央视网消息：随着新雪季开启，各地雪场迎来八方游客。今年冰雪旅游消费呈现出哪些丰富多元的 新场景？各景区又在软硬件上做了哪些调整升级？ ...

内蒙古扎兰屯：乐享冰雪游【3】 内蒙古扎兰屯：乐享冰雪游 内蒙古扎兰屯：乐享冰雪游【2】 内蒙古扎兰屯：乐享冰雪游【4】 内蒙古扎兰屯：乐享冰雪游【5】 内蒙古扎兰屯：乐享冰雪游【6】 ...

Core Insights - The article highlights the rising popularity of winter tourism, particularly ice and snow travel, with a significant increase in bookings from southern tourists, who account for over 70% of the total [3][4]. Group 1: Trends in Winter Tourism - The 2025-2026 winter season is expected to see a diverse range of popular destinations, with Harbin, Shenyang, and Urumqi among the top choices [5][6]. - Hotel and accommodation bookings for popular ice and snow destinations have surged, with an average year-on-year increase of over 80% for certain locations [5][6]. - The peak travel periods are anticipated to drive hotel prices to their highest levels of the year, particularly in Harbin and other key destinations [5][6]. Group 2: Consumer Behavior and Preferences - There is a notable increase in group tour bookings for winter travel, with a year-on-year growth exceeding 100% [6][7]. - The trend of "ice and snow + hot springs" is gaining traction, especially among younger demographics, with a 43% increase in bookings from the post-2000 generation [7]. - Family-oriented travel packages, including ski lessons for children, are becoming increasingly popular among 80s and 90s age groups [7]. Group 3: International Travel Trends - The demand for outbound winter tourism is also rising, with popular international destinations including Moscow, Switzerland, and Canada [8]. - The recent visa-free policy for Russia has led to a noticeable increase in winter travel bookings, while traditional favorites like Japan are seeing a decline in popularity [8].

Core Insights - The winter tourism trend is significantly rising, particularly in snow-related activities, with southern tourists making up over 70% of bookings for snow tourism products [1][2][3] Group 1: Popular Destinations and Trends - Major cities contributing to snow tourism include Shanghai, Nanjing, Shenyang, Beijing, Shenzhen, Chengdu, Hangzhou, Tianjin, Wuhan, and Ningbo, with a notable increase in bookings for destinations like Harbin, which saw over 80% growth in homestay reservations [1][2] - The report from Tongcheng Travel indicates that popular destinations for the 2025-2026 snow season include Harbin, Shenyang, Urumqi, Changchun, Hulunbuir, Altay, Qiqihar, Daxing'anling, Changbai Mountain, and Ili [2] - The winter group tour bookings have more than doubled compared to last year, with a diverse range of destinations being favored, including both snow and warm winter tourism options [3] Group 2: Consumer Behavior and Preferences - There is a notable trend of consumers pre-booking accommodations in popular snow tourism destinations to lock in prices, with an average increase of over 80% in homestay bookings on the Tongcheng platform [2][3] - The demographic for winter hot spring tourism is shifting, with a significant portion of bookings coming from the post-90s generation, who account for about one-third of orders, and the post-00s generation showing a 43% increase in order volume [4] - Family-oriented travel is becoming more prevalent, with services catering to children, such as one-on-one ski coaching, seeing significant growth [4] Group 3: International Snow Tourism - The interest in outbound snow tourism is also increasing, with popular international destinations for the upcoming season including Moscow, Interlaken in Switzerland, Aspen in France, and Whistler in Canada [5] - The recent visa-free policy for Russia has led to a noticeable rise in winter tourism bookings, while traditional favorites like Japan's Hokkaido and Tokyo have seen a decline in popularity [5]

Group 1 - The winter tourism trend is rising, with southern tourists making up over 70% of bookings for snow-related travel products, indicating a significant interest from southern cities like Shanghai and Nanjing towards northern snow destinations [1] - The top ten snow tourism destinations are dominated by Northeast China, with Harbin seeing over 80% year-on-year growth in homestay bookings, reflecting a strong demand for diverse travel experiences [1] - The 2025-2026 snow season is expected to see continued popularity in ice sports and cultural tourism, with key destinations including Harbin, Urumqi, and Changchun, and a notable increase in hotel and accommodation prices during peak travel times [2] Group 2 - Group travel bookings for winter have more than doubled year-on-year, with popular destinations including Yunnan and Northeast China, highlighting a trend towards diverse travel preferences [3] - The winter tourism market is characterized by a growing interest in "ice and snow + hot spring" experiences, particularly among younger demographics, with a 30% increase in bookings for accommodations featuring hot springs [6] - International snow tourism is also gaining traction, with destinations like Moscow and Switzerland becoming popular, driven by favorable visa policies and changing consumer preferences [7]

Summary of Changbai Mountain Conference Call Industry and Company Overview - The conference call focuses on the Changbai Mountain tourism industry, particularly its winter sports and scenic area operations. Key Points and Arguments 1. **Visitor Trends and Impact** - From November 2024 to February 2025, nearly 3 million mainland Chinese tourists are expected to visit Japan, with an average spending of approximately 13,000 RMB per person. Some of these tourists may shift to domestic ice and snow tourism, benefiting Changbai Mountain's visitor numbers [2][3]. 2. **Operational Enhancements for 2025** - Changbai Mountain and the Pinghu Ski Resort opened early on November 2, 2025, compared to mid to late December in previous years. The expansion of the western scenic area is expected to lead to a double-digit growth in visitor numbers, potentially reaching 20% [2][4]. 3. **Stock Performance and Market Sentiment** - The stock price of Changbai Mountain has not yet surpassed the pre-2024 winter peak, but there is increasing market attention and potential for further price catalysts [2][4]. 4. **Future Development Plans for 2026** - The North Slope Corridor project is set to open before the summer of 2026, which is expected to increase the North Slope's visitor capacity by 10%. Additionally, vehicle procurement will continue to enhance capacity during peak seasons [5][6]. 5. **Transportation Improvements** - The opening of the high-speed rail from Shenyang to Changbai Mountain will reduce travel time to the western scenic area to just 20 minutes, significantly increasing visitor flow. The southern slope's capacity is also expected to improve [6]. 6. **Profit Forecasts** - For 2025, profits are projected to be between 150 million to 160 million RMB, with expectations of 190 million RMB in 2026. The return of Japanese tourists could further enhance profitability [2][7]. Additional Important Insights - The early opening of the ski season and the expected increase in visitor capacity are critical factors that could lead to a successful winter season for Changbai Mountain [4][6]. - The potential shift of tourists from Japan to domestic destinations due to geopolitical tensions is a significant driver for Changbai Mountain's growth [3].

Group 1: Retail and Commercial Changes - The Iron West Vientiane Mall in Shenyang has undergone significant changes, with nearly half of the stores on the B2 level closed or under renovation, indicating a rapid turnover of retail brands [1][21] - New stores include the Northeast's first "AIECHIRE Butter Theme Store" and "BLUEGLASS Yogurt," while several others have relocated or closed, reflecting a dynamic retail environment [8][12][19] - The mall's food brand turnover is described as "terrifyingly fast," suggesting a competitive and evolving market landscape [21] Group 2: Real Estate Developments - The Zhongtian Group has opened a temporary exhibition hall for its first project in Shenyang, "Zhongtian·Central Residence," just two months after acquiring land, showcasing efficient execution in the real estate sector [23][24] - The project is part of a broader strategy to establish a presence in Shenyang, with a focus on high-quality residential offerings [25] - Other notable projects include "Fangda·Zhenyue" and "Shenyang Metro·Chongshan Heyue," both emphasizing prime locations and integrated living environments [29][31] Group 3: Urban Development Initiatives - The "South Canal (Peace Section) Comprehensive Upgrade Project" aims to revitalize the urban core of Shenyang, focusing on cultural and ecological integration rather than traditional demolition [34][35] - The project will create a new urban landmark, enhancing the city's cultural and commercial vitality through innovative space utilization [37][41] - Future developments will include a mix of public spaces, commercial areas, and artistic installations, promoting a vibrant urban lifestyle [39][42] Group 4: Tourism and Seasonal Trends - Shenyang ranks second in the list of popular domestic ice and snow tourism destinations for the 2025-2026 season, indicating a growing interest in winter tourism [54] - The report highlights a diversification of popular destinations, with traditional locations like Harbin and Shenyang maintaining their appeal while new areas gain traction [55] - Ice sports and cultural tourism are identified as key trends driving consumer interest in winter travel [55]

Market Overview - A-shares experienced slight fluctuations with the main board performing better, as the Shanghai Composite Index rose by 0.53% to 4018.60, and the Shenzhen Component Index increased by 0.18% to 13427.61 [1][2] - The market turnover expanded to 2.19 trillion yuan, indicating a moderate increase in trading activity [1] Sector Performance - The hotel and catering, leisure food, medical beauty, and liquor sectors saw significant gains, while forestry, engineering machinery, electric motor manufacturing, and wind power equipment sectors faced declines [2] - The food and beverage industry attracted over 10 billion yuan in net inflows, with pharmaceuticals receiving over 7.2 billion yuan, and basic chemicals over 6.1 billion yuan [2] Future Market Outlook - Ping An Securities suggests that the current high-level fluctuations in A-shares are preparing for a mid-term upward trend, supported by positive economic expectations and stable institutional advantages [3] - Haitong International notes that the market's trading volume has not effectively increased, awaiting new catalysts for upward breakthroughs, particularly in the consumer and real estate sectors [3] Hot Stocks and Trends - The tourism sector saw a strong rally, with hotel and catering stocks leading the charge, as the sector index surged over 7%, marking the largest single-day increase in over a year [3][4] - The release of the 2026 holiday schedule led to a significant increase in domestic flight and hotel search volumes, with some searches doubling compared to the previous day [6] - The liquor sector experienced a collective rise, with the index increasing over 3%, the largest gain in eight months, driven by stocks like Shede Spirits and JiuGui Liquor hitting the daily limit [6][7] Investment Insights - The structural adjustment of the economy is enhancing the role of consumption, which is expected to provide long-term recovery potential for the liquor market [7] - The MACD golden cross signal formation indicates positive momentum for certain stocks, suggesting potential investment opportunities [8]

Core Viewpoint - The tourism sector is experiencing a strong rally, with the tourism ETF (562510) rising over 2% in early trading on November 10, indicating significant market interest and positive sentiment in the industry [1] Group 1: Market Performance - The tourism ETF is among the top gainers in the market, reflecting robust investor confidence [1] - Key stocks such as Overseas Chinese Town A reached a trading limit, while Jin Jiang Hotels, Junting Hotels, and Shou Lv Hotels led the gains [1] Group 2: Company Insights - According to Guosheng Securities, Shou Lv Hotels has seen a narrowing decline in RP (Revenue Per Available Room) on a month-on-month basis, indicating ongoing product structure optimization [1] - Jin Jiang Hotels reported a year-on-year increase in direct RP, with significant profit growth attributed to a low base effect [1] Group 3: Industry Trends - The tourism ETF tracks the CSI Tourism Theme Index, which encompasses various sectors including scenic spots, airports, duty-free shops, and hotel dining [1] - The sector is experiencing heightened interest due to multiple catalysts such as winter sports tourism, overseas travel, visa-free policies, and the upcoming Spring Festival holiday [1]

Core Points - Xinjiang will issue 10,000 ice and snow consumption vouchers starting November 14, 2023, for the 2025-2026 snow season [1] - The vouchers are applicable at 11 ski resorts rated 4S and above across various regions in Xinjiang [1] - Each voucher has a value of 20 yuan and can be used to deduct from ski ticket purchases of 100 yuan or more, with additional subsidies available at some resorts [1] Summary by Category Consumption Vouchers - The first round of ice and snow consumption vouchers will be issued to the public, with a total of 10,000 vouchers available [1] - Vouchers can be redeemed at ski resorts in regions including Urumqi, Changji, Altay, Ili, and others [1] - The maximum benefit for visitors can reach a discount of 40 yuan on purchases of 100 yuan [1] Ski Resort Participation - The participating ski resorts cover a range of skill levels, from beginner to advanced slopes [1] - The promotion aims to enhance winter tourism by integrating skiing, ice sightseeing, and cultural experiences [1] Tourism Impact - In the 2024-2025 snow season, S-level ski resorts in Xinjiang received 3.5728 million visitors, marking a year-on-year increase of 10.22% [1] - The total tourism revenue for these resorts reached 844 million yuan, reflecting a 39.13% year-on-year growth [1] - The consumption voucher initiative will run until February 2026 and will be conducted in six rounds [1]