Group 1: Core Initiatives for Business Development - Chengdu focuses on expanding service industry openness and supporting enterprise development through enhanced policy, service, and scenario supply [1] - The city aims to leverage its Free Trade Zone to explore innovative models in key industries such as digital creativity, biomedicine, and modern logistics [1] - Chengdu is implementing institutional innovations to address foreign enterprises' pain points, including foreign talent management and cross-border data and capital flow [1] Group 2: Enhancing International Consumption Services - Chengdu is developing key commercial areas and new consumption hotspots, including cultural entertainment tourism and international medical beauty [2] - The city is accelerating the establishment of duty-free shops and promoting convenient services for tax refunds for departing tourists [2] - Efforts are being made to improve the internationalization of public services in tourism, healthcare, education, and transportation [2] Group 3: Supporting Foreign Trade Innovation - Chengdu is implementing the "Rong Products Going Global" initiative, focusing on key categories and markets to support local products' international expansion [3] - From January to April this year, exports of Chengdu's self-owned brands increased by 23.4% year-on-year [3] - The city is exploring new models combining cross-border e-commerce, industrial belts, and overseas warehouses to enhance international market access [3] Group 4: Promoting Investment and Trade Facilitation - Chengdu is targeting key sectors for openness, including the construction of an international technology transfer center under the Belt and Road Initiative [4] - Financial innovations such as QFLP and cross-border capital pool services are being supported for multinational enterprises [4] - The city encourages the introduction of international sports organizations and high-level cultural exhibitions to enhance its global presence [4]

Core Insights - The article discusses the emerging trends in high-quality consumption, particularly focusing on the integration of experience-driven consumption in various sectors such as tourism, entertainment, and hospitality [2][3]. Group 1: Experience Economy - The experience economy is gaining traction, with events like concerts and sports driving tourism and local consumption. The "Su Super League" in Jiangsu has attracted over 180,000 spectators, boosting local tourism and cultural experiences [2][3]. - Young consumers are increasingly seeking personalized and immersive experiences, moving away from traditional sightseeing to more engaging activities like attending concerts and local cultural events [3][4]. - The concert industry is a significant contributor to the experience economy, with ticket sales in 2024 projected to reach 57.95 billion yuan, and concerts driving substantial local spending [4][5]. Group 2: Hospitality and Accommodation Trends - Hotels and homestays are shifting from merely providing accommodation to offering unique experiences that resonate emotionally with guests. Nearly 80% of users prefer booking accommodations with added experiential features [8][9]. - The integration of entertainment and hospitality is becoming a trend, with hotels offering packages that combine lodging with events like comedy shows, enhancing guest experiences and brand differentiation [9][10]. Group 3: Low-altitude Tourism - Low-altitude tourism is emerging as a new growth point in the travel industry, utilizing drones, helicopters, and other aerial vehicles to provide unique sightseeing experiences [12][13]. - The demand for low-altitude experiences is increasing, with a reported 460% rise in related searches, indicating a strong consumer interest in innovative travel options [13][14]. Group 4: Technology in Tourism - The introduction of AI and robotics in tourism is enhancing visitor experiences, with devices like exoskeletons helping older tourists navigate mountainous areas more easily [15][16]. - The global market for exoskeleton robots is projected to reach $18 billion by 2024, indicating a growing acceptance and demand for such technologies in outdoor and tourism sectors [18].

Core Viewpoint - The 2025 Liaoning Province High-Quality Cultural, Sports, and Tourism Integration Development Conference promotional event was recently held in Chaoyang, emphasizing the province's commitment to enhancing the integration and quality of its cultural, sports, and tourism industries, which are becoming a strong driving force for comprehensive revitalization in Liaoning [1][2]. Group 1: Event Overview - The 2023 and 2024 Liaoning Province High-Quality Cultural, Sports, and Tourism Integration Development Conferences were successfully held in Shenyang and Dalian, significantly promoting the integration of the cultural, sports, and tourism industries in Liaoning [1]. - Chaoyang is highlighted as a historical and cultural hub with rich tourism resources, leveraging its advantages to deepen the integration of cultural, sports, and tourism development [1]. Group 2: Archaeological Significance - The recent discoveries at the Niuhouling archaeological site have pushed back the timeline of Chinese civilization's origins by approximately 500 to 600 years, providing substantial evidence for the 5,000-year history of Chinese civilization [1]. - The Niuhouling National Archaeological Park has become one of the most iconic tourist destinations in Liaoning, featuring impressive structures such as altars and large stone sculptures [1]. Group 3: Investment and Development - As part of the 2025 conference, a specialized investment promotion event focused on the hot spring, hotel, and ice and snow industries was held, resulting in the signing of 15 projects with a total intended investment of 7.318 billion yuan [2]. - Liaoning's improving development environment and increasing popularity create a timely opportunity for accelerating the integration of cultural, sports, and tourism industries [2].

近日，"苏超"火了。更有趣的是，自从南京发布微信公众号官方"玩梗"认证后，"比赛第一，友谊第十 四"开启的"梗王争霸赛"火遍网络。 没有假球，只有"世仇"；挨着太湖就是水，我请贝克汉姆堵你们嘴；输了大闸蟹加盐，赢了盐水鸭加 糖；苏超联赛能火的三个原因，天时地利人不和……对于这些"玩梗"，网友直呼"笑不活了"。 而其中这句"天时地利人不和"也恰恰揭示了"苏超"爆火背后的经济真相：江苏13个市个个经济实力不 凡， 全部是二级财政城市，其中有5个万亿级城市；另外，江苏还有25个百强县，占全国的1/4。"十三 太保"个个能打，但也富得很均衡，因此互相不服气。 "苏超"是江苏省城市足球联赛的简称，其爆火的原因有很多，从经济学的角度出发，清华大学中国经济 思想与实践研究院院长李稻葵公开谈到，比较核心的一个原因是，江苏的经济实力太强了，而且各个城 市都发展得比较均衡。 对此，南都记者对江苏省及其各城市的经济情况进行了盘点。 江苏省2024年的GDP总值超13万亿元，位居全国第二，但增量是全国第一。在这个城均破万亿的省份， 各个城市不甘落后。 目前，江苏13个设区市已然形成了万亿级、九千亿级、七千亿级、五千亿级、四千亿级的阶 ...

Group 1 - The core viewpoint emphasizes the transformation of consumer behavior from quantity to quality, highlighting the need for supply-side adjustments to meet evolving consumer demands [1][2] - The article discusses the structural contradictions in supply and demand, noting an oversupply of low-end products and a shortage of high-quality offerings, which restricts the release of consumer potential [1][2] - It stresses the importance of enhancing the adaptability between supply and demand to drive high-quality development, suggesting that optimizing supply and expanding effective demand should be combined [1][2] Group 2 - The concept of adaptability is defined as the alignment between supply and demand, requiring proactive engagement from producers to seize new opportunities presented by changing consumer trends [2] - The article highlights the role of government in facilitating the dynamic adjustment process between supply and demand, advocating for consistent and flexible macro policies to address specific challenges in the market [2] - It provides examples of policies aimed at supporting product upgrades and encouraging consumer spending, which are designed to stimulate market potential and promote a shift towards greener, smarter, and higher-quality consumption [3]

Investment Rating - The report maintains a "Positive" investment rating for the industry [11] Core Insights - The rapid rise of domestic brands is driven by supply-side innovation and channel transformation, as evidenced by the cases of Baiya and its subsidiaries Haoyue and Yuanfei [2][6] - Baiya's brand development and expansion are significantly influenced by differentiated product offerings, particularly in the probiotics segment, leveraging platforms like Douyin for rapid customer acquisition [16][25] Summary by Sections Baiya's Growth Path - Baiya has successfully utilized Douyin's e-commerce advantages to enhance brand visibility and drive offline expansion, achieving significant growth in both online and offline channels [16][25] - The company has focused on creating differentiated products, particularly in the probiotics category, which has led to a rapid increase in revenue share [20][25] Haoyue Care - Haoyue's main business includes OEM for baby diapers and the operation of sanitary napkin brands, with projected revenue contributions of 70% from baby hygiene products, 19% from adult hygiene products, and 8% from non-absorbent hygiene products in 2024 [27][30] - The company has seen a recovery in revenue, with an estimated 2024 revenue of 2.93 billion yuan, reflecting a 6% year-on-year growth [30][31] Yuanfei Pet Products - Yuanfei focuses on the pet industry, with a revenue breakdown of 46% from pet snacks and 35% from pet leashes, while 86% of its business comes from export OEM [44][46] - The company has expanded its brand portfolio with the introduction of self-owned brands like Pikapoo, which has quickly gained traction on Douyin, achieving significant sales growth [58][59] Weekly Insights - The report expresses optimism about the growth of new tobacco products and IP derivatives, while also highlighting potential opportunities in AI glasses and toy sectors [8][63] - The pet products sector has shown promising growth, with notable increases in sales during promotional events like the "618" shopping festival [9]

Key Points - The article emphasizes a cautious approach in the short term, focusing on defensive sectors such as banks due to ongoing tariff negotiations and rising economic downward pressure [2][4] - It suggests that while small-cap growth stocks are currently favored, the overall market volatility is increasing, indicating potential risks if a turning point occurs [2][4] - The report highlights a decrease in the dispersion of excess returns among industry indices, with a slight decline in the proportion of rising constituent stocks and an increase in industry rotation speed [6][7] Market Overview - The market structure shows a stable concentration in the top 100 stocks, while the transaction share of the top five industries has slightly decreased [6][7] - Market activity has decreased, with a notable drop in the turnover rate of the Shanghai Stock Exchange 50 index, reaching its lowest level in nearly a year [6][7] Commodity Market Insights - In the commodity market, the strength of trends in precious metals and non-ferrous sectors has significantly increased, while energy and black metal sectors continue their trend [18][20] - The basis differential momentum for black and precious metals has rapidly increased, whereas it has decreased for energy and non-ferrous sectors [18][20] Options Market Analysis - The implied volatility levels for the Shanghai Stock Exchange 50 and the CSI 1000 show no significant trend, with the latter at historically low levels [23] - The skewness of the CSI 1000 put options has decreased, indicating a reduction in market concerns regarding small-cap stocks [23] Convertible Bond Market Overview - The convertible bond market remains stable in terms of valuation, with the premium rate for bonds convertible at 100 yuan and the pure debt premium rate showing steady trends [26] - The market turnover has improved, surpassing historical median levels, while credit spreads remain consistent with previous values [26]

Core Viewpoint - Xinghui Entertainment has gained significant market attention due to its involvement in multiple hot business sectors, including IP, football, and toys, leading to a substantial increase in its stock price [1] Group 1: Stock Performance - On June 11, Xinghui Entertainment's stock surged by 13.43%, reaching an intraday increase of nearly 15%, following a cumulative rise of over 30% in the last three trading days [1] - The company has become the first A-share listed company to hold a controlling stake (99.59%) in a European top five league football club, specifically the Espanyol Football Club [1] Group 2: Business Operations - Xinghui Entertainment's business encompasses game development and operation, toy research, production, sales, and football club management [1] - The company is leveraging its position in the football industry to promote collaboration between Chinese and Spanish football, including the establishment of the Shanghai Football Academy to nurture local talent [2] Group 3: Market Rumors and Clarifications - There were rumors that Xinghui Entertainment is a manufacturer for the LABUBU plush toys of Pop Mart, which the company has denied, stating its toy business focuses on remote control models, alloy models, building block models, and outdoor toys [3] - The company clarified that it does not currently engage in digital currency or stablecoin-related businesses but will monitor developments in this area for potential future integration [3]

Group 1: Consumption Growth in Central and Western Regions - The consumption growth momentum in central and western provinces is strong, with 11 out of 17 provinces showing retail sales growth above the national average in the first four months of the year [1][2] - Hubei and Henan provinces have retail sales growth rates of 7.7% and 7.2%, respectively, exceeding the national average by 3 percentage points and 2.5 percentage points [2][3] - Experts suggest that central regions should focus on regional collaboration, industry linkage, and policy innovation to transform consumption growth into lasting industrial competitiveness and regional influence [3] Group 2: Impact of "Two New" Policies - The "Two New" policies have significantly boosted sales in communication equipment, home appliances, and audio-visual products, contributing to retail sales growth [4] - As of May 31, 2025, the "Two New" policy has driven sales of 1.1 trillion yuan across five major categories, with approximately 175 million subsidies issued to consumers [4][5] - In the first four months of the year, at least 16 provinces reported retail sales growth in communication equipment exceeding the national average, with some western provinces showing over 50% growth [4] Group 3: Sports and Cultural Events Driving Consumption - Retail sales of sports and entertainment products have seen significant growth, with some regions reporting increases over 25% in the first four months [6] - The sports industry has expanded from 2.9 trillion yuan in 2019 to 3.7 trillion yuan, driven by government support and youth consumer trends [6] - Events like the "Su Super" football league have boosted local economies, with a reported 14.63% increase in tourism spending during the Dragon Boat Festival [6][7]

Core Insights - The "Su Chao" phenomenon is significantly boosting local consumption in Jiangsu, extending beyond just the sports economy [1][3]. Consumption Trends - The local consumption index during the "Su Chao" period shows a remarkable increase in various categories: - In the "sports health consumption" category, sales of smartwatches surged nearly 9 times compared to the same period last year, while sales of sports T-shirts and running shoes more than doubled, and children's sports shoes also saw close to a 2-fold increase [3]. - For "viewing atmosphere consumption," there was a notable increase in sales of beverages and entertainment products, with local liquor sales, particularly Yanghe, increasing nearly 18 times, and craft beer sales doubling [3]. - In the "viewing equipment" category, air conditioner sales grew over 5 times, and sales of cool mats increased by more than 1 time [3]. Retail Platform Impact - The instant retail platform, Meituan Shanguo, acts as a "magnifier" for the consumption boost driven by "Su Chao," connecting consumers with physical stores [5]. - Sales at offline stores of sports brands like Decathlon and Taobo have rapidly increased due to the "Su Chao" effect [5]. - A local liquor store manager reported a significant increase in orders for beer and ice cups, with many orders specifically mentioning "for watching Su Chao" [5]. Economic Development - The "Su Chao" effect is seen as a collaborative effort among various stakeholders to promote economic growth in Jiangsu through sports [5]. - There are expectations for sustained consumption effects as local platforms and regional cooperation continue to support the initiative [5].