Group 1 - The medical beauty sector experienced a slight decline of 0.06% on September 26, with Jinbo Biological leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] - The individual stock performance in the medical beauty sector showed mixed results, with Aimeike increasing by 1.31% to 182.21, while Jinbo Biological decreased by 1.43% to 286.15 [1] Group 2 - The net capital outflow from the medical beauty sector amounted to 23.59 million yuan, while retail investors saw a net outflow of 35.19 million yuan [1] - Institutional investors had a net inflow of 58.78 million yuan into the sector [1] - Detailed capital flow data for individual stocks indicated significant variations, with Aimeike experiencing a net outflow of 42.64 million yuan, while ST Meigu saw a net inflow of 4.09 million yuan [2]

Group 1 - The medical beauty sector experienced a slight increase of 0.05% on September 25, with *ST Meigu leading the gains [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] - The trading volume and turnover for *ST Meigu were 216,900 hands and 70.9732 million yuan, respectively, with a price increase of 3.14% [1] Group 2 - The medical beauty sector saw a net outflow of 26.412 million yuan from institutional funds, while retail investors contributed a net inflow of 10.4691 million yuan [1] - The individual stock performance showed *ST Meigu with a net inflow of 10.6411 million yuan, while Huaxi Biological and Aimeike experienced net outflows of 3.1146 million yuan and 26.2049 million yuan, respectively [2]

Core Viewpoint - The recent announcement by Jinbo Biotechnology regarding its plan to issue shares to Yangshengtang highlights the growing interest and investment in the recombinant collagen market, which is experiencing rapid growth in China's medical aesthetics sector [1][2]. Company Summary - Jinbo Biotechnology plans to issue up to 7.1756 million shares at a price of 278.72 yuan per share, raising a total of no more than 2 billion yuan for the development of a humanized collagen FAST database and product development platform [1]. - The company has received three Class III medical device registration certificates for its recombinant collagen products, positioning it as a leader in the medical aesthetics field [3]. - The recent transfer of shares from the controlling shareholder to Hangzhou Jiushi indicates a strategic move to strengthen ties with major players in the industry [1]. Industry Summary - The medical aesthetics market in China is experiencing strong and diverse demand, with the recombinant collagen product market projected to grow from 19.24 billion yuan in 2022 to over 58.57 billion yuan by 2025, and further to 219.38 billion yuan by 2030, reflecting a compound annual growth rate of 44.93% [2]. - The market is seeing an influx of new products, with multiple companies obtaining Class III medical device approvals, indicating a vibrant and competitive landscape [3][4]. - The prevalence of illegal medical aesthetics institutions has surpassed legal ones, with 22,000 illegal institutions compared to 20,000 legal ones, raising concerns about consumer safety and market integrity [6]. Market Dynamics - The high prices of medical aesthetics services in China are driving consumers towards illegal options, as many perceive the costs of legitimate services to be prohibitively high compared to those in markets like South Korea and Hong Kong [7]. - The introduction of competitively priced products, such as New Oxygen's "Miracle Youth 3.0" priced at 2,999 yuan, aims to make compliant medical aesthetics more accessible and reduce the appeal of illegal services [7]. - The industry is characterized by a "new is better" mentality, where new products can quickly saturate the market, leading to price reductions and potential volatility in consumer preferences [5].

Overview - The trend of public funds increasing their allocation to the Beijing Stock Exchange (BSE) continues, with significant entry of active equity public funds. As of H1 2025, the market value allocated by public funds to the BSE reached 22.383 billion, with an allocation ratio of 0.37%, up by 0.15 percentage points quarter-on-quarter. The allocation coefficient reached 0.59, an increase of 0.07. Public funds have continuously increased their allocation to the BSE for three consecutive half-year periods since H1 2024. Among them, the proportion of active equity public funds allocated to the BSE reached 0.46%, up by 0.26 percentage points quarter-on-quarter, with an allocation coefficient of 0.74, an increase of 0.24 [7][24][47]. Active Equity - Active equity public funds significantly increased their allocation to the BSE, with a total market value of 11.22 billion as of H1 2025, a substantial increase of 116% compared to H2 2024. The BSE's thematic products also saw a market value of 3.9 billion, up by 54% quarter-on-quarter, primarily due to net value growth and the opening of subscriptions for the "Taikang BSE Selected Two-Year Open" fund [24][25][28]. Index Investment - The scale of index investment in the BSE is steadily expanding. As of H1 2025, the market value held by BSE index funds reached 11.08 billion, an increase of 48% quarter-on-quarter. The BSE 50 index fund accounted for 10.5 billion, up by 46%, while other index funds reached 580 million, up by 90%. The scale of passive index funds was 10.02 billion, up by 42%, and the scale of index-enhanced funds reached 1.06 billion, up by 162% [47][48]. Allocation - The institutionalization trend is accelerating, with a focus on growth sectors. As of H1 2025, the concentration of active equity public fund allocations has increased, with key stocks like Jinbo Bio, Naconoer, and Tongli Co. accounting for about half of the total market value held. The report emphasizes the importance of sectors with sustained growth potential, such as Jinbo Bio and Minshida [24][38][39].

Overview - The trend of public funds increasing their allocation to the Beijing Stock Exchange (BSE) continues, with active equity public funds significantly entering the market. As of H1 2025, the market value allocated by public funds to the BSE reached 22.383 billion yuan, with an allocation ratio of 0.37%, up by 0.15 percentage points quarter-on-quarter. The allocation coefficient reached 0.59, an increase of 0.07. Public funds have continuously increased their allocation to the BSE for three and a half consecutive half-years since H1 2024 [10][12]. Active Equity - Active equity public funds have significantly increased their allocation to the BSE. As of H1 2025, the total market value held by active equity funds in the BSE reached 11.22 billion yuan, a substantial increase of 116% compared to H2 2024 [29][30]. - The BSE theme products held a market value of 3.9 billion yuan as of H1 2025, up by 54% quarter-on-quarter, primarily due to net value growth and the opening of subscriptions for the "Taikang BSE Selected Two-Year Open Fund" [30][34]. - The average net value growth rate of BSE theme funds was 69.9% from the beginning of 2025 to September 10, 2025, significantly outperforming the BSE 50 index by 14.8% [30][34]. Index Investment - The scale of index investment in the BSE is steadily expanding. As of H1 2025, the market value held by BSE index funds reached 11.08 billion yuan, an increase of 48% quarter-on-quarter. The BSE 50 index fund accounted for 10.5 billion yuan of this, up by 46% [54][55]. - The number of BSE 50 index products has increased, with 28 products established as of now, including two newly established products in Q3 2025 [54][55]. Allocation - The trend of institutionalization in the BSE is accelerating, with a focus on growth sectors. As of H1 2025, the public fund holding ratio for the BSE 50 reached 8.8%, up by 1.8 percentage points quarter-on-quarter. The active equity holding ratio was 3.9%, an increase of 2.0 percentage points [19][20]. - The concentration of active equity public fund allocations has increased, with key stocks like Jinbo Bio, Nacono, and Tongli Co. accounting for about half of the total market value held [40][44].

Summary of Key Points Core Viewpoint - As of September 22, the total margin financing and securities lending balance on the Beijing Stock Exchange reached 7.81 billion yuan, indicating an increase from the previous trading day, with notable activity in specific stocks and sectors [1]. Financing and Margin Activity - The margin financing balance was 7.81 billion yuan, up by 48.08 million yuan, while the securities lending balance was 43.47 million yuan, down by 69,700 yuan [1]. - The stocks with the highest margin financing balances included Better Ray (3.68 billion yuan), Shuguang Digital Innovation (3.65 billion yuan), and Jinbo Biological (3.52 billion yuan) [1]. - The average margin financing balance as a percentage of market capitalization for these stocks was 1.31%, with leading stocks like Juneng Co., Audiwei, and Jiaoda Tifa showing higher ratios of 3.98%, 3.85%, and 3.83% respectively [1]. Net Buying and Selling Trends - On September 22, 150 stocks experienced net margin buying, with 43 stocks having net buying amounts exceeding 1 million yuan [2]. - Shuguang Digital Innovation led with a net buying amount of 9.08 million yuan, followed by Jinbo Biological (8.74 million yuan) and Binhang Technology (7.99 million yuan) [2]. - The stocks with the highest net selling amounts included Kun Gong Technology, Litong Technology, and Kangle Health, with net selling amounts of 9.65 million yuan, 7.40 million yuan, and 6.76 million yuan respectively [1][2]. Industry Performance - The industries with the most stocks receiving net buying over 1 million yuan were machinery equipment (9 stocks), automotive (7 stocks), and electronics (5 stocks) [2]. - The average performance of stocks with net buying over 1 million yuan showed a decline of 1.21%, with notable gainers including Zhixin Electronics (up 12.64%), Shuguang Digital Innovation (up 9.90%), and Kaiter Co. (up 7.05%) [2]. Trading Activity - The weighted average turnover rate for stocks with net buying over 1 million yuan was 4.55%, with the highest turnover rates seen in Shichang Co. (52.17%), Zhixin Electronics (25.83%), and Sanwei Equipment (24.01%) [2]. - The average daily turnover rate for stocks on the Beijing Stock Exchange was 3.71% [2].

Group 1 - The medical beauty sector experienced a decline of 1.81% on September 22, with Ai Meike leading the drop [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] - Major stocks in the medical beauty sector showed varied performance, with *ST Meigu closing at 3.20, up 3.56%, and Ai Meike closing at 182.95, down 2.03% [1] Group 2 - The net outflow of main funds in the medical beauty sector was 93.56 million yuan, while retail investors saw a net inflow of 57.63 million yuan [1] - Specific stock fund flows indicated that Ai Meike had a net outflow of 78.89 million yuan, representing a decrease of 13.97% [2] - Huaxi Biological had a net outflow of 17.17 million yuan, down 8.74%, while *ST Meigu saw a net inflow of 2.50 million yuan, up 3.23% [2]

Group 1 - Jinbo Biological has received approval from the Beijing Stock Exchange for a targeted stock issuance, with a maximum of 7.1757 million shares to be issued, aiming to raise up to 2 billion yuan [1][2] - The strategic investor for this issuance is Yangshengtang, which will acquire shares at a price of 278.72 yuan per share, resulting in a 6.24% ownership stake in Jinbo Biological post-issuance [2] - The funds raised will be allocated to the development of a humanized collagen FAST database and product development platform, with 1.15 billion yuan designated for this project and the remaining 850 million yuan for working capital [2] Group 2 - Yangshengtang's involvement is expected to enhance Jinbo Biological's core competitiveness and innovation capabilities, providing strategic resources for market expansion and sales performance improvement [3] - In addition to Jinbo Biological's developments, Wantong Hydraulic has also received approval for a targeted convertible bond issuance, with a maximum of 1.5 billion yuan to be raised [4] - Wantong Hydraulic plans to use the funds raised from the convertible bonds to supplement working capital, thereby alleviating financial pressure and enhancing its competitive strength in the hydraulic sector [5]

Group 1 - Jinbo Bio has received approval from the Beijing Stock Exchange for a targeted stock issuance, with a maximum of 7.1757 million shares to be issued, aiming to raise up to 2 billion yuan [1][2] - The strategic investor for this issuance is Yangshengtang, which will acquire shares at a price of 278.72 yuan per share, resulting in a 6.24% ownership stake in Jinbo Bio post-issuance [2] - The funds raised will be allocated as follows: 1.15 billion yuan for the development of a humanized collagen FAST database and product development platform, and 850 million yuan for working capital [2] Group 2 - The collaboration with Yangshengtang is expected to enhance Jinbo Bio's core competitiveness and innovation capabilities, as well as improve market expansion and sales performance [3] - In addition to Jinbo Bio's targeted stock issuance, Wantong Hydraulic has also received approval for a targeted convertible bond issuance, with a maximum of 1.5 billion yuan to be raised [4] - Wantong Hydraulic's convertible bonds will be used entirely for working capital, addressing the company's funding needs and enhancing its competitive strength in the hydraulic sector [5]

Group 1 - Jinbo Bio has announced a private placement of shares, which has been accepted by the Beijing Stock Exchange, aiming to raise up to 2 billion yuan by issuing no more than 7.1757 million shares [1][2] - The strategic investor for this placement is Yangshengtang, which will acquire shares at a price of 278.72 yuan per share, resulting in a 6.24% ownership stake in Jinbo Bio post-issuance [2] - The funds raised will be allocated to the development of a humanized collagen FAST database and product development platform, with 1.15 billion yuan dedicated to this project, enhancing the company's competitiveness in various medical fields [2][3] Group 2 - The private placement represents the largest scale of financing through a private placement on the Beijing Stock Exchange this year [2] - Jinbo Bio's collaboration with Yangshengtang is expected to bring advanced technological resources, enhancing core competitiveness and innovation capabilities, as well as improving market channels and brand resources [3] - Meanwhile, Wantong Hydraulic has received approval for a private convertible bond issuance, aiming to raise up to 150 million yuan to support its liquidity needs [4][5]