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This study investigates the relationship between physical exercise and subjective well-being through a moderated mediation model. It examines how physical exercise influences subjective well-being, focusing on the mediating role of exercise identity and the moderating role of health awareness. The results show that physical exercise significantly enhances subjective well-being, with exercise identity fully mediating this relationship. Additionally, health awareness positively moderates both the relationship between physical exercise and exercise identity and the mediating effect of exercise identity on the link between physical exercise and subjective well-being. This research reveals the mechanisms through which physical exercise promotes well-being and provides theoretical support for advancing national fitness initiatives and improving public health.本研究采用有调节的中介模型（moderated mediation model），探究体育锻炼与主观幸福感（subjective well-being）之间的关联，聚焦锻炼身份认同（exercise identity）的中介作用与健康意识（health awareness）的调节作用，剖析体育锻炼对主观幸福感的影响路径。研究结果表明，体育锻炼可显著提升主观幸福感，且锻炼身份认同在二者间发挥完全中介作用。此外，健康意识对体育锻炼与锻炼身份认同之间的关联，以及锻炼身份认同在体育锻炼与主观幸福感间所起的中介效应，均具有正向调节作用。本研究揭示了体育锻炼促进幸福感的内在机制，可为推进全民健身计划（national fitness initiatives）与改善公共卫生提供理论支撑。