证券研究报告·行业点评报告 2026 年 2 月 27 日 江海证券研究发展部 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续寻求发展这些关系。因此，投资者应当考虑到本公司可能存在影响本报告客观性的 利益冲突，不应视本报告为投资决策的唯一因素。 敬请参阅最后一页之免责条款 纺织服饰行业 消费行业研究组 分析师：张婧 执业证书编号：S1410525010001 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -2.08 0.18 0.52 绝对收益 -1.56 5.45 20.93 数据来源：聚源 注：相对收益与沪深 300 相比 注：2026 年 2 月 26 日数据 相关研究报告 -19% -10% 0% 9% 19% 28% 2025-02 2025-06 2025-10 2026-02 纺织服饰 沪深300 冬奥会催化冰雪运动热情，建议关注运 动服饰板块 事件： 投资要点： 姓名：张婧 从业经历：经济学硕士，曾在券商研究部，公募基金和保险资 管从事权益研究工作。 分析师声明 本报告署名分析师声明，本人具有中国证券业协 ...

Group 1 - The consumer market in China shows a positive start in 2026, driven by various policies aimed at boosting consumption and enhancing consumer confidence [1] - Major cities like Beijing, Tianjin, Jiangsu, and Shanghai have reported a surge in consumer activity, with new events and promotions contributing to a vibrant market atmosphere [1] - In Tianjin, a traditional restaurant experienced overwhelming customer traffic during the New Year holiday, indicating strong demand in the hospitality sector [1] Group 2 - The enthusiasm for consumption has extended to winter sports, with indoor and outdoor skiing facilities seeing increased visitor numbers during the New Year holiday [2] - In Wuxi, the indoor ski resort reported a doubling of visitor numbers compared to the previous year, reflecting a growing interest in winter sports [2] - Nationally, during the three-day New Year holiday, 142 million domestic trips were made, with total spending reaching 84.789 billion yuan, showcasing the sustained release of consumer vitality [2]

Core Insights - The newly launched "Beginner's Slope" at Shanghai Yaoxue Ice and Snow World has generated significant market enthusiasm, leading to increased booking activity during the New Year holiday [1] Group 1: Financial Performance - Overall visitor traffic has increased by 40% year-on-year, with revenue growth reaching 70% [1] - Surrounding commercial revenue has grown by nearly 30%, and all three associated hotels are fully booked on weekends [1] - The total number of visitors during the ice and snow season is expected to exceed 100,000 [1] Group 2: Product Offerings - Yaoxue has introduced various promotional ticket options, including a 99 yuan children's snow play ticket and a 299 yuan three-hour beginner skiing ticket, catering to different visitor needs [1] - Since the opening of the beginner slope, both inquiry and order volumes have surged, with ski school courses being in high demand, generating over one million yuan in economic benefits [1] Group 3: Infrastructure and Strategy - Yaoxue Ice and Snow World has established five professional ski slopes, including two beginner slopes and one each for intermediate, advanced, and expert levels, accommodating skiers of all skill levels [1] - The facility upgrade aims to lower the barriers to participation in winter sports, with plans to continue developing a composite ice and snow consumption ecosystem that combines "viewing + experience" and "professional + popular" elements [1]

Core Viewpoint - The winter sports season has officially begun in China, with multiple ski resorts opening for the season, leveraging the legacy of the Beijing Winter Olympics to attract visitors and enhance local ice and snow consumption [1][2]. Group 1: Ski Resort Operations - The Yunding Ski Park in Zhangjiakou officially opened on November 1, marking the start of the winter sports season, with three major ski resorts now operational in the area [1]. - The Wanlong Ski Resort, which opened in late October, has already seen significant visitor traffic, averaging over 3,000 visitors per day on weekends [2]. - A total of nine large ski resorts are currently available in Zhangjiakou, with all expected to be operational by mid-November [2]. Group 2: Regional Developments - Other major ice and snow destinations in China, such as Xinjiang, Jilin, and Heilongjiang, are also preparing for the winter season, with favorable temperatures for outdoor skiing [3][5]. - The Keketohai International Ski Resort in Xinjiang was the first large outdoor ski resort to open for the new season, showing a steady increase in visitor numbers since mid-October [5]. - Ski resorts in Jilin and Heilongjiang are ramping up snow-making efforts, aiming for full operational status by mid-November [7]. Group 3: Consumer Engagement and Promotions - Jilin plans to invest at least 30 million yuan in ice and snow consumption vouchers to stimulate local tourism and consumption [9]. - In Xinjiang, various promotional policies, such as free access for locals and discounted entry for tourists, are being implemented to attract more visitors [9]. Group 4: Expanding Ice and Snow Sports - Indoor ski facilities and dry snow options in southern regions are expanding the boundaries of ice and snow sports beyond winter [10]. - The Qianhai Ice and Snow World in Shenzhen, the largest indoor ski resort globally, has been attracting an average of 5,000 visitors daily since its opening in late September [12]. - The Jianfeng Dry Snow Resort in Chengdu is utilizing proprietary technology to enable year-round outdoor ice and snow activities, appealing to both professional athletes and amateur enthusiasts [12].