Ping An Securities: Optional consumption recovery is improving, and the ice and snow sports industry may usher in a new development opportunity.

Ping An Securities released a research report stating that as optional consumption gradually improves, the terminal consumption environment is gradually improving, which may help the recovery of the outdoor snow and ice sports industry chain. With the strong support of national policies for the ice and snow economy and ice and snow sports, the ice and snow sports industry may usher in new opportunities for development. It is recommended to select high-performance and high dividend yield blue-chip stocks. Specifically, it is recommended to focus on ice and snow sports brand enterprises with marginal improvements and leading enterprises with stable dividend payout ratios. Key points of Ping An Securities: Ice and snow economy: Based on ice and snow resources, through the development of ice and snow sports, ice and snow tourism, ice and snow equipment, and other related industries, a new economic form that drives economic growth. 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 point of economic growth. The ice and snow economy includes a comprehensive economic system of ice and snow sports, ice and snow tourism, ice and snow equipment, ice and snow culture, and other related industries. It has the characteristics of a long industrial chain, large spillover effects, and high social benefits, and has become an important force in promoting regional economic and social development and promoting the integrated development of urban and rural areas. As ice and snow sports in China gradually become popular, the enthusiasm for ice and snow tourism continues to rise, and the "cold resources" are accelerating the transformation into a "hot economy," leading to rapid growth in the ice and snow industry. The entire industry chain of the ice and snow sports industry has good development opportunities. Specifically, the production end of outdoor shoes and clothing 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 a trend of rapid development. 1) The consumption scale of ice and snow sports is growing rapidly. According to the comprehensive estimates of the National Sports Administration on various aspects of ice and snow sports consumption by Chinese residents, 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 sightseeing experiences, and land ice and snow sports in China will exceed 150 billion yuan. 2) There is considerable room for the penetration rate of ice and snow sports. In the post-Winter Olympics era, the results of "empowering three hundred million people to participate in ice and snow sports" have been consolidated and expanded. According to relevant data from the National Bureau of Statistics' "Survey and Statistical Analysis Report on Ice and Snow Sports Participation," in terms of participating in ice and snow sports projects, through comprehensive estimation, during the 2023-2024 ice and snow season, the number of people participating in various ice and snow sports projects such as ice skating, skiing, curling, and ice hockey nationwide reached 57.35 million, with a total of 109.5 million participating times. 3) The development of ice and snow sports is receiving strong support from national policies. On November 6, 2024, the General Office of the State Council issued the "Several Opinions on Stimulating the Vitality of the Ice and Snow Economy with High-quality Development of Ice and Snow Sports," which explicitly stated the promotion of the development of ice and snow sports. Specific measures include: A) Widely carry out mass ice and snow sports. Thoroughly implement the strategy of "expanding southward, expanding westward, and advancing eastward" for ice and snow sports, promoting the popularization and development of ice and snow sports nationwide. Enriching the content of brand activities such as the "National Ice and Snow Season," deeply exploring folk traditional ice and snow projects that are popular with the masses, promoting the construction of mass ice and snow event activities tailored to local conditions, and guiding the masses to participate in suitable ice and snow sports. B) Promote the development of ice and snow sports for young people. Support schools with conditions to include ice and snow sports as special sports projects in physical education and health courses. Conduct "Sports Team Open Day" activities, regularly open the venue and training resources of ice and snow project teams at all levels to young people in an orderly manner. C) Enhance the competitive level of ice and snow sports. Strengthen the guarantee of training for ice and snow sports and do a good job in preparing for and participating in major international ice and snow events such as the Winter Olympics. D) Develop the ice and snow project competition and performance industry. Support localities with conditions to bid for and host international ice and snow events. Investment recommendations and recommended targets: It is recommended to allocate high-quality core assets in the outdoor track of ice and snow sports, especially blue-chip stocks with bottom dilemma reversals. Key targets of focus: ANTA SPORTS (02020), BOSIDENG (03998), Beijing Sanfo Outdoor Product (002780.SZ). Risk warning: 1) Risk of changes in consumer preferences, 2) Uncertainty in the continuous improvement of the penetration rate of ice and snow sports, 3) Seasonal fluctuations in ice and snow sports.