Group 1 - The establishment of Mao Ge Ping (Hangzhou) Cosmetics Trading Co., Ltd. has been reported, with a registered capital of 150 million yuan [1] - The company's business scope includes retail of cosmetics, sales of personal hygiene products, internet sales, and marketing planning [1] - Mao Ge Ping (01318.HK) holds 100% ownership of the newly established company [1]

Core Viewpoint - The Hong Kong stock market saw a strong performance in new consumption concept stocks, with several companies experiencing significant gains on December 22, including Mijia Group, which rose nearly 10% [1] Group 1: Stock Performance - Mijia Group (02097) increased by 9.97%, reaching a latest price of 434.400 with a total market capitalization of 164.9 billion and a year-to-date increase of 114.52% [2] - Laopu Gold (06181) rose by 5.24%, with a latest price of 692.500 and a market cap of 122.15 billion, showing a year-to-date increase of 209.43% [2] - Guoquan (02517) saw a 4.49% increase, with a latest price of 3.490 and a market cap of 9.195 billion, reflecting a year-to-date increase of 96.09% [2] - Blukoo (00325) increased by 3.75%, with a latest price of 71.850 and a market cap of 17.858 billion, showing a year-to-date increase of 19.06% [2] - Pop Mart (09992) rose by 3.58%, with a latest price of 199.800 and a market cap of 268.32 billion, reflecting a year-to-date increase of 125.10% [2] - Guming (01364) increased by 3.04%, with a latest price of 25.060 and a market cap of 59.597 billion, showing a year-to-date increase of 178.14% [2] - Shanghai Auntie (02589) rose by 2.84%, with a latest price of 94.200 and a market cap of 9.91 billion, but has a year-to-date decrease of 16.17% [2] - Maogeping (01318) increased by 2.57%, with a latest price of 89.950 and a market cap of 44.092 billion, reflecting a year-to-date increase of 56.50% [2] - Weilon Delicious (09985) rose by 2.50%, with a latest price of 11.480 and a market cap of 27.91 billion, showing a year-to-date increase of 71.73% [2]

Core Viewpoint - The stock of Mao Ge Ping (01318) has seen an increase of nearly 4%, currently trading at 87.1 HKD with a transaction volume of 146 million HKD, driven by favorable policies in Hainan Free Trade Port [1] Group 1: Industry Developments - On December 18, Hainan Free Trade Port officially closed its borders, with CITIC Securities believing that policy benefits will make Hainan a hotspot for industrial migration, potentially leading to new economic growth points [1] - The Hainan Provincial Drug Administration has introduced a special support policy for the cosmetics industry, marking the first provincial-level initiative aimed specifically at this sector, creating a comprehensive support system across eight dimensions [1] - In the past six months, Hainan has seen the registration of 41,826 new cosmetics-related enterprises, indicating a strong consensus on the region's prospects within the industry [1] Group 2: Company Developments - In November, Mao Ge Ping established Mao Ge Ping (Hainan) Trading Co., Ltd. in Haikou with a registered capital of 10 million RMB, focusing on wholesale and retail of cosmetics and goods import and export [1]

Group 1 - The stock of Mao Ge Ping (01318.HK) has increased by nearly 4%, currently up by 3.69% at HKD 87.1 [1] - The trading volume reached HKD 146 million [1]

Core Viewpoint - The stock of Mao Geping (01318) has increased by nearly 4%, currently trading at 87.1 HKD with a transaction volume of 146 million HKD, driven by favorable policies in Hainan Free Trade Port [1] Industry Summary - On December 18, Hainan Free Trade Port officially closed its borders, with CITIC Securities (601066) suggesting that the policy dividends will make Hainan a hotspot for industrial migration, potentially creating new economic growth points [1] - The Hainan Provincial Drug Administration has introduced the first provincial-level support policy specifically for the cosmetics industry, establishing a comprehensive support system across eight dimensions, covering the entire industry chain [1] - According to Qichacha data, 41,826 new cosmetics-related companies have been registered in Hainan in the past six months, indicating a strong consensus on the region's prospects within the industry [1] - In November, Mao Geping established Mao Geping (Hainan) Trading Co., Ltd. in Haikou with a registered capital of 10 million RMB, focusing on cosmetics wholesale and retail, as well as import and export of goods [1]

Group 1 - The core viewpoint of the article highlights the positive impact of the Hainan Free Trade Port's official closure on the cosmetics industry, with a significant increase in company registrations in the region [1] - The stock price of Mao Ge Ping (01318) rose nearly 4%, reaching HKD 87.1, with a trading volume of HKD 146 million, indicating strong market interest [1] - The Hainan Provincial Drug Administration has introduced supportive measures for the high-quality development of the cosmetics industry, creating a comprehensive support system covering the entire industry chain [1] Group 2 - In the past six months, Hainan has seen the registration of 41,826 new cosmetics-related companies, reflecting a strong consensus on the region's potential within the industry [1] - Mao Ge Ping established Mao Ge Ping (Hainan) Trading Co., Ltd. in Haikou with a registered capital of RMB 10 million, focusing on cosmetics wholesale and retail, as well as import and export activities [1]

Group 1 - The new consumption concept in the Hong Kong stock market is showing strength, with notable gains in specific stocks [1] - "Hushang Auntie" (02589.HK) has increased by over 10%, indicating strong market interest [1] - Other companies such as "Blukoo" (00325.HK) have risen by more than 3%, along with "Mao Ge Ping" (01318.HK) and "Nai Xue's Tea" (02150.HK) also experiencing upward movement [1]

Core Insights - The report emphasizes two main investment directions for 2026: recovery sectors focusing on profit inflection points and growth sectors targeting high revenue increases [4][19][20] Recovery Sectors - The duty-free sector is showing signs of recovery with favorable policies enhancing consumption, including expanded product categories and improved shopping convenience [4][19] - The hotel industry is expected to see a gradual improvement in RevPAR, with business and leisure demand stabilizing, indicating a potential operational turning point in Q4 or next year [4][19] - The tourism sector remains resilient despite macroeconomic pressures, with increasing travel volumes and government initiatives aimed at boosting consumption in various travel themes [4][19] Growth Sectors - The beauty industry is experiencing intensified competition, with a focus on channel value reconstruction and brand establishment [4][20] - The gold and jewelry sector is witnessing a recovery, driven by new product launches and an increasing focus on high-end market competition [4][20] - The cross-border e-commerce sector is expected to rebound, supported by stable policies and a decrease in shipping costs, with strong demand from the U.S. market [4][20] Key Company Recommendations - For duty-free, China Duty Free Group is recommended for its long-term growth potential, with attention to Wangfujing and Zhuhai Duty Free Group [4] - In the hotel sector, companies like Jinjiang Hotels, Atour, and Huazhu are highlighted for their growth prospects [4] - In tourism, companies such as Three Gorges Tourism and Changbai Mountain are suggested for monitoring acquisition and new business developments [4] - The beauty sector includes recommendations for brands like Maogeping and Proya, focusing on channel strategies [4] - For gold and jewelry, companies like Chow Tai Fook and Lao Pu Gold are recommended for their market positioning [4] - In retail, companies like Yonghui Supermarket and Xinhua Department Store are noted for their recovery potential [4]

Core Viewpoint - The company announced a resolution by the board to grant a total of 1.162 million restricted stock units to employees of the company and its subsidiaries as part of an incentive plan adopted by the shareholders' meeting on December 4, 2025 [1] Summary by Relevant Sections - **Incentive Plan**: The restricted stock units are part of a restrictive stock unit incentive plan approved by the shareholders [1] - **Grant Details**: A total of 1.162 million restricted stock units will be granted to employee participants [1] - **Acquisition Method**: The board and/or authorized persons will instruct the trustee to purchase the company's H-shares from the secondary market to fulfill the stock unit grants [1]

Core Viewpoint - The company announced a restricted stock unit incentive plan approved by the shareholders' meeting on December 4, 2025, involving the grant of a total of 1.162 million restricted stock units to employee participants [1] Group 1 - The board of directors resolved to grant a total of 1.162 million restricted stock units to employees of the company and its subsidiaries [1] - The restricted stock units will be purchased from the secondary market to satisfy the plan [1] - The purchases will be directed by the board of directors and/or authorized persons under reasonable circumstances [1]