According to Wisdom Financial App, Everbright Securities released a research report stating that Qunar's data shows a fifty percent year-on-year increase in hotel bookings in Harbin in November, driving a 140%, 52%, and 45% year-on-year growth in orders for nearby cities like Daxing'anling, Yichun, and Qiqihar, respectively. The booking trend is positive. The number of participating countries and the scale of athletes in the 2025 Winter Asian Games will reach a historic high, prompting Harbin to actively enhance its local passenger flow capacity (increasing the area of the Ice and Snow World Park by 20%) and service levels (organizing transportation and providing training for overseas tourists at lodging institutions), taking reference from the Hangzhou Asian Games. The high-profile event is expected to further raise the ceiling on passenger flow during the ice and snow season due to the gathering effect of high-quality events.

The major viewpoints of Open source Securities are as follows:

Ice and snow sports are 'efficiency enhancers' for the development of multiple industries, with policies actively tapping into off-season demand.

Following the measures to boost the ice and snow economy outlined during the State Council Executive Meeting on October 25th, several departments officially released the 'Several Opinions on Stimulating Ice and Snow Economic Vitality for High-Quality Development of Ice and Snow Sports' on November 6th.

(1) Core Focus: Implementing the 'expansion to the south, west, and east' strategy for ice and snow sports to expand the mass base and service supply, driving the upgrading and development of the entire ice and snow equipment, events, and tourism industry chain. (2) Construction Goals: By 2027, China's ice and snow sports facilities and service levels will significantly improve, expanding the total size of the ice and snow economy to 1.2 trillion yuan, with a CAGR of 7.8% from 2023 to 2027. (3) Implementation Path: Putting forward eight major favorable measures, focusing on key methods such as overcoming industry development bottlenecks related to ice and snow event supply, project land guarantees, university-industry integration, and enterprise credit support.

At this current juncture, the 'Opinions,' as the winter sports industry's first top-level document, are expected to guide China's transition of 'cold resources' in ice and snow to 'hot momentum' in economic development, highlighting its role in tapping into winter consumption potential, promoting employment, and expanding domestic demand.

The new ice and snow season bookings continue to be prosperous, and top ice and snow events are expected to continue to stimulate attention and enthusiasm.

From the perspective of supply and demand, China currently has 0.0125 million ice and snow economic enterprises, a 16% increase from the beginning of the year. By the end of 2023, the number of ice and snow venues reached 2837, three times more than in 2015, indicating the initial establishment of an industry foundation. After the Winter Olympics, the national residents' participation rate in ice and snow sports reached 22.13%, with ample room for further penetration of the ice and snow sports base among the masses. During the 2023-2024 snow season, Harbin's tourist traffic and revenue are expected to increase by 300% and 500% respectively, highlighting the strong diversion effect and high multiplier effect of the ice and snow economy. As a benchmark, the domestic urban ice and snow cultural tourism industry model of “professional sports + mass entertainment” and “moving from north to south + shared hosting” has gradually taken shape.

The upcoming February 2025 Harbin Asian Winter Games are expected to boost nationwide attention and participation in ice and snow sports, along with improvements in ice and snow tourism supply, dominance of spiritual consumption, and frequent social media promotions. The China Tourism Academy predicts a new peak in ice and snow tourism during the 2024-2025 snow season, with national leisure travel expected to increase by approximately 30% to surpass 0.5 billion person-times. Data from Qunar shows that since November, bookings at snow-related scenic spots nationwide have increased by over 30% year-on-year, with the high level of prosperity continuing during the new snow season booking window.

Investment advice: Prepare for the new ice and snow season, seize the momentum of ice and snow tourism/industry in Northeast China.

Data from Qunar shows a fifty percent year-on-year increase in hotel bookings in Harbin in November, which, in turn, drove a 140%/52%/45% year-on-year increase in orders in surrounding cities like Daxing'anling, Yichun, and Qiqihar, showing a positive booking trend. The number of participating countries and the scale of athletes in the 2025 Asian Winter Games is expected to reach a record high, prompting Harbin to actively increase its local passenger flow capacity (expanding the area of the Ice and Snow World Park by 20%) and service levels (organizing transportation, overseas tourist training for accommodation institutions), with the possibility of further raising the ice and snow season's passenger flow ceiling through the aggregation effect of high-profile events. The three northeastern provinces have abundant resource endowments, industry foundations, and policy support, combined with the current progress in optimizing visa-free policies, optimistic about the flow of tourism in Harbin radiating to the surrounding provinces and cities in Northeast China, driving the peak-season performance release of ice and snow tourism attractions and transportation service providers.

Beneficiaries: Changbai Mountain Tourism (603099.SH), Dalian Sunasia Tourism Holding (600593.SH), Heilongjiang Transport Development (601188.SH). The increase in supply leads to greater destination diversion pressure, with OTA platforms having a strong advantage in traffic flow and relatively strong certainty, expected to benefit from the boost in national ice and snow tourism. Beneficiaries: Ctrip Group-S (09961), Tongcheng Travel (00780), Western Region Tourism (300859.SZ).

Risk warning: Extreme weather conditions, macroeconomic performance below expectations, delays in the implementation of scenic area projects, etc.