Core Viewpoint - The ice and snow sports industry in China is experiencing significant growth, driven by increased participation, improved infrastructure, and supportive policies, leading to a surge in consumer spending and economic development [1][2][3] Group 1: Industry Growth and Economic Impact - The participation in ice and snow sports is projected to exceed 1,875 billion yuan in the 2024-2025 season, representing a year-on-year growth of over 25% [1] - The total consumption at ski resorts reached 786.13 billion yuan, with a year-on-year increase of 12.88% [1] - The establishment of "snow holidays" for students in regions like Xinjiang and Jilin has significantly boosted attendance at ski resorts, with one resort in Urumqi seeing over 20,000 visitors on the first day of the holiday [2] Group 2: Regional Development and Infrastructure - Ice and snow sports are breaking geographical barriers, with southern regions developing various facilities to cater to local populations, such as indoor ski parks in Shanghai and professional ski resorts in Guizhou [2] - The integration of technology in creating year-round ice and snow experiences is enhancing accessibility and participation [2] Group 3: Events and Community Engagement - A total of 160 ice and snow events are scheduled in Hebei this winter, attracting significant visitor numbers and boosting local tourism [3] - The introduction of "sports+" initiatives in Harbin aims to convert event attendance into increased consumer spending through combined tourism packages [3] Group 4: Challenges and Recommendations - Despite the growth, the ice and snow industry lacks a fully developed supply chain and ecosystem, with insufficient domestic production capabilities for high-end sports equipment [3][4] - Recommendations include enhancing the ice and snow manufacturing sector, diversifying event types, and improving public awareness of ice and snow culture to foster broader participation [4]

产品供给是塑造竞争力的"软实力"。当前，"滑雪+赏景"模式仍占主流，产品同质化逐渐显现。新 疆的真正优势，在于其深厚的历史文化与多元的民族风情。开发"雪地古城探秘""冰雪那达慕""民族手 工艺冰雪工坊"等融合型产品，推动游客从"滑冰雪"转向"品文化"，是实现从"滑雪目的地"向"冰雪文化 体验地"升级的关键。 构建"冰雪+"融合发展的产业生态，则是实现长远发展的根本。冰雪运动不应仅限于旅游体验，而 应借"雪假"推动冰雪运动进校园、建立青少年冰雪技能等级体系、举办常态化赛事活动，让冰雪文化扎 根成长。同时，可积极培育冰雪装备研发、本地制造、维护服务等配套产业，拓展冰雪培训、赛事运 营、康养休闲等衍生业态。只有形成"运动普及—人才培养—装备支撑—赛事引领—消费升级"的良性循 环，冰雪经济才能真正成为更具韧性和带动力的支柱产业。 从更宏观的视角来看，"雪假"不仅有助于增加短期的旅游热度，更是区域经济结构优化升级的有力 杠杆，直接带动了服务业链条的延伸，滑雪装备租赁、教练培训、冰雪主题文创、民俗体验等新业态不 断涌现。长远来看，还有助于新疆逐步构建多元化的现代产业体系，推动经济发展从"资源依赖"向"动 能创新"转变。 ...

8 270 . i. I'r 000 real Pro- . 16 ******* 11 11 1 amages 2003 1 2017 陳刺點 O 8422. · West River 1 下 14 . - T 未足叫休強 日本條滑! 1 145度 p (0) st 00 0 97 " W. In 15 彩 # 游 y In 游 ne in the 9 0 4 0 F A e 雪道飞驰的畅快、冰面漫步的悠然、装备生产的忙碌……冰天雪地也是金山银山。近年来，各地发力冰 雪经济，体育、文化、旅游、装备制造等产业与冰雪深度融合，不断催生新产品、新场景、新业态，冰 雪经济更加火热。 ...

本报记者 许林艳 12月12日，北京迎来了今冬初雪。受此轮冷空气影响，北方多地将陆续开启降雪模式，冰雪旅游热度同步升温，严寒冬日 的消费市场"热气腾腾"。 "冬季去滑雪"已成为众多家庭休闲度假的选择之一，滑冰滑雪等冰雪运动项目正从小众消费逐步迈向大众化。当前，国内 主要冰雪游目的地的门票、民宿等预订数据持续走高，勾勒出冰雪消费的旺盛需求。 去哪儿网2026元旦出行报告显示，吉林延边长白山景区的林海雪原与滑雪体验吸引大批游客北上，门票量跻身热门景区 TOP10；黑龙江牡丹江中国雪乡、哈尔滨亚布力滑雪度假区的票量分别同比增长2.7倍和2倍。 民宿市场同样热度爆棚。据途家平台数据，新疆阿勒泰的小木屋、河北崇礼直达雪场的民宿、吉林长白山脚下的玻璃房、 山东威海"一半蓝海一半雪"的观景民宿搜索量持续领先，特色化、场景化成为民宿消费新亮点。 陕西巨丰投资资讯有限责任公司投资顾问总监郭一鸣表示，冰雪装备制造是未来产业发展的重要增长极。随着消费者对高 品质、专业化冰雪装备的需求持续释放，国内企业通过技术创新突破核心零部件瓶颈、提升产品性价比，有望在滑雪板、滑雪 服、造雪设备等领域实现突破，为冰雪产业注入更多"中国制造"的力量 ...

Group 1: Economic Impact of Snow Holidays - The first snow holiday in Urumqi has transformed ice and snow "cold resources" into economic "hot assets," boosting tourism, accommodation, and dining sectors [1] - Urumqi will continue to promote its ice and snow economy with over 160 themed activities planned for the winter season, including skiing events and cultural experiences [1] Group 2: Educational and Cultural Integration - The snow holiday in Altay, covering 73,000 students, has integrated ice sports and cultural education, enhancing winter tourism and promoting the synergy between ice economy and quality education [2] Group 3: Growth of Ice and Snow Equipment Manufacturing - China's ice and snow economy is experiencing unprecedented growth, with the number of related enterprises increasing from approximately 300 in 2015 to around 900 in 2023, and sales revenue rising from under 5 billion to about 22 billion [3] - The ice and snow industry in China is projected to exceed 1 trillion yuan this year, driven by the popularity of ice sports and technological innovations [3]

Market Performance - The Hong Kong stock market opened higher and experienced a rebound, with the Hang Seng Index rising by 1.36% to 25,878.49 points, the Hang Seng Tech Index increasing by 1.45% to 5,614.94 points, the National Enterprises Index up by 1.17% to 9,038.54 points, and the Red Chip Index gaining 0.72% to 4,132.23 points [1] Sector Performance - Major technology stocks generally rose, with Alibaba up by 1.2%, Tencent Holdings increasing by 1%, JD.com rising by 0.7%, Xiaomi up by 2.7%, NetEase increasing by 2.19%, Meituan rising by 1.97%, Kuaishou up by 1.35%, and Bilibili increasing by 0.93% [1] - Power equipment stocks surged, with Dongfang Electric and Shanghai Electric both rising over 7%, and Northeast Electric increasing by over 5% [1] - Gold stocks saw significant gains, with Zijin Mining rising by over 3% [1] - New consumption concept stocks generally rose, with Cha Bai Dao increasing by over 4% and Guoquan rising by over 3% [1] - Consumer electronics stocks, which were strong yesterday, declined, with most semiconductor stocks experiencing a drop [1] Company News - Hong Kong Technology Exploration (01137.HK) reported a total merchandise transaction value of HKD 636 million in November, a year-on-year decrease of 7.4% [2] - BOE Technology Group (00710.HK) signed a total product processing agreement with BOE in Vietnam [3] - China Galaxy (06881.HK) completed the issuance of a short-term corporate bond worth 4 billion yuan [5] - Cloudy Technology (02670.HK) plans to establish a joint venture focusing on innovative robotic solutions [6] - Nocera Biopharma (09969) received approval for the use of Entrectinib in treating adult and adolescent solid tumors with NTRK fusion genes in China [7] - Peijia Medical-B (09996) received approval from the National Medical Products Administration for the registration application of the TaurusTrio transcatheter aortic valve system [8] - China Antibody-B (03681) had its new drug research application accepted by the National Medical Products Administration [9] - Hengyi Holdings (01894.HK) plans to conduct capital restructuring and fundraising activities [10] Institutional Insights - GF Securities noted that the Hong Kong stock market is more sensitive to external risks, with potential rebound points to watch in mid to late December and early January [11] - Dongwu Securities believes the market is still in a left-side phase and that a rebound requires further waiting [11] - Everbright Securities indicated that while there is significant room for the index to rise compared to previous bull markets, the duration of the bull market may be more important than the magnitude of the increase [11] - Guoxin Securities stated that the recent adjustments in the Hong Kong market could open up space for a market rise in 2026, with over 110 billion yuan of net inflow from southbound funds in November [11] Industry Trends - Ping An Securities highlighted the growing importance of the ice and snow economy, which includes ice and snow sports, tourism, equipment, and culture, as a new economic growth point [12] - The ice and snow industry is experiencing rapid growth, with recommendations to focus on brands with marginal improvements and stable dividend-paying leading companies, specifically mentioning Anta Sports, Bosideng, and Sanfu Outdoor [12]

免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 资讯早间报 地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 注:本报告资讯信息来源于万得资讯和金十数据，冠通研究整理编辑 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 2. 欧洲三大股指收盘全线上涨，德国 DAX 指数涨 0.68%报 24294.61 点，法国 CAC40 指数涨 0.79%报 8085.76 点，英国富时 100 指数涨 0.49%报 9703.16 点。 欧股走势受美联储年内第三次降息 25 个基点、美元走弱及全球流动性预期改善 提振，市场风险偏好 ...

【环球网财经综合报道】日前，辽宁省拟出台冰雪旅游高质量发展三年行动计划，力争到2027年，全省冰雪旅游年接 待人次突破2.6亿，年综合收入达到2500亿元以上。 《联合早报》近日发文称，随着气温持续下降，中国北方地区正将丰富的"冷资源"转化为热门旅游项目。 例如为满足激增的冬季旅游需求，铁路增加了哈尔滨和漠河之间的列车班次，民航也增加了漠河与黑龙江其他旅游城 市之间的航班，使旅行更加便捷。 还有丝绸之路山地度假区、白云滑雪场等六大滑雪场面向全疆中小学生免票，并配套多项优惠，包括在度假区租雪具 即赠头盔，聘请教练可享八折，每天还设有两场免费公益教学，其余五家雪场雪具租赁一律五折。 另据2025国际冬季运动博览会主论坛发布的《中国冰雪产业发展研究报告(2025)》显示，今年我国冰雪产业规模将达 到10053亿元。 ...

今日关注 申购提示：今日两只新股申购。 5．中国汽车工业协会12月11日发布的最新数据显示，11月份，我国汽车产销延续良好表现，生产供给 依然保持较快节奏，产销量环比、同比均实现增长。最新数据显示，11月份，我国汽车月度产量首次超 过350万辆，创历史新高。不仅如此，今年前11个月，汽车产销量均超过3100万辆，同比增长均超过 10%。中国汽车工业协会的最新数据同时显示，今年1至11月，我国新能源汽车产销量均接近1500万 辆，同比增长均超过30%。在出口方面，新能源汽车出口231.5万辆，同比增长1倍。 6．《辽宁省冰雪旅游高质量发展三年行动计划（2025—2027年）》公开征求意见。其中提到，充分挖 掘辽宁冰雪文化内涵，健全完善专业型、爱好型、大众型三级产品体系，持续创新"冰雪+""+冰雪"多元 业态与消费场景，构建层次清晰、特色鲜明的辽宁冰雪旅游发展新格局，塑造具有辽宁辨识度的大众冰 雪旅游品牌。培育省级以上滑雪旅游度假地10个，打造冰雪旅游精品线路10条以上，冰雪旅游综合消费 带动效应显著增强，辽宁冰雪品牌影响力全面提升。力争到2027年，全省冰雪旅游年接待人次突破2.6 亿，年综合收入达到2500亿 ...

Group 1 - Huawei, Alipay, and China Mobile Internet signed a cooperation agreement to launch an intelligent communication era with "call as a service" [1] - The collaboration aims to innovate the AI + 5G new call DC ecosystem, transitioning traditional calls to intelligent and service-oriented solutions [1] - China Mobile Internet will leverage its extensive 5G network and user base for reliable communication support, while Alipay will integrate its digital ecosystem capabilities [1] Group 2 - Elon Musk confirmed that SpaceX plans to go public next year, aiming to raise over $30 billion with an estimated valuation of $1.5 trillion [2] - The IPO could potentially break the record for the largest fundraising in history, surpassing Saudi Aramco's $29 billion in 2019 [2] - SpaceX intends to use part of the IPO proceeds to develop a space data center [2] Group 3 - The Zhejiang Province is launching a major technology initiative for brain-computer interfaces, aiming to create a competitive industry cluster [3] - An international standard for brain-computer interface technology is being established to promote healthy and orderly development in the field [3] Group 4 - The China Internet Finance Association held a meeting to discuss self-regulation in supply chain finance, focusing on improving market monitoring and management [4] - The association aims to guide the industry towards reasonable control of financing costs and orderly exit of weaker platforms [4] Group 5 - The Ministry of Commerce plans to introduce policies to accelerate innovation and transformation in the retail sector during the 14th Five-Year Plan [5] - The focus will be on enhancing product and service quality and promoting fair competition between online and offline channels [5] Group 6 - The Xi'an Chida Aircraft's "Jiutian" drone successfully completed its maiden flight, showcasing versatility for both military and civilian applications [6] - The drone can be used for logistics, emergency rescue, and various surveying services, covering multiple sectors of the national economy [6] Group 7 - The National Development and Reform Commission and the National Energy Administration issued guidelines for centralized pricing of renewable energy generation [7] - The new rules restrict centralized pricing to renewable energy companies within the same group and province, preventing cross-group and cross-province pricing [7] Group 8 - Goldman Sachs predicts that gold prices could rise to $4,900 per ounce by the end of 2026, driven by increased investment in gold ETFs [8] - The current allocation of gold in U.S. financial portfolios is low, suggesting significant potential for price increases with higher ETF investments [8] Group 9 - Liaoning Province is soliciting opinions on a three-year action plan for high-quality development of ice and snow tourism [9] - The plan aims to enhance the province's ice and snow tourism brand and develop multiple tourism routes and resorts [9] Group 10 - In November, China's automobile exports reached 728,000 units, marking a 9.3% month-on-month increase and a 48.5% year-on-year increase [10] - The total exports for the first eleven months of 2025 reached 6.343 million units, with expectations to reach 7 million units for the entire year [10]