Core Viewpoint - The recent share purchases by director Luo Yan in Shangmei Co., Ltd. reflect strong confidence in the company's future prospects and long-term investment value, which may enhance investor confidence and market recognition [1][3]. Group 1: Share Purchases - From December 12 to 19, director Luo Yan acquired an additional 472,300 shares of Shangmei Co., Ltd., with a total investment exceeding 35 million HKD, at an average price between 81.55 and 83.85 HKD per share [1]. - Since November, Luo Yan has frequently increased his holdings in Shangmei Co., Ltd., with a total investment exceeding 60 million HKD [1]. - Since its listing, Shangmei Co., Ltd. has seen its directors accumulate over 2.6 million shares, with a total transaction value exceeding 130 million HKD [1]. Group 2: Implications of Share Purchases - The share purchases by the director are based on a firm belief in the company's future and recognition of its long-term investment value [3]. - These purchases further signal the director's positive expectations for the company's development, which can help strengthen investor confidence and trust [3].

Core Viewpoint - The recent share purchases by executive director Luo Yan in Shangmei Co., Ltd. reflect strong confidence in the company's future prospects and long-term investment value, which may enhance investor trust and market recognition [1] Group 1: Shareholding Activity - From December 12 to 19, 2023, Luo Yan increased her holdings by 472,300 shares, investing over 35 million HKD at an average price between 81.55 and 83.85 HKD per share [1] - Since November, Luo Yan has frequently purchased shares, with a total investment exceeding 60 million HKD [1] - Since its listing, Shangmei Co., Ltd. has seen its directors accumulate over 2.6 million shares, with total investments surpassing 130 million HKD [1] Group 2: Market Implications - The board's share purchases indicate a strong belief in the company's growth potential, which may positively influence investor sentiment and confidence in the market [1] - The increase in shareholding by directors is expected to reinforce market recognition of the company's value [1]

北京商报讯（记者 张君花）12月22日，根据联交所最新权益披露资料显示，2025年12月17日，上美股 份获执行董事罗燕在场内以每股均价82.6267港元增持24.06万股，涉资约1988万港元。增持后，罗燕最 新持股数目为228.63万股，持股比例由0.99%上升至1.11%。 ...

Group 1 - The core focus of the event is the announcement of the "Annual Investment Value Award (Large Market Capitalization)" winners, which includes notable companies such as Alibaba, Bosideng, and Ideal Auto [1] - The award evaluates companies based on revenue and net profit growth, considering factors like company size, business model, management capability, and innovation [1] - The selection process involves quantitative data analysis and expert review to determine the final results [1] Group 2 - The "Golden Award" aims to create a valuable reference list of listed companies and unicorns, covering all companies listed on major exchanges including the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, and NASDAQ [2]

12月22日，格隆汇在线上举办"科技赋能·资本破局"分享会。本次分享会，备受瞩目的卓越公司评选榜 单将隆重揭晓，其中格隆汇"金格奖"年度卓越公司评选中，阿里巴巴(09988.HK/BABA.US)、波司登 (03998.HK)、均胜电子(600699.SH/00699.HK)、理想汽车(02015.HK/LI.US)、上美股份(02145.HK)、TCL 电子(01070.HK)、香港中华煤气(00003.HK)、心动公司(02400.HK)、招金矿业(01818.HK)、中国平安 (601318.SH/02318.HK) 10家企业荣获"年度投资价值奖（大市值）"奖项。（排名不分先后，按公司首部字母顺序排列） | | | 2025年度卓越公司评选榜单 | | | --- | --- | --- | --- | | 公司名称 | 公司代码 | 公司名称 | 公司代码 | | 阿里巴巴 | 09988.HK/BABA.US | TCL电子 | 01070.HK | | 波司登 | 03998.HK | 香港中华煤气 | 00003.HK | | 均胜电子 | 600699 SH/00699.HK | 心动公司 ...

| 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 費出或涉及的股 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 原因 | 份數目 | | | (請參閱上述*註解)有投票權股 (日 / 月 / 年 | | | | | | | | | 份自分比 | | | | | | | | | (%) | | | DA20251218E00416 | 罗菲 | 1101(L) | | 240.600(L | HKD 82.6267 | 2,286,300(L) | 1.11(L)17/12/2025 | | 股份代號: | 02145 | | --- | --- | | 上市法國名稱: | 上海上美化妝品股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 22/11/2025 - 22/12/2025 | 格隆汇12月22日丨根据联交所最新权益披露资料显示，2025年12月17日，上美股份(02145.HK)获执行董事罗燕在场内以每股均价 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report emphasizes the importance of expanding domestic demand as a strategic initiative, with multiple policies aimed at boosting consumption being introduced. The central economic work conference highlighted the need for a strong domestic market and specific measures to stimulate consumption [4] - The official launch of the Hainan Free Trade Port marks a new phase in China's high-level opening-up, with significant increases in flight bookings to Hainan, indicating a positive trend in consumer behavior [4] - The report notes a robust growth in the beauty and skincare sector, with top brands maintaining their positions and new domestic brands showing significant growth, reflecting changing consumer preferences among younger generations [5][17] Summary by Sections Industry Performance - The new consumption sector saw a weekly increase of 6.66% in the retail index from December 15 to December 19, 2025 [8] - The beauty and personal care sector increased by 2.87% during the same period [8] Policy Developments - The central government has introduced various measures to enhance service consumption, including promotional activities and optimizing service availability to meet diverse consumer needs [4] - A joint notification from multiple government departments aims to strengthen collaboration between commerce and finance to boost consumption in key areas [4] Market Trends - In the beauty and skincare market, the top five brands include Proya, L'Oreal, Han Shu, Lancôme, and Estée Lauder, with domestic brands like Proya showing strong performance [5] - The report highlights a significant increase in sales for Hainan's duty-free shops, with a 90% year-on-year growth on the first day of the free trade port's operation [5] Investment Recommendations - The report suggests focusing on high-quality domestic brands in beauty and skincare, traditional gold jewelry brands favored by younger consumers, and strong tea beverage brands with extensive market coverage [17]

Group 1 - The core viewpoint of the article highlights that Shangmei Co., Ltd. (02145) has seen a stock price increase of over 6%, currently trading at 87.5 HKD with a transaction volume of 48.11 million HKD [1] - According to data compiled by Qingyan Intelligence, Han Shu has maintained the top position in the Douyin beauty brand rankings for 11 consecutive months [1] - Guojin Securities emphasizes that the company is a leading player in China's beauty and personal care industry, with a multi-brand matrix covering skincare, baby care, and hair care segments [1] Group 2 - The firm is optimistic about the company's ability to leverage a mature brand operation methodology to build a multi-brand group [1] - Guojin Securities estimates that Han Shu is expected to exceed 10 billion RMB in revenue within three years, driven by rapid growth across its multiple brands [1]

Group 1 - The core viewpoint of the article highlights that Up Beauty Holdings (02145) has seen a stock price increase of over 6%, currently trading at 87.5 HKD with a transaction volume of 48.11 million HKD [1] - According to data compiled by Qingyan Intelligence, Han Shu has maintained its position as the top beauty brand on Douyin for 11 consecutive months [1] - Guotai Junan Securities emphasizes that the company is a leading player in China's beauty and personal care industry, with a multi-brand matrix covering skincare, baby care, and hair care sectors [1] Group 2 - The firm is optimistic about the company's ability to leverage its mature brand operation methodology to build a multi-brand group [1] - The analysis projects that Han Shu is expected to exceed 10 billion RMB in revenue within three years, driven by rapid growth across its multiple brands [1]

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the **large consumption sector**, highlighting the emergence of new consumer demands that drive growth in the sector through new products (personalized, green, low-carbon), new channels (snack chains, discount formats), and new business models (diverse consumption scenarios) supported by the "14th Five-Year Plan" [1][2]. Core Insights and Arguments - **Traditional Consumption Recovery**: The traditional consumption sector is expected to recover by 2026, driven by the release of residents' purchasing power and policy measures aimed at boosting employment and income stability. The food and beverage industry is stabilizing, with the liquor sector showing signs of fundamental stability and dairy products expected to recover quickly [1][5]. - **Commodity Market Trends**: The commodity market has shown a trend of high followed by low prices, with the government implementing various promotional policies to stimulate service consumption and domestic demand. The Ministry of Commerce has issued opinions to expand service consumption, aiming to enhance residents' quality of life and stimulate domestic demand potential [1][6][7]. - **Emerging Consumer Demands**: New consumer demands are impacting the large consumption sector through three main directions: the development of new products that meet diverse and personalized needs, the optimization of new channel structures, and the promotion of new business models that foster diverse consumption scenarios [2][4]. Important but Overlooked Content - **Social Services Sector Changes**: The social services sector is evolving to meet changing consumer demands, with slight increases in beauty care and retail sectors. Key areas of investment include outdoor sports, gold and jewelry, and cultural and trendy IPs, with recommendations for companies like Anta Sports and Lao Pu Gold [8][22]. - **Tourism Market Trends**: The tourism market is gradually recovering, with leading companies like Ctrip and Huazhu Group adapting through technological innovation and marketing to meet the new demands of both young and elderly consumers. China Duty Free's Hainan business has benefited significantly from new duty-free policies [9][10]. - **Food and Beverage Sector Stability**: The food and beverage sector is stabilizing, with the liquor market facing challenges but showing resilience in mass consumption. The snack sector is experiencing performance differentiation, while dairy product demand is steady and supply is gradually clearing [12][17]. - **Investment Opportunities in Agriculture**: The agriculture, forestry, animal husbandry, and fishery sectors present investment opportunities, particularly in pig farming and the pet industry, which is growing due to demographic changes and emotional needs [3][13][19]. - **Household Appliance Sector**: The household appliance industry is seeking structural highlights amid steady growth, with a focus on high-dividend white goods and improving profit margins in black goods. The market for robotic vacuum cleaners is also expected to grow due to technological advancements [20][21]. This summary encapsulates the key points discussed in the conference call, providing insights into the large consumption sector and its various components, along with potential investment opportunities and market trends.