According to the Zhitong Finance APP, Ping An Securities has released a research report stating that as discretionary consumption gradually recovers and the terminal consumption environment improves, it may help the recovery of the outdoor-related industrial chain of ice and snow sports. With strong support from national policies for the ice and snow economy and ice and snow sports, the ice and snow sports industry may welcome new development opportunities. It is recommended to focus on blue-chip stocks with strong performance certainty and high dividend yields. Among them, it is suggested to pay special attention to ice and snow sports brand companies with marginal improvements, as well as leading companies with stable dividend payout rates.
<h2>Main viewpoints of Ping An Securities are as follows:</h2>
Ice and Snow Economy: A new economic form that relies on ice and snow resources to promote economic growth through the development of related industries such as ice and snow sports, ice and snow tourism, and ice and snow equipment.
In recent years, with the popularization of ice and snow sports and the development of ice and snow tourism, the ice and snow economy has gradually become a new economic growth point. The ice and snow economy encompasses a comprehensive economic system related to ice and snow sports, ice and snow tourism, ice and snow equipment, and ice and snow culture. It is characterized by a long industrial chain, significant diversion effects, and high social benefits, and has become an important force in promoting regional economic and social development and facilitating urban-rural integration. As ice and snow sports gradually become popular in China, the enthusiasm for ice and snow tourism continues to rise, and &#34;cold resources&#34; are rapidly transforming into &#34;hot economies,&#34; leading to rapid growth in the scale of the ice and snow industry.
The entire industrial chain of the ice and snow sports industry has good development opportunities.
Specifically, the production end of outdoor footwear and apparel for ice and snow sports, the brand end of ice and snow brands, and the terminal facilities of ice and snow venues are all showing trends and situations of rapid development.
1) The consumption scale of ice and snow sports is growing rapidly. According to the comprehensive estimation by the General Administration of Sport of China on residents' consumption in various aspects of ice and snow sports, during the 2023-2024 ice and snow season, the consumption scale of various ice and snow sports projects, folk ice and snow activities, ice and snow viewing experiences, and land ice and snow sports in China exceeds 150 billion yuan.
2) There is significant room for improvement in the penetration rate of ice and snow sports. In the post-Winter Olympics era, the achievement of &#34;involving 300 million people in ice and snow sports&#34; has been consolidated and expanded. According to relevant data from the National Bureau of Statistics' &#34;Survey Statistical Analysis Report on Participation in Ice and Snow Sports,&#34; it is estimated that during the 2023-2024 ice and snow season, the number of people participating in various ice and snow sports projects such as skating, skiing, curling, and ice hockey nationwide will reach 57.35 million, with a total of 109.5 million participation instances.
3) The development of ice and snow sports has received strong support from national policies. On November 6, 2024, the General Office of the State Council issued the &#34;Several Opinions on Stimulating the Vitality of the Ice and Snow Economy through High-Quality Development of Ice and Snow Sports,&#34; which clearly points out the promotion of ice and snow sports development. Specific measures include:
A) Widely carry out mass ice and snow sports. Deeply implement the strategy of &#34;expanding southward, westward, and eastward&#34; for ice and snow sports, promoting the popular development of ice and snow sports nationwide. Enrich the content of brand activities such as the &#34;National Mass Ice and Snow Season,&#34; deeply explore folk traditional ice and snow projects that the public enjoys, and promote the construction of mass ice and snow events with &#34;one place, one product&#34; tailored to local conditions, guiding the public to participate in suitable ice and snow sports
B) Promote the development of youth ice and snow sports. Support qualified primary and secondary schools to incorporate ice and snow sports into specialized sports projects within the physical education and health curriculum. Carry out &#34;Open Day for Sports Teams&#34; activities, regularly opening the venue and training resources of ice and snow sports teams at all levels to young people in an orderly manner.
C) Enhance the competitive level of ice and snow sports. Strengthen training support for ice and snow sports and prepare for major international ice and snow events such as the Winter Olympics.
D) Develop the competition and performance industry for ice and snow projects. Support qualified localities to apply for and host international ice and snow events.
Investment recommendations and target suggestions: It is recommended to allocate quality core assets in outdoor tracks for ice and snow sports, especially blue-chip stocks that are experiencing a turnaround from bottoming out.
Main focus targets: ANTA SPORTS (02020), Bosideng (03998), SANFO OUTDOOR (002780.SZ).
Risk warnings: 1) Risk of changes in consumer preferences, 2) Uncertainty in the continued increase of ice and snow sports penetration rate, 3) Seasonal fluctuation risks in ice and snow sports

82020

02020

002780

Ping An Securities released a research report indicating that as discretionary consumption gradually recovers, the ice and snow sports industry will welcome new development opportunities. It is recommended to pay attention to ice and snow sports brand companies with marginal improvements and leading companies with stable dividends. The ice and snow economy is gradually becoming a new economic growth point, covering industries such as ice and snow sports, tourism, and equipment. It is expected that the scale of ice and snow consumption will exceed 150 billion yuan in 2023-2024, with development opportunities across the entire industry chain

Zhitong

ANTA SPORTS-R

ANTA SPORTS

SANFO OUTDOOR

Funshine Culture

Ronshin Group

LNGF

NGDC

BOSIDENG

Ping An Securities: The recovery of discretionary consumption is improving, and the ice and snow sports industry may usher in new development opportunities