牙克石市，一座位于内蒙古自治区呼伦贝尔市的冰雪之城，随着新一轮寒潮的到来，这里正迎来一年中 最繁忙的时节。12月7日，内蒙古冰雪英雄会2025—2026呼伦贝尔市第七届冰雪日暨牙克石凤凰山冰糖 葫芦冰雪艺术季正式启动，牙克石这个备受全球瞩目的中国寒地汽车测试重要基地，正经历一场从专业 测试场到冰雪产业综合体的转型，成为寒地城市转型的新样本。 在现场，本报记者看到，零下25℃的寒冷天气里，两股热潮在雪原上交织涌动：凤凰山景区的冰雪赛道 上，测试车辆引擎轰鸣，上演着科技与严寒的较量；不远处的冰糖葫芦冰雪艺术季现场，游人欢声笑 语，沉浸在冰雪与民俗交融的狂欢中。这座"冰雪之都"正以独特的"专业测试+大众体验"模式，让冰天 雪地的"冷资源"持续释放"热效应"。 极寒试炼场 跑出产业加速度 12月11日，总投资10.39亿元的国内首个智能网联新能源汽车全季冰雪试验基地项目正式在牙克石签约 落户。 项目计划2026年5月开工，2028年竣工。作为全球规模最大、功能最全、技术领先的新能源汽车全季冰 雪试验基地，将建设全国首个有室内降雪场景的专业测试场和国内唯一的飞行汽车寒区测试场，推动测 试标准化、规范化。覆盖汽车整车、零 ...

今年冬季，内蒙古在交通枢纽、景区入口等关键点位，推出一系列保障措施。"温暖服务"，在机场、车站、景区设置充足的取暖场所与设施， 让游客随时能"缓口气"；"暖心服务"，为游客备好热饮、姜茶等驱寒饮品，在冰天雪地中递上一份热气腾腾的关怀；"便民服务"，增设防寒服、 电热宝等御寒产品售卖处，并配备"专属服务专员"，开通"绿色通道"，全方位保障游客"安心游、舒心玩"。 在呼伦贝尔，暖心服务更藏在点滴细节里。自驾游客因不熟悉路况误压线？交警以教育为主；车辆半路没油被困？中国石油呼伦贝尔分公司24 小时应急热线随时待命，提供紧急送油服务；旅途中突然"内急"？打开"指尖上的呼伦贝尔"小程序，"如厕通"功能一键导航至就近卫生间。 "冰雪旅游季活动期间，内蒙古各地将投放文旅消费券，覆盖景区游览、滑雪体验、酒店住宿、餐饮消费等场景。"内蒙古自治区文化和旅游厅 副厅长孙国铭介绍，各地还引导景区、滑雪场、酒店与餐饮企业推出"滑雪+温泉""住宿+美食"等联票套餐，以组合优惠降低游客出游成本。 "我们希望每一位游客都能享受到冬季旅游的美好体验。"内蒙古自治区文化和旅游厅厅长冀晓青说，内蒙古立足文化特色激发旅游活力，通过 多样的旅游产品盘 ...

Core Insights - The Chinese ice and snow industry is projected to grow from 270 billion yuan in 2015 to 980 billion yuan by 2024, with expectations to surpass 1 trillion yuan in 2025, indicating a robust growth trajectory [1] - The opening of Harbin Ice and Snow World has attracted significant attention, with 45,000 visitors on its first day, showcasing the increasing popularity of winter sports and related activities [1][2] - The integration of technology and diverse activities in ice and snow parks is enhancing visitor experiences, with new attractions like AI interactions and themed parades [2] Industry Growth - The ice and snow industry is experiencing a boom, with various regions in China, including Xinjiang, Jilin, and Hebei, opening ski resorts earlier than last year, contributing to a surge in winter tourism [2] - The number of ski resorts in China is expected to increase from 1,133 in 2018 to 2,678 by 2024, reflecting a growth rate of 136% [5] - The demand for ice and snow sports is expanding beyond northern China, with southern regions like Shenzhen establishing large indoor ski facilities, attracting significant tourist numbers [5] Equipment and Rental Market - The trend of renting ski equipment is on the rise, with over 100 rental shops in Chongli offering more than 70,000 pieces of equipment, highlighting a shift in consumer preferences towards convenience [3] - Domestic brands are gaining market share in the ski equipment sector, with local products now covering 70% of personal snowboard equipment in domestic ski resorts [4] - The growth of the ice and snow sports market is driving the development of the equipment manufacturing industry, with significant sales increases reported for ski boards and other gear [3] Economic Impact - The ice and snow economy is creating new job opportunities, with local guides in Qinghai earning significantly higher incomes due to the growing demand for professional services in snow tourism [7] - The establishment of a comprehensive ice and snow economic ecosystem is underway, with nearly 13,000 companies involved in ice and snow tourism, marking a 17% increase from 2023 [8] - The anticipated number of participants in ice and snow leisure tourism in China is expected to exceed 500 million by 2025, indicating a strong consumer interest in winter activities [7][8]

Core Insights - The Chinese ice and snow industry is projected to grow from 270 billion yuan in 2015 to 980 billion yuan by 2024, with expectations to surpass 1 trillion yuan in 2025 [1] - The opening of Harbin Ice and Snow World has attracted significant attention, with 45,000 visitors on its first day, showcasing the increasing popularity of winter sports and related activities [3] Industry Growth - The ice and snow industry is experiencing a boom, with diverse activities and new "ice and snow +" scenarios driving consumption and the growth of the entire industry chain, including domestic equipment manufacturing and tourism services [1][7] - The number of snow resorts in China is expected to increase from 1,133 in 2018 to 2,678 by 2024, representing a growth of 136% [15] Equipment and Technology - The rise of domestic snow equipment brands has changed the market dynamics, with local brands now covering 70% of personal snowboard equipment in domestic resorts [13] - The snow equipment rental market is thriving, with over 100 rental shops in Chongli offering more than 70,000 pieces of equipment, reflecting a shift in consumer preferences towards renting rather than purchasing [7][8] Regional Developments - The establishment of the world's largest indoor ski resort in Shenzhen has attracted over 700,000 visitors since its opening, highlighting the growing interest in ice and snow activities in southern China [15] - The development of the Gangshika Snow Peak in Qinghai Province as a national training base for skiing and mountaineering is attracting more climbers and skiers, indicating a diversification of ice and snow tourism [19][27] Economic Impact - The ice and snow economy is creating new job opportunities, with local guides in Qinghai earning significantly higher incomes due to the growing demand for professional services in the region [25] - The overall ice and snow tourism sector is expected to see over 500 million participants by 2025, with a substantial increase in related businesses, indicating a robust economic impact [27]

刚刚过去的12月3日至7日，吉林省义务教育阶段学生迎来首个"冰雪假期"（以下简称"雪假"）。依据 《吉林省2025年"冰雪假期"专项工作方案》，这5天专属假期不挤占寒暑假时间，其间学校不安排课 程、不布置书面作业，同时鼓励机关企事业单位职工通过"分段休假、错峰休假"等方式带薪休假，陪伴 子女参与冰雪活动。 与之相配套，吉林全省39家滑雪场同步推出优惠政策，对中小学生免票开放，陪同家长也可享受相应优 惠。一系列举措，成功激发了广大家庭与青少年的参与热情，为冰雪消费市场燃起了"冬天里的一把 火"。 吉林延边长白山和平滑雪场是此次参与优惠政策的39家滑雪场之一。该雪场雪具大厅经理刘洋提供的一 组数据显示："雪假"期间，雪场累计接待游客7282人，其中包括1720名儿童，实现总收入517632元。相 较于去年同期4210人的接待量、371850元的总收入，两项核心指标均实现显著增长。 为应对"雪假"期间可能出现的客流高峰，长白山和平滑雪场提前制定了相应预案，将儿童雪具配备量由 原有的200套增加至400套，并全面实行预约入园制度，以保障游客的安全与体验。12月6日上午10点左 右，雪场实时客流就已经达到单日最大承载量 ...

Group 1: Industry Overview - The recent performance of humanoid robots by Yushutech, showcased at a concert, indicates significant technological advancements, likely reigniting investment interest in the humanoid robotics sector [2] - Indonesia, the largest nickel exporter, plans to reduce nickel ore production to 250 million tons by 2026, a decrease of approximately one-third from the 379 million tons target for 2025, which may positively impact nickel prices [3] - The launch of the Hainan Free Trade Port has resulted in a 61% year-on-year increase in duty-free shopping, indicating a strong growth potential in the consumer sector [8] Group 2: Advanced Manufacturing Insights - The resumption of lithium production at the Jiangxiawo mine by CATL is expected to take 6-9 months, potentially creating a supply gap of 45,000 to 68,000 tons of lithium carbonate, which could influence prices in the first half of 2026 [6] - The lithium carbonate market is entering a phase of supply risk premium, with increased price elasticity and volatility anticipated [6] Group 3: Bond Market Analysis - The bond market has shown signs of stabilization after a period of volatility, with yields beginning to decline following a period of uncertainty [10]

Core Viewpoint - The winter tourism market in China is thriving, with various regions enhancing their offerings to attract visitors through unique ice and snow activities [1]. Group 1: Xinjiang Region - Xinjiang is hosting a variety of special ice and snow activities, including traditional competitions like the "Diao Yang" event, which draws thousands of visitors [3]. - In the Tianshan Mountain area of Urumqi, locals are engaging in horseback riding on snow-covered grasslands, creating a stunning visual experience [4]. - The Sayram Lake scenic area features a newly built 800 square meter ice waterfall, enhancing the viewing experience for tourists [7]. - The scenic area also connects over 90 kilometers of ice and snow experience points along the lake, offering diverse cultural and recreational activities [9]. Group 2: Inner Mongolia - Inner Mongolia is introducing new ice and snow experiences, such as "Ice Pot Stew" and "Extreme Cold Lying on Ice," to attract tourists [12]. - The "Ice Pot Stew" project features a 40-meter diameter ice pot where participants can test their driving skills in a safe environment [13]. - The "Lying on Ice" experience allows visitors to float on a unique non-freezing river in extreme cold conditions, surrounded by stunning natural scenery [16]. - During the ice and snow tourism season, Inner Mongolia plans to launch 143 unique activities and 48 cultural tourism integration events, along with issuing consumer vouchers [19]. Group 3: Sichuan Region - The Haizhuogou Glacier Forest Park in Sichuan is experiencing a surge in visitors, with new offerings like "Ice and Snow + Hot Springs" and "Ice and Snow + Scientific Research" [19]. - The park features hot springs with temperatures reaching 92 degrees Celsius, providing a unique winter experience for tourists [20]. - A new highway connecting Chengdu to Haizhuogou will reduce travel time to approximately three hours, boosting winter tourism in the area [22]. Group 4: Yunnan Region - Yunnan's Shangri-La is leveraging its ice and snow resources to attract tourists, especially after the completion of the Lijiang to Diqing high-speed railway [24]. - The region offers well-equipped ski resorts and family-friendly snow play areas, enhancing the winter tourism experience [27]. - In addition to snow activities, local attractions include scenic routes for viewing sunrise over mountains and opportunities to engage in traditional handicrafts [30].

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 ...