Core Points - The Daxing'anling region's fourth Polar Forest Ice and Snow Carnival opened on November 1, marking the start of winter ice and snow tourism in Heilongjiang [1] - The Mohe North Polar Ski Resort is one of the northernmost outdoor ski resorts in China, with a ski season lasting from early November to mid-April, providing a six-month opportunity for skiing [1] Industry Developments - The Mohe North Polar Ski Resort has constructed a new ski run and upgraded visitor facilities, including the visitor center and equipment hall, to enhance the overall experience for tourists [2] - The resort has acquired 500 new sets of ski equipment to meet the diverse needs of visitors [2] - Additional winter activities such as snow tug-of-war, snow football, and snowmobiles are available, contributing to a lively atmosphere at the resort [2] Future Plans - For the 2025 winter season, Mohe City plans to introduce new attractions such as an ice and snow sightseeing train, a gold mining town ice and snow park, and a racing sports crossing camp [2] - The city aims to enhance visitor experience and satisfaction through initiatives like the Winter Care for Tourists program [2]

中国最北滑雪场首滑拉开黑龙江冰雪旅游大幕 中新社漠河11月1日电 (记者 姜辉)11月1日，大兴安岭地区第四届极地森林冰雪嘉年华开幕式暨漠河北 极滑雪场2025冬季首滑式举行，率先拉开黑龙江今冬冰雪旅游大幕。 漠河是中国最北城市，全年平均气温约-3.5℃，极端最低气温达-53℃。漠河北极滑雪场作为中国位置最 北、纬度最高、雪期最长的室外滑雪场之一，超长滑雪期可从11月初一直持续到第二年4月末。 1日上午，漠河北极滑雪场里人头攒动，伴着皑皑白雪，大批游客与滑雪爱好者齐聚于此，体验冰雪运 动，领略冰雪美景。 "平时也喜欢滑雪，听说漠河这边滑雪场开得早，特意过来体验一下。"山东游客耿跃潮在雪道上滑了一 段表示，漠河北极滑雪场雪道宽敞开阔，视觉观感佳。 11月1日，大兴安岭地区第四届极地森林冰雪嘉年华开幕式暨漠河北极滑雪场2025冬季首滑式举 行。 邵天李 摄 记者从漠河市文旅部门获悉，2025年冰雪季，漠河市将深挖最北、最冷等优势资源，打造更多情景化、 沉浸式产品包，景点群和线路套餐，冰上龙舟赛以及神州北极过大年等冰雪嘉年华系列活动，全新推出 冰雪观光小火车、赛车运动穿越营等新玩法、新场景，不断提升游客体验感和满意 ...

Core Insights - The Swiss ski tourism industry is projected to grow from approximately $1.5 billion in 2025 to $3.9 billion by 2035, with a compound annual growth rate (CAGR) of 9.5% during the forecast period [1] - Increasing interest in winter sports is driving market growth, with luxury ski resorts in Switzerland dominating the high-end market and attracting international travelers seeking comprehensive Alpine experiences [1] Industry Summary - The Swiss tourism sector is expected to perform well in the 2024/2025 winter season, benefiting from favorable snow conditions and a significant influx of foreign tourists, particularly from France, Germany, and the United States, with a notable increase in visitors from China [1][3] - The number of overnight stays by Chinese tourists in Switzerland has exceeded 340,000, marking a 36% increase year-on-year, with expectations of a further 5% growth this winter [3] - The Swiss National Tourism Board plans to launch a winter tourism promotion campaign titled "Snow Shines" in major Chinese cities, aimed at engaging ski enthusiasts through both online and offline activities [3] Company Initiatives - Swiss International Air Lines is facilitating travel for Chinese ski enthusiasts by offering free checked baggage for personal ski equipment with prior reservation [3] - Major ski resorts in Switzerland, such as the Matterhorn region and the Jungfrau region, are enhancing the experience for Chinese tourists by providing Chinese-speaking staff to ensure safety and convenience [3] - The Swiss travel pass is recommended for tourists, allowing easy access to trains and buses, and enabling exploration of cities and cultural experiences beyond skiing [3] Destination Highlights - The Jungfrau ski region features three major ski destinations with over 200 kilometers of slopes catering to various skill levels, while the Matterhorn region offers 36 ski destinations with a total slope length of 2,000 kilometers [5] - The region is renowned for its stunning natural scenery and world-class snow facilities, providing an exhilarating winter experience for global visitors [5] - Swiss International Air Lines will operate direct flights from Shanghai to Zurich with six weekly flights and daily flights from Hong Kong, ensuring convenient access for travelers [5]

Summary of Changbai Mountain Scenic Area Conference Call Industry Overview - The conference call discusses the performance of the Changbai Mountain Scenic Area in 2025, focusing on revenue, profit, visitor demographics, and operational strategies. Key Financial Performance - Revenue for the first three quarters of 2025 reached 636 million yuan, a year-on-year increase of 6.99% [2][9] - Net profit for the same period was 149 million yuan, up 1.05% year-on-year [2][9] - In Q3 2025, revenue was 400 million yuan, reflecting a 17.78% increase year-on-year, while net profit was 101.51 million yuan, up 19.43% [2][9] Visitor Demographics and Trends - Visitor demographics show a shift towards younger tourists, with the proportion of visitors under 18 years old increasing to 14.52%, up approximately 2 percentage points from the previous year [2][7] - The proportion of visitors aged 41 to 50 also increased to 17.97% [2][7] - Female visitors accounted for 57.4% of total visitors, surpassing male visitors at 42.6% [2][7] - The proportion of group tours decreased to 33.3%, while individual travelers now make up 66.7% of visitors, indicating a need for more personalized services [2][8] Changes in Visitor Source Regions - The share of visitors from Heilongjiang, Jilin, and Liaoning provinces has declined, while Shandong province's visitor numbers are rapidly increasing, potentially becoming the second-largest source of visitors [2][5] - In Q3 2025, the visitor proportions were Jilin 12.04%, Liaoning 10.67%, and Shandong 9.86% [2][5] - The proportion of South Korean visitors decreased to 8.19% in Q3 2025 [2][6] Hotel Performance - The occupancy rate of Crowne Plaza Hotel in Q3 was 58.03%, an increase of 3.89 percentage points year-on-year [2][10] - Average room rates rose by 3.05%, and revenue per available room increased by 10.45% [2][10] - Newly opened luxury hotels had occupancy rates above 45% with revenue per available room around 575 yuan [2][10] Operational Strategies and Future Projects - The company plans to expand snowmobile tours and introduce UTV and ATV snowmobile projects in Q4 2025 [2][13][14] - The opening of the Shenbai High-speed Railway is expected to significantly increase visitor numbers, with projections of over 4 million visitors in 2026 [2][17] - The company is adjusting its operational strategies to accommodate the anticipated increase in visitor traffic [2][14][17] City Operations and Travel Agency Performance - The city operations segment, including transportation services, saw a revenue increase of 26.47% in the first nine months, although net profit declined by 2% [2][11] - Easy Travel Agency transitioned all offline channels to online, achieving over 53% revenue growth in Q3 and a net profit increase of 4,059% [2][12] Government Support and Taxation - The company faced minor tax recoveries of about 1-2 million yuan, which had a negligible impact due to its status as a top taxpayer in the province [2][15] - Various subsidies related to tourism are expected to continue, supporting the company's operations [2][15] Transportation Improvements - Significant improvements in transportation, including new flight routes and the Shenbai High-speed Railway, are expected to enhance visitor access and increase tourism [2][16] Employee Costs and Future Outlook - Employee costs have risen significantly in 2025 due to previous wage adjustments, but no major changes are expected in 2026 [2][18] - The company anticipates that the growth in visitor numbers will support necessary increases in labor costs [2][18]

Financial Performance - In Q3 2025, the company achieved revenue of 401 million yuan, a year-over-year increase of 17.78%, and a net profit attributable to shareholders of 151 million yuan, up 19.43% year-over-year [1] - For the first three quarters of 2025, the company reported revenue of 636 million yuan, a year-over-year increase of 6.99%, and a net profit attributable to shareholders of 149 million yuan, up 1.05% year-over-year [1] - The company maintained good cost control, with a gross margin of 57.50% in Q3 2025, a slight decrease of 0.40 percentage points year-over-year [1] Cost Management - In Q3 2025, the company's selling and administrative expense ratios were 2.19% and 4.43%, respectively, showing year-over-year decreases of 0.19 and 0.13 percentage points [1] - For the first three quarters of 2025, the gross margin was 43.27%, down 2.45 percentage points year-over-year, while the selling and administrative expense ratios were 2.73% and 7.74%, with year-over-year changes of -0.06 and +0.59 percentage points [1] Customer Traffic Growth - The company experienced strong customer traffic growth during the summer, with July, August, and September visitor numbers reaching 810,200, 825,200, and 389,400, respectively, representing year-over-year increases of 37.8%, 14.9%, and 2% [2] - The total customer traffic for Q3 2025 was 2,024,800, reflecting a year-over-year increase of 19.96% [2] Future Outlook - The company is expected to benefit from the opening of the Shenbai High-speed Railway in September 2025, which will significantly shorten travel times for passengers from North China [2] - The second phase of the hot spring project is accelerating construction, with completion and operation expected in 2025 [2] - The company is projected to see net profits attributable to shareholders of 154 million, 186 million, and 220 million yuan for 2025-2027, corresponding to price-to-earnings ratios of 89x, 73x, and 62x [2]

Core Insights - The number of overnight stays by Chinese tourists in Switzerland for the winter season of 2024-2025 has reached 341,700, representing a year-on-year increase of 36% [1][3] - Popular winter destinations among Chinese tourists include the Bernese Highlands, featuring Jungfrau and Schilthorn, as well as the Lake Lucerne area with Mount Titlis [1] Group 1: Tourism Promotion - The Swiss National Tourism Board plans to ignite the enthusiasm of Chinese tourists for winter sports through a series of well-planned marketing activities [3] - A winter tourism promotion event titled "Snowy Switzerland" will be launched in Beijing, Shanghai, and Shenzhen, targeting skiing enthusiasts [3] - The event will include on-site experiences and filming activities in renowned ski destinations such as Leysin, Davos, and the Valais region in March 2026 [3] Group 2: Airline Services - Swiss International Air Lines has announced its winter schedule for 2025, featuring direct flights from China to Zurich, with six weekly flights from Shanghai and daily flights from Hong Kong [3] - Each round-trip flight from China will be staffed with at least three Chinese-speaking cabin crew members [3] - Swiss International Air Lines offers free ski equipment check-in for every skiing enthusiast [3]

Core Viewpoint - Sichuan Airlines (川航) is set to implement its winter flight schedule for 2025 starting October 26, introducing over 30 new and restored routes to enhance travel options for passengers [1] Route Expansion - Sichuan Airlines will open new routes including Chongqing to Mangshi, Xi'an to Zhuhai, and several routes from Jinan to various destinations [1] - The airline will also increase the frequency of key business routes from Chengdu to Guangzhou, Nanjing, and Urumqi, establishing 10 routes with three or more daily flights [1] New Flight Schedule - New domestic routes include: - Chongqing to Mangshi: Daily 1 flight - Harbin to Jinan to Nanning: Weekly on Mon/Wed/Fri/Sun - Jinan to Chongqing to Xishuangbanna: Daily 1 flight - Jinan to Wenzhou: Daily 1 flight - Jinan to Fuzhou: Daily 1 flight [2][4][5] International and Regional Flights - The airline plans to operate 32 international routes and 3 routes to Hong Kong and Taiwan, with the Chengdu to Auckland route resuming on December 7 [8] - Other international routes include flights to destinations such as Melbourne, Sydney, and Moscow, with varying frequencies [6] Special Offers and Benefits - Passengers purchasing specific discounted tickets can enjoy flexible change options without fees, including same-day standby on the same route [8] - Sichuan Airlines is offering a promotional "Autumn Trip to Jiuzhai" benefit, providing discounts for members on Jiuzhai tickets and free transportation services [9]

Core Viewpoint - The report highlights a significant increase in interest in winter sports tourism, particularly skiing, with search volumes for outdoor ski resorts rising nearly 900% since mid-October. This trend is expected to create investment opportunities in the ice and snow tourism sector as the winter season begins [1][2]. Group 1: Ice and Snow Tourism Trends - The ice and snow economy is projected to exceed 1 trillion yuan, with government policies beginning to show effects. By 2027, the total scale of the ice and snow economy is expected to reach 1.2 trillion yuan, and by 2030, it is projected to reach 1.5 trillion yuan [1]. - From November 1, 2024, to February 4, 2025, 934 ski resorts across 31 provinces are expected to receive 151 million visitors, representing a year-on-year increase of 27.8% [1]. Group 2: Market Performance - The Wande Ice and Snow Tourism Concept Index increased by 6.34% during the week of October 20-24, outperforming the Shenwan Consumer Services Index by 3.74 percentage points. For the month up to October 24, the index rose by 10.24%, also outperforming the Shenwan Consumer Services Index [3]. - Notable stocks in the ice and snow tourism sector, such as Changbai Mountain and Dalian Shengya, saw price increases of 6.19% and 22.91% respectively during the week, and 10.88% and 37.46% for the month [3]. Group 3: Spring and Autumn Holidays - With the implementation of policies to expand service consumption, various regions are set to introduce spring and autumn holidays for schools, creating a 5-day holiday opportunity that could stimulate travel during traditionally low seasons [4]. - Specific regions, such as Zhejiang and Guangdong, have scheduled autumn holidays in November, aligning with weekends to maximize travel opportunities [4]. Group 4: Promotions and Discounts - Various scenic spots are launching promotional initiatives to attract visitors during the traditional off-peak season in November. For example, Changbai Mountain is offering free admission to university students, while Huangshan and Emei Mountain are providing discounts and free return visits for ticket holders [5][6]. - The introduction of themed travel products targeting school groups is expected to further enhance travel interest during the autumn holiday period, with significant increases in flight bookings for family trips [6].

Core Points - Jilin Province has entered winter earlier than usual, becoming one of the first provinces in China to do so this year [1][3] - The average temperature in Jilin has dropped significantly, with a notable decrease of over 10°C following two cold air masses [3] - The province's meteorological data indicates that the average temperature will remain low, around 2°C, with potential lows reaching -8°C [3] Industry Focus - Jilin Province is shifting its tourism focus towards winter activities, emphasizing the development of ice and snow tourism projects [5] - The provincial government is accelerating the construction and launch of key projects, including expansions at Beidahu and Songhua Lake, and the development of snow amusement parks [5] - To stimulate market activity, Jilin plans to issue no less than 30 million yuan in ice and snow consumption vouchers [5]

Market Overview - The A-share market showed a mixed performance today, with the Shanghai Composite Index rising by 0.22% to close at 3922.41 points, and the Shenzhen Component Index also increasing by 0.22% to 13025.45 points. However, the Sci-Tech 50 Index fell by 0.30% to 1401.26 points, while the ChiNext Index saw a slight increase of 0.09% to 3062.16 points. Overall, 2991 stocks rose, 2301 fell, and 143 remained unchanged, with a total trading volume of 16439 billion yuan, a decrease of 239.47 billion yuan from the previous trading day [1][2]. Industry Performance - Among the primary industries, coal, oil and petrochemicals, social services, non-ferrous metals, non-bank financials, and media sectors experienced the highest gains. Conversely, the telecommunications, real estate, building materials, electronics, pharmaceutical biology, and national defense industries faced the most significant declines [1][2]. Sector Highlights - The leading sectors in terms of growth included ice and snow tourism, lithium mining, central enterprise coal, near-term new stocks, short drama games, lithium extraction from salt lakes, quantum technology, selected chemical fibers, cybersecurity, operating systems, cross-strait integration, selected coal mining, Kimi, aluminum industry, and lithium battery electrolyte sectors [2].