[Table_2R0e2p4or年tDa0te4] 月 08 日 [Table_ReportIn通du信 str yName] [证Tab券le_研Re究po报rtN告am e—] 行业定期报告 [投Ta资bl评e_级In：du强str于yR大a市nk ] [TTaMbleT_T行itle业] 月报： 5G-A、5G RedCap 等技术 相对指数表现 加速普及；Kimi 实现中文大模型长文本能力 [Table_Ch通信art] 计算机 游戏Ⅱ 沪深300 突破 0.81 0.46 报告摘要 0.11 -0.25 [Tabl2e0_2S4um年m2a月ry] 1日至2月29日，沪深300指数上涨9.35%，申万 -0.60 全行业指数均出现正增长，其中通信行业上涨19.52%，涨幅最高，计 -0.95 2023-4 2023-7 2023-10 2024-1 算机行业上涨 17.78%，传媒行业上涨 14.82%，涨幅均超过沪深 300 指数。2 月市场氛围围绕AI、6G通信再度升温，2月16 日，OpenAI 发布文生视频AI产品Sora，在度引爆人工智能概念，其强大的视频生 [高Ta新b技le术_R组e ...

Investment Rating - The report assigns a "Neutral" investment rating to the beauty and personal care industry, indicating that the industry index is expected to fluctuate between a 10% increase and a 10% decrease relative to the broader market over the next six months [28]. Core Insights - In 2023, the retail sales of cosmetics in China reached 414.2 billion yuan, reflecting a year-on-year growth of 5.1%, which underperformed the overall retail sales growth by 2.1 percentage points, indicating a weak recovery in the industry [2][22]. - The 2024 International Women's Day sales event showed an increase in the competitiveness of domestic beauty brands, with the top 10 brands on platforms like Tmall and Douyin seeing a higher market share compared to the previous year [2][17]. - The report highlights that domestic brands are expected to continue gaining market share due to factors such as declining imports, increased focus on R&D, and a strong cultural acceptance among Generation Z consumers for high-quality domestic products [2][17]. Summary by Sections Market Review - In February 2024, the beauty and personal care sector rose by 14.43%, outperforming the Shanghai Composite Index by 5.08 percentage points, ranking fifth among all sectors [8]. Medical Aesthetics and Cosmetics Industry Dynamics - Haohai Biological Technology reported a revenue of 2.654 billion yuan in 2023, a year-on-year increase of 24.59%, with its medical aesthetics business growing by 41.27% [12]. - The 2024 International Women's Day sales event revealed that domestic brands like Proya and Han Shu topped the sales charts on Tmall and Douyin, indicating a significant shift in consumer preferences [14][17]. - Proya launched new products, including the "Source Power Cream 2.0" and "Shield Sunscreen," which incorporate innovative ingredients like recombinant collagen [20]. Cosmetics Industry Data Tracking - The retail sales of cosmetics in China for 2023 were 414.2 billion yuan, with a growth rate of 5.1%, indicating a gradual recovery in consumer demand [22]. - Douyin's beauty segment achieved a sales volume of 12.747 billion yuan in February 2024, marking a year-on-year growth of 66.4% [23].

[Table_2R0e2p4or年tDa0te2] 月 28 日 [Table_ReportIn通du信 str yName] [证Tab券le_研Re究po报rtN告am e—] 行业定期报告 [投Ta资bl评e_级In：du强str于yR大a市nk ] [TTaMbleT_T行itle业] 月报：视频生成模型 Sora 发布再度 相对指数表现 引爆人工智能市场；现象级游戏《幻兽帕鲁》 [Table_Ch通信art] 计算机 游戏Ⅱ 沪深300 或将改变游戏制作模式 1.33 0.89 报告摘要 0.45 0.01 [Tabl2e0_2S4um年m1a月ry] 2日至1月31日，沪深300指数下跌6.29%，通信 -0.43 行业下跌15.19%，计算机行业下跌23.65%，传媒行业下跌15.47%。 -0.87 2023-2 2023-5 2023-8 2023-11 1 月份从已发布业绩预告的公司来看，2023 年第四季度部分公司业绩 出现亏损或者不及预期，由于业绩未能兑现，先前靠概念影响上涨的科 技公司估值下滑明显，其中通信、计算机、电子行业跌幅较大。不过到 m 2 月份o，受人工智能、5G-A 等新 ...