Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - The ice and snow economy is entering a rapid growth phase, with the national ice and snow industry expected to exceed 1 trillion yuan in 2025, reaching 10,053 billion yuan [7] - The winter ice and snow tourism "Hundred Days Action" in Heilongjiang Province will start on November 8, 2025, focusing on product supply and creating a new all-domain ice and snow tourism system [7] - The government has shown strong support for the ice and snow economy, aiming for the industry to reach 1.2 trillion yuan by 2027 and over 1.5 trillion yuan by 2030 [7] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of -10.04% compared to the CSI 300 index, with an absolute return of 7.04% [3] Investment Highlights - The ice and snow industry is projected to grow significantly, with a 25% year-on-year increase in consumer participation and spending during the 2024-2025 ice and snow season, amounting to over 1,875 billion yuan [7] - The search volume for outdoor ski resorts has surged nearly 900% since mid-October 2025, indicating a rising interest in ice and snow tourism [7] - Key companies in the ice and snow industry, such as Anta Sports and Bosideng, are expected to benefit from the growth in ice and snow sports and tourism [7]

Core Viewpoint - The Heilongjiang Provincial Government is launching a "100-Day Winter Ice and Snow Tourism Action" from November 8, 2025, to February 28, 2026, aiming to establish a world-class ice and snow tourism destination and enhance the ice and snow economy under the brand "Crown of Ice and Snow, Beautiful Heilongjiang" [1] Group 1: Product Supply and Tourism System - The initiative focuses on creating a new system for comprehensive ice and snow tourism, with an emphasis on enhancing product offerings through a multi-layered product matrix [2] - The Harbin Ice and Snow World will expand significantly, featuring more ice sculptures and interactive technology, along with new attractions like an aerial snow track [2] - The province will introduce ten themed routes, showcasing various attractions from Harbin to Mohe, emphasizing the unique charm of Heilongjiang's ice and snow [2] Group 2: Industry Innovation and Cultural Integration - The plan promotes the integration of "ice and snow" with cultural tourism, creating new consumption scenarios and high-quality cultural offerings [3] - Events such as the Harbin International Ice and Snow Festival and various winter sports competitions will be introduced to enhance visitor engagement [3] - The use of technology like AR/VR will be incorporated to improve visitor experiences, alongside initiatives to boost nighttime economy and local cuisine [3] Group 3: Infrastructure Development - The action plan includes significant improvements in transportation and tourism facilities to enhance visitor capacity [4] - New domestic and international flight routes will be established, along with special trains for ice and snow tourism [4] - Upgrades to smart tourism infrastructure will be implemented, including a unified tourism app and enhanced facilities at tourist centers [4] Group 4: Market Regulation and Consumer Protection - A focus on market regulation aims to create a trustworthy tourism environment, with measures to combat unfair practices and ensure consumer rights [4] - The initiative includes a system for evaluating travel agencies and guides, promoting rational consumption among tourists [4] Group 5: Service Optimization - The plan emphasizes improving service quality in ice and snow tourism, implementing a "Five Ones" service model to enhance visitor satisfaction [5] - Establishing tourist service stations will provide amenities such as rest areas and hot drinks, ensuring a welcoming environment for visitors [5] - Multilingual services and convenient payment options will be enhanced to cater to both domestic and international tourists [5]

Group 1 - The report indicates that the A-share market is experiencing a cautious sentiment, with the three major indices collectively declining and trading volume shrinking to below 2 trillion yuan, attributed to a triple pressure of policy vacuum, profit-taking, and weakness in the Asia-Pacific market [2][8][9] - The market style is shifting towards a more balanced approach, with a notable migration of funds from small and medium-sized growth stocks to heavyweight sectors like oil, petrochemicals, and banking, suggesting a structural equilibrium rather than a unilateral shift [2][9] - The report anticipates that the fourth quarter will see a more balanced market style, with a higher cost-performance ratio for a diversified allocation of "technology growth," "cyclical sectors," and "stable dividend core assets" [2][9] Group 2 - The report suggests a cautious and conservative investment strategy, focusing on low-cost acquisitions, with performance factors being a key consideration for fund allocation, while avoiding purely speculative stocks [3][10] - Key investment themes to watch include technology growth sectors such as AI, semiconductors, and robotics, high-dividend defensive sectors like banking and public utilities, and cyclical styles including solar energy, batteries, and rare earths, which are expected to benefit from policy optimization and improving profitability [3][10] - The report highlights the significant rise of the ice and snow economy, projecting that China's ice and snow industry will exceed 1 trillion yuan by 2025, driven by the upcoming winter sports events and increasing participation in winter sports [7]

Core Viewpoint - The article highlights the rapid development of the ice and snow sports industry in China, particularly in the context of the upcoming Milan-Cortina Winter Olympics, showcasing the early opening of ski resorts and the increasing participation in winter sports [6][22]. Group 1: Ski Resort Developments - The Wanlong Ski Resort opened its season on October 21, marking the earliest opening in its 23-year history, attributed to favorable weather and upgraded snow-making capabilities [8]. - Chongli has established itself as the largest high-end ski resort area in China, with nine international-standard ski resorts and 219 ski trails, enhancing the overall visitor experience through various upgrades [10][12]. - The upcoming "Yunding Peak Season" will host four top-tier international events, featuring elite athletes like Gu Ailing and Su Yiming, further promoting the region as a winter sports destination [10][12]. Group 2: Regional Economic Impact - The ice and snow economy is becoming a key driver for regional vitality, transforming Chongli's tourism from traditional sightseeing to high-end winter vacations, creating numerous job opportunities in ski instruction, resort operations, and hospitality [14]. - In Northeast China, various ski resorts are also gearing up for the winter season, with Liaoning Province planning to host 125 ice and snow events, expected to attract nearly 500,000 participants [16][18]. Group 3: National Ice and Snow Economy - The total scale of China's ice and snow economy reached 980 billion yuan in 2024, reflecting an 8% year-on-year growth, significantly outpacing some traditional industries [22]. - The "ice and snow sports+" concept is emerging as a new engine driving the ice and snow economy, supported by national policies and product supply, aiming for a target of 1.5 trillion yuan by 2030 [22]. Group 4: Upcoming Winter Olympics - As the Milan Winter Olympics approaches, Chinese athletes are intensively training to achieve their best overseas performance, with a focus on surpassing the previous record of 5 gold, 2 silver, and 4 bronze medals from the Vancouver Olympics [24][28]. - Major brands are actively promoting their involvement in the Olympics, with initiatives like the collaboration between the Chinese Olympic Committee and Li Ning to unveil the official gear for the Chinese delegation [30].

Group 1 - The market experienced fluctuations, with the tourism, hotel, and pharmaceutical sectors showing gains, while the only pension ETF (516560) remained flat before rising during the day, with a premium rate of 0.37% [1] - Recent data from the Shanghai Stock Exchange indicates that buying interest in the pension ETF (516560) has increased, with net purchases exceeding 10 million yuan over the last four trading days, reflecting strong optimistic sentiment among investors [3] - Key stocks in the pension sector, such as China Duty Free Group and Huatai Medical, saw gains of over 3%, while non-bank financial stocks like China Life and Ping An experienced slight declines [5] Group 2 - The pension ETF (516560) is the only ETF tracking the CSI Pension Industry Index, which includes companies involved in hotel tourism, cultural media, healthcare, and life insurance, reflecting the overall performance of the pension industry chain [6] - The top ten weighted stocks in the pension ETF include companies like Ecovacs, Changbai Mountain, and Xinhu Insurance, indicating a diverse representation of the pension-related sectors [6] - The ice and snow industry is gaining momentum with various initiatives launched in the northeastern provinces to boost the ice and snow economy, with an expected industry output value exceeding 1 trillion yuan by 2025, driven by policy and supply-side benefits [5]

Market Overview - The A-share market opened lower on November 5, with the Shanghai Composite Index down 0.48%, the Shenzhen Component down 0.94%, and the ChiNext Index down over 1% [1] - Sectors such as forestry and banking showed gains, while communication equipment, electronic components, and precious metals experienced declines [1] Hainan Sector Activity - The Hainan sector saw significant movement, with Haima Automobile (000572) hitting the daily limit within one minute of opening [2] - Other stocks in the Hainan sector, including Haixia Co. and Hainan Airport, also experienced gains [2] Popular Stocks Performance - Kangzhi Pharmaceutical reported a price of 9.06, up 3.66% [3] - China Duty Free Group was priced at 78.04, up 3.43% [3] - Pingtan Development reached its daily limit, marking 11 consecutive trading days of gains [3] - The ice and snow economy sector showed resilience, with Xue Ren Group gaining 10.04% and Jingxue Energy up 8.19% [4][5]

Report Industry Investment Rating - Overall neutral for commodities and stock index futures [5] Core Viewpoints - The US government shutdown has tied the record, putting pressure on global liquidity. The Fed's slow stop of QT and potential liquidity risks in November need attention. The domestic market has positive news, but the economic foundation needs to be strengthened. Commodities should be on the sidelines for now, with a focus on potential breakthroughs in the second half of inflation [2][3][4] Market Analysis - On October 28, the full text of the "15th Five-Year Plan" proposal was released, with clear goals. The average GDP growth rate during the 15th Five-Year Plan may be around 5%. On October 30, the China-US economic and trade teams reached a three - point consensus. The October national manufacturing PMI was 49, with a month - on - month value of - 0.8. The central bank resumed open - market treasury bond trading in October. On November 4, the A - share market adjusted, with the ChiNext Index down nearly 2% [2] Fed and US Economic Situation - The Fed cut interest rates by 25BP and will end balance - sheet reduction on December 1. The short - term funding shortage persists, with the spread between the general collateral rate and the reserve balance rate reaching 0.32%. The probability of a 25 - basis - point rate cut in December is 67.8%. The US government shutdown continues, and the October ISM manufacturing index fell to 48.7%, contracting for eight consecutive months. The dollar index broke through 100 on November 4 [3] Commodity Analysis - Commodities should be on the sidelines. The black sector is dragged by downstream demand expectations. The non - ferrous sector is boosted by global easing expectations. The energy sector's medium - term supply is considered relatively loose, with OPEC+ increasing production. The chemical sector's "anti - involution" space for some varieties is worthy of attention. For agricultural products, focus on China's procurement plan and weather expectations. Precious metals may enter a consolidation phase [4] Key News - The central bank's net open - market treasury bond trading in October was 200 billion yuan, MLF net investment was 200 billion yuan, and outright reverse repurchase net investment was 400 billion yuan. The market adjusted on November 4, with the ChiNext Index leading the decline. The US government shutdown entered the 35th day. The dollar index broke through 100. Iraq's prime minister ordered a halt to gasoline, diesel, and kerosene imports [6]

Core Viewpoint - The ice and snow industry is experiencing significant growth, with increasing bookings and participation in winter sports, indicating a shift towards mainstream consumption and a new leisure trend in winter tourism [1][2] Group 1: Industry Growth - The ice and snow industry in China is projected to grow from 270 billion yuan in 2015 to 980 billion yuan by 2024, with an expected reach of over 1 trillion yuan by 2025 [1] - The participation in ice and snow sports and related consumption is anticipated to exceed 187.5 billion yuan during the 2024-2025 season, representing a year-on-year growth of over 25% [1] Group 2: Market Dynamics - The ice and snow industry encompasses a complete ecosystem, including upstream resource development, equipment production, midstream services and operations, and downstream consumption and derivative economies [2] - The ice and snow economy is expected to become a significant growth point for domestic consumption in China, presenting development opportunities across the entire industry chain [2]

Group 1: Starbucks China Joint Venture - Starbucks has announced a strategic partnership with Boyu Capital to form a joint venture for its retail operations in China, with Boyu holding up to 60% equity and Starbucks retaining 40% [1] - The joint venture is based on an enterprise value of approximately $4 billion, excluding cash and debt, and will manage the existing 8,000 Starbucks stores in China [1] - The goal is to expand the number of Starbucks stores in China to 20,000, leveraging Boyu's local resources and retail experience to accelerate growth in smaller cities [1] Group 2: Ice and Snow Economy - The ice and snow economy concept is gaining traction, with companies like Xue Ren Group seeing significant stock price increases, reflecting market optimism about the industry's potential [2] - Data from Tuniu indicates that over 60% of users booking ice and snow tourism products are from southern regions, highlighting a trend of southern tourists traveling north for winter activities [2] - The growth in the ice and snow economy is attributed to the continued enthusiasm for winter sports post-Olympics and innovative "ice and snow+" business models, contributing to a robust winter consumption market [2] Group 3: Harbin Ice and Snow World Expansion - Harbin is expanding its Ice and Snow World to 1.2 million square meters, incorporating more technology elements and entertainment projects to enhance visitor experience [3] - The Sun Island Snow Expo will cover 1.5 million square meters, featuring over 260 snow sculptures and various interactive activities, promoting a harmonious relationship between people and nature [3] - This expansion is seen as a strategic move to transform the ice and snow economy from attracting visitors to retaining them, thereby injecting sustained economic vitality into the region [3] Group 4: Short Drama Market Growth - The short drama concept is experiencing a resurgence, with companies like Huanrui Century hitting their stock price limits, indicating a positive market response [4] - Data from the Giant Engine shows that the supply, viewership, and likes for short dramas are growing at impressive monthly compound growth rates, with the market expected to exceed 20 billion yuan this year [4][5] - The integration of AI technology and platform support is driving this growth, creating new opportunities for media companies and showcasing the vitality of the content industry [5]

Group 1 - The eighth China International Import Expo (CIIE) opened on November 5, showcasing a record exhibition scale and diverse content, emphasizing innovation and global market integration [2][3] - A new section for least developed countries (LDCs) was introduced, featuring 163 companies from LDCs, a 23.5% increase year-on-year, highlighting China's commitment to supporting these nations [3][4] - The expo included a "Charming Friendly Cities" section, with 67 countries and international organizations participating, enhancing cultural exchange and cooperation opportunities [5] Group 2 - The CIIE provided unprecedented opportunities for LDC enterprises, with Ethiopian coffee imports increasing from 1-2 containers annually to over 100 containers, weighing more than 2,000 tons [4] - Bangladeshi jute products transitioned from traditional uses to high-value items like carpets and bags, with a company growing from 10 to over 2,000 employees due to participation in the expo [4] - The expo's cross-border e-commerce platform facilitated connections between international small and medium-sized enterprises (SMEs) and the Chinese market, addressing challenges like market information asymmetry [9][10] Group 3 - The introduction of the cross-border e-commerce selection platform aims to convert new market entries into sustainable partnerships, with support measures like reduced deposit requirements for SMEs [10][11] - The platform is designed to help global SMEs integrate into the Chinese market, leveraging China's large middle-income consumer base and promoting international trade [11]