[Table_Title] 25Q4 美护基金配置比例环比下滑，个护、化 妆品处于低配区间 [Table_ReportType] ——美容护理行业跟踪报告[Table_ReportDate] 证券研究报告|美容护理 [Table_Summary] 投资要点： 美容护理行业：25Q4 基金配置比例环比下降。2025Q4，SW 美容护理行 业流通 A 股市值合计为 2550.96 亿元，环比 25Q3 下降 10.43%，其中， 美容护理基金持股总市值为 46.42 亿元，基金配置比例（美容护理行业 基金持股总市值/全行业基金持股总市值）为 0.14%，环比 25Q3 下降 0.06pcts，超配比例为-0.12%，环比 25Q3 下降 0.03pcts，仍然处于低 配区间。 子板块：医美处于超配区间，个护、化妆品低配。（1）个护用品：个护 用品板块 21Q3-22Q3 基金配置比例处于历史低位，22Q4 后出现回升， 25Q1 达到 0.09%。随后连续三个季度出现回落，25Q4 个护用品板块基 金配置比例为 0.03%（环比-0.01pct），超配比例为-0.04%，相较 25Q3 进一步下滑。（2）化妆品： ...

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2026 年 01 月 30 日 星期五 [Table_Summary] 概览 核心观点 【市场回顾】 周四 A 股三大指数涨跌不一，截止收盘，沪指收涨 0.16%，深成指收 跌 0.3%，创业板指收跌 0.57%。沪深两市成交额 32297.14 亿元。申 万行业方面，食品饮料、传媒、房地产领涨，电子、国防军工、电力 设备领跌；概念板块方面，白酒、小红书、赛马概念涨幅居前，光刻 机、国家大基金持股、中芯国际概念跌幅居前。港股方面，恒生指数 收涨 0.51%，恒生科技指数收跌 1%；海外方面，美国三大指数涨跌不 一，道指收涨 0.11%，标普 500 收跌 0.13%，纳指收跌 0.72%。 【重要新闻】 【贵金属市场再度上演"过山车"行情】1 月 29 日，黄金、白银在亚 市、欧市交易时段强势走高，现货黄金一度逼近 5600 美元/盎司关 口，现货白银则连续突破 117、118、119、120 和 121 美元/盎司五道 关口。纽约市场交易时段金银价格急转直下，现货黄金直线跳水跌近 6%失守 5100 美元/ ...

策略研究|策略月报 [Table_Title] 1 月 A 股市场实现"开门红" [Table_ReportDate] 2026 年 01 月 29 日 | | | [Table_Authors] 分析师: 宫慧菁 执业证书编号： S0270524010001 电话： 18028875418 邮箱： gonghj@wlzq.com.cn [Table_ReportList] 相关研究 活水引增量，A 股稳攀升 科创板块交投活跃 关注"十五五"产业布局的重点方向 策 略 研 究 策 略 月 报 证 券 研 究 报 告 [Table_RightTitle] ⚫ 1 月 A 股主要股指上涨：截至 1 月 22 日收盘，上证综指收 报 4,122.58 点，较 2025 年末上涨 3.87%。分结构看，本月 A 股主要股指上涨。其中，科创 50、中证 500 指数涨幅较 大。 ⚫ 市场流动性有所好转：截至 1 月 22 日，本月 A 股市场新成 立的偏股型基金份额回落，但全市场日均成交额环比明显 增加、重要股东减持规模减少，A 股限售解禁规模下降。总 体而言，1 月 A 股市场流动性有所好转。证监会召开 2026 年 ...

Core Insights - The A-share market showed mixed performance with the Shanghai Composite Index rising by 0.27% and the Shenzhen Component Index increasing by 0.09%, while the ChiNext Index fell by 0.57%. The total trading volume in the Shanghai and Shenzhen markets reached 29,650.88 billion yuan [1][7] - In the industry sector, non-ferrous metals, oil and petrochemicals, and coal led the gains, while sectors such as comprehensive, media, and national defense and military industry lagged behind. Concept sectors like gold, lead, and zinc saw significant increases, while monkeypox, cell immunotherapy, and newly listed tech stocks experienced declines [1][7] Important News - The Federal Reserve maintained its benchmark interest rate at 3.50%-3.75%, following three consecutive rate cuts of 25 basis points. This decision aligns with market expectations. The Fed noted signs of stabilization in the unemployment rate, while inflation remains relatively high, and economic uncertainty persists [2][8] Industry Analysis - The media industry experienced a strong performance in 2025, with the Shenwan Media sector rising by 27.17%, ranking ninth among Shenwan's first-level industries and outperforming the CSI 300 Index. The industry valuation (PE-TTM) has shown fluctuations but remains above the average level of the past seven years. Revenue and net profit for the first three quarters of 2025 showed steady growth, with year-on-year increases in Q3 [9][10] - The dual focus on IP and AI is reshaping the media industry. As consumer preferences shift from "functional" to "emotional value," there is a growing market for IP content and its commercialization. AI is recognized as a transformative technology with vast potential across various media sub-industries, driving new market developments [9][12] Investment Highlights - IP is categorized into content-based and image-based types, both of which can interchange to explore higher value and enhance commercialization through derivative products. Content-based IP includes literary and film adaptations, while image-based IP focuses on recognizable visual symbols [10][11] - The market for IP derivatives is experiencing explosive growth, driven by the rise of Generation Z consumers and the popularity of "emotional value" economics. Key product categories include collectibles and toys, which resonate with younger audiences' social and entertainment needs [12] - AI applications are expanding across multiple media sectors, enhancing content production efficiency and reducing costs. In gaming, AI is revolutionizing narrative and gameplay experiences, while in advertising, traditional marketing models are being restructured to adapt to new consumer information-seeking behaviors [14][13]

Investment Rating - The report maintains a positive outlook on the media industry, indicating it will outperform the market, with a projected increase of 27.17% in 2025, ranking ninth among all primary industries in the Shenwan index [2][15]. Core Insights - The media industry is expected to experience robust growth in 2025, driven by the dual focus on Intellectual Property (IP) and Artificial Intelligence (AI). The shift in consumer behavior from "functional" to "emotional value" is anticipated to enhance the commercial viability of IP content and its derivatives [2][29]. - The report highlights that AI is a transformative force in the digital age, becoming a focal point of global technological competition and a key driver of economic development, with significant applications across various sub-sectors of the media industry [2][8]. Summary by Sections 1. Market Performance - The media industry showed strong performance in 2025, with a total revenue of 3,874.8 billion yuan, reflecting a year-on-year growth of 5.90%, and a net profit attributable to shareholders of 320.97 billion yuan, up 36.80% [20][24]. - The industry’s PE ratio has adjusted to 27.12X, which is above the average of 26.03X from 2018 to 2024, indicating a period of valuation adjustment [16][18]. 2. Investment Highlights - IP is categorized into content-based IP and image-based IP, both of which can interchangeably enhance their commercial value through derivative products [3][43]. - Content-based IP includes literary, film, game, and animation types, with a focus on cross-media development and the extraction of commercial potential [3][43]. - Image-based IP relies on unique visual symbols and requires structured character matrices and continuous updates to maintain its commercial viability [4][72]. 3. AI Development - The AI sector is rapidly evolving, with applications spanning over 20 different fields, including AI assistants, cameras, and writing tools, enhancing user experience and meeting personalized needs [8][9]. - In gaming, AI is revolutionizing production processes, improving narrative depth and player immersion through intelligent NPCs and dynamic storylines [9][35]. - In advertising, traditional marketing models are being restructured by AI, leading to the emergence of Generative Engine Optimization (GEO) as a key strategy for enhancing marketing effectiveness [9][40]. 4. Future Outlook - The report emphasizes the importance of leveraging IP and AI as dual mainlines for future industry transformations, with a focus on emotional value and consumer engagement driving the growth of IP derivatives [2][29]. - The integration of AI across various media sectors is expected to facilitate significant changes in content production efficiency and cost reduction, thereby reshaping the industry landscape [9][30].

Core Insights - The media industry is expected to perform well in 2025, with a projected increase of 27.17%, ranking ninth among all primary industries in the Shenwan index, outperforming the CSI 300 index [2][15] - The industry valuation (PE-TTM) is experiencing fluctuations, currently above the seven-year average level [2][16] - Revenue growth is steady in Q1-Q3 of 2025, with a year-on-year increase in net profit attributable to shareholders [2][20] - The dual focus on IP and AI is anticipated to drive new transformations in the media industry, as consumer preferences shift from "functional" to "emotional value" [2][29] Market Performance - The media industry showed a strong performance in 2025, with a 27.17% increase, ranking ninth among Shenwan's primary industries and outperforming the CSI 300 index [2][15] - The valuation of the media industry is currently at 27.12X, which is higher than the average PE of 26.03X from 2018 to 2024 [2][16] Performance Analysis - In Q1-Q3 of 2025, the media industry achieved a revenue of 387.48 billion yuan, a year-on-year increase of 5.90%, and a net profit of 32.097 billion yuan, up 36.80% [2][20] - The gross margin remained stable, with a slight increase of 1.34 percentage points to 32.81% [2][20] - In Q3 of 2025, the media industry saw a revenue increase of 9.20% year-on-year, reaching 132.625 billion yuan, and a net profit increase of 57.00% to 10.316 billion yuan [2][24] Industry Outlook - The dual focus on IP and AI is expected to reshape the media industry, with IP becoming a core driver of content business models and AI emerging as a transformative technology [2][29] - The shift in consumer behavior towards emotional value is creating broader opportunities for the commercialization of IP content and derivatives [2][29] IP Insights - IP is categorized into content IP and image IP, with both types capable of mutual conversion to enhance commercialization [3][43] - Content IP includes literary, film, game, and animation types, focusing on deep narrative construction to build emotional resonance with users [3][43] - Image IP relies on unique visual symbols to evoke emotional connections, with a focus on social media and design innovation to maintain relevance [4][72] AI Insights - AI is recognized as a transformative force in the digital age, with applications across various media sectors, enhancing content production efficiency and reducing costs [8][9] - AI technologies are being integrated into gaming, advertising, and film production, driving industry innovation and efficiency [9][9] Investment Recommendations - The report suggests that the media industry will continue to outperform the market, driven by the dual focus on IP and AI, and recommends monitoring developments in these areas for potential investment opportunities [6][6]

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to outperform the market by over 10% in the next six months [6]. Core Insights - In 2025, the total profit of industrial enterprises above designated size in China is projected to grow by 0.6% year-on-year, reaching a total of 739.82 billion yuan. December saw a profit increase of 5.3% year-on-year, with a month-on-month growth rate of 18.4% [2]. - The consumer goods manufacturing sector is under pressure, with overall profits declining. However, there are signs of improvement in the furniture and tobacco industries, with profits in these sectors showing marginal recovery [3]. - The report suggests focusing on specific sectors such as food and beverage, gold and jewelry, cosmetics, and home appliances, which are expected to benefit from various market dynamics and consumer trends [4]. Summary by Sections Industrial Profit Overview - In 2025, the total revenue of industrial enterprises above designated size is expected to reach 1,391,980.6 billion yuan, reflecting a year-on-year increase of 1.1%, although this represents a slowdown compared to previous months [2]. Consumer Goods Manufacturing - The consumer goods manufacturing sector is experiencing overall profit pressure, with only the tobacco and agricultural product processing industries showing positive profit growth of 4.5% and 3.2% year-on-year, respectively. Other sectors, including furniture and food manufacturing, have seen profit declines [3]. Investment Recommendations - The report recommends focusing on: 1. Food and Beverage: The liquor industry is seen as bottoming out, with low valuations and high dividends supporting stock prices. The market is expected to see an upward turn ahead of financial reports [4]. 2. Gold and Jewelry: Increased geopolitical risks and a weakening dollar are expected to enhance gold's appeal as a safe-haven asset, with prices likely to rise [4]. 3. Cosmetics: There is a growing acceptance of domestic beauty brands among younger consumers, suggesting potential for strong performers in this sector [4]. 4. Home Appliances: Demand is expected to improve due to policies aimed at stabilizing the real estate market and promoting upgrades [4].

市 场 研 究 研报精选 食饮重仓比例持续下降，除酒类外的细分板块重仓比例回升 1 月游戏版号过审 182 款，腾讯《彩虹六号：攻势》强化 FPS 细分赛 道 [Table_Title] 万联晨会 [Table_MeetReportDate] 2026 年 01 月 28 日 星期三 [Table_Summary] 概览 核心观点 【市场回顾】 周二 A 股三大指数集体收涨，截止收盘，沪指收涨 0.18%，深成指收 涨 0.09%，创业板指收涨 0.71%。沪深两市成交额 28947.28 亿元。申 万行业方面，电子、通信、国防军工领涨，煤炭、农林牧渔、钢铁领 跌；概念板块方面，培育钻石、汽车芯片、国家大基金持股概念涨幅 居前，动物疫苗、禽流感、煤炭概念跌幅居前。港股方面，恒生指数 收涨 1.35%，恒生科技指数收涨 0.5%；海外方面，美国三大指数涨跌 不一，道指收跌 0.83%，标普 500 收涨 0.41%，纳指收涨 0.91%。 【重要新闻】 【2025 年全国规上工业企业利润总额同比增长】国家统计局公布数 据显示，2025 年全国规模以上工业企业实现利润总额 7.4 万亿元， 同比增长 0.6%，扭 ...

证券研究报告|商贸零售 [Table_Title] 大消费板块重仓比例连续 7 个季度回落，远 低于历史均值水平 [Table_ReportType] ——大消费行业 2025Q4 基金持仓分析[Table_ReportDate] [投资要点： Table_Summary] ⚫ 大消费板块重仓比例持续回落，多数消费子板块重仓比例均环比 下降，只有轻工制造、商贸零售和社会服务三个板块略有上升。 2025Q4 大消费板块基金重仓比例延续了 7 个季度以来的下降趋 势，环比下降 0.28pcts 至 4.41%，目前处于历史低位，远低于 2018 年以来的历史重仓比例平均值 10.94%。 ⚫ 分个股：全市场个股持仓 TOP20 中大消费板块占据 2 个席位，与 Q3 季度席位数持平，大消费板块个股重仓比例分化明显。2025Q4 全市场基金重仓比例 TOP20 个股中大消费板块占据 2 个席位，食 品饮料（贵州茅台）和家用电器（美的集团）各占据 1 席。大消 费板块基金重仓比例提升幅度前 10 个股包括 3 只家用电器个股 （美的集团、格力电器、海尔智家）、2 只食品饮料个股（伊利股 份、口子窖）、2 只轻工制造个 ...

Investment Rating - The industry investment rating is "stronger than the market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [29]. Core Insights - The food and beverage sector's heavy holding ratio continues to decline, dropping to 2.61% in Q4 2025, down 0.20 percentage points from the previous quarter, and significantly below the historical average of 6.77% since 2018 [1][10]. - Within the sector, the heavy holding ratio for sub-segments, excluding alcoholic beverages, has seen a rebound, with notable increases in categories such as seasoning and fermented products, dairy beverages, and snacks [2][13]. - The top ten heavy holdings in the food and beverage sector are dominated by liquor stocks, which occupy seven positions, with a total heavy holding ratio of 2.37% [3][19]. Summary by Sections 1. Heavy Holding Ratios - The food and beverage industry's heavy holding ratio has decreased to 2.61%, ranking sixth among 31 primary industries, down from fifth in the previous quarter [1][10]. - The liquor segment's heavy holding ratio has dropped to 2.26%, while other sub-segments like seasoning and fermented products, dairy beverages, snacks, and food processing have shown slight increases [2][13]. 2. Liquor Segment Analysis - The liquor segment remains a dominant force in the food and beverage industry, accounting for over 86% of the heavy holdings, although it has decreased by 1.76 percentage points [16]. - The top three liquor stocks by heavy holding ratio are Guizhou Moutai, Shanxi Fenjiu, and Wuliangye, with significant fluctuations in their rankings [19][20]. 3. Investment Recommendations - The report suggests that the liquor industry is in a bottoming phase, with low valuations and high dividends providing strong support for stock prices. The inventory destocking cycle is expected to continue until mid-2026, with potential investment opportunities emerging in the second half of 2026 [25]. - For the broader consumer goods sector, growth is anticipated from product upgrades, particularly in beer and dairy, while the seasoning industry is expected to benefit from low raw material costs and the rise of customized solutions [4][27].