Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - The ice and snow economy is rapidly emerging as a significant new economic sector, transitioning from a niche market focused on ice and snow sports to a large industrial system encompassing ice and snow tourism, equipment manufacturing, and cultural activities. This sector is expected to reach a scale of over 1 trillion yuan by 2025, driven by rising consumer demand and strong policy support [12][14][35]. Summary by Sections 1. Ice and Snow Economy Overview - The ice and snow industry encompasses a complete ecosystem from resource development and equipment manufacturing to service operations and consumer activities, indicating a robust industrial chain [13]. - The market size of China's ice and snow industry reached 980 billion yuan in 2024, with a year-on-year growth of 10.8%, and is projected to exceed 1 trillion yuan in 2025 [14]. 2. Growth Drivers of the Ice and Snow Economy - Government policies and major events are key drivers of growth, with the State Council aiming for the ice and snow economy to reach 1.2 trillion yuan by 2027 and 1.5 trillion yuan by 2030 [35]. - The hosting of major events like the Winter Olympics has significantly boosted public interest and participation in ice and snow sports, enhancing the overall industry [40][41]. 3. Case Study: Harbin's Ice and Snow Tourism - Harbin has emerged as a top destination for ice and snow tourism, receiving 1.79 billion visitors in 2024, with total tourism revenue reaching 231.42 billion yuan, marking significant year-on-year growth [51]. - The local government has implemented various policies to support the ice and snow economy, aiming for the total output value of the ice and snow industry in Heilongjiang to exceed 300 billion yuan by 2025 [55]. 4. Investment Recommendations - The report suggests focusing on companies across the entire ice and snow industry chain, including upstream equipment manufacturers, midstream service providers, and downstream consumer platforms, as the sector is expected to see substantial growth opportunities [6][4].

Group 1 - Vanke Group has officially updated its organizational structure, marking a significant transformation in its management approach, with the previous regional companies being replaced by 16 city companies directly managed by the headquarters [2][3] - The restructuring aims to optimize operational efficiency by focusing on eight business divisions, including property management, commercial and hotel operations, long-term rental apartments, and logistics, moving away from a regional-centric management style [2][3] - The changes reflect a strategic repositioning under the influence of Shenzhen Metro Group, which has taken a more active role in Vanke's management and governance since acquiring a significant stake in the company [4][5] Group 2 - The restructuring is seen as a response to the need for operational stability and transformation, following a series of leadership changes and the introduction of Shenzhen Metro executives into key positions [5][6] - The new management structure emphasizes a flatter hierarchy, consolidating functions such as procurement, finance, and human resources under centralized control, while regional companies are redefined as execution platforms [6][9] - Vanke's previous regional management model has been criticized for inefficiencies, prompting the need for a more streamlined approach to enhance decision-making and risk management [9][10] Group 3 - Vanke has divested a significant portion of its snow business to Hong Kong Travel, indicating a strategic shift to focus on its core real estate operations and improve financial health [11][12] - The decision to exit the snow business is part of a broader strategy to streamline operations and reduce debt, as the company faces ongoing financial challenges, including a reported loss of 11.947 billion yuan in the first half of 2025 [15] - The divestiture reflects a recognition that the snow business, which has been marginalized within the company's portfolio, does not align with Vanke's traditional strengths and operational focus [13][14]

Core Insights - SF Express has signed a strategic cooperation agreement with Hot Snow Miracle to develop the ice and snow economy and cultural tourism services, aiming to create a new ecosystem in the ice and snow industry and set a new service benchmark [1] Group 1: Company Developments - Hot Snow Miracle is a globally recognized high-level comprehensive service provider in the ice and snow industry, operating 10 ski resorts across China [1] - The Hua Fa Ice and Snow Hot Snow Miracle project, managed by Hot Snow Miracle and invested by Hua Fa Group and Sunac Group, is set to officially open in Qianhai, Shenzhen on September 29 [1] - SF Express plans to extend traditional logistics services into areas such as smart management of snow equipment, innovative operation of ski resorts, and co-building of member rights ecosystems through collaboration with the Hua Fa Ice and Snow Hot Snow Miracle project [1] Group 2: Industry Insights - According to the "China Ice and Snow Industry Development Research Report (2024)", the ice and snow industry in China is expected to exceed 1 trillion yuan by 2025, indicating a high growth trend [1] - The rise of ice and snow events, activities, and tourism is driving significant demand for logistics services, including the transportation of large equipment such as skis and ice skates, which creates new growth opportunities for the logistics industry [1] - The demand for specialized packaging, precise delivery, and insured transportation is emerging as a new blue ocean for logistics companies [1]

Group 1 - The ice and snow industry concept declined by 0.05% as of the close on September 11, ranking among the top declines in concept sectors [1] - Within the ice and snow industry, companies such as COFCO Technology, Yuanlong Yatu, and Tianfu Culture and Tourism experienced significant declines, while 22 stocks saw price increases, with Ice Wheel Environment, Zhujiang Co., and *ST Xinyuan leading the gains at 5.48%, 3.95%, and 3.42% respectively [1][2] Group 2 - The ice and snow industry concept saw a net outflow of 726 million yuan in main funds today, with 35 stocks experiencing net outflows, and 6 stocks seeing outflows exceeding 50 million yuan [2] - The stock with the highest net outflow was Caesar Travel, with a net outflow of 118 million yuan, followed by Vanke A, Huace Film & TV, and Tianfu Culture and Tourism with net outflows of 97.1 million yuan, 75.5 million yuan, and 73.9 million yuan respectively [2][3] - The stocks with the highest net inflows included Ice Wheel Environment, Tianqiao Hoisting, and Longjian Co., with net inflows of 36.6 million yuan, 18.3 million yuan, and 16.6 million yuan respectively [2]

(砥砺奋进七十载 天山南北谱华章)滑雪板的"古"与"今"见证新疆冰雪产业兴起 中新社新疆阿勒泰9月10日电 题：滑雪板的"古"与"今"见证新疆冰雪产业兴起 作者 胡嘉琛 李佳悦 在新疆阿勒泰市拉斯特乡，年过七旬的斯兰别克·沙和什俯身用工具刨着松木，制作"毛皮滑雪板"。"我 爷爷越冬狩猎时，它是必备工具。"从穿梭于林海雪原的交通工具，到巴掌大小的旅游纪念品，一副滑 雪板记录了老人50余载"守艺创新"，也见证新疆冰雪产业的蓬勃发展。 斯兰别克9日接受中新社采访时说，他15岁起就随爷爷和父亲学习制作"毛皮滑雪板"。阿勒泰冬季平均 积雪厚度在1.5米以上，积雪期在6个月以上。"冬季积雪深，马匹没法在雪地前行。而用毛皮制作的滑 雪板，下坡滑行时能加速，上坡时增加摩擦。"斯兰别克说。 "毛皮滑雪板"体现着生存智慧。斯兰别克说，当地人曾害怕下大雪，会影响交通和生产。而今，随着基 础设施建设不断完善和旅游业发展，全国各地乃至海外的游客纷纷前来"追雪"。 这种变化并非偶然。2015年，18个国家的专家学者在阿勒泰市共同发布的国际共识文件，宣告新疆阿勒 泰地区为人类滑雪最早起源地。2022年北京冬奥会更使中国民众冰雪热情高涨，八 ...

Core Viewpoint - The State Council has issued opinions to enhance the potential of sports consumption and promote high-quality development of the sports industry, particularly focusing on the growth of the ice and snow economy [1] Group 1: Policy and Economic Development - The government aims to cultivate and expand the ice and snow economy by implementing nationwide consumption benefits and supporting the inclusion of eligible ice and snow equipment in large-scale equipment updates [1] - The strategy of promoting ice sports to the south, west, and east is being deepened, with a goal to consolidate and expand the achievement of engaging 300 million people in ice sports [1] Group 2: Industry Analysis - Debon Securities views the ice and snow industry as a strong segment within the tourism sector, driven by events and policy support, indicating ample growth potential [1] - The ice and snow economy is expected to become a significant growth point for domestic demand in China, helping to alleviate the seasonal downturn in winter tourism and providing incremental growth during winter [1] Group 3: Market Trends and Future Outlook - Ping An Securities notes that the ice and snow economy is gaining momentum due to the influence of the Winter Olympics and ongoing policy support, with cultural and tourism enterprises leveraging social media to reach a broader audience [1] - The development of the high-speed rail network in Northeast China is becoming clearer, and the full opening of the Shenyang-Jilin high-speed rail is anticipated to connect the eastern region with the rest of the country, further boosting the development of the Northeast ice and snow economy [1]

Core Viewpoint - Heilongjiang Province is leveraging its role as a demonstration zone for ice and snow sports under the Shanghai Cooperation Organization (SCO) to enhance cooperation in sports, culture, talent, and industry among SCO and Belt and Road Initiative countries [1][4] Group 1: Sports Events and Infrastructure - The province has upgraded several sports facilities, including the provincial ice training center and Harbin ice hockey arena, in preparation for the 9th Asian Winter Games, establishing a high-level international ice and snow sports center [1] - The 9th Asian Winter Games will feature participation from 16 countries within the SCO, expanding the international reach of ice and snow sports [1] - The demonstration zone has successfully hosted eight major events, including the 6th SCO International Chess Team Championship and an international curling invitation tournament, attracting over 2,000 athletes from more than ten SCO countries [1][2] Group 2: Talent Development and International Cooperation - The province is conducting joint training sessions with ice hockey and figure skating teams from Russia, Kazakhstan, and Uzbekistan, enhancing competitive levels through international coaching [2] - A comprehensive talent development system integrating education, training, and research has been established to support the internationalization of ice and snow sports [2] - A regional ice and snow sports university alliance has been formed, involving 15 Chinese and Russian universities to foster joint training and research collaborations [2] Group 3: Standardization and Industry Development - Heilongjiang Province has released local standards for ice and snow sports events, promoting the standardization and regulation of the ice and snow industry [2] - The establishment of an ice and snow equipment industrial park has attracted companies like Qianmao Xuelong and Heilong International, leading to the production of advanced ice and snow equipment [2] Group 4: Cultural Promotion and Tourism - The province has developed various ice and snow cultural activities, such as the Harbin International Ice and Snow Festival, showcasing the unique charm of ice and snow culture [3] - The construction of SCO-themed ice and snow attractions has facilitated international cultural exchange and tourism, drawing visitors from SCO member countries [3] - Recent meetings among SCO sports ministers have resulted in multiple cooperation agreements in competitive sports and the ice and snow industry [3] Group 5: Future Development and Strategic Goals - The SCO ice and snow sports demonstration zone aims to utilize the "Ice and Snow Silk Road" concept to drive economic growth and deepen practical cooperation across various fields [4] - Heilongjiang Province is committed to integrating into national strategies and expanding international influence to promote high-quality development in the ice and snow sports sector [4]

Core Insights - The sports industry in China has shown a steady growth with an average annual growth rate exceeding 10% over the past five years, reaching a total scale of 3.67 trillion yuan in 2023, with a value added of 1.49 trillion yuan [1] Economic Contribution - The value added of the national sports industry has grown at an average annual rate of 11.6%, accounting for 1.15% of GDP in 2023, moving closer to becoming a pillar industry [1] - The ice and snow industry has expanded from 381.1 billion yuan in 2020 to 970 billion yuan in 2024, with an average annual growth rate of 26.3% [1] - The total sports consumption in 40 pilot cities has increased by over 100 billion yuan from 2020 to 2023, indicating a continuous release of sports consumption potential [1] Structural Quality Improvement - The structure of the sports industry is improving, with the sports service sector, led by competition performance and fitness leisure, increasing its share of the industry's value added from 68.7% in 2020 to 72.7% in 2023 [2] - The number of national-level specialized and innovative "little giant" enterprises in the sports sector is expected to reach 146 by the end of 2024, more than doubling from the end of 2022 [2] - High-tech products such as carbon fiber bicycles and smart fitness equipment are increasingly entering households, enhancing innovation and competitiveness in the sports manufacturing sector [2] Outdoor Sports Industry Development - The online consumption of outdoor sports is projected to reach approximately 200 million participants and over 300 billion yuan in total consumption by 2024 [2] - As of 2024, there are 171,800 fitness trails totaling 407,500 kilometers, and 2,055 flying and automotive camps across the country [3] - The water sports industry is expected to see participation exceed 120 million people, with a market size of 438.6 billion yuan, reflecting an 18.7% year-on-year growth [3] Event-Driven Economic Impact - In the first half of this year, key sporting events in seven provinces generated over 16 billion yuan in related consumption, averaging over 30 million yuan per event, playing a significant role in expanding domestic demand [4] - The National Sports Administration plans to develop policies to promote event economics, enhance event supply, and strengthen the coordination between events and the industry [4]

Core Insights - The sports industry in China has shown a steady growth with an average annual growth rate exceeding 10% over the past five years, reaching a total scale of 3.67 trillion yuan in 2023, with a value added of 1.49 trillion yuan [1][2] - The contribution of the sports industry to the GDP has increased, with a value added growth rate of 11.6% annually, accounting for 1.15% of GDP in 2023, moving closer to becoming a pillar industry [1][2] - The ice and snow industry has experienced significant growth, expanding from 381.1 billion yuan in 2020 to 970 billion yuan by 2024, with an average annual growth rate of 26.3% [1] Industry Structure and Quality - The structure of the sports industry is improving, with the sports service sector, led by competition and performance industries, increasing its share of the industry's value added from 68.7% in 2020 to 72.7% in 2023 [2] - The number of national-level specialized and innovative "little giant" enterprises in the sports sector is expected to reach 146 by the end of 2024, more than doubling since 2022 [2] - The application of advanced materials and technologies in sports is enhancing product innovation and competitiveness, with high-tech products like carbon fiber bicycles and smart fitness equipment becoming more common [2] Outdoor Sports Development - The outdoor sports industry is projected to see approximately 200 million online consumers and a total consumption exceeding 300 billion yuan by 2024 [2] - As of 2024, there are 171,800 fitness trails totaling 407,500 kilometers, and 2,055 flying and automotive camps across the country, indicating a growing infrastructure for outdoor activities [3] - The participation in water sports is expected to surpass 120 million people, with the industry scale reaching 438.6 billion yuan, reflecting an 18.7% year-on-year growth [3] Event-Driven Economic Impact - In the first half of this year, key sporting events in seven provinces generated over 16 billion yuan in sports and related consumption, averaging over 30 million yuan per event, highlighting the role of sports in boosting domestic demand [4] - The government plans to develop policies to promote event economics, enhance event supply, and strengthen the coordination between events and the industry to further stimulate consumption and economic growth [4]

Core Insights - The sports industry in China has shown a steady growth with an average annual growth rate exceeding 10% over the past five years, reaching a total scale of 3.67 trillion yuan in 2023, with a value added of 1.49 trillion yuan [1][2] Industry Growth - The value added of the national sports industry has grown at an average annual rate of 11.6%, accounting for 1.15% of GDP in 2023, moving closer to becoming a pillar industry [1][2] - The ice and snow industry has expanded from 381.1 billion yuan in 2020 to 970 billion yuan in 2024, with an average growth rate of 26.3% [1] Sports Consumption - In 40 pilot cities for sports consumption, the total sports consumption of residents increased by over 100 billion yuan from 2020 to 2023, indicating a continuous release of sports consumption potential [1] - The outdoor sports industry is projected to have approximately 200 million online consumers and a total consumption exceeding 300 billion yuan in 2024 [2] Structural Quality Improvement - The structure of the sports industry is improving, with the sports service industry, led by competition performance and fitness leisure, increasing its share of the industry's value added from 68.7% in 2020 to 72.7% in 2023 [2] - By the end of 2024, the number of national-level specialized and innovative "little giant" enterprises in the sports sector is expected to reach 146, more than doubling since the end of 2022 [2] Outdoor Sports Development - As of 2024, there are 171,800 fitness trails totaling 407,500 kilometers, and 2,055 flying and automotive camps across the country [3] - The water sports participation is expected to exceed 120 million people, with an industry scale reaching 438.6 billion yuan, reflecting an 18.7% year-on-year growth [3] Event-Driven Economic Impact - In the first half of this year, key events in seven provinces, including Hebei, Zhejiang, and Fujian, generated over 16 billion yuan in sports and related consumption, averaging over 30 million yuan per event [4] - The National Sports Administration plans to develop policies to promote event economics, enhance event supply, and strengthen the coordination between events and the industry [4]