Core Insights - The report indicates that China's ice and snow industry is projected to exceed 1 trillion yuan, reaching 1005.3 billion yuan in 2023, highlighting its emergence as a significant force in the economy [1] - The industry aims to transition from rapid growth to high-quality development, focusing on meeting diverse consumer needs and enhancing product offerings [1] Industry Development - The goal of engaging 300 million people in ice and snow sports has been achieved, providing a strong internal driving force for industry growth [1] - The consumer base has expanded from professional enthusiasts and youth training groups to include families and seniors, prompting market innovation in products and services [1] - New offerings include dedicated children's skiing areas, night skiing, electronic music parties, and snow camping to cater to various demographics [1] Supply Chain and Infrastructure - Experts emphasize the need for improvements in the quality and quantity of ice and snow venue facilities and product supply systems [1] - Recommendations include upgrading venue facilities with smart technology, establishing regulatory frameworks for a well-ordered market, and innovating product matrices using digital technology [1] Industry Chain Structure - Since the 14th Five-Year Plan, the ice and snow industry has developed a comprehensive value chain encompassing upstream equipment manufacturing, midstream event operations and skills training, and downstream tourism and leisure [1] Technological Advancements - New technologies such as 5G, AI, and VR are driving high-quality development in ice and snow equipment, leading to new products and enhanced user experiences [2] - Smart snowfield management systems have improved operational safety and efficiency through real-time monitoring and intelligent scheduling [2] - The application of new materials and processes in equipment manufacturing has optimized the performance of products like skis and ice skates [2] Emerging Trends - The industry is evolving from a focus solely on ice and snow sports to a "snow + " multi-dimensional experience, integrating tourism, culture, and wellness [2] - The "snow + tourism" model is maturing, with ski resorts enhancing their offerings with hotels, dining, and commercial areas [2] - Cultural aspects such as ice sculptures, performances, and themed museums are enriching the industry, with notable cultural IPs like Harbin Ice and Snow World gaining international recognition [2] Regional Development - Traditional regions like Northeast and North China leverage natural snow resources and rich ice and snow culture to create world-class ski destinations [3] - Xinjiang is rapidly developing as China's "third pole" for ice and snow, capitalizing on its unique powder snow resources [3] - Southern regions are expanding the market through indoor ski facilities, addressing regional disparities in development [3] - Recommendations for balanced regional development include coordinated policy efforts and leveraging local competitive advantages, such as promoting the "Beijing-Zhangjiakou" winter sports model [3]

Core Viewpoint - The ice and snow industry in China is experiencing significant growth, with the market size projected to exceed 1 trillion yuan in 2025, driven by increased participation in ice and snow sports and the expansion of related tourism and recreational activities [4]. Group 1: Ice and Snow Season Kickoff - The arrival of the "Little Snow" solar term marks the beginning of the new snow season, with ski resorts opening and consumer enthusiasm for ice and snow activities surging [5]. - The 15th National Games have sparked nationwide interest in sports, leading to an increase in participation in ice and snow activities, with 292 million people expected to engage in these sports during the 2024-2025 season, representing a participation rate of 20.61% [6][12]. Group 2: New Trends in Ice and Snow Sports - The trend of "snow moving south" is gaining momentum, with indoor ski resorts experiencing explosive growth, breaking geographical and climatic barriers [13]. - The number of operational indoor ski resorts in China has increased to 66, a 10% rise from the previous year, with notable growth in provinces like Zhejiang, Hunan, and Jiangsu [14]. - Indoor ski resorts contributed 563 million visits during the 2024-2025 season, accounting for 21.61% of total skiing visits, with an annual compound growth rate of 15.37%, significantly outpacing outdoor ski resorts [15]. Group 3: Innovation in the Ice and Snow Economy - The ice and snow economy is evolving beyond traditional models, integrating with cultural tourism and events to create diverse "ice and snow+" business formats [18]. - Northern ice and snow destinations are leveraging unique resources to create differentiated experiences, such as Harbin's Ice and Snow World expanding to 1.2 million square meters and introducing new attractions [20]. - The competition in the ice and snow economy is shifting from resource availability to innovation and operational capabilities, transitioning from a seasonal trend to a year-round industry [23].

Core Insights - The ice and snow industry in China is experiencing significant growth, with the market size projected to exceed 1 trillion yuan in 2025, up from 270 billion yuan in 2015 [4] - The participation in ice and snow sports is increasing, with 292 million people expected to engage in these activities during the 2024-2025 season, representing a participation rate of 20.61% [5] Group 1: Market Growth - The ice and snow industry in China is expected to reach 1,005.3 billion yuan in 2025, marking a substantial increase from previous years [4] - The 2024-2025 ice season is anticipated to see a participation of 292 million people in ice and snow sports, indicating a growing trend in consumer engagement [5] Group 2: Early Season Trends - The early opening of ski resorts, such as the Koktokay International Ski Resort, which opened on October 12, 2024, has extended the snow season to 240 days, stimulating consumer interest [8][11] - Hotel bookings in regions like Xinjiang and Jilin have surged significantly following the early openings, with increases of 51.6% and over 70% respectively [11] Group 3: Southern Expansion - The trend of "snow moving south" is gaining momentum, with indoor ski resorts experiencing explosive growth, breaking geographical and climatic barriers [12] - By the 2024-2025 season, there will be 66 operational indoor ski resorts in China, a 10% increase from the previous year, with the highest concentration in Zhejiang, Hunan, and Jiangsu provinces [12][13] Group 4: Industry Innovation - The ice and snow economy is evolving from a simple "skiing + ticket" model to a more integrated "ice and snow +" approach, incorporating tourism, events, and diverse experiences [16] - Destinations are enhancing their offerings by combining unique local resources with ice and snow activities, such as the expansion of Harbin Ice and Snow World and the development of scenic spots in Jilin [16][17] Group 5: Year-Round Industry Development - The competition in the ice and snow economy is shifting from resource availability to innovation and operational capabilities, indicating a transition from a seasonal trend to a year-round industry [20]

廿 四 节 气 织 经 纬 , 山 河 万 象 话 财 经 29 11 21 卖 22 - 川市气 e B. 今日小雪（2025年11月22日），寒意渐浓，冰雪消费随势升温。《中国冰雪产业发展研究报告（2025）》显示，我国冰雪产业 规模从2015年的2700亿元增长到2024年的9800亿元，预计2025年将达到10053亿元，突破万亿大关。 冰雪文旅如何点燃消费市场？冰雪产业正经历哪些新变革？本期《财经二十四节气》带你看。 01 小雪启幕新雪季 雪场陆续"开板" 小雪已至，朔风催雪，冰雪经济市场活力涌动。第十五届全国运动会的举办点燃了全民运动热情，体育活力持续释放，冰雪运 动从专业赛场走向大众生活，成为越来越多人的冬季消费选择。《大众冰雪消费市场研究报告（2024—2025冰雪季）》显示， 2024—2025年冰雪季期间，全国居民参加冰雪运动人数达2.92亿人，参与率为20.61%，冰雪经济的热度正持续攀升。 这股开板热潮不仅点燃了滑雪热情，更带动冰雪文旅消费释放强劲动能。去哪儿旅行数据显示，新疆可可托海国际滑雪度假区 开板仅一周，富蕴县春节前酒店预订量环比增长51.6%；吉林北大湖滑雪度假区开板消息发布 ...

（原标题：小雪?"冷资源"如何撬动"热经济"｜财经二十四节气） 今日小雪（2025年11月22日），寒意渐浓，冰雪消费随势升温。《中国冰雪产业发展研究报告 （2025）》显示，我国冰雪产业规模从2015年的2700亿元增长到2024年的9800亿元，预计2025年将达到 10053亿元，突破万亿大关。 冰雪文旅如何点燃消费市场？冰雪产业正经历哪些新变革？本期《财经二十四节气》带你看。 01 小雪启幕新雪季 雪场陆续"开板" 小雪已至，朔风催雪，冰雪经济市场活力涌动。第十五届全国运动会的举办点燃了全民运动热情，体育 活力持续释放，冰雪运动从专业赛场走向大众生活，成为越来越多人的冬季消费选择。《大众冰雪消费 市场研究报告（2024—2025冰雪季）》显示，2024—2025年冰雪季期间，全国居民参加冰雪运动人数达 2.92亿人，参与率为20.61%，冰雪经济的热度正持续攀升。 冰雪季的火爆，从今年提前打响的"开板大战"便可见一斑。新疆可可托海国际滑雪度假区于10月12日正 式开板，较去年提前半个月，开启长达240天的超长雪期。河北张家口崇礼万龙滑雪场、吉林北大湖滑 雪场紧随其后。 室内雪场的建设热潮，标志着冰雪运 ...

Group 1: Ice and Snow Industry Growth - The ice and snow industry in China is expected to reach a market size of 980 billion yuan in 2024, with a year-on-year growth of 10.8%, and is projected to exceed 1 trillion yuan in 2025 [2] - The industry is transitioning from niche sports consumption to mainstream consumption, with travel combined with skiing becoming a new leisure and vacation trend [2] - Companies like Xue Ren Group are leading in manufacturing ice and snow equipment, while Changbai Mountain is upgrading its tourism offerings to include more diverse recreational experiences [2] Group 2: Baidu's AI Business Performance - Baidu reported a total revenue of 31.2 billion yuan for Q3 2025, with core revenue at 24.7 billion yuan, and for the first time disclosed AI business revenue, which grew over 50% year-on-year [3] - AI cloud revenue increased by 33%, while AI application revenue reached 2.6 billion yuan, and AI native marketing service revenue surged by 262% to 2.8 billion yuan [3] - The domestic AI industry is expected to enter a sustainable growth cycle, driven by the demand for self-sufficient technology and advancements in AI chips [3] Group 3: Semiconductor and Memory Market Trends - Xiaomi indicated that the current rise in memory prices is a long-term trend driven by increased demand for HBM due to AI, rather than traditional market fluctuations [4] - The storage industry has entered an accelerated upward cycle, with expectations of significant profit growth for domestic storage module companies by the second half of 2025 [4] - Companies like Shikong Technology are focusing on semiconductor memory products, including memory bars and solid-state drives, with advanced testing capabilities [5] Group 4: Commercial Space and Rocket Technology - Tianbing Technology successfully completed key tests for its "one rocket, 36 satellites" capability, marking a significant milestone in China's commercial space sector [6] - The year 2025 is seen as a pivotal year for validating reusable rocket technology, with several private companies planning their first flights [6] - Companies like Shanghai Port Bay are supporting satellite launches and contributing to satellite internet constellation development [7] Group 5: Lithium Carbonate Supply and Demand - Strong demand has led to a monthly shortage of lithium carbonate, with supply at approximately 115,000 tons and demand at 128,000 tons, resulting in a shortfall of about 13,000 tons [8] - The market outlook for energy storage is optimistic, with significant agreements indicating a sustained growth cycle for China's energy storage industry over the next 3-5 years [8] - Companies like Jiangte Electric have developed an integrated industry chain for lithium salt production, with significant production capacity planned for the coming years [9] Group 6: Liquid Cooling Industry Potential - The liquid cooling industry is expected to experience explosive growth driven by AI demand and supportive policies, with new data centers required to meet specific energy efficiency standards [10] - The penetration rate of liquid cooling technology in global data centers is projected to rise from 10% in 2024 to over 30% by 2025 [10] - Companies like Invid and Keda are positioned to benefit from the growing demand for liquid cooling solutions in data centers [11] Group 7: Solid-State Battery Development - CATL is committed to investing in all-solid-state batteries, with expectations for small-scale production by 2027 [12] - The solid-state battery industry is experiencing rapid advancements, supported by national policies and emerging application demands [12] - Companies like Xian Dao Intelligent are leading in providing comprehensive solutions for solid-state battery production, with increasing orders and customer engagement [12]

Core Insights - The recent initiatives by multiple regions in China, including Beijing and several provinces, aim to boost ice and snow consumption, aligning with the trends of national fitness and seasonal tourism [1][2] - The ice and snow economy is recognized as a vital avenue for expanding domestic demand and achieving high-quality service consumption [2] - Significant policy support has led to a notable increase in participation and spending in ice and snow activities, with millions more engaging in these activities compared to previous seasons [2] Group 1: Policy Initiatives - Various local governments are implementing measures such as issuing ice and snow consumption vouchers totaling 1 billion yuan in Jilin Province to stimulate spending in skiing, tourism, and related sectors [1] - The State Council has released multiple documents emphasizing the promotion and expansion of ice and snow consumption, indicating a strong governmental focus on this sector [2] Group 2: Economic Impact - The National Sports Administration reported that during the 2024-2025 ice and snow season, approximately 292 million residents participated in ice and snow sports, marking a participation rate of 20.61%, an increase of about 27.44 million participants from the previous season [2] - The total consumption related to ice and snow activities exceeded 187.5 billion yuan, reflecting a year-on-year growth of over 25% [2] Group 3: Future Development Strategies - Experts suggest that enhancing the ice and snow industry is crucial for upgrading consumption quality, advocating for innovation in equipment and services to meet consumer demands [3] - Recommendations include lowering participation barriers, improving experience quality, and expanding outreach through targeted promotions and digital engagement strategies [3]

Core Viewpoint - The development of the ice and snow economy is gaining momentum across various regions in China, with significant government initiatives and events planned to enhance winter tourism and related industries. However, the industry faces challenges due to its seasonal and regional characteristics, necessitating a transformation for companies to achieve stable year-round operations [1]. Group 1: Industry Initiatives - The Heilongjiang Provincial Government has issued an implementation plan for a "100-day action" for winter tourism from 2025 to 2026, aiming to create a world-class ice and snow tourism destination [1]. - The 19th Xinjiang Winter Tourism Industry Trade Expo and the 2025 Xinjiang Hot Snow Festival will take place from November 14, 2025, to January 14, 2026 [1]. - Other provinces such as Jilin, Gansu, Liaoning, and Hebei are also introducing policies to encourage the development of the ice and snow industry, contributing to a growing interest in the capital markets [1]. Group 2: Strategies for Companies - Companies should focus on high-end ice and snow equipment, leveraging advanced technology to overcome seasonal dependencies. This includes developing mobile and easy-to-assemble snow-making machines for various climates and exploring export opportunities [2]. - The development of ice and snow derivative products through collaboration with well-known IPs can activate consumer potential, allowing companies to maintain sales even in off-seasons [3]. - Establishing a closed-loop ecosystem for ice and snow events, including training, regional competitions, and national finals, can help maintain operations year-round and mitigate seasonal revenue fluctuations [4]. - Companies can explore the health industry by offering packages that combine ice and snow sports with wellness services, thus increasing occupancy rates during off-seasons and attracting high-net-worth individuals [5]. Group 3: Overall Recommendations - Companies are encouraged to innovate technologically, empower products through IP collaborations, support operations with event management, and extend into the health sector to create a sustainable business ecosystem that operates year-round [5].

Core Insights - The eighth Hongqiao International Economic Forum's "Investing in China" special promotion event highlighted the achievements of China's free trade zones (FTZs) over the past decade, emphasizing China's commitment to open cooperation and mutual benefits [1] - The Ministry of Commerce stated that FTZs serve as experimental fields for reform and are strong engines for high-quality development in the new era [1] - Since the establishment of the first FTZ in Shanghai in 2013, China has created a network of 22 FTZs that contribute approximately 12% of the national GDP and account for 20% of the country's trade volume [1] Summary by Relevant Sections Development and Achievements of FTZs - FTZs have formed a comprehensive open pattern across various regions in China, serving as critical support for national strategies [1] - The United Nations Industrial Development Organization highlighted the significant economic contributions of national-level FTZs [1] Regional Characteristics and Industry Development - Western and border FTZs have leveraged their geographical advantages to develop differentiated industrial paths, showcasing unique strengths at the China International Import Expo [2] - Chongqing and Sichuan FTZs have collaborated to build a modern industrial cluster worth trillions in electronic information, equipment manufacturing, and advanced materials [2] - The Shaanxi FTZ is actively involved in the Belt and Road Initiative, focusing on international logistics and agricultural cooperation [2] - Heilongjiang FTZ has transformed its cold climate into an economic advantage, with the ice and snow economy exceeding 300 billion [2] - Xinjiang FTZ has become a key node for supply chain cooperation between Asia and Europe due to its unique resources [2] - Yunnan FTZ is developing as a connectivity hub for South and Southeast Asia, promoting green energy and digital economy sectors [2] - Guangxi FTZ, being the only one that is both border and coastal, is establishing itself as an AI industry hub, attracting international enterprises [2]

Core Viewpoint - The Harbin government is promoting a series of winter tourism initiatives for the 2025-2026 ice and snow season, highlighting the potential growth of the ice and snow economy supported by policy initiatives and a comprehensive industry ecosystem [1] Group 1: Ice and Snow Tourism Initiatives - Harbin has launched ten themed winter tourism routes, including dreamlike ice and snow, alpine skiing, hot springs, European-style experiences, pet parks, and art encounters [1] - The city will host over 20 large-scale events, including the 6th Harbin Ice Festival and the 42nd Harbin International Ice and Snow Festival, along with more than 200 cultural activities related to ice and snow [1] Group 2: Industry Analysis - Jianghai Securities believes that the ice and snow economy has a broad outlook under policy support, with a complete industrial ecosystem covering upstream resource development, equipment production, midstream services and operations, and downstream consumption and derivative economies [1] - Many listed companies are positioned across various segments of the ice and snow industry, indicating that the development of the ice and snow economy will benefit the entire industry chain [1] Group 3: Market Potential - Debon Securities views the ice and snow industry as a strong segment within the tourism sector, driven by events and policy guidance, with 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 smooth out the cyclical nature of the tourism industry [1]