Analysis of the Valuation Impact of Rising Ice and Snow Tourism Popularity on A-share Tourism and Transportation Sectors

Now I will comprehensively analyze the impact of rising ice and snow tourism popularity on relevant A-share sectors based on the obtained data.

According to the latest data, China’s ice and snow industry is in a rapid development stage:

• Industry Scale
  : Grew from 270 billion yuan in 2015 to 980 billion yuan in 2024, and is expected to exceed the 1 trillion yuan mark in 2025 [1][2]
• Consumption Growth
  : In the 2024-2025 ice and snow season, the scale of residents’ participation in ice and snow sports and driving consumption exceeded 187.5 billion yuan, an increase of over 25% year-on-year; the national ski resort consumption amount reached 78.613 billion yuan, and the consumption amount around ski resorts increased by 27.97% [2]
• Policy Catalysis
  : Jilin Province set up the “Ice and Snow Holiday” (December 3-7, 2025) for compulsory education students to experience for free; Liaoning Province released the “Three-Year Action Plan for High-Quality Development of Ice and Snow Tourism (2025-2027)”, proposing that by 2027, the annual number of ice and snow tourism visitors will exceed 260 million, and the annual comprehensive income will reach more than 250 billion yuan [1][2]

- A typical ice and snow tourism leader

• Current Stock Price
  : 45.15 yuan (as of January 2, 2026) [0]
• Valuation Level
  : PE 83.61x, PB 9.33x, in a
  high valuation
  state [0]
• Recent Performance
  :
  • Past 1 month: -12.04% (obvious correction)
  • Past 3 months: +1.90%
  • Past 1 year: +4.42%
  • 3-year increase: +334.13%, 5-year increase: +472.24% [0]
• Financial Quality
  : ROE 12.26%, net profit margin 18.63%, healthy cash flow, current ratio 1.80 [0]

- Another ice and snow concept stock

• Current Stock Price
  : 41.42 yuan [0]
• Valuation Level
  : PE negative (loss state), PB as high as 24.97x [0]
• Recent Performance
  :
  • Past 1 month: -17.33% (sharp correction)
  • Past 3 months: +26.24%
  • Past 1 year: +12.25% [0]
• Financial Quality
  : ROE -68.91%, net profit margin -21.66%, current ratio only 0.22,
  high financial risk
  [0]

:

• CYTS (600138): PE 54.89x [0]
• Huangshan Tourism (600054): PE 29.03x, relatively reasonable valuation [0]

:

• Clear long-term growth space: The ice and snow industry scale is expected to double in the next 5 years
• Strong profitability of leading enterprises: Changbaishan’s net profit margin reaches 18.63% [0]
• Continuous policy support: Many places have introduced ice and snow tourism support policies

:

• Short-term overvaluation
  : Changbaishan’s PE is 83x, far exceeding the industry average
• Seasonal fluctuations
  : Tourism stocks performed weakly in January (Changbaishan -12% in past month, Dalian Shengya -17%) [0]
• Correction after concept speculation
  : Excessive early gains lead to obvious profit-taking pressure
• Pending performance verification
  : Some companies (such as Dalian Shengya) are still in loss state [0]

• Current Stock Price
  : 9.37 yuan, +3.31% today [0]
• Valuation Level
  : PE 937x (extreme value), but analyst rating is “Buy” [0]
• Recent Performance
  :
  • Past 1 month: +12.22%
  • Past 3 months: +17.71%
  • Past 1 year: +21.37% [0]
• Financial Status
  : ROE only 0.61%, net profit margin 0.16%, profitability still to recover [0]

• Current Stock Price
  : 6.00 yuan, +5.82% today [0]
• Valuation Level
  : PE negative (loss), but stock price rebounded strongly [0]
• Recent Performance
  :
  • Since December 2024: +47.06% (significant increase)
  • Rebounded from the low of 3.47 yuan to 6.03 yuan in the past year, an increase of over 70% [0]

• Current Stock Price
  : 8.01 yuan, +4.57% today [0]
• Valuation Level
  : PE negative [0]
• Market Cap
  : 144.4 billion yuan [0]

• Current Stock Price
  : 5.15 yuan, flat today [0]
• Valuation Level
  : PE 19.07x, relatively reasonable [0]
• Recent Performance
  : Basically flat in past 3 months, stable performance [0]
• Market Cap
  : 2519.7 billion yuan, industry leader [0]

:

• Outbreak of travel demand
  : Harbin-related search popularity surged more than 5x year-on-year, train and air ticket search popularity increased 3x year-on-year (user-provided background)
• Passenger flow recovery
  : National railways are expected to send 18.25 million passengers on January 1, planning to add 1113 passenger trains [4]
• Consumption upgrade
  : Ice and snow tourism has become a new consumption hotspot, driving the entire industrial chain of “food, accommodation, travel, sightseeing, shopping, entertainment” [2]

:

• Capacity improvement
  : Railway departments added ice and snow tourism special trains, airlines increased flight frequency
• Service upgrade
  : Ministry of Transport promotes “Artificial Intelligence + Transportation” to improve service efficiency [4]

:

• Local governments have introduced ice and snow tourism support policies, directly stimulating consumption demand [1][2]
• Liaoning Province clearly proposes the goal of 250 billion yuan in ice and snow tourism comprehensive income by 2027 [2]

:

• High valuation
  : Changbaishan’s PE is 83x, Dalian Shengya’s PB is 25x, overdraw future growth expectations [0]
• Seasonal limitations
  : Ice and snow tourism is concentrated in winter, and there is insufficient performance support in other seasons
• Concept speculation risk
  : After short-term excessive gains, stocks without performance support face correction pressure [1][3]

:

• Profitability not fully recovered
  : The three major airlines are still in loss or micro-profit state (PE negative or extreme value) [0]
• Oil price and exchange rate fluctuations
  : Directly affect the cost structure of airlines
• Fierce competition
  : High-speed rail has an obvious substitution effect on short-haul air travel

• Aviation sector
  : Valuation repair is ongoing, the three major airlines have increased by more than 10% in the past month [0], there is still upside space in the short term, but need to be alert to pullback after rising
• Tourism sector
  : After excessive early gains, there was an obvious correction in January (Changbaishan -12%, Dalian Shengya -17%) [0], it is recommended to wait for the layout opportunity after correction

• Focus on leading enterprises with
  strong profitability and good cash flow
  (such as Changbaishan, ROE 12.26%, net profit margin 18.63%) [0]
• Pay attention to the
  profit inflection point
  in the aviation sector and wait for performance realization
• Pay attention to defensive targets such as
  Beijing-Shanghai High-speed Railway
  in the railway sector (PE 19x, reasonable valuation) [0]

:

• The PE of tourism leading stocks has exceeded 80x, overdrawn the growth expectations of the next 2-3 years [0]
• Once the performance is lower than expected, the valuation faces the pressure of a sharp correction

:

• Ice and snow tourism has obvious seasonality, and performance may drop sharply after the peak season
• It is recommended to pay attention to companies with balanced annual business (such as CYTS, Huangshan Tourism) [0]

:

• Policy support has uncertainty, need to pay attention to policy continuity and intensity

:

• If the consumption recovery strength is lower than expected, it will directly affect the performance of the tourism and transportation sectors

:
The rising popularity of ice and snow tourism brings to the A-share tourism and transportation sectors, but need to be watched out for.

:

1. Tourism sector
   : Entered the correction period after short-term speculation, high valuation needs time to digest, but the long-term growth space is clear
2. Transportation sector
   : Benefits more directly and continuously, airline valuation repair is ongoing, and railway stocks perform steadily

:

• Short-term
  : Focus on the valuation repair opportunity of airline stocks (Air China, China Eastern Airlines, China Southern Airlines) [0]
• Mid-term
  : Wait for the layout opportunity after the correction of the tourism sector (Changbaishan, CYTS) [0]
• Long-term
  : Focus on leading companies with strong performance certainty and reasonable valuation

:

• Spring Festival passenger flow data (starting in January 2025)
• 2025 Q1 financial report performance (actual profit improvement of tourism and airline companies)
• Policy continuity and new policy introduction

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[0] Jinling API Data (stock quotes, financial data, company overview)
[1] Securities Times - “A-shares fluctuate and consolidate, ice and snow economy concept performs actively” (https://www.stcn.com/article/detail/3522423.html)
[2] Zhitong Finance - “Ice and snow tourism welcomes policy catalysis, ‘cold resources’ are accelerating to transform into ‘hot economy’” (https://caifuhao.eastmoney.com/news/20251212073418502661870)
[3] Sina Finance - “A-shares fluctuate and consolidate, ice and snow economy concept performs actively” (https://finance.sina.com.cn/money/gzqh/futuresyspzx/2025-12-03/doc-infzmyav0696468.shtml)
[4] Caiwen Network - “Real-time information: Railways usher in the peak passenger flow of the New Year’s Day holiday on January 1” (https://www.caiwennews.com/realtimenews)