On December 11, the "Liaoning Province High-Quality Development Three-Year Action Plan for Ice-Snow Tourism (2025–2027)" was released for public consultation. The plan proposes cultivating over 10 provincial-level ski tourism resorts, developing more than 10 premium ice-snow tourism routes, and significantly enhancing the comprehensive consumption impact of ice-snow tourism while elevating Liaoning’s ice-snow brand influence. By 2027, the province aims to attract over 260 million ice-snow tourists annually, generating total revenues exceeding 250 billion yuan.

Ice-snow tourism has emerged as a pivotal driver of China’s economic growth, from the success of the Beijing Winter Olympics to the strategic expansion of winter sports nationwide. The industry is now scaling new heights in high-quality development.

With the new snow season underway, regional ice-snow initiatives are in full swing. On November 27, Beijing-Tianjin-Hebei launched a cultural tourism synergy and consumption promotion campaign, unveiling five premium ice-snow routes and eight inbound tourism routes alongside multi-sector incentives. On November 22, Jilin Province kicked off its 2025–2026 snow season and the 31st Jilin Rime Ice-Snow Festival, distributing 100 million yuan in ice-snow consumption vouchers for skiing, hotels, hot springs, and more.

Southern regions are also fueling the ice-snow economy with new venues and experiences. Shenzhen’s Qianhai Ice-Snow World, featuring five professional slopes and 14 snow activities, has already welcomed over 700,000 visitors, including Hong Kong tourists via cross-border shuttles.

Provincial "15th Five-Year Plan" proposals highlight ice-snow economy growth. Heilongjiang aims to build a 100-billion-yuan ice-snow industrial cluster, advancing infrastructure and talent development. Jilin targets world-class ice-snow tourism, while Inner Mongolia and Beijing plan to expand the sector.

Per the "China Ice-Snow Industry Development Report (2025)," China’s ice-snow industry surged from 270 billion yuan in 2015 to 980 billion yuan in 2024, projected to exceed 1 trillion yuan (1.0053 trillion) in 2025. The 2024–2025 snow season saw 187.5 billion yuan in ice-snow consumption, up 25% YoY, with ski resort spending hitting 78.613 billion yuan.

Ping An Securities notes that ice-snow economy—spanning sports, tourism, equipment, and culture—has become a key growth driver with extensive spillover effects. As winter sports gain popularity, the "cold resources" are fast becoming a "hot economy," accelerating industry expansion.

Key stocks to watch: - **ANTA SPORTS (02020)**: Launched its "Thermal Ocean Current 3.0" skiwear for mass-market adoption. - **BOSIDENG (03998)**: A pioneer in extreme-cold gear, collaborating with Harbin on a co-branded ice-snow fashion line. - **FOSUN TOURISM (01992)**: Operates Club Med’s Alpine-themed resorts, offering all-inclusive family ski packages.