports and attract family participation, thereby increasing consumption in skiing, accommodation, dining, and cultural products [1] - The Jilin provincial government encourages employees in public and private sectors to take paid leave to accompany their children for ice and snow activities [2] - Special arrangements are made for employees who cannot take leave due to urgent work, allowing them to carry over their leave to the next year with approval [3]

近日，王府井在互动平台向投资者表示，公司紧跟新消费需求，加快推进业态迭代，"一店一策"推动百 货业态焕新计划，持续关注首发经济、银发经济、冰雪经济、"人工智能+消费"以及数字消费、绿色消 费、健康消费等热点经济，结合文商旅体融合发展新趋势，打造多元化消费体验场景，强化成本优化与 效率提升，推动公司长期可持续发展。2025年1至9月，王府井实现营收77.09亿元，同比下降9.30%；实 现归母净利润1.24亿元，同比下降71.02%。 ...

Group 1 - The Hong Kong stock market opened higher with the Hang Seng Index rising by 0.60% to 26,188.55 points, the Hang Seng Tech Index up by 0.76%, and the National Enterprises Index increasing by 0.56% [1] - The performance of technology stocks was generally positive, with Kuaishou leading gains over 3%, while companies like BYD, MGM China, Bosideng, and Alibaba saw increases of over 2% [1] - The film "Zootopia 2" achieved a single-day box office of over 700 million yuan, surpassing "Avengers: Endgame" to become the highest single-day box office for imported films in mainland China, indicating a strong recovery in the film industry [1] Group 2 - Emei Mountain A announced a shareholder reward activity for 2025, allowing shareholders holding 500 shares or more to enjoy free access to scenic areas and discounts on hotel stays, promoting tourism and cultural experiences [2] - The tourism ETF (562510) is positioned to benefit from holiday catalysts and the ice and snow economy, while the Hong Kong consumption ETF (513230) is linked to new consumption trends [3]

随着冬季气温逐渐降低，北方各地的冰雪旅游快速升温。 浙江游客：我们很早就想乘坐"雪国号"来漠河看雪景了，这一路上都是白桦林，景色非常美，林海雪原，见到了课本中的大兴安岭。 据了解，为了满足冬季旅游旺季交通运力需求，近期，铁路部门还增开了哈尔滨至漠河的列车。同时，民航部门也加密了漠河与黑龙江省内各旅游城市之间 的串飞航线，不仅方便了游客出行，更有效助推了地方的冰雪经济。 辽宁沈阳：雪场开板迎滑雪热潮 黑龙江漠河：首趟"冰雪旅游专列"发车 11月29日，地处我国最北的黑龙江漠河迎来今冬首趟冰雪旅游专列。 伴着大兴安岭的冬雪美景，满载300多名游客的Y783次旅游列车抵达漠河，这是漠河今冬迎来的首趟冰雪旅游专列，专列以"慢旅行、深体验"为理念，带领 游客开启找北、赏冰玩雪之旅。 新疆乌鲁木齐：中小学生迎来首个"雪假" 今天（1日）至12月5日，新疆乌鲁木齐市中小学迎来首个"雪假"。加上前后两个周末，学生们可享受连续9天的冰雪假期。这个特别的假期，让新雪季更添 热度。 周末的乌鲁木齐市南郊滑雪场热闹非凡。身着各色滑雪服的游客们或在教练指导下蹒跚学步，或在高级雪道上划出优美弧线，雪场上洋溢着活力与激情。 据了解，在首个 ...

Group 1: Banking Sector - Multiple banks are actively transferring non-performing loans, with credit card bad debt packages being the main focus, often sold at significant discounts, including cases below 10% of face value [1] - 14 listed companies received restructuring approvals by December 1, 2024, with the restructuring market expected to return to rationality in 2025 due to new regulatory constraints [1] Group 2: Robotics Industry - Nearly 30 robotics companies have submitted applications to list on the Hong Kong Stock Exchange in 2024, indicating a potential surge in the sector [1] - The robotics industry is at a critical juncture, transitioning from technological breakthroughs to commercial applications, with expectations for a significant number of listings in 2025 [1] Group 3: Winter Sports Economy - The winter sports economy is experiencing a boom, with companies like Harbin Qianmao Xuelong Sports Goods Co. reporting increased orders and full production lines, projecting rapid revenue growth in the first half of 2025 [2] Group 4: Cryptocurrency Market - The cryptocurrency market continues to face downward pressure, with nearly $1 billion in leveraged positions liquidated, and Bitcoin and Ethereum experiencing significant price drops [2] Group 5: Corporate Adjustments - Dongfang Zhenxuan has expanded its business scope to include food delivery services, indicating a strategic adjustment in operations [3] - GAC Aion apologized for a content review error regarding a sunroof feature in their vehicle, clarifying that the model does not include this option [4] Group 6: Legal and Regulatory Issues - Lingming Photon responded to allegations of technology theft, asserting that they have not received any legal notices and emphasizing their commitment to intellectual property rights [5] - Zhejiang Chouzhou Commercial Bank was ordered to rectify multiple regulatory violations related to fund sales, highlighting the need for compliance in the financial sector [7] Group 7: Stock Market Movements - U.S. stock indices collectively declined, influenced by hawkish comments from the Bank of Japan and ongoing concerns about global liquidity tightening [11] - The U.S. long-term bonds faced losses, with yields on 10-year and 20-year bonds rising significantly [12]

Group 1 - The core viewpoint of the article highlights the rapid transformation of China's ice and snow "cold resources" into a driving force for development, with the "Southward expansion, Westward extension, and Eastward advancement" strategy being continuously promoted [1] - The latest report indicates that by 2025, the scale of China's ice and snow industry is expected to exceed 1 trillion yuan, marking the "ice and snow economy" as a new force in China's economic development [1][4] Group 2 - The scale of China's ice and snow industry has rapidly expanded from 270 billion yuan in 2015 to 980 billion yuan in 2024, with projections for 2025 reaching 1,005.3 billion yuan [4] - The number of ice and snow sports venues has increased from 1,133 in 2018 to an expected 2,678 by the end of 2024, indicating a significant growth in ice and snow consumption [6] - For the 2024-2025 ice and snow season, participation in ice and snow sports and related consumption is expected to exceed 187.5 billion yuan, representing a year-on-year growth of over 25% [8] Group 3 - The consumption amount at ski resorts reached 78.613 billion yuan, with a 27.97% increase in spending within a two-kilometer radius of ski resorts, demonstrating a clear positive impact on surrounding retail, transportation, and dining sectors [11] - China has established a product system comprising 15 major categories of ice and snow equipment, effectively covering all scene demands, with the number of related enterprises growing from approximately 300 in 2015 to around 900 in 2023, and sales revenue increasing from less than 5 billion yuan to about 22 billion yuan [13]

Group 1 - Multiple regions in China are leveraging their unique snow resources to implement "snow holidays" for students, with Urumqi and Jilin being notable examples [1][7] - Urumqi's first "snow holiday" allows students to enjoy a continuous 9-day break from December 1 to 5, 2023, with significant increases in visitor traffic to ski resorts [1][5] - Jilin Province has announced a similar initiative for students from December 3 to 7, 2023, offering free ice and snow experiences and discounts for parents [7][9] Group 2 - Urumqi's ski resorts are providing free admission for students during the "snow holiday," with additional discounts for accompanying parents at various attractions [4][5] - The railway department in Urumqi has increased train services to accommodate the surge in visitors, adding 119 temporary passenger trains to eight destinations [5] - In Jilin, students can enjoy free access to designated snow activities for three hours daily, with discounts on tickets for accompanying parents [9][11] Group 3 - Ski resorts in Shenyang, Liaoning, are also experiencing a surge in visitors, with facilities expanding beginner slopes to attract novice skiers [12][16] - Black龙江 is accelerating the construction of key ice and snow projects, including large-scale ice slides and themed attractions, to enhance its winter tourism offerings [19][20] - Various regions are actively promoting ice and snow culture through events and activities, aiming to engage more youth in winter sports [11][19]

Core Insights - The rapid development of the ice and snow economy is highlighted by recent snow holidays in various regions, reflecting public expectations for boosting ice and snow consumption [1] - The ice and snow economy encompasses a comprehensive economic system based on ice and snow resources, including sports, culture, equipment, and tourism [1] - China's ice and snow industry is projected to grow from 270 billion yuan in 2015 to 980 billion yuan by 2024, with expectations to exceed 1 trillion yuan this year [1] - The number of registered ice and snow economy-related enterprises has increased by 9.1% year-on-year, indicating strong growth potential [1] Industry Development - The ice and snow economy is experiencing significant growth, with three new development tracks identified: domestic and intelligent equipment manufacturing, year-round and diversified venue operations, and digital and integrated services [2] - Challenges such as homogenized competition, weak industrial chains, and insufficient supporting services persist, necessitating targeted strategies for improvement [2] - Regions are encouraged to leverage local cultural characteristics to create distinctive ice and snow tourism brands and enhance the overall value chain [2] Consumer Engagement - Various promotional activities are being launched to stimulate ice and snow consumption, including free skiing offers and substantial consumption vouchers [3] - The integration of ice and snow sports with tourism and cultural products is essential to meet evolving consumer preferences for personalized and diverse experiences [3] - New consumption scenarios and products are being developed to amplify the impact of ice and snow sports as a new consumption driver [3] Economic Impact - The booming ice and snow economy is not only driving consumption but also optimizing and upgrading industrial structures [4] - A comprehensive product system for ice and snow equipment has been established, covering the entire industry chain [4] - Multiple provinces are incorporating ice and snow economy initiatives into their development plans, recognizing its potential as a key growth driver for domestic demand [4] - The integration of ice and snow economy with green and open economies is seen as a crucial strategy for fostering new consumption growth points [4]

Core Viewpoint - The winter tourism in northern China is rapidly increasing as temperatures drop, with significant developments in ice and snow tourism, including special trains and ski resorts opening for the season [1][3]. Group 1: Ice and Snow Tourism Developments - The first ice and snow tourism special train, Y783, has departed for Mohe, Heilongjiang, carrying over 300 tourists, promoting a "slow travel, deep experience" concept [3]. - To meet the demand for winter tourism, railway departments have increased train services from Harbin to Mohe, while civil aviation has also enhanced flight routes between Mohe and other tourist cities in Heilongjiang [7]. Group 2: Skiing Activities and Events - Ski resorts in Shenyang, Liaoning, have opened for the winter season, attracting both locals and tourists eager to enjoy skiing [7][9]. - In Urumqi, Xinjiang, middle and primary school students are enjoying their first "snow holiday," which lasts from December 1 to December 5, providing a total of nine days off for winter sports [9][11]. Group 3: Incentives and Promotions - Urumqi has implemented a "snow holiday + benefit policy" allowing local students to access six major ski resorts for free, with discounts on equipment rentals and coaching [11]. - The Urumqi Cultural and Tourism Bureau has collaborated with local accommodations and businesses to offer discounts up to 30% on food, lodging, and services, enhancing the overall value for visitors [13].

12月1日至12月5日，新疆乌鲁木齐市、阿勒泰地区等开始试行首个"雪假"，加上前后两个周末，假期可 长达9天，而这将引发一场以冰雪为主题的消费热潮。 为充分承接这一政策红利，乌鲁木齐市文化广播电视和旅游局发布《冬季雪假嗨玩指南》，整合景区、 滑雪场、旅行社等多方资源，推出涵盖冰雪运动、非遗体验、文化研学等多个类型的文旅产品，并搭配 实施多重优惠。 同时，乌鲁木齐推出全方位的冰雪旅游服务。在滑雪运动上，丝绸之路山地度假区、白云滑雪场等六大 滑雪场面向全疆中小学生免票，并配套多项优惠。"雪假"期间，乌鲁木齐还将举办第23届丝绸之路冰雪 风情节、冰雪运动会、主题书画展、"冬韵芦草沟冰雪嘉年华"等系列活动。非遗体验也将同步开展，包 括非遗展、金石篆刻、雕版拓印等，让传统文化可触可感。 交通部门也同步响应，针对"雪假"期间探亲、研学等客流的显著增长，中国铁路乌鲁木齐局集团有限公 司计划加开119列临时旅客列车，覆盖伊宁、奎屯等8个方向，并增开普速列车。铁路部门专设人员对接 研学团体，提供专列、专属通道和候车区服务，持续推进"天山雪莲"服务品牌建设。 市场数据印证了"雪假"给冬季旅游市场带来的活力，美团平台数据显示，11 ...