Group 1 - The company signed a labor contract with player Joan García Pons, effective until the 2027/2028 season, with a unilateral termination penalty of €25 million [1] - García unilaterally paid a termination penalty of €26.34 million to the Spanish Football League, which will be received by the company upon approval [1] - The transfer is expected to contribute a net profit of no less than €18.75 million after tax to the company, positively impacting its financial status and operational results [2] Group 2 - The club has not yet received the aforementioned termination penalty and will closely monitor the situation for timely disclosures [2]

Group 1 - The core viewpoint of the article is the launch of LALIGA CLUB, a Web3-based fan interaction platform in China, marking a significant step in fan culture development [1][2] - The platform aims to create a community-driven fan interaction experience by integrating online and offline spaces, allowing fans to connect and develop their own communities [1][2] - A special event, "LALIGA CLUB Carnival," is scheduled for June in Beijing Wangfujing, featuring interactive experiences and a legendary La Liga player [1][2] Group 2 - The platform incorporates a "play-to-earn" and "shop-to-earn" incentive mechanism, encouraging fans to earn rewards through games, interactions, content creation, and community building [2] - A decentralized marketplace will be established for fans to trade collectibles, experiences, and services within and between communities [2] - The project is supported by the Dongcheng District, which is facilitating the approval process and has selected Wangfujing as the operational base [2][3] Group 3 - The launch of LALIGA CLUB represents a major breakthrough in integrating culture, commerce, tourism, and sports in Dongcheng District [3] - The project leverages the resource advantages of Wangfujing as an international consumption center, creating a new consumption scene that injects youthfulness and technology into the area [3] - LALIGA CLUB serves as an innovative practice model for cross-industry integration in cultural, commercial, tourism, sports, and technology sectors [3]

Core Insights - The "Cool Heartbeat Tower" project has commenced trial operations, transforming the Shougang Ski Jump into an extreme sports and adventure experience venue for the public [2][3] - The project aims to utilize the legacy of the Winter Olympics and promote sustainable use of Olympic venues, contributing to the revitalization of urban areas in Beijing [2][3] Project Overview - The "Cool Heartbeat Tower" features seven extreme and adventure activities, including a 21-meter drop, a high-speed slide, and rock climbing [2][3] - The project is part of a broader initiative to create new industries and consumption scenarios in the Shougang Park, which has already hosted various events post-Winter Olympics [2][3] Visitor Experience - Visitors have expressed excitement about the unique experience of viewing the Shougang Park from the ski jump, highlighting the innovative transformation of the Olympic venue [3] - Safety measures have been emphasized, with all facilities undergoing rigorous testing and certification to ensure visitor safety [3] Operational Details - The trial operation period runs from May 25 to June 30, with daily opening hours from 10:00 to 19:00 [3] - The operating team plans to gradually open more facilities based on operational testing and visitor feedback, aiming to establish the site as a new popular destination [3]

Group 1 - The "Wanku Heartbeat Tower" project has commenced trial operations, offering seven extreme and adventure experience activities, including a 21-meter drop and a high-speed slide [1][12] - The project is located at the Shougang Ski Jump, which has been creatively transformed from a Winter Olympics venue into an extreme sports space [6][10] - The trial operation period is from May 25 to June 30, with daily opening hours from 10 AM to 7 PM, and tickets available for purchase on-site [12] Group 2 - Visitors can enjoy unique experiences such as the "Heartbeat Coffee" platform, which is situated 33 meters high, providing stunning views of the surrounding area [3][6] - The facilities have undergone thorough safety assessments and testing to ensure a secure environment for all visitors [10] - The project aims to continuously improve operations and services based on visitor feedback before its official opening [12]

Group 1 - The core viewpoint of the articles highlights the resilience of China's economy in April, driven by coordinated macro policies that have led to stable and rapid growth in key economic indicators [1] - Fixed asset investment in China from January to April increased by 4.0% year-on-year, with equipment investment growing at a remarkable rate of 18.2% and manufacturing investment maintaining a high growth rate of 8.8% [1] - The "old for new" policy has effectively connected the investment, production, and consumption sectors, resulting in significant consumer spending and economic activity [3] Group 2 - In the first quarter, the revenue growth rate of industrial enterprises was 3.4%, with new productivity sectors like automotive manufacturing and electrical machinery contributing nearly 30% to this growth [2] - The fixed asset investment growth rate for new productivity themes has rebounded to 15.5%, significantly outpacing traditional manufacturing investment growth by nearly 6 percentage points [2] - The "old for new" policy led to the replacement of 49.416 million consumer goods, generating related consumption of 720 billion yuan, marking a significant boost in retail sales [3] Group 3 - Future projections indicate that China's economy is expected to maintain stable growth, supported by incremental fiscal policies and a supportive monetary policy that provides ample liquidity to the real economy [4] - Strategic emerging industries are anticipated to continue their rapid growth, becoming a crucial driver of economic expansion [4] - The impact of U.S.-China tariff tensions on exports is expected to weaken, aided by manufacturing expansion overseas and the deepening of the Belt and Road Initiative [4]

| | 4月 | | 1-4月 | | | --- | --- | --- | --- | --- | | 指 标 | 绝对重 | 同比增长 | 绝对童 | 同比增长 | | | (亿元) | (%) | (亿元) | (%) | | 社会消费品零售总额 | 37174 | 5.1 | 161845 | 4.7 | | 其中:除汽车以外的消费品零售额 | 33548 | 5.6 | 147005 | 5.2 | | 其中:限额以上单位消费品零售额 | 14992 | 6.3 | 64082 | 59 | | 其中:实物商品网上零售额 | - | l | 39265 | 5.8 | | 按经营地分 | | | | | | 城镇 | 32376 | 5.2 | 140433 | 4.7 | | 乡村 | 4798 | 4.7 | 21412 | 4.8 | | 按消费类型分 | | | | | | 餐饮收入 | 4167 | 5.2 | 18194 | 4.8 | | 其中:限额以上单位餐饮收入 | 1230 | 3.7 | 5197 | 4.4 | | 商品零售额 | 33007 | 5.1 | 143651 ...

Group 1 - The core viewpoint of the article emphasizes the emergence of new consumption trends driven by emotional value and the integration of supply-side innovations, highlighting a shift towards personalized and diversified consumption [2][4][10] - On the demand side, there is a significant increase in consumption focused on emotional value, with "self-pleasing" consumption projected to grow by 40.6% in 2024, and social consumption, represented by sports and entertainment goods, expected to rise by 11.1% [2][10][23] - The supply side shows a notable trend of integration across different fields, with the IP industry experiencing an average growth rate of 13.1% from 2019 to 2024, and the tourism and cultural sectors also expanding significantly [2][32][39] Group 2 - The rise of new consumption is attributed to generational changes, economic characteristics, and upgrades in consumption supply, with younger consumers (ages 18-34) being the primary drivers of emotional consumption [4][49][50] - The youth demographic is increasingly focused on emotional value due to factors such as high unemployment rates and increased work pressure, leading to a greater emphasis on self-pleasing and home-based consumption [4][61][62] - Supply-side improvements, including increased R&D investments in sectors like automotive and electrical machinery, are facilitating the intelligent upgrade of consumption offerings [4][62][68] Group 3 - Future growth potential for new consumption is reinforced by economic growth, demographic shifts, and improvements in consumption supply, with service consumption expected to rise as GDP per capita increases [6][74][83] - The trend of smaller family units and declining birth rates in developed countries is likely to further enhance new consumption demand, as seen in the U.S. and Japan [7][74][75] - The importance of "consumption-related infrastructure" is being elevated, with government spending in education, healthcare, and social security expected to support the enhancement of new consumption supply [8][102][106]

Investment Rating - The report indicates a stable outlook for the economy, with a focus on policy support and external demand as key drivers for growth [2][3]. Core Insights - The overall economic recovery is still reliant on policy measures and external demand, with internal dynamics such as consumer spending and private investment needing improvement [3][4]. - The production sector shows steady performance, with industrial value-added growth at 5.9% year-on-year for January-February 2025, slightly lower than December 2024's 6.2% [8][10]. - Consumer spending is recovering, with retail sales growth of 4.0% year-on-year in January-February 2025, up from 3.7% in December 2024 [17][21]. - Investment is showing marginal improvement, with fixed asset investment growth at 4.1% year-on-year for January-February 2025, compared to 3.2% for the entire previous year [24][25]. Summary by Sections 1. Production: Steady Performance - Industrial value-added growth for January-February 2025 is 5.9%, with a month-on-month increase of 0.51% in February [8][10]. - Export-oriented sectors like transportation equipment and automotive show the highest growth rates, while real estate-related sectors remain subdued due to slow downstream demand [10][12]. 2. Consumption: Bright Performance in Services - Social retail sales grew by 4.0% year-on-year in January-February 2025, higher than December 2024's 3.7% [17][21]. - Service retail sales increased by 4.9%, although this is a decline from December's 6.2% [17][21]. - Online consumption shows a significant recovery, with a year-on-year growth of 5.7% in January-February 2025, compared to 1.5% in December 2024 [21][22]. 3. Investment: Marginal Improvement - Fixed asset investment growth is at 4.1% year-on-year for January-February 2025, an increase from 3.2% in the previous year [24][25]. - Real estate investment shows a year-on-year decline of 9.8%, while manufacturing and broad infrastructure investments grow at 9.0% and 10.0%, respectively [25][26]. - The improvement in broad infrastructure investment is primarily driven by high growth in electricity and heat supply investments, which increased by 25.4% [26][27].