Group 1 - The "Su Super" phenomenon has transformed from a local football league into a significant commercial IP, leading to substantial stock price increases for related companies [1] - From May 28 to June 17, notable stock performances include ST United with a 52.85% increase, Jining Sports with a 106.41% rise, and Gongchuang Lawn with a 64.63% gain [1] - On June 17, a significant market correction occurred, with Gongchuang Lawn hitting the daily limit down and Jining Sports dropping by 9.05%, indicating potential short-term speculative risks [1] Group 2 - The "Su Super" trend has shown a "universal" characteristic, benefiting companies from both southern and northern Jiangsu cities, reflecting capital's recognition of balanced regional economic development [2] - Jiangsu Bank, as the title sponsor of "Su Super," reached a historical high of 11.79 yuan per share, with a total market value exceeding 213.6 billion yuan [2] - As of June 17, Jiangsu has 707 listed companies, ranking third in China, with a structural gap in the sports and cultural tourism sectors compared to Guangdong, suggesting new investment opportunities [2] Group 3 - The "Su Super" model may provide insights for Shenzhen to develop its own IP events in the Guangdong-Hong Kong-Macao Greater Bay Area, leveraging low ticket prices and city rivalry narratives [3] - The ongoing "Su Super" effect is prompting a reevaluation of the value boundaries in the sports and cultural tourism industries within the capital market [3]

Core Insights - Li Ning was appointed as the honorary president of the Chinese Olympic Academy, highlighting his ongoing influence in sports and education [3][4] - The event emphasized the importance of sports in shaping character and resilience, with Li Ning advocating for youth to learn life philosophies through sports [3][4] - Li Ning shared his journey from Olympic champion to business leader, focusing on how athletic discipline can translate into effective business management [4] Group 1 - Li Ning discussed the evolving role of sports in society, emphasizing its connection to national identity and personal value realization for youth [3][4] - The event featured a dialogue on the social responsibilities of champions, with Li Ning stressing the importance of using influence to inspire and give back to society [4] - The "Olympics and Me" public lecture series is part of a broader initiative by Beijing Sport University to promote Olympic studies and values [4] Group 2 - The public lecture was attended by over 300 students and experts, indicating strong interest in Olympic education and its societal implications [4] - Li Ning's insights on maintaining passion amidst challenges reflect a broader philosophy applicable to both sports and business [4] - The appointment of Li Ning as honorary president marks a significant step in the development of the Chinese Olympic Academy, which will be managed by Beijing Sport University starting in 2024 [3][4]

Core Viewpoint - The "Hong Kong Dollar-Renminbi Dual Counter Model" has been successfully implemented since June 19, 2023, with a total transaction volume of 49.051 billion RMB for 24 selected stocks, indicating a growing interest in RMB-denominated trading in the Hong Kong market [1][2][4]. Group 1: Market Performance - The top five stocks in the dual counter model by transaction volume are China Mobile-R, Ping An-R, Tencent Holdings-R, Hong Kong Exchanges-R, and Alibaba-WR, with total transaction volumes of 6.117 billion RMB, 5.775 billion RMB, 5.687 billion RMB, 5.356 billion RMB, and 4.872 billion RMB respectively over the past two years [1][3]. - The transaction volume for Tencent Holdings-R has seen significant growth, with multiple trading days exceeding 50 million RMB this year, and Hong Kong Exchanges-R achieving a daily transaction volume of over 200 million RMB on certain days [5][6]. Group 2: Regulatory Developments - The Hong Kong Securities and Futures Commission is actively promoting the inclusion of RMB counters in the Stock Connect program, which is expected to launch by the end of the year, enhancing the accessibility of RMB assets for investors [2][6]. - The dual counter model is anticipated to facilitate the use of RMB in Hong Kong stock trading, potentially expanding to more stocks and products in the future, thereby supporting the internationalization of the RMB [4]. Group 3: Investor Behavior - The dual counter model allows investors holding offshore RMB to directly invest in Hong Kong stocks, helping to mitigate exchange rate risk and increasing market demand for RMB-denominated assets [3][5]. - Despite the growth in transaction volumes, the average turnover rate for RMB-denominated stocks remains low, primarily due to the large market capitalization of the stocks involved and the preference of institutional investors for holding rather than frequent trading [6].

证券研究报告 | 宏观深度报告 | 中国宏观 5 月经济：破立并举，关注政策效能释放 ——2025 年 5 月宏观数据解读 核心观点 我们认为，5 月经济回稳势头较好，供给端修复斜率显著高于需求端核心在于 工业稳增长政策的发力，量价总体延续背离，5 月规模以上工业增加值同比实 际增长 5.8%。我们预计，二季度经济相较一季度将有所回落，全年可能呈现 前高中低的走势，需要重点关注经济的波动，我们预计经济运行在内外部环 境不确定性抬升的过程中或呈现非线性特征。 大类资产方面，我们认为下半年或呈现股债双牛结构。一方面，预计中美经 贸关系可能在震荡曲折中走向缓和，另一方面"类平准"基金兜底尾部风险， 二者均将支撑市场风险偏好。综合来看，A 股有望形成低波红利与科技成长 交替向上的结构化行情。固定收益方面，考虑到年内大规模内需刺激概率较 低，10 年国债利率预计将在震荡过程中下行至 1.5%附近。 ❑ "两新"、"抢出口"共振，生产态势积极 5 月份，全国规模以上工业增加值同比增长 5.8%，略高于市场预期，较为符合我 们预期。从环比看，5 月份规模以上工业增加值比上月增长 0.61%。一方面，"两 新"政策持续发力， ...

Group 1 - The core viewpoint of the article highlights the evolving role of sports in society, as discussed by renowned athletes Li Ning and Li Lingwei during the "Olympics and Me" public lecture at Beijing Sport University [1][2] - The public lecture is part of a series launched by the Chinese Olympic Academy, aimed at interpreting the core values of the Olympic spirit through insights from industry experts [1] - Li Ning emphasized that sports have taken on various responsibilities throughout different stages of China's social development, reflecting a richer role in areas such as physical fitness, economic stimulation, and education [2] Group 2 - Li Ning shared his personal journey from being an Olympic champion to transitioning into the business sector, highlighting the challenges he faced in understanding finance, sales, and human resources when starting his company [3] - He advised contemporary youth to embrace challenges and learn from failures, emphasizing the importance of self-belief and resilience in overcoming obstacles [3] - The dialogue also touched on the historical context of sports in China, noting that the initial focus was on enhancing public health, which evolved to include national image and international diplomacy as the country developed [2]

每日晨报 2025年6月16日 银河观点集萃 责任编辑 周颖 ☎：010-80927635 网:zhouying_yj@chinastock.com.cn 分析师登记编码：S0130511090001 要闻 从日本经验看,如果经济一旦陷入通缩陷阱,会极大压制居民和企业的消费和投资意愿,并 导致货币和财政政策的传导机制有效性下降,政策效果由此也会大打折扣。去年以来,决策层反 复强调当前面临的困难之一是国内有效需求不足,明确提出要全面提振内需。针对由于需求不足 导致的物价低迷问题,今年两会工作报告中把 CPI 的目标值从 3%下调至 2%,这意味着 CPI 目 标已经从约束性目标变为成果性目标,从之前防止 CPI 突破 3%,变为推动物价水平回归 2%的 正常水平。对此,央行在一季度货币政策报告中也明确表示"把促进物价合理回升作为把握货币 政策的重要考量，推动物价保持在合理水平"。 前五个月社融资增量累计为 18.63 万亿元 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 宏观:"新"供给侧改革的"加减乘除"。未来十年,国内经济在 AI 驱动下, ...

Core Viewpoint - The investigation reveals that several manufacturers are producing and selling substandard public fitness equipment, leading to safety hazards and injuries among users [1][3][45]. Group 1: Manufacturing Practices - Many manufacturers in Dingzhou are cutting corners by producing non-standard public fitness equipment, which has been linked to serious accidents across the country [3][19]. - The staff at Yuan Dong Li Sports Equipment Co., Ltd. admitted that their non-standard products are popular due to their low prices, despite also producing compliant products [7][19]. - The company reduces costs by decreasing the wall thickness of equipment pipes to 2mm, below the national standard of 2.75mm, compromising strength and corrosion resistance [9][11]. Group 2: Installation Methods - Manufacturers are using improper installation methods, such as relying on expansion screws for securing equipment, which is against national standards for certain types of fitness equipment [11][14]. - The use of expansion screws for ground installation is a common practice among manufacturers, despite regulations prohibiting it for specific equipment types [22][30]. Group 3: Compliance and Certification Issues - Some manufacturers are willing to customize and falsify compliance certificates to meet customer demands, regardless of actual product standards [14][24]. - Reports indicate that companies are producing equipment that does not meet mandatory national standards and are providing fake inspection reports [43][49]. Group 4: Regulatory Response - Following the investigation, the National Market Supervision Administration has taken action by launching investigations into the involved companies, leading to product seizures and production halts [45][47]. - Authorities are conducting a comprehensive review and rectification of local sports equipment manufacturers to address the widespread issues identified [49].

Core Viewpoint - The recent visits of internet celebrity IShowSpeed and NBA star Victor Wembanyama to the Shaolin Temple have significantly enhanced the international reputation of Shaolin culture, potentially leading to a new wave of interest in Chinese sports culture dissemination [1][5][18]. Group 1: Shaolin Temple's Global Influence - Shaolin Temple has established 162 cultural exchange centers in over 50 countries, with more than 8 million international members and attracting nearly 7 million visitors annually [5]. - The visits from Speed and Wembanyama have sparked discussions about a new "Shaolin craze" that could foster innovative models for promoting Chinese sports culture [5][18]. Group 2: Relationship Between Shaolin and Sports - The connection between Shaolin culture and sports is primarily through "Shaolin Kung Fu," which has gained international attention due to its historical significance and representation in popular culture [6]. - Shaolin's intellectual property (IP) interacts with various sports assets, such as hosting sports events at the temple and using Shaolin branding in promotional activities [8][9]. Group 3: Development of Shaolin Sports Products - Shaolin Temple has initiated events like the "Global Shaolin Kung Fu Competition," with participants from 47 countries competing for the title of "World Shaolin Kung Fu Star" [8]. - Numerous martial arts schools in the Dengfeng area, including the renowned Tagou Martial Arts School, contribute to sports training, with over 35,000 students [8][12]. Group 4: Cultural and Athletic Synergy - The experiences of Speed and Wembanyama at Shaolin highlight the potential for Shaolin culture to aid athletes in personal development and stress management [14][18]. - Shaolin Kung Fu serves as a method for athletes to enhance their physical capabilities and find commonalities with their respective sports [16]. Group 5: Future Prospects for Shaolin and Chinese Sports - Wembanyama's successful return to the NBA could serve as a promotional example of how Shaolin culture benefits athlete development, attracting more talent to the temple [18]. - The increasing global reputation of Shaolin Temple may lead to the development of a larger "Shaolin Sports" brand and further promote Chinese cultural heritage through various martial arts traditions [18].

Group 1 - The "Su Super" league has gained significant sponsorship interest, with major companies like JD.com and Yili partnering with the league, indicating its rising popularity in the sponsorship market [1][2] - As of June 13, the number of official strategic partners increased from 1 to 7, with new additions including JD.com and Li Auto, while official sponsors grew from 1 to 5, adding companies like Nubia and Yili [2] - The influx of sponsors is expected to keep ticket prices affordable, encouraging more fan participation, which is crucial for the league's future development [2] Group 2 - The sponsorship categories for "Su Super" include a total of five types: one title sponsor (Jiangsu Bank), one official strategic partner (Guoyuan V3), one official partner (KELME), one official sponsor (Kangshifu's bottled water), and two official suppliers (Zijin Insurance and Gatorade) [1] - The sponsorship landscape reflects the league's growing appeal, as evidenced by the increase in both the number of sponsors and the diversity of companies involved [2]

中经记者张漫游北京报道 新一轮江苏省城市足球联赛（以下简称"苏超"）比赛将于6月14日举行，该赛事热度持续升温，成为体 育界乃至社会瞩目的焦点。作为赛事总冠名商，江苏银行为"苏超"赛事注入动力。 尽管前景广阔，体育产业发展仍面临诸多挑战。曾圣钧举例道，体育产业商业化不足，多数体育俱乐部 营利模式单一，过度依赖门票、少量赞助与政府补贴，品牌价值开发薄弱，运营管理效率低，亏损现象 普遍；且体育消费习惯有待培养，居民消费观念滞后，服务消费场景较单一，新兴业态培育还不成熟， 产品服务质量参差不齐，导致人均体育消费低于西方发达国家。 以路跑赛事为例，哈尔滨银行在多次赞助马拉松后观察到，虽然马拉松等路跑赛事火爆，对城市有着多 种多样的作用，但仍面临着许多现实问题。比如马拉松赛事产业化不完善，马拉松赛事可以带动运动培 训、赛事服务、体育用品制造、智能穿戴制造、旅游餐饮等行业的发展，但目前马拉松赛事热度持续时 间较短，无法形成季节性、全年性效应。马拉松赛事配套文化活动较少，未来可通过开设马拉松历史文 化展览、马拉松数字博物馆等，做好赛事文化积淀，也可通过剧集、文章等形式对外讲好中国马拉松故 事。 曾圣钧亦认为，目前体育产业链 ...