证券之星消息，10月22日化妆品板块较上一交易日下跌0.72%，拉芳家化领跌。当日上证指数报收于 3913.76，下跌0.07%。深证成指报收于12996.61，下跌0.62%。化妆品板块个股涨跌见下表： | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002094 | 青岛金王 | 3074.03万 | 6.83% | -407.02万 | -0.90% | -2667.01万 | -5.93% | | 300132 青松股份 | | 1427.69万 | 7.73% | -2606.26万 | -14.11% | 1178.57万 | 6.38% | | 300849 锦盛新材 | | 449.78万 | 5.82% | -311.49万 | -4.03% | -138.30万 | -1.79% | | 300957 | 贝泰妮 | 236.31万 | 1.93% | 185.90万 | 1.52% | -422 ...

证券之星消息，10月21日化妆品板块较上一交易日下跌0.03%，拉芳家化领跌。当日上证指数报收于 3916.33，上涨1.36%。深证成指报收于13077.32，上涨2.06%。化妆品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) | | --- | --- | --- | --- | --- | --- | | 603630 | 拉芳家化 | 22.97 | -2.67% | 6.15万 | 1.41亿 | | 600315 | 上海家化 | 27.09 | -1.85% | 9.64万 | 2.62 Z | | 300740 | 水羊股份 | 22.93 | -0.91% | 18.56万 | 4.22亿 | | 300856 | 科恩股份 | 13.68 | -0.65% | 4.02万 | 5493.77万 | | 300957 | 贝泰妮 | 45.94 | -0.02% | 3.08万 | 1.41亿 | | 603605 | 珀莱雅 | 77.75 | 0.06% | 3.42万 | 2.66亿 | | 603983 | 丸美生物 | 36. ...

10月21日，上海家化盘中下跌2.03%，截至13:35，报27.04元/股，成交1.68亿元，换手率0.92%，总市值 181.77亿元。 资金流向方面，主力资金净流出30.75万元，特大单买入0.00元，占比0.00%，卖出108.65万元，占比 0.65%；大单买入2414.11万元，占比14.35%，卖出2336.21万元，占比13.89%。 截至6月30日，上海家化股东户数3.78万，较上期增加10.15%；人均流通股17804股，较上期减少 9.22%。2025年1月-6月，上海家化实现营业收入34.78亿元，同比增长4.75%；归母净利润2.66亿元，同 比增长11.66%。 分红方面，上海家化A股上市后累计派现35.95亿元。近三年，累计派现3.44亿元。 上海家化今年以来股价涨59.91%，近5个交易日涨1.69%，近20日跌1.99%，近60日涨22.57%。 资料显示，上海家化联合股份有限公司位于上海市虹口区东长治路399号双狮汇大厦A座11F，成立日期 1995年12月1日，上市日期2001年3月15日，公司主营业务涉及护肤、个护家清、母婴产品的研发、生产 和销售。主营业务收入构成为： ...

证券日报网讯上海家化（600315）10月20日在互动平台回答投资者提问时表示，公司家居清洁类产品的 营销推广正有序开展。 ...

| 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 603605 | 珀莱雅 | -0.41 | 0.92 | -2618.57 | | 300896 | 爱美客 | -1.49 | 1.33 | -2382.57 | | 688363 | 华熙生物 | -0.43 | 0.56 | -939.74 | | 603983 | 丸美生物 | -2.57 | 0.48 | -769.77 | | 300888 | 稳健医疗 | -0.59 | 0.71 | -619.07 | | 300740 | 水羊股份 | 0.48 | 3.92 | -500.35 | | 300132 | 青松股份 | 0.98 | 1.50 | -281.58 | | 300658 | 延江股份 | -0.24 | 5.23 | -263.86 | | 003006 | 百亚股份 | -2.12 | 1.25 | -245.54 | | 002511 | 中顺洁柔 | -1.19 | 0.63 | -224.56 | | 300 ...

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests focusing on the duty-free retail sector and the ice and snow economy as potential investment opportunities. Core Insights - The recent adjustments to the Hainan duty-free shopping policy are expected to enhance the attractiveness of Hainan as a free trade port, expanding the range of duty-free goods and increasing consumer participation [2][3]. - The early onset of the snow season in Xinjiang is anticipated to benefit the ice and snow economy, with government initiatives aiming for a total output value of 200 billion yuan by 2030 [2][3]. - The report highlights the performance of various sectors within the consumer industry, noting significant stock price changes among leading companies [2][3]. Summary by Sections Market Weekly Review - The consumer sector showed mixed performance, with food and beverage, retail, and home appliances experiencing gains, while beauty care and textiles saw declines [2][3]. - Notable stock performances included Kuaijishan (+11.08%) and Dongbei Group (+8.97%) leading the gains, while Jinzi Ham (-17.80%) and Biyi Co. (-19.63%) faced significant losses [2][3]. Industry News and Key Company Announcements - The Hainan duty-free policy adjustments include expanding the range of duty-free goods to 47 categories and allowing more consumer participation [2][3]. - The ice and snow industry is projected to exceed 1 trillion yuan by 2025, driven by upcoming major events and government support [2][3]. - Various companies reported significant revenue growth, such as Spring Breeze Power with a 28.56% increase in Q3 revenue [2][3].

Core Viewpoint - The market experienced a correction last week, but certain stocks within the brand index showed resilience, indicating potential investment opportunities in sectors like electronics, new energy, new consumption, and real estate as uncertainties ease [1][4]. Market Performance - The market indices saw declines: Shanghai Composite Index down 1.47%, Shenzhen Component down 4.99%, ChiNext down 5.71%, and CSI 300 down 2.22%. The brand index fell 3.58% to 1956.62 points [2]. - Notable gainers in the brand index included Shanghai Jahwa up 9.42%, Changbai Mountain up 7.19%, and Darentang up 5.34%. Other stocks like Luzhou Laojiao and Yiling Pharmaceutical also saw gains exceeding 4% [2]. Stock Performance Since H2 - Since the beginning of the second half of the year, Zhongji Xuchuang has surged 156.40%, leading the gains, followed by Sunshine Power at 114.27%. Other significant performers include Lanke Technology and Yiwei Lithium Energy, both up over 60% [3]. Market Outlook - Looking ahead, the market is expected to maintain upward momentum as uncertainties gradually diminish. Liquidity is anticipated to remain supportive, with domestic interest rates low and overseas liquidity remaining loose, encouraging investment in Chinese equity assets [4][5]. - The current market environment is characterized by a shift in investment styles, with a focus on sectors that offer higher investment certainty, particularly in electronics, new energy, new consumption, and real estate [5].

Group 1 - The core index of the Xinhua National Brand Project reported 1956.62 points, with several constituent stocks rising against the market trend [1] - Shanghai Jahwa increased by 9.42%, leading the gains among constituent stocks, followed by Changbaishan at 7.19% and Darentang at 5.34% [1] - The overall market saw declines, with the Shanghai Composite Index down 1.47% and the Shenzhen Component Index down 4.99% [1] Group 2 - Since the second half of the year, Zhongji Xuchuang has risen by 156.40%, ranking first in gains, followed by Sunshine Power at 114.27% [2] - The market is expected to maintain upward momentum, with liquidity driving potential growth and fundamental support gradually increasing [2] - Domestic interest rates remain low, and overseas liquidity is expected to remain loose, indicating continued capital allocation towards Chinese equity assets [2] Group 3 - Recent market adjustments are attributed to a decline in global market risk appetite and a shift in investment style towards defensive sectors [3] - The current market environment is characterized by high levels, increased uncertainty, and a slowdown in previous catalysts, leading to cautious trading [3] - Investors are encouraged to seek opportunities in sectors with higher investment certainty, particularly in electronics, new energy, new consumption, and real estate [3]

2025 年 10 月 19 日 版 公司 相关研究 若研究祝 证券分析师 王立平 A0230511040052 wanqlp@swsresearch.com 干盼 A0230523120001 wangpan@swsresearch.com 聂霜 A0230524120002 nieshuang@swsresearch.com 联系人 于立平 (8621)23297818× wanqlp@swsresearch.com 申万宏源研究微信服务 天猫双 11 国货开门红，毛戈平上美强者恒强 -化妆品医美行业周报 20251019 本期投资提示: O 风险提示：宏观不确定性加剧；市场需求变动；行业竞争加剧；医美监管趋严。 1. 行业观点 1.1 化妆品医美板块：本周化妆品医美板块表现强于市场 本周化妆品医美板块表现强于市场。2025 年 10 月 10 日至 2025 年 10 月 17 日期间, 申万美容护理指数下滑 2.5%，表现强于市场。其中，申万化妆品指数下滑 1.1%，强于申 万 A 指 2.3pct; 申万个护用品指数下滑 2.1%，强于申万 A 指数 1.5pct｡ 本周板块表现前三的个股：嘉亨家化 ...

Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry [2]. Core Views - The cosmetics and medical beauty sector has shown stronger performance than the market, with the Shenwan Beauty Care Index declining by 2.5% from October 10 to October 17, 2025, which is better than the overall market performance [4][5]. - The Tmall Double 11 event has seen significant success for domestic brands, with brands like Maogeping experiencing high demand and sold-out products [10]. - The overall performance for Q3 2025 is expected to meet expectations, with a continued upward trend into Q4, driven by promotional events [11][12]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector outperformed the market during the specified period, with the Shenwan Cosmetics Index down by 1.1%, which is 2.3 percentage points better than the Shenwan A Index [4][5]. - Key stocks in the sector included Jiaheng Jiahua (+35.0%), Yiyi Co. (+18.6%), and Yanjing Co. (+15.6%) [6]. Market Trends - The Tmall Double 11 event on October 15 attracted over 10 million viewers, with domestic brands like Maogeping experiencing supply shortages due to high demand [10]. - The overall sales performance is expected to improve in the coming weeks, particularly with the upcoming Douyin Double 11 event [10]. Q3 Performance Outlook - The demand for cosmetics remains robust, with retail sales growth in July and August outpacing the overall market [11]. - The total retail sales of cosmetics for the first eight months of 2025 reached 291.5 billion yuan, a year-on-year increase of 3.3% [11]. - Domestic brands are leveraging online channels effectively, with Han Shu achieving over 2 billion yuan in GMV in Q3 [12]. Company Highlights - Han Shu announced a global partnership with Wang Jiaer, enhancing its international presence and brand recognition [19][22]. - The report recommends focusing on companies with strong channel and brand matrices, such as Maogeping, Shanghai Jahwa, and Up Beauty [14]. E-commerce Data - The report highlights significant growth in e-commerce sales for various brands, with Han Shu achieving a 37% increase in GMV [15]. - The overall e-commerce landscape for domestic brands is expected to continue thriving, supported by promotional events and strategic partnerships [15][18]. Market Dynamics - The report notes that the Chinese skincare market is projected to reach 271.2 billion yuan in 2024, despite a slight decline in growth [26]. - Domestic brands are increasingly capturing market share, with a notable presence in the top ten rankings [26][27]. Investment Recommendations - The report suggests investing in companies with strong growth potential and robust product pipelines, particularly in the cosmetics and medical beauty sectors [14]. - Specific recommendations include Maogeping, Up Beauty, and Shanghai Jahwa for cosmetics, and Aimeike for medical beauty [14].