转自：荔枝新闻 8月22日，"江苏新闻"公众号和抖音号都发布了"苏超"抖音播放量破300亿次的消息，受到广大网友的广 泛关注，两个平台目前浏览量已超10万次。 调皮的网友们纷纷表达着自己对"苏超"的爱和"恨"，其中不乏用"吐槽"的方式。 类型一：自己对"苏超"的巨大贡献 类型二：让人狂笑不止的"吐槽" 没有计划的旅行 自从苏超开始后,我的抖音就刷不到大长腿了 H 昨天 17:48 · 江苏 回复 26 C 6米、 我的修驴蹄子和疣猪彭彭也没有了 ca 昨天 20:29 · 浙江 回复 76 ( 香菜^_^ 我也是好久没有看老表奥德彪了 2小时前·江苏 回复 婁 白 洗地毯也刷不到了 昨天 21:42 · 江苏 回复 瞿北涵 驴宝,猪宝也没了 一 一 昨天 21:11·江苏 回复 kitten 我都刷不到韩国欧巴了 昨天 19:15 · 江苏 · 回复 (\) 5553603653856 刷俺们连云港球队帅哥,都坐过站了,大热天 往回走了十多分钟,衣服都湿透了 ( （来源：荔枝新闻） 0 11 回复 1 1 昨天20:33 · 江苏 回复 1 1 0 ত 把我每个月流量提前用完。月底卡的要死 昨天 21:43 ...

Core Viewpoint - The popularity of "Su Super" has significantly increased among the youth, leading to a surge in youth football training registrations and related consumption in Jiangsu province [1][2][3]. Group 1: Youth Football Training - In Jiangsu, there has been a rapid increase in registrations for youth football training courses, particularly with the arrival of summer vacation [2][3]. - A football training course in Nanjing reported a 20% increase in inquiries compared to last year, with a notable interest from children aged 4 to 6 [5]. - Many parents, who previously had little knowledge of football, are now seeking information about football courses for their children [7]. Group 2: Football Merchandise Sales - The official merchandise store for "Su Super" reported sales of approximately 8,000 jerseys in the last ten days, with a 30% increase in sales over the past week [9][10]. - Since the start of "Su Super" on May 10, the search volume for football-related products in Jiangsu has doubled, with Suzhou leading in transaction volume for football equipment [12]. - Specific product sales have seen remarkable increases, such as tactical boards in Suqian, which have tripled in sales, and shin guards in Yangzhou, which have increased by over 200% [12].

Core Viewpoint - The article highlights the dual life of a young football player, Miao Ming, who balances his career in football with his family's long-standing crab farming business, showcasing the intersection of sports and agriculture in his life [12][14][16]. Group 1: Football Career - Miao Ming plays for the Nanjing team in the "Su Super" league, with a significant match attended by over 60,000 fans [2]. - He joined the Jiangsu Shuntian youth team at the age of 11, which provided him an opportunity beyond crab farming [14]. - Other players like Ruan Zhexiang and Li Jiajun are also highlighted, with Ruan serving as a youth coach and Li being a product of the Nanjing football training system [14][15]. Group 2: Crab Farming - Miao Ming's family has been engaged in crab farming for over 30 years, managing nearly 200 acres of crab ponds [13][14]. - Daily routines include early morning work in the crab ponds, where Miao Ming and his father prepare food and monitor water quality [13][14]. - The family's commitment to both football and crab farming illustrates a unique lifestyle that combines sports and agriculture [14]. Group 3: Community and Youth Engagement - Ruan Zhexiang shares his experiences from the "Su Super" league with local school children, enhancing their understanding of football [15]. - Li Jiajun returns to his former school to inspire younger students, reflecting on his journey and the importance of perseverance in sports [15]. - The article emphasizes the role of local athletes in motivating the next generation and fostering a community spirit around football [15][16].

Group 1 - The Chinese national football team suffered a 0-3 defeat against South Korea in the East Asian Cup, highlighting the team's weaknesses despite the South Korean team not being at full strength [1] - The performance of the national team has led to increased criticism and mockery from fans, particularly in light of the popularity of the Suzhou Super League (Su Super) [2][3] - The relationship between the Su Super and the national team is complex, as both are part of the same football ecosystem in China, with the national team's performance reflecting the overall quality of Chinese football [4][5] Group 2 - The poor performance of the national team can be attributed to several factors, including inadequate league organization and insufficient youth training systems [6][8] - Both Su Super and the Chinese Super League (CSL) draw players from similar youth training backgrounds, indicating a shared foundation in player development [7] - The CSL is often criticized as a "pseudo-professional league," lacking true market-driven characteristics, while the Su Super is government-led, suggesting similarities in their operational structures [8][9] Group 3 - The CSL has a deeper marketization and internationalization compared to the Su Super, but both leagues share management styles that prioritize government influence over shareholder interests [9][10] - The Su Super's success in attracting crowds and generating economic activity is not unique, as the CSL also contributes to local economies through fan engagement and tourism [10] - The notion that the Su Super is merely a tool for entertainment overlooks the intrinsic value of football as a cultural and economic driver [11]

Group 1 - The "old-for-new" policy has contributed to a good growth in national consumption in the first five months, but long-term consumption promotion requires more reforms and measures, such as stabilizing the stock and real estate markets, improving income expectations, and optimizing wealth distribution [1][2] - In May, China's total retail sales of consumer goods increased by 6.4% year-on-year, with a month-on-month acceleration of 1.3 percentage points, marking the highest consumption growth rate since 2024 [1] - The "old-for-new" policy is seen as a temporary measure that may lead to a decrease in future demand for durable goods, indicating the need for additional methods to further improve consumption [1] Group 2 - Stabilizing residents' wealth, particularly in the stock and real estate markets, is crucial for boosting consumer confidence, as a significant portion of Chinese residents' wealth is tied to real estate [2] - Improving income distribution is considered the most important means to promote consumption growth, with suggestions to reform the social security system and increase rural pension levels to enhance consumption among low-income groups [2] - The real estate sector is vital to China's domestic demand, with a current annual decline of about 10% and a 22% year-on-year drop in new housing starts [2][3] Group 3 - The real estate market's stability is closely linked to local government finances and has a profound impact on infrastructure and consumer wealth [3] - Current policies like interest rate cuts and the removal of purchase restrictions have been extensively utilized, but the effectiveness of policies aimed at improving real estate companies' cash flow is limited [3] - It is essential to clear real estate market debts, allowing developers to go bankrupt if necessary, while ensuring that debts are repaid and pre-sold properties are delivered, with reasonable compensation for buyers if delivery fails [3]

Core Viewpoint - The competition among the 13 cities in Jiangsu Province has evolved beyond sports, encompassing economic and demographic aspects, leading to a comprehensive evaluation of urban strength and real estate performance [2][23]. Economic Performance - Jiangsu Province is home to the most cities with a GDP exceeding 1 trillion yuan, with a total GDP of 13.70 trillion yuan in 2024, ranking second nationally [3]. - Suzhou leads the province with a GDP of 2.67 trillion yuan, followed by Nanjing at 1.85 trillion yuan, indicating a significant economic gap between the two cities [3][7]. - The top five cities in Jiangsu account for over 60% of the province's total economic output [3]. Real Estate Market - In the first five months of 2024, Suzhou's new housing sales volume decreased by 2%, while Nanjing's increased by 8%, indicating a divergence in market recovery [13]. - Salt City recorded the highest year-on-year growth in new housing sales at 30%, while Suzhou's total sales for the first half of the year reached 171.09 million square meters, a slight increase of 0.9% year-on-year [14][15]. - The average new housing price in Nanjing reached 27,329 yuan per square meter, the highest in the province, while cities like Huai'an and Xuzhou had prices below 10,000 yuan per square meter [17][20]. Population Dynamics - Suzhou has the largest permanent resident population in Jiangsu at 12.987 million, surpassing Nanjing's 9.577 million [9][11]. - Nanjing experienced the highest population growth in the province over the past five years, with an increase of 262,300 residents [10]. - The population in several northern Jiangsu cities, including Xuzhou, has been declining, reflecting a trend of out-migration [10][11]. Competitive Landscape - The competition among Jiangsu cities is intensifying, with Suzhou maintaining an advantage in population and GDP per capita, while Nanjing is strengthening its position as the provincial capital through population growth [23]. - Salt City and Nantong have emerged as "dark horses" in terms of new housing sales growth and price increases, respectively [23].

Investment Rating - The report maintains an "Outperform" rating for the industry [7] Core Insights - The report emphasizes the upcoming summer peak season as a catalyst for the tourism and cultural sectors, highlighting the integration of cultural tourism with IP-driven new consumption logic [2][3] - It suggests focusing on the IP + scenic area concept, particularly in regions like Jiangsu, and recommends companies such as Emei Mountain A, Changbai Mountain, Xiangyuan Cultural Tourism, and Haichang Ocean Park [3][21] - The report notes the stabilization of second-hand prices in the trendy toy sector, driven by the summer season, while also addressing regulatory risks and price fluctuations in the second-hand market [3][22] - In the gold and jewelry sector, the report highlights the potential for high growth in terminal store efficiency and expansion opportunities for brands targeting high-end and young consumers [4][131] - The beauty and personal care sector is identified as having structural opportunities, with a focus on product innovation and long-term growth potential [5][101] Summary by Sections 1. Duty-Free and Scenic Areas - The report tracks the performance of duty-free operators and suggests focusing on city duty-free store openings to capture inbound tourist spending [14] - It highlights the summer tourism market's preparation, with a predicted peak in hotel guest flow in early August [15][21] 2. Trendy Toys - The report notes a significant year-on-year increase in online sales for the trendy toy sector, with a total of approximately 2,754 million yuan in sales from January to May 2025, reflecting a 61% growth [23] - It emphasizes the strong cultural presence of LABUBU, surpassing the popularity of Nintendo Switch2 and LOL in recent trends [3][27] 3. Gold and Jewelry - The report indicates that gold prices remain high, with retail sales in the gold and jewelry sector reaching 30 billion yuan in May 2025, a year-on-year increase of 21.8% [128][131] - It recommends brands like Chaohongji, Laisentongling, and Laopu Gold for their growth potential in high-end markets [131] 4. Beauty and Personal Care - The report identifies significant growth opportunities in the beauty sector driven by product innovation and changing consumer habits, recommending companies like Mao Ge Ping and Shangmei [5][101] - It highlights the successful listing of Ying Tong Holdings as a leading player in the fragrance distribution and brand management sector [68] 5. Medical Aesthetics - The report suggests that the medical aesthetics industry is poised for market share gains due to refined operations and the upcoming release of new products in Q3 [5][61] - It recommends focusing on companies like Jinbo Bio and Sihuan Pharmaceutical for their innovative product pipelines [5][66] 6. Employment and Human Resources - The report notes a stable employment situation with a slight decrease in urban unemployment rates, suggesting a focus on flexible employment leaders [102][105] 7. Sports and Events - The report highlights the ongoing development of outdoor sports and suggests monitoring the "Su Chao" theme for investment opportunities in related companies [111]

Group 1 - The core viewpoint emphasizes that after breaking through key points, the stock market still has room for growth, with a focus on growth sectors rather than indices [1][2] - The reduction in the risk-free interest rate and the shift in expectations for the RMB from depreciation to stability or slight appreciation are significant drivers for the revaluation of Chinese assets [1][2] - The article highlights the importance of macro policies that prioritize investor returns and capital market reforms, which are crucial for changing investors' conservative attitudes towards risks [1][2] Group 2 - Economic policies and innovation support are expected to improve risk appetite and drive growth performance, with new business opportunities emerging in China [2] - The article notes that the financial sector's recent strong performance is influenced by multiple factors, including the ongoing development of stablecoin concepts and favorable domestic policies [6] - Historical analysis shows that financial stock rallies are often driven by liquidity, fundamentals, or policy events, with the sustainability of these drivers determining future market trends [8]

Investment Rating - The industry rating is "Outperform the Market" [7] Core Insights - The report emphasizes the upcoming peak season for tourism and cultural activities, highlighting the potential of combining IP with scenic spots and the ongoing popularity of the "Su Chao" theme in Jiangsu [3][4] - The report suggests focusing on brands with high terminal store efficiency and significant expansion potential in the gold and jewelry sector, as well as the growing demand for personal care products driven by innovation and emotional branding [5][6] - The medical beauty sector is expected to see market share gains among leading institutions due to refined operations and the upcoming release of new products in Q3 [5][6] Summary by Sections 1. Duty-Free and Scenic Areas - The tourism market in Hainan is thriving, with a 62% year-on-year increase in overall bookings for the summer of 2025 [11] - China Duty Free Group is expanding its presence in Macau with a new store opening [11] - Investment suggestions include focusing on duty-free operators and their city store openings, particularly China Duty Free, Wangfujing, and Lingnan Holdings [11] 2. Trendy Toys - The trendy toy sector is experiencing short-term volatility due to regulatory risks and price fluctuations in the secondary market, but long-term growth is anticipated as China's cultural products expand internationally [19] - In the first five months of 2025, the domestic online sales of trendy toys reached approximately 2.754 billion yuan, with a year-on-year growth of 61% [19][22] 3. Hotels - The hotel sector is seeing fluctuations in RevPAR due to the impact of the Dragon Boat Festival holiday, with a notable year-on-year decline in performance metrics [36] - Supply growth remains stable, primarily driven by lower-tier markets [40] 4. Education - The number of high school graduates is expected to remain high, maintaining competitive pressure in the education sector [42] - The number of college graduates is projected to reach 12.22 million in 2025, increasing demand for vocational training and exam preparation services [45] 5. Medical Beauty and Cosmetics - The medical beauty sector is recovering, with a focus on product innovation and market share expansion among leading companies [47] - The beauty sector is expected to see a rebound in sales during the 618 shopping festival, with total online sales reaching 855.6 billion yuan, a year-on-year increase of 15.2% [53][58] 6. Gold and Jewelry - Gold prices remain high, with retail sales in the gold and jewelry sector increasing by 21.8% year-on-year in May 2025 [82] - Investment recommendations include brands with strong terminal store performance and expansion potential, such as Chao Hong Ji and Lai Shen Tong Ling [86]

Core Insights - The "Su Super" league has significantly boosted local businesses in Changzhou, with a notable increase in consumer spending and engagement on platforms like Douyin [1][6]. Group 1: Business Impact - Douyin group purchase orders in Changzhou increased by 42% from June 21 to 22, with restaurant orders rising over 56% during the same period [1]. - The "土味" sponsor, Dongha Northeast Street Barbecue, saw a staggering 3074-fold increase in Douyin search volume, along with a 732-fold increase compared to the previous period [1]. - The "小恐龙" from the Changzhou China Dinosaur Park gained popularity, leading to a 125% increase in weekend group purchase orders for the park [4]. Group 2: Promotional Activities - The Tianmu Lake scenic area launched a promotional campaign offering free admission to bald visitors, which resulted in a 456% increase in Douyin live broadcast orders from June 21 to 22 [6]. - The Tianmu Lake also introduced special ticket offers, including children's tickets priced as low as 0.1 yuan, attracting significant attention [6]. - Douyin's initiative "Follow Su Super to Explore Jiangsu" aims to enhance business growth for Jiangsu merchants, leading to a 225% increase in leisure and sports group purchase orders and an 181% increase in in-store spending [6].