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]