Industry Overview - The ice and snow equipment refers to various specialized devices, instruments, and supporting products designed for ice and snow sports, covering a full product system from personal sports gear to large facilities [1] - The current market in China has developed a comprehensive system of 15 categories of ice and snow equipment, catering to both competitive and recreational activities [1] Industry Chain Analysis - The upstream of the personal ice and snow equipment industry includes raw material supply, such as metals (steel, aluminum) and fibers (carbon fiber, glass fiber) [2] - The midstream focuses on the manufacturing of personal ice and snow equipment, producing items like skis, ski boots, and protective gear [2][5] - The downstream consists of sales channels, including sports stores, specialty shops, e-commerce platforms, and ski resorts [2][5] Market Size and Growth - The personal ice and snow equipment market in China is projected to reach approximately 8.2 billion yuan in 2024, driven by a significant increase in participation in ice and snow sports [17] - The participation rate for the 2024-2025 ice and snow season among residents aged 18 and above is estimated at 12.87%, with 144 million people engaging in folk ice and snow activities [16] Competitive Landscape - The competitive landscape is characterized by four main categories of companies: specialized ski equipment manufacturers, high-end international brands, outdoor product companies, and those involved in ice and snow tourism [29] - The Northeast region of China, particularly Heilongjiang, Jilin, and Liaoning, is identified as having the richest ice and snow resources, making it a key area for ice and snow sports [26][27] Policy Support - The Chinese government has implemented various policies to support the development of the ice and snow industry, including plans to enhance facilities and services by 2027 and to promote ice and snow sports participation [14][15] - The government aims to achieve a total scale of the ice and snow economy reaching 1.2 trillion yuan by 2024, with a focus on integrating ice and snow sports into broader economic activities [14] Future Trends - The market for personal ice and snow equipment is expected to grow to approximately 18 billion yuan by 2030, with a strong compound annual growth rate anticipated [30]

Core Viewpoint - The ice and snow sports industry in China is experiencing significant growth, driven by increased participation, improved infrastructure, and supportive policies, leading to a surge in consumer spending and economic development [1][2][3] Group 1: Industry Growth and Economic Impact - The participation in ice and snow sports is projected to exceed 1,875 billion yuan in the 2024-2025 season, representing a year-on-year growth of over 25% [1] - The total consumption at ski resorts reached 786.13 billion yuan, with a year-on-year increase of 12.88% [1] - The establishment of "snow holidays" for students in regions like Xinjiang and Jilin has significantly boosted attendance at ski resorts, with one resort in Urumqi seeing over 20,000 visitors on the first day of the holiday [2] Group 2: Regional Development and Infrastructure - Ice and snow sports are breaking geographical barriers, with southern regions developing various facilities to cater to local populations, such as indoor ski parks in Shanghai and professional ski resorts in Guizhou [2] - The integration of technology in creating year-round ice and snow experiences is enhancing accessibility and participation [2] Group 3: Events and Community Engagement - A total of 160 ice and snow events are scheduled in Hebei this winter, attracting significant visitor numbers and boosting local tourism [3] - The introduction of "sports+" initiatives in Harbin aims to convert event attendance into increased consumer spending through combined tourism packages [3] Group 4: Challenges and Recommendations - Despite the growth, the ice and snow industry lacks a fully developed supply chain and ecosystem, with insufficient domestic production capabilities for high-end sports equipment [3][4] - Recommendations include enhancing the ice and snow manufacturing sector, diversifying event types, and improving public awareness of ice and snow culture to foster broader participation [4]

产品供给是塑造竞争力的"软实力"。当前，"滑雪+赏景"模式仍占主流，产品同质化逐渐显现。新 疆的真正优势，在于其深厚的历史文化与多元的民族风情。开发"雪地古城探秘""冰雪那达慕""民族手 工艺冰雪工坊"等融合型产品，推动游客从"滑冰雪"转向"品文化"，是实现从"滑雪目的地"向"冰雪文化 体验地"升级的关键。 构建"冰雪+"融合发展的产业生态，则是实现长远发展的根本。冰雪运动不应仅限于旅游体验，而 应借"雪假"推动冰雪运动进校园、建立青少年冰雪技能等级体系、举办常态化赛事活动，让冰雪文化扎 根成长。同时，可积极培育冰雪装备研发、本地制造、维护服务等配套产业，拓展冰雪培训、赛事运 营、康养休闲等衍生业态。只有形成"运动普及—人才培养—装备支撑—赛事引领—消费升级"的良性循 环，冰雪经济才能真正成为更具韧性和带动力的支柱产业。 从更宏观的视角来看，"雪假"不仅有助于增加短期的旅游热度，更是区域经济结构优化升级的有力 杠杆，直接带动了服务业链条的延伸，滑雪装备租赁、教练培训、冰雪主题文创、民俗体验等新业态不 断涌现。长远来看，还有助于新疆逐步构建多元化的现代产业体系，推动经济发展从"资源依赖"向"动 能创新"转变。 ...

8 270 . i. I'r 000 real Pro- . 16 ******* 11 11 1 amages 2003 1 2017 陳刺點 O 8422. · West River 1 下 14 . - T 未足叫休強 日本條滑! 1 145度 p (0) st 00 0 97 " W. In 15 彩 # 游 y In 游 ne in the 9 0 4 0 F A e 雪道飞驰的畅快、冰面漫步的悠然、装备生产的忙碌……冰天雪地也是金山银山。近年来，各地发力冰 雪经济，体育、文化、旅游、装备制造等产业与冰雪深度融合，不断催生新产品、新场景、新业态，冰 雪经济更加火热。 ...

本报记者 许林艳 12月12日，北京迎来了今冬初雪。受此轮冷空气影响，北方多地将陆续开启降雪模式，冰雪旅游热度同步升温，严寒冬日 的消费市场"热气腾腾"。 "冬季去滑雪"已成为众多家庭休闲度假的选择之一，滑冰滑雪等冰雪运动项目正从小众消费逐步迈向大众化。当前，国内 主要冰雪游目的地的门票、民宿等预订数据持续走高，勾勒出冰雪消费的旺盛需求。 去哪儿网2026元旦出行报告显示，吉林延边长白山景区的林海雪原与滑雪体验吸引大批游客北上，门票量跻身热门景区 TOP10；黑龙江牡丹江中国雪乡、哈尔滨亚布力滑雪度假区的票量分别同比增长2.7倍和2倍。 民宿市场同样热度爆棚。据途家平台数据，新疆阿勒泰的小木屋、河北崇礼直达雪场的民宿、吉林长白山脚下的玻璃房、 山东威海"一半蓝海一半雪"的观景民宿搜索量持续领先，特色化、场景化成为民宿消费新亮点。 陕西巨丰投资资讯有限责任公司投资顾问总监郭一鸣表示，冰雪装备制造是未来产业发展的重要增长极。随着消费者对高 品质、专业化冰雪装备的需求持续释放，国内企业通过技术创新突破核心零部件瓶颈、提升产品性价比，有望在滑雪板、滑雪 服、造雪设备等领域实现突破，为冰雪产业注入更多"中国制造"的力量 ...

12月10日，阿里巴巴官方信息显示，自11月17日公测仅23天，千问月活跃用户数（含App、Web、PC 端）已突破3000万，成为全球增长最快的AI应用。 二、冰雪经济步入万亿时代，上市公司抢滩全产业链布局 第一财经资讯2025-12-12 20:32:42 一、阿里千问成全球增长最快AI应用，产业链价值空间全面打开 伴随气温下降，冰雪经济近期逐步升温。《2025中国冰雪产业发展研究报告》显示，我国冰雪产业总规 模从2015年的2700亿元快速增长至2024年的9800亿元，预计在2025年突破1万亿元大关，达10053亿元。 ...

Group 1: Economic Impact of Snow Holidays - The first snow holiday in Urumqi has transformed ice and snow "cold resources" into economic "hot assets," boosting tourism, accommodation, and dining sectors [1] - Urumqi will continue to promote its ice and snow economy with over 160 themed activities planned for the winter season, including skiing events and cultural experiences [1] Group 2: Educational and Cultural Integration - The snow holiday in Altay, covering 73,000 students, has integrated ice sports and cultural education, enhancing winter tourism and promoting the synergy between ice economy and quality education [2] Group 3: Growth of Ice and Snow Equipment Manufacturing - China's ice and snow economy is experiencing unprecedented growth, with the number of related enterprises increasing from approximately 300 in 2015 to around 900 in 2023, and sales revenue rising from under 5 billion to about 22 billion [3] - The ice and snow industry in China is projected to exceed 1 trillion yuan this year, driven by the popularity of ice sports and technological innovations [3]

Group 1 - The article highlights the recent trend of "snow holidays" in northern China, where students enjoy extended breaks due to snow, while southern cities also experience a surge in tourism despite lacking natural snow [1] - Northern regions like Xinjiang and Jilin have implemented specific snow holidays, while southern cities are capitalizing on local indoor snow facilities to attract visitors [1] - The demand for ice and snow tourism is rapidly growing, transforming it from a seasonal northern activity to a year-round attraction across the country [2] Group 2 - Southern ski resorts are diversifying their offerings with family-friendly activities, such as children's camps and themed skiing lessons, making them appealing to a broader audience [2] - The shift from traditional sports venues to comprehensive family vacation destinations is enhancing the value and attractiveness of the ice and snow industry [2] - By 2030, China's ice and snow economy is projected to reach 1.5 trillion yuan, emphasizing the need for both northern and southern regions to leverage their unique advantages for sustainable growth [2]

Market Performance - The Hong Kong stock market experienced a strong upward trend on December 12, with the Hang Seng Index rising by 446.28 points, or 1.75%, closing at 25,976.79 points [1] - The Hang Seng Tech Index increased by 103.46 points, or 1.87%, closing at 5,638.05 points [1] - The China Enterprises Index rose by 145.07 points, or 1.62%, closing at 9,079.35 points [1] - The Red Chip Index gained 47.77 points, or 1.16%, closing at 4,150.4 points [1] Sector Performance - Technology stocks saw significant gains, with NetEase rising over 4%, and Tencent, Alibaba, and Lenovo increasing by over 2% [1] - Power equipment stocks surged, with Dongfang Electric rising over 13% [1] - Gold stocks generally rose, with Zijin Mining International increasing by over 3% [1] - Chinese brokerage stocks saw a late rally, with China Galaxy rising over 6% [1] - Insurance stocks strengthened in the afternoon, with China Pacific Insurance and China Life both rising over 5% [1] - AIGC concept stocks and real estate blue-chip stocks also saw gains [1] - However, the Everbright system and tobacco stocks declined [1] Company News - Hong Kong Electronic Commerce reported a total merchandise transaction value of HKD 636 million in November, a year-on-year decrease of 7.4% [2] - BOE Technology Group signed a total product processing agreement with its Vietnam subsidiary [2] - China Galaxy completed the issuance of a short-term corporate bond worth 4 billion yuan [2] - Cloudy Technology plans to establish a joint venture focusing on innovative robotic solutions [3] - Cloudtop New Horizon signed a commercialization service agreement with Haisen Bio [3] - Peijia Medical's TaurusTrio transcatheter aortic valve system received approval from the National Medical Products Administration [3] - China Antibody's SM17 new drug research application was accepted by the National Medical Products Administration [4] - Hengyi Holdings plans to undergo capital restructuring and fundraising activities [5] Institutional Insights - GF Securities noted that the Hong Kong stock market is more sensitive to external risks, with potential rebounds expected in mid to late December and early January [6] - Dongwu Securities believes the market is still in a left-side phase, requiring patience for a rebound [6] - Everbright Securities indicated that while there is significant room for growth compared to previous bull markets, the current market may lack strong catalysts [6] - Guoxin Securities highlighted that the recent net inflow of southbound funds into the Hong Kong market exceeded 110 billion yuan in November, indicating strong liquidity and a willingness to invest at lower levels [6] - The forecast for the Hong Kong market in 2026 is expected to range between 30,000 and 32,000 points [6] Industry Trends - The ice and snow economy is emerging as a new growth point, encompassing ice and snow sports, tourism, equipment, and culture [7] - This sector is characterized by a long industrial chain, significant spillover effects, and high social benefits, contributing to regional economic development [7] - The increasing popularity of ice and snow sports and tourism is transforming "cold resources" into a "hot economy," leading to rapid growth in the ice and snow industry [7] - There is a recommendation to focus on ice and snow sports brands with marginal improvements and stable dividend-paying leading companies [7]

Core Insights - The ice and snow industry in China is experiencing significant growth, with a projected consumer spending of over 187.5 billion yuan during the 2024-2025 season, reflecting a year-on-year increase of over 25% [1] - The integration of digital technology with the ice and snow industry is creating new business models and enhancing consumer experiences [1] - The demand for ice and snow equipment is surging, with production levels reaching three times that of the previous year in some manufacturing facilities [3] Industry Growth - The ice and snow economy is expanding rapidly, with various new business formats emerging, driven by increased participation in ice and snow sports [1] - Ski resorts are enhancing their offerings by increasing the number of ski trails, hiring professional coaching teams, and creating family-friendly skiing environments [1][2] - The consumer spending at ski resorts reached 78.61 billion yuan, with a notable 27.97% increase in spending within a two-kilometer radius of these resorts [1] Technological Integration - Ski resorts are adopting smart technologies, such as high-definition cameras and satellite positioning, to enhance the skiing experience for visitors [2] - A mobile application for skiing services has gained over 10 million registered users, indicating a growing interest among younger consumers [3] Recommendations for Development - The industry should focus on enhancing technological capabilities for smarter management, utilizing 5G, IoT, and big data for operational efficiency [3][4] - Establishing a talent cultivation and standardization system is crucial for providing specialized and versatile professionals to the industry [3][4] - Strengthening statistical monitoring and regional collaboration can help create a unified national strategy for the ice and snow economy [4] - Policy and resource support should be optimized to ensure a balanced approach between long-term and short-term strategies, alongside infrastructure improvements to enhance accessibility to ice and snow attractions [4]