Group 1 - The core viewpoint of the article highlights that China's ice and snow industry is projected to exceed 1 trillion yuan, reaching 1005.3 billion yuan in 2023, indicating a strong growth trend in the ice and snow economy [1] - The number of ski resorts in China is expected to increase from 1,133 in 2018 to 2,678 by 2024, representing a growth rate of 136% [1] - The consumption amount at ski resorts is projected to reach 78.613 billion yuan during the 2024-2025 winter season, with a year-on-year increase of 27.97% in spending within two kilometers of ski resorts [1] Group 2 - Ice and snow sports are expanding beyond northern regions, with a 17,500 square meter ski resort in Ningbo attracting hundreds of visitors daily, 70% of whom come from the Yangtze River Delta [2] - Shenzhen has built the world's largest indoor ski center, allowing southern residents to enjoy snow activities regardless of the outdoor temperature [2] - Cities like Wuhan, Guangzhou, and Chengdu are introducing ice and snow parks in central business districts, offering various winter activities such as ice slides and snow camping [2] Group 3 - The "Ice and Snow + Research" initiative encourages students to participate in winter sports and cultural activities during school breaks, with discounts and free entry to ski resorts [3] - Harbin has launched a themed "ice and snow tourism train" to promote cultural experiences and interactions during travel, enhancing the appeal of northern landscapes [3] - The combination of "Ice and Snow + Entertainment" is becoming a trend, with destinations like Changbai Mountain and Zhangjiakou offering skiing during the day and hot springs at night [3] Group 4 - Unique hot spring accommodations are being developed to meet diverse tourist needs, with regions like Qinghai leveraging local resources for new winter experiences [4] - The article suggests that a new map of winter activities has been created, showcasing various innovative combinations for winter tourism [4]

Core Viewpoints - The A-share market is expected to warm up for a bull market in early 2025, with stable funds likely to support the market amid unchanged policy attitudes. The current adjustment is seen as a healthy correction within the bull market, setting the stage for a pre-spring rally at the end of the year and the beginning of the next [4][2] - The AI industry chain is anticipated to be the main line for investment during this period, benefiting from improved liquidity expectations and risk appetite. The Sci-Tech 50 and ChiNext indices are expected to lead the recovery in broad-based indices [4][2] - The AI industry chain remains optimistic, with strong downstream demand and short-term supply challenges in AI infrastructure, presenting investment opportunities in power supply and computing power, particularly in domestic computing power [4][2] December Stock Picks - The December stock picks from Zhongyin Securities include: - Poly Real Estate Group (Real Estate) - Jitu Express-W (Transportation) - China Merchants Energy (Transportation) - Wanhua Chemical (Chemicals) - Anji Technology (Chemicals) - Huayou Cobalt (New Energy) - Anjii Food (Food and Beverage) - Changbai Mountain (Social Services) - Feiliwa (Electronics) [6][8] Real Estate Industry: Poly Real Estate Group - The company experienced a 48.1% year-on-year revenue growth in the first half of 2025, driven by increased project completions. However, net profit attributable to shareholders decreased by 44.3% due to investment losses and increased minority shareholder losses [8][9] - The company’s gross margin improved to 17.5%, up 3.2 percentage points year-on-year, while net profit margin decreased to 1.3% [8][9] - The company’s debt structure has improved, with total interest-bearing debt decreasing by 8.6% year-on-year, and all "three red lines" indicators turning green, indicating a healthier financial position [9][10] Transportation Industry: Jitu Express-W - The company achieved a total revenue of $5.499 billion in the first half of 2025, a year-on-year increase of 13.1%, with significant growth in the Southeast Asian market [13][14] - The company’s market share in Southeast Asia increased to 32.8%, while the Chinese market saw a 20% increase in package volume [14][15] - The company is focusing on cost optimization and has implemented a flexible pricing mechanism to enhance competitiveness [15] Transportation Industry: China Merchants Energy - The company reported a slight decrease in revenue to 25.799 billion yuan in 2024, but net profit increased by 5.59% to 5.107 billion yuan, indicating resilient profitability [16][17] - The fourth quarter saw a significant increase in shipping volume, particularly in high-value routes, contributing to a strong performance [16][17] Chemical Industry: Wanhua Chemical - The company’s revenue from polyurethane, petrochemical, and fine chemicals in the first half of 2025 was 36.888 billion yuan, 34.934 billion yuan, and 15.628 billion yuan, respectively, with the petrochemical segment facing short-term pressure [19][20] - The company’s management reforms have led to improved cost control and resource allocation efficiency, which is expected to enhance future performance [19][20] Chemical Industry: Anji Technology - The company reported continuous high growth in revenue and net profit in the first three quarters of 2025, with a gross margin of 56.61% [23][24] - The company’s polishing liquid sales increased by 38.23% year-on-year, indicating strong demand in the semiconductor market [24][25] New Energy Industry: Huayou Cobalt - The company achieved a net profit of 4.216 billion yuan in the first three quarters of 2025, a year-on-year increase of 39.59%, with a revenue growth of 29.57% [26][27] - The company is advancing its integrated layout with ongoing project developments in nickel and lithium production [26][27] Food and Beverage Industry: Anjii Food - The company reported a revenue increase of 6.6% year-on-year in Q3 2025, driven by product innovation and channel expansion [28][29] - The company is focusing on product structure optimization and cost control, maintaining stable profitability despite rising raw material costs [29][30] Social Services Industry: Changbai Mountain - The company experienced a 6.99% year-on-year revenue growth in the first three quarters of 2025, with a significant increase in tourist numbers during the peak season [31][32] - External transportation upgrades and internal project developments are expected to enhance future growth prospects [32] Electronics Industry: Feiliwa - The company is investing in expanding its quartz electronic fabric production capacity to meet the growing demand for high-end PCB materials [33][34] - The demand for quartz electronic fabric is expected to increase due to advancements in Ethernet switch chip technology [34][35]

Core Insights - Heilongjiang has entered a new winter ice and snow tourism season, leveraging its high-quality ice and snow resources to revitalize both urban and rural areas with unique local activities [1] Group 1: Tourism Trends - Search volume for Harbin Ice and Snow World has increased by 163% compared to the previous period, indicating a strong interest in winter tourism [1] - Popular winter tourist destinations include Mohe and Beiji Village, with ongoing positive booking trends for the China Snow Town scenic area [1] Group 2: Events and Activities - In Yichun, 300 hiking enthusiasts participated in a 2.5-kilometer trek through stunning ice and snow landscapes, showcasing the region's natural beauty [3] - Various engaging activities such as snowmobile racing and snow football are being offered, along with opportunities to experience Nordic-style wooden houses in the forest [3] Group 3: Strategic Initiatives - The Yichun Cultural and Tourism Bureau plans to launch nearly 100 unique and community-oriented cultural and sports tourism events to promote the integration of ice and snow sports with tourism, culture, and commerce [5] - Starting in November, Heilongjiang has officially launched its winter ice and snow tourism "Hundred Days Action," featuring ten themed routes, a hundred food festivals, and a thousand cultural tourism events to enhance visitor numbers and spending [7]

每经记者｜程晓玲 每经编辑｜杨欢 据预测，今年我国冰雪产业规模将突破万亿元大关，没有人想要错过风口。日前，第二十七届哈尔滨冰雪大世界冰建工程正式启动，本届园区面积扩大至 120万平方米，成为历史上规模最大的一届。 不只有"尔滨"，黑龙江作为我国纬度最高、也是最早开发和运营冰雪产业的省份，我国第一个国际冰雪节、第一个滑雪旅游度假区、第一个"全民冰雪活动 日"、第一个冰雪旅游产业发展指数等都从这里起步，冰雪家底优势可谓得天独厚。 但即便是初代冰雪"一哥"，黑龙江也并非没有对手。就近来看，吉林正在不断深化自身"中国冰雪经济第一大省"的标签；内蒙古今年提出，统筹全区冰雪资 源，拓展文旅新赛道；还有新疆依托独特的粉雪资源，加速建设中国"冰雪第三极"，不少南方省份，也在通过发展室内滑雪场等开拓冰雪市场…… 一边是南北省份的踊跃入局，一边则是黑龙江的自我加压，本月初印发的《黑龙江省冬季冰雪旅游"百日行动"实施方案（2025—2026年）》划定目标，力争 实现接待游客数量、游客总花费同比分别增长10%、15%以上。此后公布的黑龙江"十五五"规划建议更提出，"力争数字经济、生物经济、冰雪经济、创意设 计四大产业总规模达到一万亿 ...

Core Insights - The opening of the Shenyang-Baihe High-Speed Railway has significantly boosted passenger transport, with a total of 986,600 passengers transported by November 19, 2025, enhancing tourism and regional economic development in Northeast China [1] Group 1: Ice and Snow Industry Growth - 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 surpass 1 trillion yuan by 2025 [2] - 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, reflecting a surge in public interest and participation in ice and snow sports [2] - The government has set clear targets for the ice and snow economy, aiming for a total scale of 1.2 trillion yuan by 2027 and 1.5 trillion yuan by 2030 [2] Group 2: Regional Development Strategies - Northern regions are innovating to enhance their ice and snow economy, with Heilongjiang focusing on upgrading products and integrating tourism services to create world-class destinations [3] - Southern regions are expanding the ice and snow market through indoor ski facilities, with the Shenzhen Qianhai Ice and Snow World attracting over 5,000 visitors daily since its opening [5] - Wuhan is fostering a cultural experience model to connect northern and southern ice and snow economies, exemplified by the recent ice and snow exhibition [5] Group 3: Future Directions and Innovations - The future of China's ice and snow economy hinges on breaking physical and conceptual limitations, transitioning from seasonal offerings to year-round destinations [6] - There is a call for diverse innovations in the industry, such as developing outdoor sports and cultural events to extend the consumption cycle and enhance the overall experience [6] - The emphasis is on creating a seamless integration of ice and snow activities with urban lifestyles, promoting a "snow + entertainment + shopping" model in southern cities [5][6]

Core Viewpoint - The introduction of "snow holidays" in various regions, particularly in Jilin and Xinjiang, aims to promote winter sports, tourism, and overall student well-being while stimulating local economies through increased travel and leisure activities [3][5][6]. Group 1: Policy Implementation - Jilin Province has established a "snow holiday" from December 3 to 7, 2025, for all compulsory education students, encouraging paid leave for parents to engage in winter activities with their children [3][5]. - Urumqi and Altay in Xinjiang have also announced a "snow holiday" from December 1 to 5, 2025, allowing for a continuous 9-day break when combined with weekends [5][6]. Group 2: Economic Impact - The "snow holiday" initiative is expected to alleviate academic pressure on students and promote physical and mental health, similar to previous "autumn holidays" implemented in other regions [5][6]. - The introduction of these holidays is anticipated to boost tourism, with significant increases in flight bookings reported, such as a 51% and 99% year-on-year rise in Urumqi and Altay, respectively, during the holiday period [6]. Group 3: Regional Adaptation - The concept of "spring and autumn holidays" is being explored across various regions, with adaptations based on local climate and tourism potential, emphasizing the need for tailored approaches [4][6]. - Experts suggest that the "snow holiday" aligns with local climate conditions and tourism development, fostering a sustainable tourism market by encouraging off-peak travel [6].

新政发布 冰雪经济再掀热潮 《国务院办公厅关于加快场景培育和开放推 动新场景大规模应用的实施意见》发布, 为冰雪经济发展带来了新的契机 意见提出 着力扩大体文旅商消费 加快推进体育赛事经济高质量发展 # 支持建设一批综合性重大场景、行业领域集成式 场景、高价值小切口场景 ↑ 扩大生产场景、工作场景、生活场景供给 ◀ 形成"技术突破—场景验证—产业应用一体系升 级"的路径 对于冰雪经济而言 这意味着将有更多创新场景得以打造和应用 为冰雪经济的发展提供有力支撑 象地推出旅游方案促发 I 黑龙江省 《黑龙江省冬季冰雪旅游"百日行动"实施方案 (2025-2026年)》 持续实施 "冰雪世界·龙马精神" 以 大提升行动" 为主题 "十"大主题线路等全链条产品供给 -步主富 说 力争实现 接待游客数量 游客总花费 TRoo 10% 同比增长!) 以上 以上 辽宁省 《2025—2026年冰雪季辽宁省文体旅高质量融合发F 若干举措》 "+冰雪" 构建"冰雪+" th 玩冰嬉雪多元业态和场景体系 通过推出系列冰雪旅游主题活动 惠民政策,培育独具辽宁特色 冰雪生活方式,扩大冰雪消费能 吉林省 《关于发挥人力资源社会保障作用大 ...

Group 1 - The introduction of "snow holidays" in various regions, such as Jilin and Xinjiang, aims to promote winter tourism and encourage family participation in winter sports and activities [1][2][3] - Jilin Province has designated a "snow holiday" from December 3 to 7, 2025, allowing all students in compulsory education to take time off, while also encouraging parents to take paid leave to engage in winter activities with their children [1][2] - The implementation of "snow holidays" is part of a broader trend to reduce academic pressure on students and promote their overall development, similar to previously established "autumn holidays" in other regions [2][3] Group 2 - The Ministry of Commerce and other departments have emphasized the need to optimize student holiday arrangements to stimulate service consumption, suggesting adjustments to the academic calendar based on local climate and conditions [3] - Experts believe that the introduction of "snow holidays" can help cultivate the winter tourism market, making off-peak seasons more vibrant and sustainable for the tourism industry [3] - Data from Southern Airlines indicates a significant increase in flight bookings in regions with "snow holidays," with a year-on-year growth of 51% in Urumqi and 99% in the Altay region, highlighting the potential for youth travelers to become a key demographic in seasonal travel [4]

Core Viewpoint - The extreme cold temperatures in Mohe, Heilongjiang, are creating a peak season for cold-weather vehicle testing, driving new momentum in the ice and snow economy [1][3]. Group 1: Cold Weather Testing Industry - Mohe has recorded temperatures as low as minus 36 degrees Celsius, with historical lows reaching minus 53 degrees Celsius, providing an ideal environment for vehicle and component testing from October to April [3]. - The testing focuses on various performance aspects, including air conditioning defrosting, low-temperature charging, and overall vehicle thermal management, covering different vehicle types such as sedans, MPVs, and off-road vehicles [5]. - Since late October, over 20 testing companies, 400 engineers, and more than 400 test vehicles have arrived in Mohe to conduct testing, with new specialized testing roads added to enhance the testing environment [7]. Group 2: Economic Impact - The cold weather testing season attracts long-term testing teams, boosting local industries such as ice and snow tourism, transportation, and automotive repair, generating direct consumption of over 50 million yuan during each testing season [8].

0:00 新雪季已全面"开板"！屏幕前的你，是不是也和我一样，被朋友圈里的滑雪美图刷屏了？总之，这个冬 天刚刚开始，消费很热，玩法很多，冰雪经济更是迈入黄金发展期。近期，在2025国际冬季运动博览会 主论坛上发布的《中国冰雪产业发展研究报告（2025）》显示，今年我国冰雪产业规模将突破万亿元大 关，达10053亿元。这一数字也意味着，冰雪经济正成为我国经济发展的新兴力量。 这一趋势在政策赋能与市场需求的双重驱动下愈发鲜明。也是在近日，吉林省长春市成功获得2027年第 33届世界大学生冬季运动会承办权，相信将为吉林冰雪经济的深化发展注入强劲动力。 如今，"冰雪+"多元业态加速融合，早已突破传统冰雪游玩的单一模式，主打一个沉浸式体验，冰雪运 动与冰雪文旅共同构筑起产业发展的两大主线。我特别关注到，今年吉林、新疆、河北等地的知名滑雪 场，普遍较去年提前半个月开启新雪季；同时，还有越来越多的"00"后"10"后"小孩哥""小孩姐"也加入 到滑雪运动中来。今年以来，包含儿童一对一私教、陪滑等服务的滑雪套餐热度增长显著。 从地域维度来看，冰雪产业的蓬勃发展更打破了地域局限。最直接的体现是，冰雪运动已不再是东北地 域的"专 ...