Group 1: Market Overview - The Hang Seng Index rose by 1.21%, gaining 308 points to close at 25,749 points, while the Hang Seng Tech Index increased by 1.18% [1] - Hong Kong's stock market saw a trading volume of HKD 158.6 billion in the morning session [1] Group 2: Airline Sector - Airline stocks experienced a collective rise, with growth in passenger traffic during the National Day holiday despite high base effects, indicating potential profit growth for airlines [1] - Eastern Airlines (00670) increased by 5.43%, China National Aviation (00753) rose by 4.06%, and Southern Airlines (01055) gained 3.74% [1] Group 3: Cement Sector - Cement stocks led the market gains, with a rebound expected in prices following a recent decline in several domestic markets [1] - China National Building Material (03323) rose by 6.32%, Conch Cement (00914) increased by 4.13%, and Huaxin Cement (06655) gained 3.78% [1] Group 4: Gold Sector - Lao Pu Gold (06181) surged over 7% as Morgan Stanley reaffirmed its "overweight" rating, citing a clear trend in brand value enhancement [1] - China Rare Earth Holdings (03788) rose over 5% as it completed pre-IPO fundraising and is set to list independently in Hong Kong [1] Group 5: Food and Beverage Sector - Guoquan (02517) saw a rise of over 9% as the restaurant sector's outlook improved, with expectations for store openings in Q4 [2] - Mixue Group (02097) increased by over 6%, with the brand gaining popularity and institutions optimistic about its brand expansion [4] Group 6: Consumer Goods Sector - Pop Mart (09992) rose by 3.6%, with potential to become a world-class cultural IP brand following a special gift to Apple's CEO [3] - Shangmei Co. (02145) increased by over 6%, with strong performance in domestic beauty brands in September and expectations for marginal improvement in Q4 due to the Double 11 shopping festival [3] Group 7: Gold Mining Sector - Shandong Gold (01787) fell over 5% after a profit warning, despite a potential doubling of net profit year-on-year for the first three quarters, with institutions advising caution regarding short-term adjustments in gold prices [5]

Group 1 - The core viewpoint of the article highlights the significant growth in the beauty sector on Douyin, with the top 20 beauty brands achieving a total GMV of over 3 billion yuan in September 2025, representing a market share of 17.6% and a year-on-year growth of 38.59% [1] - The article notes that the GMV for beauty products on Douyin increased by 19.7% year-on-year in September 2025, although it experienced a quarter-on-quarter decline of 10.4% [1] - Domestic brands are showing strong performance in self-operated sales, with 60% of the top 20 beauty brands having a higher GMV contribution from self-operated channels than from influencer promotions, and brands like Han Shu and Pechoin having over 70% of their GMV from self-operated sales [1] Group 2 - According to Zheshang Securities, new consumer brands in the cosmetics sector are expected to maintain a compound annual growth rate of 20%-30% in revenue and profit over the next 2-3 years, indicating continued attractiveness and certainty in the market [1] - The Q3 performance is described as weak due to seasonal factors, with some companies experiencing a slowdown in revenue growth. The increase in costs related to the upcoming Double Eleven shopping festival is expected to impact profit performance negatively compared to revenue [1] - The article predicts that brands like Maogeping and Shangmei will outperform the industry in terms of performance [1]

Core Viewpoint - The new consumption concept stocks in Hong Kong have shown a significant upward trend, indicating positive market sentiment and potential growth in this sector [1]. Group 1: Stock Performance - Shangmei Holdings (02145.HK) increased by 7.43%, reaching HKD 101.2 [1] - Guming (01364.HK) rose by 7.33%, trading at HKD 26.08 [1] - Mixue Group (02097.HK) saw a gain of 6.53%, priced at HKD 443.8 [1] - Miniso (09896.HK) climbed by 5.15%, with a share price of HKD 45.32 [1] - Blukoo (00325.HK) experienced a 4.99% increase, valued at HKD 107.4 [1] - Laopu Gold (06181.HK) grew by 4.04%, trading at HKD 721 [1]

Core Viewpoint - The new consumption concept stocks have generally risen, indicating a positive market sentiment towards consumer-driven sectors amid external economic challenges in China [1] Group 1: Stock Performance - Upme Holdings (02145) increased by 7.43%, trading at 101.2 HKD [1] - Gu Ming (01364) rose by 7.33%, reaching 26.08 HKD [1] - Mixue Group (02097) saw a 6.53% increase, priced at 443.8 HKD [1] - Miniso (09896) gained 5.15%, with a price of 45.32 HKD [1] - Blukoo (00325) went up by 4.99%, trading at 107.4 HKD [1] - Laopu Gold (06181) increased by 4.04%, priced at 721 HKD [1] Group 2: Market Insights - Cathay Securities highlighted the increasing importance of boosting domestic consumption due to greater external disturbances [1] - The firm anticipates that the role of consumption in driving economic growth will strengthen under policy support [1] - Despite a short-term overheating in some areas of the Hong Kong new consumption sector, the macro trend towards personalized and rational consumer behavior remains unchanged [1] - The firm expects continued growth in consumption related to self-indulgence and cost-effectiveness, particularly in sectors like trendy toys, beauty care, and pet products [1]

Core Viewpoint - The new consumption concept stocks in Hong Kong have generally risen, indicating a positive market sentiment towards consumer-related sectors amid external uncertainties in China [1] Group 1: Stock Performance - Upme Holdings (02145) increased by 7.43%, reaching HKD 101.2 [1] - Gu Ming (01364) rose by 7.33%, trading at HKD 26.08 [1] - Mixue Group (02097) saw a 6.53% increase, priced at HKD 443.8 [1] - Miniso (09896) gained 5.15%, with a price of HKD 45.32 [1] - Blukoo (00325) went up by 4.99%, now at HKD 107.4 [1] - Laopu Gold (06181) increased by 4.04%, trading at HKD 721 [1] Group 2: Market Insights - Cathay Securities highlighted the increasing importance of boosting domestic consumption due to greater external disturbances [1] - The firm anticipates that the role of consumption in driving economic growth will strengthen under policy support [1] - Despite a short-term overheating in some areas of Hong Kong's new consumption sector, the macro trend towards personalized and rational consumer behavior remains unchanged [1] - The firm expects continued growth in self-indulgent and cost-effective consumption categories, such as trendy toys, beauty care, and pet products [1]

Group 1 - The core viewpoint of the article highlights the significant growth in the beauty sector on Douyin, with the top 20 brands achieving a total GMV of over 3 billion yuan in September 2025, representing a market share of 17.6% and a year-on-year growth of 38.59% [1] - According to Huayuan Securities, the GMV of beauty products on Douyin increased by 19.7% year-on-year in September 2025, although it saw a quarter-on-quarter decline of 10.4% [1] - Domestic brands are showing strong performance in self-operated sales, with 60% of the top 20 beauty brands having a higher GMV contribution from self-operated channels than from influencer promotions, and brands like Han Shu and Bai Que Ling having over 70% of their GMV from self-operated sales [1] Group 2 - Zheshang Securities projects that new consumer brands in the cosmetics sector are expected to maintain a compound annual growth rate of 20%-30% in revenue and profit over the next 2-3 years, indicating continued attractiveness and certainty in the market [1] - The Q3 performance is expected to be weaker, with some companies experiencing a slowdown in revenue growth quarter-on-quarter, influenced by pre-Double Eleven expenses and rising traffic costs, leading to an anticipated underperformance in profits compared to revenue [1] - The company expects that brands like Mao Ge Ping and Shangmei will outperform the industry in terms of performance [1]

Core Insights - Southbound funds increased their holdings in Shangmei Cosmetics Co., Ltd. by 34,900 shares on October 14, 2025, bringing the total holdings to 41,631,900 shares, which represents 20.17% of the company's issued ordinary shares [1][2] Summary by Category Shareholding Changes - Over the past five trading days, southbound funds have reduced their holdings on three occasions, with a total net reduction of 327,900 shares [1] - In the last twenty trading days, there were ten days of reductions, resulting in a cumulative net decrease of 223,600 shares [1] - The most recent trading day on October 13, 2025, saw a decrease of 49,500 shares, representing a change of -0.12% [2] Company Overview - Shangmei Cosmetics Co., Ltd. primarily engages in the production and sale of cosmetics, with key brands including "Hansu," "Yiyezi," and "Red Elephant" [2] - The company's products cater to skincare and maternal and infant care, distributed through both online and offline channels [2] - The company mainly operates within the domestic market of China [2]

Core Insights - Up Beauty's core brand, Han Shu, has officially announced Wang Jiaer as its global spokesperson, marking his first endorsement of a domestic beauty brand [1] - In 2024, Up Beauty's founder and CEO, Lv Yixiong, stated that "Chinese beauty is entering a golden period for domestic brands" and established a new group strategy of "single focus, multiple brands, globalization" [1] - Han Shu achieved a revenue of 5.591 billion yuan in 2024, representing a year-on-year growth of 80.9% [1] - Han Shu's self-developed "环六肽-9" ingredient has been certified as the "global self-research环六肽 pioneer" by Sullivan [1] - Up Beauty's globalization strategy is accelerating its presence in countries such as Russia, Vietnam, and Indonesia through various cooperation models [1] Company Strategy - The announcement of Wang Jiaer as the global spokesperson is a significant step in Up Beauty's globalization strategy [1] - The new strategy aims to position domestic brands to compete alongside international brands on a global stage [1] - Up Beauty is committed to expanding its reach in the global beauty market with a determined approach [1]

Core Insights - Shanghai Shangmei Cosmetics Co., Ltd. announced international superstar Jackson Wang as the global ambassador for its core brand, Han Shu, marking Wang's first endorsement of a domestic beauty brand [1] - Han Shu, founded in 2003, achieved a revenue of 5.591 billion yuan in 2024, representing a year-on-year growth of 80.9%, and maintained the top position in Douyin's beauty category with a GMV of 6.784 billion yuan [1] - The brand's success is attributed to its continuous investment in research, product development, and brand building, establishing a strong presence in various channels [1][2] Brand Development - Han Shu has developed a multi-category matrix including skincare, makeup, hair care, and personal care, with several products achieving top positions in their respective categories [2] - The flagship product, Han Shu Red Waist Set, has sold over 16.5 million sets across all channels, consistently ranking first in Douyin's skincare set category [2] - The brand's marketing strategy includes signing popular figures like Ding Yuxi, Tian Xuning, and Jackson Wang to connect deeply with younger consumers [2] Global Strategy - The appointment of Jackson Wang is a significant step in Shangmei's globalization strategy, which aims to enhance the brand's international presence and reach broader audiences [2][3] - The company is expanding its global footprint through various cooperation models in countries such as Russia, Vietnam, Mongolia, Malaysia, and Indonesia [3] - Shangmei aims for substantial growth, targeting revenues of 10 billion yuan and eventually 30 billion yuan, as it navigates the global beauty market [3]

Core Viewpoint - The announcement of international superstar Jackson Wang as the global ambassador for Han Shu signifies a transformative leap for the brand, marking a shift towards internationalization and a redefined brand image beyond traditional "national goods" labels [2][9][21]. Brand Transformation - Han Shu has evolved from a price-driven brand to one focused on scientific anti-aging, enhancing its product development and research capabilities [2][6]. - The collaboration with Jackson Wang represents a strategic upgrade in brand positioning, aiming to shed the image of being merely a "national alternative" and instead showcase a modern brand with technological and cultural depth [8][20]. Globalization Strategy - The partnership with an internationally influential figure like Jackson Wang allows Han Shu to expand its narrative and product experiences beyond China, aiming to establish itself as a representative of Chinese scientific beauty on the global stage [9][22]. - This move is part of Han Shu's ambition to become a "Chinese scientific beauty exporter," indicating a commitment to high-end transformation and international market penetration [9][21]. Market Performance - Han Shu has demonstrated strong market performance, maintaining a leading position on platforms like Douyin for 25 consecutive months and achieving significant sales milestones [10][16]. - The brand's user demographics show a concentration of over 74.95% in the 18-35 age range, indicating a strong appeal to the primary consumer base in the beauty market [10]. Research and Development - Han Shu has a robust foundation in research, having focused on peptide technology since 2003, and recently appointed a leading international expert to enhance its scientific capabilities [11][14]. - The introduction of the X Peptide series, featuring self-developed ingredients, exemplifies Han Shu's commitment to high-quality, effective skincare products that can compete with international brands [17][19]. Future Aspirations - The collaboration with Jackson Wang is seen as a strategic step towards achieving the brand's vision of becoming a billion-dollar entity, focusing on expanding its market presence and enhancing its product offerings [21][22]. - Han Shu aims to leverage its existing market dominance to build a sustainable growth trajectory that emphasizes premium positioning and international competitiveness [21].