Investment Rating - The report assigns an "Accumulate" rating for the beauty and personal care sector, indicating a positive outlook for the industry [6]. Core Insights - The beauty and personal care sector has experienced a significant pullback since August, with leading high-growth companies' valuations returning to 20-30x, and PEG ratios mostly below 1x, suggesting the sector is expected to bottom out [3][6]. - Lin Qingxuan is set to go public, focusing on the oil-based skincare segment, with a projected doubling of performance in the first half of 2025 [3][6]. Summary by Sections Market Performance - The beauty and personal care sector saw a decline of over 15% since August, with leading companies experiencing a valuation correction to 20-30x. The sector's maximum drawdown reached 17%, with top companies seeing declines of over 30% [6][8]. - The Shenyuan Beauty Care Index recorded a maximum increase of 19% in 2025, with key growth stocks like Ruoyuchen, Shangmei, and Maogeping achieving maximum gains of 239%, 198%, and 121% respectively [6][8]. Company Highlights - Lin Qingxuan, which is set to launch its IPO, plans to issue 13.97 million shares at an offering price of 77.77 HKD per share, corresponding to a market capitalization of 10.9 billion HKD. The company has secured cornerstone investors including Fidelity and others, with total subscriptions reaching 62 million USD [6][8]. - Lin Qingxuan's revenue for the first half of 2025 is projected at 1.05 billion CNY, reflecting a year-on-year increase of 98%, with a net profit of 182 million CNY, up 110%. The company's main product, a camellia oil essence, generated 480 million CNY in revenue, marking a 176% increase [6][8]. Investment Recommendations - The report suggests a bottom-up selection of stocks with product and channel innovations, highlighting strong growth potential in the beauty and personal care sector. Recommended stocks include: 1. High-growth brands: Ruoyuchen, Shangmei, Maogeping 2. Stable fundamentals with potential for improvement: Dengkang Oral, Shanghai Jahwa, Shuiyang, Jinbo Biological, Beitaini, Marubi, Qingsong 3. Stocks expected to bottom out: Pola, Juzibio, Lafang, Runben, Meilitiantian Medical Health, Furida, Huaxi Biological [6][7].

证券之星消息，12月19日医疗美容板块较上一交易日上涨2.13%，爱美客领涨。当日上证指数报收于 3890.45，上涨0.36%。深证成指报收于13140.22，上涨0.66%。医疗美容板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300896 | 爱美客 | 145.80 | 2.81% | 4.06万 | | 5.8716 | | 920982 | 锦波生物 | 251.98 | 1.60% | 1.33万 | | 3.31亿 | | 000615 | *ST美谷 | 4.11 | 1.48% | 7.03万 | | 2875.42万 | | 688363 | 华熙生物 | 44.18 | 1.28% | 3.23万 | | 1.43亿 | | 代码 | 名称 | | | 主力净流入（元） 主力净占比 游资净流入（元） 游资净占比 散户净流入（元） 散户净占比 | | | | | --- | --- | --- | --- | --- | --- | ...

从资金流向上来看，当日医疗美容板块主力资金净流入6532.5万元，游资资金净流出1191.11万元，散户 资金净流出5341.39万元。医疗美容板块个股资金流向见下表： 证券之星消息，12月16日医疗美容板块较上一交易日上涨0.98%，爱美客领涨。当日上证指数报收于 3824.81，下跌1.11%。深证成指报收于12914.67，下跌1.51%。医疗美容板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300896 | 爱美客 | 140.56 | 2.02% | 4.62万 | 6.53 Z | | 688363 | 华熙生物 | 43.29 | -0.07% | 3.98万 | 1.74亿 | | 920982 | 锦波生物 | 262.15 | -0.32% | 1.66万 | 4.44 Z | | 000615 | *ST美谷 | 4.09 | -1.45% | 5.75万 | 2369.06万 | 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备31010 ...

关于变更向不特定合格投资者公开发行股票并在北京证券交易所上市 持续督导、2025年度向特定对象发行股票保荐代表人的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带 法律责任。 山西锦波生物医药股份有限公司（以下简称"公司"）于2025年12月12日收到 保荐机构中信证券股份有限公司（以下简称"中信证券"）《关于更换保荐代表人 的函》，具体情况如下： 证券代码：920982 证券简称：锦波生物 公告编号：2025-183 山西锦波生物医药股份有限公司 中信证券作为公司向不特定合格投资者公开发行股票并在北京证券交易所上市 项目及2025年度向特定对象发行股票项目的保荐机构，其中，鉴于向不特定合格投 资者公开发行股票并在北京证券交易所上市项目处于法定持续督导期间，保荐机构 尚需履行持续督导义务，持续督导保荐代表人为邓俊、姚曜；2025年度向特定对象 发行股票项目的保荐代表人为邓俊、姚曜。现因原保荐代表人姚曜工作变动原因， 不再负责公司持续督导工作及本次向特定对象发行股票的保荐工作。为保证公司持 续督导工作及本次向特定 ...

Trading Volume and Market Activity - On December 12, the total trading volume of individual stocks on the Beijing Stock Exchange reached 1.134 billion shares, with a total transaction value of 26.973 billion yuan, a decrease of 1.332 billion yuan compared to the previous trading day [1] - Among the tradable stocks, 143 stocks closed higher, accounting for 50% of the total, while 139 stocks closed lower [1] - The stocks with the highest closing gains included Chuangyuan Xinke, Changfu Co., and Caneng Electric Power, which rose by 14.80%, 11.38%, and 11.29% respectively [1] Stock Performance Highlights - The stocks with the highest transaction values included Jinbo Biological, Xingtou Measurement Control, and Tianli Composite, with transaction values of 1.045 billion yuan, 869 million yuan, and 862 million yuan respectively [1] - A total of 76 stocks had transaction values exceeding 10 million yuan, indicating significant trading activity [1] - The highest turnover rates were observed in stocks such as Dapeng Industrial, Jingchuang Electric, and Guangdao Tui, with turnover rates of 70.76%, 45.80%, and 41.72% respectively [1] Price Movements - The stock Guangdao Tui experienced the largest decline, dropping by 21.09%, followed by Longzhu Technology and Henghe Co., which fell by 6.56% and 6.53% respectively [1] - The closing prices of notable stocks included Jinbo Biological at 275.50 yuan, Tianli Composite at 60.84 yuan, and Chuangyuan Xinke at 31.80 yuan [1][2]

证券时报·数据宝统计显示，锦波生物今日收盘价为275.50元，上涨9.02%，日换手率为7.01%，成交额 为10.40亿元，近5日该股累计上涨20.67%。 据天眼查APP显示，山西锦波生物医药股份有限公司成立于2008年03月28日，注册资本11506.534万人 民币。（数据宝） 锦波生物（920982）12月12日大宗交易平台出现一笔成交，成交量1.46万股，成交金额478.88万元，大 宗交易成交价为328.00元，相对今日收盘价溢价19.06%。该笔交易的买方营业部为中信证券股份有限公 司大连高新园区证券营业部，卖方营业部为华泰证券股份有限公司南京长江路证券营业部。 进一步统计，近1个月内该股累计发生6笔大宗交易，合计成交金额为3240.88万元。 | 成交量 | 成交金额 | 成交价格 | 相对当日收 盘价折溢价 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | （%） | | | | 1.46 | 478.88 | 328.00 | 19.06 | 中信证券股份有限公司 大连高新园区证券营 ...

Core Viewpoint - The A-share market shows positive momentum with the Shanghai Composite Index closing above the annual line, indicating a potential bullish trend in the market [1] Group 1: Market Performance - As of 13:59 today, the Shanghai Composite Index stands at 3888.05 points, with a change of 0.38% [1] - The total trading volume of A-shares today reached 1,628.31 billion yuan [1] Group 2: Stocks Breaking Annual Line - A total of 135 A-shares have surpassed the annual line today, with notable stocks including Jiusheng Electric, Shifeng Culture, and Xilong Science, which have deviation rates of 10.24%, 6.95%, and 6.26% respectively [1] - Stocks with smaller deviation rates that have just crossed the annual line include Xiying Technology, Sifang Technology, and Yuyue Medical [1] Group 3: Deviation Rate Rankings - The top three stocks with the highest deviation rates are: - Jiusheng Electric (11.21% increase, latest price 19.44 yuan, deviation rate 10.24%) [1] - Shifeng Culture (9.99% increase, latest price 21.79 yuan, deviation rate 6.95%) [1] - Xilong Science (10.00% increase, latest price 9.35 yuan, deviation rate 6.26%) [1] - Other notable stocks with significant increases include Tiandi Digital (8.20% increase) and Yunlu Co. (6.11% increase) [1]

Core Viewpoint - As of December 11, the total margin financing and securities lending balance on the Beijing Stock Exchange reached 7.709 billion yuan, marking an increase of 135 million yuan from the previous trading day, with financing balance also increasing for two consecutive trading days [1] Financing and Margin Data - The financing balance on December 11 was 7.709 billion yuan, up 135 million yuan from the previous day, while the securities lending balance was 23.55 thousand yuan, an increase of 320 yuan [1] - The stocks with the highest financing balances included Jinbo Biological (395 million yuan), Better Ray (355 million yuan), and Shuguang Digital Innovation (349 million yuan) [1] - The average financing balance as a percentage of market capitalization for these stocks was 1.38%, with the highest ratios seen in Audiwei (4.56%), Haidar (4.27%), and Taikai Ying (3.73%) [1] Sector Performance - In terms of industry, the most concentrated sectors for net financing purchases over one million yuan were power equipment (14 stocks), machinery (12 stocks), and computers (8 stocks) [2] - On December 11, stocks with net financing purchases over one million yuan saw an average increase of 4.56%, with notable gainers including Tianli Composite (30.00%), Dapeng Industrial (25.85%), and Fujida (13.42%) [2] - The average turnover rate for stocks with net financing purchases over one million yuan was 5.59%, with Dapeng Industrial (75.91%), Changfu Shares (21.04%), and Caneng Power (19.51%) leading in turnover [2] Notable Stocks - The stocks with the largest increases in financing balance on December 11 included Better Ray (354.57 million yuan, +1.78 million yuan), Fujida (85.89 million yuan, +1.045 million yuan), and Dapeng Industrial (19.38 million yuan, +914.81 thousand yuan) [2][3] - Other significant stocks with increased financing balances included Changfu Shares, Jinbo Biological, and Gebijia, with net purchases also recorded for these companies [1][2] Summary of Stock Movements - The stocks with the highest net financing purchases on December 11 were led by Better Ray (17.78 million yuan), followed by Fujida (10.45 million yuan) and Dapeng Industrial (9.14 million yuan) [1][2] - Conversely, the stocks with the highest net financing sales included Chenguang Cable (-13.28 million yuan), Kaitai Shares (-5.77 million yuan), and Tongli Shares (-5.66 million yuan) [1]

据天眼查APP显示，山西锦波生物医药股份有限公司成立于2008年03月28日，注册资本11506.534万人 民币。（数据宝） 12月11日锦波生物大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收 盘价折溢价 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | （%） | | | | 2.00 | 638.00 | 319.00 | 26.24 | 中信证券股份有限公司 大连高新园区证券营业 | 华泰证券股份有限公司 南京长江路证券营业部 | | | | | | 部 | | （文章来源：证券时报网） 锦波生物（920982）12月11日大宗交易平台出现一笔成交，成交量2.00万股，成交金额638.00万元，大 宗交易成交价为319.00元，相对今日收盘价溢价26.24%。该笔交易的买方营业部为中信证券股份有限公 司大连高新园区证券营业部，卖方营业部为华泰证券股份有限公司南京长江路证券营业部。 进一步统计，近1个月内该股累计发生5笔大宗交易，合计成交金额为2762.00万元。 证券时报·数 ...

Summary of Key Points Core Viewpoint - The trading volume on the Beijing Stock Exchange (BSE) reached 608 million shares with a total transaction value of 13.279 billion yuan, reflecting a decrease of 648 million yuan compared to the previous trading day. A total of 94 stocks closed higher, while 186 stocks closed lower [1]. Trading Performance - The number of stocks that closed higher was 94, accounting for 32.98% of the tradable stocks. The top gainers included Kaide Quartz, Tianli Composite, and Tianye Co., with increases of 12.19%, 7.78%, and 6.22% respectively [1]. - Conversely, 186 stocks experienced declines, with the largest drops seen in Shuguang Digital Innovation, Huifeng Diamond, and Jilin Carbon Valley, which fell by 7.98%, 6.11%, and 5.62% respectively [1]. Transaction Details - A total of 31 stocks had transaction values exceeding 100 million yuan, with the highest being Jinbo Biological, Xingtou Measurement and Control, and Shuguang Digital Innovation, which recorded transaction values of 443 million yuan, 431 million yuan, and 410 million yuan respectively [1]. - The trading activity showed that 12 stocks had a turnover rate exceeding 10%, with 2 stocks exceeding 20%. Additionally, 23 stocks had turnover rates between 5% and 10%, while 204 stocks had turnover rates between 1% and 5% [1]. Notable Stocks - The stocks with the highest turnover rates included Dapeng Industrial at 38.02%, Jingchuang Electric at 22.52%, and Zhu Laoliu at 17.95% [1]. - Specific stock performance details include: - Jinbo Biological: Closing price of 245.95 yuan, up 5.42%, turnover rate of 3.32%, transaction value of 443 million yuan [1]. - Xingtou Measurement and Control: Closing price of 78.88 yuan, up 1.58%, turnover rate of 13.39%, transaction value of 431 million yuan [1]. - Shuguang Digital Innovation: Closing price of 77.37 yuan, down 7.98%, turnover rate of 2.78%, transaction value of 410 million yuan [1].