Core Viewpoint - The A-share market is experiencing a surge in stocks related to the ice and snow economy, with notable increases in specific companies [1] Group 1: Company Performance - Xue Ren Group has reached its daily limit increase [1] - Jing Xue Energy has risen nearly 6% [1] - Bing Shan Cold and Hot has also seen a rise in its stock price [1]

Group 1 - The Hong Kong stock market experienced a collective decline, with the Hang Seng Index down by 0.80%, the Hang Seng Tech Index down by 1.19%, and the National Enterprises Index down by 0.79% [1] - Technology stocks saw widespread declines, while military stocks led the gains, and the semiconductor sector rose against the trend [1] - The consumer sector in Hong Kong showed volatility, with the Hong Kong Consumer ETF (513230) dropping nearly 0.5%, indicating a potential low-point buying opportunity [1] Group 2 - The 2025 Tmall Double 11 event achieved its best growth in four years, with nearly 600 brands surpassing 100 million in sales, and 34,091 brands experiencing year-on-year growth [1] - Notable brands such as Apple, Haier, and Xiaomi each exceeded 1 billion in sales during the event, driven by strong consumer investment and support for quality brands [1] - According to Zhonghang Securities, the ongoing growth policies and the recovery of inbound tourism are creating multiple structural opportunities in the consumption chain, particularly in service consumption and online sales [1] Group 3 - The tourism ETF (562510) is positioned to benefit from holiday catalysts and the ice and snow economy [2] - The food and beverage ETF (515170) is seen as a low-valuation sector that can boost domestic demand [2] - The Hong Kong Consumer ETF (513230) is linked to e-commerce leaders and new consumption trends [2]

Core Viewpoint - The "100-Day Action Plan for Winter Ice and Snow Tourism in Heilongjiang Province (2025-2026)" aims to establish Heilongjiang as a world-class ice and snow tourism destination, enhancing visitor experiences through a series of initiatives and product offerings [2][4]. Group 1: Ice and Snow Tourism Development - The "100-Day Action" will run from November 8, 2025, to February 28, 2026, under the brand "Crown of Ice and Snow, Beautiful Longjiang," focusing on ten enhancement actions [2]. - The 27th Harbin Ice and Snow World will cover an area of 1.2 million square meters, using 400,000 cubic meters of ice and snow, the largest in history [3]. - The Sun Island Snow Expo and Songhua River Ice and Snow Carnival will also feature extensive attractions, contributing to a triad of major ice and snow tourism sites [3]. Group 2: Diverse Tourism Experiences - A multi-layered, comprehensive ice and snow product matrix will be developed, featuring ten themed routes that allow visitors to experience various attractions across the province [4]. - The integration of cultural and tourism experiences will be emphasized, with events like the original musical "Under the Nightfall of Harbin" and performances by renowned artists scheduled for the winter season [5][6]. Group 3: Service Enhancements - The introduction of "warm stations" along popular tourist routes will provide amenities such as hot drinks and charging stations, enhancing visitor comfort [7]. - A new credit evaluation platform for travel agencies and tour guides has been launched, allowing tourists to select reliable service providers based on their ratings [8]. - The province is committed to improving service quality through various measures, including multilingual support and emergency services, ensuring a welcoming environment for both domestic and international tourists [8].

Investment Rating - The report maintains a "Buy" rating for the textile and apparel industry, particularly highlighting investment opportunities in the outdoor sports sector and the wool price increase cycle [3][12][14]. Core Insights - The textile and apparel sector outperformed the market, with the SW textile and apparel index rising by 4.4% from November 10 to November 14, 2025, surpassing the SW All A index by 4.9 percentage points [3][4]. - The report emphasizes the stabilization and increase in Australian wool prices, suggesting that the current price increase cycle may have significant investment potential, comparable to peaks seen in 2011 and 2018 [9][41]. - The opening of the 15th National Games has boosted interest in outdoor sports, creating investment opportunities in this segment, particularly for brands like Sanfu Outdoor, which saw a 26% increase in stock price [12][14]. Summary by Sections Industry Performance - The textile and apparel sector showed strong performance, with the SW textile and apparel index increasing by 4.4%, while the SW apparel and home textiles index rose by 4.0%, and the SW textile manufacturing index increased by 6.2% [3][4]. Recent Industry Data - Retail sales for clothing, shoes, and textiles reached 1,205.3 billion yuan from January to October, marking a 3.5% year-on-year growth [3][29]. - In October, textile and apparel exports amounted to $22.26 billion, down 12.6% year-on-year, with specific declines in textile yarns and fabrics by 9.0% and clothing by 16.0% [3][34]. Wool Price Insights - As of November 13, the Australian wool price index was reported at 951 cents per kilogram, reflecting a year-on-year increase of 27.5% and a month-on-month increase of 1.9% [9][41]. Apparel Sector Highlights - The report highlights the potential for growth in the outdoor sports segment due to the National Games and the upcoming Winter Olympics, suggesting a focus on brands like Bosideng and opportunities in the women's apparel sector [12][14]. - The report also notes that the fourth quarter remains a critical period for the apparel sector, with Bosideng being a key recommendation due to favorable seasonal conditions [14]. Company Performance Review - The report reviews the performance of Yuanyuan Group, noting a revenue of $6.02 billion for the first three quarters of 2025, with a focus on the recovery of the sports manufacturing chain and an upward revision of profit forecasts for 2025-2027 [15][16].

冰雪经济持续升温 随着气温逐渐降低，多地冰雪经济逐渐升温。从雪乡旅游资源的加码升级，到滑雪景区的预定热潮； 从"双十一"雪具热销，到相关上市公司积极布局冰雪产业，"冷"资源正"链"动起消费新热点。 随着冰雪经济持续升温，多家上市公司也在深交所互动易平台回复了投资者关于公司冰雪产业布局的相 关问题。 三夫户外表示，目前公司已在全国开设10家滑雪店，今年滑雪季，公司还将在北京国家高山滑雪中心、 崇礼太舞小镇新开设2家滑雪店，积极把握国家户外运动及冰雪经济政策机遇，加速渠道拓展与品牌建 设，推动业务可持续发展。 西域旅游表示，公司将在条件允许的情况下开展天山天池景区冬季冰雪娱乐项目，主要包括：冰上龙舟 赛、滑雪圈、电动雪地摩托等冰上项目。 据央视新闻报道，今冬冰雪季，哈尔滨推出梦幻冰雪、高山滑雪、寒地温泉、欧陆风情、萌宠乐园、邂 逅艺术等十大冰雪旅游线路，围绕冰雪节庆、冰雪演艺、冰雪赛事、冰雪美食、冰雪经贸、冰雪时尚等 十个系列，举办第6届哈尔滨采冰节、第42届哈尔滨国际冰雪节、冰雪旅游发展大会、亚布力中国企业 家论坛第26届年会等20余项大型活动，组织开展200余项冰雪文化活动。 哈尔滨还将打造三个面积超百万的冰 ...

Core Insights - Multiple regions in China have recently introduced new initiatives to boost ice and snow consumption, aiming to invigorate the ice and snow economy through innovative business models and expanded consumer demographics [1][2] Group 1: Regional Developments - Xinjiang has become a popular winter tourism destination, launching the first round of 10,000 ice and snow consumption vouchers covering 11 ski resorts [2] - Urumqi has introduced a "5-day snow holiday" offering free skiing opportunities for middle and primary school students [2] - New ski season has commenced with several ski resorts opening, attracting skiing enthusiasts [1] Group 2: Consumer Engagement - Night skiing has gained popularity among urban youth, with improvements in lighting and snow trails to accommodate working individuals [2] - The participation of younger demographics, particularly those born after 2010, is increasing in ice and snow sports [2] Group 3: Innovative Experiences - Unique ice and snow consumption experiences are being developed, such as snow viewing and hot springs in Qiqihar, enhancing the winter tourism appeal [2] - Qiqihar has created specific tourism routes like "Snow Viewing Cranes" and "Qiqihar Barbecue" to showcase local culture and cuisine [2] Group 4: Financial Incentives - Jilin Province plans to issue 100 million yuan in ice and snow consumption vouchers to attract both local and external tourists [3] - Additional policies will be introduced to support youth educational tourism and senior travel, further promoting ice and snow activities [3]

Group 1 - The event "Haina Capital, Ju Shi Changbai Mountain" showcased the resource advantages and future potential of Changbai Mountain, aiming to explore new paths for the deep integration of capital and the real economy [1][4] - Nearly 341 million visitors were received at the Changbai Mountain scenic area this year, with the self-operated Crown Hotel achieving an 80% occupancy rate during peak season, indicating continuous optimization of operational capabilities [3] - The opening of the Shenbai High-speed Railway is expected to further boost visitor traffic, enhancing the investment value of Changbai Mountain [1][3] Group 2 - Changbai Mountain Tourism Co., Ltd. has successfully established a multi-dimensional industrial structure focusing on "all-area tourism, four-season operation, and multi-industry collaboration" [3] - Future plans include leveraging the second phase of the hot spring project, developing ice and snow IP, and exploring new scenarios for cultural and tourism integration [3] - The event highlighted the importance of positive interaction between listed companies and the capital market, showcasing Changbai Mountain as a resilient growth entity in the ice and snow tourism sector [8]

Group 1: Ice and Snow Economy Development - The core focus is on expanding ice and snow consumption, aiming for a 15% increase in tourist numbers and a 13% increase in tourism revenue in Liaoning Province by the 2025-2026 winter season [1] - Jilin Province targets over 180 million ice and snow tourists and total spending exceeding 330 billion yuan, both achieving double-digit growth this winter season [1] - Heilongjiang Province aims for a 10% increase in tourist numbers and a 15% increase in total spending during its winter tourism "Hundred Days Action" plan [1] Group 2: National Policy and Market Size - Ice and snow consumption is recognized as a significant avenue for expanding domestic demand and achieving high-quality service consumption, gaining increasing attention [2] - The total scale of China's ice and snow sports industry is projected to reach 970 billion yuan in 2024, with an expected breakthrough of 1 trillion yuan in 2025 [3] - The Northeast region is identified as a key player in the ice and snow economy, with plans to develop a full industry chain encompassing tourism, sports, culture, and equipment [3] Group 3: Long-term Goals for Northeast Provinces - Liaoning aims to establish high-quality ice and snow tourism destinations by 2030, with an industry output value of around 250 billion yuan [4] - Jilin targets 300 million ice and snow tourists and total spending of 540 billion yuan by 2030, along with over 5 billion yuan in ice equipment manufacturing output [4] - Heilongjiang's goal is to have its ice and snow industry output exceed 450 billion yuan by 2030, positioning it as a significant growth point for domestic demand [4] Group 4: Collaborative Efforts and Branding - The latest measures from Liaoning emphasize integrating regional resources to create premium cross-regional tourism routes, promoting the "Northeast Ice and Snow" brand [4]

Group 1: Core Insights - The northeastern provinces of China are focusing on developing their winter tourism and ice economy, with specific growth targets set for the upcoming seasons [1][2][3] - Liaoning aims for a 15% increase in tourist numbers and a 13% rise in tourism revenue for the 2025-2026 winter season [1] - Jilin has set a target of over 180 million ice tourism visitors and total spending exceeding 330 billion yuan, both achieving double-digit growth [1] - Heilongjiang is working towards becoming a world-class ice tourism destination, targeting a 10% increase in visitor numbers and a 15% rise in total spending [1] Group 2: Industry Development Goals - By 2030, Liaoning plans to establish high-quality ice sports and tourism destinations, with an ice industry output value of around 250 billion yuan [4] - Jilin aims to create an internationally influential ice economy cluster, targeting 300 million ice tourism visitors and total spending of 540 billion yuan by 2030 [4] - Heilongjiang's goal is to have its ice industry output exceed 450 billion yuan by 2030, positioning ice consumption as a key growth driver for domestic demand [4] Group 3: Economic Impact and Strategy - The ice and snow economy is recognized as a significant avenue for expanding domestic demand and achieving high-quality service consumption [2] - The central government has emphasized the development of ice economy destinations in regions like Beijing, Hebei, and the northeastern provinces [2] - The overall scale of China's ice sports industry is projected to reach 970 billion yuan in 2024, with expectations to surpass 1 trillion yuan by 2025 [3]

Core Viewpoint - The article highlights the growing ice and snow tourism season in Xinjiang, attracting both tourists and entrepreneurs seeking business opportunities in the region's ice and snow economy [1][9]. Group 1: Business Opportunities - Entrepreneur Chai Zeyu from Guangdong has opened a rental and service shop in the Altay region, capitalizing on the ice and snow economy, expanding his business model to include various services such as equipment rental and photography [3][5]. - The Altay region is seeing an influx of new market participants, with over 30 new entities expected to join the industry by the 2025-2026 snow season, indicating a robust growth trajectory for the ice and snow economy [9]. Group 2: Events and Activities - Li Quan from Chengdu organizes a music festival at the summit of the mountain every October, showcasing the unique blend of cultural events within the ice and snow tourism sector [7].