Core Viewpoint - The recent drop in temperatures has led to a surge in interest in the ice and snow economy, with related stocks experiencing significant price increases as the ice and snow tourism season begins [3][4]. Group 1: Stock Performance - On November 4, ice and snow concept stocks saw collective price increases, with notable gains including: - Jingxue Energy (301010.SZ) up 13.49% - Dalian Shengya (600593.SH) initially up 9%, closing at 7.43% - Xue Ren Group (002639.SZ) hitting a price limit, peaking at 12.45 - Bing Shan Re Leng (000530.SZ) up 6.04% - Xiyu Tourism (300859.SZ) up 5.75%, peaking at 42.09 [3]. Group 2: Tourism Trends - Recent booking data indicates a strong interest in ice and snow tourism, particularly among southern tourists, who make up over 60% of bookings for ice and snow-related products [4][5]. - Popular destinations for ice and snow tourism include Harbin, Beijing, Changchun, Shenyang, Dalian, and others, with Harbin being a particularly favored "internet celebrity" city for travel [4][5]. Group 3: Demographics and Preferences - The primary demographic for ice and snow tourism consists of individuals born in the 1990s and 2000s, accounting for nearly 50% of bookings, with a notable enthusiasm for challenging activities such as skiing and snowmobiling [5][6]. - The opening of various ski resorts has led to increased bookings for transportation, accommodation, and ski packages, contributing to the rise in stock prices of related tourism companies [5]. Group 4: Southern Tourism Demand - As temperatures drop, there is a noticeable increase in demand from northern tourists seeking warmer southern destinations, with a 20% year-on-year increase in bookings for accommodations in provinces like Hainan and Yunnan [6]. - The trend of younger digital nomads and families choosing to spend the winter in southern regions is also on the rise, with significant growth in bookings from the post-95 and post-00 demographics [6].

Core Insights - The recent drop in temperatures has led to a surge in interest in the ice and snow economy, with related stocks experiencing significant price increases [1][2] - The ice and snow tourism season has officially begun, with a notable increase in bookings from southern tourists, who now account for over 60% of the market [1] Group 1: Stock Performance - On November 4, ice and snow concept stocks saw collective gains, with notable increases such as Jingxue Energy rising by 13.49% and Dalian Shengya reaching a peak of 62.14 yuan per share [1] - Other companies like Xue Ren Group and Bingshan Refrigeration also experienced significant stock price increases, with Xue Ren Group hitting a daily limit up [1] Group 2: Tourism Trends - Popular ice and snow tourism destinations include Harbin, Beijing, and Changchun, with Harbin seeing a 23% year-on-year increase in flight bookings from October 29 to December 31 [2] - The primary demographic for ice and snow tourism is the post-90s and post-00s generations, who account for nearly 50% of bookings, with a particular interest in challenging activities like skiing and snowmobiling [2] Group 3: Booking Insights - The opening of various ski resorts has led to a significant increase in bookings for transportation, hotels, and ski packages, contributing to the rise in stock prices of related tourism companies [2]

Group 1 - The ice and snow tourism sector is experiencing significant growth, with stocks like Jingxue Energy rising over 10% and others like Snowman Group and Dalian Shengya hitting their daily limit [2] - A strong cold air mass is expected to impact most regions of China from November 5-9, leading to temperature drops of over 10°C in some areas, which is likely to boost interest in ice and snow activities [2] - Search volume for outdoor ski resorts has surged nearly 900% since mid-October, with specific resorts like Keketohai International Ski Resort seeing a 279% increase in searches [2] Group 2 - The ice and snow industry chain in China has developed a complete ecosystem, benefiting from the "cold resources to hot economy" trend, with investment opportunities in infrastructure, equipment manufacturing, and sports training [3] - The ice and snow tourism sector has seen a nearly 70% increase in stock prices over the past year, with Dalian Shengya up approximately 180% and Jingxue Energy over 100% [3] - Stocks like Miaokelando and Yingpais have potential upside based on the latest target prices, while Changbai Mountain's stock price has exceeded its target by 30.58% [3] Group 3 - A table of ice and snow tourism concept stocks shows various companies with their target prices, potential upside, and net profit figures for the first three quarters, highlighting significant growth in some companies [4] - For instance, Miaokelando has a target price of 31.62 with a 30.06% upside, while Yingpais has a target price of 28.13 with a 17.70% upside [4] - The data indicates that some companies, like Dalian Shengya and Jingxue Energy, are facing challenges with negative year-on-year profit growth [4]

Core Viewpoint - The ice and snow tourism sector is experiencing significant growth, driven by favorable weather conditions and increasing consumer interest, with notable stock performance in related companies [1][2]. Group 1: Market Performance - As of November 4, the ice and snow tourism sector has seen a nearly 70% increase in stock prices over the past year, with companies like Dalian Shengya rising nearly 180% and Jingxue Energy over 100% [2]. - On November 4, Jingxue Energy (301010.SZ) led the gains with over a 10% increase, while Xue Ren Group (002639.SZ) and Dalian Yasheng (600593.SH) hit their daily limit [1]. Group 2: Consumer Trends - Data from Meituan Travel indicates that since mid-October, the search volume for "outdoor ski resorts" has surged nearly 900%, with specific resorts like Keketohai International Ski Resort seeing a 279% increase in searches [1]. - Hotel bookings in the Altay region have increased by over 35% year-on-year, and domestic flight bookings to the region have risen by more than 65% [1]. Group 3: Investment Opportunities - Century Securities highlights a complete ecosystem in China's ice and snow industry, suggesting investment in infrastructure (ski resort renovations), ice and snow equipment production, and sports training/events [2]. - Companies such as Miaokelan Duo (600882.SH) and Yingpais (002899.SZ) still have potential upside based on the latest target prices, while Changbai Mountain (603099.SH) has exceeded its target price by 30.58% [2][3].

Core Insights - The A-share market experienced a volume contraction and the ChiNext index fell nearly 2% on November 4, 2023 [1] - The ice and snow industry sector showed strong performance, with stocks like Dalian Shenya and Xue Ren Group hitting the daily limit, and Jingxue Energy rising over 13% [1] Industry Trends - According to the National Sports Administration's report, the participation in ice and snow sports is projected to reach 292 million people in the 2024-2025 season, with a participation rate of 20.61%, an increase of 1.93 percentage points year-on-year [1] - Guosheng Securities reported a rise in interest in ice tourism, with a significant increase in search volume for outdoor ski resorts, up nearly 900% since mid-October [1] - Specific ski resorts like Keketohai International Ski Resort and Harbin Ice and Snow World have seen search volume increases of 279% and nearly 163% respectively [1] Market Opportunities - The upcoming spring and autumn holidays are expected to boost off-season travel, as many scenic spots are launching promotional initiatives [1]

Core Viewpoint - The Chinese A-share market experienced a decline on November 4, with major indices falling, but the ice and snow economy sector showed resilience, achieving a three-day consecutive rise [1] Market Performance - On November 4, the Shanghai Composite Index closed at 3960 points, down 0.41% - The Shenzhen Component Index closed at 13175 points, down 1.71% - The ChiNext Index closed at 3134 points, down 1.96% - The total trading volume in the Shanghai and Shenzhen markets was approximately 191.58 billion RMB, a decrease of about 19.14 billion RMB from the previous trading day [1] Ice and Snow Economy Sector - The ice and snow economy sector rose by 1.57% on the same day, marking a cumulative increase of over 4% over three trading days, outperforming the Shanghai Composite Index during the same period [1] - Notable individual stock performances included: - Jingxue Energy with a 13.49% increase - Dalian Shengya and Xue Ren Group both reaching the daily limit with approximately 10% gains [1] Tourism Trends - Analysts noted an increase in ice and snow tourism interest for the fourth quarter of this year, driven by school holidays and promotional offers at various scenic spots [1] - Data from Meituan Travel indicated a 23% year-on-year increase in flight bookings to Harbin, a popular ice and snow destination, from October 29 to December 31, with major source cities including Shanghai, Beijing, Hangzhou, Chengdu, and Guangzhou [1]

Core Insights - The 2025-2026 Winter Ice and Snow Tourism Hundred-Day Action was announced in Harbin, highlighting the city's winter tourism attractions for this season [1] Group 1 - The area of Harbin Ice and Snow World has expanded from 1 million square meters to 1.2 million square meters, indicating a significant increase in space for visitors [1] - The total amount of ice and snow used in the park has reached 400,000 cubic meters, showcasing the scale of the winter attractions [1] - The park will incorporate more technological elements, fairy tale IPs, international architecture, city landmarks, and entertainment projects, enhancing the visitor experience with new activities [1]

Core Viewpoint - The winter sports season has officially begun in China, with multiple ski resorts opening for the season, leveraging the legacy of the Beijing Winter Olympics to attract visitors and enhance local ice and snow consumption [1][2]. Group 1: Ski Resort Operations - The Yunding Ski Park in Zhangjiakou officially opened on November 1, marking the start of the winter sports season, with three major ski resorts now operational in the area [1]. - The Wanlong Ski Resort, which opened in late October, has already seen significant visitor traffic, averaging over 3,000 visitors per day on weekends [2]. - A total of nine large ski resorts are currently available in Zhangjiakou, with all expected to be operational by mid-November [2]. Group 2: Regional Developments - Other major ice and snow destinations in China, such as Xinjiang, Jilin, and Heilongjiang, are also preparing for the winter season, with favorable temperatures for outdoor skiing [3][5]. - The Keketohai International Ski Resort in Xinjiang was the first large outdoor ski resort to open for the new season, showing a steady increase in visitor numbers since mid-October [5]. - Ski resorts in Jilin and Heilongjiang are ramping up snow-making efforts, aiming for full operational status by mid-November [7]. Group 3: Consumer Engagement and Promotions - Jilin plans to invest at least 30 million yuan in ice and snow consumption vouchers to stimulate local tourism and consumption [9]. - In Xinjiang, various promotional policies, such as free access for locals and discounted entry for tourists, are being implemented to attract more visitors [9]. Group 4: Expanding Ice and Snow Sports - Indoor ski facilities and dry snow options in southern regions are expanding the boundaries of ice and snow sports beyond winter [10]. - The Qianhai Ice and Snow World in Shenzhen, the largest indoor ski resort globally, has been attracting an average of 5,000 visitors daily since its opening in late September [12]. - The Jianfeng Dry Snow Resort in Chengdu is utilizing proprietary technology to enable year-round outdoor ice and snow activities, appealing to both professional athletes and amateur enthusiasts [12].

Core Points - The 2025-2026 winter ice and snow tourism campaign in Heilongjiang was announced, highlighting Harbin's ice and snow attractions for this winter [1] Group 1: Ice and Snow Attractions - Harbin plans to create three flagship ice and snow tourism parks, each exceeding one million square meters in area [2] - Harbin Ice and Snow World will expand from 1 million square meters to 1.2 million square meters, utilizing 400,000 cubic meters of ice, incorporating more technology, fairy tale IPs, international architecture, city landmarks, and entertainment projects [2] - The Sun Island Snow Expo will cover 1.5 million square meters, using 120,000 cubic meters of snow, featuring over 260 artistic snow sculptures and various interactive scenes [2] - The Songhua River Ice Carnival will span 1.45 million square meters, offering over 60 ice entertainment activities, creating a festive atmosphere for thousands of visitors [2] - Additional attractions along the Songhua River will include large snowmen and themed parks to cater to diverse visitor experiences [2] Group 2: Skiing Opportunities - This winter, over 20 ski resorts will open in Harbin, offering more than 70 ski trails suitable for beginners, intermediates, and advanced skiers [3] - The Yabuli National Ski Resort will open on November 7, featuring interconnected ski areas for a seamless skiing experience [3] - Nearby ski resorts have been upgraded to enhance the skiing experience, providing thrilling opportunities for skiing enthusiasts [3]

Core Viewpoint - The ice and snow tourism index experienced a 2% increase, indicating a positive trend in the sector [1] Company Performance - Dalian Shenya saw a significant rise of 7.01% in its stock price [1] - Jingxue Energy increased by 6.36% [1] - Changbai Mountain's stock rose by 3.84% [1] - Iceberg Cold and Heat gained 1.47% [1] - Inpai Si experienced a 1.17% increase [1]