Core Insights - The winter sports season in China has officially begun, with many ski resorts opening earlier than usual, indicating a strong demand for winter sports activities [1] - The ice and snow sports industry in China is projected to reach a total scale of 970 billion yuan in 2024, with a year-on-year growth of approximately 9%, and is expected to surpass 1 trillion yuan by 2025 [1] Industry Growth - There are currently over 14,000 ice and snow sports-related enterprises in China, with approximately 2,100 new registrations in 2025, reflecting a growing interest in the sector [2] - The registration of ice and snow sports enterprises has shown a consistent upward trend over the past five years, peaking in 2024 [2] Regional Distribution - The highest number of ice and snow sports enterprises is found in Beijing, Hebei, and Shandong, with over 1,200, 1,200, and 1,100 enterprises respectively, indicating a concentration of industry activity in these regions [4] - Guangdong is the only southern province in the top ten, with over 1,000 related enterprises, showcasing a balanced development between northern and southern regions [4] Investment Landscape - New enterprises in the ice and snow sports sector are often led by management teams with extensive industry experience, injecting new vitality into the industry [2] - The investment landscape is diverse, with both professional investment institutions and cross-industry capital entering the market [2]

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].