足球热浪在持续点燃江苏文旅活力的同时，也成为激活本地文旅与消费市场的"超级引擎"。从扬州的搓 背文化到南京的秦淮夜游，从苏州的评弹雅韵到淮安的小龙虾盛宴，"苏超"所到之处，主场城市的食、 住、行、游、娱、购等场景消费全面升温，勾勒出一幅"赛事引流、消费赋能"的生动图景。 为提升球迷观赛体验，"苏超"组委会将部分场次开球时间调整为19点之后，既避开了高温时段，又顺势 带动了城市夜间经济。美团数据显示，7月5日当天，异地消费者贡献的南京餐饮堂食订单量居全省第 一。夜间餐饮消费增长更明显，江苏省异地消费者贡献的夜间餐饮消费较赛前增长40%，烧烤成为"顶 流"。 消费热潮的背后，本地商家也正在积极创新消费模式。南京某烧烤店老板张女士对记者表示："比赛日 的晚上，店里几乎座无虚席，很多球迷看完球直接过来吃烧烤，营业额比平时翻了两番。"为了吸引顾 客，该店不仅用室内大屏直播赛事，打造观赛"第二现场"，还推出"猜比分享折扣"活动，吸引了不少市 民及球迷。 外地球迷的消费体验同样丰富。"这次来南京看球，顺便逛了夫子庙，吃了鸭血粉丝汤，感觉特别充 实，让我们这些外地球迷有了更深的参与感。"从安徽合肥赶来的球迷李先生如此表示。 ...

非必需品支出急剧下降，成为经济健康状况恶化的"矿井中的金丝雀"，预示着危机即将到来。 美国一季度经济数据显示，国内生产总值（GDP）出现负增长，最终修订数据为-0.5%，这一数据低于 最初估计的-0.3%和随后调整的-0.2%，揭示美国经济疲软程度远超预期。 尽管最初的分析将经济收缩归因于特朗普政府关税政策导致的进口和贸易扭曲，但最新数据揭示了一个 更深层次的问题：消费者支出的显著放缓才是核心问题。消费疲软不仅仅是短期现象，而是反映了美国 经济中更广泛的结构性问题。其中，非必需品支出急剧下降，成为经济健康状况恶化的"矿井中的金丝 雀"，预示着危机即将到来。 美国经济出现消费疲软 贝弗里奇曲线是分析劳动力市场动态的重要工具，显示失业率与职位空缺率之间的关系。2025年第一季 度，职位空缺率从2024年的6.5%下降至5.8%，而失业率略升至4.1%。这表明劳动力市场正在向贝弗里 奇曲线的"平坦部分"移动，即职位空缺减少而失业率上升的阶段。这种趋势反映了劳动力市场供需的恶 化，消费者对未来收入的不确定性增加，从而减少非必需品支出。消费者减少支出导致企业收入下降， 进而削减招聘和投资。消费疲软与劳动力市场形成恶性循 ...

Group 1 - The core viewpoint emphasizes that the rise of new consumption is a result of specific economic cycles and social changes, with optional consumption surpassing essential consumption in the US and Japan during key periods of economic transformation [1][2][3] - Historical experiences from the US stock market show that optional consumption sectors have significantly outperformed essential consumption sectors, particularly during the 1970s and post-2009, driven by factors such as rising disposable income and shifts in consumer behavior [1][2] - The financial characteristics of new consumption reveal that sectors within optional consumption have seen increasing debt ratios while effectively managing risks, leading to improved fundamentals and higher valuation premiums [2][3] Group 2 - The driving factors behind the shift from essential to optional consumption include continuous growth in disposable income, technological advancements, and changes in demographic structures and consumer attitudes, particularly among younger generations [3][4] - The market structure is evolving, with leading companies in optional consumption leveraging scale effects and brand advantages to consolidate their market positions, as evidenced by successful companies in Japan's toy, beauty, and gaming sectors [3][4] - The report suggests that the experiences from the US and Japan can inform current investment strategies in the A-share market, focusing on sectors that meet diverse consumer needs and exhibit high growth potential [4][10]

Core Insights - The "post-examination economy" is experiencing a surge in consumption across various sectors, including skill training, leisure, and cultural tourism, following the conclusion of the 2025 college entrance examination [1] - Demand is driven by students seeking to reward themselves after years of hard work, while parents are eager to celebrate their children's achievements, leading to increased spending on travel, electronics, and experiences [1] - Supply-side factors include businesses and institutions offering tailored promotions and discounts to attract recent graduates, enhancing the emotional value of purchases and further stimulating consumption [1] Demand Side - Students are looking for ways to relieve stress after intense study periods, leading to increased interest in travel, new gadgets, and skill acquisition [1] - Parents are willing to spend significantly to celebrate their children's graduation, often expressing that the money spent is well worth it [1] Supply Side - Various sectors, including shopping malls, tourist attractions, and training institutions, are capitalizing on this trend by providing exclusive benefits for high school graduates, such as discounts and free gifts [1] - The market is seeing a shift towards more personalized and diverse consumption patterns, with a growing preference for sports equipment, emotional dining experiences, and cultural exploration activities [1] Consumption Trends - The post-examination consumption landscape is evolving, with a notable shift from traditional electronics to a wider array of products and experiences, including outdoor adventures and cultural heritage activities [1] - Celebratory gatherings are becoming more intimate, with small family meals and gatherings gaining popularity over larger, more extravagant celebrations [1] Market Regulation - There is a call for rational consumption amidst the rising spending, with concerns about excessive expenditures on post-examination activities, prompting discussions on the need for responsible consumer behavior [2] - The "post-examination economy" is recognized not only as an economic trend but also as a cultural phenomenon reflecting societal values regarding education and future aspirations [2] - Regulatory bodies are urged to enhance market oversight to prevent unhealthy consumption practices disguised as part of the "post-examination economy," ensuring a healthy market environment [2]

央视网消息：国家信息中心最新发布的多项先行指标显示，今年5月我国经济多领域"热力"升腾，折射出经济向好向"新"、活力强劲。首先来看投资，5 月份，政府投资持续加力，各类项目落地呈现提速态势。 国家信息中心工业园区生产热度指数显示，5月该指数同比增长21.2%，较上月提升0.3个百分点，生产活力维持在高位运行，意味着产业集聚效应在不 断增强，产业链、供应链的稳定性与协同性持续提升，显示出了产业发展的强劲动力。 其中，传统行业开工热度普涨。国家信息中心基于31种工业产品开工率构建的工业品开工热度指数同比上涨1.0个百分点，环比上涨1.4个点。纺织、化 工、钢铁、塑料等主要品类产品指数提升明显，显示出传统产业在市场需求的拉动以及政策的助力下，正加快复苏与转型升级的步伐。 此外，企业创新活力持续迸发。国家信息中心关于初创企业、技术创新型企业的经营活力指数，5月同比均实现20%以上的增长，增速较上月提升显 著。 最新数据显示，5月份，全国挖掘机指数为47.34%。从省份来看，有16个省份正在"提速快跑"，安徽、北京、浙江、吉林、辽宁的开工率位列全国前 五。 从区域来看，东北地区开工率达到了60.39%，位居各地区第一。 ...

Group 1 - U.S. corporate hiring activity has slowed to its lowest level in nearly two years, with job cuts observed in sectors such as business services, education, and healthcare, indicating a continued weakening in labor demand [1][2] - According to ADP Research, private sector employment increased by only 37,000 jobs last month, falling short of all economists' predictions in a survey, marking the second consecutive month of significant underperformance [1][2] - The current job market is under dual pressure: a noticeable slowdown in hiring speed and an extended time for unemployed individuals to find new jobs, with economists expecting more signs of cooling in the labor market in the coming months [2][3] Group 2 - Following the data release, stock index futures and U.S. Treasury yields fell, while President Trump reiterated calls for Federal Reserve Chairman Powell to lower interest rates in response to the current situation [3][4] - Despite the hiring slowdown, wage growth remains strong, with a 7% increase for job switchers and a 4.5% increase for retained employees, according to the ADP report, which covers over 25 million U.S. private sector employees [4] - The upcoming U.S. government employment report for May is expected to show a slowdown in non-farm employment growth compared to the strong performance in April, while the unemployment rate is anticipated to remain stable [4]

这两年， 全球风投市场跟着技术和地缘局势悄悄重新洗牌 ：根据毕马威的数据，2025年Q1全球VC投 资总额增长至1263亿美元，且资本越来越往头部集中，AI成了投资热门。但伴随而来的就是 合规风险 也在增长 ，从投资架构到反垄断审查，处处藏着不少坑。 1、交易文件关注要点 一一一一一一一一、、、、、、、、 CCCCCCCCVVVVVVVVCCCCCCCC 的的的的的的的的投投投投投投投投资资资资资资资资特特特特特特特特点点点点点点点点 1、CVC和IVC的区别 | | | 独立风险投资 (IVC) | 企业风险投资 (CVC) | | | --- | --- | --- | --- | --- | | 投资基础 | | 成功投资的声誉 | 公司商业、技术成功的声誉 | | | | | 投资团队水平、过往业绩 | 公司内部执行经验 | | | 投资目标 | | 财务回报 | 业务整合和协同、前沿领域的早期竞争优势（技术、市 场、团队等）、早期干预潜在竞争对手的独立成长 | | | 窓原优势 | | 专业的投资团队和投资关系网络 | 产业经验和资源,可以向被投企业提供商业合作机会 | | | 募资环节 | | 有 ...

强化品牌引进与培育 近年来，潍坊市聚焦城市商业年轻态、时尚化，不断优化完善商业网点布局，丰富消费服务供给，打造了一批消费新场景、新业态、新模式。目前，中心城 区已经形成世纪泰华商圈、谷德广场商圈、新华路商圈，面向全市和外来商旅人群提供高端购物、特色餐饮、休闲娱乐等多元化服务，以及以谷德锦、银座 商城、万达广场、中百大厦、坊子泰华城、高新谷德茂、吾悦广场、经济区谷德茂、新辰天地为中心形成的区域商圈，满足周边区域购物餐饮、文化休闲等 综合性消费需求。 优化商业布局与业态 优化打造多层次商圈。引导城市核心商圈特色发展，泰华商圈聚焦年轻时尚消费，打造以新天地为中心的"一体两翼""三街四巷""十大主力店"的商业格局； 谷德广场聚焦"休闲、购物、娱乐、儿童、餐饮、文创艺术"为一体城市生活，打造消费者家庭、工作之余的第三生活空间；谷德锦商圈聚焦益家园家居博览 中心、中百奥莱、谷德锦街、康养文旅大厦四大板块，打造西部消费新地标；鼓励各商圈在原有基础上进行硬件升级，引入多样化服务业态，满足消费者品 质消费需求。同时，推动弘阳广场、利丰和平广场等商业项目建设，填补区域商业空白。 推动特色商业街完善提升。目前，全市商业街(步行街) ...

央视网消息：4月份经济数据释放了哪些信号？下一步，巩固我国经济平稳运行的发力点有哪些？北京师范大学教授、经济学专家万 喆就此进行了解读。 经济韧性与结构性突破并存 外贸韧性凸显 结构持续优化 4月，中国经济在复杂的国际环境中展现出显著的韧性，尤其是在关税战持续升级的背景下，多项核心的指标呈现积极的变化，韧性 与结构性的突破是并存的。 内需逐步恢复和消费结构升级趋势 首先是消费回暖和服务消费的升级。消费稳步回升，内需的潜力也在不断的释放，像食品价格等受各种因素的影响也在回升。而 且，出行服务像飞机票旅游和黄金饰品等高端消费价格也在上涨，反映出内需逐步恢复及消费结构升级的趋势。 同时，线下消费热度应该说也是不断的增长，休闲娱乐、餐饮等服务业消费的增速非常的亮眼。入境消费的热度也创了新高，像免 签和支付便利化政策，推动国际航班的班次增长，各地入境人数都是屡创新高，也显示中国消费市场对全球吸引力在增强。 工业增长韧性凸显 高技术产业起引领作用 4月份，社会消费品零售总额应该说同比增长也非常的明显，尤其是当中通信器材家电升级类的商品增速都超过了19%，家电网络零 售额同比增长也超过了13%，绿色化智能化产品成为消费的趋 ...

Group 1 - In April, the overall sales of excavators increased by 17.6% year-on-year, indicating accelerated growth in the construction machinery industry [2] - The balance of inclusive loans for small and micro enterprises in China exceeded 35 trillion yuan, with inclusive agricultural loans reaching 13.7 trillion yuan, an increase of 795.5 billion yuan since the beginning of the year [4] - In April, industrial production indicators such as production heat in industrial parks and operational vitality of startups showed over 20% year-on-year growth, reflecting improved industrial vitality and accelerated innovation [3] Group 2 - The offline consumption heat index from the National Information Center increased by 25.4% year-on-year in April, while the online service consumption heat index grew by 14.2%, with leisure and entertainment services and dining services increasing by 42.4% and 10.3% respectively [3] - The total import and export volume of free trade pilot zones reached 2 trillion yuan in the first quarter of this year [5] - The national spring irrigation area has reached 36 million acres [5]