Core Insights - The 2025 International Winter Sports Expo, marking its tenth anniversary, has become the largest and most authoritative ice and snow exhibition globally, serving as a significant platform for the international ice and snow industry [1][2] Group 1: Event Overview - The expo features participation from ice and snow powerhouses such as Austria, Italy, Canada, Finland, and Slovenia, along with over 500 well-known international and domestic brands and more than 200 global guests [1] - The total area of the expo is nearly 20,000 square meters, showcasing various sectors including winter and alpine technology, national group exhibition areas, domestic ice and snow economic clusters, winter tourism destinations, personal ice and snow equipment, and cultural exhibitions [2] Group 2: Industry Development - The ice and snow economy is recognized as a vital force in promoting consumption upgrades, regional development, and supporting China's dual circulation strategy, as highlighted by the Vice Chairman of the Chinese Olympic Committee [1] - The Shijingshan district has implemented special policies for the ice and snow industry and has introduced measures to promote high-quality development of the event economy, creating a complete industrial chain encompassing equipment research and development, venue construction, education and training, and event operation [2] Group 3: Future Prospects - The upcoming 2026 Milan-Cortina Winter Olympics is already in countdown mode, with the Italian Olympic Committee President emphasizing the expo's role as a significant legacy of the Beijing 2022 Winter Olympics [2] - The expo will also host various activities, including the selection of leading ice and snow brands for 2025, the release of the "2025 China Ice and Snow Industry Development Research Report," and multiple networking events aimed at promoting the ice and snow industry [3]

Core Points - The 2025 International Winter Sports Expo has opened at Shougang Park in Shijingshan District, showcasing a significant event in the winter sports industry [1] - The expo covers a total area of nearly 20,000 square meters and features over 500 renowned brands from around the world [1] - Various exhibition areas are set up, including winter and alpine technology, national group exhibition zones, domestic ice and snow economy clusters, and winter tourism destinations, highlighting the latest achievements in the ice and snow industry [1] - The series of events will continue until October 19 [1]

Core Insights - The 2025 International Winter Sports Expo opened in Shijingshan District, covering nearly 20,000 square meters and attracting over 500 global brands [1][6] - The recent WTT China Grand Slam significantly boosted local economic activity, generating direct revenue of approximately 154 million yuan and selling over 88,000 tickets, marking a 54.3% year-on-year increase in ticket sales [3][6] - Shijingshan has established an ice and snow economic ecosystem characterized by "event-driven, industry aggregation, and shared benefits" [1][6] Event Impact - The WTT China Grand Slam created a substantial economic impact, with total consumption in the district reaching nearly 320 million yuan during the first five days of the National Day and Mid-Autumn Festival holiday [3] - The event showcased the integration of natural landscapes and industrial heritage, enhancing the visitor experience and promoting local tourism [4] Industry Development - Shijingshan District has introduced specialized policies for the ice and snow industry and released measures to promote high-quality development in the event economy, aiming to create a complete industrial chain [6][8] - The district has been promoting public participation in ice and snow sports for 11 consecutive years, establishing various consumption venues to support the initiative of engaging 300 million people in ice and snow activities [6] Future Events - Upcoming events include the International Ski Federation's Snowboard and Freestyle Skiing Big Air World Cup, which will continue to leverage the "Ping-Snow Conversion" model for sustainable use of Olympic legacies [8]

Core Viewpoint - Hong Kong China Travel International Investment Co., Ltd. (referred to as "Hong Kong China Travel") is undergoing a structural reorganization to divest its underperforming real estate business, which has been a drag on overall performance, and will focus on more stable and profitable sectors such as tourism and travel services [1][3]. Summary by Sections Business Restructuring - Hong Kong China Travel has announced an internal restructuring of its tourism real estate business, transferring it to a newly established private company group through a physical distribution method, which will no longer be a subsidiary of Hong Kong China Travel [1][2]. - The restructuring aims to reduce overall debt levels and concentrate resources on higher return and less cyclical sectors like scenic spots and travel-related businesses [2][3]. Financial Performance - The company expects to incur a loss of approximately HKD 160 million due to the divestment of the real estate business [3]. - As of June 30, 2025, the company reported a revenue of approximately HKD 1.974 billion, a year-on-year decrease of 8%, with a pre-tax loss of about HKD 8 million compared to a profit of HKD 165 million in the same period last year [6]. - The leisure and vacation scenic area segment saw a significant revenue decline of 33%, with losses expanding by 115% to HKD 146 million [6][7]. Real Estate Business Challenges - The real estate segment has become a burden, with significant declines in revenue from key projects such as Zhuhai Huaqing Bay and Xianyang Huaqing Bay, which saw revenue drops of 19% and over 50%, respectively [7]. - The company acknowledged that the real estate business's losses have negatively impacted the profit margins of its scenic area segment [7]. Strategic Shift - Hong Kong China Travel is shifting its strategic focus towards the tourism and leisure sectors, particularly emphasizing the "ice and snow economy" as a new growth area [8]. - The company announced a RMB 300 million acquisition of two subsidiaries from Vanke, focusing on ice and snow business operations, which indicates a proactive approach to capitalize on emerging market trends [8][9]. Investment and Operational Outlook - The company operates multiple scenic resort projects and has a portfolio of 27 managed scenic spots, including several high-rated attractions [9]. - Industry experts suggest that while the ice and snow resort sector offers operational flexibility, it also presents challenges due to high investment costs and seasonal demand fluctuations [9].

Core Insights - The "China Ice and Snow Industry Development Research Report (2025)" was officially released at the 2025 International Winter Sports Expo, indicating that the scale of China's ice and snow industry is expected to exceed 1 trillion yuan, reaching 100.53 billion yuan by 2025 [1] - The report highlights a significant growth trajectory for the ice and snow industry, driven by major events such as the 15th National Winter Games, which will contribute to sustained high-speed growth [1] Industry Growth - The scale of China's ice and snow industry has increased from 270 billion yuan in 2015 to 980 billion yuan in 2024, with a projected growth to over 1 trillion yuan by 2025 [1] - Ice and snow consumption is also on the rise, with participation and consumption expected to exceed 187.5 billion yuan during the 2024-2025 ice and snow season, marking a year-on-year growth of over 25% [1] - The total consumption at ski resorts is projected to reach 78.61 billion yuan, with a 27.97% increase in spending within a two-kilometer radius of ski resorts, indicating a strong positive impact on surrounding retail, transportation, and dining sectors [1] Expo Highlights - The Winter Expo features various exhibition areas focused on winter and alpine technology, national group exhibitions, domestic ice and snow economic clusters, personal ice and snow equipment, and industry services, covering a total area of nearly 20,000 square meters [2] - The event has attracted numerous well-known ice and snow brands from countries such as China, Austria, Italy, and Japan, showcasing the international interest in the ice and snow industry [2]

分析师：罗鹏 执业证书号：S1030523040001 大消费 [Table_ReportDate] 2025 年 10 月 13 日 [T分析师able_A：uthor 郑彬彬] 执业证书号：S1030523030001 电话：0755-23602217 邮箱：zhengbb@csco.com.cn 电话：0755-23602217 邮箱：luopeng@csco.com.cn 分析师：赵靖 执业证书号：S1030525070001 电话：0755-23602217 邮箱：zhaojing2@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 国庆中秋双节消费稳中有增 [Table_ReportType] 大消费行业周报（10 月第 2 周） [行业Table_S 观点：ummary ] 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_Title] [Table_Report] [Table_BaseData] 计算机 2019 年 Q3 综合毛利率（%） 9.7 综合净利率（%） 6.9 行业 ROE（%） 25.6 行业 ROA（%） 5.2 利润增长率 ...

Core Insights - The article discusses the recent developments in Shenzhen's retail and office markets, highlighting the opening of new shopping centers and the dynamics of supply and demand in these sectors [1][2][3]. Retail Market Overview - Shenzhen's retail market continues to see strong supply, with approximately 280,000 square meters of new premium shopping center space added in Q3, bringing the total stock to 7.757 million square meters [2]. - New projects include Shenzhen Dayuecheng, Qianhai Ice and Snow World, and Shenzhen Bay MixC Phase II, each with unique positioning and brand offerings [2]. - Shenzhen Dayuecheng has achieved an average daily footfall of 150,000 and total sales nearing 370 million yuan within two months of opening [2]. - The retail sector's total social consumer goods retail sales growth rate has recovered to 3.6% in the first seven months, with merchandise retail growth at 3.8%, outpacing the restaurant sector [3]. Office Market Dynamics - The total stock of Grade A office space in Shenzhen has reached 8.879 million square meters, with significant new supply concentrated in the Qianhai area [5]. - The vacancy rate for Grade A offices has increased by 1.2 percentage points to 29.0%, driven by the influx of new supply [5]. - Average rental rates for Grade A offices have decreased to 153.4 yuan per square meter per month, reflecting a 4.2% quarter-on-quarter decline and an 11.2% year-on-year decline [5]. - The net absorption of office space reached 92,000 square meters in Q3, marking the highest quarterly figure since 2024 [5]. Trends and Innovations - There is a trend towards smaller retail spaces in mature projects as businesses seek to control costs and reduce risks [4]. - The collaboration between property owners and office service operators is evolving from traditional leasing to partnership models, enhancing risk-sharing and revenue-sharing mechanisms [6]. - The demand for office space is primarily driven by the TMT, financial, professional services, and retail sectors, with notable activity in niche technology companies entering the market [6][7].

Group 1 - The opening of the Shenyang-Jiamusi high-speed railway segment has significantly boosted tourism in the Changbai Mountain area, with a record high of 99,830 visitors from October 1 to October 3, representing a year-on-year increase of 22.16% [1] - The high-speed railway has reduced travel time from Beijing to Changbai Mountain to approximately 4 hours and 33 minutes, enhancing accessibility and convenience for tourists [2] - The Shenyang-Jiamusi high-speed railway is a key project in the national "14th Five-Year" railway development plan, aimed at revitalizing the Northeast region's tourism economy and supporting new economic models such as ice and snow tourism and senior tourism [2] Group 2 - Liaoning and Jilin provinces have seen a significant increase in tourism orders during the "Double Festival" period, with orders from Liaoning up by 16% and Jilin by 20% compared to last year [3] - The development of tourism projects along the high-speed railway line is expected to enhance the overall tourism industry in the region, contributing to the economic revitalization of cities like Fushun and Tonghua [2][3]

Investment Rating - The industry investment rating is "Maintain Overweight" [5] Core Viewpoints - The travel and consumption market remains vibrant, with significant increases in cross-regional travel during the holiday period, indicating strong consumer activity [1][2][3] - The report highlights four main investment themes: new consumption growth, transformation and reform opportunities, overseas expansion, and favorable policies [4][7][8] Summary by Sections Travel and Tourism - During the Mid-Autumn and National Day holidays, cross-regional travel is expected to reach 2.36 billion trips, a 3.2% increase from last year [1] - Tourist attractions have seen record visitor numbers, with notable increases in various regions, such as a 22.16% rise in visitors to Changbai Mountain [2] Hotel and Retail Performance - Hotel occupancy rates have improved, with an average of 64.7% during the first four days of the holiday, up 2 percentage points year-on-year [2] - Retail sales from key enterprises increased by 3.3% year-on-year during the holiday period, with specific regions like Guangxi showing an 11.3% increase [3] Investment Recommendations - Short-term focus on companies with strong Q3 performance certainty and those likely to benefit from the upcoming holiday season, including cross-border e-commerce and certain tourist attractions [4] - Recommended companies include Xiaogoods City, Yonghui Supermarket, and Jiuhua Tourism, among others [4][7][8]

Core Insights - The newly opened Qianhai Ice and Snow World in Shenzhen has seen a remarkable influx of visitors, with approximately 30,000 guests on its first day of trial operation and daily attendance exceeding 33,000 during the National Day holiday [1][3] - The facility features a large indoor ski area with advanced snow-making technology, making it the largest and lowest-latitude indoor ski resort globally [7][8] Visitor Engagement - Many visitors, including groups from Hong Kong and Macau, are drawn to the facility, highlighting its appeal to both local and regional ski enthusiasts [3] - The venue has attracted professional ski instructors who are eager to experience the new facility, indicating a strong interest from the skiing community [3][5] Technological Advancements - The snow quality is enhanced by the sixth-generation distributed snow-making technology, which closely mimics natural snowfall, producing fine snow with low moisture content [8] - The facility maintains a constant indoor temperature of -6 degrees Celsius despite the outdoor temperatures exceeding 30 degrees Celsius, thanks to advanced insulation and cooling systems [8] Economic Impact - Qianhai Ice and Snow World is expected to stimulate the local economy by creating over 10,000 jobs in related sectors such as hospitality, dining, and retail [10] - The venue is designed to host various ice and snow events, contributing to the development of Shenzhen as a prominent sports city [10] Business Development - The facility integrates multiple business models, including dining, retail, and accommodation, creating a comprehensive experience for visitors [10][11] - Partnerships with local hotels and travel agencies are being established to offer combined packages, enhancing the overall visitor experience [11]