Inflation Overview - In June, the U.S. CPI increased by 2.7% year-on-year, up from 2.4% in May and slightly above the market expectation of 2.6%[6] - The core CPI rose by 0.1 percentage points to 2.9%, aligning with market expectations[6] Core CPI Analysis - The month-on-month CPI growth rose by 0.2 percentage points to 0.3%, matching market expectations, while the core CPI increased by 0.2%, slightly below the expected 0.3%[10] - Energy prices were the main driver of the inflation increase, with energy inflation rising by 1.9 percentage points to 1.0% month-on-month[13] Tariff Impact on Core Goods - The impact of tariffs on core goods is beginning to show, with notable month-on-month increases in clothing (0.9 percentage points) and furniture (0.6 percentage points) prices[14] - However, inflation in automobiles and pharmaceuticals showed weakness, with respective month-on-month declines of 0.5% and 0.3%[15] Core Services Performance - Core services, particularly medical and transportation services, showed strong inflation performance, with airfares increasing by 2.6 percentage points month-on-month[20] - The housing component saw a decline in growth, primarily due to a significant drop in hotel accommodation prices, which fell by 2.8 percentage points to -2.9%[20] Future Outlook - Inflation is expected to continue its moderate rise, with tariffs likely to exert further pressure on consumer prices in the coming months[24] - The average tariff rate on U.S. imports was approximately 8.7% in May, reflecting a 6.5 percentage point increase from the end of 2024[24] Federal Reserve Stance - Given the current economic conditions and the gradual transmission of tariff pressures, the Federal Reserve is likely to maintain a wait-and-see approach, making it difficult to lower interest rates in the short term[25]

Group 1: Market Overview - The Hang Seng Index closed down 131 points, ending at 23,157, after opening lower and briefly falling below the 23,000 mark [3][4] - The overall market turnover was 145.245 billion HKD, marking the lowest trading volume in nearly a month [4] - Major blue-chip stocks such as Alibaba and Meituan experienced declines of 0.6% and 1.7% respectively [3] Group 2: Retail Sector Insights - Hong Kong's retail sales value for April was estimated at 28.9 billion HKD, a year-on-year decline of 2.3%, marking the 14th consecutive month of decline [7][9] - The retail environment is described as unfavorable, with expectations that the sales figures are nearing a bottom, and a slight improvement is anticipated in the second half of the year [7] - Online sales accounted for 8.1% of total retail sales in April, with an estimated value of 2.3 billion HKD, down 3.5% year-on-year [9] Group 3: Corporate Developments - Anta Sports completed the acquisition of the Jack Wolfskin business for approximately 2.9 billion USD (about 22.62 billion HKD), which is expected to enhance its brand portfolio [11] - DiSheng Creation reported a 43.55% decline in net profit for the year ending March, with revenue down 19.93%, indicating challenges in adapting to changing consumer behaviors [12] - Vodafone and CK Hutchison completed the merger of their UK telecom businesses, creating a new entity named Vodafone Three, which will invest 11 billion GBP in developing a 5G network [13] Group 4: Strategic Moves in Digital Assets - OSL Group announced the acquisition of 90% of Evergreen Crest Holdings Ltd for 15 million USD (approximately 1.17 billion HKD), aiming to enter the Indonesian digital asset market [14]

Group 1: Industry Growth and Trends - The total import and export value of sports goods in China increased by 3.90% year-on-year in the first quarter of this year, with e-commerce sales of sports goods growing by 22.59% last year [1] - The sports goods manufacturing industry's added value has shown stable growth since 2020, averaging 6.82% annually, and accounted for 1.16% of total manufacturing in 2023, indicating a steady increase since 2021 [2] - The rise in popularity of niche sports such as rock climbing and paddleboarding has driven rapid expansion in sports goods consumption, aligning with modern health lifestyle trends and the younger generation's preference for immersive experiences [2] Group 2: Infrastructure Development - As of 2024, there are 4.8417 million sports venues in China, with a total area of 4.23 billion square meters, resulting in a per capita sports venue area of 3.0 square meters, surpassing the "14th Five-Year Plan" target [3] - The growth rate of sports venue area has slowed to 3.91%, reflecting a transition from merely having venues to focusing on their quality and suitability for diverse community needs [3] - Community fitness stations are being developed as essential hubs for public fitness, integrating digital technologies to cater to the exercise needs of all age groups [3] Group 3: Innovations and Upgrades - Cities like Shanghai and Shenzhen are implementing innovative fitness solutions, such as "smart fitness stations" and age-friendly fitness facilities, to enhance community health and fitness engagement [4] - The focus is shifting towards the refinement and quality improvement of public sports facilities, with an emphasis on upgrading existing venues to meet modern standards [4] - The outdoor sports industry is recognized for its low resource consumption and high social benefits, with calls for optimizing facility layouts and expanding service quality to support high-quality industry development [5]