Core Viewpoint - The tourism and catering sector is experiencing a surge, particularly in the ice and snow tourism segment, with significant increases in stock prices for related companies [1] Group 1: Market Performance - Qujiang Cultural Tourism has reached its daily limit increase, while Sanxia Tourism has risen by approximately 7%, and Shoulu Hotel has increased by about 5% [1] - Other companies such as Changbai Mountain and Dalian Shengya have also seen stock price increases of over 3% [1] Group 2: Ice and Snow Tourism Trends - The ice and snow tourism market is gaining momentum as the winter season approaches, with a nearly 900% year-on-year increase in search volume for "outdoor ski resorts" since mid-October 2025 [1] - Major cities leading in ice and snow tourism include Shenzhen, Beijing, Shanghai, Harbin, Zhangjiakou, Wuhan, Guangzhou, Hangzhou, Shenyang, and Chengdu [1] - There has been a more than 20% year-on-year increase in searches for "food near ski resorts" and "hotels near ski resorts" on Meituan [1] Group 3: Investment Recommendations - Zhongyin Securities notes that winter is typically a low season for cultural tourism, but the interest in ice and snow tourism is rising, particularly in northern regions [1] - The firm suggests focusing on companies with strong performance growth certainty in the travel chain and related industries [1]

Investment Rating - The report maintains an "Outperform" rating for the social services industry, indicating that the industry index is expected to perform better than the benchmark index in the next 6-12 months [1][47]. Core Insights - The social services sector experienced a decline of 1.13% in the last two trading weeks, ranking 8th among 31 industries in the Shenwan classification. Despite this, the sector outperformed the CSI 300 index by 1.06 percentage points [1][12]. - The winter season typically sees a slowdown in cultural and tourism activities, but interest in winter snow tourism is rising, particularly in northern regions [1][4]. - The upcoming full closure of Hainan Island on December 18 is expected to positively impact the local tourism industry, with preparations already in place for this transition [1][4]. Summary by Sections Market Review & Industry Dynamics - The social services sector's performance was relatively better compared to the overall market, with the CSI 300 index down by 2.19% and the Shanghai Composite Index down by 2.55% during the same period [1][12]. - Among the sub-sectors, education saw a rise of 3.67%, while tourism and retail sectors faced declines of 4.03% and 10.48%, respectively [1][16]. Investment Recommendations - The report suggests focusing on companies with strong growth potential in the travel and related industries, including Tongcheng Travel, Huangshan Tourism, and Lijiang Co., among others. It also highlights hotel brands like Junting Hotel and Jinjiang Hotels that are expected to benefit from the recovery in business travel [1][4]. - The recovery of cross-border travel is anticipated to boost airport duty-free sales, with recommendations to monitor companies like China Duty Free Group and Wangfujing [1][4]. Industry Company News - Notable developments include the launch of the 2025 China Duty Free Year-End Festival, which aims to enhance sales across various duty-free outlets [1][29]. - Junting Hotel is undergoing a potential change in control, which may affect its market position [1][29]. Travel Data Tracking - Domestic travel is showing signs of recovery post-pandemic, with significant increases in passenger flow. The report notes that in the first ten months of 2025, cross-regional passenger flow reached 56.88 billion, a year-on-year increase of 3.6% [1][34].

Market Overview - The A-share market saw all three major indices decline, with the Shanghai Composite Index down 0.55% to 3892.55, the Shenzhen Component Index down 0.77% to 13045.95, and the ChiNext Index down 0.88% to 3065.15 [3][4] - The total trading volume reached 1.06 trillion CNY, with a predicted volume of 1.65 trillion CNY, indicating a decrease of 234.9 billion CNY [4] Sector Performance - Local stocks in Fujian showed strength, with sectors such as ice and snow tourism, duty-free shops, and consumer electronics manufacturing experiencing gains, while shipping, education, and lithium battery sectors faced declines [5][6] - The ice and snow tourism index strengthened, with stocks like Iceberg Cold and others reaching their daily limit [14][15] Consumer Stocks - Several consumer stocks performed well, including Hai Xin Food, Tong Qing Lou, and Gao Le Co., which hit their daily limit, while others like Mao Ye Commercial and Qi Xin Group also saw significant gains [10][13] - Hai Xin Food rose by 10.05% to 8.76 CNY, with a trading volume of 146 million shares [13] Commercial Aerospace Sector - The commercial aerospace sector became active again, with Aerospace Development achieving 9 limit-up days in 13 trading days, alongside other companies like Yaguang Technology and Leike Defense [18] - The National Space Administration announced the establishment of a "Commercial Aerospace Department" to oversee the industry, with a projected market size growth from approximately 0.38 trillion CNY in 2015 to 2.3 trillion CNY by 2024, reflecting a compound annual growth rate of about 22% [20]

Market Overview - The A-share market opened lower with the Shanghai Composite Index down by 0.87%, the Shenzhen Component Index down by 1.76%, and the ChiNext Index down by 2.07%. Over 4,800 stocks in the market declined [1] - The Hang Seng Index opened down by 1.45%, while the Hang Seng Tech Index fell by 2.21%. Major tech stocks such as Baidu, Tencent Music, and Bilibili dropped over 4% [3] Sector Performance - In the A-share market, sectors such as banking, coal, and agriculture showed gains, while sectors like lithium mining, memory storage, CPO, ice and snow tourism, semiconductors, and aquaculture experienced significant declines [2] - The semiconductor sector in Hong Kong also underperformed, with companies like SMIC and Hua Hong Semiconductor dropping over 3% [3] Monetary Policy - The central bank conducted a 7-day reverse repurchase operation of 375 billion yuan at an interest rate of 1.40%, with 212.8 billion yuan of reverse repos maturing today [4] - The central bank set the RMB to USD middle rate at 7.0875, an increase of 30 basis points from the previous day's rate of 7.0905 [4]

Core Viewpoint - The ice and snow industry is experiencing a strong performance driven by the early start of the 2025-2026 snow season, leading to increased consumer spending and positive financial results from related companies [1][4]. Industry Performance - On November 4, the ice and snow industry sector saw a rise of 1.35%, continuing an upward trend since October 13 [2]. - Notable individual stock performances included a 13.49% increase for Jingxue Energy (301010), and a significant rise for Dalian Shengya (600593) and Xue Ren Group, with Dalian Shengya's stock price increasing nearly 90% since October 10 [2]. Market Trends - The onset of colder temperatures has led to the early opening of outdoor ski resorts, with many skiers shifting from indoor to outdoor venues [3]. - Search volume for "outdoor ski resorts" surged nearly 900% since mid-October, indicating a strong consumer interest in ice and snow activities [3]. Company Financials - Xue Ren Group reported a third-quarter revenue of 671 million yuan, a year-on-year increase of 31.68%, and a net profit of 12.27 million yuan, up 12.73% [4]. - Changbai Mountain reported a third-quarter revenue of 401 million yuan, a 17.78% increase, and a net profit of 151 million yuan, up 19.43% [4]. Future Outlook - The ice and snow industry is projected to exceed 1 trillion yuan by 2025, with continued growth expected due to upcoming large-scale winter sports events [4].

Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Insights - The ice and snow tourism sector is experiencing a surge in popularity, with the ice and snow economy expected to exceed 1 trillion yuan. The government has set a target for the total scale of the ice and snow economy to reach 1.2 trillion yuan by 2027 and 1.5 trillion yuan by 2030 [1][2] - The introduction of spring and autumn breaks in various regions is anticipated to boost off-peak travel, with many scenic spots offering discounts to attract visitors [3][4] - The ice and snow tourism concept index has shown significant growth, outperforming the broader social service index, indicating strong market interest and investment potential in this sector [2] Summary by Sections Ice and Snow Tourism - The ice and snow economy is projected to grow significantly, with a government policy aiming for a total scale of 1.2 trillion yuan by 2027 and 1.5 trillion yuan by 2030. Recent data shows a 27.8% year-on-year increase in visitor numbers to ski resorts [1] - The popularity of outdoor skiing has surged, with search volumes increasing by nearly 900% since mid-October, indicating a strong market trend [1] - The ice and snow tourism concept index rose by 6.34% in the week of October 20-24, outperforming the social service index by 3.74 percentage points [2] Spring and Autumn Breaks - Various regions are implementing spring and autumn breaks for schools, which are expected to enhance travel during traditionally slow periods. Discounts and special offers from scenic spots are likely to attract more visitors [3][4] - Data indicates a significant increase in hotel bookings and flight reservations for destinations popular during the autumn break, suggesting a positive impact on travel demand [4] Investment Recommendations - The report suggests focusing on companies within the ice and snow tourism sector, such as Changbai Mountain, as well as those benefiting from the new school holiday policies, including Lingnan Holdings and Huangshan Tourism [4][8] - Short-term investment strategies should prioritize companies with strong third-quarter performance and those positioned to benefit from the upcoming holiday seasons [8][9]

Core Viewpoint - A strong cold air mass is impacting China, leading to significant temperature drops across multiple regions, which is boosting the ice and snow tourism sector [1] Group 1: Market Reaction - On October 20, the ice and snow tourism concept stocks surged, with Dalian Shengya hitting the daily limit, and other leading stocks including Changbai Mountain, Hainan Airport, Southern Airlines, and China Eastern Airlines also performing well [1] - The tourism ETF (562510) increased by nearly 2% in response to the cold wave [1] Group 2: Industry Insights - According to Century Securities, China's ice and snow industry chain has developed a complete ecosystem consisting of upstream resource development and equipment production, midstream service operations, and downstream consumption and derivative economies [1] - Both upstream and downstream sectors are expected to benefit from the transition of "cold resources to hot economy" [1]