Group 1 - The core viewpoint is that the market is beginning to focus on the potential for a sustained appreciation of the RMB, which could influence asset allocation strategies [1] - Approximately 19% of industries may see profit margin improvements due to RMB appreciation, leading to increased investor interest in these sectors [1] - Key sectors to watch under a strengthening RMB include aviation, gas, and paper industries driven by short-term muscle memory, as well as upstream resources, consumer goods, and services influenced by profit margin changes [1] Group 2 - The 2026 spring market is anticipated to be active, with a focus on non-mainstream sectors such as policy themes and high-dividend stocks, while the mainline structure (AI industry chain, cyclical stocks) may have limited upward potential [2] - A classic "cross-year-spring" market is forming, with significant institutional investors increasing their holdings in broad-based ETFs, indicating stable incremental capital for the market [3] - The A-share market is expected to resonate upward with global markets, driven by clear mid-term policy and liquidity expectations following the Federal Reserve's interest rate decisions [4] Group 3 - The current market is characterized by a narrow range of fluctuations, influenced by external factors such as U.S. AI bubble concerns and Japan's interest rate hikes, with a potential upward trend as investor sentiment improves [4] - The focus for A-share industry allocation includes dividend value, cyclical recovery, and thematic hotspots, particularly in metals, non-bank financials, and AI sectors [4] - The market is entering a critical window for cross-year layout, with attention on potential signals for a small rally around the New Year [5][6] Group 4 - The market is experiencing a structural trend change, with significant discrepancies in expectations for consumption, non-bank finance, and technology sectors as 2026 approaches [10][11] - Key investment themes include AI applications, commercial aerospace, and nuclear power, with a focus on sectors benefiting from domestic demand recovery and structural policy incentives [12] - The upcoming "15th Five-Year Plan" is expected to drive structural opportunities, particularly in AI, renewable energy, and quantum technology sectors [12]

Group 1 - The market is entering a critical window for cross-year layout, with expectations for A-shares to resonate upward with global markets by 2026, focusing on "technology + overseas expansion" as a continuing theme [1][2] - Current market conditions are characterized by narrow fluctuations, influenced by external factors such as concerns over the AI bubble in the US and interest rate hikes by the Bank of Japan [2][3] - Investor sentiment has recently dropped below 70, indicating a pessimistic outlook that may lead to a slight recovery in sentiment and upward market fluctuations [2] Group 2 - Industry allocation strategies include focusing on high dividend stocks, cyclical sectors, and thematic hotspots such as Hainan's duty-free shopping and nuclear power [2][4] - The anticipated "cross-year-spring" market rally is supported by early policy implementation and increased institutional investment in broad-based ETFs [4][5] - The potential for a structural outperformance in sectors like brokerage and technology is expected, driven by upcoming monetary policy changes and market liquidity improvements [7][8] Group 3 - The ongoing appreciation of the RMB is expected to influence asset allocation, with approximately 19% of industries likely to see profit margin improvements due to currency appreciation [3] - Key sectors benefiting from policy support include AI, aerospace, and innovative pharmaceuticals, while cyclical sectors like chemicals and energy metals may also see positive impacts [6][9] - The market is expected to experience a "spring rally" driven by favorable valuation levels, liquidity conditions, and catalysts that enhance risk appetite [6][12] Group 4 - The outlook for 2026 suggests a shift from a single narrative to a broader focus on physical demand and domestic policy benefits, with sectors like AI and consumer services poised for recovery [10][13] - Non-bank financials are highlighted as having significant earnings elasticity, while sectors like electric equipment and machinery are expected to benefit from AI investments and export demand [13][14] - The market is currently in a phase of adjustment before the anticipated cross-year rally, with a focus on structural opportunities aligned with policy directions and industry trends [11][14]

数字金融赋能提升了冰雪旅游信贷服务效率。冰雪旅游季节性特征明显，冬季客流集中与非雪季营收锐 减形成鲜明对比，既对游客信贷即时性要求高，也让企业现金流波动大、还款压力集中。传统信贷难以 适配产业季节性运转需求。而数字金融破解了这一难点，有效缓解了季节性资金供需错配的问题。 数字金融通过技术创新和场景融合，正深度重塑旅游消费生态。近日，各地火热的冰雪消费背后都有一 股"金融暖流"。如工商银行北京分行参与城市冰雪消费场景建设，推出"爱购冰雪嘉年华"促消费活动； 光大银行总分行联动推出"冰雪去嗨节"活动，聚焦出行、住宿、门票、装备购买等消费场景；交通银行 推出"交你"畅游冰雪季活动，覆盖北方主要冰雪消费区域，通过多项优惠精准服务消费者，降低冰雪旅 游门槛；等等。 银行推出的一系列精准优惠显示，数字金融正通过金融技术打破信贷服务壁垒，拓宽冰雪旅游服务边 界。数字金融构建的智能风控体系，依托大数据整合多维度信息已能实现秒级审批与灵活授信，能让年 轻群体轻松获得信贷支持，也为小微企业提供多元化融资路径。 一直以来，由于冰雪旅游"吃住行游购娱"的综合性支出特性，以及消费群体的多元化需求，叠加产业自 身季节性强、资产确权难等痛 ...

Core Insights - The booming ice and snow tourism industry in China is evolving from simple sightseeing to diversified and personalized experiences, emphasizing quality and innovation [1][3] - Cultural empowerment and creative expression are essential for differentiating ice and snow tourism offerings, with local cultures being integrated into tourism products [2] - Technological advancements are enhancing visitor experiences, such as AI assistants for personalized travel planning and innovative attractions like weather-controlled frost laboratories [2] - Collaboration with surrounding resources, such as hot springs and local cuisine, can create comprehensive and thematic tourism routes, maximizing regional advantages [2] Group 1 - The construction of a 19-meter tall snowman in Harbin has attracted significant online attention, showcasing the growing popularity of ice and snow tourism [1] - The demand for ice and snow tourism has shifted from mere observation to a focus on high-quality, interactive experiences, prompting destinations to enhance their offerings [1] - Harbin Ice and Snow World has expanded its facilities and improved visitor engagement through technology, including AI cameras and DIY printing stations [1] Group 2 - Cultural elements from various regions, such as Northeast folk customs and Xinjiang's nomadic culture, are being creatively integrated into ice and snow tourism to provide unique experiences [2] - The introduction of smart AI travel assistants in Yichun enhances the personalization of travel experiences, while innovative attractions in Jilin allow for year-round enjoyment of natural phenomena [2] - The transformation of ice and snow tourism from a natural resource to a sustainable economic model relies on innovation and the pursuit of excellence [3]

Group 1 - The core viewpoint is that a classic "cross-year-spring" market trend is brewing, with significant signals indicating its commencement [3] - Factors driving the appreciation of the RMB are increasing, and investors should adapt their asset allocation accordingly, focusing on industries that may benefit from this trend [1] - The market is expected to see a structural shift with a focus on cyclical sectors, particularly industrial metals, non-bank financials, and sectors related to domestic consumption [3][4] Group 2 - The investment strategy should consider three key clues: dividend value, layout of prosperous industries, and thematic hotspots [4] - The anticipated spring market in 2026 is expected to be driven by a combination of fundamental cyclical improvements and new technological trends [2] - The current market is characterized by a narrow range of fluctuations, influenced by external factors such as U.S. monetary policy and investor sentiment [4][6] Group 3 - The focus on AI and advanced manufacturing is expected to dominate the market, with a potential shift towards value and cyclical styles in the first half of 2026 [2] - The market is likely to experience a "value on stage, growth in action" dynamic, particularly as the Lunar New Year approaches [9] - There is a notable expectation for structural opportunities in sectors like AI, new energy, and controlled nuclear fusion, which are aligned with the "14th Five-Year Plan" [6][10]

中国青年报客户端讯（中青报·中青网记者 张敏）12月20日，伴随着北京市平谷区第十七届冰雪季正式 拉开帷幕，全国首家专业级宠物冰雪主题乐园也正式开园，宠物与主人能够在此携手畅享冰雪运动。 据介绍，乐园设计雪地寻宝、宠物敏捷拉力赛、雪地合影打卡点等多个趣味互动项目，实行"一犬一评 估"分级管理制度，根据评估结果分级入园。 12月20 日，北京市平谷区第十七届冰雪季正式拉开帷幕。受访者供图 日，北京市平谷区第十七届冰雪季正式拉开帷幕。受访者供图 今年，平谷区瞄准冰雪经济，在今年的冰雪季期间重磅推出六大特色行动，进一步激活冰雪"冷资源"。 本届冰雪季打破"点线单点"的传统运营模式，以"全域联动、业态融合"为核心思路，精心构建覆盖全区 的冰雪娱乐体系，农文旅体商特色活动百花齐放，为游客带来多元化的冬日游玩选择。 12月20 除了各具特色的自然景观与运动场景，多元"冰雪+"融合模式更让平谷冰雪季新意迭出，"冰雪+农 耕""运动+研学""冰雪+商业"等活动持续激活冬季商业消费活力，为年轻群体打造一场兼具温暖与激情 的沉浸式跨年盛宴。 冰雪季期间，平谷更有新鲜诱人的本地特色农产品强势加持。巧借冰雪季热度，将平谷好物、特色农 ...

Core Viewpoint - Short-term fluctuations in A-shares are primarily influenced by external factors such as concerns over the AI bubble in the US stock market and interest rate hikes by the Bank of Japan, but A-shares are expected to resonate upward with global markets as US AI core company stock prices stabilize and the impact of the Bank of Japan's rate hike is limited [1] Industry Focus - Key industry focus areas include non-ferrous metals (silver, copper, tin, tungsten), high dividend stocks in Hong Kong, non-bank financials, AI (liquid cooling, optical communication), new energy (energy storage, solid-state batteries), innovative pharmaceuticals, and banking [1] Thematic Focus - Thematic investment areas to pay attention to are Hainan (duty-free), nuclear power, and ice and snow tourism [1]

Core Insights - The 2025 Wuhan Ice and Snow Season has commenced in Huangpi District, aiming to transform "cold resources" into a "hot economy" through a diverse ice and snow carnival that integrates cultural tourism and commerce [1] Group 1: Event Overview - The ice and snow season features a variety of activities including skiing, snow play areas, and commercial opportunities, with six different ski slopes and over ten recreational projects available for all age groups [1] - The event includes the "3rd National Youth Skiing Tour Competition Wuhan Station" and offers ice and snow training and experiences for visitors [1] Group 2: Commercial and Tourism Integration - Wuhan Ganlu Mountain Cultural and Creative City provides a one-stop solution for visitors' needs, including dining, entertainment, and accommodation, with special packages combining ice and snow activities with hot springs and boutique inns [2] - The event promotes a "snow field + scenic area + street + business district" model to enhance visitor experiences and extend their stay, thereby boosting consumption across various sectors [2] Group 3: Cultural and Unique Offerings - Unique experiences such as the "Hua Mulan: Guardian's Mark" XR virtual movie and themed night tours are being introduced to enhance the cultural aspect of the ice and snow season [3] - The integration of local cultural elements, such as Mulan culture, into the ice and snow activities aims to attract more visitors and create a distinctive experience [3] Group 4: Market Potential and Strategic Development - The ice and snow consumption market in Central China is seen as having significant potential, with Huangpi District positioned advantageously to fill the gap in high-quality ice and snow experiences [3] - The collaborative development model being implemented serves as a reference for non-traditional ice and snow regions to avoid homogenized competition and enhance visitor engagement [3]

央视网消息：12月19日，吉林长春冰雪新天地正式开园。2025年，园区以156万平方米的规模着力打造全龄消费场景。 2025年，长春冰雪新天地以"冰雪联动 文化交融"为核心，打造了"北极冰川""云宫雾凇""水帘洞"三大沉浸式互动场景。 在76万平方米的核心游乐区内，不仅有1314米的雪漂流、520米的激情冰滑梯等4大主题项目，还有冰上卡丁车、传统冰爬犁等30余种互动项 目，可满足不同年龄游客的多样化需求。 2025年，园区对18处暖房设施全面升级，将其打造为集休息、餐饮、旅拍于一体的综合性服务驿站，并将热门项目的排队区域移至室内，让游 客在温暖舒适的环境中安心等候。 据统计，开园当日，园区接待游客量突破2.1万人次。 冰雪休闲新去处 列车驿站暖意浓 夜色中的雪场灯火通明，新增的夜景打卡点吸引游客驻足拍照。此外，现场还有乐队演出，让动感节奏伴随每一道滑行的轨迹。 河北涞源：冰雪赛事带动特色消费 据了解，夜滑雪场可同时容纳2000人滑雪，有4条可满足不同程度爱好者需求的滑雪道，小朋友喜爱的游玩项目均已开放。 不仅是夜滑，这个冬季神农架冰雪玩法全面升级。萌趣企鹅天团惊喜"上岗"，可供游客近距离互动合影；"景+滑"" ...

记者 李宝花 自新手雪道开放以来，咨询量与订单量持续攀升，滑雪学校的专职教练课程更是供不应求，每日排 课均处于满档状态，直接带动超百万元经济效益。目前，耀雪冰雪世界已建成5条专业雪道，其中包含2 条初级雪道，以及中级、中高级、高级雪道各1条，能满足不同水平滑雪爱好者的畅滑需求。 耀雪冰雪世界此次设施升级，核心逻辑在于降低运动参与门槛。耀雪冰雪世界相关负责人表示，未 来将持续构建"观赏+体验""专业+普及"的复合型冰雪消费生态，为上海注入独特的冰雪运动活力。 近日，上海耀雪冰雪世界专为滑雪初学者打造的"小白道"全新亮相，迅速点燃市场热情，元旦假期 预订热度持续走高。 冰雪季开启以来，耀雪推出99元娱雪儿童票、299元滑雪初级道三小时票等多款特惠票种，全方位 覆盖不同游客群体的游玩需求。亮眼数据随之而来：整体客流同比增长40%，营收同比涨幅达70%，带 动周边商业营收增长近30%，配套的三大酒店周末均处于满房状态。预计整个冰雪季期间，耀雪接待客 流将突破10万人次。 ...