我国户外运动起步较晚，经历了萌芽阶段、初创阶段、培 育阶段，实现了行政化主导到商业化、大众化转变。有 6000 万 人参与登山、攀岩、徒步 等运动，但仍与美国50%的户外运 动参与率差距较大。在我国徒步/健走、休闲健身登山及露营 类运动类型最为流行，低端户外用品仍是大多数人的选择。户 外用品行业零售额持续放缓，使得行业进入调整期，与此同时， 滑雪等小众运动开始崭露头角，或成为下一轮增长的驱动力。

1.国内户外产业现状 ......................................................................................................................................................... 4

1.1 我国户外运动发展历程 ···················································································································································· 4

1.2 国内户外用品消费者基本属性 ········································································································································ 4

1.3 我国户外用品市场进入调整阶段 ···································································································································· 6

1.4 小众运动逐渐崭露头角 ····················································································································································· 8

2. 冰雪户外产业的发展机遇 ............................................................................................................................................ 9

2.1 我国冰雪户外产业概况 ···················································································································································· 9

2.2 把握“天时”，响应政策 ············································································································································· 9

2.3 场地赛事齐头并进，展现“地利 ”优势··················································································································· 11

2.4 大众参与，贵在“人和” ··········································································································································· 14

3. 冰雪装备市场挑战与机遇并存 .................................................................................................................................. 15

3.1 高端品牌昂贵，租赁是主要选择 ·································································································································· 15

3.2 雪板市场相对固化，本土雪服品牌知名度低 ·············································································································· 16

4. 国内冰雪装备相关上市公司 ...................................................................................................................................... 17

4.1 探路者：国内户外用品领军企业 ·································································································································· 17

4.2 三夫户外：户外用品新零售 ·········································································································································· 18

4.3 安踏体育：多元化品牌构建体育用品航母 ·················································································································· 20

5. 风险提示..................................................................................................................................................................... 21