Summary of Key Points Core Viewpoint - As of November 21, 14 stocks reached their 52-week highs, with Hengfa Optical (01134), Chaowei Holdings (08059), and Cassava Resources (00841) leading the gains at 42.11%, 30.56%, and 22.49% respectively [1]. 52-Week Highs - Hengfa Optical (01134) closed at 0.375, with a peak price of 0.540, marking a 42.11% increase [1]. - Chaowei Holdings (08059) closed at 0.030, reaching a high of 0.047, reflecting a 30.56% rise [1]. - Cassava Resources (00841) closed at 0.200, with a maximum price of 0.207, indicating a 22.49% increase [1]. - Other notable stocks include Sibor Systems (08319) at 15.04%, MOS HOUSE (01653) at 11.46%, and Tianjin Jianfa (02515) at 5.19% [1]. 52-Week Lows - China Pengfei Group (03348) reached a low of 1.100, down 20.09% from its peak [1]. - China Information Technology (08178) closed at 0.285, reflecting a 19.35% decrease [1]. - XL Ernan Strategy - U (09799) saw a decline of 14.27% [1]. - Other significant declines include Hesai - W (02525) at -10.54% and MBC Bitcoin - U (03425) at -9.09% [1]. Additional Notable Stocks - Stocks like MBC Bitcoin (03430) and Tongyuan Kang Pharmaceutical - B (02410) also experienced declines of 6.64% and 6.62% respectively [2]. - The overall trend indicates a mix of significant gains in certain stocks while others are facing substantial losses, reflecting a volatile market environment [1][2].

消息面上，根据青眼情报，国货品牌在今年双十一抖音美妆榜前10中占据5席，其中，巨子生物旗下可 复美掉出top10；在双十一天猫美妆榜前20中，可复美排名第18，较去年排名下滑5名。另据21世纪经济 报道，以往常居抖音美妆榜的可复美，自今年6月起连续跌出前20名。江海证券认为，重组胶原蛋白行 业玩家增多，建议关注巨子生物后续对该产品的营销策略及动销情况。 巨子生物(02367)跌超3%，低见35.54港元刷新年内新低。今年5月下旬，受胶原蛋白成分之争舆论影 响，公司股价急转直下，当前股价已较5月高点腰斩。截至发稿，跌3.46%，报35.68港元，成交额1.99 亿港元。 ...

智通财经APP获悉，巨子生物(02367)跌超3%，低见35.54港元刷新年内新低。今年5月下旬，受胶原蛋 白成分之争舆论影响，公司股价急转直下，当前股价已较5月高点腰斩。截至发稿，跌3.46%，报35.68 港元，成交额1.99亿港元。 消息面上，根据青眼情报，国货品牌在今年双十一抖音美妆榜前10中占据5席，其中，巨子生物旗下可 复美掉出top10；在双十一天猫美妆榜前20中，可复美排名第18，较去年排名下滑5名。另据21世纪经济 报道，以往常居抖音美妆榜的可复美，自今年6月起连续跌出前20名。江海证券认为，重组胶原蛋白行 业玩家增多，建议关注巨子生物后续对该产品的营销策略及动销情况。 ...

Investment Rating - The beauty and personal care industry is rated as "Recommended" [1] Core Insights - The overall market shows stable growth, with impressive performance in instant retail during the Double Eleven shopping festival, achieving a total e-commerce sales of 1,695 billion yuan, a year-on-year increase of 14.2% [2] - The beauty sector outperformed the overall e-commerce market, with skincare sales reaching 991 billion yuan and fragrance and makeup sales at 334 billion yuan, both showing double-digit growth [3] - Domestic brands are gaining strength, with notable performances from brands like Proya and Han Shu, while international luxury brands are also recovering [4][5] Summary by Sections Market Overview - The Double Eleven shopping festival saw a total e-commerce sales of 1,695 billion yuan, with a 14.2% year-on-year growth. Instant retail sales reached 67 billion yuan, marking a significant increase of 138.4% [2] Beauty Sector Performance - The beauty and skincare sales during Double Eleven reached 991 billion yuan, with fragrance and makeup sales at 334 billion yuan, both exceeding the overall market growth rate [3] Brand Analysis - On Tmall, domestic brands occupy five spots in the top 20 beauty brands, with Proya maintaining the top position. International brands like L'Oréal and Estée Lauder also showed improvements [4] - On Douyin, domestic brands hold five spots in the top 10 beauty brands, with Han Shu and Proya leading the rankings [5] Investment Recommendations - The report suggests focusing on brands with strong growth and performance certainty, such as MaoGeping and Marubi. Brands showing significant improvement include Shuiyang and Shanghai Jahwa, while companies with core technology and clear long-term trends like Juzibio are also recommended [6]

Core Viewpoint - The stock of Giant Bio (02367) has experienced a significant decline, dropping over 5% during trading, with a current price of HKD 37.62 and a trading volume of HKD 285 million [1] Group 1: Market Performance - As of the latest report, Giant Bio's stock is down 4.42% [1] - The company's main product, 可复美, has seen a drop in its ranking on Tmall's beauty list, falling from 5th place in 2023 to 20th place in the current year [1] - On Douyin, 可复美 has continuously fallen out of the top 20 since June of this year [1] Group 2: Sales and Revenue Trends - According to Citigroup's previous research, the promotional strategy for Giant Bio's products has become more stringent, leading to decreased price attractiveness [1] - Data from 蝉妈妈 indicates that from October 9 to 16, 可复美's Gross Merchandise Volume (GMV) on Douyin was between HKD 50 million to 75 million, a significant decline from over HKD 100 million during the same period last year [1]

消息面上，据21世纪经济报道，青眼数据显示，2023年—2025年天猫大促美妆榜单中，可复美从第10位 上升至第5位，而后今年回落到第20位。此外，以往常居抖音美妆榜的可复美，自今年6月起连续跌出前 20名。花旗此前研报指出，巨子生物的主打产品在李佳琦直播间预售中因"促销策略更严谨"导致价格吸 引力下降。蝉妈妈数据进一步印证了这一趋势：10月9日至16日，可复美在抖音平台的GMV为0.5—0.75 亿元，较去年同期1亿元以上明显缩水。 智通财经APP获悉，巨子生物(02367)盘中跌超5%，截至发稿，跌4.42%，报37.62港元，成交额2.85亿港 元。 ...

Core Insights - The beauty industry is undergoing a technological transformation, with the integration of medical research driving value upgrades in cosmetics. This dual integration of medicine and beauty is defining a new competitive logic in the industry [3][6][24]. Industry Trends - The 20th China Dermatology Association (CDA) conference showcased over 10,000 dermatologists and more than 100 companies, including both domestic and international beauty brands, highlighting the industry's focus on scientific collaboration [3][4]. - The concept of "medical-research co-creation" emerged as a key theme, with brands actively participating in discussions on how to contribute to the skin science system, moving from mere users of research to active participants in scientific understanding and industry standards [7][24]. Brand Innovations - Winona, a brand known for its scientific foundation, showcased its "NUTE" principle at CDA 2025, which emphasizes clinical needs, unique mechanisms, technology empowerment, and credible evidence in product development [10]. - HBN, a domestic skincare brand, initiated the establishment of a group standard for "Cosmetic Efficacy Evidence Weight Assessment Guidelines," aiming to shift the industry from experience-driven to evidence-based competition [11][13]. - Estee Lauder's Clinique presented a white paper on the causes and distribution patterns of post-inflammatory hyperpigmentation, demonstrating the brand's commitment to scientific validation [14][16]. Research and Development - The integration of research and clinical application is evident in the initiatives taken by brands like Giant Bio and Zhenyan Bio, which are expanding the boundaries of medical-research co-creation through innovative collagen products and clinical studies [20][22]. - The collaboration between brands and medical experts is evolving, with companies like Ximu Yuan conducting extensive research on sensitive skin, showcasing a shift from being mere users of research to contributors to scientific inquiry [24][25]. Future Outlook - The CDA conference highlighted a significant shift in the beauty industry towards a more scientific and collaborative approach, with brands, medical institutions, and research organizations forming a new ecosystem that emphasizes shared data and mutual advancement [47][48]. - The focus on original ingredient research is becoming a core strategy for leading domestic brands, as they aim to differentiate themselves from homogenized competition [38][39].

Investment Rating - The report does not explicitly provide an investment rating for the beauty industry Core Insights - The beauty industry is experiencing a significant shift with domestic brands gaining market share, while international brands like L'Oréal are facing challenges [4][6][10] - The medical beauty sector is expanding, with companies like Juzhi Biotech and Naturals launching innovative products, indicating a trend towards cross-industry collaboration [4][6] - The soap market is evolving with a focus on high-end products and natural ingredients, appealing to environmentally conscious consumers [6] - PDRN technology is transitioning from niche medical applications to mainstream skincare, enhancing product efficacy and market accessibility [6][10] - Hong Kong is emerging as a testing ground for domestic beauty brands aiming for global expansion, leveraging its mature market and tourism recovery [6][10] - The competitive landscape is intensifying, with domestic brands dominating the top rankings and new entrants disrupting traditional market dynamics [4][6][10] Industry Environment - L'Oréal has dropped out of the top 10 rankings in the Douyin beauty market, with domestic brands like Han Shu and Proya leading the charge [4] - The medical beauty market is projected to reach 370 billion by 2025, attracting investments from beauty companies [4] - The soap market is witnessing a shift towards premium products, with handmade soaps gaining traction among consumers [6] - PDRN technology is being adopted in mainstream skincare, with various brands innovating in formulations and applications [6] - Domestic beauty brands are increasingly focusing on international markets, with Hong Kong serving as a strategic entry point [6] Top Brand News - The domestic fragrance brand "Song Dynasty Fragrance" is rapidly expanding, with a unique dual strategy for online and offline sales [12] - Influencer Zhu Guagua has regained prominence in the Douyin beauty market, significantly impacting brand sales through effective marketing strategies [12] - Hermès is exploring the skincare segment, with plans to launch products post-2028, indicating a strategic move to enhance its beauty portfolio [12] - Yatsen Group has released China's first beauty innovation white paper, showcasing advancements in research and sustainable development [12] - Juyi Group has acquired the Italian brand Foltène to strengthen its position in the hair care market, reflecting a trend of consolidation among domestic beauty companies [12]

Core Viewpoint - The collagen market is experiencing a downturn, with major brands like Kefu Mei and Juzhi Biotech showing declining sales and growth rates, indicating a shift from a previously booming market to a more cautious phase [1][3][5]. Market Performance - The overall performance of the collagen sector during the 2025 Double Eleven shopping festival was disappointing, with Kefu Mei's GMV on Douyin dropping to 0.5-0.75 billion yuan, down from over 1 billion yuan in the same period last year [3][4]. - Juzhi Biotech's stock price has fallen by 55.18% since reaching a peak of 85.14 HKD on May 20, 2023, reflecting the company's struggles with slowing growth and ingredient controversies [5][6]. Strategic Shifts - Major players are beginning to cross market boundaries, with Juzhi Biotech expanding into B-end business and Kefu Mei attempting to adapt to changing market dynamics [6][7]. - The market is witnessing a transition from a focus on consumer products to medical applications, as companies aim to leverage technological advancements and regulatory clarity [7][10]. Industry Trends - The industry is moving towards a more scientific and clinical approach, with companies like Huaxi Biotech and Furuida actively pursuing medical device certifications and focusing on the development of injectable collagen products [8][9][10]. - The competitive landscape is shifting from brand recognition and channel dominance to a focus on material science and clinical validation, emphasizing the importance of proving product efficacy [10][11].

Core Viewpoint - The MSCI China Healthcare Index has increased by 59.5% year-to-date, outperforming the MSCI China Index by 24%, but has recently experienced a correction of approximately 10% since early October, indicating that some stocks are undervalued and still attractive for investment [1] Group 1: Market Performance - The MSCI China Healthcare Index has shown a significant year-to-date increase of 59.5% [1] - This index has outperformed the MSCI China Index by 24% [1] - The healthcare sector has seen a recent correction, with a decline of about 10% since early October [1] Group 2: Investment Recommendations - The report highlights several companies with "buy" ratings, including: - 3SBio (01530) - Genscript Biotech (02273) - Junshi Biosciences (02367) - WuXi AppTec (02268) - Innovent Biologics (01801) - China Biologic Products (01177) [1] Group 3: Market Outlook - The capital market is expected to see a recovery in financing activities [1] - There is an anticipated expansion in the overseas trading scale of innovative drugs [1] - Domestic demand for innovative drug research and development is expected to rebound [1] - The U.S. entering a rate-cutting cycle may lead to a recovery in the performance of CXO companies in the second half of the year [1] - The clinical development of authorized innovative drug pipelines overseas is expected to be a significant catalyst for the innovative drug sector [1]